Q4 2025 Agios Pharmaceuticals Inc Earnings Call

February 12, 2026

Operator: Good morning, and welcome to Agios Pharmaceuticals' Q4 and full year 2025 conference call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session at the end. Please be advised that this call is being recorded at Agios' request. I would now like to turn the call over to Morgan Sanford, Head of Investor Relations at Agios. Please go ahead.

Speaker #1: Good morning and welcome to Agios Pharmaceuticals' fourth quarter and full year 2025 conference call. At this time, all participants are in a listen-only mode.

Speaker #1: There will be a question-and-answer session at the end. Please be advised that this call is being recorded at Agios' request. I would now like to turn the call over to Morgan Sanford, head of investor relations at Agios.

Speaker #1: Please go ahead.

Speaker #2: Thank you, operator. Good morning, everyone. Thank you for joining us to discuss Agios Pharmaceuticals' fourth quarter and full year 2025 financial results and business highlights.

Morgan Sanford: Thank you, operator. Good morning, everyone. Thank you for joining us to discuss Agios Pharmaceuticals' fourth quarter and full year 2025 financial results and business highlights. You can access the slides for today's call by going to the Investors section of our website, agios.com. Please note, we'll be making certain forward-looking statements today. Actual events and results could differ materially from those expressed or implied by any forward-looking statements because of various risks, uncertainties, and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC. On the call with me today from Agios are Brian Goff, Chief Executive Officer; Cecilia Jones, Chief Financial Officer; Tsveta Milanova, Chief Commercial Officer; and Dr. Sarah Gheuens, Chief Medical Officer and Head of Research and Development. Following prepared remarks, we will open the call for questions.

Speaker #2: You can access the slides for today's call by going to the investor section of our website, agios.com. Please note, we'll be making certain forward-looking statements today; actual events and results could differ materially from those expressed or implied by any forward-looking statements because of various risks, uncertainties, and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC.

Speaker #2: On the call with me today from Agios are Brian Goff, Chief Executive Officer; Cecilia Jones, Chief Financial Officer; Tsveta Milanova, Chief Commercial Officer; and Dr. Sarah Gheuens, Chief Medical Officer and Head of Research and Development.

Speaker #2: Following prepared remarks, we will open the call for questions. With that, I am pleased to turn the call over to Brian.

Morgan Sanford: With that, I am pleased to turn the call over to Brian.

Speaker #3: Thanks, Morgan. Good morning, everyone, and thank you for joining us on today's call. Next slide, please. Just last month, we outlined our 2026 strategic priorities, which are focused on delivering long-term shareholder value.

Brian Goff: Thanks, Morgan. Good morning, everyone, and thank you for joining us on today's call. Next slide, please. Just last month, we outlined our 2026 strategic priorities, which are focused on delivering long-term shareholder value. First, we're focused on executing a high-impact launch of AQVEZMI for the treatment of thalassemia in the US. Second, we see meaningful opportunity to expand our PK activation franchise into additional high-value indications, including sickle cell disease, and lower risk myelodysplastic syndrome, with key catalysts this year for both opportunities. Third, through the advancement of our early-stage pipeline with AG-236 and AG-181, we have the potential to unlock future value in hematologic and other rare diseases. And finally, we remain committed to long-term sustainability, supported by disciplined capital allocation and continued operational efficiency.

Speaker #3: First, we're focused on executing a high-impact launch of Acfesmi for the treatment of thalassemia in the U.S. Second, we see meaningful opportunity to expand our TK activation franchise into additional high-value indications, including sickle cell disease and lower-risk myelodysplastic syndrome, with key catalysts this year for both opportunities.

Speaker #3: Third, through the advancement of our early-stage pipeline with AG236 and AG181, we have the potential to unlock future value in hematologic and other rare diseases.

Speaker #3: And finally, we remain committed to long-term sustainability, supported by disciplined capital allocation and continued operational efficiency. Building on those priorities, the next slide maps key pipeline catalysts in 2026 across multiple high-value indication opportunities.

Brian Goff: Building on those priorities, the next slide maps key pipeline catalysts in 2026 across multiple high-value indication opportunities. The AQVEZMI launch in thalassemia is underway in the US, and we look forward to the potential to expand our PK activation franchise into sickle cell disease and lower-risk MDS. These milestones and continued progress in our early-stage pipeline position the portfolio for growth and long-term value creation. Next slide, please. We exited 2025 with solid momentum across the business, commercial execution, pipeline progress, and continued focus on financial discipline, which together provide a strong foundation to deliver on our 2026 strategic priorities. Starting with commercial performance, PYRUKYND delivered $20 million in net revenue in Q4, bringing full year 2025 revenue to $54 million, reflecting robust year-on-year growth.

Speaker #3: The Acfesmi launch in thalassemia is underway in the U.S., and we look forward to the potential to expand our TK activation franchise into sickle cell disease and lower-risk MDS.

Speaker #3: These milestones and continued progress in our early-stage pipeline position the portfolio for growth and long-term value creation. Next slide, please. We exited 2025 with solid momentum across the business, commercial execution, pipeline progress, and continued focus on financial discipline.

Speaker #3: Which together provide a strong foundation to deliver on our 2026 strategic priorities. Starting with commercial performance, PYRUKYND® delivered $20 million in net revenue in the fourth quarter.

Speaker #3: Bringing full year 2025 revenue to $54 million reflecting robust year-on-year growth. In the fourth quarter, we reported top-line data from a rise-up Phase III trial and will meet with the FDA this quarter as anticipated for our pre-FMDA meeting to determine the regulatory path forward.

Brian Goff: In Q4, we reported top-line data from the RISE UP phase 3 trial, and will meet with the FDA this quarter, as anticipated, for a pre-sNDA meeting to determine the regulatory path forward. Importantly, just before the end of the year, we received FDA approval for AQVEZMI, and the US thalassemia launch is underway. Finally, we recently completed enrollment in the phase 2 sickle cell disease trial of tebapivat, with top-line results expected in the second half of this year. Importantly, we continue to operate from a position of strength, ending the year with approximately $1.2 billion in cash, providing flexibility to maximize the AQVEZMI thalassemia US launch, pursue the path forward for mitapivat in sickle cell disease, and continue to advance our pipeline programs....

Speaker #3: Importantly, just before the end of the year, we received FDA approval for Acfesmi and the U.S. thalassemia launch is underway. Finally, we recently completed enrollment in the Phase II sickle cell disease trial of Tevapivak, with top-line results expected in the second half of this year.

Speaker #3: Importantly, we continue to operate from a position of strength, ending the year with approximately $1.2 billion in cash, providing flexibility to maximize the Acfesmi thalassemia U.S.

Speaker #3: launch, pursue the path forward for Medipivak in sickle cell disease, and continue to advance our pipeline programs. Please move to the next slide, and I'll turn the call over to Cecilia to provide additional details on our 2025 fourth quarter and full-year performance as well as our 2026 outlook.

Brian Goff: Please move to the next slide, and I'll turn the call over to Cecilia to provide additional details on our 2025 Q4 and full year performance, as well as our 2026 outlook.

Speaker #2: Thank you, Brian. Next slide, please. Our fourth quarter and full year 2025 financial results can be found in the press release issued earlier this morning and additional details can be found in our 10-K, which will be filed later today.

Cecilia Jones: Thank you, Brian. Next slide, please. Our Q4 and full year 2025 financial results can be found in the press release issued earlier this morning, and additional details can be found in our 10-K, which will be filed later today. Q4 worldwide PYRUKYND revenue was $20 million, an increase of 86% compared to the Q4 of 2024, and a sequential increase of 55% compared to $13 million in the Q3 of 2025. In the US, Q4 revenues of $16 million were driven by continued commercial focus in PK deficiency ahead of FDA approval for investment, an additional ordering week in the Q4, and favorable growth to net adjustments. In 2026, we expect US PK deficiency revenues to be in the range of $45 to 50 million.

Speaker #2: Fourth quarter worldwide pyroken revenue was $20 million. An increase of 86% compared to the fourth quarter of 2024 and a sequential increase of 55% compared to $13 million in the third quarter of 2025.

Speaker #2: In the U.S., fourth quarter revenues of $16 million were driven by continued commercial focus in TK deficiency ahead of FDA approval for Acfesmi, an additional ordering week in the fourth quarter, and favorable growth to net adjustments.

Speaker #2: In 2026, we expect U.S. TK deficiency revenues to be in the range of $45 to $50 million. Outside of the U.S., revenue of $4 million in the fourth quarter primarily reflects inventory stocking ahead of demand, driven by TK deficiency patients in Europe, transitioning from our global managed access program, where pyroken was provided free of charge, to commercial supply.

Cecilia Jones: Outside of the US, revenue of $4 million in the fourth quarter primarily reflects inventory stocking ahead of demand, driven by PK deficiency patients in Europe, transitioning from our global managed access program, where PYRUKYND was provided free of charge to commercial supply. We anticipate a sequential decline in ex-US revenues into the first quarter of 2026. Cost of sales for the fourth quarter was $1.9 million. R&D expenses were $88.1 million, an increase of $5.3 million compared to the fourth quarter of 2024, associated with the advancement of our earlier-stage pipeline program. SG&A expenses were $61.6 million in the fourth quarter and roughly flat year-on-year. We ended the fourth quarter with cash, cash equivalents, and marketable securities of approximately $1.2 billion.

Speaker #2: We anticipate a sequential decline in ex-U.S. revenues into the first quarter of 2026. Cost of sales for the fourth quarter was $1.9 million. R&D expenses were $88.1 million, an increase of 5.3 million compared to the fourth quarter of 2024, associated with the advancement of our earlier-stage pipeline program.

Speaker #2: SG&A expenses were $51.6 million in the fourth quarter and roughly flat year-on-year. We ended the fourth quarter with cash, cash equivalents, and marketable securities of approximately $1.2 billion.

Speaker #2: As a reminder, in future quarters, we will report Medipivak revenue as a whole, breaking out U.S. and ex-U.S. performance. Next slide, please. We remain committed to financial discipline as we work toward our goal of becoming a sustainable rare disease company.

Cecilia Jones: As a reminder, in future quarters, we will report mitapivat revenue as a whole, breaking out US and ex-US performance. Next slide, please. We remain committed to financial discipline as we work toward our goal of becoming a sustainable rare disease company. We anticipate operating expenses in 2026 to be roughly flat with 2025. This guidance assumes investment to maximize launch of AQVEZMI in thalassemia in the US, gated investment for sickle cell disease, and operating model refinements. Importantly, we see a clear path to profitability through our existing commercial presence in thalassemia and PK deficiency. Please advance to the next slide, and I will turn the call over to Tsveta to share commercial highlights for the quarter.

Speaker #2: We anticipate operating expenses in 2026 to be roughly flat with 2025. This guidance assumes investment to maximize launch of Acfesmi in thalassemia in the U.S., gated investment for sickle cell disease, and operating model refinement.

Speaker #2: Importantly, we see a clear path to profitability through our existing commercial presence in thalassemia and TK deficiency. Please advance to the next slide, and I will turn the call over to Tsveta to share commercial highlights for the quarter.

Speaker #2: Thank you, Cecilia. Next slide, please. As Cecilia noted, in the fourth quarter, pyroken delivered $16 million in net revenue in the U.S., up 50% year-over-year, driven by continued demand in TK deficiency and additional ordering week in the quarter and certain growth to net adjustment.

Tsveta Milanova: Thank you, Cecilia. Next slide, please. As Cecilia noted, in Q4, PYRUKYND delivered $60 million in net revenue in the US, up 50% year-over-year, driven by continued demand in PK deficiency, an additional ordering week in the quarter, and certain gross-to-net adjustments. Q4 ex-US revenue was roughly $4 million, which primarily reflects supply ahead of demand pull-through as PK deficiency patients in Europe transition onto commercial supply. We expect this ordering to moderate in coming quarters. As expected, we continue to see quarterly variability driven by ordering patterns, inventory dynamics, and gross-to-net adjustments. Q4 performance underscores the strength of our commercial model and the foundation we are building for future growth, starting with the recent US approval of AQVEZMI for the treatment of anemia in adults with alpha and beta thalassemia, regardless of transfusion burden. Please move to the next slide.

Speaker #2: Fourth quarter ex-U.S. revenue was roughly $4 million, which primarily reflects supply, ahead of demand put through a TK deficiency patients in Europe transition onto commercial supply.

Speaker #2: We expect this ordering to moderate in coming quarters. As expected, we continue to see quarterly variability driven by ordering patterns, inventory dynamics, and growth to net adjustment.

Speaker #2: Fourth quarter performance underscores the strength of our commercial model and the foundation we are building for future growth. Starting with the recent U.S. approval of Acfesmi for the treatment of anemia in adults with alpha and beta thalassemia, regardless of transfusion burden.

Speaker #2: Please move to the next slide. I'm pleased to share that, as planned, the final implementation of Acfesmi REMS was completed in late January to align with the approved FDA label.

Tsveta Milanova: I am pleased to share that, as planned, the final implementation of AQVEZMI REMS was completed in late January to align with the approved FDA label, and we have already begun dispensing products. As of 30 January, we have seen 44 prescriptions written by REMS-certified physicians in the US, which reflects strong early recognition of AQVEZMI's clinical value and excellent execution by our field teams. What is especially encouraging is the healthy breadth of early prescribers at this stage of the launch, with this strong geographic distribution and, as expected, predominance of community physicians as early prescribers. We are also seeing, in these early days of launch, emergence of the patient profile we anticipated, largely transfusion-dependent patients, along with a group of highly engaged non-transfusion-dependent patients. These early signals speak not only to our launch readiness, but importantly, to our deep understanding of this patient community and their unmet needs.

Speaker #2: And we have already begun dispensing products. As of January 30th, we have seen 44 prescriptions written by REMS-certified physicians in the U.S. which reflects strong early recognition of Acfesmi's clinical value and excellent execution by our field teams.

Speaker #2: What is especially encouraging is the healthy breadth of early prescribers at this stage of the launch. With these strong geographic distributions, and, as expected, predominance of community physicians as early prescribers.

Speaker #2: We are also seeing in this early days of launch emergence of the patient profile we anticipated, largely transfusion-dependent patients along with a group of highly engaged non-transfusion-dependent patients.

Speaker #2: This early signals speak not only to our launch readiness but, importantly, to our deep understanding of these patient community and their unmet needs. Please move to the next slide.

Tsveta Milanova: Please move to the next slide. We are very encouraged by the early market response to AQVEZMI.... Physicians consistently view its profile as addressing meaningful gaps in the current treatment landscape for thalassemia. Importantly, this aligns with what we heard ahead of FDA approval. We are not seeing the REMS as a barrier to prescribing, with early experience suggesting the certification process has been straightforward. We have also seen strong engagement with our patient support program. Initial experience indicates that patients do not view the REMS as burdensome, given the potential for meaningful clinical benefits, including reduction in transfusion burden and improvement in fatigue. Taken together, this early feedback reinforces both the significant unmet need in thalassemia and the value proposition of AQVEZMI. It also reflects the strength of our pre-launch planning.

Speaker #2: We are very encouraged by the early market response to Acfesmi. Physicians consistently view its profile as addressing meaningful gaps in the current treatment landscape for thalassemia.

Speaker #2: Importantly, this aligns with what we heard ahead of FDA approval. We are not seeing the REMS as a barrier to prescribing, with early experience suggesting the certification process has been straightforward.

Speaker #2: We are also seeing strong engagement with our patient support programs. Initial experience indicates that patients do not view the REMS as burdensome given the potential for meaningful clinical benefits, including reduction in transfusion burden and improvement in fatigue.

Speaker #2: Taken together, this early feedback reinforces both the significant unmet need in thalassemia and the value proposition of Acfesmi. It also reflects the strength of our pre-launch planning.

Speaker #2: On the next slide, I'll take a few moments to discuss how we anticipate this demand will convert into treatment initiation and ultimately revenues in the first few quarters of launch.

Tsveta Milanova: On the next slide, I will take a few moments to discuss how we anticipate this demand will convert into treatment initiation and ultimately revenues in the first few quarters of launch. There are three key steps in the AQVEZMI REMS certification process. One of those steps, pharmacy education and certification, is already completed, as we use a single specialty pharmacy to dispense prescriptions and coordinate on delivery. Additionally, physicians are required to be educated and certified on the AQVEZMI REMS. In parallel, once a prescription has been written, patients need to receive insurance authorization and complete a baseline liver test prior to initiating treatment. Our comprehensive patient support service, MyAgios, has a strong track record assisting patients with the insurance authorization process for PK deficiency, which we expect to continue with thalassemia. Once these three components are completed, the pharmacy is authorized to dispense the prescription.

Speaker #2: There are three key steps in the Acfesmi REMS certification process. One of those steps—pharmacy education and certification—is already completed, as we use a single specialty pharmacy to dispense prescriptions and coordinate home delivery.

Speaker #2: Additionally, physicians are required to be educated and certified on the Acfesmi REMS. In parallel, once a prescription has been written, patients need to receive insurance authorization and complete a baseline liver test prior to initiating treatment.

Speaker #2: Our comprehensive patient support service by Agios has a strong track record assisting patients with the insurance authorization process for TK deficiency, which we expect to continue with thalassemia.

Speaker #2: Once these three components are completed, the pharmacy is authorized to dispense the prescription. Patients will then complete monthly liver tests for the first six months and is clinically indicated thereafter.

Tsveta Milanova: Patients will then complete monthly liver tests for the first six months and as clinically indicated thereafter. Initially, we expect the time from prescription to treatment initiation to be on average 10 to 12 weeks. As physicians are onboarded and access expands, we see opportunity to shorten this timeline as launch progresses. Turning to the next slide, the thalassemia opportunity presents a major potential growth inflection for Agios. To date, we have received approval of mitapivat for thalassemia in two regions, marketed as AQVEZMI in the US and Pyrokind in Saudi Arabia. Our capital-efficient global commercial model enables us to focus our investment on the US, which presents the most significant revenue opportunity. Outside of the US, we have executed commercialization and distribution agreements with Avanzanite Bioscience in Europe and Newbridge Pharmaceuticals in the GCC.

Speaker #2: Initially, we expect the time from prescription to treatment initiation to be on average 10 to 12 weeks. As physicians are onboarded and access expands, we see opportunity to shorten this timeline as launch progresses.

Speaker #2: Turning to the next slide. The thalassemia opportunity presents a major potential growth inflection for Agios. To date, we have received approval of Mitapivot for thalassemia in two regions.

Speaker #2: Marketed as Acfesmi in the U.S. and Pyrokyme in Saudi Arabia. Our capital-efficient global commercial model enables us to focus our investment on the U.S.

Speaker #2: which presents the most significant revenue opportunity. Outside of the U.S., we have executed commercialization and distribution agreements with Avanzanite Bioscience in Europe and Newbridge Pharmaceuticals in the GCC.

Speaker #2: Given access dynamics, we currently distribute Pyrokyme in Saudi Arabia on a patient-by-patient basis, with potential to expand access following national procurement agreements. In Europe, new AE regulatory reviews remain underway.

Tsveta Milanova: Given access dynamics, we currently distribute Pyrokind in Saudi Arabia on a patient-by-patient basis, with potential to expand access following national procurement agreements. In Europe and UAE, regulatory reviews remain underway. We anticipate a potential EC decision in the coming months following the positive CHMP opinion received in October 2025. Across these regions, we see real potential to expand access and deliver meaningful growth as we scale the launch globally. Please move to the next slide. And with that, I will hand the call over to Sarah to cover key R&D highlights from the quarter.

Speaker #2: We anticipate a potential EC decision in the coming months following the positive CHMP opinion received in October 2025. Across these regions, we see real potential to expand access and deliver meaningful growth as we scale the launch globally.

Speaker #2: Please move to the next slide and with that, I will hand the call over to Sarah to cover key R&D highlights from the quarter.

Speaker #1: Thank you, Sarah. Next slide, please. Since we reported third quarter results, we have continued to make progress advancing our robust rare disease pipeline. We received the FDA approval of Acfesmi for alpha and beta thalassemia regardless of transfusion burden on December 23rd of last year.

Sarah Gheuens: Thank you, Tsveta. Next slide, please. Since we reported Q3 results, we have continued to make progress advancing our robust rare disease pipeline. We received the FDA approval of AQVEZMI for alpha and beta thalassemia, regardless of transfusion burden, on 23 December 2025. And as you heard from Tsveta, the US launch is underway with strong reception from physicians. Following the RISE UP Phase 3 top-line data of mitapivat in sickle cell disease, we will have our pre-sNDA meeting this quarter to inform the regulatory path forward. We continue to advance our more potent PK activator, tebapivat, in two Phase 2 trials, and anticipate results in lower-risk MDS in the first half of this year and in sickle cell disease in the second half.

Speaker #1: And as you heard from Sveta, the U.S. launch is underway with strong reception from physicians. Following the release of Phase 3 top-line data of Mitapivot in sickle cell disease, we will have our pre-SNDA meeting this quarter to inform the regulatory path forward.

Speaker #1: We continue to advance our more potent PK activator, Tevapivot, in two Phase 2 trials and anticipate results in lower-risk MDS in the first half of this year and in sickle cell disease in the second half.

Speaker #1: We continue to advance our early stage pipeline to important decision points this year and are on track to initiate a phase one B proof of mechanism trial of AG181, our phenylalanine hydroxylase stabilizer in PKU patients in the coming months, and report top-line data from the phase one healthy volunteer study of AG236, our siRNA targeting temper six for polycythemia vera in the first half.

Sarah Gheuens: We continue to advance our early-stage pipeline to important decision points this year and are on track to initiate a phase 1B proof of mechanism trial of AG-181, our phenylalanine hydroxylase stabilizer in PKU patients in the coming months, and report top-line data from the phase 1 healthy volunteer study of AG-236, our siRNA targeting TMPRSS6 for polycythemia vera in the first half. Please move to the next slide. Turning to tebapivat, we look forward to understanding more about the potential role of this more potent PK activator in low-risk MDS and sickle cell disease this year. We remain on track in low-risk MDS, where top-line data from the phase 2B trial are expected in the first half of this year....

Speaker #1: Please move to the next slide. Turning to Tevapivot, we look forward to understanding more about the potential role of this more potent PK activator in low-risk MDS and sickle cell disease this year.

Speaker #1: We remain on track in low-risk MDS, where top-line data from the phase 2b trial are expected in the first half of this year.

Speaker #1: This study will provide important insights into dose optimization as well as the potential role of Tevapivot in different patient subgroups, including low and high transfusion burden patients as well as potential applications in later lines of treatment.

Sarah Gheuens: This study will provide important insights into dose optimization, as well as the potential role of tebapivat in different patient subgroups, including low and high transfusion burden patients, as well as potential applications in later lines of treatment. In sickle cell disease, enrollment in the phase 2 trial is now complete, an important milestone that reflects the growing enthusiasm for PK activation following the rise of phase 3 results of mitapivat in this debilitating and deadly disease. This 12-week double-blind trial is designed to further explore tebapivat's potential to deliver meaningful improvements in hemoglobin, as well as broader markers of hemolysis. In turn, we see potential for higher hemoglobin response, building on the strength of the data established with mitapivat. Together, these programs underscore the potential for tebapivat to expand our leadership in hematology and address multiple high-value populations where unmet need remains significant.

Speaker #1: In sickle cell disease, enrollment in the phase two trial is now complete—an important milestone that reflects the growing enthusiasm for PK activation following the rise of phase three results of Mitapivot in this debilitating and deadly disease.

Speaker #1: This 12-week double-blind trial is designed to further explore Tevapivot's potential to deliver meaningful improvements in hemoglobin, as well as broader markers of hemolysis. In turn, we see potential for higher hemoglobin response, building on the strength of the data established with Mitapivot.

Speaker #1: Together, these programs underscore the potential for Tevapivot to expand our leadership in hematology and address multiple high-value populations where unmet need remains significant. We have an exciting year ahead of us and we look forward to updating you on our pipeline progress throughout the year.

Sarah Gheuens: We have an exciting year ahead of us, and we look forward to updating you on our pipeline progress throughout the year. With that, please move to the next slide, and I will hand the call back to Brian for closing remarks.

Speaker #1: With that, please move to the next slide, and I will hand the call back to Brian for closing remarks.

Speaker #2: Thank you, Sarah. Next slide. In closing, we have another pivotal, catalyst-rich year ahead of us. In line with our 2026 strategic priorities, we're focused on executing a high-value Agfersmi U.S.

Brian Goff: Thank you, Sarah. Next slide. In closing, we have another pivotal, catalyst-rich year ahead of us. In line with our 2026 strategic priorities, we're focused on executing a high-value AQVEZMI US launch in thalassemia. In sickle cell disease, we're preparing for our pre-sNDA meeting for mitapivat this quarter, an important step toward defining our regulatory path. We also expect Phase 2 top-line data for tebapivat in sickle cell disease later this year, which will give us deeper insight into the potential of higher potency PK activation in this population. In lower-risk MDS, Phase 2b top-line data for tebapivat remain on track for the first half of 2026 and will be a key readout as we assess its ability to drive transfusion independence and broader improvements in anemia.

Speaker #2: launch in thalassemia. In sickle cell disease, we're preparing for our pre-SNDA meeting for Mitapivot this quarter and important step toward defining our regulatory path.

Speaker #2: We also expect phase two top-line data for Tevapivot in sickle cell disease later this year, which will give us deeper insight into the potential of higher potency PK activation in this population.

Speaker #2: In lower-risk MDS, phase two B top-line data for Tevapivot remain on track for the first half of 2026 and will be a key readout as we assess its ability to drive transfusion independence and broader improvements in anemia.

Speaker #2: We also anticipate Phase 1 top-line data for AG-236 in polycythemia vera and Phase 1b proof-of-mechanism data for AG-181 in PKU, two important early-stage programs that expand our reach across hematologic and other rare diseases.

Brian Goff: We also anticipate phase 1 top-line data for AG-236 in polycythemia vera, and phase 1B proof of mechanism data for AG-181 in PKU, two important early-stage programs that expand our reach across hematologic and other rare diseases. Please move to the next slide. As we look beyond 2026, our opportunity set continues to expand. The combined global market potential across our current pipeline indications exceeds $10 billion, reflecting both the breadth of unmet need and potential to deliver transformative medicines to patients. Beginning in 2026, we're focused on delivering a high-impact US launch of AQVEZMI in thalassemia, which we believe has the potential to establish a strong foundation for our leadership more broadly in rare hematology. Our combination of near-term catalysts, disciplined investment, and a maturing pipeline creates a clear pathway to deliver long-term value.

Speaker #2: Please move to the next slide. As we look beyond 2026, our opportunity set continues to expand. The combined global market potential across our current pipeline indications exceeds $10 billion.

Speaker #2: Reflecting both the breadth of unmet need and potential to deliver transformative medicines to patients. Beginning in 2026, we're focused on delivering a high-impact U.S.

Speaker #2: Launch of Acfesmi in thalassemia, which we believe has the potential to establish a strong foundation for our leadership more broadly in rare hematology. Our combination of near-term catalysts, disciplined investment, and a maturing pipeline creates a clear pathway to deliver long-term value.

Speaker #2: Agios is well positioned for the next chapter of growth while advancing the next wave of innovation across our rare disease portfolio. Before we move into Q&A, I'd like to acknowledge the dedication of our employees, whose unwavering focus and commitment continue to make a meaningful difference for patients with rare diseases.

Brian Goff: Agios is well positioned for the next chapter of growth while advancing the next wave of innovation across our rare disease portfolio. Before we move into Q&A, I'd like to acknowledge the dedication of our employees, whose unwavering focus and commitment continue to make a meaningful difference for patients with rare diseases. With that, I'd like to open the call for questions. Operator, please open the line.

Speaker #2: With that, I'd like to open the call for questions. Operator, please open the line.

Speaker #3: Thank you. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again.

Operator: Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. And our first question comes from Gregory Renza with Truist. Your line is open.

Speaker #3: And our first question comes from Gregory Renza with Truist. Your line is open.

Speaker #4: Great, thanks. Good morning, Brian and team. Congrats on the quarter and, of course, another eventful year. Maybe two questions from us: one on Acfesmi and then one on sickle cell.

Gregory Renza: Great, thanks. Good morning, Brian and team. Congrats on the quarter and, of course, another eventful year. Maybe two questions from us on AQVEZMI and then on sickle cell. First, just on the AQVEZMI launch, we appreciate all the color you are sharing early and getting patients engaged and prescriptions written. Just on that translation, perhaps on the prescription updates that we are seeing, how do you see that not only translating to treatment initiation, but also to revenue recognition? Maybe not asking for guidance on early quarters, but any color you can provide on Q1 and even subsequent early days of the launch with respect to how it bolstered revenue. And then I have a follow-up. Thanks.

Speaker #4: First, just on the Acfesmi launch, we appreciate all the color you are sharing early and getting patients engaged and prescriptions written just on that translation perhaps on the prescription updates that we are seeing.

Speaker #4: How do you see that not only translating to treatment initiation but also to revenue recognition? Maybe not asking for guidance on early quarters, but any color you can provide on the first quarter and even subsequent early days of the launch with respect to how it pulls through to revenue.

Speaker #4: And then I have a follow-up. Thanks.

Speaker #2: Yeah. Thanks, Greg. Very happy to talk about the launch and before Sveta gets going here, I just want to say I'm really proud of the way the team has executed its early days but Sveta is excited to finally have a chance to begin talking about the Acfesmi launch.

Brian Goff: Yeah, thanks, Greg. Very happy to talk about the launch. And before Tsveta gets going here, I just want to say I'm really proud of the way the team has executed its early days. But Tsveta is excited to finally have a chance to begin talking about the AQVEZMI launch.

Speaker #5: Absolutely. Definitely excited. And Greg, as I mentioned in my prepared remarks, we are really encouraged by the early demand that we're seeing with Acfesmi.

Sarah Gheuens: Absolutely, definitely excited. And Greg, as I mentioned in my prepared remarks, we are really encouraged by the early demand that we're seeing with AQVEZMI. As you mentioned, we reported that we had 44 prescriptions from REMS-certified physicians, up to 30 January, which is the first five weeks of the launch, and that is fantastic to see. With regards to your questions, what we expect is to see in the initial quarters, prescriptions and demand to grow ahead of revenues. And the main reason for that is that it takes about 10 to 12 weeks for us to convert prescriptions to treatment initiations and ultimately, revenues.

Speaker #5: As you mentioned, we are reported that we had 44 prescriptions from REMS-certified physicians up to January 30th, which is the first five weeks of the launch, and that is fantastic to see.

Speaker #5: With regards to your questions, what we expect is to

Speaker #1: To see in the initial quarters prescriptions and demand to grow ahead of revenues . And the main reason for that is that it takes about 10 to 12 weeks for us to convert prescriptions to treatment , initiations and ultimately revenues So we anticipate in Q1 , the majority of the prescriptions to turn into treatment initiation .

Tsveta Milanova: ... So, we anticipate, in Q1, the majority of the prescriptions to turn into treatment initiation, and as the year progresses, we'll expect to see revenues and demand to start tracking, more closely. We get a lot of questions about potential analogs. So when I think about another product which also has, a liver REMS, that's AQNEURSA. So that's a good analog for you to look at, of how the actual revenue trajectory throughout the first year of the launch, actually evolved. It's a very different disease, of course, but from a shape of the curve of the revenue, I think it's a good one to look at.

Sarah Gheuens: ... So, we anticipate, in Q1, the majority of the prescriptions to turn into treatment initiation, and as the year progresses, we'll expect to see revenues and demand to start tracking, more closely. We get a lot of questions about potential analogs. So when I think about another product which also has, a liver REMS, that's AQNEURSA. So that's a good analog for you to look at, of how the actual revenue trajectory throughout the first year of the launch, actually evolved. It's a very different disease, of course, but from a shape of the curve of the revenue, I think it's a good one to look at.

Speaker #1: And as the year progresses , we'll expect to see revenues and demand to start tracking more closely . We get a lot of questions about potential analogs .

Speaker #1: So when I think about another product , which also has a liver , Rems , that still sparring . So that's a good analog for you to look at of how the actual revenue trajectory throughout the first year of the launch actually evolved .

Speaker #1: It's a very different disease, of course, but from the shape of the curve of the revenue, I think it's a good one to look at.

Speaker #2: Great . Thank you . That's very helpful . And maybe just moving on to sickle cell and and But any color of that would help to to get you excited and how that kind of fits into the larger portfolio relative to pivot and the larger sickle cell space , even .

Gregory Renza: Great. So thank you. That, that's very helpful. And maybe just moving on to sickle cell and tebapivat, and of course, not to overlook the MDS readout in the first half, but you know, with enrollment complete in the phase 2 in sickle cell, and Sarah, the color that you've provided, maybe, if I may just ask a bit about how you're pegging expectations for what you want to see to get excited about the phase 2 data in sickle cell coming later this year. You've spoken about the potency and the higher hemoglobin response potential, but any color that would help to get you excited and how that kind of fits into the larger portfolio relative to mitapivat and the larger sickle cell space, even?

Speaker #2: Thanks so much. And congrats again, guys.

Gregory Renza: Thanks so much, and congrats again, guys.

Speaker #3: Thanks , Greg . Greg .

Brian Goff: Thanks, Greg. Sarah?

Sarah Gheuens: Thanks, Greg. So yes, thanks for the question, Greg. So the phase 2 tebapivat trial that we've just indeed announced full enrollment is a dose-finding trial, so we are looking indeed to explore the doses. We are looking at the hemoglobin response. It is a standalone phase 2 trial, so our VOCs are included as safety assessments, it's which is different than how the phase 2/3 seamless operational design was for Rise Up. But obviously, we're now in a position that we can leverage data across a PK activation franchise, basically, and we're able to use the Rise Up data to also model what we anticipate a hemoglobin response can lead to for clinical benefit. So we're very excited about the trial.

Speaker #1: So yes , thanks for the question , Greg . So the phase two trial that we've just announced full enrollment is a dose finding trial .

Speaker #1: So we are looking to explore the doses . We are looking at the hemoglobin response . It is a standalone phase two trial .

Speaker #1: So our VOCs are included as safety assessments which is different than how the phase two three seamless operational design was for rise up .

Speaker #1: But obviously we're now in a position that we can leverage data across PCA activation franchise . Basically , and we're able to use the rise of data to also model what we anticipate a hemoglobin response can lead to for clinical benefit .

Speaker #1: So we're very excited about the trial . We think actually the fact that we can announce the enrollment completion also reflects the excitement of the community .

Sarah Gheuens: We think, actually, the fact that we can announce the enrollment completion also reflects the excitement of the community. You know, the RISE UP data announcement really led to a faster enrollment in the tebapivat phase 2 trial, so we are very excited about that.

Speaker #1: You know , the rise of data announcement really led to a faster enrollment in the phase two trial . So we are very excited about that

Speaker #4: Thank you. Our next question comes from Samantha Simko with Citi. Your line is open.

Gregory Renza: Great.

Operator: Thank you. Our next question comes from Samantha Simenko with Citi. Your line is open.

Speaker #5: Hi . Good morning and thanks very much for taking the questions . And congratulations on all the commercial progress Just one follow up on activism .

[Analyst] (Citi): Hi, good morning, and thanks very much for taking the questions, and congratulations on all the commercial progress. Just one follow-up on AQVEZMI. I'm wondering if you could speak to a bit of the cadence of scripts that have come in since approval. And particularly, are you seeing an increase in the scripts written since 30 January, after the REMS has become fully operational? And then just a second question. I'm wondering if you could speak to the potential outcomes from the planned sNDA meeting with FDA on the sickle cell disease. What are the outcomes that could come out of that meeting? Thanks very much.

Samantha Semenkow: Hi, good morning, and thanks very much for taking the questions, and congratulations on all the commercial progress. Just one follow-up on AQVEZMI. I'm wondering if you could speak to a bit of the cadence of scripts that have come in since approval. And particularly, are you seeing an increase in the scripts written since 30 January, after the REMS has become fully operational? And then just a second question. I'm wondering if you could speak to the potential outcomes from the planned sNDA meeting with FDA on the sickle cell disease. What are the outcomes that could come out of that meeting? Thanks very much.

Speaker #5: I'm wondering if you could speak to a bit of the cadence of scripts that have come in since approval, and particularly, are you seeing an increase in scripts written since January 30, after the REMS has become fully operational? And then just a second question.

Speaker #5: I'm wondering if you could speak to the potential outcomes from the planned sNDA meeting with the FDA on sickle cell disease? What are the outcomes that could come out of that meeting?

Speaker #5: Thanks very much

Speaker #3: Thanks , Sam . So we we're going to stick with the 44 that we have so far for activism . But I think Sveta could continue to provide color on the early days of the launch .

Brian Goff: Thanks, Sam. So we're gonna stick with the 44 that we have so far for AQVEZMI, but I think Sveta could continue to provide color on, you know, the early days of the launch. And so I'll have Sveta start on that, and then Sarah can speak to the pre-sNDA meeting.

Speaker #3: And so I'll have Sveta start on that . And then Sarah can speak to the present day meeting

Speaker #6: Absolutely . Sam . And a reminder we started basically engaging and educating physicians and generating demand as soon as the product was approved .

Tsveta Milanova: Absolutely, Sam, and a reminder, we started basically engaging and educating physicians and generating demand as soon as the product was approved. So within the first five weeks of the launch, we've been educating physicians on the value proposition of AQVEZMI and the REMS itself. So we are very encouraged with what we see in terms of demand in this early stages of the launch. A lot of the things that are happening, and I'm really, really pleased with the execution of the team, are happening as we expected. So we are seeing prescriptions coming from the transfusion-dependent patients and the very engaged symptomatic non-transfusion dependent patients who have frequent interactions with the healthcare system, which is fantastic, and we see a very healthy dynamics of the launch in terms of the physicians prescribing.

Sarah Gheuens: Absolutely, Sam, and a reminder, we started basically engaging and educating physicians and generating demand as soon as the product was approved. So within the first five weeks of the launch, we've been educating physicians on the value proposition of AQVEZMI and the REMS itself. So we are very encouraged with what we see in terms of demand in this early stages of the launch. A lot of the things that are happening, and I'm really, really pleased with the execution of the team, are happening as we expected. So we are seeing prescriptions coming from the transfusion-dependent patients and the very engaged symptomatic non-transfusion dependent patients who have frequent interactions with the healthcare system, which is fantastic, and we see a very healthy dynamics of the launch in terms of the physicians prescribing.

Speaker #6: So, within the first five weeks of the war, the launch, we've been educating physicians on the value proposition of and the REMS itself.

Speaker #6: So we are very encouraged with what we see in terms of demand in this early stages of the launch . A lot of the things that are happening , and I'm really , really pleased with the execution of the team are happening as we expected .

Speaker #6: So we are seeing prescriptions coming from the transfusion dependent patients and the very engaged , symptomatic , non-transfusion dependent patients who have frequent interactions with the healthcare system , which is fantastic .

Speaker #6: And we see a very healthy dynamic of the launch in terms of the physicians prescribing. We see prescriptions coming from across the country, and a lot of them are in the community setting where the majority of the patients are treated.

Tsveta Milanova: We see prescriptions coming from across the country, and a lot of them are in the community setting, where the majority of the patients are treated, and I'm really pleased with the progress that the team is making.

Sarah Gheuens: We see prescriptions coming from across the country, and a lot of them are in the community setting, where the majority of the patients are treated, and I'm really pleased with the progress that the team is making.

Speaker #6: And I'm really pleased with the progress that the team is making

Speaker #3: Great. And then, Sarah, the pre-season meeting in Sam's question about the potential outcomes.

Brian Goff: Great. Then, Sarah, the pre-sNDA meeting and Sam's question about the potential outcomes.

Speaker #1: Yes . Thanks , Sam . So we've guided to the pre-season meeting in the first quarter of this year . The goal for that meeting is , of course , to gain insight in the regulatory pathways that we can use for Mitapivat .

Sarah Gheuens: Yes, thanks, Sam. So, we've guided to the pre-sNDA meeting in Q1 of this year. The goal for that meeting is, of course, to gain insights in the regulatory pathways that we can use for mitapivat. As stated, we are, of course, going in with a data package that we can, that we would like to present for full approval based on the data that was generated in RISE UP with, you know, the strong anti-hemolytic profile that is now confirming again the anti-hemolytic profile of mitapivat now in a, in a third hemolytic anemia with additional strong clinical benefit observed in those hemoglobin responders. And once we have that meeting, like, we are planning to give it an update, or when we have the meeting minutes, to you guys.

Speaker #1: As stated , we are , of course , going in with the data package that we can that we would like to present for full approval based on the data that was generated in Rise Up with the strong Anti-hemolytic profile that is now confirming again the Anti-hemolytic profile of Mitapivat .

Speaker #1: Now , in a third , hemolytic anemia with additional strong clinical benefit observed in those hemoglobin responders and once we have that meeting , like we are planning to give an update when we have the meeting minutes to to you guys

Speaker #5: Great, thanks very much.

[Analyst] (Citi): Great. Thanks very much.

Samantha Semenkow: Great. Thanks very much.

Speaker #4: Thank you. And our next question comes from Alex Stranahan with Bank of America. Your line is open.

Operator: Thank you.

Brian Goff: Thank you.

Operator: Our next question comes from Alex Stranahan with Bank of America. Your line is open.

Operator: Our next question comes from Alec Stranahan with Bank of America. Your line is open.

Speaker #7: Hey , guys . Thanks for taking our questions . Great to see the continued progress for both the commercial and the clinical stage portfolios .

Gregory Renza: Hey, guys. Thanks for taking our questions. Great to see the continued progress for both the commercial and the clinical stage portfolios.

Alec Stranahan: Hey, guys. Thanks for taking our questions. Great to see the continued progress for both the commercial and the clinical stage portfolios.

Speaker #7: Two questions from us , I guess . First , what is sort of the main bottleneck in forming that 10 to 12 week prescription to treatment initiation as it getting the patient in for their baseline liver test ?

Alec Stranahan: ... Two questions from us. I guess first, what is sort of the main bottleneck in forming that 10- to 12-week prescription to treatment initiation? Is it getting the patient in for their baseline liver test or maybe something else? And how do you anticipate this shortening over the course of this year? And then second, for tebapivat in MDS, what does good look like on transfusion independence in this lower risk population? And I guess given what you learned from the phase 2a, do you expect you could see activity at the 10 mg dose based on sort of the emerging PK data, or is this maybe more likely at the 15- and 20 mg doses? Thank you.

Speaker #7: Or maybe something else . And how do you anticipate this shortening over over the course of this year And then second , for pivot and MDS , what does good look like on transfusion independence in this lower risk population ?

Speaker #7: And I guess given what you learned from the phase two , A , do you expect you could see activity at the ten mcg dose based on sort of the emerging PK data , or is this maybe more likely at the 15 and 20 mcg doses ?

Speaker #7: Thank you .

Speaker #3: Thanks , Alex . So we're going to follow the same sequence here . Study gets to talk about the launch . And then Sarah thankfully we have a robust pipeline so she can discuss the MDS trial with Teva .

Brian Goff: Thanks, Alex. So we're going to follow the same sequence here. Tsveta gets to talk about the AQVEZMI launch, and then Sarah, thankfully, we've have a robust pipeline, so she can discuss the MDS trial with tebapivat.

Alec Stranahan: Thanks, Alex. So we're going to follow the same sequence here. Tsveta gets to talk about the AQVEZMI launch, and then Sarah, thankfully, we've have a robust pipeline, so she can discuss the MDS trial with tebapivat.

Speaker #3: Pivot .

Speaker #6: Absolutely. So the 10 to 12 weeks is driven by two things. The first aspect is the insurance authorization, which is very standard for any specialty.

Tsveta Milanova: Absolutely. So the 10 to 12 weeks is driven by two things. The first aspect is the insurance authorization, which is very standard for any specialty rare disease drug. That's not unique to AQVEZMI. And most of the patients would need to go through prior authorization, which can take, you know, on average, a month. And for some patients, it happens faster, for some patients, it takes longer. But that's one of the main drivers. The second aspect is the requirement for a liver test ahead of the treatment initiation. So when we combine both of these factors, we anticipate the conversion from prescription to treatment initiation to be, on average, 10 to 12 weeks. As I said, we'll see kind of patients falling on either end of that timeframe.

Sarah Gheuens: Absolutely. So the 10 to 12 weeks is driven by two things. The first aspect is the insurance authorization, which is very standard for any specialty rare disease drug. That's not unique to AQVEZMI. And most of the patients would need to go through prior authorization, which can take, you know, on average, a month. And for some patients, it happens faster, for some patients, it takes longer. But that's one of the main drivers. The second aspect is the requirement for a liver test ahead of the treatment initiation. So when we combine both of these factors, we anticipate the conversion from prescription to treatment initiation to be, on average, 10 to 12 weeks. As I said, we'll see kind of patients falling on either end of that timeframe.

Speaker #6: Rare disease drug . That's not unique to a and most of the patients would need to go through prior authorization , which can take an average a months .

Speaker #6: And for some patients , it happens faster . For some patients , it takes longer . But that's one of the main drivers .

Speaker #6: The second aspect is the requirement for a liver test ahead of the treatment initiation . So when we combine both of these factors , we anticipate the conversion from prescription to treatment initiation to be on average 10 to 12 weeks .

Speaker #6: As I said , we'll see . Kind of patients falling on either end of that time frame . And over time we'll of course look to shorten the time from prescription to treatment initiation on both fronts .

Tsveta Milanova: And over time, we'll of course look to shorten the time from prescription to treatment initiation, on both fronts. We have an excellent market access team that will be engaging with payers. So as some of the payers actually put the product on formulary, that can be an opportunity for us to move fast, faster through some of the prior authorizations, and supporting patients, as well as we'll be learning throughout the launch and identify areas to support patients to have an efficiency in their liver testing initially as well.

Sarah Gheuens: And over time, we'll of course look to shorten the time from prescription to treatment initiation, on both fronts. We have an excellent market access team that will be engaging with payers. So as some of the payers actually put the product on formulary, that can be an opportunity for us to move fast, faster through some of the prior authorizations, and supporting patients, as well as we'll be learning throughout the launch and identify areas to support patients to have an efficiency in their liver testing initially as well.

Speaker #6: We have an excellent market access team that will be engaging with payers . So as some of the payers actually put the product on formulary , that can be an opportunity for us to move faster through some of the prior authorizations and supporting patients , as well as we'll be learning throughout the launch and identify areas to support patients to have an efficiency in their liver testing initially , as well

Speaker #3: Great . And Sarah , for pivot and MDS , just some of the you know , what are we expecting . And and then the different dosing .

Brian Goff: Great. Sarah, for tebapivat and MDS, just some of the, you know, what are we expecting and then the different dosing.

Speaker #1: Yeah thanks , Alex . And so to your point we indeed are testing higher doses than the dose that we tested in the phase two .

Sarah Gheuens: Yeah, thanks, Alex. So to your point, we indeed are testing higher doses than the dose that we tested in the phase 2a. We have a 10 mg, a 15 mg, and a 20 mg dose. So indeed, we are looking to explore the doses here in this phase 2 to see which dose would be best. And then in addition, we are, because it's a heterogeneous patient population, this trial will also allow us to further define patient populations. So we have low and high transfusion burden, plus additional lines of therapy that have been used. So it will really give us a lot of insights on where this drug can play a role.

Tsveta Milanova: Yeah, thanks, Alex. So to your point, we indeed are testing higher doses than the dose that we tested in the phase 2a. We have a 10 mg, a 15 mg, and a 20 mg dose. So indeed, we are looking to explore the doses here in this phase 2 to see which dose would be best. And then in addition, we are, because it's a heterogeneous patient population, this trial will also allow us to further define patient populations. So we have low and high transfusion burden, plus additional lines of therapy that have been used. So it will really give us a lot of insights on where this drug can play a role.

Speaker #1: So we have a ten milligram of 15 milligram and a 20 milligram dose . So indeed we are looking to explore the doses here in this phase two to see which dose would be best .

Speaker #1: And then in addition , we are because it's a heterogeneous patient population . This trial will also allow us to further define patient populations .

Speaker #1: So we have low and high transfusion burden plus additional lines of therapy that have been used . So it will really give us a lot of insights on where this drug can play a role .

Speaker #1: Obviously , it's an oral therapy which of course can be very meaningful for a patient population like this because if patients who have treatment response , it allows them to be really untethered of the clinic .

Sarah Gheuens: Obviously, it's an oral therapy, which, of course, can be very meaningful for a patient population like this, because if patients would have treatment response, it allows them to be really untethered of the clinic.

Tsveta Milanova: Obviously, it's an oral therapy, which, of course, can be very meaningful for a patient population like this, because if patients would have treatment response, it allows them to be really untethered of the clinic.

Speaker #3: That's going to be it's an exciting year for Teva . Pivot in 2026 . We have two catalysts . As we noted , we have the MDS phase two trial in the first half of the year and then , as we've already discussed for sickle cell disease , the second half of this year , we look forward to that .

Brian Goff: Yeah, it's going to be. It's an exciting year for tebapivat in 2026. We have 2 catalysts. As we noted, we have the MDS phase 2b trial in the first half of the year, and then, as we've already discussed, for sickle cell disease, the second half of this year, we look forward to that phase 2 result.

Speaker #3: Phase two result .

Speaker #7: Great . Thanks for the color and congrats on the continued progress , guys .

Alec Stranahan: Great. Thanks for the color, and congrats on the continued progress, guys.

Speaker #3: Thank you .

Brian Goff: Thank you.

Speaker #4: Thank you . And our next question will come from Marc Frahm with TD Cohen . Your line is open .

Operator: Thank you. And our next question will come from Mark Fromm with TD Cowen. Your line's open.

Speaker #8: Hi . Thanks for taking my question . Questions maybe to start on me with the Rems certified physicians . Just can you maybe talk about kind of where that is from a quantitative perspective ?

Marc Frahm: Hi, thanks for taking my question, questions. Maybe start on AQVEZMI with the REMS certified physicians. Just can you maybe talk about kind of where that is from a quantitative perspective, you know, within these first few months? And kind of what do you think that trajectory looks like in terms of number and breadth of certified physicians over the next, you know, quarter or two, as that part of the ramp really happens? And then I'll follow up on the pipeline.

Speaker #8: You know , within these first few months ? And what do you think of that trajectory looks like in terms of number and breadth of certified physicians over the next quarter or two , as the as that part of the ramp really happens ?

Speaker #8: And then I'll have a follow up on the pipeline .

Brian Goff: Okay, so you can start.

Speaker #3: So I can start .

Speaker #6: Yeah . When it comes to the Rems in this initial stage of the launch , I'm really pleased with what we are seeing and things are happening exactly as we anticipated .

Tsveta Milanova: Yeah, when it comes to the REMS, in this initial stage of the launch, I'm really pleased with what we are seeing, and things are happening exactly as we anticipated. Physicians don't see the REMS as barrier to prescribing, and the patients that we've engaged with, they basically don't see it as burdensome, given the strong value proposition of AQVEZMI and their willingness to consider and initiate therapy. What is happening with the REMS? Initially, a lot of the bigger academic centers and care worlds are getting certified, and when it comes to the community physicians, actual certification happens almost simultaneous with the first prescription. We will see in a way, the certification and REMS progressing simultaneously over time.

Speaker #6: Physicians don't see the Rems as barrier to prescribing , and the patients that we've engaged with , they basically they don't see it as burdensome given the strong value proposition of A and their willingness to to consider an initiate therapy .

Speaker #6: What is happening with the Rems ? Initially , a lot of the the bigger academic centers and care are getting certified . And when it comes to the community , physicians actual certification happens almost simultaneously with the first prescription .

Speaker #6: And we will see , in a way , the certification and Rems progressing simultaneously over time . But as I said , Rems hasn't been a reason or a or a reason for not to prescribe is the opposite .

Tsveta Milanova: But as I said, REMS hasn't been a reason for not to prescribe. It's the opposite. When physicians have patients that they want to initiate, they're more than willing to start to complete the REMS, which can actually take one visit. It's a very quick process.

Speaker #6: When physicians have patients that they want to initiate , they're more than willing to start to complete the Rems , which can actually take them .

Speaker #6: One visit . It's a very quick process

Marc Frahm: Okay, thanks. That's helpful. And then maybe just following up on Sarah's comments about the pre-sNDA meeting and that the package is really aimed for supporting full approval. I think at other times, you've also mentioned possibilities of an outcome of accelerated approval. Is that still something you think is a reasonable outcome, or are you, you know, more confident in a full approval than maybe you have been as you've gotten a little deeper into the data and conversations? And then assuming accelerated is on the table, you know, what's your latest thoughts on kind of what a confirmatory trial might look like under that scenario?

Speaker #8: That's helpful . And then maybe just following up on Sarah's comments about the NDA meeting and that the package is really aimed for for supporting full approval .

Speaker #8: I think at other times , you've also mentioned possibilities of an outcome of accelerated approval . Is that still something you think is a reasonable outcome , or are you , you know , more confident in a full approval than maybe you have been as you've gotten a little deeper into the data and conversations and then assuming accelerated is on the table , what's your latest thoughts on what a confirmatory trial might look like under that scenario

Speaker #1: Yes . So thanks , Mark . So for us , the data package really the benefit risk profile generated in Rise of confirms that strong anti-hemolytic profile , as I mentioned .

Sarah Gheuens: ... Yeah. So thanks, Mark. So for us, the data package, really, the benefit risk profile generated in RISE confirms that strong anti-hemolytic profile, as I mentioned, and we really see those clinically meaningful changes in the hemoglobin responder. So our view is that benefit risk here is, you know, seen in this trial, and it's a supplemental NDA. Now, as you also know, at ASH recently, the FDA highlighted that hemoglobin can be a surrogate endpoint for sickle cell disease. So either one of those pathways for us allows us to discuss the data, and have that meaningful conversation with the agency under any of those circumstances. Then there's always the normal filing procedures that, yeah, one would have to go through. But we're very, very excited about the data as it stands.

Speaker #1: And we really see those clinically meaningful changes in the hemoglobin response . So our view is that benefit risk here is is , you know , seen in this trial and it's a supplemental NDA .

Speaker #1: Now as you also know at Ash recently the FDA highlighted that hemoglobin can be a surrogate endpoint for sickle cell disease . So either either one of those pathways for us allows us to discuss the data and have that meaningful conversation with the agency under any of those circumstances .

Speaker #1: Then there's always the normal filing procedures that one would have to go through . But we're very , very excited about the data as it stands then in regards to your question on confirmatory trials , obviously we have several options that we can can discuss in which some of these options have endpoints that have been used before .

Sarah Gheuens: Then in regards to your question on confirmatory trials, obviously we have several options that we can discuss, in which some of these options have endpoints that have been used before. Some of them are novel endpoints as well. So we're ready to discuss as needed.

Speaker #1: Some of them are novel endpoints as well . So we are ready to discuss as needed

Speaker #8: Okay . Thank you .

Emily Bodnar: Okay. Thank you.

Marc Frahm: Okay. Thank you.

Speaker #9: Yes .

Speaker #4: Thank you. And our next question will come from Eric Schmidt with Cantor. Your line is open.

Operator: Thank you. Our next question will come from Eric Schmidt with Cantor. Your line's open.

Speaker #10: Hey , guys . Sorry for any background noise , but Cecilia mentioned a direct path or clear path to profitability . I was hoping you could get a little bit more detail on thinking around the break even point of revenue needed to hit that and maybe timelines to profitability .

Eric Schmidt: Hey, guys. Sorry for any background noise, but Cecilia mentioned a direct path or clear path to profitability. I was hoping you'd get a little bit more detail on thinking around the breakeven point of revenue needed to hit that and maybe timelines to profitability. And then were there any sales at all in the GCC countries in Q4? Thank you.

Speaker #10: And then were there any sales at all in the GCC countries in Q4 ? Thank you .

Speaker #11: So we have . Thanks , Eric . We we gave the guidance on profitability with PCD thalassemia , regardless of the path forward for sickle cell , none of us our based case there , we haven't given a specific timing of when that that will happen .

Cecilia Jones: We have. Thanks, Eric. We gave the guidance on profitability with PKD and thalassemia, regardless of the path forward for sickle cell. Kind of as our base case there. We haven't given specific timing of when that will happen. We believe that, you know, thalassemia is a meaningful opportunity. We're excited about the initial stages of the launch. We'll also have, as you mentioned, ex-US being part of that opportunity as well. And then part of that profitability path also requires us to proactively manage our OpEx as we navigate the multiple catalysts on the pipeline. We talked about tebapivat, but we also have other earlier programs, so we haven't given specific timing on that. That was the second part.

Speaker #11: We believe , you know , thalassemia is a meaningful opportunity . We're excited about the initial stages of the launch . We also have , as you mentioned , Zrx being part of that opportunity as well .

Speaker #11: And then part of that profitability path also requires us to proactively manage our OpEx as we navigate the multiple catalysts on the pipeline .

Speaker #11: We talked about Teva , but we also have other programs , so we haven't given specific timing on that second GCC . And then for GCC , what we've seen the the excuse revenue , we saw in Q4 is mostly driven by Europe .

Brian Goff: The GCC?

Cecilia Jones: And then for GCC, what we've seen, the ex-US revenue we saw in Q4 is mostly driven by Europe, and that is in anticipation of demand, so that's why we guided to an expected decrease, Q4 to Q1. GCC, as a reminder today, is on an equivalent of a named patient, like case by case, so you'll see some consistency quarter over quarter until we get to the point where we have more broad access negotiated over the next 12 to 18 months or so.

Speaker #11: And that is in anticipation of demand . So that's how we guided to an expected decrease Q4 to Q1 . GCC , as a reminder , today is on a equivalent of a named patient like case by case .

Speaker #11: So you'll see some consistency quarter over quarter until we get to the point where we have more broad access negotiated over the next 12 to 18 months or so .

Speaker #3: Yeah . And Eric , I'll just add , we're pleased with the partner we have in place in GCC with Newbridge . And I spent some time in Saudi Arabia Late last year and really got a kind of a street level sense about how the team is doing the enthusiasm from clinicians as well as even at the Minister of Health level .

Brian Goff: Yeah, and, Eric, I'll just add, we're pleased with the partner we have in place in GCC with Newbridge. Tsveta and I spent some time in Saudi Arabia late last year and really got a kind of a street-level sense about how the team is doing, the enthusiasm from clinicians, as well as even at the Minister of Health level. And, you know, that's gonna take some time to build traction, but I think in the early days we feel quite good about the opportunity.

Speaker #3: And , you know , that's going to take some time to build traction . But I think in the early days we feel quite good about the opportunity

Speaker #10: Thank you .

Eric Schmidt: Thank you.

Speaker #3: You bet .

Brian Goff: You bet.

Speaker #4: Thank you. And our next question comes from Emily Bodner with H.C. Wainwright. Your line is open.

Operator: Thank you. Our next question comes from Emily Bodner with H.C. Wainwright. Your line's open.

Speaker #12: Hi . Good morning . Thanks for taking the questions . And congrats on all the progress . I guess for the first one , can you give some color on the type of physicians who are initially prescribing Acsm and whether they're mainly physicians who've used Parkign in the past , or are you getting physicians who are more new to drug ?

Emily Bodnar: Hi, good morning. Thanks for taking the questions, and congrats on all the progress. I guess for the first one, can you give some color on the type of physicians who are initially prescribing AQVEZMI and whether they're mainly physicians who've used PYRUKYND in the past, or are you getting physicians who are more new to drug? And then on sickle cell disease, assuming you achieve alignment with the FDA, are you expecting potential approval in 2026? And can you maybe discuss some of the launch prep that you're planning to do this year ahead of approval? Thanks.

Speaker #12: And then on sickle cell disease , assuming you achieve alignment with the FDA , are you expecting potential approval in 2026 ? And can you maybe discuss some of the launch preps that you're planning to do this year ahead of approval ?

Speaker #12: Thanks .

Speaker #3: Thanks , Emily . You want to start with and the types of physicians in the early days .

Brian Goff: Thanks, Emily. Tsveta, you want to start with AQVEZMI and the types of physicians in the early days?

Speaker #6: Absolutely . As I said , a lot of the early launch dynamics are playing expected . The team did a fantastic job ahead of the launch .

Sarah Gheuens: Absolutely. As I said, a lot of the early launch dynamics are playing as expected. The team did a fantastic job ahead of the launch, profiling and prioritizing accounts, so the initial prescriptions are actually coming from the physicians we anticipated to see prescribing. As I mentioned, Emily, they're primarily the community hematologists, where a majority of the patients are, and these are physicians we've engaged with previously. We don't see that much overlap between PK deficiency and thalassemia, and that's because PK deficiency is an ultra-rare disease, so there are very few physicians who actually have experience with PYRUKYND through PK deficiency. And as I said, I'm very pleased with the start of the launch. It's a very healthy breadth of prescribing that we see across the country.

Tsveta Milanova: Absolutely. As I said, a lot of the early launch dynamics are playing as expected. The team did a fantastic job ahead of the launch, profiling and prioritizing accounts, so the initial prescriptions are actually coming from the physicians we anticipated to see prescribing. As I mentioned, Emily, they're primarily the community hematologists, where a majority of the patients are, and these are physicians we've engaged with previously. We don't see that much overlap between PK deficiency and thalassemia, and that's because PK deficiency is an ultra-rare disease, so there are very few physicians who actually have experience with PYRUKYND through PK deficiency. And as I said, I'm very pleased with the start of the launch. It's a very healthy breadth of prescribing that we see across the country.

Speaker #6: Profiling in prioritizing accounts . So the initial prescriptions are actually coming from from the physicians . We anticipated to see prescribing , as I mentioned , Emily , there , the community hemonc where a majority of the patients are and these are physicians we've engaged with previously , we don't see that much overlap between PK deficiency and Talasemia .

Speaker #6: And that's because PK deficiency is an ultra rare disease . So there are very few physicians who actually have experience with Pyrogene Tropic deficiency .

Speaker #6: And as I said , I'm very pleased with the with the start of the launch . It is a very healthy breadth of prescribing that we see across the country .

Speaker #6: The physicians are engaged and really trying the product in the patients that they think will benefit the most .

Sarah Gheuens: Different physicians are engaged and really trying the product in the patients that they would think will benefit the most initially.

Tsveta Milanova: Different physicians are engaged and really trying the product in the patients that they would think will benefit the most initially.

Speaker #3: Initially . Great . And Sarah , for sickle cell disease . And potential timing .

Brian Goff: Great. And, Sarah, for sickle cell disease and-

Sarah Gheuens: Yes.

Brian Goff: - potential timing.

Speaker #1: Yes . So , Emily , we haven't guided to potential approval dates yet . We are now the first guidance we have given in this process is our pre NDA meeting .

Sarah Gheuens: Yes. So Emily, we haven't guided to potential approval dates yet. We are now. The first guidance we have given in this process is our pre-sNDA meeting, anticipated Q1. And then, in regards to the launch prep, I will ask Cecilia to comment.

Speaker #1: Anticipated Q1 . And then in regards to the launch prep , I will ask Cecilia to comment .

Speaker #11: Yeah . So as a reminder we didn't have a very similar to how we did thalassemia . We didn't build for sickle cell until we saw the data .

Cecilia Jones: Yeah. So as a reminder, we didn't... You know, very similar to how we did thalassemia, we didn't build for sickle cell until we saw the data, and that's what we refer to when we talk about the gated sickle cell investments. We will-

Speaker #11: And that's what we refer to when we talk about the sickle cell investments . We will look into that timeline and understand the path to start building investment there .

Tsveta Milanova: ... look into that timeline and understand the path, to start, building investment there accordingly.

Cecilia Jones: ... look into that timeline and understand the path, to start, building investment there accordingly.

Speaker #11: According to

Speaker #4: Thank you . And our next question will come from Salveen Richter with Goldman Sachs . Your line is open

Operator: Thank you. And our next question will come from Savine Richter with Goldman Sachs. Your line is open.

Speaker #13: Good morning . This is Lydia On for Salveen . Thanks so much for taking our questions and congrats on the updates . Is there any additional color you can provide on the split between the Non-transfusion and transfusion dependent patients ?

Lydia Erdman: Good morning, this is Lydia on for Savine. Thanks so much for taking our questions, and congrats on the updates. Is there any additional color you can provide on the split between the non-transfusion and transfusion-dependent patients, among these 44 scripts that have been written? And then, given scripts will be the key metric to watch, do you anticipate third-party services like IQVIA to accurately capture these scripts? Thanks so much.

Lydia Edman: Good morning, this is Lydia on for Savine. Thanks so much for taking our questions, and congrats on the updates. Is there any additional color you can provide on the split between the non-transfusion and transfusion-dependent patients, among these 44 scripts that have been written? And then, given scripts will be the key metric to watch, do you anticipate third-party services like IQVIA to accurately capture these scripts? Thanks so much.

Speaker #13: Amongst these 44 scripts that have been written and then given scripts will be the key metric to watch . Do you anticipate third party services like Iqvia to accurately capture these scripts ?

Speaker #13: Thanks so much

Speaker #11: Yep .

Brian Goff: Yep.

Tsveta Milanova: Yep, so the initial prescriptions, as I said, very much as we anticipated, come from a combination of transfusion-dependent patients. Obviously, a large proportion is transfusion-dependent patients and a very engaged symptomatic non-transfusion-dependent patients who are in an active interaction with the healthcare system. So when you think about kind of the evolution over time, as anticipated, I think we'll see initially more transfusion-dependent patients, but the scale-up of the launch will come from the non-transfusion dependent patients later on. When you think about IQVIA, we have a single specialty pharmacy that distributes the product, so IQVIA will not be the right source for you to look at. It's just the information will not be available.

Speaker #6: So the initial prescriptions , as I said , very much as we anticipated , come from a combination of transfusion dependent patients . Obviously , a large proportion is transfusion dependent patients and a very engaged symptomatic , non-transfusion dependent patients who are in an active interaction with the healthcare system .

Speaker #6: So when you think about the kind of the evolution over time , as anticipated , I think we'll see initially more transfusion dependent patients .

Speaker #6: But the scale up of the launch will come from the non-transfusion dependent patients later on . When you think about Iqvia , we have a single specialty pharmacy that distributes the product .

Speaker #6: So Iqvia will not be the right choice for you to look at . It's just the information will not be available . And this is the reason that we're looking to provide you initially with prescriptions revenue as well as we gave you the guidance on PK deficiency .

Tsveta Milanova: This is the reason that we're looking to provide you initially with prescriptions, revenue, as well as we gave you the guidance on PK deficiency, so you can see where the growth of thalassemia will be coming throughout the year.

Speaker #6: So you can see where the growth of thalassemia will be coming throughout the year

Speaker #13: Thanks so much .

Lydia Erdman: Thanks so much.

Lydia Edman: Thanks so much.

Speaker #4: Thank you. And our next question will come from Tess Romero with J.P. Morgan. Your line is open.

Operator: Thank you. And our next question will come from Tess Romero with J.P. Morgan. Your line is open.

Speaker #14: Hey , guys . Thanks so much for taking our questions this morning . So first one is just on Just can you just quickly touch on initial payer dynamics over the first couple of quarters here and remind us of payer mix .

Tessa Thomas Romero: Hey, guys! Thanks so much for taking our questions this morning. So first one is just on AQVEZMI. Just, can you just quickly touch on initial payer dynamics over the first couple of quarters here, and remind us of payer mix? Just wanna make sure that we're thinking about potential free drug the right way. And then second question, a bit of a housekeeping question here. If you are indeed approved in sickle cell disease, how does your SG&A line change? Just trying to think through what you might need to successfully launch a drug in sickle cell, from an expense perspective. Thanks so much.

Tessa Romero: Hey, guys! Thanks so much for taking our questions this morning. So first one is just on AQVEZMI. Just, can you just quickly touch on initial payer dynamics over the first couple of quarters here, and remind us of payer mix? Just wanna make sure that we're thinking about potential free drug the right way. And then second question, a bit of a housekeeping question here. If you are indeed approved in sickle cell disease, how does your SG&A line change? Just trying to think through what you might need to successfully launch a drug in sickle cell, from an expense perspective. Thanks so much.

Speaker #14: Just want to make sure that we're thinking potential free drug , the right way . And then second question , a bit of a housekeeping question here .

Speaker #14: If you are indeed approved in sickle cell disease , how does your SG&A line change ? Just trying to think through what you might need to successfully launch a drug in sickle cell from an expense perspective .

Speaker #14: Thanks so much .

Speaker #3: Okay . Thanks , Tess . And Sveta can start on the payer aspects , and maybe we could also just remind our gross to net assumptions to .

Brian Goff: Okay, thanks, Tess. And, Tsveta can start on the payer aspects, and maybe we could also just remind our gross-to-net assumptions, too. I don't think we-

Speaker #3: I don't think we . Yep .

Tsveta Milanova: Yep.

Brian Goff: We've covered that.

Speaker #6: I'm so , so I'll start here . So the the payer mix in thalassemia is quite similar to pick a deficiency with majority of the patients being under the commercial payer bucket .

Tsveta Milanova: Absolutely. So Tess, I will start here. So the payer mix in thalassemia is quite similar to PK deficiency, with majority of the patients being under the commercial payer bucket. Very similar to PK deficiency in any other drug. Initially, the actual market access and payer authorization through it will happen through medical exceptions, because payers would take time, about 6 months, 6 to 9 months, to actually start putting the product on formulary. We have a very experienced market access team that is very familiar of how to navigate the medical exceptions process, and so far, in these early stages of the launch, I must say, as expected, we haven't seen any payer hurdles at all.

Speaker #6: Very similar to pick deficiency in any other drug . Initially , the actual market access and bear authorization . It will happen through medical exceptions because payers would take time about six months , 6 to 9 months to actually start putting the product on formulary .

Speaker #6: We have a very experienced market access team that is very familiar of how to navigate the medical exceptions process , and so far in these early stages of the launch , I must say , as expected , we haven't seen any any payer herders hurdles at all .

Speaker #6: I think the value proposition of access speaks to itself , and the team is doing a great job in terms of those interactions .

Tsveta Milanova: I think the value proposition of AQVEZMI speaks to itself, and the team is doing a great job in terms of those interactions. Brian asked to kind of comment on the gross to net assumptions. Given that we don't expect that to be a managed category, very similar payer mix to PK deficiency or gross to net, net assumptions for thalassemia, similar to PK deficiency, 10% to 20%. And then on the SG&A question, Tess, as we think about it, so as I mentioned, we're gonna gauge and manage our spend based on the regulatory discussions and the timing.

Speaker #6: Brian asked kind of to comment on the gross net assumptions , given that we don't expect that to be a managed category . Very similar payer mix to pick a deficiency or gross assumptions for thalassemia , similar to pick a deficiency 10 to 20% .

Speaker #11: And then the question test , as we think about it . And so as I mentioned , we're going to gate and manage our spend based on the regulatory discussions and the timing .

Speaker #11: But if you want to think about it , as we have an infrastructure that we have built for PKD and thalassemia , that we would obviously leverage , but the scale of sickle is much bigger .

Tsveta Milanova: But if you wanna think about it, is we have an infrastructure that we have built for PKD and thalassemia that we would obviously leverage, but the scale of sickle is much bigger, so we would have to scale up those functions that we built, but we have a really nice foundation to build from.

Speaker #11: So we would have to scale up those functions that we built . But we have a really nice foundation to build from

Speaker #14: Thank you .

Tessa Thomas Romero: Thank you.

Tessa Romero: Thank you.

Speaker #3: Thank you .

Brian Goff: Thank you.

Operator: Thank you. Our last question will come from Luca Aisi with RBC Capital Markets. Your line is open.

Speaker #4: Thank you . And our last question , it will come from Luca . I with RBC capital Markets . Your line is open .

Operator: Thank you. Our last question will come from Luca Aisi with RBC Capital Markets. Your line is open.

Speaker #12: Oh , great .

Shelby Hill: Oh, great! Hi, team. This is Shelby on for Luca, and thanks for taking the question. Could you remind us what's the rationale for dosing higher in lower-risk MDS versus the Phase 2 for sickle cell disease? And then maybe one more. Now that we have the label and REMS program for thalassemia, do you expect any read-through to sickle cell, and has it changed any internal expectations on the commercial opportunity there? Any color is much appreciated. Thanks.

Speaker #15: Hi , team . This is Shelby on for Luca . And thanks for taking the question . Could you remind us what's the rationale for dosing higher in lower risk MDS versus the phase two for sickle cell disease .

Speaker #15: And then maybe one more now that we have the label and Rems program for thalassemia , do you expect any read through to sickle cell and has it changed any internal expectations on the commercial opportunity ?

Speaker #15: There any color much appreciated . Thanks .

Speaker #3: I think we could start with MDS and the rationale for the all all three of the doses being higher than what we tested in the two A and then we'll talk a little bit about Rems and sickle .

Brian Goff: Yeah, I think so. So we could start with MDS and the rationale for all three of the doses being higher than what we tested in the two A, and then we'll talk a little bit about REMS in sickle.

Speaker #1: Yes . So for the rationale of higher doses . So we originally had a phase two A with the five milligrams dose based on modeling from the healthy volunteer trials .

Tsveta Milanova: Yes. So for the rationale of higher doses, so we originally had a Phase 2a with the 5-mg dose based on modeling from the healthy volunteer trial. But we learned in that trial that MDS patients metabolize it faster, the drug, and so we, we pushed the dose higher in the Phase 2b to do further dose exploration.

Sarah Gheuens: Yes. So for the rationale of higher doses, so we originally had a Phase 2a with the 5-mg dose based on modeling from the healthy volunteer trial. But we learned in that trial that MDS patients metabolize it faster, the drug, and so we, we pushed the dose higher in the Phase 2b to do further dose exploration.

Speaker #1: But we learned in that trial that MDS patients metabolize it faster to drug . And so we pushed the dose higher in the phase two B to do further dose exploration versus sickle cell disease .

Sarah Gheuens: ... versus sickle cell disease patients who are exactly the same as healthy volunteers. So that is why we have those differences between those two indications.

Speaker #1: Patients who were exactly the same as healthy volunteers . So that is why we have those those differences between those two , two indications .

Speaker #1: .

Speaker #3: And then and Sarah , you can start on the sickle cell . The question about Rems and read through . And I can certainly comment on how we see it commercially .

Brian Goff: And then, Sarah, you can start on the sickle cell question about REMS and read-through, and Sveta can certainly comment on how we see it commercially.

Speaker #1: Yes. So, as you know, in the sickle cell disease program, we did not have the same observations as we had in thalassemia.

Sarah Gheuens: Yes. So as you know, in the sickle cell disease program, we did not have the same observations as we had in thalassemia. So it's much more like the pyruvate kinase deficiency program, where we do not have a REMS, as you know, versus thalassemia, where we do have a REMS. So all of this actually does give us optionality. So our going-in position based on the data observed is that that would not be needed, and we would propose something more like the pyruvate kinase deficiency path. Now, a read-through, if it would turn out to be a REMS, I'll hand that one over to Tsveta.

Speaker #1: So it is much more like the pyruvate kinase deficiency program , where we do not have a Rems . As you know , versus thalassemia , where we do have a Rems .

Speaker #1: So all of this actually does give us optionality . So our going in position based on the data observed is that that would not be needed .

Speaker #1: And we and we would propose something more like the pyruvate kinase deficiency path . Now a read through , if it would turn out to be a Rems , I'll hand that one over to Sarah .

Speaker #6: Absolutely . Obviously , sickle cell disease is is a devastating disease with high morbidity and mortality . No treatment options . So we see a meaningful commercial opportunity assuming we have a label in the US and the team will be ready to execute on it .

Tsveta Milanova: Absolutely. Obviously, sickle cell disease is a devastating disease with high morbidity and mortality, no treatment options. So we see a meaningful commercial opportunity, assuming we have a label in the US, and the team will be ready to execute on it. We've got ready and executing successfully on the REMS for thalassemia. It gives us a very solid foundation to continue to execute, if we were to have something similar in sickle cell disease as well.

Speaker #6: We've got we got ready and executing successfully on the Rems for Talassemia . It gives us a very solid foundation to continue to execute .

Speaker #6: If we were to have something similar in sickle cell disease as well.

Speaker #3: Yeah , I'll just take a moment to say so . Sveta's team has continued to navigate through PKD as a launch , which is ultra rare and certainly not not the easiest of launches that began back in 2022 .

Brian Goff: Yeah, and I'll, I'll just take a moment to say, so Tsveta's team has continued to navigate through PKD as a launch, which is ultra-rare and certainly not, not the easiest of launches that began back in 2022. And now we have AQVEZMI off to, you know, a really good start in the first month of January. So I, I feel very confident the team in any scenario will be very well prepared. So I think that's our last question.

Speaker #3: And now we have activism and off to you. A really good start in the first month of January. So I feel very confident the team, in any scenario, will be very well prepared.

Speaker #3: So I think that's our last question .

Speaker #4: Yes

Brian Goff: Yes.

Speaker #3: Okay , then I will go ahead and close it down . First . I just want to thank everyone for joining us this morning .

Brian Goff: Okay. Then, I will go ahead and close it down. First, I just wanna thank everyone for joining us this morning. It's an exciting time for Agios. As you heard throughout the call, we're entering 2026 with quite strong momentum and really pleased that we're already seeing strong initial progress with the AQVEZMI launch in the US. We have meaningful clinical and regulatory catalysts ahead, as we've talked about, and we'll continue to operate with financial discipline. These near-term drivers, combined with our advancing pipeline, position Agios to deliver sustained growth and long-term value, and we very much appreciate your continued engagement and look forward to updating you on our progress throughout the year. Thanks a lot.

Speaker #3: It's an exciting time for Agios . As you heard throughout the call , we're entering 2026 with quite strong momentum and really pleased that we're already seeing strong initial progress with the launch in the US .

Speaker #3: We have meaningful clinical and regulatory catalysts ahead . As we've talked about , and will continue to operate with financial discipline . These near-term drivers , combined with our advancing pipeline position , Agios to deliver sustained growth and long term value .

Speaker #3: And we very much appreciate your continued engagement and look forward to updating you on our progress throughout the year. Thanks a lot.

Operator: Thank you. This does conclude today's conference call. Thank you for participating, and you may now disconnect.

Q4 2025 Agios Pharmaceuticals Inc Earnings Call

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