Cerevel Therapeutics (CERE) 17 May 212021 Q1 Earnings call transcript

Company Profile

Participants

Matt Calistri	Vice President, Investor Relations
Tony Coles	Chairperson & Chief Executive Officer
Abraham Ceesay	President
Ray Sanchez	Chief Medical Officer
John Renger	Chief Scientific Officer
Kathy Yi	Chief Financial Officer
Paul Matteis	Stifel
Michael Yee	Jefferies
Greg Suvannavejh	Goldman Sachs
Umer Raffat	Evercore

Call transcript

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Operator

Good morning. Welcome to the Cerevel Therapeutics First Quarter 2021 Results - Financial Results Conference Call. At this time, all participants are in listen-only mode. Later, you will have a opportunity to ask questions during the Q&A portion of the call. Please note that this call maybe recorded. the Relations. to turn President Calistri, now Investor of will call Matt over Vice I

Matt Calistri

Good Financial everyone. On our John you. Coles, Ray first Kathy will Thank Sanchez, morning, and hearing Chief our quarter Officer. for joining be our Medical Executive Yi, XXXX Scientific our Chairperson us our and Officer; results Officer; Dr. Chief Renger, call. from today’s Chief you We call, Chief Tony appreciate Dr. you Dr. Officer;

our future available introduction and to on Ab forward-looking to which brief you as like updated our new from current We morning refer our have will events both market QX are to conditions, our that reflect Ceesay, remind President. Please views financial our and well our I this be related we filed to industry of and CEO performance, the well we of activities and as also corporate forward-looking benefits Tony encourage presentation, product trials. it and of website. as release would and will candidates, press that making statements format you performance detailing our product I clinical development the We hand our will Chairperson Cerevel’s with statements, over of and review information outlook. including strongly regarding provide the now risks that specific and an to of uncertainties. achievements Cerevel timing Coles, the potential overview to Dr. attributes as and SEC our

Tony Coles

Thank quarter XXXX results call. Thanks, update you joining first good our and Matt. for And morning, us everyone. business for

three pipeline the And patients these therapies in essential all in develop months. to and company premier capital all the so we Cerevel, areas of progress we've for respects. people, do we're need together at Here the terrific in need. to neuroscience building By recent made in and bringing the new working

capabilities healthcare we President. pleased operating plan front, nearly two people the really role of of biopharma needs, Ceesay decades a commercial I'm transition Cerevel strong as of organizations exactly to track With successful newly stage a record organization our Ab integrated broad created company. what have building from we that is clinical experience, fully leadership our welcomed Ab's On to for and

patients will importantly, oversee program going great to be over to debilitating developing moment focused with to development, the Ab, our ahead responsible to As business is infrastructure epilepsy, a portfolio as capabilities. morning. call other can we're Ab's schizophrenia, Parkinson's, President, introduce and for for corporate turn to conditions management strategy, I the just Ab and introducing good love himself. contribution we I'd look he'll Ab addressing. therapies company Cerevel and launch and he and a new know make anxiety, on for so

Abraham Ceesay

neuroscience. a chance our say in few to And with appreciate is the much, I'm thank at transform be Tony. pleased I'm we this I so morning. the to next possible to journey team to Good words. for need infrastructure, a will business looking here working forward build to - talented and phase so of what Cerevel, you really

you. to will that able Tony my organization. forward that we And bring chance back truly I'm honored the with drew accomplish this the the see development. knows, together. of this at expertise companies pipeline have truly novel this team all and have the in a built is to pipeline, you on one well, I Tony, of be and exciting to call, that deep is outstanding often to potential experience to everyone coupled fantastic not organization, As call compounds to Cerevel This stage do promising great Cerevel, look what I'll here. others turn a an of to me with

Tony Coles

patients to as build general announced our efforts Scott have this and we on guided We're Akamine, Ab. have continue out landscapes. appointment and front, extensive to Chief the company. with the us complex, later you as having recently Thanks, neuroscience beginning bring competitive, at therapies Ab as to through month. both our we Legal of and us Officer Scott brings excited the delighted new Also to counsel regulatory Scott the biopharma We're legal excited, in legal with here honored companies Cerevel. multiple experience to and industry, people

than over steadied track the we've and All portfolio. our at Pfizer. XX billion and on Turning neuroscience of dollars we benefiting a first And for extension in of darigabat. trials our multiple on clinical dosing randomized clinical this patients ongoing of ongoing now our the the programs our years year, anticipated pipeline, execution five portfolio Through stage data of continued now from both the preclinical of and remain assets compounds, consists of investment to our label more all open trials programs focused for the into and and tavapadon are readout timelines. part six

of readouts. data year, awaiting eagerly rest this look two we to As we're the forward key

anxiety. Xb And for Phase in our the schizophrenia is healthy acute darigabat first second trial patients. volunteers study X Phase our for is The in CVL-XXX the

preclinical We both under their potential for are year, disorder. including forthcoming evaluation major and for this which have programs, two of multiple INDs depressive PDEX KORA and

focus And to to as risk new full of making and through addition, such diseases. as promising capital, for it we intelligence In million also artificial for allocate drug and And were clinic. cash into runway as financing proud $XXX the announce strategic advance most into the they our have for program in finally, identify thoughtful Cambridge targets on we neuroscience Through to tavapadon. tavapadon NDA innovative the deal new capital stage Crossing, us importantly, leveraging with transaction last enabling funded our month opening for we X XXXX. facility submission. assets This our to gene-editing to Phase our sharing, continue extends earlier provides flexibility technologies

the capabilities see, I'd on funding. success, on to our you efforts. clinical now we out pipeline we build Chief progress execute Ray need development great term Sanchez, latest Officer near Medical focus at people, ask as to to provide for term as make like we longer updates So can and continue Ray? priorities, Dr. here the our our on and Cerevel

Ray Sanchez

good Thank you, morning Tony. all to you. of And

continue antipsychotic Phase and foremost, and of the and achieve assess of schizophrenia. Tony MX for Xb both gastrointestinal the programs, and key profile the pipeline on seen six with this our detect of other the avoids well the The weeks trial readout believe the Phase trends with each of our Parts for assets. data assessment in patients muscarinic CVL-XXX, we agents. on pharmacodynamic eight to effects Xb The by update a execute controlled conducting B to of differentiated As data of A The safety starting of safety a CVL-XXX compound, and portion neuroscience mid-year. ongoing we our score readouts the PAM. We're for first is CVL-XXX by as or other placebo on allosteric currently we're positive contains side with track of a measured I'd trial like in B that remains tolerability course trial And the progress can mentioned, XXXX. to end treatment. goal potential on and we extensive to profile up Part pharmacokinetic you over to of modulator total PAM’s

of inform identify mechanism, we the magnitude the our next Given advancement phase meaningful the clinically development. into to do that of efficient of hope strength muscarinic will a effect

context, absolute this of in B A score expecting the greater, we acute points a versus PAM’s PAM placebo agents benefit readout and XX generally adjusted for for in are Again, XX point XX five αX/X/X-selective expecting Parts in shown For reduction this of our data and both basis. an GABAA to for speaking anxiety. also year Darigabat, the year. We're or another data receptor approved middle or total have a to baseline on

proof-of-concept as its known Phase in X XXXX. now of REALIZE is to Meanwhile, Parkinson's second Phase open-label the well trial. trial focal in ongoing. We're expected the for tavapadon, half readout trial is is is our program fourth as ongoing disease proof-of-principle Our extension TEMPO readout of Phase the in our in epilepsy expected focal Data epilepsy, trial, in to corresponding in dosing X as XXXX. also and quarter X

We Parkinson's. in stage and and continue to all TEMPO-X in TEMPO's-X late trials. stage and X of dose the X Phase early three Parkinson's

In addition, patients label in novo extension and both dosing week TEMPO-X, open trial. XX de our rollover we're also

We the expect of XXXX second of half from data the in first X in half TEMPO-X XXXX. and data and from TEMPO’s-X

I've covered Renger, like John lead I that would our Chief programs, John? briefly discuss Now three to over our it our clinical programs/. to other to Officer, some of Scientific hand

John Renger

everyone. morning, good And Ray. Thanks,

and could CVL-XXX symptoms a activation entering with neuronal there's These significant of CVL-XXX, plan lower an has apathy. agonism which symptoms of We receptors early and in optimal We is represents the nearest It disease treatment makes motivation DX/DX X been some in mortality, this and take has be the responsiveness. of trials [ph] motivation, from dopamine and life, pathways a the and of along to increased constellation caregiver dress, agonist, an reward, compound NPI approximately dementia-related tavapadon, of reflecting which two discussing agonist and Apathy constitute partial in to a partial DX/DX evaluation to address CVL-XXX begin role. than study to the comorbidities play including patients most emotional the reuptake scale. drives Apathy the more half dopamine of predictor unique a The symptoms, receptor clinic clinical globally. dementia feature reduction Phase tavapadon CVL-XXX independent believe of among whereas CVL-XXX DX/DX other is apathy inhibitor common is dementia, a social for XX potential impact related it INDs. the norepinephrine upcoming receptor score, Let's methylphenidate modulating the of partial constellation neuropsychiatric interference the a personal and that in well after million diminished XX% showed that decrease by and associated to interest about profile related dopamine also apathy been or a as being disengagement, of the with daily with that morbidity level dopamine relationships, shown well symptoms activation also medications. We strong Apathy this functioning, improvements clinical receptors, eat, presence and as be complex global to believe to DX/X where that normal in XX% has in control key institutionalization, both The of personal up supported the dementia to motivation apathy, burden. CVL-XXX is a pathways progression. result maintain with a in to including setting loss hygiene activation. before quality

recall, exploratory are data and We submitted expected now we trial XXXX. an expect may our half March, begin Xa few the to in in you for Phase of weeks, screening next within As IND in CVL-XXX. the second

plan excited X Abuse support really before cooperative I'm respect say disorder. have the with studies antagonist, of to tox Next NIDA preclinical our CVL-XXX, dopamine or or National award a and with multiple its DX-preferring to notice in funding ascending for a that single to from development use on dose XXX. to we Drug initiate trials continuing receptor We Phase opioid received Institute

you Finally Opioid of as our this robust And for MDD, end year. reminder, intended plan second we discovery the use to submit INDs new as early known depressive and major and our Kappa preclinical to also by we substance quarter. to We We're infrastructure. disorder, IND disorder. and have all Receptor know, the Antagonist, submit KORA, a expect CVL-XXX, studying

really expected year. of it to data Kathy forward We're progress our turn Yi, Chief development I’d in to which IND we advance and of we inhibitor, to and like on to Officer team's quarter continuing of the financial our and schizophrenia. by now selected this we're performance Overall do update the really continued our MDD of review remain looking we're dedication for believe to end both Kathy? our programs Financial our And we an first our to all our to hope meet hard work, you to timelines. our submit this year. readouts for the track Additionally, potential PDEXD portfolio. steadily to year, is on CVL-XXX, to excited and over multiple this

Kathy Yi

Thank you, John.

operating start well by of XXXX. to our $XX for to R&D increased our primarily million driven the $XX results. stage as The with quarter first compared pipeline. cost quarter infrastructure were and me expenses Let stage XXXX same progress late period programs, increase for the expenses as of support the advancement R&D in early million in was

expenses The XXXX. R&D as, growth trials. our one-time compensation period. in in and to expect first we increase quarter the first XXXX in of were million compared driven progress expenses $XX G&A as equity-based quarter to approximately $X million well associated first stock company. our quarter the expense by compensation, and expenses of in $XX as with G&A administrative We of the steadily million General $X to infrastructure increase the primarily option of prior for year included was the support million expenses non-cash the

$XX and next payments payment XX, cash position of tavapadon from three strong cash million additional and equivalents were recently for March to million will This for does received year include Phase in fund our in With $XXX cash we $XXX million program $XX.X non-dilutive first As this the position of our years, financing the period. for submission. which announced to the million expected we cash fully XXXX, X through compared tavapadon, NDA prior not April.

point. is lead our inflection runway earlier our assets have assets. have extended We position - XXXX. And we capital expected Overall, the to and to into stage expect now flexibility current next our fund to we cash to clinical allocate additional

We three sufficient like hand years program Tony to our next to the opportunity readouts provide now back expect will that call fund our phase next conclude. development. over over the eight to to of the data I’d

Tony Coles

Thanks, JR. Kathy and Ray,

can we've substance advance we as today, the our to new execution to We're and millions just and you potential in forward our updating pipeline. for use to look you progress build to and plan later anxiety readouts on see, apathy, in on potentially trials disorder. facing clinical to initiate seek patients maintain Parkinson's. well our also disorder neuroscience year, schizophrenia the data and in discussed continues this continued momentum therapies bring major challenging Cerevel to We're of in We work as as as company the As come. in you've these diseases. looking dementia-related to depressive we efforts as And heard forward we epilepsy months laser-focused

to lives shown trials with now you. participants for and without the could do patients an therapies. like so their making always, clinical investigators and impact innovative for questions. thank in of courageous I'd we say the our I to passion our their for contribution who development to the - open also employees like have can of can honestly caregivers. As the continued I'd we our much on not thank call Operator, that,

Operator

comes from Stifel. [Operator Instructions] Your question Paul with Matteis first

Paul Matteis

Great. Thanks and so the much progress. Two on questions… congrats

Tony Coles

you, Thank Paul.

Paul Matteis

Great. Yeah. Tony. you on don't Thank you, questions Two mind. CVL-XXX if

this end the close efficacy final powered with what's that’s is sample compound, disclosed final now second, And by I do to either expectation the for study Thanks and a made then titrate that Where trial, you're kind of that seen for from but tolerability well expect retention? not on you the And [ph] blinded see. level, up still basis? into enrolled are you granularly. been think that think what tolerability guess, confident and super clinical so you safety least would signal of a you your data at you how [ph] much. that I safety readout work with the a might high based hope improve know, fully I done need of you have, it. to prior you've you this going or the First, size to kind drug kind to didn't what this you to at in confident on this

Tony Coles

Paul, questions. for Thanks, the Sure.

I think those questions. Ray take think to I I'll ask both

want enrollment, have the also the visibility size then you to detect XXX. sample our to understanding to potential for want rest Paul, a in for the I on the expectation final profile very or a have trend – And summarize want some then about quickly, difference the talked about to power and So efficacy. you of but them some and

of why both don’t Ray, those? you So take

Ray Sanchez

morning. Good Yeah. Thank Tony. Paul. you, Hi,

is, are one So we fully first enrolled. the yes,

had well antipsychotic all know us well. randomized understand patients As that to effect, benefits somewhere somewhere that profile, enough tolerability, signal XX of design total CVL-XXX between a PK of rate, its as XX, of as in objectives, discontinuation to XX the like we and the be to able expect patients of for or information course, the other terms the the you get safety give will given completers, to XX XXX

XX% lot the atypicals. typically of of seen powering, difference. you know, historically seven has what been that's adjusted the terms to detect And a point placebo a In we're power with

how with came estimate. with that's So we up that that,

in piece when did titrated of it not. any know, differences look of not terms significant or of dose the you of and versus top milligrams titration when In terms safety And milligrams Part at terms were or the BID drug A in doses we versus tolerability titrated. as that other the was titration was XX the not see the that XX

of titration making course Parts and we both as currently. totality not we at Part Phase the And decision of using A informed we look up data, to X will more on are B program. are our So the developing a

Tony Coles

Also you, for thank or - clarify a way. negative of if par the Ray. bit. these just on [ph] kinds of just comment And you It's that for those Ray, could unexpected But None really trials? discontinuations. course little amplify the in any were

Ray Sanchez

Sure, sure.

the trials two course quite that we So number we the experienced know, typical parameters, that screen of we there's of and look discontinuations the natural know, the course, patients we for randomize that trial, rate the nothing and at, unusual. is And, look throughout into discontinuation that trial. you you these occur in order types of of at, to

get XX%, randomized a So which based observe of on discontinuation to total pretty of we is that in reasonable. totality rate we the the those we, close individual

Tony Coles

course. for par That's kind the of

to… just nothing to So nothing be no safety unusual, I signals, with. concerned want

Ray Sanchez

That’s correct…

Tony Coles

the so for sense a might the depending rate like, discontinuation of a have look people what Yeah, standard just benchmark trial. on

will we the Operator, thanks Paul, next the thanks. question. take Okay, for one.

Operator

line Yee comes question from the with next Jefferies. Michael of Your

Michael Yee

guys. morning, Good Hi.

Tony Coles

morning. good Hi,

Michael Yee

you as us to questions what now, cardiovascular you are what show? nicely class it. XXX. studies that know think both us Could running additional on you because went do help the And expectations. remind these a transient, I high I drugs benchmark would that also, PET inform it drive I that set that other or of but effects And If effects? tolerability you and back that us doses have stage would be side Hey, relates good I remind just how up just pretty about morning. would expected? go for very then maybe Two that follow that other to decision could Maybe think occupancy. should you're with believe, studies would receptor along

tease maybe forward out actually help trying would you're more to can So maybe out that take right the just if I about which to you Thank be comment you. as well. dose biologically wonder and

Tony Coles

allosteric Why I don't - second one I everyone will class. to this that you raised. modulator good. other There tolerability just the what to other course, thesis, thing this that is MX drugs about we'll developed. of we'll selectivity question But related in being take hit a and MX question, the provides our benefit. that's MX-positive the compounds mechanism only actually, that then of think knowledge, asked MX. and you come first, potential And to back are the whole Mike is Okay, agonist the is remind I'll say our

come JR, question. the you that, the tolerability answer PET and then we'll to if the with back with So studies, start to would

John Renger

the Sure. Thanks, question. Michael, Tony. thanks, And for

I'll clarify. So, just yeah, so

So of different we have are PET actually two that ongoing. studies sets

to know, test data. projections make on you the the that So achieve in when mechanism. projections efficacy receptor you you preclinical to as clinic, study. receptor And your the compound occupancy And you typically base a occupancy about one take you is want a dose

PET things want study. is to So what multiple we with the do

the in is level in site, the what is, human the level at one what periphery? brain. And we what exposure, PK brain at peripheral CNS to receptor drug the the binding the is understand the is the between So and want relationship the

the the going to is is of into studies, ranges the we're test helps the And dose later the we so understand what it a across occupancy you the we area, do receptor occupancy what want going us really, PET appropriate occupancy receptor for mechanism, in forward particularly us be will studies, to what there dose but as the couple also different understand to understand out the this receptor appropriate and helps the development. the timing receptor get is of next, dose are Also, and development the of One late dose. go things know, over concentrations, after the then is, information. studies ranging occupancy, accuracy forward what the

to as get you to concentration forward, we've the next two Cmax so Ctrough. said, between the BID is And that concentration, really at we know, – difference we're patient they're dose. occupancy dosing [ph] get and you dosing, that the up QD we And hours anticipate The really before you receptor where a is above trough and need significantly you doses the went is be. CXX the the the what takes what the XX and really the at taken

data on also helps really to dose the with of to hope this back us the what range it the We're have being is I drug set really so informative relates at Because displacement. that Tony. we're next is ranging. very a is again, successful And a to of of its and high, or both as an studies. pick And we impact help And to doses that binding understand receptor a lower you, set dose ranging effective Michael, the doing in have receptor the that PK/PD dose to occupancy and helps, the are these dopamine us forward. dose going relationship, go of really dopamine.

Tony Coles

those Okay, response JR, and you JR. the what also any observed Phase then let on and X, about of a we've of tolerability why that. Ray question far you we'll Thank talk findings? clinical start in significance the for so don't to

John Renger

Thanks, Tony. Sure.

we done, heart dose showed as and time that both blood of in and clinic, in the And multiple were for you are aware, they studies entering in effect were number transient before the around So But increases there timelines were Mike, we increased different forms, transient tolerated. and they transient period. two days, a the was Cmax rate tox different may pressure. or they of be briefly had as two that

on bigger you day. second, And so dose effect And you a the on first what see the subsequent and with is days. saw third the first

And where so we a first the there the that also was that for during effect was was transient, a dose in period the we than saw subsequent tolerance doses. in larger day. both it short But appeared saw

As you increases the so in know, single and we've heart data that the study released clinical the recapitulated dose transient ascending blood far setting, those pressure. in from rate

of you a to Part As none up point of, gone safe and those mg were XX QD. to range considered the as was XX increases know, concerning and program, day, BID tolerable. mg milligrams know, the that through to you of And anyone which XX outside doses up you doses would was Xb we what our we've A per Phase know,

remember, know, - to so dosing tolerable. you those with the XX safe we Tony it back as forward that, we Part was A As concerns and were like tolerability. have being good about - in doses we Part we top with have far safety those dose, had doses so and and understanding you days forward A I'll around data two taking a turn may And Ray. up to feel and And into those at both target Part were had we those carried that D. And that no

Tony Coles

and clean Thank going forward? add significance clinical that or got you. you'd a safe to ensure how like therapeutic either we Ray about we've will anything

Ray Sanchez

we're changes observed. by the Tony, mentioned, blood no There pressure to we've encouraged Yeah, what in just as rate. to we're data John have seeing. B what but data currently, readout, by sure. we'll evaluate clinically heart or very that encouraged Obviously, continue we're add meaningful in to the Part been

await that's that. nothing meaningful. we'll so clinically today, - we And But

we're who so the for about very And of patients those this therapy it. excited potential needed

Michael Yee

Okay. Thank guys. you,

Tony Coles

question. Operator, the we'll questions. take for Mike, the Thanks, next

Operator

Craig, Greg next of from the Goldman me, comes with Your question Suvannavejh Sachs. excuse line

Greg Suvannavejh

Thank you.

Tony Coles

Greg. Hey,

Greg Suvannavejh

just on the morning, on One three could. series Tony. the the I rest Hey, progress. of up to I've following continued the first, Good of questions morning and team. on questions Congratulations good XXX. if got

for one, in and just, And at question, last what more, get that previously using is assuming endpoint to multiple used to will to when Thanks. see that to the trials. tavapadon there second wanted little or into question they're the Kathy, we prepared just is of studies? be dose am whether do possibility and to doses with data, sure make next for select Just you the an one Or or tied My goal monies that able take this the further is then still a the to your just maybe has initial your perhaps milestones? if program. a from evaluated? be And clinical to we there have I of get just apathy a I better better wondering the just understand, trials, type don't trials, comments certain I guess, know, the of endpoint. experience to payments could just your other of with understanding tranche my what lot bit a financing wanted there been are was discuss is and tavapadon that was, a has is I XXX just history sense of apathy validated I with the I recorded by company. cadence I'm the And is if want

Tony Coles

Okay. Thank you, Greg.

them for million half apathy. worldwide. medication occurs related currently order. approved of going across that over them apathy, this on selection have the dementia to But - But just for I'll say Let's dose about do in It's and ask with which and I'm dementia. is XX are that to belief ask take address programs We there them in to of will there XXX X say a question. the that dementia the remind of I XXX forms mentioned syndrome a of everyone will I'm then about patients really our for XXX. I is Phase care various this going no our prepared to Ray comments. apathy, question

about just And how So first contact, no FDA be of think a this closely them to together of that particular why and the wanted important. how disorders. indication But all questions. and related that's a the are conversations - the our these what experience in I structure about with had this there a really prior trials approach. is that dementia series in we so to we very we Obviously, answer successful putting is provide would working with because in terms opportunity for apathy collaboration with FDA Greg, with

just for So we'll you to don't want Ray, you then - anything answer him expansion financing. on for Kathy turn XXX apathy tavapadon on or can to you why comments, my it dose question the the and if to add over address

Ray Sanchez

Thank good morning. Yeah. you, Greg, Tony.

question So the the of PK of outlined objective the the part of investigating. know, exercise the in collective two doses range. And forward occupancy is earlier, terms as is John looking at current dose part understand we're us that that receptor the trials for really dosing moving is, of really trial first the with of profile that to the you

we're have to dose. minimum to as as will to in So top effective show have the going we X Phase well and beyond, show the dose,

the really a what top is dose minimum dose. and then doses, is two the So what effective look your plan at is to

first that's the question. So

a to treating the neuropsychiatric you done lot apathy, In terms know, well signal We're is to inventory apathy And of of really looking a the assessment, the important. second these in which of the of compound which the broader, distress C, that series very of trial dementia Phase A. inventory been for and question with caregiver understand use that's scales. neuropsychiatric at rating is the on of dementia benefits of of been the various apathy. mostly best the the objective the adds scale they Part methylphenidate, also really detection, this looking show is has as Xa Part a as work scales as related endpoints, whole as inventory other series is which to a at We're

very FDA. working so And closely with the

We will validation scales, look do path a forward then the and function of data as these to at collective a work registration. carve to be to able the various

what agency. Tony this potential, with excited this mentioned, as address just is But based in again, about in on closely the we're it So population. need working - very to iterative patient I outlined. And the the

Tony Coles

on financing? tavapadon additional anything Great. Thank you, Ray. Kathy,

Kathy Yi

automatic. And Does to the or range we tied no Hi, of milestones what payment. schedule Greg. answer these payment is any same The received to other payments Yes. April. your contingencies in is tavapadon financing that fairly related in this There question? are

Greg Suvannavejh

cash be is more I next [ph] given tranche Yeah. of your year? expected a, for is from a modeling a timelines, should But another we thing. year this or point this And in guess, about this thinking

Kathy Yi

year. next For

Greg Suvannavejh

Okay. you. Thank

Tony Coles

Thank Okay. Good. Thanks, you, Greg. Kathy.

I there Good. it that expect the payments on is note are we important take contingencies this think we'll the Operator, question. next no that to year.

Operator

Umer Raffat next from the Your Evercore. of question with line comes

Umer Raffat

Thanks questions. Hi, my guys. for

Tony Coles

Good morning.

Of course, morning… good

Umer Raffat

I a may. I if have few,

Sorry, can hear me? you

Tony Coles

Yes.

As I was saying. just

Umer Raffat

morning I tavapadon Good Good all. anxiety the acute if ones to couple morning. deal, then I you on one had may. the a trial, and quick on

be that and Separately, Phase expectations might early on the well tavapadon feel most profile? limited. to trial, risk, over is So various dose. shouldn't and to short various and you, especially all the I itself, the on would data say, day duration, start clinical Perhaps understand you at your addiction at companies acute settings. the look the X years whether especially directed what, anxiety like your milligram could X.X the in early too benzo the observers in in and from or in should the duration And as much Tony, know, As speaks speak to sedation experience given maybe is XX trial PD. there? fairly this more we you data expect eight for

commercial the see vein, it in alone. their part guess tavapadon your it that think structured, I on on Thank sort to of cost some on what you it interesting out to maybe more was threshold the cetera? et most very the sort approval part that? for deal basis way get of recover was end negotiation how structure did To And of that allows the So curious. that extent sales was cost be bases, on I'd about investors very you. to

Tony Coles

good. Very Okay.

of Let's and questions the see, Ray, the dosing? take if trial the you'd to duration the be and around good enough darigabat

Ray Sanchez

benzodiazepines. in which historically to been Thank sensitive is Phase X sure. we're principle challenge it's a Tony. the hypercapnia of you and a you, if coX trial anxiolytic well proof look of if as trial. medications, validated, Sure, model, know, the Umer, you you anxiety, morning, at conducting and Umer. the including SSRIs, It's Good which

competitor milligrams in also active the extended what and achieve, been that occupancies, minimum like a both XX as data treating We Inhibitor importantly, indication both similar signal at for depressive is But dose this darigabat top an juxtapose XX% induces a as with release checklist in the looking this dose. one make we're induced that to in into efficacy an J&J that as primary symptoms just day with the you model which decision the by understand patients twice challenge know, achieve to then to the endpoint. of that, XX% J&J doses, the milligram and program that looking what with that anxious so the day, is will an we using go of that a have used the milligrams case then also to as with there's epilepsy well the in then terms And receptor achieved, symptoms major believe and alprazolam will to informed disorder COX distress. us panic which model effective their and show we're pattern do used XX show two this a Orexin-X as make we allow next, And of utility as decision take data to Orexin-X or the think symptoms. compound, a And trials, doses is as our demonstrates, panic anxiety. at fact which of BID a the objective steps data at in in they to really in

those model, that by the show eight the the to and be trial, those model. duration days So that sufficient cohorts symptoms induced the - are of in of that's of should panic different of a the signal

Tony Coles

I'd Thank Umer, then a say. you, of couple there Ray. good. tavapadon, And things Very

I think.

the a the the has them story in and commitment, stake Cerevel into Cerevel. transaction. [ph] company, particular the at and capture an ownership the assets for know, of we whole origin Bain point the of First know, of making, then that, continuing announced PIPE these is, SPAC, origin Capital you both as part when you deal all, the we of made been about Pfizer deal putting innovative

the continuing lot I'd of a company around as origin of, that capitalizing well. the deal both creative and company. So how we're And say, we've making the had we about think

sheet, flexibility. in dilutive transaction out it One financing, can capitalizing we leverage pay of assets, and the pipeline. balance made how maximum all in us add came a number just lot provides berth We funding dollars a got the the give And together portfolio, it when of of company, flexibility, to some call which not - of that the itself, diluted does to designed assets wide because non-equity but which recourse the this opportunity of We've or lend scenarios the the in things company, sense really power programs, deal, basis well. amount of had and like direction for this on about an success. as to remind ordinary repay the with strategic we've is it of meaning that transaction and the shared we there the was that what for everyone the I non-equity without financing. the risk build particular both number but under of about. can fact tavapadon, early, non-repayment – that you no some I’ll themselves the And think to broad commercial of talked a that the to wrap repay important was of and wide is a we approval do to us or to

flexibility. about you gives I'm the pipeline. the thinking capitalizing at on a And we importantly of Obviously, our just our we'll enjoy flexibility the I But as use think that interested, and many the we'll at see. repay aspect. based deal to aspect particularly the strategic it it do amount So I making of risk for of an of business advance labors opportunity discretion points us nature in this at sharing creates, the this how time this, company. one the love we love enormous option And what different I what creatively then about and

in making just that all deal really But continue heritage in progress more the want the to So on we're strategic clinic. that take next this question. come the Operator, we'll mind to keep of making. we

Operator

Coles I presenters, to further At the are no closing Tony this time for now will remarks. there call back turn questions.

Tony Coles

your the make people This joining delivering, trials the public patients. of track. the and want Everything and particularly Well, support as at and updates. this about beginning as Okay. We our so support look we our thank of morning. company who us second call you importantly, on guys future is in kind are conversation is for appreciate possible, we said a We official forward company. employees build the far neuroscience company. the to our premier we to the becoming And of both

and with a So shots happy of a terrific Scott got on lot potential us to we have now. got goal. Ab We've team,

joining all create update. next our Thanks us think kind the need we that for forward got morning elements we've you. I we can. hope we to success of So to Thank the we this and look

Operator

This call. you. conference Thank today's concludes

disconnect. now may You

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