Aug 13, 2026 earnings call — ZUNVEYL commercialization and Q2 progress
Q2 net product revenue was approximately $6 million, a 71% sequential increase versus Q1 2026.
Revenue $0.0B (est $0.0B) · EPS $-0.40 (est $-0.39)
Key quotes
"Q2 demand generated $6 million in net product sales, representing 71% sequential growth over Q1."
"During the second quarter, the company reported positive top line results from the BEACON study, We initiated CONVERGE, a retrospective data review in long term care, and we initiated RESOLVE, with sites selected, sites activated, and initial patient enrollment underway."
"Payer access remains our most significant near term opportunity and candidly, our most significant near term friction point."
Analyst Q&A 6
why doctors repeat, neurology launch, and payers
Q (Ram Selvaraju · H.C. Wainwright): Analyst asked why many prescribers write repeat prescriptions, when the company might expand beyond long-term care into neurologists/retail, and when formulary coverage will become a tailwind.
A: Management said repeat use is driven by providers' real experience with ZUNVEYL — tolerability, efficacy, and behavioral benefit — and noted 76% of providers are writing again. They said expansion into neurology/retail depends on reaching operating profitability (next year) and having solid payer/formulary coverage. They expect CONVERGE topline in Q3 of 2026, RESOLVE to complete in Q2 next year with data in summer/fall, sublingual could address about 10 to 20 percent of patients, and they will provide expense guidance for 2027 but not revenue guidance now.
"I think it really comes down to, their experience with the drug." — Michael E. McFadden (CEO)
quarter stocking and reimbursement level
Q (Nav Raman · Stonegate): Analyst asked if there was any outsized stocking in the quarter and what gross-to-net (reimbursement) might be if coverage progresses slower than expected.
A: Management said there was no significant material stocking; pharmacies and wholesalers are buying on demand so the quarter shows pure demand growth. They said reimbursement is holding at about 74% now and that without major formulary additions GTN should stay pretty consistent by year-end, with some IRA penalty pickup.
"As it relates to our reimbursement, obviously, right now, we are holding strong at about 74%." — Lauren D'Angelo (COO)
Q3 demand and patient adherence
Q (Jake · Craig Hallum Capital Group): Analyst asked about demand so far in Q3 and whether growth is from payer pull-through or sales execution, and also asked how adherence/retention is trending at 6 or 12 months.
A: Management said momentum continued into Q3 and that June was the strongest month in Q2; they have had no formulary wins and their 16% contracted open book remained consistent, so they attribute growth to commercial execution and a 60-person customer-facing salesforce. On adherence they said long-term care makes the data different and they are still tracking adherence rates, so they could not yet provide a precise average time on drug.
"So we are still tracking adherence rates because long term care is a little bit different how you look at the data." — Lauren D'Angelo (COO)
where growth is and why doctors switch
Q (Ryan Deshner · Stonegate): Analyst asked which geographies or prescriber types drove the most growth and what reasons prescribers give for switching patients to ZUNVEYL, including how refractory those patients were.
A: Management said Q2 growth was broad across every region, with the largest volume from key markets but no single area far outperforming the rest. They said doctors switch patients because many had failed donepezil or generics, had tolerability issues (insomnia, GI), or saw behavioral benefits with ZUNVEYL, and many switches come after physicians gain experience seeing positive effects.
"As it relates to the growth across the nation for Q2, we have seen growth across every region." — Lauren D'Angelo (COO)
one-time prescribers and expense outlook
Q (Dave Storms · Stonegate): Analyst asked whether one-time prescribers need re-targeting or if the company is focused on unpenetrated prescribers, and asked how sticky the SG&A reduction might be into 2027.
A: Management said many apparent one-time writers are 'ghostwriters' in long-term care data where orders are entered under another doctor, and they are now seeing physicians move from trying 1–2 scripts to greater repeat writing as they get experience. On SG&A they said they expect some consistency into 2027 but have not finalized 2027 numbers; ongoing studies increase spending this year and conclude in Q2 next year, and commercial efforts may offset that, so they will finalize the 2027 budget and provide guidance later.
"So 1 of the challenges with long-term care data is we call them ghostwriters." — Lauren D'Angelo (COO)
why patients stop and long-term care size
Q (William Wood · B. Riley): Analyst asked what drives patients to stop ZUNVEYL (adverse events, lack of efficacy, prescriber choice) and how much room remains to grow in long-term care homes.
A: Management said in their data they have not seen patients stop due to tolerability or lack of efficacy; common reasons for apparent discontinuation are death, hospital stays, or formulary/prior-authorization issues, and the reimbursement team works to recapture patients. They said the market opportunity is large: about 5 thousand tier 1 homes and about 3 thousand top-tier physicians, and currently about a thousand physicians are writing, so there is significant upside.
"To your question about opportunity and our base from my perspective and the company's perspective, we have significant opportunity in long term care." — Lauren D'Angelo (COO)