Orexo has successfully navigated a challenging Q116 with the loss of CVS Caremark exclusive status at restricted plans, emerging with positive operating cash flow due to working capital and a focus on cost control (total spend down 17% vs Q4). In the near term, management priorities are Zubsolv revenue growth, balanced with appropriate sales investment to target profitability. Investment will increase as Zubsolv’s market access and reimbursement position improves, and federal legislation is passed significantly expanding the available market. Global expansion with a potential new ex-US partner for Zubsolv represents further upside; a deal is targeted for Q216, with European filing planned in H216.