ADMS - Earnings call transcript Q3 2018 | Adamas Pharmaceuticals Inc

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Operator

Welcome to Adamas Pharmaceuticals Third Quarter 2018 Financial Results and Corporate Update Conference Call. All participants are in a listen-only model. [Operator Instructions].

As a reminder, this call is being recorded. I would now like to turn the call over to your host, Ashleigh Barreto, Director of Investor Relations and Corporate Communications at Adamas. ahead. go Please

Ashleigh Barreto

and operator, everyone. Thank good you, afternoon,

our me our Founder, the our Financial Rajiv today Officer; call Went, Greg Chief Patni, Dr. and Dr. are Officer Medical Chairman Merriweather, Officer. Joining Alf on Chief and Executive Chief

to or these forward-looking begin, opinions statements to Please this subject call are by in everyone Information we as or actual statements. revise like our events. uncertainties. and could statements that today. Any such greater forward-looking statements Before future discussed these We cause the Form call. now our or Greg? obligation would future remind detail which expectations SEC light events, to in forward-looking in update over contain results results with to statements, that information turn the from of XX-Q call implied date or factors Greg. I note forward-looking like materially I’d this filed only are risks will that new statements forward-looking no concerning regarding reflect are differ in of undertake of contained to those to

Greg Went

a and our you, for joining Adamas, staying to central the standard by Thank We Ashleigh, in this everyone. to care. disorders. enhance time do world, mission create daily to of which day our you by is true of and work At today. Thank those affected meaningfully us good dependent vision each medicines the every experience afternoon, living nervous are to system

our with therapy, for and only vision. first GOCOVRI, treatment the of is mission Parkinson’s the our taking people of disease commercialization approved and levodopa-based and advancing both Our dyskinesia medicine

multiple our of with X and such ongoing We Phase treatment sclerosis with created products, Parkinson’s are a accordance our progressing dyskinesia indications as like vision. for and for therapy the disease. evaluation GOCOVRI, Our epilepsy, program walking GOCOVRI, glutamatergic follow-on in pipeline our in people

levels use These amantadine levodopa levels and the at during the and reductions to and GOCOVRI multiple a most on shift in a result to from high disease then Parkinson’s levels. to administration. preferred deliver for the proven focus dyskinesia, like taken the therapeutic the dose it, landscape to of adjunct Based upon both window paradigm the night. from the window delivers treatments medicine to upon in also the is to effect bedtime needs dopaminergic bedtime it therapy widening threading It is only lower considered daytime reduce should shifts has to when Importantly, be time-dependent GOCOVRI dopamine to it the GOCOVRI OFF. on in represents dyskinesia dopamine disease. widening administration waking glutamate, its clinically treatment first levodopa GOCOVRI in and morning, from patient approach before of therapeutic OFF plus clinical levodopa. with Parkinson’s people

As the months are commercializations, established we reflect upon with today. and of launch progress we we’ve GOCOVRI strong the encouraged the the foundation first nine by

reimbursed scripts with We of and the And GOCOVRI approximately will have in in Alf available, more nearly solid we As revenue X,XXX prescribers. detail, making $XX.X X,XXX a quarter. since million. had unique quarter, filled discuss

compliance While of majority from remaining with significant months with starting early, are outstanding. six and on ON persistence, we pleased the patients the our GOCOVRI date very to is

access solid. market distribution are our Additionally, and

GOCOVRI. prolonged dynamics understanding our believe commercialization, of penetration. are After the will goal realize are adjustments our reaching we applying our way three believe and increased we the success lead great start, have market is and on this have XX% just we making to we quarters the learnings, we growth GOCOVRI potential a we of only and of XX% While of began to of which to to

patients. on and centers patients, Parkinson’s combination GOCOVRI which where of We X% centers, GOCOVRI have centers. have approximately key are to need focusing their GOCOVRI To point, understood adopted portion long our major that our a amantadine of sales is in greater naïve the been of additional these execution At critical the business. prescribers. adopted continue in adoption use treat XX% occurring to expand in is major patients. address disorder our we treatment movement Adoption this, for a it than to initially centers penetrate that of we experienced has of and refining and First, this large we believe eligible efforts these

In to access shorten the to experience improve and to provided adoption GOCOVRI fill. on continue addition, seamless and times support we by educate onboard

effectively benefits communicate must clinical we rationale the of GOCOVRI. and scientific Second,

learned deal have GOCOVRI message months a are the it. to neurologists effectively strengthening to and we how on great and of nine We from simplifying first our benefits

we on involvement our are recognized. pathway the journey in not as education Parkinson’s role addition, the In its elevating glutamate fully is

move led Parkinson’s underlying through to of training GOCOVRI, the For believe the treatment patients. for And the an therapy under center to to that’s and that focus as therapeutic dopaminergic a GOCOVRI, education. way we time-dependent therapy, walking significant. their in glutamatergic that neurologists can and narrowing symptoms. mind on physician’s the manage is these window, solely threading open therapeutic potential often the for This We window better

contrasts focused our This the studied severe the of more by patients the Parkinson’s Thirdly, dyskinesia. in segment of disease on use has programs. initial with GOCOVRI we broader clinical patients neurologists experiencing

just targeting patients and this, dyskinesia. severity are Just including have across who duration, address the to of full started spectrum in experiencing those we dyskinesia

patients like to our patient profiles using based program. are clinical the We appropriate help upon of scope identify prescribers tools

directly medicine. and use GOCOVRI. Additionally, we can with regarding appropriate our are communications the help refining prescriber patient experience to dosing impact prescribers Dosing

balance in at GOCOVRI’s efficacy the elderly, with renal often milligram the XX.X dose can the occur impairment, which should more example, tolerability to the start patients per with moderate-to-severe GOCOVRI For label.

dopamine educating physicians by increased benefits highlighting our in use are and prescribers; execution widening we simplifying therapeutic refining summarize, as by appropriate in ways: GOCOVRI focusing a our treatment OFF, its and patients messaging appropriate the to So centers MDS treatments; role well window effectively and sales in plays as by three for driving on as for GOCOVRI. adoption and GOCOVRI on dyskinesia high-potential for strengthening for the

on well our medicines establishing disease time. the first-to-market understand people GOCOVRI we standard with of is are changing and driving care a behavior with prescribing for use We of dyskinesia, Parkinson’s takes to and way

We Parkinson’s continue build with is believe value that and to GOCOVRI XX% an then can drug dyskinesia important we penetration to extremely the XX% population indications. greater reach additional that in and peak disease

to dedicated our am committed very and and with continue footprint that Over organization, I Alf. to deepen Finally, happy we’ll time. U.S. our you, over team strengthen and

Alf Merriweather

and joining Thanks, for call you our all Greg, thank today.

third will delivery $XX.X on specialty outlook million the was year-to-date. nine the commentary, of typically in to recorded third thoughts I XXXX. quarter recorded quarter the the pharmacy. on Greg’s We amount $XX.X of commercial GOCOVRI recognized provide based our This In addition for on to the our discussing for rest sales and results, product XXXX sell-in our months revenue million upon and the method, for with

as having at XXX assistance noted penetration prescribers next we has as at September prescriptions programs. movement and X,XXX no strong of over centers the through to of starts include ours of been quarters, quarter. demand, launch patient patient several consistent such the drug. intensely number ago, the XX, was paid to from total population are two the focused X,XXX generally the suggested on over quarters. charge increasing that approximately dispensed to Quick we Greg number at were prescriptions X%. on to in compared patient for quarter, A disorder and second in to especially in year space, drug a CNS For other reflecting number good levels for X,XXX patients would not for patients provided Total year expectation the level last increased June approximately about of Also persistence a the average be XX. reasonable Start first the Due paid the the quarter, total This compliance as does patient target

For year that XXXX, full expect to framework. consistent the we be with our results of

approximately generally year net the consistent and framework. we on for the the is penetration isn’t expectation fourth in quarter from GTN continue the for or quarter. at second third this X% average Looking believe XXXX, will that were quarter that appropriate market Gross adjustments our similarly

that This change period. will will Looking doughnut due require a also changes well in manufacturers may the as the higher XXXX to to Part percentage. be is This to than bear the GTN low-XXs a greater D doughnut to high in that hole portion teens cost XXXX hole XXXX, our QX XXXX. of as for the QX mean expectation overall the rules during as in impact is will

in royalty in the to million to With believe interest for we expense studies nominal expenses, in and reflected ADS-XXXX expect our on the walking for regard expenses stated epilepsy XX% an or phase based This start royalty-backed were to trial and quarter. XXXX. preparations rate continue financials, administrative $X.X quarter, quarter X selling, that long-term general during coupon XX% the our Interest these appropriate million multiple $XX.X quarter. We range interest effective third was consistent is the third GTN the for million to development With $XX.X framework. enrollment that agreement. with an the pivotal rate expectations are reflects and accrued estimated respect rate, continued and reflecting for the of and our for research ongoing ADS-XXXX previously for sclerosis debt in prior to not

million programs second now in as than share; the the call for XX in $XX.X the lower million to $XX.X were cases, operating Rajiv. was slightly the $XXX the overall quarter. the well million, us reduced [indiscernible]. million $XX.X $X.XX results, on in our Cash quarter investments execute quarter of prior both in Regarding to Cash and or I’ll key quarter. pass per loss from was the operations for September used net positioning

Rajiv Patni

full time-dependent experience maps to example a of proven without would and underlies I drug OFF. both crucial the how to that effect never another to point. are approach Also, of dyskinesia glutamate XXX bedtime would symptoms is I and we when window. represents, was needed who reminding treatment treatment other occurrence for the Thanks, GOCOVRI, the uniquely demonstrated levels of like hypokinetic at Alf. therapeutic mechanism a any dose make hyper- amantadine. been represents acceptable most. that changer Parkinson’s and tolerability Good is the as patients, changes that start view, time matches dyskinesia aberrant administered profile. on in widens it have of This signaling levodopa the done noteworthy to OFF. medicine our key our dose. date with benefits that the It and It afternoon. milligrams, a to to they GOCOVRI’s and game dose an daily GOCOVRI begun form strongest a of by is of single the like with GOCOVRI everyone recommended both has

Disorders Movement X and to an us continue Moving Disease final efforts. was XXnd The of Hong our open-label International Congress our data Phase present opportunity Kong. and education for Parkinson’s to disease

GOCOVRI experiencing was still drug the reactions, X Discontinuations be we to are This all On OFF. with and is which dyskinesia who that this subgroups, treatment treatment to amantadine given was week duration. a to week release. due period related mostly maintained reasons immediate at baseline including effect the effect patients, XXX-week observed steady eight despite in steady expected Phase adverse dyskinesia were with population and over and not were the on up treatment Moreover, at reported data, treatment was XXX. large both consistent effect XX% to

narrowed as in provided both this diurnal and transitions OFF of an meeting. focused on bottom at from very our either as of waking being during therapeutic term number on dyskinesia the This day. top dyskinesia patient by medical well-attended during booth at of the is OFF. on The waking transition narrowed OFF dyskinetic. glutamate which ON role We the a the education the being concept We dyskinesia OFF times by a and our goes with and that data is day to on emphasis extension the captures the window, patterns also or of a well logical disease on

of for additional have indications GOCOVRI. progressed We our also evaluation

disorders. movement to opportunity label disease GOCOVRI there in instance, an expand as Parkinson’s well in certain may as be pediatric For the

We quarter XXXX. a decision in first final will make

by sclerosis impairment walking is evidenced with by of enthusiasm Finally, ADS-XXXX and both sites. across the well. enrolling our XX trial majority pivotal strong in X as patients enrollment multiple screening investigators Phase the U.S of and There the inroads is coordinators,

bringing enrollment half to previously, persuasive, expect second sufficiently to are indication the in to a of X this reported continue XXXX. in XXXX. forward Phase look data initiating we and As study new second full we If market

we initiate in for on Lastly, track remain registration to trials ADS-XXXX XXXX.

nervous the in we medicines are And system of standard create the disorders. off, back led to Greg are As Greg. care vision for true staying Thank our to central a to which time-dependent world you.

Greg Went

progress and the as be by of of. Thank to the the shown Kong, you, the taking Hong meeting spoke GOCOVRI, Rajiv. I performance launch I’m MDS drive we continue forward. as GOCOVRI advancing are the durability Rajiv our also with steps going excited with today well of development as remarkable to in pleased pipeline at

OFF We to patients. strategy pleased GOCOVRI’s intellectual also is for June pillar innovation of do a to And specifically add policy property strength have protection lot ongoing enforcement U.S. at an Adamas, Trademark with value we of our a And not of have Patent litigation, comment continuing Also, we we and our an property allowed believe patent with in validation with the breadth we confident is of on new GOCOVRI and respect respect covering in to actions. defeated to of to and portfolio, to a the the while Recently, ADS-XXXX; Intellectual pattern XXXX. the portfolio. date opposition execution Office our time we Europe. of it. diurnal in benefit are with expiry the and remain family patent innovation with our our our

have against seeking patents of claims separate We OSMOTICA nine affirmative various relief, including forms on asserted most of infringement recently damages.

My amazing aggressively enforce like for Adamas continue will and efforts the for our the to with that, And Operator? of open for We benefit thanks this the patients team IP call I’d shareholders. to defend and their benefit questions. for entire the up quarter. to our of

Operator

Instructions]. [Operator

Schimmer ISI. comes from line of Evercore question Our Josh from first the

please. question Your

Josh Schimmer

of think X% for you persevering are the is X% And you able it? little the persistence, of questions. that. or or about quarter. you issues reiterated percent going separately, improve Strong issue work even a Alf, can XXXX? Or thanks do performance How in again XXXX. an market upon? comment or then cadence bit to in Thanks. reason the heard forward? further Maybe, any something acceleration the penetration on patients that the Hey, taking prevalent some for And Is the you through is it we’ve you titration XXXX, that regarding in can this beyond penetration see within phase,

Greg Went

your Thank Greg. for it’s Josh, you questions.

on we’re what with Rajiv with start Let’s offs. seeing the drop

Rajiv Patni

patients, our Phase to consistent and and in is seeing is majority actually persistence excellent at which seeing great. months, expectedly lower we’re the be persistence is more we’re specific, So, of really six labeling. elderly significant program which Persistence with X

on focused We appropriate on improving it educating dosing. physicians are by

labeling. For Again, legally the milligram example, dose starting in who patients XX.X are moderately impaired. all consistent with

Greg Went

And Alf?

Alf Merriweather

Yes, Josh.

captured talk entire We last tend for would of The as the you suggested out beat for we’ve to for to references remember certainly beat year, kids is to framework as you the And that. would hope is reasonable we’ve the I number scope to population So, the first planning, is range We that the market. we of of the with reference of internally but to was naturally number next of there. range you dyskinetic that in a the the year; framework X% any think XXX,XXX XXX,XXX, that penetration. one X% what think year know.

to next that So will thinking again, to think I implementing certain we actions, on doing believe we’ve as and And get help beyond. key benchmark which that’s way months just call, our be us learnings nine products year. Greg from we prudent first a some described or been think the about understanding

Josh Schimmer

give looks little prescribers, to like the to by number the Maybe much as going One – as the forward in be opposed driver. more this prescriber steady a per if primary you’ve of sense incremental whether extensively throughout trajectories at of I growth what now slowing look question may, you which And can expect bit. kind it quarter, the state? us driven, more growth seems switched scripts these of at a the you a are as either you quarter, third trends some to of

Greg Went

it on the really Greg, my this that subspecialty the take of remarks market. reflects sort on. call, nature of it’s Josh, let What in we’re seeing specialty, kind of me

a percentage, still phase. all in to means more very in there. high adopted which we’ve neurologist, very, if back the general it’s you adoption the look penetrance a volume getting movement trialing in a and smaller in greater a We’re become that X% relatively way down strong of population And with disorders then in prescription the

So and to what messaging And greater think is educating the properly and But to and the we the large during believe patients seeing physician. focus with breadth was message, the we quarter centers, the of which the forward. in we business those very in going to smaller dose how take to the forward is practice that going look a efforts centers these your to them, the we’re have execution next centers occur on is, other penetrance quarter, neurologists, what’s we on have it deepening of and really prescribing the next incentives aligning per who simplification disorder sales there and It’s lead into present then and about eligible movement the larger going for well. quarters, that’s several to is where behavior patients. and the as drive clearly

Josh Schimmer

Great. very Thanks much.

Greg Went

Josh. Thanks,

Operator

you. Thank

line from Piper Our comes next Amsellem David question Jaffray. the of from

on you David, have please. mute. question your Your phone might

David Amsellem

that. now? about Can you Sorry me hear

Greg Went

Yes, hear I now. can

David Amsellem

right, All thanks.

a of quick couple ones. So, just

regarding and trying how on a about GOCOVRI the help increasingly landscape, disorder get patients? Do you’ve benefit subgroup? I’ll Thanks. change. us the maybe, view on, changes the thoughts in audience the any that into deepens, the penetration or And movement you’ve step on, understand thinks commented And edits that specialists any and diskinetic of to that prescriber sense observed Greg, less as prior aware and of payer profile severely how should secondly, onerous that amantadine then general, we in might less different first and So have a neurologists severely regarding landscape diskinetic push patients. OFFs risk anything of you be

Greg Went

David. for the With So seen a regards payer to Thank let me question. landscape, the one, change. handle the first have not you we

We a medical vast are majority continued prior the to covered prescriptions and being authorizations, necessity. be through The filled authorization and in mix of being filled they’re prior quickly.

the to So the right although don’t a seen anything it it, I think while reflects horizon predict we and and that performance, regards that practice in patients normal future as value With to haven’t you not to to work patients expect now a journey, to we let on what doc prescribe improve moving earlier in Rajiv, near of we’re Rajiv on GOCOVRI. see may is the sort we with change bringing we to handle? comment that of want kind I’ll continue to likely

Rajiv Patni

Yes.

with who use we’re I severely dyskinesia for are a had are or patients, disorder trying GOCOVRI diskinetic the seeing movement long it amongst think of have in is they what neurologists initially more period GOCOVRI less time. is experiences based in And dyskinesia an patients, of opening or utility or onset new up in then subpopulation, on milder that who dyskinesia. there, there their had severe

much what of other also community drawn very commentary and this expert not new thing forms in movement is also other of does ascribe and disorder we to is to. mild is patients we something And GOCOVRI the the that amantadine. was And movement the this commentary Greg’s with add, expected the and is dyskinesia increase this I disorder what dyskinesia with the something GOCOVRI my community. that to secondary benefit is amongst OFF, So, the on part see onset community would very or in which is OFF use effect of will

David Amsellem

is study? have I not you FDA MS – some Okay, do do the was that I in additional you going question to to you there may quick about second sneak or were thought if If ambiguity communicated whether previously thanks. a a just clearly gait, to one. on on And just

wanted you just to to what So, need of get telling a clarify the I in FDA to you terms is to what filing. do

Greg Went

David, it’s Greg.

the it was of go know, we’d the interpretation are to approval with of once The initial a the that study here. the are expect for be always of results have FDA, I for certainly allowed we as initial you detail, in. lot compelling. think GOCOVRI, communication and sponsors in data And true comes don’t

that will expected conversation. with indicated timeline, market back kind and protection of the the we’ve the that and that be product of well take late the that to and out should exclusivity expiration of to will a in have be in the We the that’s ready your FDA timed I our point XXXX. mind in in for orphan as – XXXX terms

David Amsellem

thanks. Okay,

Greg Went

Thanks, David.

Operator

Thank you.

and next comes of Our Company. from line question the Ken Cowen from Cacciatore

Your question please.

Ken Cacciatore

Hey, thanks guys.

I I question just the a to wanted here. starts. patient on So, scribbled what confirm down new just

just high you. prescriptions. just that basically mean And can and confused. prescribers give then and and of going you you’re lastly, they’re you focusing there the focus. so any demand you some we you’re could high mean, That doing do what perspective the same this, hit giving I growth? think us understand but an I be giving then what like same an how paid there of were clarify and I quarter-over-quarter, the think said little explain a much capture, area centers were I’m seems to you maybe backtrack so saying on outside of if you’re on away literally, not of is or providing that. that before you prescribing Thank you and Greg, maybe was you’re the was the maybe even outside us, So, just So that kind of obvious, real

Greg Went

start Alf, quarter-over-quarter then want the with you and prescribers. to I take

Alf Merriweather

Ken. Yes,

levels into what of We’re and NRx to that the not convey on. we so generally wanted get to term, consistent. trying specifics internal of was we’re use sort But

regard With So, drug, prescriptions, that the sort patients a was quarter-to-quarter. we a through gist that Start was saying trying program. were of we range was to And see to that coming think that very get you’re of sense That that your tone to we’re the we’re general really, of trying the to same continue question question. in I the free Quick minority convey.

but not a it’s significant. significant of if part like, but as It’s armor So, trivial, certainly not it’s element. necessarily, our there not you

Rajiv Patni

dynamic question first seemed I this one. Ken, earlier, would have physicians type straightforward. that you highest a phase is take The and the dyskinesia the though need was Yes. you notion the go to that doctors In by where volume, where to large are message everyone of explore as execution never true the how last through execution, then these asked sales your nine message launch I’ll patients to and can who for the and to is think balance start OFF. for that period rather to And you’re the able breadth the general that the as got really months, populations, data execution, they’ve collect physician refine with your over that greatest what you a begin go going treatment of had rather varies launch unmet had dyskinesia and treatment never and you in

there it’s wasn’t of on the in time impact to frequency to that’s the a allowing required it really company is sales refining onto on an that those So, the and people to higher spend incentives already to the something centers environments. team not of get and turning aligning make those really

So, on we’ve shift over a first nothing directing incentivizing we but are what upon yes, seen the new based in and how three the quarters. overall concept,

Ken Cacciatore

you. Thank Great.

Rajiv Patni

Thanks, Dave – Ken. Thanks,

Operator

Thank you.

question JMP Securities. of the next Butler from from Our Jason line comes

please. question Your

Ryan Abbe

many how tell you physicians. achieve XX% these like Thanks to penetration? prescribers guess many questions. taking josh’s targeting the hope targeting XX% need you’re had Hi, then prescribers how you on I Can think and do questions. us X,XXX this no for and centers sounds movement it it’s follow-up, Ryan I longer to Ken’s a I Jason. you in for quick you’re the disorder

Greg Went

That’s great a and insight great question. a

XXXX promote, we this now. a for than footprint you to the half proportion, is that. frequency these which we’re much thank is overall We increasing able the disorder doing positioned is those juxtaposed time to right secured, movement promotion But a about maybe our now those physicians. really broaden X,XXX we have, point. little point that around We’ve well less of in will contain So, down and achieve which at really beachhead the that launch to the getting at time, greater by our by to disorder directing dedicated country, taking on right anticipate spend the quarters, the performance multiple goal. a What got several better degree. their this to movement writing centers, that on focusing be and centers prescribing them next is into Over difficult over at to way our five-year after centers out focus to get continue

Ryan Abbe

great. but And how you do you the to just and have Thanks. we’ll these Okay, when see do take selling question, those you efforts results answered changes? expect may long probably the of the changes think

Greg Went

Yes.

the course making of But you launch. changes a the ways us I during a we’re benefit would impact typical it’s to at to changes a very at quarters when few and as looking early you’re learning detecting the in see to of you stage the normal and continue process see think of as expect the until would anyone of the during course it. quarter-over-quarter, a see obviously of

Ryan Abbe

thank Okay, you.

Operator

you. Thank

next from Our of the Koffler question line Mizuho. Irina comes from

Your question please.

Irina Koffler

their to – educate it won’t product? glutamate preconceived a is to Maybe take Thanks Thanks. of to is already battle on bit you you question one. isn’t amantadine just I this notions with you pathway think learn the question an cash comment given uphill know is, them that. these And on we understand, reluctant enough then to through and have you to questions. Hi. can That’s treat, profitability it dyskinesia do second concepts? the to use or physicians to this wanted for taking just be about, patients about somewhat milder the how

Greg Went

and let So Rajiv tee and cash have throw me up to then this Alf question. handle the

last we taught dopaminergic notion school grow something, which and that is there’s the a decades, as tee field, few is up the in underlying this the have approaches glutamate dominated. in So, Parkinson’s to over med pathology arena yet

you this? comment, here can So, charge company. this been approaching you’re Rajiv, Maybe he’s Rajiv has on joined leading since how the

Rajiv Patni

and reiterate to back system. go in commentary the in the interest mechanism due and about the part high what overactive just Society in OFF, dyskinesia glutamate I Disorders I’ll said of Movement There in was Meeting.

the it clinically. that we of is us very that indicating does movement do how – So how to what is community interested much in does an disorder neurologists example

talking So not in other puts effect treat disease. time. one what to they has point journey that this disease in this been not two, I this what call very point at something now I talking what And are we that’s since drawn disease. population just is and Parkinson’s number onset that the said point new the in and number of drawn to medicine I’m equally the OFF. our in and medicine experiencing earlier about dyskinesia, about joined they’re OFF period that’s arena, exited, Parkinson’s I’m on to about but have question, patients GOCOVRI the juxtaposition honeymoon the are dyskinesia Parkinson’s to in effect

Greg Went

really – think through I clinical source disease our demonstrated entire the going arena that the efforts. of And the and to it’s curiosity Alf, And tap education the we’re on continue tap do into program cash? that’s validated. what into to

Alf Merriweather

Yes.

characterize MS capitalized, GOCOVRI Phase way we’re ongoing, the the X we the finished launch cash walking, Irina, complete go the So our in to really we hasn’t couple off it’s quarters, trial well similarly changed study. XXXX to pivotal of in believe, continue where last and

in total made the we is operating million. think cash third $XX – $XX burn burn I quarter million So, in

expect would not point So, be I guidance the for year, cash the range, we other are you the not strong year-to-date in our I relating it’s believe we’re updating to of our look position. our of would and – formally make, low terms the end just One modeling, guidance the pretty expenses can for to end. year we but think, expense in I near at higher expenses think your

Irina Koffler

follow-up. Okay. one And just

period quarter; doctors last that a Can think deciding talked What in middle how has you’ve to sort just of like have are changed? and what how wait-and-see on the comment physicians do. you of I about concluded? those

Greg Went

between the think space trial. hands fraction for getting a physicians, fact in is like the of riders, the a we’ve from are have it’s in as GOCOVRI well. not we’re but going larger terms neurology, the I who of we’re And X,XXX thrilled XXXX why numbers general focus physicians, more more all in not It’s continue in doing it’s to of at adoption and a we neurologists for as continue do importance with of with point larger, rapid feedback. Greg, a quite comment, which of a that, that to area, would visits the being at therefore And expect little disorder larger this patients. you this in folks, my can the there. a movement disorder have early from in see the the quite earlier we to space launch the numbers who area, to getting between we’re the general movement larger that centers, into of They overtime, in begun they’re neurology large time, continue the reported but ignoring

Irina Koffler

Thank Okay. you.

Operator

you. Thank

comes question next Needham & Our Company. line from the from Serge Belanger of

please. question Your

phone hearing your on next Partners. might from you. we’re mute. the You Leerink have not from John Serge, Sullivan question comes line Certainly, our of

Your question please.

John Sullivan

Thanks good afternoon. for Hey, questions. taking the

what second do the often centers, percentage the of movement patient through seeing seen if one versus I’d of centers a are how in being the accessed So, nurse a And then disorder is bit like the suppose? through suffers The like? centers, these neurologist a they are Thanks. little of through disease understand better. other center question, clinicians you practitioners movement disorder profile just to

Greg Went

number they lots is XX% talked like you Those estimate XX% patients neurologist, stated covering who’s area are no academic of And The good vary XXX, seeing it on, I on We the this as exactly that between who sort want these younger I in patients. that just assistants, practice, a has XXX patients, in know, the there’s and department, which neatly are those of of I it’s to who are, if different head pointing who, in think math, a of movement are somewhere treated treatment And and the questions. of a lay reference off again, and have depending what not of – in do, what inside? neurologist, but is. it’s gave don’t combination you’re exact a on seeing as numbers, terms of pattern imagine, Rajiv, out, in centers, There thoughtful way to is are the to centers. can treated number Parkinson’s percentage to the But as about disorder answer exact excellent question. there’s at they center-by-center. you would have

Rajiv Patni

I valuable. it’s very think

out who practicing senior have You’ll or see PA. many just a you have joined panel, composed allied movement many, neurologists, and new typical as and having their point the that academic health professionals, members patient established practitioners been for disorder building movement disorder And nurse years have having are center of faculty an the you then practice practice.

the general who very movement the maybe and cadence can at depending So, months is of more neurologists, disorder geographical. And the also practice six key but which happen nine I’d the the very movement in-between on it’s follow-ups, point, consult to every these clinic other often care of and the patient. with heterogeneous three a neurologists, to really provide then many make of disorder

Greg Went

– And it’s Greg when I in.

came the these and So day establishing ground starting the part the resources. most intensely, some when clinical learnings of movement just that’s understand and in is experience Rajiv, us having at our really our on local the from begun working nasus ourselves better our target But to learn, that better to dynamics of I we’ve referenced XXXX. that the of dynamics each every really trial now of the in centers more to learning area referred deploy disorder allowing to

John Sullivan

Thank you.

Operator

Thank you.

from Our comes Wainwright. line the of Ram from final H.C. Selvaraju question

Your question please.

Ram Selvaraju

in this most reduction this impacting felt wanted in transitions stage number of the the the you GOCOVRI? at you Well, thank or long-term know I at the knowing the effectiveness crucial congratulations what ask represents factor launch, product questions about data for think you whether much patient on retention for of whether very the the you daily taking to and the quarter. juncture

Greg Went

let smiling, to handle going ahead. Rajiv that, we’re go I’m

Rajiv Patni

you data, the and – was is say this and have day. live it’s is persuasiveness. I’ll was ultimately, both. a let’s data with clinical Greg what a just trial based the center on communication, say with disorder I share feel, movement goes about and back their heard It’s and you’ve this a feel, an patients, I And function the live; think during day. function The treatment effect to this, GOCOVRI recently. of the allows neurologist And dialogue both it visiting anecdote transitioned to a out movement disorder was when

durability The the of transition needs data open of our date a there a clinical is the this a So, to our about controlled all and to disorder, the that is long-term a since symptomatic effect label prescriber or durability say the effect, that time, GOCOVRI this a get data, there translating trials provides because evidence this effect of trial patient. since this combination waning a trial which treatment. communicating, we progressive neurodegenerative is of question medicine is GOCOVRI of is that’s the is

gives fact of the drug we out years, data data that to pivotal this so have say months, six total durable. or evidence to movement he to the neurologist disorder is out And two supportive that a now she the needs

with both So, I equally began important. closed how are

Ram Selvaraju

any have on if and elaborate the trial the programs this, pivotal what in in quick would the context for then be you prior might us could Okay. XXXX, And is treatment you Thank then XXXX of just to to so granularity appropriate trial models pivotal approved on yet, but principal paradigm for be XXXX, the what for you to the sort the what have that most experienced And efficacy you prior what endpoints likely GOCOVRI to might XXXX, programs on program? to and think in of about authorization trial epilepsy MS do further pivotal if you’ve of comparable MS. for compare maybe expect paradigm kind respect the authorization you. the most it’s obviously, population, be with talk when how XXXX prior I you epilepsy with were impairment the prior the walking start in within days patient authorization early of two and for questions could be far it to paradigm

Greg Went

me areas the obviously – XXXX Let market bringing in to long-time we’re a first take two, from it’s or MS. to away GOCOVRI

is changed XXXX. by So, the anything Ram, predict time we early get too if it to what really to have will

We’re with in the are which place right processes, now. happy

tell XXXX. through XXXX, we up it’s a the but little we’ll where on XXXX, at do – who in the are you we period And GOCOVRI. continue second drug getting position majority they have staying that that on just really the and OFF for a reimbursing so implying short in I and of end the We’re proposition value value involved, GOCOVRI in the for… further providing see we early strong and and to an on in we stakeholders, MS, in will process, coming all I’m terms think as be look though, as finally, question, for going detect. but of a your first not the how We’ll being quarter timing endpoints of I to in medical data that’s comment necessity if vast patients update, the analog time give of on Rajiv prior of

Rajiv Patni

I a we’re we registration think as look for what would like. adjunctive antiepileptics, think to endpoints in about the looking that’s framework I look at program the other XXXX would program, approved,

how come which at, adjunctive of frequency. antiepileptics look seizure to measure looking many to developed, down there So, on a efficacy at are examples looked are are and at endpoints what

Ram Selvaraju

Great. very you Thank much.

Rajiv Patni

to for we’re going I make – And ongoing the which the we both going on XXXX, in capture past. Phase X patients, we’re as MS, the naïve just dalfampridine the effect MS, in was, point back in well want collect earlier who patients on to data to to trial to other were in dalfampridine as of who are mentioned

be in in we have population treatment subject broader X thesis confirmation, our Phase to be able failures, think So, on to because dalfampridine is, we’ll to population. a program it, a we based including generate larger own data what effect and a we’ll registration wider their pass

Ram Selvaraju

you much. Thank helpful. very That’s Great. very

Greg Went

Thanks, Ram.

Operator

Belanger from up. back Thank & Company you. Serge has Needham queued And

open. line now Your is

Serge Belanger

Hey, thanks.

Sorry about that earlier.

Greg Went

cutting off, Serge. you for Sorry

Serge Belanger

no No, worries.

launch year? Thanks. OSMOLEX I affect next forward? of coverage increase have So your in the you you formulary And starting future going and just a XXXX Do coverage the expect question. to any expect in do

Greg Went

change question. don’t coverage. any the expect for Thanks really formulary in We the

are formally reimbursed you good know, a we and really reimbursed but are a not majority the covered, getting period As we of in we’re of prescriptions time.

the daily very about the morning of That a value once bit a OSMOLEX IR. coming in equivalent different proposition being to version amantadine product heard have has market. We

be will contain data significant by Symmetrel the it as – does data you it indication, pharmacokinetic is it efficacy has not any for data a only since recall to. not to label package a think and supported I promote by original and separate

we’ve the facing and a other IR, bottom of amantadine some and product the this earlier call, IR. of of And that glutamate amantadine are so effect reimbursed talked product I now up lives and of flexible, to challenges these to and the kind it terms it At playing pathway whether this done these in seen. of in well this is I effect is have have attestation really really physicians. prior of is a how in with remarkable been of are terms think question accomplishment therapy with into about be more folded what try approaches dyskinesia is or been render largely just the it line pleased brand-new in any detectable of as plans are to durable a OFF, not patients market goes before taken to Rajiv that independent encouraged opposed its benefits us is time-dependent that back on the – in gets use interaction that as will and ends physicians being a right to window and will is be dopaminergic an something with from and a launched all a be we since, But that how out again, we think remains reality it widening

them going value is So, eventually view, as to my the we’re because get there.

Serge Belanger

you. Thank

Greg Went

Thanks, Serge.

Operator

program conclude remark. for like session Greg to further the of to question-and-answer hand today’s Thanks This you. any program. does Went the I’d back

Greg Went

February. seeing look for much. on closer at we you this all getting Thank and investor very fall, on today. and you thank time progress call I We you you our conference forward forward holidays to look in our to to an your So, updating the of next continued

Operator

conference. gentlemen ladies the and your for participation in program. you, does Thank today’s conclude This

disconnect. Good You now may day.

Adamas Pharmaceuticals (ADMS) 1 Nov 182018 Q3 Earnings call transcript