BioCryst Pharma (NASDAQ:BCRX) released first-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.

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Summary

BioCryst Pharma reported first-quarter 2026 net revenue of $148.3 million, aligning with expectations and showing strong new patient prescriptions.

The company is dealing with a manufacturing issue affecting the pediatric formulation of Orladeo, but does not expect it to impact their 2026 revenue guidance.

Development of Nevenibart is progressing well, with enrollment in the Phase 3 Alpha Orbit trial expected to complete soon, making it the largest pivotal trial for HAE prophylaxis.

BioCryst Pharma's acquisition of Astria Therapeutics is ahead of integration expectations, contributing to a 17% year-on-year revenue increase.

The company maintains its full-year 2026 Orladeo revenue guidance between $625 million and $645 million, with strong liquidity and a strategic licensing deal in Europe for Nevenibart.

Full Transcript

OPERATOR

Good day and welcome to the BioCryst Pharma First Class Quarter 2026 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation there will be an opportunity to ask questions. To ask a question, you may press Star and then one on a touchtone phone. To withdraw your question, please press Star then two. Please note this event is being recorded. I would now like to turn the conference over to Nick Wilder. Please go ahead.

Nick Wilder (Moderator)

Good morning and welcome to BioCryst Pharma's first quarter 2026 corporate update and financial results conference call. Participating with me today are President and CEO Charlie Geyer, Chief R&D Officer Dr. Sandeep Menon and Chief Financial Officer Bob Regiaf. A press release and slide presentation about today's news are available on our investor relations website. Today's call contains forward looking statements, including statements regarding future results, unaudited and forward looking financial information, as well as the company's future performance and or achievements. These statements are subject to known and unknown risks and uncertainties which may cause our actual results, performance or achievements to be materially different from any future results or performance expressed or implied in this presentation. For additional information including a detailed discussion of these risks, please refer to slide two of the presentation. In addition, today's conference call includes non GAAP financial measures. For a reconciliation of these non GAAP financial measures against the most directly comparable GAAP financial measure, please refer to the earnings press release available on our investor relations website. I'd now like to turn the call over to Charlie.

Charlie Geyer (President and CEO)

Thanks Nick. 2026 is off to a very good start for BioCryst Pharma, marked by strong execution on our commercial and development programs, the smooth integration of Astria Therapeutics and disciplined management of our finances. Orlodeo net revenue of of $148.3 million for the quarter was right in line with our expectations and monthly new patient prescriptions have tracked slightly ahead of 2025 averages. The pediatric indication launch is just beginning, but early signals confirm the need for oral prophylaxis for kids with HAE. We have received prescriptions for each of the four product strengths of Orlodeo pellets which demonstrates that even younger children need prophylaxis. We are committed to bringing oral prophylaxis to the many kids who need it. We have also recently discovered a manufacturing issue that will delay the first product fulfillment and our team is working closely with our manufacturing partner to identify the root cause. We expect to have more information about the product readiness later this quarter, and we do not expect this delay to affect our revenue guidance for 2026. We look forward to bringing Orladeo to the kids who need it as soon as possible. The pediatric indication is exciting, but it does not distract our team from driving new patient demand for Orlodeo capsules. We are pleased that new prescription demand for ages 12 and up remains consistent with our quarterly averages since launch. Despite new competition, physicians and patients continue to trust Orlodeo as an effective and proven option for HAE prophylaxis. Turning to our pipeline development, progress on the Pivotal Alpha Orbit trial for Nevenibart has exceeded our expectations. Enrollment will be completed by the end of next month and at approximately 145 enrolled patients, Alpha Orbit will be the largest pivotal trial ever for HAE prophylaxis. The speed of enrollment is a testament to our team's execution as well as the attractiveness of Nevenibart's profile. Our phase one study for BCX1775 and Netherton syndrome is also hitting its stride. Investigator enthusiasm has been strong, patients have started dosing and we are on track to have proof of concept data by the end of the year in this high need rare disease. I am thrilled that Dr. Sandeep Menon has joined us as Chief R and D Officer last month. We're making great progress in our pipeline and adding Sandeep makes us stronger. He has a track record of disciplined and successful drug development and he shares our vision of building great value through serving rare disease patients. I'll turn it over to Sandeep to introduce himself.

Sandeep Menon

Thank you Charlie. I'm very excited to be joining Biocryst at this important inflection point in the company's evolution. The company is in a unique position of strength, especially from our strong performance of oladeo. It's not just the commercial excellence that drew me to BioCryst Pharma, but the commitment to rigorous science to improve patient lives. I see a tremendous opportunity to build on the momentum that Oledeo has delivered as we guide the next wave of programs through the clinic. Nevenibart, our injectable plasma Kalikarine inhibitor for HAE prophylaxis, will complete enrollment in the ongoing pivotal phase 3 Alpha orbit study by the end of June this year. This keeps us on track to submit a regulatory filing in the US by the end of next year. Nevanibart has generated compelling clinical evidence so far in the long term open label Alpha Solar study. It recently demonstrated 92 and 90% mean attack reductions in the 3 month and the 6 month dosing regimens respectively. We now have a great opportunity to bring potentially best in class injectable to HAE patients that will complement our best in class oral or Lirio. Moving on to our next program, BCX17725 which is a KLK5 inhibitor, a potentially first in class therapy for Netherton Syndrome, a very severe skin condition with no targeted or approved therapies for patients. I'm happy to share that we have started dosing patients in part four of the ongoing phase one study. Part four will enroll up to 12 patients with three months of dosing and we expect to report this data by end of this year. Beyond BCX1775, we will continue to be disciplined in what we pursue both internally and externally, focusing on rare diseases which play to our strengths. I'm excited to have the opportunity to shape the next chapter of biocrst Growth. We have a proven track record in HAE exciting assets progressing in the clinic and now a clear strategy for further expanding our presence in rare disease. I look forward to updating you on our continued progress over the course of the year. I will now transition to my colleague Babur Gyas.

Bob Regiaf (Chief Financial Officer)

Thanks Sandeep. In my remarks today I will be referring to non GAAP figures which are adjusted for revenues and expenses related to our European Oladier business stock basedcom and expenses related to the acquisition of astria. This acquisition was classified as an asset acquisition for accounting purposes and as a result we recorded an in process R and D charge of $698 million in Q1 as well as some other transaction specific charges. I encourage you to review our press release for additional details on these adjustments. We believe that non GAAP figures provide a clearer view of the strength of our business on a forward looking basis and we encourage you to focus on these metrics in your analysis. With that said, we are off to a strong start in 2026 with first quarter results reflecting continued momentum in Oladeo, further demonstrating the product's durability in an HAE market where there are increasing options for patients. During the quarter, not only did we deliver strong top line growth, we also posted a strong non GAAP operating profit. We are pleased with the consistency of our profitability trend that is adding to our strong balance sheet position. Additionally we we have been very pleased with the overall integration of Astria Therapeutics Therapeutics into Bioprist Family. This process has been running ahead of our expectations. This demonstrates that our team can in the future not only do transformational BD but also integrate seamlessly to shed more light on our financial figures, Our non GAAP Q1 2026 total revenue increased approximately 17% year on year. Since other revenues include contribution from rapiweb and licensing revenues, I would draw your attention to the Orlodeo revenues of 148 million which increased 21% year on year excluding the European divestiture impact. New prescription Demand is strong and we continue to see growth in prescribers even in the sixth year of launch. We remain very excited about the future growth prospects for Oladeo as more prescribers get experience with the pediatric formulation and the commercial team continues to reinforce and expand the value proposition of Oladeo. In Q1 our non GAAP operating profit came in at 54 million, an increase of 25% year on year, further demonstrating our ability to convert strong top line growth to bottom line growth. R and D costs increased in Q1 2026 versus the prior year as you would expect. Since we are now consolidating the costs related to Nevenibart to refresh from the last call, we anticipate that 2026 R&D costs will increase over 2025 as we complete the ongoing Phase 3 trial and BLA enabling CMC activities for Navanavar. With the addition of Sandeep to our team, we will continue to refine a focused and disciplined R and D strategy to enhance our portfolio. To that end, we will continue to evaluate internal programs that do not make viable business sense and as part of that evaluation during Q1 we decided to discontinue the development of Avoralstat in disease-modifying enzyme. Our sales and marketing expenses for the quarter were 37 million on a non GAAP basis, down slightly from Q1 2025. We are very pleased that our sales and marketing structure is at steady state and while there may be some smaller increases in variable expenses, the current team is well sized to support continued Oladeo growth. We anticipate sales and marketing expenses supporting our HAE franchise. Oledeo and Navenabad, upon potential approval as a whole, will be very stable and poised to deliver substantial returns. Our GNA expense increased slightly by 1.8 million over Q1 2025 on a non GAAP basis. This increase was primarily driven due to incremental overhead. With the closing of Pastria, we will continue to monitor our GNA over the course of 2026 and explore further areas of efficiencies driven by our strong operational results. We ended the first quarter with substantial liquidity of approximately $261 million in cash and investments. Despite funding part of the ASTRIA purchase price from our balance sheet during the quarter. We also closed on a senior credit facility of $400 million to fund the remaining cash portion of ASTRIA acquisition along with approximately 37 million biocrust shares issued to ASTRIA shareholders. Our cost of capital decreased compared to last year due to our strong financial position and you will notice the benefit year on year in our interest expense. Earlier this week we finalized a license agreement with NeoPharmed Gentile to commercialize Nevenibart in Europe. We are very pleased to be collaborating with NG on this transaction, a team that carries a unified vision to benefit people living with HAE and a commercial team that we carefully developed over many years before transitioning it to NG as part of our European divestiture last year. As part of this deal we will receive 70 million in cash upfront and up to 275 million in future regulatory and sales milestones along with tiered royalties on net sales ranging from 18 to 30% overall. This will increasing meaningfully strengthen our balance sheet in the near to medium term and naturally the downstream economics will be very attractive to our overall financial profile on a pro forma basis. Including the net proceeds from the license agreement, our liquidity position stands at total of 331 million as of March 31, 2026. This attractive position allows us to evaluate a wide range of capital allocation strategies to maximize value to our shareholders. Moving on quickly to guidance as Charlie mentioned, we are maintaining expectations for full year 2026 Orlodeo revenues to be between $625 million and $645 million. We expect full year 2026 non GAAP OPEX to be between $450 million and $470 million. We continue to execute well and as the year progresses we will guide the street of any changes. In closing, we have entered 2026 with strong momentum and are pleased to see strong Trends in early Q2. Our goal is to keep driving top and bottom line growth, advancing our pipeline through both organic innovation and selective disciplined BD to accelerate our impact in the rare disease space. We are delighted to be sharing these positive business updates with you all today.

OPERATOR

And Operator, we are now ready for the questions. Thank you. We will now begin the question and answer session. To ask a question, you may press STAR and then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press STAR Then two. At this time we will pause for a moment to assemble our roster. Your first question today will come from Jessica Fye of JP Morgan. Please go ahead.

Abdul

Hey, this is Abdul for Jess. Just two questions from us.

Abdul

What are your expectations for the demand for XR's pivotal readout and what profile do you expect? And then what are the latest trends? What are your latest trends on paid rates in each pair segment? Thank you.

Charlie Geyer (President and CEO)

Sure. For decryptabant. As we've said before, when we we do a lot of work to try to predict the future, we have forecasting models that have proven to be really accurate. Launch to date really predicted the growth of Orlando.

Charlie Geyer (President and CEO)

We always give our future competitors their best profile. So what we assume is decryptabant will have very good efficacy when they report out in Q3 and that that's built into our future forecast. And we still believe that Orlando is on a path and will reach a billion dollars in peak sales. And as far as the trends in the paid rate, we're still this year, we're still in the business season where we go through all the re-authorization every year it moves a little bit into the future as patients go through this process. So we're still in that process. We'll comment more at the end of Q2. But we're having really good success converting patients from long term free product to paid product. So we're progressing as we expected.

Abdul

Thank you.

OPERATOR

Your next question will come from Tazeen Ahmad of Bank of America. Please go ahead.

Jeremiah

Hi guys, this is Jeremiah on for Tazeen. Thanks for taking our question. Maybe a couple questions from us. Just first on the novenabard out licensing deal, can you maybe just help us understand how much of that 275 million milestone pools is tied to regulatory versus commercial thresholds and then just where you expect that royalty rate to fiddle at scale and then maybe a question on pipeline, especially considering the deprioritization of Avoralstat. Just wondering, we haven't heard many updates about the complement pipeline in some time. Just wondering what are the next key decision points for bringing those programs forward. Thanks

Charlie Geyer (President and CEO)

Barbara. You want to take the royalty question? I'll cover the pipeline.

Bob Regiaf (Chief Financial Officer)

Yeah. So I think at this point in time we're not necessarily breaking down the milestones and think, you know, we're very excited. That upfront is a very sizable upside for an asset at this stage and naturally in sort of in line with some of the process licensing deals at this stage. You know, as you can see that we feel Very, very confident of that healthy royalty rate because as I mentioned, it's a team that we actually developed and curated over many years. So we're very confident that the team will do a great job and we'll realize the maximum benefit of that royalty rates. But you can imagine that a typical deal on the back end in terms of things, but something that we feel really confident to realize over the course of time.

Charlie Geyer (President and CEO)

And then as far as the pipeline, you know, number one, what we're focused on right now is the two, the two programs that we have in clinical, clinical development. So novenabart in late stage and then we're very excited about the potential for 17725 given the need in the Nethertons population. With Sandeep on board, we will be making future updates on our pipeline and our rare disease strategy and we look forward to doing that as soon as we can.

Jeremiah

Great, thanks.

OPERATOR

Your next question today will come from Laura Chico, Wedbush Securities. Please go ahead.

Laura Chico (Equity Analyst at Wedbush Securities)

Good morning. Thanks very much for taking the question I guess back to Orladeo for one. Charlie, I'm not sure if you can share any feedback here about the impact of some competing launches. Right now I guess I'm thinking about Donzara, but what are the impacts you're seeing on Orlodeo retention? Has this changed your call strategy with physicians at all? And then just a follow up with respect to the manufacturing issue, I think I missed it. But any impacts or could you just expand a little bit more with implications

Charlie Geyer (President and CEO)

on the pediatric launch? Thanks very much. Sure, yeah. Laura, as far as the competing launches, what we're seeing is what we expected and this kind of goes back again to the forecasting we do. The recent launches, as you know, have been injectables and so what we see is they're competing mainly with the existing market leader Takhzyro and so it's not affecting Orlodao. And as Barbara and I both mentioned, you know, our demand is as strong as it's ever been and we're really pleased, not surprised, but really, really pleased to see that. And so that's why we have that continued confidence about the future growth of Orlodao and heading to the billion dollars in peak sales. And you know, our retention rates you asked about that are, are also in line with past expectations. Patients who start on Orlodeo, 60% of them get to a year and then very slow or very sticky after that, very strong retention after a year on the peds manufacturing, as we said, we're not changing our guidance. We'll have More information on the issue and timing, hopefully later this quarter. But we're not changing our guidance because the early demand has been very strong. And you may recall from past calls in our forecast for this year, we were relatively conservative about the peds opportunity because we didn't know how quickly it would kick in. So we're very bullish on the long term and we're on track for this year.

Laura Chico (Equity Analyst at Wedbush Securities)

Thanks very much.

OPERATOR

The next question will come from Brian Abrams of RBC Capital Markets. Please go ahead.

Brian Abrams (Equity Analyst at RBC Capital Markets)

Hi. Thanks so much for taking our questions. Two from me, I guess. First on the novenibar at phase three, it sounds like enrollment's gone really well there. So I'm wondering if you could talk about any learnings there just in terms from the enrollment in conduct, just in terms of the appetite for long acting injectables, the types of patients who could go on this therapy commercially and the potential size of that opportunity. And then just secondarily following up on the manufacturing issue, can you just give us a sense of what would need to be done to resolve this? Might this require any sort of FDA reinspection? Is there any overlap at all with this facility with regards to or lideo for adults or an event of art? And could there be upside to your guidance if this resolves more quickly than expected, just given that you're seeing good launch demand already and I know pediatric revenue was not really included all that much in your guidance.

Charlie Geyer (President and CEO)

Sure. Thanks, Brian. Yeah, first of all, Navendobart, we're really excited about the pace of the enrollment. And as I said in my remarks, I think it is a reflection of the appetite that both patients and physicians have for an every three or six months dosing. You know, this is why we wanted to acquire this product in the first place because we saw that we heard that from customers getting to three and six month dosing is really meaningful and transformative. And so we think there's a potential to switch a lot of patients to this. As we've described before, there's two segments in this market. There are those patients who want oral therapy and do well on it, and then there's those who are on injectable therapy and are very comfortable with that. And the profile of Nevenibart is something that's really understandable to both physicians and patients. And I think that's again reflected in the trial enrollment. So we're excited about that future launch. As far as the manufacturing issue with Orlando Pellets, first of all, it's a different plant, a different manufacturer than Capsules So it has nothing to do with capsules. It's not an FDA issue at all. It's not a safety issue. It's just a batch problem. Just in the specifications. We're digging in to get to the root cause so that we can manufacture consistent batches going forward. So we'll have an update on that timing when we have it. But we do not expect this to be a long term problem. And as far as the demand for the pediatric indication, so far it has been very strong. And so if we get this issue, we get the product out there in the relatively near future. We're right on track for this year and certainly very much on track for our long term predictions.

Brian Abrams (Equity Analyst at RBC Capital Markets)

Thanks, Charlie.

OPERATOR

The next question today will come from Steve Seedhouse of Cancer. Please go ahead.

Steve Seedhouse

Great. Good morning. Thanks so much for taking the question. Wanted to see if you'd be willing to frame your expectations for the phase 3 Nevenibart data. Obviously most phase 2s, including this one in HAE smaller than a phase 3 would be, but the attack rate reduction was pretty profound in that phase two. So are you expecting like a greater than 90% attack rate reduction? Are you expecting that in both the every three month and the every six months arms? And is that what's framing? Pretty aggressive guidance in 2033 sort of implies an even better launch than Orlodeo. So I was hoping you could just frame what you're expecting from the data.

Charlie Geyer (President and CEO)

Thanks. We are expecting really good results. Whether it's 90%, a little over 90%, a little less, I don't think that really matters so much. What matters is the attack rate that patients get down to. And in the open label study, as you've seen, patients in both doses are getting down to a mean attack rate of just 0.16 per month. So that's less than two attacks per year. And those attacks tend to be more mild than other attacks. So that is functionally attack free for patients. And to be able to get that from three or six month dosing, we do expect there to be comparable efficacy between the two because remember, the six month dosing is twice the dose of three months. And so that phase two alpha solar data is very important. Really gives us confidence for the for the future.

OPERATOR

The next question will come from Stacy Ku of TD Cowan. Please go ahead.

Stacy Ku (Equity Analyst at TD Cowan)

Hey there. Thanks so much for taking your questions and welcome to sandeep. So first, just as we think about Orlodeo, notice that you had talked about the continued growth in prescribers. So just curious if you could further Elaborate there. That's the first question. And then a quick follow up on the pediatric product fulfillment. Sounds like you need a quarter or two to kind of get more information, or is it to resolve the fulfillment issue? Does it help us understand if the base case assumption for the potential delay is potentially within the year? That's two, and then three. As you started to dose Netherton patients, just maybe talk a little bit more about what you're learning about the patient population, diagnosis, awareness, potential size of the market, and remind us your go and no go decision on efficacy. Thanks so much.

Charlie Geyer (President and CEO)

Thanks, Stacy. See if I can get all these in the growth of prescribers. You've heard us talking before. In 2025, around 60 new prescribers per month, give or take. We're in that same range in Q1. So, you know, as Bob said, in year six, to still be adding prescribers, to still be getting the prescriptions at the same rate, is really a reflection of this product profile and how our teams launched it. As far as the peds pellet timing, as I said, we'll know more this quarter. Our expectation is we'll get this resolved pretty quickly. But we don't know the root cause. We haven't identified all the root cause yet, so it'll take a little bit of time. But based on what we see right now, we're on track for the year. And then as far as Netherton patients, we've done some work in the EPI of this disease because that's, that's really key. We know it's a very serious disease. We've met patients, we know how much they suffer from this. But the real key is what's the size of the market, what is the overall opportunity? And we've identified with a high level of confidence that the US market is 3,000 plus patients at this point. Those patients need to be correctly diagnosed. They need to be identified. But having a drug in the market is always a catalyst in rare disease for patient identification. So the keys for efficacy, no drug in this space has to be perfect. What we'll want to see is that the patients are getting better in their overall. The overall scales of measuring Netherton syndrome. So ichthyosis scales measured by the physicians and the patients, we'll be looking at itch. We'll be looking at, does the drug continue to get to the epidermis the way that we've seen in healthy volunteers? So a range of things that will help us design a pivotal program that we hope can start next year.

Stacy Ku (Equity Analyst at TD Cowan)

Thank you so much.

OPERATOR

As a reminder, if you'd like to ask a question, please press star and then one. Our next question today will come from Mari Raycroft of Jeffries. Please go ahead.

Charlie Geyer (President and CEO)

Good morning. Congrats on the progress and thanks for taking my questions. Maybe just a quick follow up on Netherton. Can you just talk more about how much data we should expect by year end in that data update? Yeah, Maury, we'll have up to 12 patients. That's what we're shooting for. And we want to release the data that we have altogether because it's a rare disease that's not a huge number of patients. But we think it'll give us the data we need to say, do we have a drug here? And so the package will come from that, plus the one to three patients that we will have from the part three of the study, as well as the healthy volunteer data. So as the data comes in, we'll figure out what the package is at the end of the year, but it'll be based on those roughly 12 patients.

OPERATOR

Got it. Okay. And just for digging into prophy competition a bit more, are you hearing about more patients considering switching or switching from Orlodeo? And even if you're not seeing an impact yet, are you getting more pressure or headwinds in capturing new patients or switches from Takhzyro? I guess it seems like Oral Adeo is resilient with these new launches. Are you doing anything differently? Yes. We're really not doing anything differently. We're not. We don't need to add to our sales force. We don't need to change our customers. We're already calling on the list of HAE prescribers and expanding that list. As we've talked about, we see most of the switching, most of the market impact hitting Taxiro, not Orlodeo. Of course, patients switch from Orlodeo all the time. 60% of them get to a year, 40% don't, and they switch to other products. And what we're seeing more is those patients, when they do switch, they're more likely to switch to one of the new products, which makes a lot of sense. But the impact overall on Orlodeo has been very minor. Got it. Okay. Thanks for taking my questions. The next question will come from John Wollebin of Citizens. Please go ahead.

Kathryn Ankujan

Hi, this is Kathryn Ankujan. Thank you for the color on the Orlodeo launch. I'm just wondering if you could provide a little bit more commentary on kind of ex US sales beyond Europe. What you guys are seeing there and Kind of plans for any expansion and then your thoughts about the same for Nevenibart. Thank you.

OPERATOR

Sure. Thanks, Katherine. With our sale of the European business, Europe had been the large majority of our ex US sales. So ex US is still an important contributor towards our peak. But we are the vast majority. Well over 90% of our revenue now comes from the US and we expect it to be that way. Even as the brand grows towards a billion dollars. We are, though committed. You know, we want to get our drugs to patients around the world because hae is a global disease and they're patients who need it. But from a revenue perspective, the great majority will be the US And I'm sorry, the question on. You had a question on Nevenibart. Do you think for Nevenibart you're going to kind of see the same trends? If European markets can get the majority of X US we would expect it to be largely the same. As Barbara was describing, our partners at Neoformed Gentile are equally excited about this drug. And having both Orlodao and Avenibart in the portfolio, there's an important place for both of these products in all the different markets. And so we're excited about that opportunity. Thank you so much.

Yesha

The next question will come from Gavin Clark Gartner of Evercore isi. Please go ahead.

OPERATOR

Hi, this is Yesha on for Gavin. We were just wondering if on the pediatric pellet side, are you able to proactively work through Paraxis and reimbursement while resolving the manufacturing? Kind of. Also wondering how quickly you could convert the demand to paid drug when that's resolved. Thank you. Yeah, thanks for the question. Absolutely.

Charlie Geyer (President and CEO)

We've been doing that already and we'll continue to do it.

OPERATOR

The Orlodeo pellets slot right into our existing contracts for Orlodeo Capsules. So it's really not a separate market access initiative. And so our patient services team will help patients and healthcare providers work through that process. And you know, that could create patients moving more quickly to paid therapy once we do have the product supply. And at this time, we will conclude our question and answer session. I'd like to turn the conference back over to Charlie Geyer for any closing remarks.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.