Framing the Value of AD109

Pharmaceutical Executive: How do you frame the value of AD109 in terms of outcomes that matter not just to regulators, but to patients, physicians, and payers at the 2026 J.P. Morgan Healthcare Conference?

Graham Goodrich: Think about the target population that we're going after. They've been diagnosed. They have either refused or have abandoned the standard of care. So just personalize that for yourself. Imagine you're being diagnosed, you know, you should be doing something to treat a very serious chronic disease, and you're not doing it. And there's a sense of anxiety that that sweeps over individuals. There's a sense of concern, there's a sense of, you know responsibility, if you're a caregiver, if you're responsible for your partner, or you have other commitments in life, and there's an anxiety knowing that you're not doing something to treat a serious health risk.

So, I think one it's providing a bridge to have an accessible treatment, and that's just going to make people feel good, that target population who knows they should be doing something but haven't because of the difficulty that they've had with the available treatment options. So one, you're just going to get, like a group of people who have been waiting for something to more effectively and easily treat their condition now it's something within their reach that they're willing to accept. There's like a sense of some you know, contentment knowing you're doing something positive to manage your health.

The other piece is when you understand what is happening with sleep apnea, it's really about stealing your oxygen at night. Your airway collapses and for someone who's severe, it could be 30 times every hour, and that can last from 10 seconds to a minute long. And what's happening is when your airway collapses at night, it's depriving you of oxygen and put your body in oxidative stress. So, by keeping that airway open, you're getting your brain and your heart and your body and your tissues more oxygen, and that's going to have a positive effect on how you feel and function in your daily life. And we have a data point from our clinical trials that suggests that it's hypoxic burden, and what that is, it allows you to quantify the effect of the return of oxygen from as a result of taking AD109 and approximately you see about a 60% improvement on average in terms of the amount of oxygen we're able to restore for people experiencing sleep apnea, and you know that can have untold effects again, how you sleep, the quality of sleep, but also your level of fatigue and how you feel and function throughout the course of the day.