Q2 2025 BridgeBio Pharma Inc Earnings Call

Operator: Good afternoon. I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the company's remarks, there will be a question and answer session. If you would like to ask a question, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Before we begin, I would like to remind everyone that today's call may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to statements about BridgeBio's future operating and financial performance, business plans and prospects, and strategy. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in these forward-looking statements.

Good afternoon. I will be your conference operator today.

All lines have been placed on mute to prevent any background noise.

After the company's remarks, there will be a question-and-answer session. If you would like to ask a question, press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you.

Before we begin, I would like to remind everyone that today's call may contain forward-looking statements within the meaning of the Federal Security laws, including but not limited to statements about Bridge bios, future operating and financial performance business plans and Prospects and strategy.

Operator: For a discussion of these risks and uncertainties, please refer to the disclosure in today's earnings release and BridgeBio's periodic reports and SEC filings. All statements made here are based on information available to BridgeBio as of today, and the company undertakes no obligation to update any forward-looking statements made during this call except as required by law. With that completed, BridgeBio, you may begin your conference.

These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied in these forward-looking statements.

For our discussion of these risks and uncertainties. Please refer to the disclosure in today's earnings release and Bridge bios, periodic reports and SEC filings.

All statements made here are based on information available to bridge bio as of today and the company undertakes. No, obligation to update any forward-looking statements made during this call except as required by law.

Chinmay Shukla: Good afternoon, everyone, and thank you for joining BridgeBio Pharma's second quarter 2025 earnings call. I'm Chidmai Shukla, Senior Vice President of Strategic Finance at BridgeBio. With me today are Neil Kumar, our CEO; Matt Outten, our Chief Commercial Officer; and Thomas Trimarchi, our President and Chief Financial Officer. During today's call, we will cover our strong and accelerating launch of Atrubi. We will provide updates on our late-stage pipeline, including the three key phase three trials in ADH1, LGMB2i, and the aconvoplasia. Following our prepared remarks, we will open the call for questions. For the Q&A session, we'll also be joined by Anand Schrader, Justin To, and Christine Xu, who lead our phase three program. Before we begin, I would like to remind you that this call will include forward-looking statements based on current expectations.

with that completed Bridge bio, you may begin your conference

Good afternoon, everyone and thank you for joining Bridge biofarma second quarter 2025 earnings call.

I am J Shukla, senior vice president of strategic Finance at Bridge Bar.

With me today are Neil Kumar our CEO. Max Alton, our chief commercial officer and talk to Mari, our president and Chief Financial Officer.

During today's call, we will cover our strong and accelerating launch of a TV. We will provide updates on our lead stage pipeline including the 3 key phase 3, trials in adh1 lgmd 2i.

And the contacts here.

Following our prepared remarks, we will open the call for questions.

For the Q&A session. We'll also be joined by Annan to and Christine Shu who lead our say 3 programs.

Chinmay Shukla: These statements represent our judgment as of today and may involve risks and uncertainties that could cause actual results to differ materially. With that, I'll turn it over to Neil.

Before we begin, I would like to remind you that this call will improve forward-looking statements based on current expectations.

These statements represent our judgment as of today, and may involve risks and uncertainties that could cause actual results to defer material.

Neil Kumar: Thanks to everyone on the line for the time. Welcome to our Q2 earnings call. As always, this is a forum whereby we can communicate to you both on salient results and business strategy. A key aspect of that is ensuring we are communicating the data you feel is important and that we're doing it in a way that's clear. On our last call, we spent a lot of time talking about how we make decisions internally and focused on an NPV-led characterization of our business. Your feedback, which is important, suggested that we spend less time on that and more time on the commercial, medical, and scientific performance of the business.

With that, I'll turn it over to me.

Thanks to everyone on the line for the

Welcome to our Q2 earnings call.

As always, this is a form whereby we can communicate to you both on Salient results and business strategy.

He aspect.

We are communicating the data. You feel is important and that we're doing it in a way that clear on our last call, we spent a lot of time talking about how we make decisions internally and focused on an MPV LED characterization of our business.

Neil Kumar: We're excited to do that today because there's much to talk about as the business continues to deliver with the performance of Atrubi and as it positions itself for three phase three readouts in the coming months across ADH1, LGMB2i, and aconvoplasia. The continued star of the show is Atrubi. The first and most important way we've monitored this launch to date is by the number of unique patient prescriptions, which now sits at an absolute number of 3,751 coupled with 1,074 unique prescribers. We're seeing growth in both the number of new prescribers as well as the depth of prescribing at their practices. For those following week-by-week status, we've seen over 30% growth in weekly scripts. That acceleration is even greater than our internal projections, given that this was the first full quarter with three players in the ATP on cardiomyopathy market.

Your feedback which is important suggested that we spend less time on that and more time on the commercial medical and scientific performance of the business.

The continued star of the show was a TV. The first and most important way we've monitored this launch today is by the number of unique patient prescriptions which now sits at an absolute number of 3,751 coupled with 1,074, unique prescribers. We're seeing growth in both the number of new prescribers, as well as the depth of

For those following.

Neil Kumar: This prescribing ties to about 100% revenue growth that we've seen in Q2, around $78 million in global sales and $71.5 million in US net sales. And of course, all of these numbers connect to the most important set of facts here. First, Atrubi is now positively impacting thousands of patient lives. Second, given the fact that all three bands in this space are growing, we are collectively doing a better job of identifying patients. And third, we offer what we feel is a best-in-class clinical and data package in the ATP on cardiomyopathy space. And since cut before we have the responsibility to distribute Atrubi as widely as possible so it can be used by any patient that needs it.

By week status, we've seen over 30% growth in weekly. Scripts, that acceleration is even greater than our internal projections, given that this was the first full quarter with 3 players. In the attr cardiomyopathy Market. This prescribing ties to about 100% Revenue growth that we've seen in Q2 around 78 million, in global sales and 71.5 million in US. Net sales. And of course, all of these numbers connect to the most important set of facts here. First aui is now a positively impacting, thousands of patient lives second given the fact that all 3 bands in this space are growing, we are collectively doing a better job of identifying patients and third we offer what we feel is a best-in-class clinical and data package in the attr cardiomyopathy space

Neil Kumar: And to that end, we continue to have the most generous access programs in this space and are proud that the programs we've pioneered are now being rolled out across the industry to improve access for patients. A second key aspect of our responsibility is to further investigate the existing data and perform novel clinical studies to better understand how Atrubi can maximally help specific patient profiles. In any disease category, it is precisely this type of subpopulation analysis that allows physicians to deploy the right drug for the right patient. In the case of Atrubi, over the last quarter, we've published three seminal results, one of which deals with the scientific underpinnings of the disease and two of which touch on important subpopulations. The first of these publications further strengthens the connection between ever-better stabilization and ever-better clinical outcomes.

As this cost before we have the responsibility to distribute it to be as widely as possible. So it can be used by any patient that needs it. And to that end we continue to have the most generous access programs in this space and are proud that. The programs we've pioneered are now being rolled out across the industry to improve access for patients.

a second key aspect of our responsibility is the further investigate, the existing data and perform novel clinical studies to better understand how the true these can maximally help specific patient profiles

In any disease category is precisely this type of cell population analysis, that allows Physicians to deploy the right drug for the right patient.

In the case of a truy over the last quarter, we published 3700 results 1 of which deals with the scientific underpinnings of disease and 2 of which touch on important stuff. Populations.

Neil Kumar: Recall that prior to the Atrubi CM study, this connection had already been observed in three ways. First, by looking at the discrepant outcomes between 80 meg cath, which is a 50% stabilizer, and 20 meg defaminas, which is a 35% stabilizer. Second, by looking at the genotype phenotype of the disease and the associated rescue mutations. And third, through a small study that had been conducted by academics at BU, suggesting that ever-higher tetramerit stabilization as measured by serum TTR levels correlates to better clinical outcomes. A broad analysis of the Atrubi data set for the first time isolates the connection between ever-higher levels of stabilization as measured by serum TTR levels, which in turn are easily measurable in the clinical context, and downstream clinical outcomes in both the wild type and variant context. Importantly, as Moore et al.

The first of these Publications further strengthens the connection between ever better stabilization and ever better clinical outcomes recall that prior to the attribute, CM study this connection had already been observed in 3 ways. First, by looking, at the discrepant outcomes between 80 M, which is a 50 stabilizer and 20, mm, which is a 35% stabilizer second by looking at the genotype phenotype of the disease and the associated rescue mutations and third through a small study that it be conducted by academics to be you suggesting that ever higher Tetra stabilization as measured by serum.

Tpr levels correlates to better clinical outcomes.

A broad analysis of the attribute data set for the first time isolates, the connection between ever higher levels of stabilization as measured by serum tpr levels which in turn are easily measurable in the clinical context and downstream clinical outcomes in both. The wild type and variant context.

Neil Kumar: show in a published paper recently, every one meg per deciliter increase in serum TTR leads to a 5% decrease in risk of mortality. Recent work published by authors in Europe, Mannarini et al., also observes this correlation at a quantitative level, and they extend from it a recommendation that serum TTR be used to stage patients with cardiomyopathy. All of this is especially important given that patients who switch from defaminas to acaramidas in the context of the Atrubi OLE all experience significant increases in serum TTR with an average rise of 3.4 megs per deciliter. Moving to key subpopulation analyses, the first subpopulation we wanted to look at was the variant subtype. As KOLs at the NAC have published, patients with the most common cardiomyopathic variant, D122i, have a 50% probability of survival as compared to even wild-type ATTR cardiomyopathy patients.

Importantly, as more at all show in a published paper recently, every 1 made per deciliter increase in CTR leads to a 5% decrease in risk of mortality.

Recent work published by authors in Europe, men or V at all also observes this correlation at a quantitative level. And they extend from it a recommendation that serum TTR be used to Stage patients with cardiomyopathy.

All of this is especially important given that patients who switch from to feminist to apparatus in the context of the attribute Ole all experienced significant increases in Serum, tpr with an average rise of 3.4 makes per deciliter.

Moving to Chi sub population, analysis of fresh cell population. We wanted to look at was the variant subtype.

Neil Kumar: As some of you on the call may remember, acaramidas has a superior binding profile compared to other stabilizers, not only in wild-type patients but also in the variant population, as suggested by two prior publications and reinforced by an upcoming paper that has been submitted for publication that details both biochemical and clinical outcome advantages of Atrubi as compared to other stabilizers in the variant population. Once again, we've been able to establish the advantage of that greater stabilization in this subpopulation, and we're able to publish a 59% hazard reduction in time to first event CVH or ACM that is associated with a p-value of 0.011. To our knowledge, this is the greatest degree of risk reduction that has been observed in the variant population with the highest degree of statistical significance in the field. Finally, we've published on another important subpopulation, namely patients with cardiac arrhythmic involvement.

As cosas with the nas of published patients were the most common cardiomyopathy a 50% probability of survival as compared to even Wildside APR and cardiomyopathy patients.

As some of you on the call, may remember aaram sends a superior bonding profile compared to other stabilizers. Not only in Wildside patients but also in the variant population. As suggested by 2 prior Publications and reinforced by an upcoming paper that has been submitted for publication that details both biochemical and clinical outcome advantages of the true be as compared to other stabilizers in the variant population.

Once again, we've been able to establish the advantage of that greater stabilization in this sub population, and we're able to publish a 509% hazard reduction in time to first event cbh or ACM, that is associated, with a P value of 0.011.

With the highest degree of statistical significance in the field.

Neil Kumar: It turns out that this population is likely more common than certainly I would have thought of the outside of our studies in ATTR cardiomyopathy. Indeed, more than 50% of the population within Atrubi had AFib, allowing us to ask the following questions: Does treatment with Atrubi reduce the consequences of AFib, and might it even stave off the occurrence of AFib? It turns out, importantly, that it is able to do both. We observed a 43% reduction in risk of CVH associated with cardiac arrhythmia and a 17% reduction in the onset of AFib. Again, we believe this is the best data in the AFib subpopulation published, where other stabilizers appear to have had some effect, and where knockdowns, to our knowledge based on published AE tables, appear not to have had benefit on AFib occurrence. All of this research is complemented by our ACT EARLY trial.

Finally, we published on another important sub population. Namely patients with cardiac arrhythmic involvement. It turns out that this population is likely more. Common than certainly I would have thought of the outside of our studies in attr, cardiomyopathy indeed, more than 50% of the population within a tribute had aib allowing us to ask the following questions does treatment with a TV, reduce the consequences of aib and might it even Stave off the occurrence of aib.

It turns out, importantly, that it is able to do both. We observed a 43% reduction in the risk of cardiovascular health associated with cardiac activity and a 17% reduction in the onset of a...

Again, we believe this is the best betta in the aib subpopulation published where other stabilizers appear to have had some effects and were knocked Downs to our knowledge. Based on published AE tables appear, not to have had benefit on a Vibrance

Neil Kumar: In discussions with clinicians and healthcare policy leaders alike, I've been struck by the enthusiasm associated with this courageous trial that seeks to marry what's known about the pathomechanism of this mass-action disease with a bold strategy that extends service to patients beyond the acute phase of disease to potential prevention. What ACT EARLY reinforces is that the earlier we find patients and the more quickly we can act on disease, the better off patients are. That's why we also believe that the rapid onset of stabilization and the associated escalation of serum TTR associated with Atrubi and the three-month separation on CVH and ACM, as has been demonstrated, is a critical aspect of our drug's differentiation. We'll continue to publish on this, Atrubi's rapid action, and we'll have more to say about it at this year's ESC conference.

All of this research is complemented by our active early trial in discussions with clinicians and healthcare policy leaders alike. I've been struck by the enthusiasm associated with this courageous trial that seeks to marry what is known about the pathophysiology of this mass action disease with a bold strategy that extends service to patients beyond the acute phase of disease to potential prevention.

what act early reinforces is that the earlier we find patients and the more quickly we can act on disease, the better off patients are

that's why we also believe that the rapid onset of stabilization and the

The associated escalation of serum TPR is linked with a TRUI and a 3-month separation on CBH. Additionally, ACM has been demonstrated as a critical aspect of our drug's differentiation.

Neil Kumar: The sum of this ever-evolving corpus of clinical research, coupled with our efforts in the field, should be increasing scientific share of voice, which in turn should drive treatment in naive share growth, with treatment in naive populations being the most important battle, we believe, to win for patients. Matt will have more to say on the specifics of our launch in some moments. As I mentioned in my opening comments, beyond all of the activity around Atrubi, BridgeBio is now poised to become a diversified, fully integrated biopharma company with the delivery of up to three novel, best-of-person class assets in high unmet need areas. Each of these high unmet needs represents the potential for our drugs to serve additional tens of thousands of patients, and each individually represents billion-plus dollar opportunities. Turning to the first of these important readouts in autosomal dominant hypocalcemia type 1, or ADH1.

We'll continue to publish on this attributes rapid action and will have more to say about it at this year's ESC conference.

The sum of this ever evolving, purpose of clinical research coupled with our efforts, in the field, should be increasing scientific, share of voice which in turn should drive treatment in naive share growth.

When treatment and naive populations being the most important battle We Believe to win for patients, Matt will have more to say on the specifics of our launch in some moments.

Mentioned in my opening.

File form a company with the delivery of up to 3 novel, best or person class Assets in high unmet need areas.

Each of these higher mint needs represent the potential for our drugs to serve additional tens of thousands of patients, and each individually represents billion plus dollar opportunities.

Neil Kumar: As a reminder, this condition, which has no available pharmaceutical therapies to date, is one that arises uniformly from gain-of-function mutations in the calcium-sensing receptor and leads to low serum calcium and high urine calcium levels, which in turn drive all of the downstream morbidity associated with this condition. BridgeBio is developing, in its phase three, a negative allosteric modulator of the calcium-sensing receptor with the goal to show statistically significant normalization of urinary and serum calcium levels as compared to current standard of care. Given the lack of available pharmaceutical therapy or really anything reasonable for these patients, our base case expectation for the trial is simply to deliver statistically significant normalization as compared to standard of care with a safe, easy-to-take oral drug.

Attorney is the first of these important readouts in autosomal dominant hypocalcemia type 1 or adh1. As a reminder this condition, which has no available pharmaceutical therapies to date is 1 that arises uniformly, from gain of function. Mutations in the calcium sensing receptor and leads to low serum calcium in high urine, calcium levels, which in turn drive, all of the downstream morbidity associated with this condition.

BridgeBio is developing, in its Phase 3, a negative ALICE modulator of the calcium-sensing receptor with the goal to show statistically significant normalization of urine calcium levels and CRM calcium levels as compared to the current standard of care.

Neil Kumar: The upside expectation, which is certainly consistent with both the biology and what we've seen in the clinic to date, would be response rates at 50% or greater for the patients that we serve. That would be a truly disruptive result. And who are these patients? How many are there? As with many conditions, a lack of pharmaceutical therapy means that this is a poorly characterized and underdiagnosed condition. Today, we believe that there are some 3,000 diagnosed patients in the US alone, but a recent paper we have released and that is consistent with observations others have made in large genetic databases indicates that the genetic prevalence is up to 12,000 patients in the US alone. The good news here is that we know where to look to find these patients.

Given the lack of available pharmaceutical therapy or really anything reasonable for these patients, our base case expectation. For the trial is simply to deliver statistically, significant normalization, as compared to standard of care with a safe easy to take oral drug.

The upside expectation, which is certainly consistent with both the biology. And what we've seen in the clinic today would be response rates at 50% or greater for the patients that we serve. That would be a truly disruptive result.

And who are these patients? How many are there as with many conditions? A lack of pharmaceutical therapy means that this is a poorly characterized and underdiagnosed condition. Today, we believe that there are some 3,000 diagnosed patients in the us alone. But a recent paper, we have released and that's consistent with observations. Others have made in large, genetic databases indicates that the genetic prevalence is up to 12,000 patients in the us alone.

Neil Kumar: As we've discussed before, sequencing efforts in the non-surgical hyperparathyroidism space have consistently identified, quote, "missing ADH1 patients" to the tune of 20% to 25%. Further, our experience in TTR, where the overall marketplace was also about 1/5 diagnosed, suggests tactics around education and awareness that we believe are applicable to this launch. The results of this phase three are anticipated this fall. Importantly, and by the way, this is the case for all of our three late-stage medicines, there is substantial promise in follow-on indications for Encaloret, specifically in this case in hyperparathyroidism. We plan to present an ASBMR compelling data suggesting the promise of Encaloret in chronic hyperparathyroidism. In a cohort of 10 patients, Encaloret normalized urine and serum calcium levels in 80% of patients within five days of dosing. Importantly, this drug brings differentiated promise to the HP community across at least three potential dimensions.

The good news here is that we know where to look to find these patients as we've discussed before sequencing efforts in the non-surgical. Hypoparathyroidism space have consistently identified quote missing adh1 patients to the tune of 20 to 25%.

Further our experience in CTR where the overall Marketplace was also about 1/5. Diagnosed suggests tactics around education and awareness that we believe are applicable to this launch.

All of our 3 Lane stage medicines. There is substantial promise and follow-on indications for a cal specifically. In this case, in hypoparathyroidism we plan to present an asbmr compelling data suggesting the promise of incorrect In chronic hypoparathyroidism in a cohort of 10 patients in Cal normalized urine and serum calcium levels in 80% of patients within 5 days of dosing.

Neil Kumar: First, it's oral. Second, it potentially normalizes urine calcium, the cause of downstream kidney conditions. And third, it might avoid potential downstream bone-associated resorption issues that could require bisphosphonates. Turning now to lymphomatous muscular dystrophy type 2i, this is the second of our first-in-class products addressed to a deleterious condition that has no available pharmaceutical therapies. Here again, we focus at the intersection of being both safe and highly efficacious, employing again a small molecule approach to target this well-described condition at its source. This condition uniformly arises from loss of function mutations in an enzyme called FARP, salient HP opportunity for Encaloret based on data published, and the time value of money.

Importantly, this drug brings differentiated promise to the HP community across at least three potential dimensions. First, it's oral. Second, it potentially normalizes urine calcium, the cause of downstream kidney conditions. And third, it might avoid potential downstream bonuses associated with absorption issues that could require this phosphonate.

Neil Kumar: In summary, BridgeBio stands at the doorstep of transforming itself from a company that is predominantly defined by one asset to a company that is serving a multiplicity of important genetic disease markets and with the capabilities in place across its ecosystem to do even more.

Turning now to live Journal, muscular droopy type 2i. This is the second of our first and last products addressed to a deleterious condition that has no available pharmaceutical therapies here again, we focused at the intersection of being both safe and highly efficacious employing. Again, a small molecule approach to Target this. Well, this 5 edition added Source. This condition. Uniformly, arises from loss of function, mutations in an enzyme called fkp Salient. HP opportunity for incorrect Based on data published and the time value of money.

Matt Outten: Thanks, Neil. I'm pleased to report that Atrubi has achieved exceptional performance in the second quarter of 2025, generating $71.5 million in net product revenue, representing 100% growth over quarter one, essentially a doubling of net product revenue. The launch of Atrubi has accelerated with new patient ads now at around 120 patients per week versus 100 patients per week previously. The uptick has been driven by momentum in treatment naive patients. This strong launch trajectory is driven by more patients starting therapy, along with an increasing number of prescribers choosing Atrubi for their patients. We are operating in a large and fast-growing market. The ATTR CM category is expanding rapidly and is expected to reach $15 to $20 billion at peak. This strong tailwind provides a significant runway for continued growth and reinforces our conviction in Atrubi becoming a category-defining therapy.

In summary for you file stands at the doorstep of transforming itself from a company that is predominantly defined by 1 asset to a company. That is serving a multiplicity of important genetic disease markets and with the capabilities in place across its ecosystem to do even more.

Thanks Neil. I'm pleased to report that it truly has achieved exceptional performance. In the second quarter of 2025 generating 71.5 million in net product. Revenue representing 100% growth over quarter 1 of net product Revenue.

The launch of a try has accelerated with new patient ads. Now at around 120, patients, per week versus 100 patients per week, previously.

The uptick has been driven by momentum and treatment 9 patients.

Matt Outten: In addition to the significant unmet need in ATTR CM and the compelling value proposition of Atrubi versus our competitors, our clinical data continues to demonstrate Atrubi's remarkable efficacy. As Neil outlined, we are continuing to generate evidence reinforcing Atrubi's position as a standard of care for ATTR CM patients, especially in a treatment-naive setting. Let me touch on a few key highlights underlying our commercial performance in the second quarter. Atrubi has a strong and expanding prescriber base. CLEs and community HPPs continue to prescribe Atrubi at steady rates, with new prescribers initiating therapy each week. Those who have written in the past continue to do so, and new adopters continue to expand. Atrubi has a strong momentum with new starts, capturing share from patients initiating ATTR CM therapy for the first time and shows strong momentum against peak market share expectations of 30% to 40%.

This strong launch trajectory is driven by more patients, starting therapy along with an increasing number of prescribers, choosing a chubby for their patients. We are operating in a large and fast growing Market. The attrc. CM category is expanding rapidly and is expected to reach 15 to 20 billion dollars at Peak this strong Tailwind provides a significant. Runway for continued growth and reinforces our conviction in a true Beast, becoming a category defining therapy.

In addition to the significant unmet need in attr-cm and the compelling value proposition of a true view versus our competitors, our clinical data continues to demonstrate a troubles remarkable efficacy as Neil outlined. We are continuing to generate evidence reinforcing attributes position at standard of care for attrc and patients especially in the treatment 98 setting

Let me touch on a few key highlights. Underlying, our commercial performance in the second quarter.

A true B, has a strong and expanding prescriber base Coes and Community. Hcps. Continue to prescribe a treaty at steady rates with new prescribers, initiating therapy each week.

Those who have written in the past continue to do so, and new adopters continue to expand.

Matt Outten: This is leading to increased demonstrated demand across segments. Fill rates remain robust, well above industry averages, with Atrubi's white glove patient support programs pulling through the increased prescriptions. Further, days of inventory on hand decline from Q1 to Q2, consistent with increasing familiarity and comfort among specialty pharmacies and distributors with our just-in-time supply model. So why are new prescribers writing, and why do current prescribers write more Atrubi? The number one reason is differentiated efficacy. Atrubi stands out as the only medication with near-complete stabilization in the label, having a near-complete stabilizer and a welcome addition to the market versus a partial stabilizer and a partial knockdown. Beyond choosing efficacy as a primary reason to start Atrubi, HPPs are worried about affordability. Atrubi continues to be the least expensive medication in the ATTR CM category, with most patients paying $0 out of pocket, reinforcing BridgeBio's commitment to accessibility.

A truly has strong momentum with new starts capturing, share from patients initiating attr-cm therapy for the first time and shows strong momentum against Peak market. Share expectations of 30 to 40%.

This is leading to increase, demonstrated demand across segments. Phil rates remain robust, well above industry, averages with the troubles, White Glove patient support programs pulling through the increased prescriptions

Further days of inventory on hand declined, from q1 to Q2 consistent with increasing, familiarity and comfort among specialty pharmacies and Distributors. With our just in time supply model,

So, why are new prescribers writing and why do current prescribers write more in trui?

The number 1 reason is differentiated efficacy attributes stands out as the only medication with near complete stabilization, in the label, having a near complete stabilizer. Has been a, welcome addition to the market versus the partial stabilizer and a partial knockdown.

Matt Outten: In fact, in Q2, almost 90% of all Atrubi patients paid $0 for Atrubi. Additionally, we have seen that patients on Atrubi tend to stay on Atrubi and refill prescriptions on time each month. This is likely due to two factors. First, our access and support programs. Our generous assistance programs continue to make Atrubi accessible, seamless, and simple for patients and providers. Secondly, favorable IRA policies have significantly improved out-of-pocket costs for oral medications. ATTR CM patients are on average on seven to eight other medications, with a typical out-of-pocket for oral drugs being between $0 to $2,000 max annually. This often means that patients add Atrubi for no additional cost, as I had already mentioned. To close, I want to note that the success of this launch reflects our ability to effectively translate strong science into real-world impact and commercial success.

In fact, in Q2, almost 90% of all attribute patients, paid zero dollars for a TV.

Additionally, we have seen this patience on a true Peak. Tend to stay on the TV and refill prescriptions on time each month. This is likely due to 2 factors.

First, our access and support programs, our generous assistance programs, continue to make a true impact, be accessible, seamless, and simple for patients and providers.

Secondly, favorable IRA policies have significantly improved out-of-pocket costs for oral medications. Attracting patients are, on average, on 7 to 8 other medications, with a typical out-of-pocket expense for oral drugs being between $0 to $2,000 max annually. This often means that patients add a therapy for no additional cost, as I had already mentioned.

Matt Outten: This performance not only reinforces confidence in Atrubi's future but also gives us conviction in our ability to execute future rare disease launches with similar excellence across BridgeBio's portfolio. As we've discussed, BridgeBio has three additional potential launches coming over 2026 and 2027. The launch of Atrubi has allowed Bridge to build a strong commercial infrastructure. This includes top industry talent, but also the basis for the programs and launch plans that we'll use to execute these launches. Each of these launches has peak sales potential of more than $1 billion in the US market alone. We look forward to updating you on our commercial readiness in future calls. Now I'll turn it over to discuss our corporate strategy and give an update on our pipeline programs.

To close. I want to note that the success of this launch reflects our ability to effectively translate strong science into real world impacts and Commercial Success. This performance not only reinforces confidence in a truly future but also gives us conviction in our ability to execute future rare disease. Launches with similar Excellence across Bridge bio portfolio.

As we discussed pretty Bayou has 3 additional potential, launches coming over 2026 and 2027.

Thomas Trimarchi: Thank you, Matt, and good afternoon, everyone. I'll now discuss our financial results for the second quarter of 2025. Please note that our commentary in today's call will focus on GAAP financials unless otherwise indicated. Total revenues were $110.6 million in Q2 2025, consisting of Atrubi net product revenue, royalty revenue, and light system services revenue compared to $2.2 million for the same period last year. The $108.4 million increase in total revenues was primarily due to a $71.5 million increase in net product revenue from our commercial product Atrubi, driven by strong demand across all major prescribers and patient segments. We also recorded $1.6 million in royalty revenue from ex-US net sales of Biontra in Europe and Japan.

The launch of a truly has allowed bridge to build a strong commercial infrastructure. This includes top industry talent but also the basis for the programs and launch plans that we will use to execute these launches. Each of these launches has Peak sales potential of more than 1 billion dollars in the US market alone. We look forward to updating you on our commercial Readiness and future calls. Now I'll turn it over to discuss our corporate strategy and give an update on our pipeline programs.

Thank you, Matt and good afternoon everyone. I'll now discuss our financial results for the second quarter of 2035. Please note that our commentary is today's call will focus on gaap financials unless otherwise indicated

total revenues for 110.6 million in Q2 2025 consisting of the true. Net product Revenue, royalty revenue and Licensing Services Revenue compared to 2.2 million dollars for the saint peray last year.

108.4 million increase in total residents was primarily due to a 71.5 million increase in net product revenue from our commercial product, contribute driven by stronger manner across all, major prescribers and patient segments.

Thomas Trimarchi: Light system services revenue increased by $35.3 million, largely due to the $30 million regulatory milestone recognized under the license agreement of Alexion, product pricing approval of Biontra by the National Health Insurance in Japan in May 2025. Total operating costs and expenses for the second quarter of 2025 were $244.8 million compared to $177.7 million in the same period in the prior year. The $67.1 million increase in operating costs and expenses was primarily driven by a $69.6 million increase in SG&A expenses, partially offset by a $3.5 million decline in R&D expenses. This reflects our continued investment in the Atrubi brand awareness and ongoing investments in our late-stage clinical programs. Included in our total operating costs and expenses was $37.7 million of stock rate compensation expense compared to $21.5 million in the second quarter of 2024.

We also recorded 1.6 million in royalty revenue from xus, net sales and the alternate in Europe and Japan.

license, the services Revenue increased by 35.3 million largely due to the 30 million regulatory Milestone recognized under the light and screen of the Lexington, a pricing approval of pantra by the national health insurance in Japan and may 2025,

Total operating costs and expenses for the second quarter of 2025 were 244.8 million compared to 177.79 in the same period in the prior year.

The 67.1 million increase in operating costs and expenses is primarily driven by 69.6 million increase in sgna expenses. Partially offset by a 3.5 million decline in R&D expenses.

This reflects our continued investment in the Trouby, brand awareness, and ongoing investments in our late-stage clinical programs.

Thomas Trimarchi: We expect operating expenses to remain stable through year-end with continued revenue growth driven by Atrubi. Turning to our balance sheet, we ended the second quarter with a strong cash position of $756.9 million in cash, cash equivalents, and marketable securities. This includes proceeds from our strategic monetization of Biontra European loyalties for $300 million, which has significantly strengthened our financial flexibility together with our proceeds from Atrubi sales. Looking ahead, we expect our cash runway to extend through multiple value-creating milestones. In closing, our commercial launch of Atrubi is accelerating, and our pipeline has never been stronger. We look forward to the data-rich months ahead, top-line results from ADH1 and LGMB2i R9 in the fall of 2025 and contemplated in early 2026, and to continue our mission to serve patients and create lasting value for our stakeholders. With that, I'll turn the call back over to Chidmai.

Including our total operating costs and expenses was $37.7 million of stock-based compensation expense compared to $21.5 million in the second quarter of 2024. We expect the operating expenses to remain stable through year-end with continued revenue growth driven by each review.

Balance sheet. We ended the second quarter with a strong cash position of 756.9 million in cash. Cash, equivalents and marketable. Securities this includes proceeds from our strategic modernization of pantra European loyalties for $300 million, which is significantly, strengthened our financial flexibility to together for their proceeds from a truly sales.

Looking ahead. We expect our cash Runway to extend through multiple value, creating milestones,

Chinmay Shukla: Thank you. Neil, Matt, and To. Operator, please open the line for questions. Thank you.

In closing, our commercial launch of attributes xlerated. Our pipeline is never been stronger. We look forward to the data Rich months ahead with Topline results from adh1 and LG 2i. R9 in the fall, sign by 5, make an early 2026 and to continue our mission to serve patients and created lasting value. For our stakeholders with that, I'll turn the call back over to Tim mine.

Thank you. Neil Martin Tom.

Operator, please open the line for questions. Thank you.

Operator: Thank you. At this time, I would like to remind everyone in order to ask a question, press star then the number one on your telephone keypad. We ask that you please limit yourself to one question to allow everyone an opportunity to ask a question. We'll go first to Salim Saeed at Mizuho.

Off to one question. To allow everyone an opportunity to ask a question.

Salim Syed: Hey, guys. Thanks for the question and congrats on the quarter. I guess one from us on the 120 patient ads. So obviously, per week. So I would say that's faster than the 109 patient ads if we use the April and February numbers that you guys provided. I'm just curious if you can just break that down a little bit more, what you think is driving that patient ad number, and specifically, if you can, how you would envision that number changing in the third and fourth quarter of this year. And also, Neil, I don't know if you can comment on this, but I think it's or Matt, I think it's one of the more important metrics if you can provide it. Just what percentage of naives coming into the marketplace do you think you got in the second quarter? Thank you.

We'll go first to Salim s at muo

Chinmay Shukla: Hey, Salim. Thanks for the question. I'm going to pass it on to Matt to talk about the first piece and then Neil to comment about the second piece. So.

Hey guys. Uh, thanks for that question. And uh, congrats on the quarter. Um, I guess 1 from us on the, on the 120 patient. Add so obviously um, per week. So I would say that's faster than the 109 patient ads. Um, if we use the April and February numbers that you guys provided, I'm just curious, if you can just break that down a little bit more, what you think is driving that, uh, patient, add number and specifically, um, if you can how you would Envision that number changing in the third and fourth quarter of this year. Um, and also Neil, I don't know if you can comment on this, but I think it's for aurat. It's I think it's 1 of the more important metrics. Um if you can provide it just what percentage of naive coming into the marketplace, do you think you got in the second quarter? Thank you.

Matt Outten: Sure. And thanks for the question. I guess to respond to the first half of your question, we're seeing strength in treatment-naive starts and continued switch activity. The market itself is expanding, driven by increased screening and awareness. We're seeing that over the quarter. I mean, these patient starts and prescriber counts are both increasing, and this has resulted in BridgeBio becoming the partner of choice for healthcare professionals. In addition, the Atrubi profile really resonates. Both patients and doctors are drawn to it. Benefits as soon as three months and a 50% reduction in hospitalization rates, and that's across some groups and across patients switching from other therapies, as Neil mentioned in his opening comments. So I think it's a combination of excellent data, an ever-expanding market, and the best team in the industry. Neil, if you want to address the second part.

Hey, thanks for the question. Um, I'm going to pass on to Matt to talk about the first piece and then to the Male Department about the second piece. Um, so sure, uh, and thanks for the question. I guess to respond to the first half of your question, we're seeing strength in treatment night starts and continued switch activity. The market itself is expanding, driven by increased screening and awareness. We're seeing that quarter of.

Neil Kumar: Yeah, it's hard to tell, Salim, exactly what the MDRF share is just because we don't precisely know where the knockdowns stand in terms of that. But you know, best guess, it's somewhere in the 18% to 20% range, and it's been growing pretty healthily. And just to add to Matt's point, I mean, I think just from being out in the field, a couple of things are starting to drive, I would say, our commercial momentum. The first is better and better access. The second, I think, critically, is increasing scientific share of voice. I think that serum TTR paper actually did a lot of work for us this quarter, and we can build on that. The fact that ever-increasing amounts of stabilization or, in this case, with every additional meg per deciliter increase in serum TTR, you're getting that 5% decrease in mortality.

Quarter. Um, any patient starts and prescriber counts are both increasing and this is resulted in Bridge. Bio becoming the partner of choice for our Healthcare professionals. Um, in addition the attribute profile, really resonates both patients and doctors are drawn to it benefits as soon as 3 months and a 50% reduction in hospitalization rates and that's across subgroups and across patients switching from other therapies as Neil mentioned in his opening comments. So I think it's a combination of excellent data and ever expanding market and the best team in the industry. Uh Neil if you want to address the second part,

Yeah, it's hard to tell us to leave exactly what the, um, MBRx share is, uh, just because we don't precisely know where the knockdowns stand, uh, in terms of that. But, you know, if that's a guess, it's somewhere in the 18% range, um, and it's been growing, um, pretty, pretty healthily. It's just that to add to Matt's point, I mean, I think, just from being out in the field, um, a couple of things are starting to drive, I would say, our commercial momentum. Um, but the first is better and better access; the second, and I think critically, is increasing scientific share of voice. I think that serum TPR paper actually did a lot.

This quarter, we can build on that.

Neil Kumar: And the fact that that just got confirmed by a European group, I think, two days ago, the Nerviini paper came out as well. That's starting to become a really salient feature of both staging patients and deciding which therapy to put them on. So I think that coupled with the variant data, coupled with the AFib data, that'll continue to drive momentum here. We just got to continue to educate.

The fact that ever increasing amounts of stabilization or in this case, with every additional big for deciliter increase in CPR, you're getting that 5% decrease in mortality. And the fact that that just got confirmed by a European group, I think 2 days ago the the intervening paper came out as well that that's starting to become a a really Salient feature of

Staging patient.

And deciding which therapy to put them on. So I think that's a couple of the variant data coupled with the um AIP data that they'll continue to drive momentum here. We just got to, you know, continue to educate.

Operator: We'll move next to Tyler Van Buren at TD Cowan.

Tyler Van Buren: Hey, guys. Thanks and congratulations on the progress. So last quarter, you all noted the lower than expected utilization of the 28-day free trial and the patient assistant programs. Well, gross to net modestly boosted net revenue per patient. So could you discuss those kind of three components and how the trends evolved in the second quarter compared to the first quarter and how you expect them to trend moving forward as we head into the second half of the year?

We'll move next to Tyler Van Buren at TD Cowen.

Chinmay Shukla: Hey, Tyler. Thanks for the question. We did indeed see normalization on all of those three fronts, the 28-day free trial, the PAC utilization, and the gross to net. But let me turn it over to Neil to give more commentary on what we saw and what we expect to see going forward.

Hey guys, thanks and congratulations on the progress. Uh, so last quarter, uh, you all noted, um, the lower than expected utilization of the 28 day, free trial and the patient assistant programs, uh well, gross to modestly boosted, uh, net revenue per patient. So could you discuss those kind of 3 components and how the trends evolved in the second quarter compared to the first quarter? And how you expect them to Trend, uh, moving forward, as we head into the second half of the year,

Neil Kumar: Yeah, I don't have much to add. As Chidmai said, we did see normalization there. You know, I think I'll talk a little bit about why this is so important to us. Obviously, with the variant data, the highest risk reduction shown in the V122i population and the broad variant population, and we'll have another publication out on that in the coming months, coupled with statistical significance, which is the first we've seen of that. It's really important for us to be able to serve the underpenetrated populations here with ATTR cardiomyopathy, and these programs are a really important feature of that. So maybe less important than the COEs, which is probably where we had initial momentum and much more important as we drive out into the community and drive out into communities that have historically been underserved.

Hey, Tyler. Thanks for the question. We did indeed see normalization on all of those three fronts: the 28-day free trial, the app utilization, and the gross to that. But let me turn it over to Neil to give more commentary on what we saw and what we expect to see going forward.

Yeah, I don't have much to add as, as Jim, they said, uh, we did see normalization there they, you know. Maybe I'll talk a little bit about why this is so important to us, obviously with the variant data.

Neil Kumar: And you know, I'm aware of kind of some of the narrative around, oh man, you guys, you know, look at the L9 launch. It's at double the cost. Like, why didn't you price where you price? Why didn't you guys have a generous access program and suite, et cetera, et cetera? Look, I think long term, when you look at any category, I've honestly never seen a drug with better point estimates and a lower price not ultimately do really well in terms of end market share. So we're in this for the long game. Honestly, these generous access programs where we price the product, the continued education, and I think the price and these access programs will stand us in good stead long term.

You know, look at look at the all nylon launch, its a double the cost, like why do you price, where do you price whether you guys have a generous Access program and sweet, etc, etc look, I think long term when you look at any categories.

I've honestly never seen a drug with better Point estimates and a lower price. Not ultimately do really well in terms of end market share. So we're in this for the long game. Honestly, these generous access programs where we price, the product we continue to education and I think um, the price and these exoplanets

Neil Kumar: But yeah, I think you should expect to see the GTM stay normalized over the longer course of time and not go back to what we saw initially.

Long term. But yeah I think you should expect to see the gtn, stay normalized over the over the course of time and not go back to what we saw initially.

Operator: We'll move next to Baron Amin at Piper Sandler.

Salim Syed: Yeah, hi, guys. Thanks for taking my questions. So it seems, you know, I guess scores per day in the third quarter accelerated compared to the prior period while you guys faced a new competitor. Can you just maybe talk about, you know, community versus academic market share for Atrubi? And then maybe a question on the pipeline. What are your thoughts on Ifragatinib's potential market share in Acon? And how are you positioning the hypocondroplasia program given the recent preclinical data? Thanks.

We'll move next to Baron. I'm in at Piper Sandler.

Chinmay Shukla: Hey, Baron. Thank you for your question. I'm going to pass it on to Matt to talk about what's driving the acceleration in the launch and specifically in the treatment-naive segment, both in the COEs and in the community setting. And then I'll pass it on to Justin to talk about the NP program.

Yeah. How you guys thanks for taking my questions. Um so it seems you know I guess it goes for day in the third quarter accelerated compared to the prior period while you guys facing new competitor. Can you just maybe talk about, you know, Community versus academic market share for Troy and then maybe a question on the pipeline, what are your thoughts on, uh, if forgetting its potential market share and a con? And how are you positioning the hypochondroplasia program? Given the recent preclinical data? Thanks.

Matt Outten: Yeah. I mean, I think it's the, you know, the overall data package combined with the unmet need. You know, patients either are not being treated effectively and are looking for something else, and so that's one patient profile. There's also patients who are newly diagnosed and are seeking something that can work very fast and hit all the endpoints that they're trying to hit. So I think regardless of the type of patients coming in, and then that can be even then split into more subgroups. We have variant populations. You have patients with AFib. Everybody's looking for something that can work quickly and for a long time. And I think that that is what has gotten us off to such a fast start. And the question is, you know, how do you keep that momentum going?

Hey Ben, thank you for your question. Um, I'm going to pass down to my to talk about what's driving the acceleration, and the launch and specifically in the treatment naive segments, uh, both in the Coes and and in the community setting and then I'll pass on to Justin, to talk about the NP program. Yeah, I mean, I think it's the, you know, the overall data package combined with the unmet need um, you know, patients either are not being treated effectively and are looking for something else and so that's 1 patient profile. There's also patients who are newly diagnosed and are seeking something that can work very fast and hit all the end points that they're they're trying to hit. So I think regardless of the type of patients that's coming in and then that can be even then split into more subgroups, we have variant populations, you have patience with AIP. Everybody's looking for something that can work quickly and for a long time and I think that that is what has gotten us off to such a fast start. And the question is

Matt Outten: Well, the market itself keeps growing every quarter, and that's because more and more people now are looking for the disease and finding it. So more patients sort of show up even without us doing anything in that regard. But then when they do show up and they find the information that we have, whether it's online or, you know, from their physician themselves, I think then they're impressed and want to try Atrubi.

Neil Kumar: And then just to build on that and addressing this, just to say your question, it's still a majority in the COE or COE-capitated practices. We call that 65% of cardiovascular practices are capitated or JVs in some way with a major provider in their space. But we are seeing a pickup in the community, and I think that has to do with a lot of the awareness stuff that we and others are doing. So it's still a majority in COE or COE-capitated practices, but I expect it'll continue to disperse over time. I don't know, Justin, on this?

You know, how do you keep that momentum going? Well, the market itself keeps growing every quarter. That's because more and more people. Now are looking for the disease and finding it. So more patients sort of show up even without us doing anything in that regard. Um, but then when they do show up and they find the information that we have, whether it's online or uh, you know, from their physician themselves, I think that they're impressed and want to want to try a true View.

Chinmay Shukla: Yeah. Ifragatinib, just as a reminder, when we started this program, we had two key criteria, right? The first was to have a daily oral treatment option for families who are tired of injections. And the second is to have deeper levels of efficacy by not only hitting the MAPK pathway but also STAT1. And our best-in-class HP data and proportionality data from our phase two validated our hypothesis, and most importantly, with the convenience factor of a daily oral. Now, we've consistently done market research that shows an oral with similar efficacy as CMPs would take about 60% of the market in a three-way market. Why? Because clinicians and families all view an oral as better than either a daily or weekly injectable. And this market research has been done by others across indications as well, factored that up.

And then they just to build on that and addressing the specifically your question. It's still a majority in the Coe or Coe capitated practices recall that 65% of cardiovascular practices are complicated or JV in some way with a major provider in their space. Um, but we are seeing a pick up in the community and I think that has to do with a lot of the Awareness stuff that, that we and others, uh, are doing so it's still a majority in in Coe or Coe capitated practices, but I expect it will continue first over time on an adjustment on in. Yeah. In for, you know, just as a reminder, when we started this program, we have 2 key criteria, right? The first was to have a daily formal treatment option, for families, who are tired of injections. And the second is to have people who will set efficacy by not, not only hitting the map K pathway but also that 1 and our best-in-class HB data, and proportionality data, and our Phase 2 validate, our hypothesis, and most importantly, with the convenience factor of a daily oral and what we've consistently done market. Research that shows an oral with

Chinmay Shukla: Now, we know BioMerine shared some data yesterday on its long-acting CMP, which doesn't change our expectation here. You know, we actually know from their existing phase two data that that efficacy on HP and CGMP has seen a plateau above their go-ahead commercial dose. So a program that achieves higher levels of CMP here doesn't really matter. And if anything, it makes it even more important to have a therapy that impacts STAT1 since it looks like it affects the MAPK or MAXTAT here. Now, on hypocondroplasia, we're really excited about our recent data that we just published in the Journal of Mineral and Bone Research that shows Ifragatinib has low single-digit in vitro potency against the most common hypocondroplasia mutations and similar efficacy across hypocondroplasia mouse models as it did compared to acondroplasia mouse models.

Similar. Efficacy, at cmts would take about 60% of the market in a 3-day Market. Why? Because clinicians and families. All view an oral. As better than either a daily or weekly injectable, uh, and this market research has been done by others across indications as well. After that up. Now, we know about our insurance media yesterday on law acting CMT which doesn't change our expectations here. You know, we actually know from their existing Phase 2 data, that that efficacy on HP and cgmt A6 and Plateau above. Um

Chinmay Shukla: So given that, we expect a similar best-in-class efficacy profile in our hypocondroplasia program as well. So more to come there.

And go ahead commercial dose to program. That achieves higher levels of CNC here, connecting with matter. And if anything, it makes it even more important to have a therapy that impacts that 1 since it looks like effects on Medicare. Maxed out here. Now, on hyperplasia, we're really excited about our recent data um, that we just published in the Journal of mineral and Bone research. That shows and for gradum has slowed, single digit, um, in B2 potency against the most common hypochondria mutations and similar efficacy across as it did compared to a mouse models. So given that we expect similar best-in-class, FC profile and our hypochondroplasia program as well. So more to come there.

Operator: We'll take our next question from Cory Kazimov at Evercore.

Tyler Van Buren: Hey, good afternoon, guys. Question for you on Encaloret. I'm curious kind of what your market research is suggesting would be considered a meaningful win in the upcoming phase three Calibrate trial. Thank you.

We'll take our next question. From Corey kasimov at evercore.

Chinmay Shukla: Hey, Cory. Thanks for the question. I'm going to pass it on to Anand, who leads the program, to talk about it.

Hey, good afternoon guys, um, question for you on in caller? I'm curious kind of what your market research is suggesting would be considered a meaningful win in the upcoming phase 3. Calibrate trial. Thank you.

Hey Corey, thanks for the question.

Who leads the program.

Matt Outten: Yeah, thanks, Cory. For this program and ADH1 in particular, we see any successful study as a win, really a home run for this community. As we've discussed in the past and as the investor community is familiar, the available conventional therapy or standard of care, to our knowledge, offers pretty meager benefit on the composite endpoint, which we're evaluating in our phase three, which is concomitant normalization of both blood and urine calcium, which are both important biomarkers in terms of biochemistry for the condition. So what we see as a step change for this community is really we can see a majority of patients achieving those criteria on Encaloret. We see it as both clinically meaningful and a statistically significant, likely statistically significant benefit achieved for this study for the patient population.

For for this program in 8820, in particular, we we see any successful study as a, in a, a win, really a home run for the community as we've discussed in the past. And as um,

The investor Community is familiar that they're available conventional therapy or standard of care to our knowledge offers. Pretty meager benefit on the on the composite endpoint which we are evaluating in our phase 3 which is

Comments normalization of both blood and urine calcium, which are both. Um,

Matt Outten: And as a reminder, Cory, if we looked at our phase two cohort on the same criteria at the same time point, we saw 9 out of 13, around 69% of our study participants, able to achieve that on Encaloret. In that same group, none or 0% were able to achieve that criteria on standard of care.

Important biomarkers in terms of biochemistry is for the condition. Uh, so what we see is as a step change for this community is really we can see a majority of patients achieving those criteria on in Calera. We see as as both clinically meaningful and a statistically significant likely statistically significant benefit achieved for the study in the for the patient population.

And as a reminder, Corey. Um, if we looked at our Phase 2 cohort at the on these same criteria. At the same time point, we saw 9 of 13 around 69% of our study, participants able to achieve that on in Colorado, that same group. None or 0% were able to achieve that criteria on standard of care.

Operator: We'll take our next question from Yanni Faruha at Laryng Partners.

We'll take our next question.

That lank partners.

Tyler Van Buren: Hey, guys. Thanks for taking the question and congrats on the quarter. I've got a couple, and I'm going to follow Priya and Zlee by starting on a pipeline and then going to commercial. For limb growth MD2i, can you lay out, based perhaps on your table conversations and your interactions with the regulators, what the bar is in terms of key efficacy and biomarker thresholds for potential approval based on the upcoming interim data? And then I have a commercial question to follow up.

Chinmay Shukla: Sure. I'll pass it on to Christine to talk about LGMB2i.

Hey guys, thanks taking the questions regarding the quarter. Um, I've got a couple and I'm going to follow beer in the lead by starting on a pipeline and going to commercial um, for limb, girl, uh, md2 can you lay out based perhaps on your table, conversations and your interactions with The Regulators. What's the bar is in terms of TFC and biomarker thresholds for potential approval? Based on the upcoming interim data? And then I have a commercial question to follow up.

Christine Xu: Hi, Manny. So for the top-line data that we're expecting later this fall, we're going to look for a few different things in the data that would kind of represent a win for us, both in terms of being clinically meaningful as well as supporting a regulatory approval on the accelerated basis. So first, we're going to look for really a robust effect on the biomarkers. The primary endpoint is glycosylated alpha dismethyl glycan, and what we're hoping to see there would be consistent with our phase two results where we saw an elevation in glycosylated alpha dismethyl glycan. And we think anything kind of 5% or more there would be clinically meaningful. In addition, we're going to look to see a robust reduction in CK of about 40% or more.

Sure, uh, I'll pass on to Christine to talk about lgmd toy.

Hi Manny. So uh for the Topline data that we're expecting later this fall. We're going to look for um, a few different things in the data, that would kind of represent a win for us, both in terms of being clinically meaningful, as well as.

Uh, supporting a regulatory approval on the call rate basis.

So first, we're going to look for really a robust effect on the biomarkers. The primary employment is glycosidic end and what we're hoping to see there would be consistent with our Phase 2 results Square. We saw uh an elevation in glycolytic acid and we think um anything kind of 5% or more there would be clinically meaningful.

Christine Xu: On the functional endpoint, what would be considered a win there is a trend in one or more of those outcome measurements. It's important to note that we do not expect full significance at the 12-month time point. The trial wasn't powered to show it, and the FDA has indicated that it is not a requirement for accelerated approval to see specifically a clinical outcome. So again, just looking for trends in one or more of the functional outcomes. And then the third thing we'd like to see is a well-tolerated safety profile consistent with our phase two results. And I think if we saw all of those, we'd be quite encouraged. Keep in mind, there's really no available treatments today for this indication, so we're pretty excited about the opportunity to have a first-to-market, you know, safe and oral therapy for this indication.

Uh, in addition, we're going to look to see a robust reduction in CK of about 40% or more.

On the functional endpoints. What would be considered a win? There is a trend in 1 or more of those outcome measurements.

It's important to note that we do not expect people significant at this 12 month time point. The trial wasn't powered to show it, and the FDA has indicated that it is not a requirement for Accelerated approval to see the score because the ethical clinical outcomes,

So again, just looking for Trends in where more of the functional outcome.

And then the third thing we'd like to see is a will tolerated safety profile. Consistent with our Phase 2 results.

I think if we saw all of those, we'd be quite encouraged. Uh, keep in mind, there's really no available treatment today for this indication. So, we're pretty excited about the opportunity to have, uh, a first to Market, you know, safe and oral therapy for the situation.

Tyler Van Buren: Great. And hopping over to commercial, I guess a little bit of a composite question. L9 talked a lot about on their call about, you know, adding patient volume for Invutra in both switch and and and new to market there and new patient and new to therapy patient. Pfizer talked on pricing, how net price had evolved, and they had been doing more contracting to maintain share. So for each of these competitors, what are you seeing in terms of impact on your own contracting and pricing? And also in terms of volume, are you seeing more impact, more impact, and more competitive and sort of more active competition on the switch side? Is it primarily competitive intensity for new to new to therapy patients?

Tyler Van Buren: Like, how should we interpret both of those commentaries from those separate calls and how they inform how we think about the competitive dynamic in what is now a multiplayer market?

Pricing. And also, in terms of volume, are you seeing more impact, more impact, and more competitive, and sort of more active competition on the switch side, um, is it primarily competition? Competitive competitive intensity for new, new, new therapy patients like how how should we interpret?

Chinmay Shukla: Hey, Manni. Thanks for the question. As we noted in our PR, most of our growth came from the treatment-naive section and increasing share there where we've seen it grow month over month. But let me pass it on to Neil to talk in more detail about these things as he's been out in the field.

Both of those commentaries from those separate calls, and how they inform how we think about the competitive dynamic in what is now a multiplayer market.

Neil Kumar: Yeah, thanks, Manni. I mean, I guess I'd say first and foremost, where we're seeing more pressure from the part of the knockdown is in the switch category, obviously, for us. We were 100% in the switch here prior to, so obviously, you're going to be under pressure there. Recall, there's a couple other modes by which they're getting patients on drug initially. One is combination. And actually, hardly, we're seeing a lot of combo. When people do reach for the combo, we are seeing people try to use the best stabilizer coupled with the knockdown agent. So we've got, you know, we bought some combo stuff there, and as does, obviously, the boost plus TAV combo. Then they had the bolus, right? They had their patients that rolled over. We didn't have that because you obviously gave away free drugs for life.

Hey man, thanks for the question. Um, as we noted in our PR, most of our growth team from the treatment, 9 section, and increasing, share there, where we've seen it grow month over month. But let me pass on to mail to talk in more detail about these things. As you've been out of the field.

Yeah, like Manny. I mean, I guess I'd say um, first and foremost where we're seeing more pressure from the um, part of the lockdown is in the switch category. Obviously for us. Um, we were 100% in the switch here, uh prior to you. So obviously you're going to be under pressure there recall. There's a couple of other modes by which um, they're getting patients on drug. Uh, initially 1 is combination and actually hardening when we're seeing a lot of combo, uh, what what people do reach for the combo, we are seeing people try to use the best stabilizer, a couple of good to knock down agents. So, we've got, you know, we've got some combo of stuff there as, as does obviously, um, the loop plus table combo, then they had the bus, right? They had their patients that rolled over. We didn't, we didn't have that.

Neil Kumar: And then they've got what they've got in the naive population. Honestly, we're not seeing a ton of competition there from L9, and we're seeing much more of it from Pfizer. So then turning to what Pfizer's doing, you know, we're also not seeing like a ton of race to the bottom GTN and contracting type activity in this space. We've made it very clear that we stand on this price. You know, we came in where we came in. We think it's the right thing and the ethical thing for the patient population, but there's not a whole lot of backdoor games that we're playing at all, and we're not seeing it from a competition either. So outside of the buy and bill dynamic associated with the knockdowns, we're not seeing a whole lot of competition in that vein.

Neil Kumar: The competition is much more so around clinical differentiation and efficacy. Did I answer your question?

Obviously gave away, uh, free drugs for life and then they've got what they've got in the naive. Um, population. Honestly, we're not seeing a ton of competition there from on island. We're seeing much more of it from fizer. So then turning to well, fizer's doing um, you know, we're also not seeing like a ton of Race To The Bottom GCS and Contracting type activity in this space. We've made it very clear that we stand on this price. Um, you know, we we came in where we came in, we think it's the right thing in the ethical thing for, um, the patient population. But there's not a whole lot of back back door, gains that we're playing at all. And we're not seeing it from a competition either. So outside of the buy and build Dynamic associated with the knockdowns, we're not seeing um, a whole lot of, uh,

In that thing, the competition is much more so around clinical differentiation and and efficacy.

Tyler Van Buren: Yeah, thanks. That's really helpful.

Did I answer your question?

Yeah, thanks. That's really helpful.

Operator: We'll move next to Greg Harrison at Scotiabank.

We'll move next to Greg. Harrison at Scotia Bank.

Greg Harrison: Hey, thanks for taking the question and congrats on another quarter of success with the launch and uptake of Atrubi. I wanted to ask, where you have identified areas for growth within the Atrubi launch? And separately, what is BridgeBio excited about executing on for the remainder of the year?

Chinmay Shukla: Hey, Greg. Thanks for the question. Maybe I'll first pass it on to Neil and then to Matt to talk about what we're excited about in terms of Atrubi and the company. Neil?

Hey, thanks for taking the question and congrats on another quarter of success with the launch and uptake of the truby. I wanted to ask, uh, where you have identified areas for growth within the truvy launch and and separately. What is Bridge bio excited about executing on for the remainder of the year?

Neil Kumar: I think as it pertains to Atrubi, I'm excited about a lot of different things, but I'd start with the continued clinical and efficacy differentiation that we've been working on. I really like the way that we've started to port the story from overall how does this work in the population to specific subpopulations. I think the AFib story or the cardiac arrhythmic story is a really powerful one and certainly opened my eyes to the power of these types of things, be it a variant story, be it a cardiac arrhythmic story, be it someone who has renal involvement story, on and on, et cetera, et cetera. So I think that's thing number one that gets me excited. Thing number two that gets me excited is the concept of early impact and efficacy.

Hey Greg, thanks for the question. Maybe I'll first start talking to me and then to Mac to talk about, uh, what we're excited about in terms of a TrueBE and the company, Male.

I think as it pertains to a true be, um, I'm excited about a lot of different things but, uh, I'd start with the continued, clinical and efficacy differentiation that we've been working on. I really like the way that we've started to Port the story from overall, how does this work in the population to specific cell populations? I think the aib story or the cardiac within the story is really powerful. 1 and certainly open to my eyes uh to the power of these types of things. Be it a variant story, be it a um, you know, cardiac arithmetic story be it. Someone who has real involvement story on and on etc, etc. So I think that's that's thing. Number 1 that gets me. So, I think number 2, that gets me excited. Um, is the

Neil Kumar: I think for the longest time, we sort of regarded this as kind of a static picture as soon as things were diagnosed. But obviously, the earlier we go, the better we do in terms of all of the clinical trials. And now we're running this prevention study, and we have drugs that I think leave patients either unprotected for long periods of time, like you see knockdown go from 60% to 82% over the course of 22 months, or you have prompt resolution of destabilization like you do in the case of acaramidis, where you're almost immediately stabilizing that protein and getting the serum TTR levels up by day 28. So we look forward to continuing to elaborate on that early action through publications on a go-forward basis. So I'd say that's one thing. The second thing has to do with access.

Early impact and efficacy, I think, for the longest time we sort of regard this as a as kind of a static picture as soon as things were, um, diagnosed. But obviously the earlier we go the better we do. Um, in terms of all all of the clinical trials and now we're running this prevention study and we have drugs that I think leave um patients either unprotected for long periods of time. Like you see knock down low from 60% to 82% over the course of 22 months or you have a prompt resolution of these stabilization, like, you do in the case of AAR amitis, where you're almost immediately, uh, stabilizing that protein and getting the serum tpr levels up uh, by day 28. So we look

Neil Kumar: Obviously, you know, given the fact that the knockdowns are already there on polyneuropathy, given the fact that TAV is already out there, our new to market edges are just coming off. We're working really hard with local ISPs to make sure that it's as easy to prescribe Atrubi as it is anything else. We're working with new technologies that allow us to work through forms that are provider-centric, and we're working carefully with Panther and Orsini to have this sort of white glove service for patients. So again, I think as that revs up over a long period of time, this is going to be a really nice suite of programs and support for patients. I don't know, Matt, if you'd add anything.

To continue to elaborate on that early action, um, through Publications on a go forward basis. So that's 1 Thing. The second thing um, has to do with access, obviously, you know, given the fact that the knockdowns were already there and poly neuropathy given the fact that

Matt Outten: I'd just echo maybe one of the comments that you made, you know, making sure that anyone who wants Atrubi can get it is sort of our primary driver right now. And how do we work through any access challenge that might appear? So the new to market edits coming off, we've been on the market, I guess, a little over seven months now. So this is right in that sweet spot when you start to see all of those things happening, and we are seeing that now. That's going to continue.

Matt Outten: We keep talking about how we believe in HCP choice, and I think we've set ourselves up, as you can see from the many programs and different things that we're doing, to try to make sure that Atrubi is one of those choices and making sure that the physicians have access to the right therapy for each patient without any unnecessary barriers.

For patients. So again, I think if that revs up over the long period of time, this is going to be a really nice Suite of of of programs that support for for patients. I don't know that if you'd add anything, I just Echo, maybe 1 of the comments that you made, you know, making sure that anyone who wants a tree can get, it is sort of our primary driver right now. And how do we work through any access challenge that might might appear. So, the new to Market edits coming off. We've been on the market, I guess a little over 7 months now. So this is right in that sweet spot when you start to see all of those things happening, and we are seeing that. Now that's going to continue, um, we keep talking about how we believe in hcp choice, and I think we've set ourselves up as you can see, from the many programs and different things that we're doing to try to make sure that it truly is 1 of those choices and making sure that the Physicians have access to the right therapy for each patient. Patient without any unnecessary. Barriers.

Operator: We'll go next to Anupam Rama at JPM.

we'll go next to any

Tyler Van Buren: Hey, guys. Thanks so much for taking the question. For Atrubi, just thinking about prescribing metrics here, it looks like you grew 300 plus unique docs quarter over quarter. Just wondering, you know, what's resonating with both new prescribers as well as repeat prescribing dynamics and where you're seeing the most growth in terms of academic versus community centers. Thanks so much.

Chinmay Shukla: Hey, Anupam. Thank you for the question. I'm going to pass it on to Matt to talk about it.

Hey guys thanks so much for taking the question. Um for a true be just thinking about prescribing metrics here. It looks like you grew 300 plus unique. Docs cord over a quarter. Just wondering, you know what's resonating with both new prescribers, as well as repeat, prescribing Dynamics and where you're seeing the most growth in terms of academic versus community centers. Thanks so much.

Matt Outten: Sure. And thanks for the question. You know, first, I think when HCPs try Atrubi and they see how quickly it works, it reinforces the decision that they made to prescribe Atrubi. So one prescription just naturally turns to two and so on. Patients and HCPs talk about their experience, not just with a doctor-patient relationship, but also within the patient and physician communities. And, you know, their experience with the efficacy of Atrubi, but also with all of our support programs that we've made available, I think has made a tremendous impact. You mentioned, you know, community versus COEs, but I think this kind of an impact is equally important in both settings, maybe for different potentially different reasons. And so HCPs who haven't written, they write. They see this, you know, we're out there with our field teams, and they go ahead and make that decision.

Matt Outten: And then once they've written and those who have written, they continue to write more Atrubi while we do our best to make it easy each and every time. So I would expect that you'll see these numbers continue to grow both in the academic and the community centers every quarter.

Hey, Anna, thank you for the question. I'm gonna pass down to mhm. Sure. Uh, and thanks for the question. Um, first, you know, first, I think when hcps try a truly, and they see how quickly it works, it reinforces the decision that they made to prescribe a truly. So 1 prescription just naturally turns to 2 and so on, uh, patients in hcts talk about their experience, not just with a doctor patient relationship but also within the patients and physician communities. And, you know, their experience with the efficacy of treating, but also with all of our support programs that we've made available, I think is made tremendous impact, you mentioned, you know, Community versus coe's, but I think the this kind of an impact is equally important in both settings, maybe for different potentially different reasons. Um, and so hcps, who haven't written, uh, they they write they they see this, you know, we're out there with our field teams and they

Go ahead and and make that decision. And then once they've written and those who have written, they continue to write more and truly, while we do our best, to make it easy each and every time. So I would expect that you'll see these numbers continue to grow both in the academic and the community centers, uh, every quarter.

Operator: We'll take our next question from Paul Choi at Goldman Sachs.

We'll take our next question from Paul Choi at Goldman Sachs.

Tyler Van Buren: Hi. Good afternoon and congratulations on all the progress. I wanted to turn maybe back to the pipeline for a moment and talk about Encaloret and ADH1 and the potential lateral to hypoparathyroidism. Can you maybe, you know, speak to your level of conviction as to, you know, how success in ADH1 could translate to hypoparathyroidism? And maybe a little more specifically, you know, how you're thinking about responder rates might compare to some of the existing or clinical stage therapies with regard to use of supplements or decreasing use of supplements specifically. Thanks for taking the question.

Chinmay Shukla: Hey, Paul. Thank you for the question. I'm going to pass it on to Anand to talk about this.

Hi, uh, good afternoon, and congratulations on all the progress. Um, I wanted to turn, maybe back to the pipeline for a moment and talk about energetic and adh1 and the potential lateral to hypoparathyroidism. You may be, you know, speak to your your level of conviction as to uh you know how success in adh1 could translate to hypothermia Pirates. Iris. And maybe a little more specifically you know, how you're thinking about respond or race might compare to some of the existing or or pipe clinical stage uh therapies with regard to use of supplements or decreasing use of supplements. Specifically, thanks for taking the question.

Matt Outten: Sure. Paul, that's a really astute question. Essentially thinking as ADH1 is the most common genetic subset of hypoparathyroidism. So there really is a strong read-through that you're alluding to. A positive study in ADH1 would technically de-risk a lot of the further evaluation that we can and will endeavor to do in chronic hypoparathyroidism broadly. I think the key aspects that I think would be important on the read-through is, one, importantly, a rapid and durable benefit on blood and urine calcium. I think if we see that in the ADH1 population, it will certainly be encouraging as that is a critical unmet need and a clinical need for the hypoparathyroidism community. And then the other is going to be on the safety aspect. So the broad exposure of the doses we're evaluating in ADH1 will also be an important de-risking signal for the chronic hypoparathyroidism development program.

Hey Paul, thank you for the question. I'm going fast on to another to talk about this.

Sure. Well, that's a really a stupid question, um, especially thinking as adh1 is a, the most common genetic subset of hypo Pera. So there is, there really is a strong read through that. You're alluding to um, a positive study in adh1 with technically be risk, a lot of the further evaluation that we can. And

Will endeavor to do in. Chronic hypoparathyroidism, broadly. I think that the key aspects that I think would be important on the read through is is 1 importantly, the ra a rapid and durable benefit of blood and urine calcium. I think if we see that in adh1 population, it will certainly be encouraging as that is a critical on that. Need in a in a

Matt Outten: In terms of the response rates, I think I'll point the community to our presentation of our sentinel study of Encaloret in chronic hypoparathyroidism, which we intend to present at the American Society of Bone Mineral Research meeting, which is taking place next month. In that cohort, we resolved that within five days of dosing initiation with Encaloret, 80% of study participants were able to normalize both blood and urine calcium concomitantly. This study did not evaluate whether patients could come off standard of care. That would be evaluated in a longer-term study. But importantly, this is a key differentiating element, which Neil's touched on in the earlier remarks, which Encaloret could differentiate in this patient population with three critical elements. One, it's oral. Two, it may have a benefit on urine calcium on 24-hour urinary calcium excretion, to the extent that other therapies have not yet shown to date.

Participants, were able to normalize both blood and urine calcium from competently?

This study did not evaluate whether um, patients can come off standard of care, that will be evaluated in a longer term study. But importantly, this is a key differentiating element, which Neil touched on, in, in the earlier remarks, which in Colorado could differentiate in this in this patient population with 3 critical elements 1 in its oral.

Matt Outten: And three, it could avoid long-term bone resorptive effects that may have been seen and may continue to be seen with long-term PTH replacement therapy.

2. It may have a benefit on urine, calcium on on 24-hour urinary, calcium excretion, which to the extent that other therapies have not yet. Shown to date and 3. It could avoid long-term bone, resorptive effects that may have been have been seen. It may may continue to be seen with uh long-term pth replacement therapy.

Operator: And we'll take our final question today from Andrew Tsai at JetBreeze.

Tyler Van Buren: Hey, team. Congrats on the launch execution. Thanks for taking my question. So I think one of the thematic discussion points is that Atrubi could be differentiated based on a lot of data you've generated over the past few months. So operationally speaking, how do you exactly leverage the data to convince payers and doctors to use Atrubi more in the first-line setting over the coming years? And can you summarize all the additional data sets that you plan to generate over the next, let's just say, 12 to 24 months? Can we get a glimpse of the real-world data on like NT, proBNP, troponin, all the way to hard outcomes data? And then really quickly, can you quantify the inventory changes in Q2 relative to Q1? Thank you.

And we'll take our final question today from Andrew Tsai at Jefferies.

Hey team, congrats on the law, and check his execution, thanks for taking my question. Um, so I think 1 of the Thematic discussion points is that attribute, uh, could be differentiated based on a lot of data, you've generated over the past few months. So operationally speaking, how do you exactly leverage, the data to convince payers and doctors to use a true be more in the first line setting over the coming years. And can you summarize all the additional data sets that you plan to generate over the next? Uh, let's just say 12 to 24 months uh can we get a glimpse of the real world data on like n?

Chinmay Shukla: Sure. Andy, thank you for your question. I'm going to pass it on to Neil to talk about the Atrubi data, and then Matt and I can talk a little bit about inventory at the end. But let me pass it on to Neil to talk about the differentiation.

He broke in P troponin all the way to hard outcomes data. And then really quickly, can you quantify the inventory changes in Q2 relative to q1? Thank you.

Neil Kumar: Yeah, thanks, Andy. I guess your first question was, what are the tactics we're using to educate in and around the data that we have produced? Obviously, there are the obvious aspects of this at conferences, publications, et cetera. I think our medical affairs team has done a nice job of increasing our scientific share of voice. And obviously, I think we have the highest velocity of publication in this sector so far. So that has given us an opportunity to share something new with the physicians that we do see. You know, the second piece of it, honestly, has been conversations to just say, put some fraction of your patients on Atrubi, to Matt's earlier point, and you know, see what the experience is. And I think we feel very comfortable, obviously, with the two real-world evidence studies that have been posted to date out of Dr.

Sure, Andy, thank you for your questions. I'm going to pass on to Neil to talk about the attribute data, and then, uh, Mac. And I can talk a little bit about inventory at the end, but let me pass on to you and talk about the differentiation. I guess, uh, your first question was, what are the taxes? We're using to educate in and around the data that we have. Uh, produced obviously. Um, there are the obvious aspects of this at conferences. Publications Etc. Um, I think our medical Affairs team has done a nice job of increasing our scientific share of voice and obviously I think we have the highest philosophy of of publication in this sector so far. So that has given us an opportunity to share something new um with the Physicians that that we do see. Um you know, the second the second piece of it honestly is been conversations. This is say put some fraction of your patients on a tree to match earlier point and you know, see what the experience is and then I think we feel very comfortable obviously with the 2 real world evidence.

Neil Kumar: Mazuri's lab and Dr. Moore's lab that continued outperformance in the real-world setting. And we're doing a lot more of this now on the health economic and real-world setting side. Just what do hospitalizations look like with one stabilizer versus the next? What do overall expenses look like with with various STs, et cetera, et cetera? So we're doing a lot of that type of work, and I think that's another way that we can allow the data to resonate. A summary of the data, you know, I think of the new data that we just put out has to be the variant data, the 59% relative risk reduction with the STAT6, the AFib data, the 17% reduction along with the 43% reduction in CVH-associated hospitalization.

Sorry that have been posted to date out of Dr. Mazri lab, and Dr. Moore's lab that continued outperformance in the real world setting. And we're doing a lot more of this. Now, on the health, economic and real world setting side, just what do hospitalizations look like with warm stabilizer versus the next. Um, what do overall expenses look like, uh, with with, with various SPS etc, etc. So we so we're doing a lot of that type of work and I think that's another way that we can allow the data to resonate. Um, a summary of the data. Uh, you know, I think of the of the new data that we just put out has to be the variant data, the 59% relative risk reduction with a static the um aib data.

Neil Kumar: And then the third, and I think honestly the most important, was the connection once again between ever higher levels of stabilization as measured by serum TTR and better outcomes as measured by mortality. Well, I think those were the most salient data pieces to date. And then on a go-forward basis, you can expect that we, you know, as I mentioned earlier, that we're going to publish on all of those fronts plus more. One thing we're definitely going to be looking at is the rapidity of response because I think that now that we've got the PK data from the knockdowns, I think that actually is a huge differentiator of the rapidity of response. So you should see a lot more publications coming out on that front. I think the second is the real-world experience with these products, both from the standpoint of biomarkers.

Reduction along with the, the 43% reduction in, in, in CVH Associated hospitalization and then, um, the third and I think, honestly, the most important, um, was the connection once again between ever higher levels of stabilization, is measured by 7t Crescent and a better outcomes as measured by, uh, mortality. But I think those were the Salient data pieces, uh, to date. And then on the go forward basis, you can expect that we, you know, as I mentioned earlier, then we're going to publish on all of those fronts plus more 1 thing. We're definitely going to be looking at is the rapidity of response because I think that

Neil Kumar: I think NT-pro, yes, definitely. I think serum TTR, yes, definitely. And then quality of life and hospitalization measures. And then health economic, you know, parameters as well. You know, it's interesting, you know, if you go over to Europe, like there are countries where we're the only brand. Like we won the national bid, and there are major hospitals in areas like Germany where Atrubi is frontline. And I think we're sort of looking at those types of very dispassionate, but yet still trying to make a choice between these various data sets analogs and saying what really resonated with them in that data and how can we bring some of those messages over to the US market. So I don't know, Matt or anyone in the office, if you'd add anything.

But now that we've got the PK data from uh, the knockdowns, I think that actually is a huge differentiator of the rapidity of response. So you should see a lot more Publications coming out on that front. I think the second is the real world experience with these products. Um, both from the sample and of file marketers, I think Aunt Pro. Yes, definitely. I think serum TTR, I guess. Definitely. Um and then quality of life and hospitalization measures and then healthy.

Matt Outten: No, I can touch on the inventory question, though, if that works. I just would make a couple of comments. One, the held inventory is lower in Q2 versus Q1 if suppliers get used to our just-in-time model. And so why? Well, you can get Atrubi in less than 48 hours. We talk about that for patients all the time, but it's not just patients. Our suppliers can also get Atrubi in less than 48 hours as well. So the sort of old way of doing the supply and demand model, which is, hey, I have to hold multiple weeks of inventory or more because I'm worried about running out or not being able to get some, I think we've sort of changed the game a bit in that. So now that people realize that that's true, they don't have to hold these sort of historical larger levels.

Matt Outten: And so you're seeing that play out in the market now. And I think that's just due to the confidence that our distributors have in us.

Chinmay Shukla: Yeah.

Matt Outten: Thank you.

Chinmay Shukla: Thanks, Andy. As Matt said, you know, the days went down because of the accelerating patient demand and the model being more familiar to our suppliers. So I appreciate your question.

No, I can touch on the inventory question though. If if that works. Um, I just would make a couple of comments 1, that held inventory is lower in Q2 versus q1 and suppliers. Get used to our just in time model and so why? Well you can get a true be in less than 48 hours. We talk about that for patients all the time but it's not just the patients. Our suppliers can also get a trui in less than 48 hours as well. So, the sort of old way of doing the supply and demand model, which is, hey, I have to hold multiple weeks of inventory or more because I'm worried about running out or not being able to get some, I think we've we've sort of changed the game a bit in that. So now that people realize that that's true, they don't have to hold these sort of historical larger levels. And so, you're seeing that play out in the market now. Uh, and I think that's just due to the confidence that our uh, Distributors have in US.

Yeah, thank you. That's mine said you know, the days went down because of the accelerating patient demand and and the model being more familiar to our suppliers. So um,

Appreciate your question.

Operator: And that concludes our Q&A for today. I will now hand it back to the company.

And that concludes our Q&A for

Today, I will now hand it back to the company.

Chinmay Shukla: Thank you all for joining us on our Q2 earnings call. We look forward to updating you again in our next earnings call. Thank you. Bye.

Operator: And this concludes today's conference. Thank you for your participation. You may now disconnect.

Thank you all for joining us on our Q2 earnings call. We look forward to updating you again um in our next earnings call. Thank you. Bye.

And it includes today's conference. Thank you for your participation. You may now disconnect.