Roivant Sciences Ltd. Common Shares 12th Annual Cantor Fitzgerald Global Healthcare Conference

Wherever you want to go. Yep. All right. Good day, everyone.

Yeah, great. Thanks for having me. It's always easier to do these after putting out good data.

Oh, yeah. They've- as well as your BD team who got this asset from Bayer for, what, $15 million?

About that, yeah, a little less.

If I did, I couldn't tell you.

I've had like 36 whole hours. So look, for those that don't know, mosliciguat is a drug that we've had in development. It is an inhaled sGC activator that we are developing in pulmonary hypertension. It's a drug we got, as you mentioned, from Bayer a few years ago. I think what I said about this data set all along was if it worked, it was going to be obvious in hindsight that it was a good idea. If it failed, it was going to be obvious in hindsight that it was a bad idea. Because the truth is we know that inhaled vasodilators are generally effective in pulmonary hypertension. Also the only other sGC-targeted therapy ever tested in PH-ILD, riociguat, had a death imbalance against the drug and was harmful to patients.

That was obviously not a great setup, but our hope was that by delivering the drug in an inhaled format, we were going to have good efficacy. So we put out data yesterday morning, and the data was phenomenal. We had the deepest-ever PVR reduction shown in any pulmonary hypertension study. The study was very much not powered to show placebo-adjusted benefit in six-minute walk and very much did get a P value on that endpoint. So there's a lot to love in this data set, and overall, just the consistency of it, the hemodynamics working so nicely in concordance with the clinical endpoints. You just look at this, you're like, this drug was effective in this study. By the way, I don't know how familiar people are with PH-ILD as an indication.

These patients are really, really sick, so to be able to deliver this kind of benefit, I think it is going to change the field in many ways. Overall, the data was phenomenal. I would say the depth of hemodynamic responses in particular are probably the thing that has changed the most for me, in that they opened my mind to a much broader set of indications across pulmonary hypertension. Whereas I think if we had seen a narrower benefit, PH-ILD is still a phenomenal indication. We were thinking about IPF even before, but I think with data this good, you want to go broad.

Our competitors have numbers out there that range from probably 30,000 patients in the U.S. on the low end to 100,000 patients on the high end. We probably think the market is on the higher end of that range, and we have not put out our own research yet. Could even be bigger if you really push me on it. PH-ILD has a lot of patients that are really sick, and the thing that you see in PAH, which is the much more developed pulmonary hypertension market, people have been treating PAH patients with novel therapeutics for decades, is the more drugs enter the market, the better every drug does. The patients are living longer, they are healthier for longer, they use drugs stacked on top of each other.