Okay, wonderful. Good morning, welcome to our 44th annual healthcare conference. I'm my name is Stacy Ku. I'm one of the biotech analysts here at TD Cowen, and I'm here with my colleague Bish. We'd like to welcome Jack Khattar, CEO, Tim Dec, CFO, and Peter Vozzo, IR, of Supernus Pharmaceuticals. Thank you all for joining today.
Thank you.
Before we launch into, obviously, a really detailed Q&A around the Qelbree launch, and ADHD, do you just want to provide a brief overview of your 2023 performance?
Yeah, sure. Good morning, everyone, and thanks for having us. Just remind everyone about the forward-looking statements I'll be making throughout the session, so please check the risk factors associated with the business. For those of you who may not be too familiar with us, we had a great year, actually, 2023, despite the fact we lost the exclusivity on our flagship product, Trokendi XR. We announced a couple of weeks ago our earnings for the year, around $608 million in revenue, operating earnings around $125 million, non-GAAP. So we're really pleased with how the year shaped up, again, despite the fact we lost about $170 million just on Trokendi XR. Very excited with how we finished the year with Qelbree, which has been a driver of growth for us. So between Qelbree and Gocovri, we had about $260 million in sales last year.
Also last year was a very crucial year for us in progressing the pipeline. So, as we mentioned on our earnings call, we have a lot of catalysts, clinical milestones coming up in the next 12-18 months. Very exciting time for us on the pipeline. I know that's something which hasn't been really grabbed a lot of people's attention, but I think we are at a crossroads now with a lot of the programs that we have and very exciting milestones coming up, so.
Okay, wonderful. So obviously now we're in a few years of the Qelbree launch. So just help us understand where you think Qelbree's position today, the value proposition versus, you know, stimulants versus non-stimulants, and then obviously you've, as you mentioned, the future growth drivers for Qelbree moving forward.
Yeah, I mean, Qelbree is a novel non-stimulant. And actually, if you look at the category, it's been more than a couple of decades that anything was or has been introduced as a novel non-stimulant, especially for adults. Qelbree, very briefly, is a non-stimulant that works. So if I were to use very few words, that really sums it up. And what we mean by that is it works fast. It works within a week or two weeks, actually, which is unlike Strattera, for example, which has been the most dominant non-stimulant for years in the marketplace. It also works on inattention and hyperactivity, so it's more of a broad spectrum, if I were to use that kind of description, you know, across all subscales of ADHD.
And actually, and I mentioned that at the earnings call a couple of weeks ago, when we look at physicians who are prescribing Qelbree, I mean, their satisfaction level with Qelbree is equivalent to their satisfaction with stimulants. That is something which is remarkable because non-stimulants are always looked upon as products that will not even get close to stimulants from an efficacy perspective, you know, really delivering on the benefits, you know, for ADHD patients. But Qelbree is really getting up there as far as physician satisfaction from the use of this product. And it is statistically significant versus their satisfaction on Strattera. So clearly, Qelbree is separating itself from Strattera. It's really establishing itself as a very efficacious product, yet it's a non-stimulant.
The importance of the onset of action, I mean, for parents, especially on the pediatric side, is huge, because typically a parent will wait for four, five, six, even eight weeks into the school year, and they still don't know whether Strattera's going to work for their child. I mean, for me as a parent, I went through it. It's like eternity, you know, dealing every day with homework suspension, you know, all the issues with kids and so forth. So it's really, what forces a lot of parents a little bit, you know, patience. You know, sometimes you don't have a lot of that patience, so you go and resort to stimulants.
They tell the doc, you know, "Let's just put them on Adderall or amphetamine or methylphenidate or whatever." So to have now, today, an option where you have a non-stimulant that within a week or two you will know as a parent whether it's going to work or not is a huge benefit, you know, to the parents, so.
Nice.
As far as future, you know, drivers, for the growth of Qelbree, we haven't even scratched the surface yet within the market. For 2.5 years, we have achieved 617,000 prescriptions, annual prescriptions last year, in a market which is 93,000,000 prescriptions. So we have a long way to go, specifically in the adult segment, which is a very important segment for us. It's about 67% of the business is adult. So we have a long way as far as growth, on this product. And if we achieve even a 4%-5% market share, that will be a very, very significant product for us.
For you, where do you think Qelbree is gaining the most traction? Obviously you talked about that non-stimulant area, but, can you also talk about where you think a little bit more work needs to be done, in terms of growing? Maybe talk about the adult segment.
Yeah, in the adult segment, you have slightly some very different dynamics than you would have in the pediatric segment, which you would expect. In the pediatric segment, I mentioned a couple of things about the onset of action, you know, parents feeling good about the product, that it will work, and that confidence level, and so forth. On the adult segment, you have a whole different dynamic, especially with immediate-release stimulants. You know, we all heard and talked about the shortages, you know, in the last year and a half on amphetamines and so forth. And a lot of it actually was on immediate-release products. A lot of adults, they love their immediate-release amphetamine for a lot of reasons. Some of it for ADHD, but some of it not so much for ADHD. That is a segment, you know, Qelbree is not going to help with, obviously.
You know, Qelbree doesn't give you that buzz or whatever it is, you know, that some people look for in immediate-release, a stimulant. So that is a segment that we, you know, Qelbree will not be a suitable product for. But what we're seeing in adult, interestingly, is a lot of combination use, although Qelbree is not indicated as an adjunctive therapy, but there is a lot of combination use of stimulants and Qelbree. And what we know in this category, now for more than 30 years we've been in this ADHD space, is physicians are not going to frustrate their patients or tick them off, basically, by taking them off completely of the immediate-release stimulants because they know they like them. So what they try to do is ease them out of it over time. And therefore they start adding Qelbree at lower doses than perhaps optimal.
They add Qelbree over time, and then they reduce the stimulant over time, and eventually with the goal that Qelbree will end up being the only and sole, you know, sole treatment. So that's an area which is evolving. And actually the most recent data we're seeing about 40% of the use of Qelbree in the adult segment is combination versus only 18%-20% on the pediatric side. So clearly there are different dynamics across the two different patient populations. So we'll continue to push the adults. We are very much focused this year on growing and continue to grow the business in the adult segment.
also that helps us from a growth perspective, not just because it's the biggest segment, but also the value of a prescription should be, eventually, on an ongoing basis, a much higher value than would be with pediatric, just because the total daily dose will be much higher.
Okay. If we could drill down into, I guess, the prescribing base then, you've mostly been targeting pediatric prescribers for ADHD. So can you talk about where you are and the progress there? Do you think you could broaden your reach with your sales force? What percentage of the market are you reaching for the pediatric segment? And then as you look at adult this year, is it going to be a different prescriber base? Are you broadening out there as well? Just help us understand the different dynamics there.
Yeah, when we launched the product in May 2021, it was only the pediatric indication. So our focus was pediatricians and child psychiatry. I mean, these are the two primary prescribers. You have some primary care, but mainly pediatricians and child psychiatry. Then in May 2022, we launched the adult indication. So we expanded into the adult psychiatry. So we've been actually in these three physician audiences, so to speak, targeting these three physician audiences since May 2022. Now we do have certain physicians who treat both, you know, children and adults. So there are psychiatrists that treat both, so we focus on those as well. And it's all ranked by volume. I mean, that's how we, you know, focus and emphasize and target is by volume, high prescribing physicians, and so forth. So that's really the emphasis.
So sometimes when I say we're pushing more adult and in the back-to-school season, we push more pediatric, you know, the sales force will get different priorities, you know, from one quarter to the next depending on where we are in that cycle or from a seasonality perspective. But the target universe has been fairly, you know, dynamic since, obviously, launch of the product because of these adjustments. We have about 245 reps, from a sales force perspective. Last year we expanded by 45, so that's where we are now. We don't see a need for us this year to continue to expand. Eventually at some point, you know, looking at a 300, 350 sales force will be adequate and more than adequate on a long-term basis. But that is not an expansion that we will just do, you know, quickly and immediately.
We take these things stepwise approach, and that's how we've always done it. And if you look, on an average, I mean, if a rep has about 100 targets, more or less, so we're reaching around 24,000-25,000 physicians that we are going after. And these are very high-volume prescribers, and that's really how we, you know, prioritize it, improve the reach, through the expansion. So 2024 will be the first year that expansion will be, you know, full 12 months because we did the expansion last year around April, May.
Understood. One interesting aspect that we kind of found in our clinician checks is with, let's say, the pediatric psychiatrists. At launch, the perspective of Qelbree was fairly muted. But as we kind of got to, let's say, a year of marketing and familiarity and comfort with using the product, obviously their views drastically changed. Do you expect the adult segment to kind of be very similar? Is that why you think 2024 is going to be more of a year of kind of the adult growth?
Yeah, no, I mean, absolutely. I mean, when we first launched the product, well, even before that, when we issued the phase III results, I still remember people saying, "Well, you know, it's not that different than Strattera." I'm like, "What do you mean it's not that different? Look at the onset of action. It's working within a week or two weeks." Yeah, but we don't know if that will translate in the marketplace. Will it really perform that well? Well, now three years later, yes, the product has been performing exactly as the phase III data. It is working fast. And to your point, that's why more pediatricians are gaining more confidence that, yes, this product does work and will give me an early signal whether it's the right product or not. So same thing is happening with adults.
I mean, the adult psychiatrists now are gaining more and more confidence with the product. Again, you have to overcome that stigma, that perception, that psychological barrier that stimulants are the best and non-stimulants don't work as well. I mean, that's really what you're fighting in the marketplace. And the only way you can do that is just keep hammering the frequency—you know, the message, the reach, you know—and encourage physicians to use it. Once they use it, the product is delivering. And that's really the key, is get them to try the product because eventually the greatest news here is that the product is actually delivering. You could do anything you want, but if the product doesn't deliver, it doesn't matter, right? And that's what's really encouraging here is that the product is delivering on the speed, on the efficacy.
I mean, to the point, as I mentioned earlier, that physician, those who are prescribing the product, are telling us that their satisfaction with Qelbree is as good as with extended-release stimulants. I mean, that's phenomenal.
Just remind us, where are you right now in the adult pediatric split for Qelbree? And do you have any expectations for where you'll end by the end of the year?
Yeah, I mean, the business is about 70% pediatric, 30% adult. By the end of the year, I mean, it's a little bit hard to really, you know, estimate exactly, but certainly we look, well, let me answer it this way. On a long-term, ongoing basis, the market is the other way around, you know, the 70% adult, 30% pediatric. Will we ever mirror the market? Probably not because we're a non-stimulant. The market is dominated by stimulants, right? So on an ongoing basis, can we get to the 50/50? I mean, that would be great if we can get there. How quickly can we get there is not going to happen in just 12 months or 24 months. It's going to take time.
Wonderful. So for 2024, you obviously talked about during the last earnings call around patient volumes versus net pricing as you decrease some of those copay programs. So just walk through kind of expectations for this year, and we'll follow up with another question?
Yeah, yeah, I mean, in 2023 we worked also pretty hard to get to our goal on the gross to net, which we've, you know, explicitly said it's somewhere between 50%-55% on an ongoing basis, gross to net deduction. And we worked our way through in 2023. And actually in the fourth quarter we're very happy that we hit not 50% or 55%. We hit 49%, and which helped us to get actually the strongest quarter we've ever had on Qelbree, $46 million just in that quarter we did in sales. So we're very pleased with that. So the 50%-55% will continue to be our ongoing long-term, you know, range that we look. There will be always fluctuations quarter to quarter. I mean, Q1 is always worse, with, for every pharmaceutical product, not just Qelbree, everybody, but that's where we believe we will land.
So eventually that ended up helping us getting the net price to around $268 per prescription in the fourth quarter. And that's, again, the highest we've ever had. So that is really very encouraging because we still have a long way to go as far as growth in the value of the prescription, not just price increases or improvement in gross to net, but more importantly, as physicians gain more traction in using the product, as we grow the adult segment, again, the value for the prescription will go higher because it's a higher total daily dose. The target dose for adults is in the 400-500 mg. We're nowhere close to that at this point. So we still have a long way to get to there and a lot of growth. And the same thing with pediatric. The total daily dose is around the 300 mg .
On that one we're a little bit closer because we've been in the market for longer also. Yeah.
Okay. And I know a lot of, kind of behind-the-scenes smoothing out of kind of the copay program with clinicians. Do you just want to walk through what's been done, where we are in that process? Obviously there'll be a different experience for some of the clinicians.
Yeah, I mean, the copay always when you launch a product, you don't want physicians to worry about coverage or what have you. You want them to try the product. So what you try to do with the copay and the assistant and so forth is like, "Doc, we'll cover the prescription no matter what it is, no matter what the patient is on. Just try the product." And that's what we did initially. And we're willing to take that, you know we did that for a couple of years now. At the end of 2023 or in Q4 2023, we changed some of the features of the copay so that prescriptions that are completely blocked, we're not anymore completely subsidizing these prescriptions. And we want the physicians with our help, and we're more than happy to help.
We have people who do give support to all physicians' offices to process the prior authorizations to really push through these prescriptions. Although they're blocked, we can get them through, you know, because of the medical need, you know, for these patients. And that's what we went through, you know, at the end of Q3, you know, right after the back-to-school season and through Q4. So a lot of that has been already done, so to speak. You know, the pain or frustration, whatever you want to call it or, but I mean, physicians weren't surprised. We were very much upfront with physicians from the beginning when we launched the product that eventually we will get to a point where we can't just cover every prescription out there. I mean, it's just not feasible for us. So they really work with you.
Actually, physicians were very surprised. I mean, how easy we can get it through. It's not like, and with our help, you know, we helped our staff, you know, process all these prior authorizations. Actually, the drop-off because of these prior authorizations was actually much less than we expected. So we're pretty pleased with the transition that happened and how we were able to ease our way through it. Yeah.
Okay. Wonderful. So, kind of last really focused question on Qelbree near term. I think this is you did not explicitly provide guidance for Qelbree, but you did probably for the first time, provide some type of thoughts around, where consensus is. And so you're kind of, let's say, implicitly guiding a range of around $200 million-$220 million for Qelbree. So just help us understand first. You talked about the quarterly cadence, for Q1, but just help us understand what it might look like over the course of the year and your expectations between the high and low end of kind of this.
Yeah, true. Yeah, I mean, if you look at the fourth quarter, which our last quarter we ended at $46 million, right? That's how much we did in the fourth quarter. You annualize that. That's around $185-$186 million. You add and the 6% price increase we took and prescription growth, you're not that far away from the numbers you mentioned. So that's why when somebody asked me on the call, you know, the range is $200-$220 million, I'm like, "Yeah, I mean, that, that sounds something we, we can achieve." So we're, we're comfortable, you know, with that. And, we're comfortable that the product, you know, will continue to grow from a prescription for all the reasons I mentioned today. So from that perspective, that's why we felt, you know, pretty good at it. Yeah.
Okay. Wonderful. So one question on Gocovri before we move to some of the pipeline agents. You've been able to drive a lot of growth for your ADHD for a lot of your products. So for Gocovri, what are your thoughts on the relaunch and long-term expectations?
Yeah, I mean, Gocovri's unique positioning continues to be the same as far as being indicated the only Parkinson's product indicated for both dyskinesia and off episodes. That's a trade-off that physicians in their mind a lot of physicians think, you know, they can only treat one of these two. And if they treat too much of the off episode, they're causing more dyskinesia and they can't do both. So it, it's been a great opportunity for us to continue with the market education, really educating neurologists and movement disorder specialists that, "Doctor, you know, you can do both. You don't have to sacrifice. You don't have to lower the levodopa/carbidopa dose to get rid of dyskinesia. You can keep that effective dose that you've reached to. You're very well satisfied in treating the off episodes, but you're frustrated with the dyskinesia.
Well, you can add Gocovri. Gocovri not only treats the dyskinesia, but it also helps with the off episodes. So it's a very unique position in the marketplace. And we've been able to, you know, on a unit basis, you know, grow the product. Last year was our second year with the product. So we're very pleased with that. And we still have a lot of room to, you know, to grow within that market segment. I mean, it, it's really just awareness, market education, continue with that because for a lot of physicians it's a paradigm shift in how they treat. I mean, they've been trained. They've been taught for so many years. You just start with levodopa/carbidopa and then you start lowering the dose as you hit dyskinesia.
Now we're coming in and telling them, "No, you don't have to do that." "Well, what do you mean I don't have to do that?" Well, you know, you have to really emphasize the message. So again, it's continued message, reach, frequency. And we fine-tune the messages over time as we relaunch the product, because neurologists is a little bit different than movement disorder specialists. You would think they will treat exactly the same. They look for different things. The conversation with the patient is different. So we fine-tune the message there.
Okay. Wonderful. Speaking within kind of the Parkinson's theme, can you talk about SPN-830? The brief date is April 5th. So we're fast approaching commercial preparations, I'm assuming. So just help us understand where it might fit within the treatment landscape and then the size of the opportunity versus some of the other agents. So I believe AbbVie does have a Duodopa and a Produodopa at this point. So just curious your thoughts there.
Yeah, I mean, the pump will be a novel way of treating Parkinson's in the U.S. In Europe it's been around for many years, so that's very well established. Movement disorder specialists in the U.S. are very familiar with the European experiences. It's a very small, tight community. So although it's a new segment, obviously we will have to do a lot of education. Most likely initially it will be for advanced patients who have tried a lot of things over the course of their, you know, progress of the disease. And before they resort to deep brain stimulation or an invasive surgery through the Duopa or whatever, they can choose to take the pump because it's a continuous subcutaneous injection of apomorphine, which is a great, great agent, you know, for treating Parkinson's. And, you know, the data show that.
So that's an interesting segment we will be creating with AbbVie, you know, together in the marketplace with two different pumps. You know, their drug is more of a prodrug of levodopa/carbidopa. Our drug is apomorphine, which gives physicians also another choice, you know, another alternative. So we're very excited about all that. We are well on, you know, preparing for the launch, in the second half of this year. Hopefully we'll get the approval April 5th and then launch as early as we can in the second half. As far as peak sales, I mean, at this point and we updated the demand study and extensive research. And I'll remind everybody, we talk about only U.S. I know Abbott says $1 billion or plus. I think their number is more global number. So we're more in the $200-$300 million range.
That's where we think the peak is for this product is, at least for us in the U.S., because we don't have rights for the product outside the U.S.
Okay. Understood. So going into, let's say, some earlier stage pipeline, you recently had a very detailed R&D day, but we are now approaching some additional updates from some of the pipeline products. So can we first talk about SPN-817? You guided for an update in May. So just talk about the data that's been disclosed so far, what we should expect in May, in terms of the updates.
Yeah, this is the phase II-A. It's an open-label study in focal seizures in adults. We've had on this molecule some early data. In Australia we had a very small study happening with three patients. Seizure reduction has been really incredible on this molecule. And that's one of the key differentiations. We think this molecule is going to be very different from, you know, the other 20 epilepsy products that are being developed. And we're looking at seizure reductions in the 60%-80%. You know, that's what we've seen so far. Now it's a very small N. So I remind everyone, it's not a placebo-controlled study. So clearly we have to keep that in perspective. But we continue to see the same levels in our study in the U.S. We reported in the R&D day data from six to seven patients, around the 63%-64% reduction.
We're very excited about this product. In May we will have about 50% data from 50% of the patients. We're looking at, probably around our earnings call to reveal the first set of data. Probably by August, the next earnings call, maybe we'll be able to report the full dataset, you know, from that molecule. But that is a first-in-class mechanism of action in epilepsy. It is a very potent and yet selective acetylcholinesterase inhibitor. Obviously, as a mechanism, as a class of drugs, it's been existing for a long time to treat Alzheimer's, but never for epilepsy. It's a really unique mechanism for treating seizures. Everything we've seen so far does point to the fact that this product works.
Although a lot of the stuff is open-label, but we've had a patient, a couple of patients seizure-free for 3.5 years. I think placebo will go away after three, you know, such a long time. So clearly the drug works. We believe it works. And hopefully we'll be able to show some very meaningful, you know, seizure-reduction levels.
Okay. This is going to be a phase II-A open-label study. How many patients should we expect in the May update?
Yeah, the study is around 35 patients for the open label. And then we're looking at initiating the phase II-B this year. And that would be a very big phase II-B study, you know, more than 200 patients. So we're actually well on our way preparing for initiating that study this year.
Okay. Just to clarify, are we getting an interim look at all the 35 patients or part, part of the 35 patients?
50% of them, interim look in May and then the 100% in August timeframe. Yeah.
August. Understood. What efficacy hurdle are you looking to move forward? You've kind of highlighted that 60%-80%.
I mean, if we continue to be in that range, I mean, that will be amazing in this segment. I mean, we've been in epilepsy for a long time through some of our products. And a lot of agents give you 30%-50%. But if you can be on an ongoing basis in the 60%-70%, I mean, that, that's very meaningful. Another key point of differentiation of this molecule, given that it's an acetylcholinesterase inhibitor, it has some impact on cognition in a positive way. So improving cognition in the epilepsy population is extremely important. Cognitive deficits do occur over time. They are triggered either by the medications they're taking. I will give you an example, topiramate, which we know ourselves very well. It can cause cognitive deficits.
So if you can have an agent that not only treats seizures, but also help with the cognition, that would be a great, great differentiation. Yeah.
Okay. You also have SPN-820 for treatment-resistant depression or a potential for MDD. So just curious, if you could walk through the mechanism of action, and then provide a timing for the next update. I think it's by year-end MDD and then obviously then for treatment-resistant depression.
Yeah, I mean, really exciting program in depression. Also first-in-class mechanism, you know, mTORC1 mechanism. It's not receptor-based. It's an intracellular mechanism. Basically think about it as like a ketamine-like effect in a pill. The tolerability has been beautiful because you're not hitting certain receptors. So you're not hitting on receptors that can be liable from an abuse potential point of view or some of the effects that you see with these agents. And the initial data we've seen way back from a phase I study was pretty remarkable, you know, very quick onset, which is very important in depression. We're talking about hours, you know, not days or weeks or months, you know, for it to really kick in. And a lasting, sustainable, you know, effect. Again, a phase I small study. So right now we have a phase II-B study.
We reported that we're about 120 patients randomized out of the target of 270 patients. So hopefully we'll be able to finish the study this year enrollment-wise and report in the first half of 2025. This is a study which is a phase II-B in TRD, treatment-resistant depression. We have another study that's also just got initiated recently. That's for MDD. It's a 2,400 mg, you know, dose. So it's a different dose, higher dose, but we're doing flexible or intermittent dosing. And we're doing it in MDD. So, you know, this is a very important, treatment in depression we think. And we'll try to explore both areas, TRD and MDD, exploring different, you know, dosing levels. And again, I mean, this will be a very differentiated molecule. And the way it really works is it's the health, it's synaptic elasticity.
Actually through many models and experiments we've done, we've proven that the mTORC1 mechanism, the drug is hitting the target. The concentration of the drug in the blood is very much correlating with the CSF fluid and correlating with the biomarkers of the mTORC1. So we know that the drug is getting into the system. We know the drug is doing what it's supposed to do. So now we have to show the clinical benefit out of it.
Just a quick follow-up. You had spoken about the proof of concept, obviously, from that before. But a very different type of study, I think, was like a single dose, really high dose. So just very briefly, just are you viewing the MDD and the treatment-resistant depression results this time around as the true proof of concept, just given the difference in the way you're kind of interrogating?
Yeah, I mean, the phase II-B study is 800 and 1,600 mg. And the reason we went down in the dose from the 2,400, which Navitor had done on the single dose, is that when we did the MAD studies and the SADs, I mean, we didn't need to go up. When we looked at the biomarkers concentrations that I had just mentioned, actually at the 1,600 mg, you know, you have enough levels in the CSF fluid, enough biomarker activity that we didn't need to go to 2,400 mg. So that's why we said, "Okay, in the phase II-B we can do 800-1,600 mg. That will be in TRD." And then we started the other program, which mimics exactly the phase I, you know, the 2,400 mg, but that's dosed every 72 hours.
So, instead of a daily dose of 800-1,600 mg, the second study is 2,400 mg every 72 hours. Because we think from an mTORC1 mechanism, you really don't have to hit it every day. You don't have to get that mechanism triggered every day. And we saw the sustainable effect in the phase I through 72 hours. That was the last point we measured. It could have been gone more. We don't know. But that's why we felt comfortable that the 2,400 mg every 72 hours has a good potential of working.
Okay. Wonderful. In the last few moments, we want to talk about business development. You've always been very regimented, but curious your thoughts on what kind of potential targets that you are interested in and what would be synergistic for your current portfolio.
Yeah, I mean, our priorities haven't really changed much over the years. We continue. We are CNS-focused, but I have said and we continue to be interested in other areas if we see opportunistically other disease areas where we can get something with some depth to it. We're not interested in just one single product in, you know, just like other GI, ophthalmology, urology, whatever. You know, we need some depth in another platform if we bring in another disease area. So we've actually looked at other. We've participated in processes of, you know, certain sale processes and so forth. But the top priority is CNS. We can get another good recovery. That will be great, you know, something that generates revenue. If not, we're very focused on getting something which is a pipeline asset, but is really late stage.
Because all our assets, aside than the pump, which hopefully we will launch soon, are really phase II or earlier. So if we can get something which is more later stage that allows us to launch something in two to three years from now, that would be great.
Wonderful. Thanks.
All right. Thank you.