Hello, everyone. Can you hear me? Great. We'll go ahead and get started. I'm Jason Ellis. I'm Managing Director on the Biopharma Investment Banking team at Wells Fargo. And, we're here today for the Supernus Pharmaceuticals Fireside Chat. So I have with me, the CEO of Supernus, Jack Khattar. Jack, great to have you with us.
Thank you so much for having me. And just quickly before we get started, just to remind everyone, we'll be making forward-looking statements, so please check all the risk factors in our SEC filings. So for those of you who may not be familiar with Supernus, just a few words, a little background, since you may not be too familiar with the story.
We're a CNS-focused Biopharmaceutical company. We have revenues in the $600 million range. Our latest guidance that we gave was $600 million to $625 million. We are profitable. Our lead growth product is Qelbree, which is a non-stimulant product, a novel non-stimulant in the ADHD market. We have also a Parkinson's franchise with GOCOVRI, which is our lead growth product in that space. We're also very excited about the pipeline.
We have numerous catalysts that are coming up in the next six to nine months, behind a very novel antidepressant, a novel epilepsy product, and so forth. So, thanks again for having me, and, happy to be here.
Great, and that's a great place to start, I think, at a high level, just kind of talking about the business. You know, for those, again, who are less familiar, can you tell us a little bit about the strategy and the approach at Supernus? You're a little bit unique in that you've been successful taking stuff from R&D to commercial. You know, what do you think are the key competencies of really taking this business forward into the future that kind of relate to the strategy?
Yeah, I mean, for a long time, we have very strong heritage in R&D. We actually used to be the R&D division of Shire Pharmaceuticals for many years and operated under Shire for many years, and then spun out of Shire to become Supernus. So we are strong believers in fundamental R&D and internal growth, in addition, augmenting that through external growth.
So that dual strategy has always served us pretty well. A lot of the products that are on the market today, Trokendi XR, Oxtellar XR, Qelbree, are all internally developed by Supernus. There are about nine other products that we actually developed over the years for other companies, like Adderall XR, Intuniv, Mydayis, in the ADHD space, and so forth.
And also, we've been focused on just CNS throughout, you know, our history, and we are believers in doing it ourselves when it comes to the commercial strategy. So when we develop our products, we commercialize them ourselves, and we try to have products that are synergistic with each other. So when we launched in epilepsy, we launched with two products in the same year. That gave us the scale, gave us the efficiency from an operational perspective, and helped us reach profitability pretty quickly, actually.
Great. And as it relates to kind of, you know, investing in R&D, you've obviously been a profitable company. You've managed to kind of create that sustainability. You know, how do you think about that investment between R&D and kind of the commercial infrastructure, and, you know, how do you balance that versus some others that have not been profitable?
It's a balancing act, as you said, you know, certainly because you always have these tensions in the business, right? You need the R&D spending, that you have to continue to do that. You also have commercial spending that you need behind product launches, like we just did with Qelbree for the last three years.
We've had significant amount of marketing investment and sales investment behind the product to make it the success it's been so far, and at the same time, you're losing exclusivity on our legacy products. At the same time, you're losing the top line in revenue to balance, clearly, but we've been very fortunate. We have a great team. I mean, they've executed beautifully.
I don't think there's a lot of company that do the transition as well as we've done it, you know, moving from our legacy programs, losing exclusivity on Trokendi XR and recently on Oxtellar XR, and yet, you know, maintain as much revenue as we can and profitability at the same time, while also launching new products. So it has been really interesting experience, but I'm very proud of the team and how they've executed so far.
Great. Now, it's been great to see. Let's jump into the portfolio and some of the core growth franchises, starting with Qelbree. You know, really compelling performance so far this year. Congratulations on that. You know, as you think about the adult part of the market, obviously, kind of the biggest part of the overall ADHD market, a smaller part of the Qelbree mix, obviously, having to do a little bit probably with the non-stimulant nature of the product. You know, what do you think are the key determinants of success in growing it more into that adult ADHD market?
Yeah, I mean, adults, as, as you rightfully said, when you look at the adult segment, there is only about 7% of that segment is non-stimulants. On the other hand, pediatric segment, about 20% of the pediatric segment is non-stimulants, for the obvious reason. You know, parents don't like to give, their kids, you know, stimulant-controlled substances all of the above.
And then on the other side, adults, you know, they love their stimulants. So, you know, they give them a nice feeling, a buzz, a high, whatever you want to call it, clearly, especially the immediate-release stimulants. So when it comes to adoption of Qelbree within this, you know, the adult segment, it's important for us to highlight the benefits.
I mean, this is, for the first time now in many years, since Strattera and Intuniv were launched a long time ago, we have a novel non-stimulant that actually works. I mean, that really sums it up. This is a product that works fast, which is unlike what Strattera has, you know, for many years have been known.
It works in, like, maybe four weeks, five weeks, with some people, six weeks, you might wait, and it still doesn't work.... And think about it, I mean, as a parent, you have a child, this is like eternity. When you have a kid struggling in school, getting suspension letters, bad grades, six weeks is a long time. So you finally settle, and you give the child a stimulant.
So now all of a sudden, we have an option here that really works and works fast, and it does the same with adults. So the experience in the market has been pretty much the same, whether it's adults or children. The product is working fast, really differentiates itself very highly from the previous non-stimulants that are, you know, have been on the market for a long time.
And actually, a lot of physicians, instead of taking their patients completely off the immediate-release stimulant that they love in adults, what we're seeing is they're adding Qelbree to the stimulant and gradually taking the stimulants off over time.
So if you're, let's say, on 50 mg Adderall or whatever, we'll bring it down to 40 mg and then add a 100 mg Qelbree, and over time, reduce the immediate-release stimulant over time, completely take it off, and increase Qelbree to the total daily dose, which is the target dose. And 40% of the adult business is actually combination with stimulant. So it's really interesting to see that dynamic because I think physicians realize the benefit of Qelbree, but they don't want to upset patients too much by telling them, "You gotta completely stop using stimulants.
Okay.
Some patients actually have withdrawal. When they stop taking these stimulants, there is a good week, two weeks, sometimes patients go through, which is like withdrawal symptoms because they stop the stimulants.
Yeah.
So very different than in pediatric, from a dynamics perspective.
Yeah. For adults, do you think continuing to grow in that market, you know, will awareness, I think, be obviously a big part of it? Payer coverage is still something you're kind of working through. What do you most focus on in terms of continuing to grow in that-
Absolutely, awareness, and we're very engaged with patients. We're very engaged on social media with influencers. We have two influencers, one on the male side, one on the female side. Jay Glaser on the male NFL side has had ADHD for a long time, uses Qelbree. I mean, really happy with it.
And on the female side, Busy Philipps. We just started the campaign with her. She's done amazingly, also relatable, has ADHD, been on Qelbree for a while. So we're really trying to connect with people, connect with our patients, and show them examples that there is really something out there other than stimulants that you can truly use and be happy with.
Yeah, that's great. That's great. Switching over to more of the pediatric side, you know, you've got another month of visibility now into the back-to-school season, than you had when you released Q1, beginning of August. Any greater insights based on the number that you're seeing and the strength of that back-to-school market? I know it's really important for the product for the year.
Yeah, I mean, as we got into summer, you can see when you look at the weekly IMS or IQVIA prescription data, you can see that it flattened during the summertime, starting in, like, late May, when people started getting out of school, into June, July. And then for the first time, last week, August, you know, we start seeing an uptick.
Actually, we just crossed the 15,000, you know, finally, 15,000 ceiling on prescriptions for that week. Now, next week is gonna fall off because of the Labor Day, but we'll see the uptick. So we think it's starting to show up. Now, we hope this season will be much better than last year. Last year, back to school was a little bit soft.
But so far, when you look at the ADHD prescription data, year to date through June, it's grown by 8%, and that compares to about 3% last year for the market. So it looks like the market is back to healthy growth, and we're hoping that that will continue through the back-to-school season, this year as well. And our sales force, during the back-to-school season, clearly prioritizes their sales calls, more to pediatricians, child psychiatry, so we can, you know, pick up the momentum and make sure we take advantage of that season.
Yeah. And how much do you think, you know, an available non-stimulant that is effective is helpful in growing the market, actually, for those who kind of don't want to put their children on pediatric... Sorry, on stimulants? You know, do you see that kind of showing up in that the growth is better on the pediatric side?
Yeah, I mean, on the pediatric side, actually, last quarter, we grew by about 22%, our prescriptions. Now, last quarter is a little bit heavy on the adult because we did that on purpose. We prioritized adult from a sales call perspective because we know in the back to school, we're gonna switch back to pediatric.
So we did grow by 22%. Adult grew by 26%. I mean, they're both very healthy, good growth on both ends, and we do that on purpose. I mean, depending on the seasonality, depending on where the strategy is, competition, all that, you know, we adjust the priorities within our sales force, within our marketing programs, and so forth.
Yeah.
But there is plenty of growth in both segments. I mean, we haven't even scratched the surface yet. I mean, we only have about 1.4% market share of the total market, so we're still in the real early stages here-
Yeah
... of growth.
Yeah, no, certainly the growth has been impressive, so wish you much continued success on that. Moving on to more of the legacy business, you know, we're now into September. I know that this month was expected to bring a generic competitor on Oxtellar XR.
Can you just kind of give us an update on your expectations around kind of what the curve looks like in terms of having that generic competition? And then, you know, what's the tail on some of those legacy products that are now facing generic competition? Can they continue to be contributors to cash flow over time?
Yeah, I mean, the last time, you know, in August, we updated the guidance for Oxtellar XR and Trokendi XR combined. You know, we inched it up a little bit, expectation that we do probably for the year, 135 to 145 combined for both of them. We continue to see erosion on Trokendi XR, which went generic last year.
I mean, prescriptions are down by 49%-50%, so we will, which is expected, clearly. And then Oxtellar XR, as you said, I mean, it will start going generic, you know, this month, September. Actually, Apotex just listed their product, so we know it is coming, it is available. As far as the trend and the erosion, I mean, we could take Trokendi XR as an analog, but there is always so many differences between the two.
I mean, Trokendi XR had three generics in the first year being generic, yet they were at different intervals or time points. They didn't all come in at the same time. Oxtellar XR has the first one in September, so hopefully, the impact in this year will not be huge, but probably will be bigger in 2025 and that remains to be seen.
Of course, it depends on the availability of these drugs, the pricing, you know, the competition between generic companies among each other. So a lot of factors. Now, in general, generally speaking, I mean, migraine, which is about 90% of the Trokendi XR business, is not as sticky, so to speak, as epilepsy.
So epilepsy patients tend to be more loyal to the brand versus generic, because also it's very well established that fluctuation in the blood levels in generic products could cause, you know, seizures or what have you. But having said all that, you look at the generic erosion of epilepsy products, eventually you do lose 80%-90% of the business. So the question is, do you lose it in the first 12 months or 24 months? It depends on the other factors that I mentioned, number of companies and so forth.
Yeah. Understandable. Can we move on to the pipeline?
Yeah, sure.
Lots of exciting things to talk about there. So SPN-830, given now a PDUFA date, in February 2025 , you know, that implies a kind of a Class II resubmission timeline. You know, I know there was some uncertainty over whether it would be a Class I or Class II. Anything that you read into that or anything surprising about that, for you?
Yeah, I mean, there's nothing really to read into it. It's not about the quality of the submission or anything. It's just a matter of the FDA looks at the package and says, "Okay, I need two months, or I need six months to review it." I mean, that's really all what it is. We did have some clinical data, you know, from before.
Nothing new, so we didn't have to do any clinical studies or anything, but there was more data to, you know, to review from their perspective. And they said, "Okay, six months," so we'll take it. I mean, February 1 will come in pretty soon before we know it, right? But there is really nothing to read there, whether it's Class I or Class II.
Got it. And in terms of the market opportunity for that, you know, apomorphine pump, you know, I guess you have the potential to be first to market. You know, what do you think is the materiality of the advantage of being first to market and, you know, the timeline between having a second competitor come in?
I mean, there is no question from a marketing perspective, you always would like to be first to the market from a commercial perspective, have that head start, you know, build the traction, build the awareness among physicians, you know, all that. So we'll see how it plays out. It's interesting.
I mean, it's been an interesting category where everybody's getting CRLs left and right, and first and second CRL, you know. But, I mean, we are ready for it regardless, whatever it is. This is a completely new segment in the Parkinson's, you know, landscape, so to speak.
So actually, at the end of the day, it's not gonna hurt to have two companies educating the KOLs, educating people why pumps, infusion pumps, are important therapy, and what is the place of these pumps within the therapy, and what kind of patient profile you need to look for, you know, who could be good candidates for that therapy. So there is a lot of market education.
So I mean, we will welcome somebody else to help us building the market together. And then, I mean, the other product is levodopa carbidopa based. Our product is an apomorphine based, so there is, we think there is a place for both drugs. You have doctors out there who may wanna continue with levodopa carbidopa, although the patient has been taking oral levodopa carbidopa for their whole life, and they progressed in advance, they might wanna stay with that.
Or you have doctors who might say, "You know, I need something else," or, "I need something different," and they may wanna try apomorphine. So we think there's room for both products, eventually. Yeah.
And just given kind of the need to create the market, so to speak, educate, you know, is the ramp then significantly slower to actually getting to, you know, maybe the top line, you know, the peak sales opportunity there? Or can you still kind of do that in a pretty efficient way and ramp quickly?
I mean, naturally, when you do have market build education, you would expect the ramp to be a little bit slower than, you know, where the market is already ready for it. Now, we've been doing a lot of education, and I'm sure AbbVie has been doing that, too, and we will be preparing for the launch.
So it's not like a completely strange concept that physicians will be the first time they hear about it. In addition to that, our pump also has been available in Europe for many, many years, not through Supernus, through our licensor. And that's a very small community, U.S., European, movement disorder specialists. I mean, they all talk to each other. They're very aware about these products. So it's not a complete strange concept.
But having said that, it will take time for them to decide which patients in their practice are good candidates, and we need to help them through that process, right? So that they can identify the right patients. We want people who try it first to have success with the product. We don't wanna have people fail on the product if they're the wrong candidate, because that's not good, you know, in the long term.
So we gotta be careful how we build the market, how we educate, how we ask physicians to try it on what kind of patient. And of course, all that has to be consistent with the label that we get, and that is yet to be seen, you know, as far as approval, once the product is approved. Yeah.
You mentioned kind of Europe, the availability there. Is it such that you can only have the rights to the U.S., and such that, you know, there's not really an opportunity for you to tap some of those markets?
Yeah, that's correct. I mean, we got the rights to this product through our US WorldMeds acquisition. And the product, you know, the originator is Britannia out of the U.K. They market the product in Europe, and they had out licensed it to US WorldMeds, so we took over that license. So we only have U.S. So that's why actually a lot of folks ask me about how come we talk about a peak potential of $200 million-$300 million, and AbbVie talks about $1 billion. I mean, that's a big portion of it that, you know, we don't have global rights for our product.
Yes.
And the second difference could be, you know, key assumptions, and who's the right patient, who's not the right patient, and how broad you can go or not you can. Now, we know from Europe that a lot of KOLs like to use the pump first in advanced patients, but over the years, they've migrated into more moderate patients. And the more they use it earlier in the disease, of course, that opens up the opportunity a little bit wider. So it could be difference in assumptions, building the demand forecast, and so forth, you know.
You know, to be fair, AbbVie, big company, big sales force, resources, you know, how do you, how do you calculate the opportunity of kind of the competitiveness between your sales force and theirs, just given the volume of that commercial infrastructure?
I mean, in a way, we're used to that. Historically, we've competed in epilepsy with big pharma everywhere, or ADHD, anywhere. I mean, so our approach is always the same. The key is really targeting, focus, you know, and commercial execution across board. So it doesn't matter to us, big pharma or small pharma, it's more about understanding the market, really knowing your audience, who's the physician and who's the patient, and executing against that. And don't be distracted otherwise, and just stay focused on your product and why your product is the right thing and-
Yeah.
Yeah.
Yeah. Well, that's certainly part of the core competency, it seems, in effectiveness-
Sure
that you've been able to show. It'd be great to just touch on some of the other pipeline products for a minute. If you could just kind of give us, you know, the one or two things that get you most excited about those opportunities, and then maybe, you know, the one or two things that you think are the biggest unresolved questions about the opportunity, maybe just starting with the SPN-820.
Yeah, sure. SPN-820 is, I mean, truly a very exciting product. I mean, starting first with the mechanism of the molecule, it's completely novel. In depression, it's an mTORC1 activator. It's an intracellular mechanism, so this is not your typical CNS product that works on receptors and causes all these side effects and issues. Clean, you know, tolerability, safety profile.
And what we had... You know, when we looked at it back then, they had done Navitor, the innovator of the product, had done phase one study in TRD and showed efficacy within two hours and four hours. I mean, this could be a very well-differentiated product. Being an oral product, could work really fast. You look at the market today, the fastest product, I believe, is the Auvelity product within a week. You know, SSRIs, they take weeks and weeks for them to work.
SPRAVATO, you know, with the nasal and the issues you have to, you know, to deal with from a clinical setting perspective, tolerability and safety. I mean, this will be truly a very unique, differentiated product. The first data point is coming up soon before year-end. I mean, we're already in September, so we're excited about that. It's an open label study that we've run in MDD.
It's a 2,400 mg dose per day, single dose every three days. And then at the same time, we have a phase IIb trial that has been going on, and we'll get the data in the first half of 2025. And actually, enrollment's been going fast, so we'll see, you know, we'll update folks whether it's gonna be Q1 or Q2 of 2025, but, and that's in TRD.
So we'll have plenty of data on eight twenty on both indications or potential indications, MDD or TRD. A very exciting program. And that program, I mean, if it is positive, just that program is worth what the company is worth today. So we're really. This is really a big future for us and a big opportunity. And right behind it is, of course, eight one seven, on which we already announced interim data on eight one seven, open label.
That's on the seizure market, epilepsy, also unique mechanism of action in seizures, you know, acetylcholinesterase inhibitor. Had you know, really good, strong efficacy, but we have tolerability issues that we need to deal with and address, which we are working on as we speak, which is more the nausea, GI side effects to improve that tolerability.
We will be using the next several months to address those. We're testing different strategies, and we're looking at initiating phase II B before year-end. Lots going on in the pipeline, and clearly, I mean, we don't believe a lot of or any of the value in the pipeline is really reflected in our story. But excited on both sides, neurology and, you know, the psychiatry space, as well. We also have some other things early on. As I mentioned earlier, we're believers in R&D and so forth, so we continue to innovate and bring in different novel programs.
Okay. That makes perfect sense. You know, just as you were saying, you know, catalyst for growing the business, obviously some earlier stage things, later stage. M&A is another thing that you've talked about at times. Just talk to us a little bit about, you know, how you think about, you know, what are you trying to solve for with M&A potentially? Is it, you know, a few more products would be good to diversify? Is it, you know, we really want to get to the certain amount of scales, we have cash flow to really put to work on R&D? Just give us a sense of how you think about the M&A.
Yeah, sure. I mean, M&A has been always, as I mentioned earlier, part of our growth strategy right from the beginning. And actually, starting in 2018 , that's how we got the SPN-817 program. You know, that was through an acquisition of Biscayne Therapeutics, and then we did the acquisition in 2020 of US WorldMeds business that got us into the Parkinson's franchise. We also did the Navitor deal, which got us the SPN-820 program in 2020 , and then in 2021 , we did the Adamas acquisition, which gave us GOCOVRI. So, and we'll continue to look. So what are our top priorities right now?
I mean, it will be great if we can find another commercial product, or couple commercial products that could bring in more revenue, more cash flow to the company to diversify further. And, also, right underneath that will be a late-stage program in a pipeline. Because our pipeline, of course, aside from the pump, hopefully, the pump will be approved, we launch it next year.
But beyond that, we don't have anything in really late stage. They're all phase II programs, right? So we can find something post-phase II or between phase II, phase III, or between phase II and a launch, that will be ideal for us, so we can launch something in two years from now or what have you, and bridge that little gap that we have until SPN-820 or SPN-817 hit the marketplace.
So that's what we are focused on. It doesn't matter to us as far as the therapeutic area. We're agnostic. Is it neurology or psychiatry? We're fine in either, you know, we can build around what we have and take advantage of the infrastructure that we have. We also have looked historically and continue to look outside CNS, so we're cognizant of the fact that at some point, we might wanna diversify outside CNS.
However, we'll only consider situations which are multi-asset situations. So, you know, to bring in one product in a whole new vertical for us may not make a lot of sense because you don't have the efficiency, the scale, and the operation, whether it's R&D, commercial, or what have you.
But it's a situation whether it might be a commercial product, a pipeline product, something you can build around and really invest in that platform, that is something we would look to. You know, an area which is a specialty area, where we've proven our capability in being able to execute, you know, in a very effective and efficient manner. So we're pretty much open, on either way, I feel.
And you've made comments in the past around size. You know, ideally, would you, you know, if you could find something that had the right kind of profile that was smaller, I'm sure that'd be a little bit better. You could save some capacity for later, but kind of give us a sense of, you know, are you really trying to be aggressive at this point, or you'd prefer to find something a little smaller?
We really sit in a great position right now. We have a very clean balance sheet. We continue to build on our cash position, about $350 million close to the end of June, so we continue to build on that cash position. So we do have a lot of flexibility around potentially funding the next transaction.
Of course, a transaction like the size of Adamas or US WorldMeds in the $300 million-$500 million, that's easily done. We can, you know, do that, easily. But we're willing to go bigger than that, especially if we're looking at a situation that has multi-assets, and these assets are generating enough cash flow that you can leverage against that.
So we could go beyond the 500 , clearly, five hundred, a billion, billion and a half, depending on what the, you know, what these what the transaction is and what kind of assets are involved in that transaction. So we're not afraid of leveraging, but we're also very conservative. We're not gonna go crazy on leverage. That's not who we are. You know, we try to take a very sensible approach to that.
And at the end of the day, if we have something transformational that brings us a bigger scale, you know, transforms put us to the next level, and it might require a little bit of equity to help us with the funding, we're not afraid to do that, and we'll be willing to do it. But it has to be for the right, you know, opportunity, obviously. Yeah.
It's great. Really appreciate that. Any comments from the audience that we should take now?
Yeah, we have six more minutes, so please, any questions?
If not, maybe just, you know, a little bit more on the ADHD market. Again, the growth profile of that, you know, are you seeing that continue at a pretty good rate, or are you worried about that ADHD market slowing at all?
Yeah, I mean, historically, and we've been in this space for 30 years or so, believe it or not, we've developed four products in ADHD, more than any other company because we used to be Shire. So we developed Adderall XR, Intuniv, Mydayis, and now Qelbree. So four ADHD product. So historically, the market has been always growing very nicely, and the market grew much more in the adult segment than in the pediatric segment.
And that's why adult finally caught up with the pediatric segment, and now is actually much bigger than the pediatric segment. And it was growing at a nominal basis, before COVID, around the, you know, 5%, 6%, 4%, you know, in the, in that range. COVID came in, and of course, it created different situation, environment for the kids that were locked up at home.
You know, there was a lot of increase in mental awareness and health issues and so forth. You saw, I wouldn't say explosion, but you saw these growth rates really escalating, and they went up to the 9%, 11% or 12%. Then it really took a breather last year, where things got normalized in 2023, and the market grew at 3%.
We look at 2023 as more like a transition year for the market, where it's really trying to go back to normal growth levels after what happened with the pandemic and so forth. Most of the growth is coming from the adult segment. That's why we've seen it now grow up to the 67%, 70% of the complete market.
As I mentioned earlier, I mean, this year, so far, the first half, it grew by 8%. So shortages played a role in also damping the growth last year. We dealt with a lot of shortages in the industry, especially on the stimulants. These shortages, some of these situations are resolving themselves right now, so there is more supply, and these prescriptions are being filled, and therefore, you can see that maybe that's why it's reflected in the 8% versus the 3% growth rate.
And sorry to jump around, but just hitting back on the pipeline again, treatment-resistant depression, you know, there are some competitive therapies out there also, severe epilepsy. You know, what are some of the key things we should look for in terms of to know that you have a really competitive product, you know, as the data is released, that you feel like that'll be really differentiated?
Well, I mean, as I mentioned, on SPN-820, the speed of action, that would be a very key differentiator in the depression market, and it's oral, you know, it doesn't have to be injected or nasal or any of those. So that would be a very key important along with the, excuse me, along with the safety and the tolerability of the product.
I mean, we don't have the hallucinations, we don't have, you know, a lot of the issues. When a molecule is working on these receptors, whether serotonin, norepinephrine, you always have all these CNS side effects. This is really, given it's an intracellular mechanism, it's a much cleaner, you know, side effect profile, at least so far, what we've seen so far, and hopefully will stay that way.
Combined with the speed of onset and the efficacy, I mean, in the phase I, the initial proof of concept, they saw an effect size on the HAMD-6 of 0.6 and 0.8 at hour two, and hour four, and hour six, and all the way sustained to 0.5 at 72 hours with one single dose. So I mean, if that really remains the case with this product and alongside with the safety and tolerability, this is a very well-differentiated product. No question about that.
Yeah. Great. Well, good. Well, unless there's any other questions, we really appreciate the time, Jack, and, again, congrats on all the success.
Thank you for having me. Thank you.