One product, PYLARIFY, is basically the whole story — and its growth just went from a 38% five-year rate to +1% in a quarter. Every dose is a fresh sale, no contracts, so flat volume is the moat being tested in real time. What keeps this on the watchlist instead of the discard pile: $118M of quarterly net income, margins already back to 22%, and 9% of the shares retired in 18 months. The two facts that would settle it are still missing; the July 30 print should supply them.