- **Breakout Launch**: 937 start forms in 3 months, with 50% of adopters being high-burden patients (≥2 attacks/month) achieving 1-2 cartons/month refill rates.
- **Financial Strength**: $13.7M in Q3 sales, fully funded through profitability with $150M convertible notes.
- **Global Momentum**: Commercial launches in Germany and Japan (Q1 2026), with U.K. NICE discussions advancing.
- **Clinical Validation**: 84% patient satisfaction among switchers; KONFIDENT-KID trial validates EKTERLY's efficacy in children (0.8 attacks/month).

**【CEO Summary】**
- EKTERLY achieved strong early adoption with 937 start forms in the first 3 months, representing ~10% of the U.S. HAE community. High-burden patients (≥2 attacks/month) account for 50% of adopters, with refill rates of 1-2 cartons/month.
- Global expansion underway: Germany launched commercially in October, U.K. approval pending NICE pricing discussions, and Japan set for Q1 2026 with Kaken Pharmaceutical.
- Clinical data highlights: 84% of patients switching from injectables rated EKTERLY as 'satisfied' or better; KONFIDENT-KID trial shows 0.8 attacks/month in children aged 2-11.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $13.7M (includes $1.4M from July launch). Gross to net ratio at low end of expected range (15-20%), driven by lower co-pay utilization.
- Operating expenses: $59.7M (R&D: $12M, SG&A: $46.5M). Fully funded through profitability via $150M convertible note offering.
- Cash position: Sufficient to support U.S. launch and global expansion without additional capital needs.

**【CCO Commercial Update】**
- Prescriber engagement: 423 unique prescribers, 75% of starts from repeat prescribers. 95% of target HCPs aware of EKTERLY.
- Payer access: All major PBMs and payers approve medical exceptions. Formal policies expected to roll out Q1 2026.
- Utilization trends: High-burden patients refill every 3-4 weeks, aligning with clinical trial data. Average cartons per refill aligns with guideline-recommended 2-3 attacks coverage.

**【Q&A Highlights】**
- **Patient Segmentation**: 50% of adopters are high-burden (≥2 attacks/month), 30% moderate (1-2 attacks/month), 20% low-burden. Refill rates expected to normalize to 1-2 refills/month as adoption broadens.
- **International Pricing**: German launch pricing confidential; U.S. gross to net ~15-20% vs. 20-25% for peers. Japan pricing TBD with partner.
- **Payer Dynamics**: 90%+ of policies allow immediate access; step edits for icatibant generics resolved quickly. No material quantity limits observed to date.
- **2026 Outlook**: U.S. growth to moderate as high-burden penetration saturates; Europe (U.K., Germany) and Japan to drive incremental growth. Global EKTERLY adoption expected to exceed 30% of addressable market by year-end.

Actual				-0.52	-0.37	-0.61	-0.58	-0.56	-0.65	-0.66	-0.8	-0.92	-0.98	-0.94	-0.9	-0.75	-0.77	-0.74	-0.8	-0.84	-1.02	-0.87	-0.91	-0.92	-0.99	-1.12		-0.92	-0.92
Forecast				-0.2614	-0.6525	-0.5983	-0.6714	-0.5957	-0.532	-0.7133	-0.7914	-0.9257	-1.0867	-1.04	-1.0567	-0.9849	-0.8686	-0.858	-0.7625	-0.7472	-0.7126	-0.915	-0.908	-0.866	-0.7989	-0.9533	-1.0283	-0.8367	-0.8367
Surprise	0.00%	0.00%	0.00%	-98.93%	+43.30%	-1.96%	+13.61%	+5.99%	-22.18%	+7.47%	-1.09%	+0.62%	+9.82%	+9.62%	+14.83%	+23.85%	+11.35%	+13.75%	-4.92%	-12.42%	-43.14%	+4.92%	-0.22%	-6.24%	-23.92%	-17.49%	0.00%	-9.96%	-9.96%

Actual	--	--	--	1.58M	3.82M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1.43M	--	13.69M	13.69M
Forecast	--	--	--	10.08M	1.90M	1.50M	625.00K	1.20M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4.20M	713.75K	5.35M	20.37M	20.37M
Surprise	0.00%	0.00%	0.00%	-84.35%	+101.72%	-100.00%	-100.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	+99.79%	0.00%	-32.79%	-32.79%

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