Marinus Pharmaceuticals, Inc. (NASDAQ:MRNS) Q3 2023 Earnings Conference Call November 7, 2023 8:30 AM ET

Company Participants

Sonya Weigle - SVP, IR

Scott Braunstein - CEO, President & Chairman

Christina Shafer - Chief Commercial Officer

Joseph Hulihan - Chief Medical Officer

Steven Pfanstiel - COO, CFO & Treasurer

Thomas Lyons - Chief Business Officer

Conference Call Participants

Brian Abrahams - RBC Capital Markets

Joseph Thome - TD Cowen

Joon Lee - Truist Securities

Andrew Tsai - Jefferies

Marc Goodman - Leerink Partners

Charles Duncan - Cantor Fitzgerald & Co.

Douglas Tsao - H.C. Wainwright & Co.

Operator

Greetings and welcome to the Marinus Pharmaceuticals' Third Quarter 2023 Financial Results and Business Update Call. [Operator Instructions].

And now, it is my pleasure to introduce your host, Sonya Weigle, Senior Vice President, Investor Relations, Human Resources and Corporate Affairs. You may begin, Ms. Weigle.

Sonya Weigle

Thank you and good morning. With me from Marinus are Dr. Scott Braunstein, Chairman and Chief Executive Officer; Christy Shafer, Chief Commercial Officer; T.J. Lyons, Chief Business Officer; Dr. Joe Hulihan, Chief Medical Officer; and Steve Pfanstiel, Chief Financial Officer and Chief Operating Officer.

Before we begin, I would like to remind everyone that some of the statements we are making today are forward-looking statements under the securities laws. These forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by such forward-looking statements. These risks and uncertainties and risks associated with our business are described in the company's reports filed with the Securities and Exchange Commission, including Form 10-K, 10-Q and 8-K.

I will now turn the call over to our CEO, Dr. Scott Braunstein.

Scott Braunstein

Thank you, Sonya, and welcome to our call. Before I turn to our progress in the third quarter, I want to express my appreciation to those of you who attended in person or via webcast our investor and analyst events in September. I also want to thank our key opinion leaders, Dr. Dhar, Dr. Koenig and Dr. Kahn, who reviewed their clinical experience treating patients with status and TSC.

The third quarter of 2023 was marked by strong ZTALMY sales growth, meaningful progress in expanding global access to ZTALMY, continued advancement of our late-stage clinical programs, and ongoing development of our second generation oral ganaxolone product. We are pleased to report that ZTALMY sales in the third quarter slightly exceeded our mid-September expectations with revenues of $5.4 million, and we are once again raising our guidance to the range of $18.5 million to $19 million. Just 4 full quarters into our launch, we are pleased to report our annual revenue run rate is well north of $20 million. These results validate our efforts to build a strong commercial organization and execute on our rare disease-focused strategy. Christy Shafer, our Chief Commercial Officer, will review our achievements and the steps we are taking to prepare for 2 new potential launches in 2025.