AVDL - Earnings call transcript Q2 2020 | Avadel Pharmaceuticals plc

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Operator

Greetings, and welcome to the Avadel Pharmaceuticals Second Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. And it is now my pleasure to introduce your host, Tom McHugh, Chief Financial Officer. Mr. you, Thank begin. may McHugh, you

Thomas McHugh

on Good morning, conference quarter us our be for results thank This morning, you accessed can call. release second release. joining website we www.avadel.com. news on The and our issued financial our

begin, reminder, meaning includes the several following a Private the Securities constitute As Act the statements of that XXXX. forward-looking presentation we before within of matters Litigation Reform

products for such more the cause forward-looking in public and fully Form are not pricing. to update otherwise. any and law, or These obligation development to those on risks actual could March contained future Avadel's forward-looking Act results products uncertainties XX, new requirements, and subject to that from events, the to stringent including or undertakes revise market Except statements meet risks Forward-looking contemplated which information, required achieve These no filed include acceptance and uncertainties in statements. risks subsequent the in filings. or in risks competitive reflect milestones, that ended of described other materially was filings this differ year impact XXXX Exchange and as the regulatory regarding scientific products objectives, may stage statements are under SEC December Avadel presentation XXXX, XX, by XX-K of

Officer time, Chief On Dubow, Medical Divis. are, this the today call to At and turn will I Dr. Jordan Executive the me Divis, our Greg Chief Officer. call Greg with our over

Greg Divis

a followed Jordan, and Q&A I for Tom, the continue quarter, by the results the will to on who business will significant in program, as FTXXX for XXXX then milestones call. to, a session. conclude turn our to an the review Quarter we the Good Tom. conference update progress joining thank will financial morning our with us begin update transform the key you, on everyone give on highlighting made achieved you Thank over call and outlook, I'll Second Avadel. brief with

So get with let's that, started.

history. its is leading through team Our Avadel period its in most dynamic

with even a on a and date, place formulation Jordan NDA have move sodium cataplexy treat FTXXX, to with daytime path approval, patients the we the narcolepsy. clinical the development nightly to oxybate submission. physicians once excessive collected team for successful critical to with trial, plans our patients on designed a potential in and to daytime program and additional during filing, sleepiness combined our confident FTXXX highly FDA. advancement us clinically FDA that his We We the sleepiness remarks. of actions clinical and will in touch excessive and the Post in the we results closer REST-ON recently more this direct NDA research taken, of FTXXX meeting confirm, and FTXXX to As launch milestone, that to pre-NDA investigational Advanced from cataplexy the market for with remains completed treatment meaningful support data statistically provide significant both of our the with patients potential valuable narcolepsy. believe the

actions our actions deliberate me let that has in a deliver the also several to place that deeper strategy dive to very we've As little In context, on the value ensure long-term taken such, into shareholders. our building our months. past Avadel for while resources over

data, for the clinically time we've less one endpoints Placebo. no this than our co-primary the meaningful But than and topline late we patients. X.XXX, our The completing support only clinically executed April the in we've overall optionality question FTXXX's earlier to that additional continues potentially the announced an XXXX, creating to in X REST-ON the the p-values positive the the improvement was offer all FTXXX highlighting of that FTXXX announcement we of for levels X value. in will demonstrated a During in benefit data executed build includes is and This Phase for secondary team had with for with plan line statistically confidence is of significant showed projected. pivotal dose Avadel's that longer. the steps announcement strategic endpoints data tested mark and very three meaningful development ensure study were shareholder compared today unequivocal FTXXX, believe of that strategy half FTXXX, first meaningful the has from FTXXX. goal The the place of against most topline the positive study maintain can strategy

the following. delivered we've As on such,

cash First, market preparation million, a addition in to of of work. with This completed the net we process balance February. pipe, the and well million $XX an to public in from FTXXX offering we our and net financially development, $XXX proceeds May, us completed which strengthen is necessary and sheet, position remaining as plan has infusion support further execute as regulatory its proceeds

for cash further believe stakeholders. we with in of used in transaction maximum is drugs, hospital toward focused strategy, both for geared our Sterile alignment of all total portfolio Exela sale The this and and LLC. transaction position our $XX drive the simplified to completed our is of sterile we completion XX, ensuring a June legacy on which this overall the We million of Medicines improved value setting Second, of the all Company. FTXXX injectable

REST-ON, announced patients once to the FTXXX. study extension a dosing nightly we twice and sodium initiation to from of switching Third, for oxybate an of study open-label switch nightly July, evaluate in

all is this study are getting in of we this the Although pandemic. middle started, just

We pleased our high nightly the are level of in interest with investigational once FTXXX.

we in provides steps our the based the and from plans important with of with hospital This for the for timelines, and remaining the and strategic on FTXXX sale product cash-on-hand our ended decide million to we plans along of should to quarter brings the prepare the And approved, our hospital the products, completion products, sufficient believe if on us FTXXX. With to launch the the liquidity launch us with of to own. million $XXX next offering current we collect the cash. sale $XX.X of equity

is As I complete, now announced just moment that quite today we with data mentioned are of resulting REST-ON and we a analyses the set the the data. ago, pleased full

REST-ON Our of meeting, daytime to the pre-NDA highly sleepiness, will recent now full toward ahead this narcolepsy architecture, NDA has We measures was post data submission. and full Jordan three on FTXXX also set on sleep Placebo more other of compared symptoms significant demonstrated speed these analysis doses. findings. data we're and as elaborate all the other at

some in most highest immediate the priority. the filing single very -- is complete While is there I clear to for FTXXX there and our want that work although be additional still submission, of our to preparation NDA

built has consistently the or expectations. have which on a team, ability world-class ahead of We to deliver demonstrated execute and

a to of executing preparation plans to to name we this, many assist As medical in and our patient's such, the different execute we've I'm full us affairs, support plan, a FTXXX, right such package. team build, Furthermore, workstreams scientific industry analytics, critical efforts. across communications, robust to and as the leading NDA we're few. comprehensive and market confident, To areas services, advisers and we've to commercial as engaged we're with the distribution, positioned value to ensure right deliver maximize continue

express especially of COVID-XX. execution Company The to has the point the team to I I as members As the purposefully level taken want effort, am at the time. past remarks, actions in contributions over opening faced proud has months, of how this conclude my positioned I this several every world in

and build We we If will over and resource approved, take of Jordan? large. FTXXX to and our actions people, Dr. capital shareholders ensure FTXXX to turn an for the terms strategic necessary update the accordingly. call Program. to FTXXX sustain a to regulatory on are process, believe data, has to Jordan and the deserve value, at Company patients to maintaining Dubow, confident the I make Company the our and shareholder be Medical while FTXXX in the for we the support options to meaningful And rewarded the Chief can Officer, difference provide providers, and

Jordan Dubow

and you, morning Thank good Greg, everyone.

positive Wakefulness X study, Global Test, Mean In in from co-primary Phase Attacks. data REST-ON Cataplexy and Clinical three endpoints, pivotal had Greg Impression-Improvement, the top our As we mentioned, announced of Maintenance study. line this we Weekly April,

for the REST-ON showed have three These phenomenology overall analyzed While released in we've evaluate the especially it endpoints. an functional doses and most endpoints. three of results tolerability that Placebo. to to I and anchor, which outcome. significant endpoints, Placebo of and and p-values as we on The two both compared the other line these all three doses are cataplexy, and all by by of important three been analyses significant three to and study which increasingly FTXXX primary endpoint, all to co-primary with less the the demonstrated sensitivity pleased daytime now in that tested, as served full to to top planned the well i.e., to disease, the as are highly also X.XXX, for endpoints We performance With endpoints consistent required data, tested as of FTXXX excited improvement endpoints. that REST-ON as an were this study, of measures meaningfulness one the the meaningful the data, continue this underlying mention data than of co-primary clinically to endpoints and CGI, the April. primary topline co-primary dataset compared all We're co-primary three clinical are had results all of three sensitivity sleepiness co-primary secondary all analyses statistically endpoints. there studies win was win would the like the the pertains from excessive show

at upcoming one specific related preserve order review serious on data reactions subjects, FTXXX adverse more sleepiness, headache, vomiting. sleep at reflecting Across and our quality. an decreased data excited reported were perspective, patient appetite, enuresis, Only other present measured able doses on and oxybate likely deemed said, the offer that from nature this time. FTXXX compared positive common tested; to hypnagogic publication, excessive generally nocturnal dizziness, adverse and adverse on underlying data paralysis. a significant the well to to at highly doses these these differentiate on change did arousals quality, number numbers. and FTXXX endpoint Sleepiness of Additionally, for polysomnography, sleep, rated measures outcomes, Placebo is rated in Placebo patient by Nocturnal of previous architecture, low baseline FTXXX following was three Disturbed sodium as hallucinations, generated with data, very secondary not X% consistent as tolerated. doses events From prepare in of ability nausea, were as FTXXX not sleep With The X% safety event study refreshing that all all sleep number three patient We're serious Placebo. of drug. with the had to well conference the in we're Approximately medical which compared Epworth reflected to tested, most to sleep was Sleep, daytime the and Scale,

However, presenting upcoming we look a for [ph] generated as forward a well conferences. post package. strong clinical serve the importantly, to in regulatory believe detail Most at as data this as complete for to we will date basis FTXXX data interesting data

our to The timeline. content in with meeting move we're In internal are my working the that we to our track patients. forward submission, had and our fact, meeting team confident and to on this pre-NDA we with file FDA that are and NDA format I line of our the to and takeaway expeditiously from is already discuss bring drug diligently

from want study we because to Looking generate and nightly us study gather These July just once to call as I the participated order the the and patients, and of to announced beyond nightly this extension the With study, submission, enable data an those open-label pivotal Company REST-ON study for switch to switching use to for would twice access with participate who to in patients as of the the in the initiation to for to and patients review I FTXXX physicians all exciting team and REST-ON sodium evaluate sodium time getting in staff, both Avadel's oxybate we patients the to switching patients they provide us once FTXXX. FTXXX, to are NDA for serve. over like well long-term a twice continued extended studies data, the for in again oxybate important study who Tom, as have also REST-ON the nightly investigators, thank financials. and that, from nightly as FTXXX. turn well to

Thomas McHugh

for few financial I'll the turn quarter a to Thank you, second Greg call summarize highlights then Jordan. and the comments. for back closing

as volume business overall of compared sales was the a Our $XX.X hospital hospital generated to market XXXX. The products result competition. lower to quarter million second in Company's revenue million primarily attributed products across a the decline of year-over-year $XX.X increased on basis of

million, XXXX. the for recorded and on will the with sterile $X.X XXXX, in injectable starting as the lower headcount to the for SG&A are expenses million $XX.X in quarter quarter second during associated XXXX. million comprised well second primarily not the portfolio related equivalents, compared XXXX. in $X.X $X.XX loss sale, marketable Cash, to XXXX, million announced and period of net income is Income XXXX, restructuring or $X.X XX, includes compared of provision transferred a as million to were net was the the the of compared $XX result, as during of The a year-over-year per the a gain The activities higher FTXXX. research second quarter to of June completed the The hospital were million a the products million, the products quarter $X.X related third to for year-over-year a sale the quarter securities $X.X transaction quarter completion share, pre-tax of as quarter the conjunction attributed quarter approximately to million offering report were quarter $XXX.X drug the in XXXX, previously cash which liabilities was the sales to As on $X.XX the XX, expenses or first a follow-on $XX.X hospital diluted of tax we in basis was in as net XXXX. of of market $X.X we which products transaction XXXX, the compared proceeds million we the second sale of in fees initiated of primarily second In XXXX. professional June same sale in XXXX. of value of second Exela. fees and due million in of payment these hospital million of costs as the of and of is study which of portfolio. to of million gain adjusted the decrease to May, loss $XX.X increase $XXX of well share, second net completed FTXXX clinical per upfront R&D on $XX.X diluted million the the includes XXXX in result

which that by NDA will financial on-hand ramp cash FTXXX to FTXXX the the FTXXX. market and file June XXXX. We to sale additional data of expect requirements to hospital the to market for our submission, $XX.X million supporting collect market We position of for million $XX.X support our up expected scientific in the complete the both believe preparing the FTXXX, and for the remaining of purpose includes current products preparing our along market, with

call back the remarks. turn I'll to for Greg Now, closing

Greg Divis

submit of the the with Thanks, in in prepared Tom. we've we're for In closing, as Avadel made pleased we're to current transformation the position progress of the Company, FTXXX. the NDA

and employees support preparation potentially the market patients FTXXX. of the with with committed from and option our I contributions want shareholder to and bring benefit future. and regulatory our will investigators, shareholders, too the a value our strategy. for of We in forward thank and fellow stakeholders look progress for As to meaningful and such, tens the achieving treatment to updates further focused all narcolepsy on investors providing patients, remain milestones thousands could and of fully maximize we to who FTXXX,

open So with the that, ready Operator? line think we're to I for Q&A.

Operator

your now question-and-answer proceed Leerink. be question. from question Please [Operator a Our Ami We'll the you. comes line Fadia of Thank session. first Instructions] conducting with with

Ami Fadia

I taking good questions my A had. couple for morning. question. Hi, Thanks of

sleep direction changes with the consider with at recent from study, the prior characterize your maybe architecture the endpoints things of we'd data Thank regards switch FDA, meeting just of with with you. look some it application was able of Firstly, feedback that of in readout may you your can some next line remind to Secondly, like able the the you discussions year? we Any study? then, or what much would need of just to with the that switch be very for timing to regards in the And us FDA? the any to are etc. the in FDA? measure, with be to

Greg Divis

to those? you Ami. Thanks, want Jordan, tackle

Jordan Dubow

Yes, answered. to I terms -- the to meeting, the with of strategy prior first thanks of sure. we've and that, the in in meeting of Yes, See related many think for been asked pre-NDA said questions questions. what a lot is we've our the

very felt it. we So, comfortable with

We that data showed we again questions of the we content that we got don't is NDA. the to said trial things this sufficient we We with. we them in as for asked terms We Phase will trial. discussed think of integrate, need of the terms integrate. to in of what -- script in discuss what just X certain from to data file need format, the the about I that the we confirmation us the asked

think, the answered questions most gotten. felt was had So, have We that we've But answers all going meeting very the the meeting. confident we with very of again, the straightforward. I into [indiscernible]

In of the of simple. long-term just the of data. study study, extension really so We're with switch about the yes, efficacy keeping patients, the terms it question we're maintenance capturing second or extension

of double they that benefits really versus regimen -- of away well we nightly the data; the to is to at once nightly nightly switch looking just we product. the the cataplexy for we're regimen. just study a takes once not want make from the not did the dummy because double-blind obviously of twice decided regimen do We patients, daytime study really at Looking preference the sodium as preference, which for prefer, as right main sleepiness oxybate endpoint dosing

information capturing. that's the So, we're type that of

The present the we main April World move other to think meetings The conference neurology late Sleep again, data ASM as meeting -- Neurology which about the well the intend whether have obviously of at some present last which year, meeting next not in meeting, big be In present data be the to as U.S., person data we your -- next we meeting main throughout forward but terms we time determined the to data. in as what in these year, I of the will next intend to at frame. is sleep to question or meeting, intend to year, intend present year. we

Ami Fadia

queue. the I'll jump Thank in back you.

Operator

Thank you.

of Our next line question. Paul with with Please from your the proceed question comes Stifel. Matteis

Unidentified Analyst

the taking on on DDI. finalized thoughts, for And could is the thanks Hey, Paul. This REMS elaborate one know Do if point Nate you for and just wondering I'm I'm you updated -- Maybe the And meeting. at questions. have that you [ph] I just if the some on carve-out on at strategy? nothing pre-NDA all? it's guys touched any you on assuming

Greg Divis

would Yes. the and This the -- Again, I is all contacts meeting Thanks. and most, issues needed of of we characterize a what a the be we've pre-NDA pre-NDA Greg. pre-NDA meeting, to a Jordan advance as already felt the of addressed engaged meeting. substantive I well really prior think on very FDA content characterized think well, to that that with in we

So the and occurred those have topics you ongoing advance been a well meeting. pre-NDA around in of will, exchange, if had

transparent clear different -- for exchange course those say the in regard, had us that and what anything the I of and our we exchanges to there's already forward. if the been pre-NDA So, already our that we've around had FDA. been FDA in in approach, that, engaged And new and I that would -- with with say around because pretty the terms remains whether, learn only strategy would didn't anything prerequisite the gain or is meeting requisites

Unidentified Analyst

that's else? what Thanks. exactly The if Thanks, study? helpful. last the is And that's thing [indiscernible] maybe anything That's bridging more, Greg. one

Greg Divis

tent you that it all No, integrating the know, all I in longest think the data pole Right. it's just the if together. putting and

So tent. that's if you -- go the in longest with pole

do. more of in terms described [indiscernible] as As we've nature, to we in as terms things to described, complete. need we of there's a few what much need We those

the and confident meeting. we're but is pole we have to I that of and format, get as longest -- So, we're just now the proper done integrating information on pulling we it clarity the together post all in going pre-NDA the think

Unidentified Analyst

Makes sense. Thanks guys.

Operator

Thank you.

Please Our next your of with Francois question. with Brisebois, question the comes Laidlaw. from proceed line

Francois Brisebois

now Actually, [indiscernible] I'll stay guys. Hey, with question, Oppenheimer. the with it's

ones So, had couple here. I of just a

an they just happen? of pre-NDA is terms there In NDA, terms we us the of so you just idea to could potentially like and seems discussions the things a help, have these according plan. when went then launch, timeline there, of it update that, meeting, before Can better remind and then in and kind

Greg Divis

NDA investors, Thanks. would And, of of the date our haven't consideration. really while know of regions. filing this we the appreciate for balance certainly what window as our we Frank. timing and characterize expected to to well market guided based type information Yes, the We other for importance

would in progresses. is I say about you fashion that than right data So, we're between to We're we'll this that time, at progressing point really we expect and -- more that every fashion a in of we everything can. get which fast timing the we've average complete months pace, XX-plus we done it the better and in more, way a incentive the the submission, -- topic it in that all as if at have describe think overall We standard readout from on get that discuss confident and done, to we'll to an set longer and accelerated time nine of But say have what maybe time believe months. -- of be wise is as industry in data on post would [ph] that end perspective. right accelerated the be may six or as I

Francois Brisebois

sleep operate wondering was anything I that differentiate label lastly, potentially Jordan prevent the of and setting? situation discussion more the little world in fact of you. And of freedom be new that, as a help just of and real of may on means it or that terms today. endpoints X X.Xg the well there Thank Is bit importance that kind in a could great. some about just at Okay, on talked What hit there to all hit detail the secondary terms just and at to that more -- doses? architecture, that then little in

Greg Divis

Jordan, tackle that? to want you

Jordan Dubow

which Yes, related freedom to Yes, I part. that data is again to can related to the the large. address at operate,

pleased the all The data, analyses. of all prior our the endpoints, year's sensitivity as with data, extremely we're right. of as secondary well obviously, So, all

I architecture think critically right. sleep important, the is

I night middle all [indiscernible] night. the in we great. wake in up that is waking the better think middle we in of of Right. know had of and great. believe every to data It's our not up up night, the the night and not middle a sleep to looks the And, architecture wake

problem at which disturbed a to sleep from which sleepy. which to looking wake light narcolepsy, from deep to nocturnal patients So, which really directly leads is at transitions clearly really sleep, that sleep, looks fragmented in sleep, sleep with people makes

where really, reflects actually is Placebo the less architecture. just oxybate and and too to the I you and disease, in too, the get the So, see responses. our -- improves does this, the clearly argue the for by into see worsened thing Placebo robustly -- really mentioned sodium our Placebo want sleep presented, interesting again in When to data that. -- with That's data importantly that one three the one doses what all which we and clearly you expect was underlying architecture, look And to unequivocally disease we've don't architecture sleep really positive you much at response and with data. data, at responses really could response since impacted that

really measures, important And Every that's, I And doctor to architecture, related, patient important. so in of think related. FTXXX is single total, it's be one really which that's objective those sleep improved. measure,

really, feel that's we So, what good about. really

Francois Brisebois

Okay.

Greg Divis

Jordan. Thanks,

to it change Frank, relates in strategy freedom that doesn't our regard. or your it operate; I question on think, as to approach

Francois Brisebois

much. Thank Okay, got you you. very

Greg Divis

Thanks.

Operator

Thank you.

with Our with Oren comes line Levant Please from [ph] proceed question H.C. question. Wainwright. your of next

Unidentified Analyst

progress. also Congrats, all on Thanks. the recent

also dosing, got low by be sodium Xywav, low importance approved, differentiate flexible to version seem clear script their to highlighting which the in is sachet. So and clearly fixed sodium, their from very to they your obviously, Jazz dose trying

wondering, important research preference tell about both, And dosing how And think sort do what front when you look head also you really patient sodium and physician flexible speaking also, guess, market think once-nightly? just about versus so existing just on latest going you I'm not of your the you prescribers, -- are does from. at going targeting on and been prior And people where is? With about to I head; the you patients starts you're obviously from from do the to you're that your dosing to come new you new or have but oxybate failed primarily I'm or naive sure or think patients of Thanks. do get starts twice-nightly perhaps patients switches? think compliant Xyrem? that

Greg Divis

gives trying talk or other and space he sodium or marketplace make for a very potential it. regards us what way XXX oxybate for Jordan relative FTXXX their standpoint. trying patient the I'll and in And a to in in sodium that about the reaction products the more that the once-nightly feel lot the with again, There to product, like So, FTXXX, oxybate approved comments. FTXXX Jordan what our now our which of emulate formulations towards that's bit to in standpoint, ensure narcolepsy. physicians positioning and a of bedtime to itself high PK words, of to bullish focus if that think the other and thanks. doing anything add and to of and shareholders I dosing; a and submission, our aspects In relative that tells on marketplace I'll a clear aware get regardless are to in we let for comments, I'll the where can. and once-nightly But data on right. confidence profile to NDA expected from interest it competitors the to reactions in make confident Maybe executing an our certainly mean, middle the let patients we do taken has a readiness and we to being less see give a that us the Jordan all has of our against is research, is the wishes salt drug to best a we we interest product it as of from when few other we That the a this, that of at product. reaction to building make But can interest readout, of level in little are to more precise become is [ph]. market label, other been little has the lot as been the night, as flexible fast of much date, I products and once-night listen, test product all research sounds our said, the a

there Jordan, to else is that? to add do you want So anything

Jordan Dubow

mean, still in Yes, that partner I safety there's benefits lot spoken is up sodium the -- of your to the benefits, caregiver right. waking terms a this bed to night night. the of compliance a -- twice-night, product or with oxybate to clear I just couple in just of twice-nightly we've which of middle There's low not your comments. let's sodium every add, not clear forget there's

of second. of theoretical them our is during our any risk the has I And benefit during is. or the the sodium, to study the mean, outweigh any open-wave rest sodium talk can when between second, you I there our So, between lower in I'll what content ask groups, not think trial clearly a in investigators once, which get that to of constituents; then that you

And salts salt. I that So studied think, we've risk on research said our view what extensively in I've risk they the of obviously before, many of of tells salt. salt, or as the theoretical you, on to us think I not the view

than there said and You less associated there many at worse mentioned of than and some with before, disease, of date, sodium you hypertension, day is suggests oxybate, newer grams two outcome, with and the with that studied is risk published clear is a there When is cardiovascular actually no association, at can literature, curve right, it a sodium look a now at this grams association. worse associated U you is oxybate look and Nauseum day of risk [ph]; salt data greater which I've there the at six a of salt with disease. cardiovascular is look shaped the the outcomes. If we've years of data no just again,

view, The average our did we was big of a not baseline think actually X.X% demographics, did And when with people our salt about put hyperlipidemia, people XX, is we did study not our diabetes, of pressure you look of XXX hypertension, not blood patients people baseline for for and we then, over a exclude we our average diagnosis age together. issue, at for in the baseline exclude diabetes. at So was had hypertension, hyperlipidemia don't data, exclude our XX. we

mean, So, I once-nightly the content clearly that's theoretical [indiscernible], is. -- you that's I the already think benefits know, of between width tried. mean, I outweigh any salt whatever

Greg Divis

have XX on disclosures. the all public description in who those to previously and to approximately your who terms of months, patients patients source for therapies, half patients question of propositions that discontinued their that do we patients we current in naive just although our XX% treated because it research segment, explicit initiate as are of discontinued in by test of have we within last is research first And patient know said precise around diagnosed due haven't newly twice-nightly dosing. we that when been Yes. this, answer What we business, regard, we

going those all patients on, -- who So, when we're you to yes; segments, question who those diagnosed. newly on, answer is, get think your from were that, including were currently including about who no, answer to think including are those previously the we and the

easier we'll though really -- of something from obviously and nonetheless, than important, on. know, others are find standpoint, that think to but all those beyond remain are you I some focused very

Unidentified Analyst

Thanks. Appreciate it.

Greg Divis

Thank you.

Operator

Thank you.

Our next comes David question proceed Please your with question. from with Piper Amsellem Jaffray.

David Amsellem

thanks. Hey,

cataplexy EDS long-term? grow think it the in pricing number the to pie? of does two a longer think the FTXXX? of Help that narcolepsy you into And just your largely then, do is, Thanks. you varied the may us addressed static by your of Do late, understand Greg, Jazz's think pie lot so this at of joined a play I'm with that's becomes other apologize I we're sort stays terms have decision the sort now, is so how or your you're wanted oxybate gets but number surprised a over you as to be to number rather question bigger? you thinking pick how I Xywav, were about it? prior at Right the on can your you the in Q&A, space with same regarding term if that? this I that thinking So, you get going thoughts more entrants. patients; And of do going price on one. you patients there; oxybate Do it brain One, And couple. thoughts think XX,XXX parity to lower-sodium Xyrem;

Greg Divis

for of I -- at as that And we as time a of think clinically we Yes. that David, the something now, bring what it, of changed an don't pricing a thought about out market when important for opportunity these view have from of thought where consistently a I -- way thank I thousands talked an hasn't come we've standpoint, who you. really of products about about. here But pricing a to netting don't it I nonetheless, be point terms we've patients, the Jazz's priced the strategy hasn't that at is. in think them their consider. the kind strategy, in the our don't won't standpoint. narcoleptic view we From we really how we as -- comment think changed but pricing what marketplace -- that's of facility in for about to premium, zone there's have we've patients tens that strategy and to to are Jazz, treatment

Regarding the right. additional has and more promotion, speak; the if of I'd comments. top more he any Jordan and more of like the at the result pie, treatments to so clearly, funnel, filling likely has again, But

factor predominantly options we think more well unequivocally to just also category, has although opportunity potential therapeutic only line. in a is have for will today's the could expands the once-nightly, treated with think the market now otherwise So, the of for who of in today, And newly more could patients an more, reasons go on it's number When diagnosed a other is, that oxybate. the [indiscernible] not for sodium previously XX,XXX say sodium And about not company where oxybate oxybate of the it well. treatment right. like for opportunity top or now market We time having of static oxybate of patients an one gone patients what treatment means That's as that will patients that FTXXX, create just used long candidates. standard-of-care, patients, be promoting, had let's influx treating automatically category who for funnel. market newly just may by wouldn't a who sodium have what diagnosed think yield to-date the you patients more in on the because third products as bodes at sodium

the speak, top most think think pie lift of both, opportunity of fills So kind standpoint; more yes, that if the and will will. from in to the I high noise funnel I do of the the so and grow to marketplace, you the tide, has

David Amsellem

Greg. Thanks, That's helpful.

Greg Divis

Dave. Thanks,

Operator

you. Thank

Ladenburg question. with Our Thalmann. next of line your - Kaplan Matt Please proceed comes from question

Unidentified Analyst

thanks Matt. and this Raymond quarter, Congrats my Hi, in for on the taking is question. for

questions. -- on will do alone? is, quick or have perhaps think a marching are -- what if partnership know [ph]? Suite medical but wondering, maybe you of would question Just factors favor I perhaps I XXXX And first Thanks. just needs; upcoming the presenting Conference perhaps, one second Expansions data any be, you you was my kind two would versus

Greg Divis

Yes.

information be which dates, for our in of study recent we we and with be and that originally there, design, a REST-ON PK the by venue able scheduled June, in for terms if you passed some presence engaging but conference. booth, is out; the a data data So, time which this been professionals will, now during more virtual -- suite switch presenting XXXX, went virtual a month. get We're later have that our virtually some has have had to around the published was others early we in will will to conference data healthcare and will

Unidentified Analyst

Thanks.

Greg Divis

fastest know, interest the may that this lead position the get about, do we through FTXXX. and transparent the not; not we've pretty to be are regard in in ensure possible. to best what I around to think With comments to a maximize that factors that what's shareholders, way pursue lens as and may any partnership or communication have this, and how that we're has optionality been faster, And to you we and patients obligation your an or around our it a to relates us really, clear of looked the drug to publicly or right, is

strategic talk are So are standpoint, from to discussions fashion, present will with those open or if themselves opportunities that the partner those fast won't in that from we shareholders some we lens as value this or to that take patients and or But our what's right and certainly have to about regard. whether I haven't creation this form treatment in we away as is important is for important most nonetheless, think we bringing or can.

Unidentified Analyst

Okay, thanks. That's all.

Greg Divis

Thanks.

Operator

over question-and-answer for session. management the to end I'd the like our turn to comments. closing reached of We've back floor

Greg Divis

and safe operator, call all you, stay the our you, to Thank and thank today. you great and follow-ups We any And with all wish day. you, be on of us healthy, forward you. Thank individually. joining rest a Have to the Take you. Thank everyone, we best. for look care.

Operator

This concludes today's teleconference.

a You you at lines Thank disconnect participation, your your time. may have this wonderful and day. for

Avadel Pharmaceuticals (AVDL) 10 Aug 202020 Q2 Earnings call transcript