Financial PerformanceThe EPS of -$1.54 was ~50% lower than consensus of -$0.99, mainly driven by higher than expected expenses.
Investor ExpectationsWeakness in the stock is a reflection of the stock recent move following the Auvelity IP settlement and low investor expectations ahead of the 1Q Ph 3 data readouts for solriamfetol in ADHD and MDD.
Market CompetitionIn the ADHD market, peak sales expectations for solriamfetol are conservative due to competition from highly effective generic stimulants.