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- **IBTROZI Launch Success**: 204 new patients in Q3 (15/week), 50-month DOR in TKI-naive patients, surpassing competitor performance. 
- **Financial Strength**: $13.1M Q3 revenue, $549M cash, no guidance but $55M annualized run rate from Q3 patients. 
- **Strategic Wins**: Japan approval with $25M milestone, advanced Europe partnership, avoided $100M study cost. 
- **Pipeline Momentum**: TRUST-IV adjuvant trial initiated, safusidenib high-grade glioma trial on track, NUV-1511 data pending. 
- **Market Leadership**: 80% payer coverage, 98% territory engagement, fastest ROS1 launch in history. 


**【CEO Summary Section】**
- Launched IBTROZI in Q3 2025, achieving 204 new patient starts (15/week), surpassing competitor Augtyro's first 3-month performance (34 patients). 
- Updated data shows median duration of response (DOR) of 50 months in TKI-naive patients, up from 44 months. 
- Submitted supplemental NDA for label update with new DOR data and planning 2026 medical conference update.
- TRUST-IV Phase III study initiated for adjuvant therapy in early-stage ROS1+ NSCLC.
- Secured Japan regulatory approval and expects reimbursement approval Q4 2025 with $25M milestone payment.

**【CFO Financial Commentary】**
- Q3 2025 total revenue: $13.1M (including $7.7M net product revenue from IBTROZI). 
- Gross to net ratio ~20%, stable with 80% payer coverage. 
- Cash balance: $549M, sufficient for operations through profitability. 
- No guidance on net revenue but 204 Q3 patients represent $55M annualized run rate. 
- Avoided $100M head-to-head study cost by focusing on high-grade glioma trial. 
- European partnership discussions advanced, potential Q4 2025 update. 

**【Commercial Update】**
- 98% of 47 sales territories engaged, 80% payer coverage, 75% academic/community center prescriptions. 
- Free trial program converts patients in weeks, highlighting IBTROZI's tolerability. 
- 50% of new patients in second-line due to competitor limitations; expect shift to first-line as durability data solidifies. 
- Potential 16,000+ patients by Q4 2029 based on 50-month DOR and RNA testing expansion. 

**【Q&A Highlights】**
- No sales guidance; Q3 2025 net revenue growth driven by new patients, not channel stocking. 
- Market share leadership confirmed by 5x faster patient starts vs. Augtyro. 
- Japan reimbursement approval imminent, Europe partnership details Q4 2025. 
- Safusidenib high-grade glioma trial completion expected 2029; no low-grade head-to-head study due to cost. 
- NUV-1511 Phase I data update pending, potential new modality in targeted therapy. 


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