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Good morning, and welcome to the Biohaven Pharmaceutical's Q2 2021 Earnings Call and Webcast. At this time, all participants' are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. . Please be advised that today's conference call may be recorded. I would now hand the conference over to Caroline Dircks from Biohaven. Thank you. Please go ahead.

Thank you, and welcome to the Biohaven second quarter 2021 earnings call. Speaking on today's call are Dr. Vlad Coric, our Chief Executive Officer; Jim Engelhart, Chief Financial Officer; BJ Jones, Chief Commercial Officer; and Dr. Elyse Stock, Chief Medical Officer. Earlier this morning, we issued a press release announcing the second quarter 2021 highlights. A copy of this press release can be found on our website at biohavenpharma.com, and we will file our Form 10-Q later today. Before we begin, let me remind everyone that today's discussion contains forward-looking statements based on the environment as we currently see it, and includes risks and uncertainties. A list and description of risks and uncertainties associated with an investment in Biohaven can be found in the company's filings with the U.S. Securities and Exchange Commission. Please be aware that you should not place undue reliance on any forward-looking statements we make today. For this call, we will focus on non-GAAP financial measures. Detailed description of these non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in our SEC filings. An archive of today's call will be posted to Biohaven's website in the Investor Relations section. With that, I’ll turn the call over to our CEO, Dr. Vlad Coric.

Thank you, Caroline. Good morning to our investors, and thank you for joining our second quarter earnings call. This has been another transformational quarter for Biohaven. NURTEC ODT became the first oral CGRP targeting drug to be approved for the prevention of migraine in episodic patients and the first and only medication with a dual indication proven to treat acute migraine and prevent future attacks how exciting. For the first time, patients and doctors can customize a single migraine therapy to treat and prevent migraine. I want to thank our R&D team, patients in our clinical trials, and the clinicians to help attain the prevention approval. Together, we have changed the way migraine is being treated. Once again, our business performance this quarter has exceeded expectations on multiple fronts. NURTEC ODT net revenue in the second quarter was $93 million, which brings a cumulative once-to-date net revenue to approximately $200 million. To-date, we have achieved over 875,000 prescriptions of NURTEC ODT and the oral CGRP market continues to show strong demand and quarter-over-quarter growth. Although much of our second quarter performance reflects the acute indication, we were very pleased to see robust growth in the new-to-brand Rx metric after the prevention approval. Our new-to-brand Rx market share as of this morning is now approximately 56% reflecting robust demand from our dual indication. NURTEC ODT is providing fast and lasting relief to more and more migraine patients every day. The entire oral CGRP class is outperforming initial launch expectations and reflects the importance of these medications to individuals with migraine. The oral CGRP classes demonstrated strong and steady growth in Rx volume, NURTEC ODT continues to drive demand with its differentiated label and dual indications for acute and prevention. I want to thank our entire commercial team, managed markets, sales and marketing groups for their determination and passion in delivering our market leading new-to-brand Rx metric in this quarter. We believe that NURTEC ODT has the potential to become the first-line standard of care therapy given its efficacy and safety profile. Oral CGRPs are gaining market share compared to the older triptans reflecting the limitations of prior therapies and the advantages of this new class. We believe there will be significant growth ahead as patients increasingly become informed about the stats and lasting benefits of NURTEC ODT. When we look at the CGRP targeting agents as a whole, it remains evident that oral CGRP antagonists continue to drive the growth of the overall CGRP targeting market. Injectable mAbs are limited to prevention, and many patients may consider an injection less desirable compared to a simple oral pill. Given the projected size of the overall market, we remain focused and committed to investing in the long-term success of NURTEC ODT and growing the overall oral CGRP market. This morning we are also very excited to share the news that United States Patent and Trademark Office has awarded Biohaven a new patent covering our ODT formulation of NURTEC ODT. Innovation as it's a core of our business, and we have demonstrated the important differentiation of our ODT formulation with its fast onset of action and other attributes. It is so important to protect innovation and I would like to thank who are involved in our entire legal team for protecting our ideas in the marketplace. With outsized IP protection, we cannot ensure the continued development of important new medications and formulations. This new patent covers our API Rimegepant as well as other CGRP inhibitors in an ODT formulation. The patent will extend until March 2039, not including potential patent term extension. We believe that Biohaven has the most broad and differentiate CGRP antagonists platform in the pharmaceutical industry. At this time, we have over 10 CGRP clinical programs across both migraine and non-migraine indications that are currently running around the globe and aimed at areas of significant unmet medical needs, including adolescent migraine, asthma and psoriasis just to name a few. We have also invested in numerous formulations and drug delivery options to optimize the PK and delivery to match each indication and each unmet need. This broad and diverse pipeline gives our CGRP franchise tremendous flexibility that can be optimized for various CGRP mediated diseases outside of migraine. Our launch of NURTEC ODT in acute and preventive migraine is only the beginning of our franchise. We look forward to following the science of CGRP antagonism across neuroscience and immuno science. In addition to our life cycle management of NURTEC ODT, which includes the extension into pediatric migraine, we expect to have top-line data from intranasal

Thank you, Vlad. Good morning, everyone and thank you for joining today. NURTEC ODT achieved net sales of $93 million in quarter two demonstrating another quarter of strong performance increasing 112% versus Q1 of 2021, driven primarily by increased sales volume and favourability regarding gross to net price realization. If you recall, we have previously communicated that we expect improvements in our net realized price in 2021 and we're pleased to see that translate into our results this quarter. Continuing down the P&L, in R&D, R&D investment in the quarter on a non-GAAP basis was $67.7 million compared to $36 million over the prior-year quarter, an increase of $31.7 million. The increase is primarily due to continued investment in our late-stage product candidates and preclinical research, partially offset by a $10 million decrease in our obligation related to our two royalty pharma funding agreements. SG&A expense in the quarter on a non-GAAP basis was $153.7 million compared to $119.5 million over the prior-year quarter, an increase of $34.3 million. Most of our SG&A costs continue to support commercial sales of NURTEC ODT. The increase is primarily due to increased promotional activities supporting NURTEC ODT in quarter two 2021 as compared to quarter two 2020, which was in the early phase of launch, which represented NURTEC's first full quarter after launch in the last few weeks of Q1 of 2020. On EPS, we reported non-GAAP adjusted net loss for the three months ended June 30, 2021, of $170.9 million or $2.62 per share loss compared to $150 million, or $2.55 per share loss for the same period in 2020. Turning to six months performance, R&D investments for the first six months of 2021 on a non-GAAP basis was $141.8 million compared to $85.8 million over the prior-year quarter, an increase of $56 million. Again, the increase is primarily due to our continued investments in our late-stage product candidates and preclinical research, partially offset by the aforementioned reduction in the royalty pharma funding agreement obligations. SG&A expense for the first six months of 2021 on a non-GAAP basis was $284.6 million compared to $204.4 million over the prior-year quarter, an increase of $80.2 million. The increase was primarily due to increased promotional activities supporting NURTEC ODT during the first -- during the first six months of commercial sales in 2021 as compared to the same period in 2020, when NURTEC ODT was launched in March 2020. For EPS, we reported non-GAAP adjusted net loss for the six months ended June 30, 2021, of $359.3 million or $5.65 per share loss compared to $284.7 million or $4.94 per share loss for the same period in 2020. Turning to our balance sheet, we continue to be well capitalized with $368 million in cash, cash equivalents and marketable securities as of June 30, 2021. In addition, we have immediate access to $225 million from our debt facility with Sixth Street and anticipate $164.8 million of additional capital proceeds from the Series B preferred share agreement with royalty pharma executed last year. With that, let me turn it over to BJ Jones, our Chief Commercial Officer. BJ?

Thank you, Jim. Good morning. As Vlad stated, we're very excited about our recent approval of NURTEC ODT for the prevention of episodic migraine in addition to our prior indication for acute therapy. NURTEC ODT is indeed the first and only medication proven to treat and prevent migraines and we're encouraged by the enthusiastic reception we've received thus far from prescribers, patients and payers since the launch of our dual indication. Fundamentally, we believe we're witnessing the early stages of a true paradigm shift in migraine treatment that will lead to demand for a more simple, higher standard of care that produces better patient satisfaction and outcomes, and consequently, dramatically expands the number of people with migraine seeking treatment. In the nine weeks post-launch, we have witnessed an acceleration in volume and share driven by both increased acute and preventive therapy utilization. NURTEC ODT's unique positioning as the first and only medicine proven to both treat and prevent migraine attacks. I'd like to share our perspective on this dynamic market, how we believe it will evolve over time and the role that NURTEC ODT will play. The expanded market opportunity starts with the existence of extremely high unmet need in this category. In what remains the second most disabling disease in the U.S. there are many points of sight. But I'll highlight some of the most compelling specific to migraine prevention. First, there are too few people seeking preventive care only 15%. Second, patients are very dissatisfied with 84% seeking better options. And third, the injection barrier among patients is real with 65% of people who don't want to receive an injection. These data speak to an immediate and compelling unmet need today. But we also see a longer-term opportunity those underdeveloped and waiting to be cultivated. When you look at overall participation in the preventive market, it's striking how small the market is relative to the total population of people with migraine. In a market of approximately 40 million people with migraine, fewer than 500,000 are on some form of novel injectable therapy. Approximately another million or so are on legacy oral therapies most commonly to permit. And why are so few people practicing preventive treatment? Research suggests that complexity, burden and tolerability profile associated with existing therapies are the issue. While the previously mentioned barrier to injectable therapies has also substantially limited participation. Clearly, we see the immediate opportunity to convert many among the 1.6 million people were dissatisfied with these other therapies. However, we also see a different much larger market below the surface that will steadily grow over time among people who have either left the preventive space, or has been reluctant to engage based on the limitations of existing therapies. We also see a market that isn't constrained by the traditional siloed categories of acute and preventive therapy of today. These rigid categories evolved not because physicians believe they were treating a differentiated underlying condition or because they wanted to add complexity, but rather the characteristics of traditional migraine medications limited the breadth of their utility. NURTEC ODT is well-positioned to transcend these categories. For patients with migraine who want the simplicity of one medication, they can both treat their migraine attacks and be adapted to prevent them when needed. NURTEC ODT is in a market of one. Migraine is a complex disease and clearly other actions are needed. But unique ability to start and stay with NURTEC ODT has the potential to make NURTEC V foundation in migraine treatment. This one of a time profile encourages patients and prescribers to try and exhaust its full utility in treatment and prevention before adding additional therapies or progressing to injectables when they may not be needed. This is a new market we see before us in aim to unlock and cultivate in the years ahead. These are some of the insights clinicians have been sharing with us regarding their evolving utilization of NURTEC ODT in this new landscape. First, most immediately HCPs affirm that the indications are not merely additive, but synergistic. 85% of customers say the new preventive indication will increase their prescribing for acute use. The mere possibility that patients could flex their use of NURTEC to also prevent migraine attacks will drive greater initiation in acute therapy. We are seeing this effect already emerged in the form of growing acute preference and NBRx share. From a traditional prevention perspective, even before any promotion began, more than three or four HCP surveys stated that they were highly likely to prescribe NURTEC ODT for prevention. And when and what we believe represents a large opportunity to expand the legacy preventive market, we see that 60% of targets said that they were also likely to adapt to use of NURTEC ODT for intermittent or pre-emptive prevention to better manage predictable and unavoidable triggers like weather change, hormonal changes, and periods of stress. Now, from a payer access perspective, NURTEC continues to perform very well. In a critically important commercial channel, we're successful in establishing more than 89% coverage during the launch of 2020, and have sustained that level of coverage throughout 2021. As it relates to all channel lives covered for NURTEC, we have increased access from 215 million lives exiting 2020 to 238 million covered lives currently. Our access efforts for the new preventive indication are also progressing well. The dosing flexibility that dual indications offer, coupled with label safety data have been very well received by payers. Utilization management within the majority of payers is supportive of the preventive indication. To-date, prior authorizations and step-edits have been similar to what we've experienced with acute largely generic filming and utilization management criteria is consistent with that of the mass. Negotiations with the National PBM and Health Plans for 2022 coverage for both acute and preventive indications are ongoing. So in summary, these and other data reinforce the belief, NURTEC ODT is well-positioned to uniquely address unmet needs in the migraine space, and that this opportunity transcends traditional acute and preventive boundaries. And as it has become my custom, I'd like to close with a focus on our patients. We draw added confidence in knowing we landed on this market approach, not because we were merely trying to standout and differentiate ourselves in the market. We executed this approach because of the personal experiences and insights gleaned from our patients and prescribers. They said the approach was intuitive to them, it is what they wanted and it gave many a level of personal control over their lives they had never experienced since they were diagnosed with migraine. It's life stories like Sabrina's and Melinda's on the slide, that inspire us to work as hard as we do to innovate and deliver for customers and it's experiences like Alana's that reinforce our strategy and approach to the market opportunity. She articulates the unique positioning of NURTEC perfectly. I think my neurologists pick NURTEC over Ubrelvy because it's also approved as a preventive in case I need one in the future. NURTEC ODT putting power back in the hands of patients and that is why we remain incredibly bullish about the approach in the future of NURTEC ODT. And with that, I'd like to hand this over to my partner, Elyse Stock, our Chief Medical Officer.

Thank you, BJ. This quarter, I'm delighted to highlight the significant advances we continue to make across our R&D organization and I'm also happy to look to the future and Biohaven's potential to bring multiple novel for these patients. As Vlad has mentioned, we have an impressive CGRP franchise with Biohaven that is unparalleled in our industry. Our focus on the lifecycle expansion of NURTEC ODT as well as the exploration of a wide variety of scientifically relevant indications outside of migraine is important to us and we're committed to following the science. Expansion beyond geographic regions and the dual acting indications is of critical importance. We have ongoing trials in pediatric migraine, which is a large area of unmet need. Additionally, we're studying trigeminal neuralgia, and expect to study NURTEC in several additional migraine adjacent areas, including post-traumatic headache and at least two other undisclosed areas. CGRP represents an important pathway in the nexus between the immune and central nervous system and across a range of CGRP antagonists assets will follow the science and conduct multiple proof-of-concept and registrational studies. Additional non-migraine studies are underway or planned and includes psoriasis and asthma, others remain undisclosed. Investigator initiated trial and studies in health economics will add to the wealth of information that will ultimately be available for NURTEC, and will help define the scope of important information for patients, payers, and providers. We continue to make great progress across our programs, including our CGRP franchise, our glutamate modulating agents, our myeloperoxidase inhibitor platform, and the new opportunities we have across those common and rare diseases in our late-stage portfolio, as well as the early discovery work in Biohaven Labs. We expect our early pipeline to bring us exciting compounds in numerous areas over the future years. But for today, I'll focus on our late-stage programs that are in the clinic with many nearing top-line readouts. NURTEC ODT remains our cornerstone marketed products now indicated for the acute treatment of migraine as well as prevention. With our label expansion in late May, NURTEC ODT 75 milligram has become the only migraine medication approved to both treat acute migraine attacks and help prevent future migraine attacks. Just imagine acute and prevent. The ability to treat a large number of patients across the migraine continuum is a truly innovative approach to the treatment of migraine with the ability to use up to 18 doses per month allowing for both acute and preventive treatment in the same patient. I'm really proud of the team that's been able to make this a reality for NURTEC and those suffering from migraines. In addition, the European evaluation of NURTEC dual acting filing is underway. The filing in Europe took place in the first quarter of this year and we hope to secure approval in the first quarter of 2022. Additionally, a Phase 3 clinical trial of NURTEC ODT for the acute treatment of migraine is ongoing in China and Korea. And our portfolio of small molecule CGRP affords us great flexibility and has the potential for multiple blockbusters important among these is

Thank you, Elyse, Jim and BJ. In closing, Biohaven has demonstrated robust growth in terms of the commercialization of NURTEC ODT an important maturation of our late-stage innovative pipeline. Our strategies to develop NURTEC ODT as a dual acting therapy for acute and prevention, as well as launching with our unique and now patent protected

Thanks. We will be now conducting a question-and-answer session. . Our first question today is coming from Paul Choi from Goldman Sachs. Your line is now live.

Thank you and good morning, everyone and congratulations on the strong quarter. A few commercial questions from us, please. Just first, with regard to the prevention launch. Can you maybe just update us on how you're positioning and messaging NURTEC among potential prescribers and patients ahead of a competitive launch coming down the road? And how would you characterize and quantify relative awareness of the different molecules at this point?

Thanks, Paul, and I'll turn it over to BJ to answer that question. I did want to highlight, though that because the prevention launch came late in the quarter, really the results you saw today are still from the growing acute market. And the early metrics looks so positive for the dual indication as reflected by the 56% NBRx today. But certainly I think you're going to see a lot more in the next quarter as we begin to realize more of those dual acting and prevention scripts. So BJ?

Thanks for the question, Paul. Messaging has been very clear, we've been communicating to both clinicians and patients, the fact that we are the first and only medication that can be utilized to treat and prevent migraine. And once again, as I mentioned, it allows us to really set ourselves up as the only medication in this space. So as you look at all the others, those that may be coming right through and pending PDUFA date, and as well as the mAbs and the rest of the market in generic space like we're the only ones in this space. And thus far, as Vlad just mentioned, we really have seen just tremendous receptivity to that messaging from clinicians and patients as well. So we feel very good about that. From an awareness standpoint it's very early but we're excited because we don't have to climb the hill of a brand new medication, we are well known, we're utilized the marketplace is well aware of NURTEC and so we're able to use that relative awareness, really to just launch us into what is a broad awareness around this dual indication. So thus far we like what we see.

And BJ, I would add to that, and Elyse had touched upon this, and that's a paradigm shift with patients and their doctors, right, that they can customize this therapy now like who doesn't want the only therapy that you can customize for acute and prevention and as BJ talked about the one patient that provided us feedback about the reasons she was put on NURTEC was for that control that a patient wants and the ability to stay, I want to use it acutely now, but maybe in the future, or I can then stay on the same medicine for prevention, if I need that or if you're somebody who needs a preventative that you can have a simple medication that doesn't require polypharmacy. So thanks, Paul, for the questions.

Okay, thanks, Vlad.

Operator, next question.

Thanks. The next question is coming from Ken Cacciatore from Cowen. Your line is now live.

Congratulations, Vlad, you and the team really just fantastic performance, I guess my question is around the value per Rx that you're securing currently in the acute just kind of give us a sense, if you could, where that's going. And then BJ made a very nice commentary about payer access around prevention, I guess just wanted to drill down a little bit more here. Obviously, prevention is in essence, doubling the amount of pills and just wanted to understand how those payer discussions are going. I think you mentioned that at this point, there's no real step-through versus the injectables, but maybe how that will shake out when you feel that, we'll have this locked in and then maybe a sense of where the value per prescription on a blended basis will be going. And then Vlad, just back to you on ex-U.S., obviously wonderful performance here in the U.S., maybe talk about how we're thinking about ex-U.S. and pacing and decisions in terms of partnering? Thank you.

Thanks a lot, Ken. I appreciate the comments. In a minute I'll turn it over to Jim to talk about value for Rx and then BJ on the payer front. I would just generally say that, as you know, we don't guide towards value per Rx. But I'll let Jim comment just on the favorability that we've been seeing in pricing. But the good news is it's not just favorable in pricing, but continued growth is driving this value. Jim do you want to?

Yes, thanks, Vlad and thanks again, Ken for the question. So as Vlad mentioned, we don't guide you our net price. But I will say as I commented in my prepared script, that we were pleased to see the improvements in the second quarter. And we had provided in the past some context that this would improve. So we were really pleased about that. One of the big drivers obviously, as we've talked about is these patient affordability programs that we have in place, and over time, we will start to pull those back. And certainly as we do that, that will improve the price. Just one thing we want to just keep people mindful of though, as we said in the past, this is we're still in a launch phase. And certainly now with the approval of prevention, we will see some volatility in pricing in the future, but we are confident and believe that we'll continue to have success and strong performance. Turn over to BJ.

All right, Ken thanks for the question. So as it relates to payer access, and those discussions, as you can imagine, we're in constant dialogue at this point in time, and really our ability to communicate what is NURTEC's clinical profile, it's unique dual indication, dosing flexibility, where continued safety has really been received extremely well. And so we're excited about those discussions thus far. I can't get ahead of ourselves and communicate exactly what the outcome will be. But we feel confident that within say, the next 60 days or so, we will have some commitments for what will be 2022 and that's what we're focusing on. We have not thus far though run into situations. So we believe again, our current PI -- PA criteria is consistent with that for the mAbs which is best possible criteria. And again, these active negotiations are ongoing, and we feel confident again about what is we believe will be an extension of the current UMN and PA criteria.

Great, thanks. BJ, I would add on the PA criteria as a physician, I'll say that this also reflects that even though there's step-through, right at the high unmet need out there that we're seeing this type of growth, because there's a limitation of our current therapies. And as we said, prior to the launch, sometimes those limitations don't get completely realized by folks until you have a drug in the market that you can contrast it with. And so now, what you're seeing is, patients hasn't been satisfied with the treatments but didn't have an option. Right now that there's a good oral option on both acute and prevention, you're seeing the strong uptake. And we think that's going to continue to just grow. Ken, your question on global, it's very infrequent that a drug like NURTEC comes along that could affect literally a billion people worldwide, right? That's how many people suffer from migraine across the globe. We take that responsibility very strongly, because the impact we're seeing here in the U.S. and so the team is very hard at work at the regulatory filings so that we could really bring NURTEC to patients around the world. And as I said, previous during some of our public commentary that we are in decision kind of making mode about how we'll do the ex-U.S. and global commercialization. And those are all work still in progress. And so we'll have to stay tuned for future updates on region-by-region or whether there'll be other ways to globalize ex-U.S. So we'll leave it at that. Thanks, Ken. And operator next question.

Thanks. Our next question is coming from Chris Raymond from Piper Sandler. Your line is now live.

Hey, thanks. Just a question on the mix of prescribers. Some of our checks have indicated that you guys have seen a lot of traction among PCPs. I'm wondering, just generally you can talk about the mix there between primary care doc's versus headache specialists. And also maybe second part of that question, if you can outline are there any access considerations at the PCP level versus specialists that you can talk to, especially now with the prevention level?

Thanks, Chris. BJ?

Yes, thanks for question, Chris. As it relates to kind of specialist versus primary care as one would expect and we've seen in the data, specialists are the ones that adopt more rapidly. They see more patients, obviously per clinician, but we do see a nice transition, if you will, over time, where we're starting to see really strong pickup in primary care. And we see that actually for NURTEC, but certainly for class as a whole, we expect over time for primary care just because if there's so many of them they see so many patients with migraine is that that will be the bulk of this category in the not too distant future. And so we're excited again about what is even a re-energize excitement with our dual indication that we see even in this early stage from primary care as well specialists. As it relates to access issues, I would say that nothing is really sticking out. We do have strong access to primary care. There is, if you will, kind of just overarching concern around not only the class, but the broader industry as it relates to delve in impact from an access standpoint. But thus far we're excited we're getting into see most important clinicians and communicating effectively with it.

Thanks Chris. Operator, next question.

Thank you. Next question is coming from the Vamil Divan from Mizuho. Your line is now live.

Hey guys, this is Ari for Vamil. Yes, just wondering first, if you can talk a bit about

Thanks. I'm going to turn it over to Elyse. I'll just say that

Yes, thank you for the question. We're very, very excited about

Great.

Thanks Vamil. And next question, operator.

Thank you. Next question is coming from Charles Duncan from Cantor Fitzgerald. Your line is live.

Yes, good morning Vlad and team. Very nice quarter. Congratulations. Thanks for taking our questions. Had a commercial question and one -- and one R&D or pipeline question. Regarding the commercial question I guess I'm wondering, if BJ you could provide a little bit more color on the new prescriptions? Are they coming from new prescribers or are they coming from our deeper prescribing within a practice?

Well, great question, Charles, and thanks for that. As you can imagine, we're looking at that every day to make that determination. And the quick answer is both, which is exactly what we would hope for and expect. We certainly see depth of prescribing for those who already believe and have had success. And so they're extending that utilization right into preventive. And then as it relates to we've also seen what has been acceleration in new prescribers as well. And so again, it's -- we're nine weeks in so I want to be careful and certainly not predicting going forward, but so far we see acceleration in both those categories, which is good news for us.

And Charles, the second one you didn't ask?

Yes.

Yes, I'm sorry.

Perhaps for Elyse on

Yes. So if

Yes, no, I appreciate that. I would just add, Charles, I think from various surveys of patients that have been done in clinicians, that one of the most welcome part to this class of CGRPs has been their tolerability profile. Patients want their migraine to go away and they don't want new problems and baggage associated with some of the older meds. So I think what you're going to see with

Thanks. Our next question is coming from Laura Chico from Wedbush Securities. Your line is now live.

Good morning. Congrats on the quarter. And thanks very much for taking the question. I've got a commercial one. I'm wondering if you can talk to the proportion of patients that are continuing on therapy with NURTEC. I believe some of the symphony data shows perhaps a higher percentage of patients sitting on Ubrelvy versus NURTEC at this point. But wondering if you could just comment on where the figure is relative to your expectations? And how do you expect that to shift over time? Thanks very much.

Laura we're happy to address that. I don't have explicit data that I can actually get back to you on that. But what I can suggest as it relates to the kind of the relative proportion of folks staying on NURTEC versus the competitor. Remember, there are multiple doses with the competitor. As I think we've all seen, there's been kind of utilization of starting dose and then rapidly progressing to what would be the higher dose, because they perhaps did not see the advocacy they were searching for. So again, we have to be careful as it relates to how we determine exactly what that means. We feel very confident again, because of the feedback we get from patients and clinicians alike is that there's a high degree of satisfaction with NURTEC ODT. The specific data that we can point to that shows a strong delta between satisfaction as it relates to NURTEC and Ubrelvy. And so that's the basis of kind of our belief again that we have unique and highly beneficial product.

Yes, I'd just add, our first and last profile speaks for itself. We think it's a more efficient way of treating migraine where people don't need to take multiple different doses, multiple different drugs for different indications. And so I would echo what BJ said, don't misinterpret that. With other approaches half patients have to take a second dose. There's multiple doses. And so be cautious in how you interpret that type of script data versus the efficiency. I think it's coming across loud and clear with NURTEC. So thank you. Next question, operator?

Thank you. Our question is coming from Marc Goodman from SVB Leerink. Your line is now live.

Yes, good morning. You've been affordability plan, obviously this quarter and past quarter there was a major benefit. and into next year, just last time you have said these programs to really benefit for later in the obviously had one much, much earlier. So I'm just kind of curious about your overall just kind of big feel of guidance to all of us to understand how that is going on behind the scenes. And then as you're having these 2022 year in terms of launch ?

Thanks, Marc. I think we had the gist of the questions, although there's some choppiness there. But I think we got --

Sorry.

No problem not your fault the internet. Look at generally speaking; it's what we had said last year that priority number one is building the market in a launch year. And then Jim, BJ and myself getting together and assessing data coming in and tweaking those programs, and there'll always be some back and forth and some changes that get done. So we did get some favorable improvements a little bit quicker than expected. But as Jim said earlier, we're in a launch year still now for our dual indications. So I wouldn't just assume that things are going to be steady. We've always said wait until the end of this year. When you get into next year, I think you'll see more stable assessments of where we land with affordability. So, I think we can all expect, there'll be some modifications to the programs. And we'll watch it carefully. And over time, we think you'll see the favorability, but there could be some volatility. Thanks, Marc. Next question.

Thanks. Your next question today is coming from Esther Rajavelu from UBS. Your line is now live.

Hey, thanks for taking my question and congrats on the quarter. I just have a couple for BJ and then one on Verdiperstat if I can. So on NURTEC for the PCPs that are prescribing, can you give us some color on whether they're specifically headache specialists, or just generally PCP broadly? And then can you also talk a little bit about how you're thinking about the EU market dynamics, what are some of the pushes and pulls as you expect, you would expect as you're planning for a potential commercial launch?

I'm happy to respond, Esther and I'll hand actually over to Elyse in a moment to talk about the EU. But as it relates to PCP, they're a very small segment, they're actually headache specialists, but the vast majority of them and the vast majority of those primary care providers are just general practitioners. And again, they are folks who see a lot of patients therefore; they see a lot of patients with migraine. And so we do again expect this area to be the one where there is tremendous adoption over time, just because that they see so many patients. Elyse?

Yes. With regard to Europe, again, the filing took place at the end of last year, we're in the midst of discussions with regulators in the normal process that you would expect. And the physicians that we've spoken to in the field have been as excited about, about being able to hopefully at some point, right be approved and have it on their marketplaces. So, they've just been very excited. And I think the dynamics, once we're out there will be comparable to what we see in the U.S.

Yes, and I would just add look at the role NURTEC and other oral CGRPs are playing in the U.S. right, again highlighting the limitations of past therapies and when you have that contrast, you see the difference that makes in people's lives and their disability. And I think the overall health economic benefits, a therapy like this, and so we would expect that over time to play out in Europe. Next, probably last question, operator.

Certainly, our final question today is coming from Tim Lugo from William Blair. Your line is now live.

Thanks for the question. Thanks for sneaking me in. Can you just comment on your cash position, you hold $368 million down from $200 million last quarter. And I know you have access to the Sixth Street and a Series B financings, but still seems to be maybe a bit thin giving how much investments going into NURTEC and all of the clinical programs, it's actually Europe, you can just talk about maybe some areas where you might want to partner or maybe BioShin could present -- produce some capital, if execute in Asia?

Yes, great question, Tim. And I think as you know, we've always demonstrated ability to appropriately from the company, and these are things we watch very closely. And we're also very cognizant of wanting to avoid dilution to our shareholders, especially when one understands the magnitude of this asset. And obviously, we want to work as quickly as possible to profitability, so we could sell funds, rather than having to go to the markets. There's not a lot we can say, at this point on some of the plans, ex-U.S. again, you're going to have to just be a little patient. So we can come up with the best strategy there and communicate that but Jim and team and myself will make sure that company is always well funded. Jim, anything you want to add to that?

No, I think you summed that up well, Vlad. We're very dilution sensitive, obviously for investors but I believe we're well capitalized and set up for success with that.

Yes, when you look at our current cash on hand and access to capital, there isn't any imminent need for us to go out and have to do something from a race perspective. And BJ and team keeps on hitting their numbers, it makes that even easier to deal with. So thanks, Tim.

Thank you. We have reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

Okay. Well, thank you again for joining us today and we deeply appreciate the support of our employees and investors as we move forward to delivering these life changing therapies to patients and we're excited about continuing to meet with you quarterly and giving you updates on what has been a paradigm shifting treatment in NURTEC ODT, but then also a lot of excitement in the rest of the portfolio in the quarters ahead and so look forward to future calls with everyone. Thank you very much.