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- **EXXUA Launch Momentum**: On track for Q4 2025 launch with 40-person sales force leveraging RxConnect for 85% of ADHD prescriptions. EXXUA's unique benefits (no sexual dysfunction, weight neutral) position it as a MDD disruptor.
- **ADHD Resilience**: Q1 2026 revenue $13.2M (10% growth vs. prior year, excluding rebate). AG of Adzenys launched in Q3 2025 with strong early adoption, mitigating generic risk.
- **Financial Focus**: EXXUA launch investment of $10M FY2026, with 28% royalty structure enabling margin expansion at scale. Q1 2026 cash breakeven at $16.6M net revenue.

**【CEO Summary Section】**
- **EXXUA Launch Progress**: On track for Q4 2025 launch with 40-person sales force targeting psychiatrists and leveraging RxConnect platform for 85% of ADHD prescriptions. EXXUA's unique benefits (weight neutrality, no sexual dysfunction side effects) position it as a game-changer in MDD treatment.
- **ADHD Portfolio Resilience**: Q1 2026 revenue $13.2M (10% growth vs. prior year, excluding one-time rebate). Authorized generic (AG) of Adzenys launched in Q3 2025 with strong early adoption, mitigating generic competition risk.
- **Fluoride Products**: Minimal impact from FDA scrutiny, with Q1 2026 revenue of $1.4M (trailing 12 months) and $300K in Q1 2026.

**【CFO Financial Commentary】**
- **Q1 2026 Financials**: Net revenue $13.9M (down 16% YoY, excluding $3.3M rebate). ADHD portfolio gross margin 66% (vs. 72% prior year). Operating expenses $10.2M (down 8% YoY, excluding EXXUA launch costs). EXXUA launch investment of $10M for FY2026, with $6M one-time costs in Q1 and Q2 2026.
- **EXXUA Economics**: 28% royalty on net sales, 24% royalty threshold at $1.3B in sales. Gross margin ~69% post-launch, with RxConnect integration for streamlined dispensing.
- **Balance Sheet**: Cash $32.6M (down $1.6M YoY). Derivative warrant liability gains ($3.8M Q1 2026) driven by stock price movements. EXXUA launch on track with manufacturing and regulatory compliance.

**【Q&A Highlights】**
- **Territory Realignment**: 1/3 of territories adjusted for MDD focus, targeting psychiatrists in high-access geographies. Incentive plans to prioritize EXXUA adoption and repeat prescribing.
- **Payer Engagement**: Focus on Medicare/Medicaid coverage (30%-40% of MDD patients) with minimal upfront contracting to preserve best price. Commercial payer coverage expected to mirror Auvelity precedent (70%+ coverage).
- **Supply Chain Flexibility**: Sufficient bulk inventory for rapid scaling. Royalty structure allows margin expansion as sales exceed $1.3B.
- **Patient Profile**: Targeting 18-50-year-olds with treatment-resistant depression seeking alternatives to SSRI/SNRI side effects.

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