Good afternoon, everybody. We've got Verona Pharma here with us. David, Chris, thank you so much for joining me this afternoon. Thank you. In interest of time, I want to make sure I can needle you as much as possible. Let's get right into it. Let's go for it. Let's go for it. So obviously, the major topic here is the launch in COPD. Data was super strong here. What's been the key differentiating feature in your messaging to physicians as we get into commercialization? I'll just start with a couple of thoughts that led to the, I think, the great uptake and interest. I think first goes with it's a very strong unmet medical need in COPD. There are millions of patients who need additional therapy that are currently symptomatic on optimal therapy currently. And we knew that from our market research, and that's playing out very well. And I think there's a tremendous interest from physicians and patients in new therapies such as Ohtuvayre. The mechanism of action is key, both as a bronchodilator and nonsteroidal anti-inflammatory. I think that gets tremendous traction with physicians. And I think first novel therapy by the inhaled route in decades. So again, tremendous interest. And that's sort of the broad scope. So I don't know, Chris, you want to talk about sort of how it's been in the field? Yeah, I think from a field perspective, one of the things that when we think about going into launch, we do a lot of market research before launch. And you're always, when you put reps in the field, you're like, does our market research match what our reps are hearing? And when we went into the approval, what we had heard is significant unmet need and a novel profile was needed. When our reps have hit the field over the first nominally 14 weeks of launch to now, is what they're hearing is very similar things. So the doctors continually talk about patients having persistent symptoms, most particularly dyspnea. And the importance of dyspnea is that that's a symptom that physicians make changes on. And so that symptom triggers that doctor to change therapies or add therapies. The other thing that's been very consistent with what we saw in the past is the fact that, as Dave talked about, Ohtuvayre's profile as a novel MOA that provides bronchodilation and anti-inflammatory effects is extraordinarily appealing to the doctor because it allows them to provide relief to these patients that are persistently symptomatic, and what we see in the marketplace is that at least half the patients that they see in their practice have some sort of persistent symptoms. Is this the positive reception you're getting from docs on the ground? Is that true across the different sorts of prescribers? Obviously, this is a large indication. It's a very broad indication. It's been a very static market for a very long time, as you guys mentioned. Are you seeing places where uptake is more enthusiastic, where people are better prepared to get the message versus folks who are not? I think with any launch that you go into, you have your early adopters and laggards, but what I'm very encouraged by is if we think about our market and how we segmented and targeted our reps, we said that we needed to go to 14,500 doctors. We have Tier 1 physicians who are primarily pulmonologists or nurse practitioners and PAs in pulmonology offices, and there's 2,500 of those, and what we saw in those first 12 weeks was a 30% penetration of writers within that first week. Those are the doctors that are the busiest doctors out there. They, writers or providers, write over 160 prescriptions a month, and they were very quick to start to integrate Ohtuvayre into that practice. But also in specialist pulmonology practices, where maybe they have been waiting for something like this for some time. That is correct. And if you go to our Tier 2s, which is about 12,000, you can see that that still has pulmonology in there, but it has primary care in there as well. And we're seeing penetration within that marketplace as well. We also see penetration of writers and people that we're not calling on. So Tier 3 and Tier 4, what I would call doctors that are more primary care focused that are seeing Ohtuvayre out there and prescribing it to patients that are still, and that's something we want to continue to watch because as we think about how we activate those Tier 1 and Tier 2, our virtual team talks to Tier 3s, and we use a lot of nonpersonal promotion to hit other physicians as well. So we're trying to see what the penetration across the spectrum looks like. Yeah, so maybe to drill down in that a little bit, when you approach incremental prescribers across those various tiers of your target list, but how much education do you need to bring a new doc on board? How comfortable are the docs with the existing MOAs? I imagine, obviously, pulmonary franchises are very, very familiar. But how familiar are docs with the data that you've got at your first call? I think it depends on the physician, but most have been exposed to Ohtuvayre via scientific publication or other places before we've gone in there. There are some doctors that don't need a rep intervention for them to write. There are others that need multiple, but the thing that we see consistently is that our messaging is very simple for a physician. We don't ask a physician to stop doing anything. One of the things when you launch a product, you always are competing with this idea of, doc, stop this, but do my new thing. Our message is we kind of sympathize with the physician. We talk about the fact that they have patients that are struggling, and they've been limited in their options to help them, and now they have this novel safe MOA that they can layer onto any therapy. That really opens up and takes the guard down for them to start prescribing. And then from there, it's a simple message of novel MOA, bronchodilation effects, and a safety message. And if they want to get into symptoms and exacerbations, then it's something we can talk about. But mostly, it's really novel MOA, bronchodilation, and safety in a DPI. The data is the data. The data is the data. Yeah. All right. Well, let's talk about the market expectations at equilibrium, maybe at peak. You guys have suggested before that even very modest penetration in this market support a really substantial sales expectation at peak. Where is the low-hanging penetration? Where is that penetration coming from in terms of the patient population? Presumably, you're primarily getting traction with patients that were poorly served on existing standard of care, at least so far. But what fraction of the market do you think will be that sort of low-hanging fruit? I'm not sure we have the exact percentages. I do think that we're seeing a prescribing pattern across all patient types, including patients on single, dual, and triple therapy, whereas we reported about 50% were actually on triple background therapy. Very interesting. Again, many people were interested in whether our trial would translate to use. Yeah, remind me how that compares to the trial? Exactly. So in the trial, we did not study patients on triple, but of course, studied all the individual classes, LAMA, LABA, and ICS. But based on the pharmacology of Ohtuvayre, we were, of course, very confident of its effectiveness across the spectrum of patients. And the basic issue is if you're symptomatic and you had dyspnea and you need improvement, when you activate the PDE3, PDE4 pathway, you get that effect in that patient regardless of their background therapy. And I think that's what we're seeing. So we're very pleased with the broad prescribing. It's consistent with our indication for that matter. And so we'll continue to see that happen clearly for the coming quarters. I think ultimately, I'm very interested in how Ohtuvayre will insert itself in the treatment paradigm. I speak frequently about how it's going to change how patients are treated, where it will get inserted before ICS. The fact that you're able to now provide a bronchodilator and an anti-inflammatory by the inhaled route, I think you'll see that entrenchment in the therapy as you look out after one or two years. Makes sense. Maybe to ask about launch cadence. And I asked this piece. It seems like there's a lot of focus from investors and from other analysts on the immediate dynamics of the launch, seasonality into the holidays, et cetera, something that I hear a lot from people. First, do you expect any sort of real seasonality from this product at the end of the day, launch dynamics aside? But maybe second, what are the key factors driving early launch relative to expectations? Yeah, I think let's talk about seasonality. At this stage, we don't anticipate any seasonality to happen. I mean, for all intents and purposes, we're very much in a launch phase. Yeah, we're in a launch phase. So we're in a launch phase. So I don't think seasonality is something that we see or foresee being something in the future that we would deal with in COPD. If we think about attributes of the launch and what's driving the launch, I think the unmet need and the novel MOA are driving physicians to use this. Remember, they haven't had anything for 20+ years that is new that they can add to patients, but they're dealing with a chronic progressive disease. COPD doesn't stop. These patients don't get better on the therapies that they have. So at some point, they're going to have persistent symptoms. So Ohtuvayre serves a beautiful complement to what they deal with on a day-to-day basis. And between the efficacy and the safety profile provides them an easy addition to add on to their patients. So I think that drives a lot of the utilization. When we think about one of the questions we get from investors all the time is, how do you get someone that writes their first one to write multiple patients? And what we've seen in the data so far is frequency matters. So the more we interact with a physician once they've written a prescription and gotten a patient on therapy, the more likely they are to continue to adopt over time. That makes a lot of sense. But it's not just interacting with the physician. It's interacting with the staff and the people that do some of the paperwork. The second thing that drives utilization is getting patient feedback. So getting that feedback loop back to the doctor of how these patients are doing on Ohtuvayre has been very powerful in a lot of cases for the physician to adopt more. Makes sense. David, I'd love to circle back to something you just said a second ago, which is where Ohtuvayre will end up inserting itself in the cascade of therapies, I guess. So where are you seeing? Obviously, the expectation is that there's going to be prior treatment. People are going to be exposed to prior classes, and then we'll add Ohtuvayre on top. Obviously, very early days. But where's the feedback been in terms of the most fruitful place to start introducing Ohtuvayre and the novel mechanism into that cascade? It's been pretty broad-based, as we've seen. It's basically symptomatic patients on current care in which the physician feels like they're optimally treated based on what they had before, so that varies by patients, but the message has been very clear that if you have a patient who has dyspnea, who has symptoms, this is an option that you hadn't had before, and that's really resonating. It's a very straightforward message. It applies to the spectrum of patients in the practice we're seeing them prescribe that way, and I think we haven't had to make it a discussion about, please start this, stop this, change this therapy. It's merely layering it on. I think as physicians get more and more experience with Ohtuvayre and understand its benefit to risk, which is extremely compelling, that's where I think you're going to see its utilization inserted before ICS and earlier in the treatment paradigm as a matter of practice. LAMA, LABA versus the doublet. That's right. I mean, we'll always deal in the U.S. healthcare system with generics and concepts around generic drugs. But when you're looking at maintenance therapy, I think you're going to see its insertion before ICS. Makes sense. Maybe then that leads us into the reimbursement side. You've been very consistent in the message there, relatively simple, a step edit or prior auth. Are there any payers where things are shaping up to be notably different at this stage in a particular place? Not from a payer standpoint. If you think about how Ohtuvayre or ensifentrine is reimbursed, 75%-80% of the reimbursement is under a medical benefit, either through traditional Medicare Part B or through Medicare Advantage medical benefit. And on that side, you have 100% access to the product through an open channel, basically. When you look at Medicaid and commercial, those are where you have some of those simple step edits, confirmation of diagnosis, move through a LAMA, LABA. But those are things that, as Dave described, the patients that we're talking about are not. Are already. They're all treated, and they're symptomatic. So the hurdle for getting through that is not very difficult. It just takes a little bit of time to work with the payer on that. Are there any populations where there has been more pushback to the adoption? No, I mean, not from a payer perspective. The question we got is, are you restricted to on top of triple, or do you have to be? None of that has come up at all. Of course, you're not expecting patients to be on background LAMA or LABA to begin with. I think Dave talked about it earlier. Our indication helps tremendously when you think about what we're indicated for. We're indicated for the maintenance treatment of COPD as a drug that can treat any patient within the COPD population. Now, you also have a permanent J-code coming up. Obviously, some indications that seem to matter a lot more than others. Do you think COPD market is more the former or more the latter? I think it's more the latter. It doesn't matter as much. Yeah, we're not a buy and bill in an office. We're a buy and bill at the pharmacy. So those pharmacies are used to working under a nonspecific J-code and a reimbursement lag. For me, the product-specific J-code and what we've heard from our partners is it helps with their reimbursement time and the adjudication time that they get there. But the nonspecific doesn't change them. For the doc's perspective, there's no edge. It's seamless for the doc. It doesn't change. If it was a doctor buying the product and doing it, different story. Makes sense. In our last couple of minutes, I would like to talk about the next steps for ensifentrine. Obviously, there's the LAMA combo in development, dry powder formulations. What's the latest on those programs in COPD? What's the incremental opportunity there? Yep. So we're very happy with how we just started our phase II program on our fixed-dose combination of LAMA, glycopyrrolate, and ensifentrine. Completing some dose ranging work with glycopyrrolate. We'll continue with dose ranging work with ensifentrine and glycopyrrolate leading to the definitive trial. We see that as a product that we would develop across the 2020s and come out later in the 2020s as Ohtuvayre is maturing. We believe that Ohtuvayre will be used with a LAMA frequently, and this will be a great convenience to have. Streamline for those patients. To have both of the products together. First time ever, a combination product as a nebulized product. Again, more innovation from that standpoint. Really, it would become. I would consider it a new triple that is dual bronchodilation and anti-inflammatory in one therapy. Functional triple. Yeah. And of course, extension of IP, reset of IRA clock, all of these things that benefit that program. Excellent. And the dry powder formulation? Yep. So we have this great optionality. For COPD, we don't think we need a DPI or an MDI. But it gives us opportunity in other regions, countries, in our partnerships. Other indications, sites such as asthma, would probably be that the case. But I see that as a part of an outcome of our partnering where we can bring a device that has IP or expertise from a partner in a certain device that we can run with ensifentrine. Makes sense. And maybe in our last minute, obviously, you've got some early work getting done in CF and non-CF bronchiectasis. Where are those programs going and the incremental opportunity there as well? Again, really excited about, again, started our phase II trial in non-CF bronchiectasis. It is essentially we're using Ohtuvayre, so 3 mg twice daily against placebo, 180-patient phase II trial powered with exacerbation endpoint. It's going to take probably through 2026 for a readout of it, but we're very happy with that, and I think there's going to be a lot of read-through from COPD to non-CF bronchiectasis as those two treatments and therapies look fairly similar in their clinical presentation, and I think Ohtuvayre has great promise in it. Just as we're getting used to launch success, there'll be a new set of clinical data to get excited about. That's great. Excellent. Well, thank you so much for joining us. Thanks, Jon.