Thank you for standing by, and welcome to the KemPharm First Quarter 2022 Results Conference Call. . I would now like to hand the call over to your host, Jason Rando with Tiberend Strategic Advisors. Please go ahead.

Good afternoon, and thank you for joining our call today to discuss KemPharm's First Quarter 2021 Financial and Corporate Results. Before we begin, I would like to remind our listeners that remarks made during this call may contain forward-looking statements that involve risks and uncertainties and are subject to change at any time, including but not limited to, statements about KemPharm's expectations regarding future operating results. Forward-looking statements are made pursuant to the safe harbor provisions of the federal securities laws and represent management's current expectations. Actual results may differ materially. KemPharm disclaims any obligation to update or revise its forward-looking statements, except as required by law. More complete information regarding KemPharm's forward-looking statements, risks and uncertainties can be found in KemPharm's filings with the SEC, which are available on the company's website under the Investor Relations section. Speaking on today's call will be Travis Mickle, KemPharm's President and CEO; and LaDuane Clifton, CFO. Following remarks, there'll be a question-and-answer session. With that, it's my pleasure to introduce Travis.

Thanks, Jason, and thanks, everyone, for joining today. For those that aren't as familiar with KemPharm, I'll just give a brief introduction here, and discuss our value proposition. KemPharm historically has been focused on the discovery and development of prodrugs. We to date have 2 FDA-approved and partnered medications AZSTARYS and APADAZ and certainly has been the history of the organization. As we announced back in January, our new focus is on rare disease and CNS drug development looking at innovative therapies, including in this particular case, a prodrug, but we're not subject to that limitation. It's this development of these novel treatments, we believe, will create the largest value for us and our shareholders in the future. Today's update will actually be relatively short. We did provide an update just last -- about 6 weeks ago as well has been making great progress on all of the items that we discussed and had planned for this quarter. There are several items that I have in the update here, that we'll be looking forward to scheduling and/or updating as we move forward. So in the second -- in the first quarter, we accomplished a number of different goals that we had as well as in the early part of the second quarter here. We filed the IND for KP1077 for the treatment of idiopathic hypersomnia as well as got underway with the planning and the trial initiation around the Phase II. That should initiate officially in the second half of this year. Once that study initiates, we'll shortly follow that with the narcolepsy trial. So those 2 will be working almost in parallel at that point. I think most importantly and with the near-term sort of milestone that we have for KP1077 is our cardiovascular trial. This is looking at…

Thank you, Travis, and good afternoon. For Q1 of '22, we had revenue of $4 million derived primarily from consulting service fees. There were some royalties and then the success fee that we had reported out on from Corium related to our assistance in the approval of their product called ADLARITY. For this quarter, we had a net loss of about $1.9 million or $0.05 per basic and diluted share. And I would say, as we look forward to the rest of the year, as you would expect, R&D expense will begin to increase quarter-over-quarter as the KP1077 program continues forward. Looking at the balance sheet, we remain in a very strong position with the balance at the end of the quarter of $119.1 million. And as we've noted in prior quarters, we remain confident that this extends our cash runway well beyond 2025. And so we have everything we need to execute our strategic plans as well as the development programs for 1077 that Travis has enumerated. So with that, Travis, I'll turn it back to you.

Thanks, LaDuane. So looking forward at the upcoming milestones for some of these we've already hit. Again, the Phase I trial, the IND filing that occurred this quarter, Type B meeting with the FDA in the first quarter. We should have, again, the data from the cardiovascular differentiation trial in the third quarter and be initiating the Phase II trial in the second half of this year. Shortly after that, of course, we would start the process within narcolepsy, though of course, we'll have the Type B meeting and the IND prior to that trial initiation. We already had, and I didn't mention here some results on KP879, and we continue to look for external funding and collaborations. That's been part of our plan for that particular candidate. And then just briefly to remind everyone, we do expect the last half of this year to have some additional clinical stage candidates that we bring in through our business development efforts. So with that, I'd like to thank everyone for your time and see if there's any questions.

Yes. Again, I want to thank everyone for the time. I hope to continue to meet the progress that we've shown already this year and the last half of last year. And we'll continue to report an update as we have new information available. Thanks, everyone.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.