Journey Medical Corp (DERM) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to Journey Medical's Full Year 2025 financial results and corporate update conference call. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes.

各位女士、先生，感謝您稍候。下午好，歡迎參加 Journey Medical 2025 全年財務業績與公司最新進展電話會議。（接線員指示）提醒本次電話會議的與會者，本會議音訊正透過網際網路進行即時直播，並同時錄音以供日後回放。

A webcast replay of this call will be available approximately one hour after the end of the call for approximately 30 days.

本次電話會議的網路直播回放將於會議結束後約一小時提供，並可供回放約 30 天。

I would now like to turn the conference call over to Jaclyn Jaffe, the company's Senior Director of Corporate Operations. Please go ahead, Jaclyn.

現在我想把電話會議交給公司企業營運資深總監 Jaclyn Jaffe。Jaclyn，請開始。

Good afternoon, and thank you for participating in today's conference call. Joining me from Journey Medical's leadership team are: Claude Maraoui, Co-Founder, President and Chief Executive Officer; Joseph Benesch Chief Financial Officer; and Ramsey Alloush, Chief Operating Officer and General Counsel.

下午好，感謝各位參與今天的電話會議。與我一同出席的 Journey Medical 管理團隊成員包括：共同創辦人、總裁兼執行長 Claude Maraoui；財務長 Joseph Benesch；以及營運長兼總法律顧問 Ramsey Alloush。

During this call, management will be making forward-looking statements, including statements that address among other things, Journey Medical's expectations for future performance, operational results, financial condition and the receipt of regulatory approvals. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements.

在本次電話會議中，管理層將發表前瞻性陳述，其中包括但不限於關於 Journey Medical 對未來表現、營運結果、財務狀況以及取得監管核准的預期。前瞻性陳述涉及風險及其他因素，可能導致實際結果與該等陳述存在重大差異。

For more information about these risks, please refer to the risk factors described in Journey Medical's most recently filed periodic reports on Form 10-K and Form 10-Q, the Form 8-K filed with the SEC today and the company's press release that accompanies this call, particularly the cautionary statements in it.

如需了解更多相關風險資訊，請參閱 Journey Medical 最近提交的 Form 10-K 與 Form 10-Q 定期報告中所述的風險因素、公司今日向美國證券交易委員會（SEC）提交的 Form 8-K，以及隨本次電話會議發布的新聞稿，尤其是其中的警示性陳述。

Today's conference call includes non-GAAP financial measures that Journey Medical believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, its most directly comparable GAAP financial measure, please see the reconciliation table located in the company's earnings press release.

今天的電話會議包含非 GAAP 財務衡量指標，Journey Medical 認為這些指標有助於評估其經營表現。您不應將此額外資訊孤立看待，或視為依 GAAP 編製之結果的替代。如需將該非 GAAP 財務衡量指標與淨虧損（其最直接可比的 GAAP 財務衡量指標）進行調節，請參閱公司財報新聞稿中的調節表。

The content of this call contains time-sensitive information that is accurate only as of today, Wednesday, March 25, 2026.

本次電話會議內容包含具時效性的資訊，僅截至今日（2026 年 3 月 25 日，星期三）為準且屬正確。

Except as required by law, Journey Medical disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

除法律要求外，Journey Medical 不承擔任何公開更新或修訂任何資訊之義務，以反映本次電話會議後發生的事件或情況。

It is now my pleasure to turn the call over to Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.

現在我很榮幸把電話會議交給 Journey Medical 的共同創辦人、總裁兼執行長 Claude Maraoui。

Thank you, Jaclyn, and good afternoon to everyone on the call today.

謝謝你，Jaclyn，也向今天參與電話會議的各位致上下午好。

2025 was a milestone year for Journey Medical. As we successfully launched MROS, our internally developed best-in-class oral treatment for the inflammatory lesions of rosacea Amarose was made available to pharmacies in late March of last year, and our promotional activities began in early April.

2025 年對 Journey Medical 而言是具有里程碑意義的一年。我們成功推出 MROS——這是我們內部研發、同級最佳的口服治療藥物，用於治療酒糟性皮膚炎（rosacea）的發炎性病灶；Amarose 於去年 3 月下旬開始在藥局供應，並於 4 月初啟動推廣活動。

I am pleased to report that during the three quarters of 2025, in which MROS was commercially available, the product achieved $14.7 million in net sales. With regard to our full year 2025 performance, we delivered total net product revenue growth of 11% and we improved our gross margin by nearly 3.5 percentage points compared to the 2024 period. Importantly, our business was able to make solid financial progress despite pressure on our Accutane franchise and other legacy products due to generic competition.

我很高興報告，在 2025 年 MROS 具商業供應的三個季度期間，該產品實現了 1,470 萬美元的淨銷售額。就 2025 全年表現而言，我們的產品淨營收總額成長 11%，且相較 2024 年期間，毛利率提升近 3.5 個百分點。重要的是，儘管我們的 Accutane 產品線及其他既有產品因學名藥競爭而承受壓力，我們的業務仍能取得穩健的財務進展。

With regards to our focus on improving profitability of the business, I am pleased to report that we generated positive adjusted EBITDA as well as positive EBITDA in the fourth quarter of 2025. Given our expectation for continued sales growth and additional leverage from our established commercial sales organization, we expect to remain adjusted EBITDA positive in 2026 and the foreseeable future.

就我們提升公司獲利能力的重點而言，我很高興報告，我們在 2025 年第四季實現了正向的調整後 EBITDA，同時也實現了正向 EBITDA。鑑於我們預期銷售將持續成長，並可透過既有的商業銷售組織取得更多營運槓桿，我們預期 2026 年及可預見的未來將維持調整後 EBITDA 為正。

With our solid cash position of approximately $24 million I believe the journey is well positioned to execute on our business plan and grow sales and profitability with the resources that we have in place.

憑藉約 2,400 萬美元的充足現金部位，我認為 Journey 已具備良好條件，能以現有資源執行我們的商業計畫，並推動銷售與獲利成長。

One of the key highlights for 2025 is the strong prescription volume that we generated with MROS. Total MROS prescriptions were approximately 53,000 and since promotion began in April of last year, which we believe is a very strong start. In the fourth quarter alone, total prescription volume for ROCE grew nearly 50% sequentially and compared to the third quarter last year, and growth is continuing in Q1 of this year.

2025 年的一項關鍵亮點，是我們透過 MROS 取得的強勁處方量。自去年 4 月開始推廣以來，MROS 的總處方量約為 53,000 張，我們認為這是非常強勁的起步。僅在第四季，ROCE 的總處方量較前一季成長近 50%，相較去年第三季亦大幅提升，而此成長動能在今年第一季仍在延續。

Our sales organization continues to promote the superior efficacy of MRO compared to the only other branded oral rosacea treatment or ratio, in addition to Imres' placebo-like safety and tolerability profile. Notably, the extremely positive head-to-head results against Oracea and placebo in ROCI's Phase 3 clinical trials are playing out in the real world.

我們的銷售團隊持續宣傳 MRO 相較於唯一另一款品牌口服酒糟性皮膚炎治療藥物 Oracea 的更佳療效，同時也強調 Imres 近似安慰劑的安全性與耐受性特徵。值得注意的是，ROCI 在第三期臨床試驗中相較 Oracea 與安慰劑所呈現的極為正面的頭對頭結果，正在真實世界中得到驗證。

Physician feedback continues to be very positive, and the rising refill rate for ROCE continues to demonstrate that patients are pleased with the results. rosy superior efficacy and rapid onset of action compared to Arash with effects seen in as little as two weeks are key benefits that we believe are supporting the demand and patient refill behavior.

醫師回饋持續非常正面，而 ROCE 不斷上升的續配率也持續顯示患者對治療結果感到滿意。相較於 Arash，rosy 更佳的療效與更快的起效速度（最快兩週即可見效）是我們認為支撐需求與患者續配行為的關鍵優勢。

Along with the high satisfaction rate that we are seeing with our current customers, we continue to expand adoption of ROCI in more dermatology practices. We ended 2025 with approximately 3,200 unique prescribers of MRO reaching our initial goal of prescribers in the top deciles that routinely write for Eurasia and similar products.

除了我們在現有客戶中看到的高滿意度之外，我們也持續在更多皮膚科診所擴大 ROCI 的採用。我們在 2025 年底時，約有 3,200 位開立 MRO 的獨立處方醫師，達成我們最初的目標——聚焦於經常開立 Eurasia 及類似產品、位於處方量前幾個十分位的醫師。

While we were able to meet our initial prescriber target quite rapidly, we continue to increase this number. And today, we are disclosing that over 3,500 unique dermatology prescribers have now written at least one script for Rosy. I'll now provide some additional color on our managed care and market access progress for MROS, as this is an important component of the value inflection that we expect in 2026.

雖然我們相當迅速地達成最初的處方醫師目標，但我們仍持續提升這個數字。今天我們也揭露，目前已有超過 3,500 位獨立皮膚科處方醫師至少開立過一張 Rosy 的處方。接下來我將就 MROS 的保險給付（managed care）與市場准入進展提供更多說明，因為這是我們預期在 2026 年出現價值拐點的重要組成部分。

I Prescription demand continues to track ahead of reported revenue. That dynamic is primarily driven by the timing of downstream health plan coverage decisions and formulary implementation cycles, which are progressing as expected for a newly launched branded dermatology products.

處方需求仍持續領先於已認列的營收表現。此一動態主要由下游健康保險計畫的給付決策時點與處方集（formulary）導入週期所驅動；對於新上市的品牌皮膚科產品而言，這些進程正如預期推進。

At present, approximately 100 million commercial covered lives have access to MROS. This includes contracts in place with two of the top three group purchasing organizations in the United States. These agreements provide the framework for broader downstream payer adoption as individual health plans complete their internal review and P&T processes.

目前，約有 1 億名商業保險承保人群可取得 MROS 的給付。其中包括與美國前三大團體採購組織（GPO）中的兩家已簽訂合約。這些協議為更廣泛的下游付款方採用提供了架構，因為各個健康保險計畫正在完成其內部審查以及藥物與治療委員會（P&T）流程。

As we mentioned on our third quarter earnings call, we anticipate contracting with the third major GPO by late Q1 or early Q2 of this year, and we remain on track to meet this objective. Importantly, we are not solely focused on breadth of coverage but also the quality of coverage, including tier positioning, step edit requirements and prior authorization criteria to ensure that the value of Rose's differentiated clinical profile is appropriately recognized.

如同我們在第三季財報電話會議中提到的，我們預期在今年第一季末或第二季初與第三家主要 GPO 完成簽約，目前仍按計畫達成此目標。重要的是，我們不僅著重於給付覆蓋的廣度，也同樣重視給付品質，包括給付層級（tier）位置、逐步治療（step edit）要求以及事前授權（prior authorization）標準，以確保 Rose 差異化的臨床特徵價值能被適當認可。

As coverage expands and formulary policies mature throughout 2026, we expect to see improved reimbursement rates, reduced reliance on our co-pay bridging program and an increase in rose sales and overall operating margin expansion. Our sales professionals continue to focus on building new prescription demand for IMROC as we believe it is important to broadly develop positive physician and patient experiences with the brand.

隨著保險給付範圍擴大以及整個 2026 年處方集（formulary）政策日趨成熟，我們預期將看到報銷率提升、對我們自付額（co-pay）銜接補助計畫的依賴降低，並帶動 ROSE 銷售增加及整體營業利潤率擴張。我們的銷售團隊持續專注於為 IMROC 建立新的處方需求，因為我們相信，廣泛建立醫師與病患對該品牌的正面使用體驗非常重要。

In addition, critical mass and prescription volume also factors into the evaluation of reimbursement and pricing policies with the downstream health plans. Along with the strong prescription demand, our market access discussions are supported by several important clinical and publication milestones. These are and ROC's head-to-head superiority data versus Oracea, the publication of MROSes Phase 3 efficacy and safety results in JAMA Dermatology and the updated treatment algorithms from the National Rosacea Society.

此外，達到關鍵規模與處方量也會影響下游健康保險計畫對報銷與定價政策的評估。除了強勁的處方需求外，我們的市場准入（market access）討論亦受到數項重要臨床與發表里程碑的支持。包括 ROC 與 Oracea 的頭對頭優效性數據、MROS 第 3 期療效與安全性結果於《JAMA Dermatology》發表，以及美國國家酒糟肌協會（National Rosacea Society）更新的治療演算法。

These third-party validations are meaningful in payer evaluations particularly as plans assess clinical differentiation and long-term health economic impact. We believe that Rose's rapid onset of action, placebo-like tolerability and superior facial clearing and lesion reduction profile position it well for continued formulary inclusions.

這些第三方驗證在付款方評估中具有重要意義，特別是在保險計畫評估臨床差異化與長期健康經濟影響時。我們相信，ROSE 的快速起效、近似安慰劑的耐受性，以及更佳的臉部清除與病灶減少表現，使其在持續納入處方集中具備良好定位。

As these initiatives materialize, we expect a meaningful inflection in revenue conversion relative to prescription demand.

隨著這些措施逐步落地，我們預期相較於處方需求，營收轉化將出現顯著的拐點。

While we have commented on our expectations for positive EBITDA this year, we plan to offer more detailed financial guidance later in the year once we have better clarity on the downstream health plan adoption of MROS. I mentioned earlier that IMROSI's positive Phase 3 clinical trial results were published in JAMA Dermatology and that the National Rosacea Society updated their treatment algorithms highlighting MRSI's position as an effective therapy for rosacea treatment.

雖然我們已評論過今年 EBITDA 轉正的預期，但我們計畫在今年稍晚、在對下游健康保險計畫採納 MROS 的情況有更清晰掌握後，再提供更詳細的財務指引。我先前提到，IMROSI 正向的第 3 期臨床試驗結果已發表於《JAMA Dermatology》，且美國國家酒糟肌協會更新其治療演算法，強調 MRSI 作為酒糟肌治療之有效療法的定位。

Both of these publications were issued in the first half of 2025 and support MRSI's superior clinical efficacy in treating rosacea, its favorable safety profile and the product's convenient once-daily oral dosing. This year, we expect to announce up to three new journal publications on MROS.

上述兩項發表均於 2025 年上半年發布，支持 MRSI 在治療酒糟肌方面更優異的臨床療效、良好的安全性概況，以及產品便利的一日一次口服給藥。今年我們預期將公布多達三篇關於 MROS 的新期刊論文。

We also believe that MROS has potential to be incorporated into the consensus treatment guidelines for rosacea, which should support further market and health plan adoption. In addition, we remain active at key dermatology medical conferences across the United States to build awareness and momentum behind the Imbesi brand.

我們也相信，MROS 有機會被納入酒糟肌的共識治療指引，這將進一步支持市場與健康保險計畫的採納。此外，我們持續積極參與美國各地重要的皮膚科醫學會議，以提升對 Imbesi 品牌的認知並累積動能。

Last year, we presented clinical data at two medical conferences. The Society of Dermatology Physicians Associates Summer Conference in June, and the 2025 Fall Clinical Dermatology Conference in October. We plan to attend and exhibit at this year's American Academy of Dermatology meeting at the end of this month, where we kicked off from Rose's launch last year.

去年我們在兩場醫學會議上發表了臨床數據。分別為 6 月的皮膚科醫師協會（Society of Dermatology Physicians Associates）夏季年會，以及 10 月的 2025 年秋季臨床皮膚科年會（Fall Clinical Dermatology Conference）。我們計畫在本月底參加並設攤今年的美國皮膚科醫學會（American Academy of Dermatology）年會；我們於去年 ROSE 上市時即以該會議作為啟動。

Given the market penetration that we have achieved so far with rosacea prescribers, we believe that this large-scale conference will help us further increase brand awareness and prescriber adoption of Mrs. Additionally, we expect to exhibit and potentially present a clinical data later this year at other dermatology conferences.

鑑於我們目前在酒糟肌處方醫師中的市場滲透率，我們相信這場大型會議將協助我們進一步提升品牌知名度並促進 MRS 的處方採用。另方面，我們也預期今年稍晚將在其他皮膚科會議設攤，並可能發表臨床數據。

With regard to our broader product offering, we plan to launch one or two additional incremental dermatology products later this year. We believe that the launch of these products can also benefit from our dermatology conference presence, in addition to direct promotion by our sales organization.

就我們更廣泛的產品組合而言，我們計畫在今年稍晚再推出一到兩項新增的皮膚科產品。我們相信，這些產品的上市也可受益於我們在皮膚科會議的曝光度，並結合銷售團隊的直接推廣。

And with that, I'll turn the call over to our CFO, Joe Benesch, to review our 2025 financial results.

接下來，我將把電話會議交給我們的財務長 Joe Benesch，請他回顧我們 2025 年的財務結果。

Thank you, Claude, and good afternoon to everyone. I will now walk you through our financial results for the full year 2025. Total revenues for the year were $61.9 million, representing a 10% increase compared to $56.1 million for 2024. We increase reflects incremental net product revenue related to the successful US commercial launch of MROs.

謝謝你，Claude，也向各位致上下午好。我現在將帶各位回顧我們 2025 全年的財務表現。全年總營收為 6,190 萬美元，較 2024 年的 5,610 萬美元成長 10%。這項成長反映了 MROS 在美國成功商業化上市所帶來的新增產品淨營收。

Turning to margins. Gross margin for 2025 was 66.2% compared to 62.8% in 2024. The improvement reflects a favorable product mix with higher margin contributions from EnRoCE-QBREXZA, along with lower overall inventory costs.

接著看毛利率。2025 年毛利率為 66.2%，相較 2024 年的 62.8%。改善主要反映產品組合更有利，EnRoCE-QBREXZA 的較高毛利貢獻增加，並且整體存貨成本下降。

SG&A expenses totaled $44.4 million for 2025, up approximately 10% from $40.2 million for 2024. This increase reflects additional operating activities to support the launch and continued expansion of MROS. We reported a GAAP net loss of $11.4 million or $0.47 per share basic and diluted for 2025 compared to a GAAP net loss of $14.7 million or $0.72 per share in 2024.

2025 年銷售、一般及行政（SG&A）費用合計 4,440 萬美元，較 2024 年的 4,020 萬美元約增加 10%。此增幅反映為支持 MROS 上市及持續擴張而增加的營運活動。我們 2025 年 GAAP 淨損為 1,140 萬美元，或每股（基本及稀釋）虧損 0.47 美元；相較之下，2024 年 GAAP 淨損為 1,470 萬美元，或每股 0.72 美元。

On a non-GAAP basis, both EBITDA and adjusted EBITDA improved year over year. improved by $5.2 million, narrowing from a loss of $9.2 million in 2024 to a loss of $4 million in 2025. Adjusted EBITDA was a positive $2.9 million for the full year 2025 compared to $800,000 in 2024, reflecting further progress towards our goal of sustainable profitability.

以非 GAAP 基礎來看，EBITDA 與調整後 EBITDA 均較去年改善。EBITDA 改善 520 萬美元，從 2024 年虧損 920 萬美元縮小至 2025 年虧損 400 萬美元。2025 全年調整後 EBITDA 為正 290 萬美元，較 2024 年的 80 萬美元增加，反映我們朝向可持續獲利目標的進一步進展。

We ended the year with $24.1 million in cash compared to $20.3 million at December 31, 2024. Working capital at year-end was $29.4 million up from $13 million a year ago, an increase of $16.4 million.

我們年底現金為 2,410 萬美元，較 2024 年 12 月 31 日的 2,030 萬美元增加。年底營運資金為 2,940 萬美元，高於一年前的 1,300 萬美元，增加 1,640 萬美元。

In summary, we delivered a year of strong execution we achieved year-over-year revenue growth driven primarily by the launch and uptake of MROs, improved gross margins versus the prior year, reflecting a more favorable product mix and operating leverage, resulting in narrow net losses and positive adjusted EBITDA.

總結而言，我們交出強勁的執行成果：在 MROS 上市與滲透帶動下，營收年增；毛利率較前一年提升，反映更有利的產品組合與營運槓桿；因此淨損收斂並達成正的調整後 EBITDA。

Importantly, we closed 2025 with a healthy cash position that we believe supports our ongoing operations and commercial growth into the foreseeable future. Looking ahead, we remain focused on disciplined expense management and margin expansion as we continue to scale on Rose's commercial footprint and strengthen our product portfolio. This focus, we believe we are well positioned to deliver improved and sustainable profitability over the upcoming quarters.

更重要的是，我們在 2025 年底擁有健康的現金部位，我們相信足以支持可預見未來的持續營運與商業成長。展望未來，我們仍將專注於嚴謹的費用管理與利潤率擴張，持續擴大 ROSE 的商業版圖並強化產品組合。我們相信，憑藉此一聚焦方向，我們已具備良好條件在未來幾季實現更佳且可持續的獲利能力。

Thank you very much. I will now turn the call back over to Claude.

非常感謝。我現在把電話會議交回給 Claude。

Thank you, Joe. To summarize, 2025 was a transformational year for Journey Medical as Rosy had a strong market debut and became our flagship commercial product. We generated approximately 53,000 total prescriptions for ROCE in 2025 after launching the product in April. And scripts continue to show strong sequential growth as we head toward the product's first year on the market.

謝謝你，Joe。總結來說，2025 年對 Journey Medical 而言是具轉型意義的一年；ROSY 市場首秀表現強勁，並成為我們的旗艦商業化產品。我們在 2025 年於 4 月推出該產品後，ROCE 全年合計產生約 53,000 張處方。隨著產品上市滿一年前進，處方量仍持續呈現強勁的逐季成長。

Notably, the run rate for ROCE total prescriptions exiting 2025 calculates to over 126,000 annually. We are continuing to expand the base of unique prescribers for IMROC after meeting our initial goal of 3,200 dermatology writers in 2025, with approximately 15,000 dermatologists in the US, 17 million Americans suffering from rosacea and over 6 million rosacea prescriptions written in 2025 we believe there is significant room for IMOs to grow and become a leading dermatology brand.

值得注意的是，2025 年底 ROCE 處方總量的運行速率（run rate）換算後年化超過 126,000 張。在我們於 2025 年達成初始目標、取得 3,200 位皮膚科醫師開立處方後，我們仍持續擴大 IMROC 的獨立開方醫師基礎；考量美國約有 15,000 位皮膚科醫師、1,700 萬名美國人罹患酒糟肌，且 2025 年酒糟肌處方超過 600 萬張，我們相信 IMOs 仍有顯著成長空間，並可望成為領先的皮膚科品牌。

Importantly, the growing base of Emrose prescribers enables more and more patients to experience MROSs best-in-class efficacy and rapid onset of action relative to a ratio the only other branded oral rosacea treatment. In the third quarter, we saw approximately one refill for every new prescription written for MROS.

重要的是，Emrose 處方醫師基礎的持續擴大，使越來越多患者得以體驗 MROS 相較於唯一另一款品牌口服酒糟治療藥物在療效同級最佳（best-in-class）與起效迅速方面的優勢。在第三季，我們看到 MROS 每開出一張新處方，約對應一張續配處方。

And at the end of 2025 the ratio was at 1.4 refills to each new prescription. Given the chronic nature of rosacea characterized by frequent episodes of relapse, the long-term value of each rosacea patient can be significant to our business. We believe the prescription trends so far demonstrate that we are making good progress and that initial patient experiences are converting into long-term brand loyalty.

而在 2025 年底，該比率為每張新處方對應 1.4 張續配處方。鑑於酒糟屬於慢性疾病，且常伴隨頻繁復發的特性，每位酒糟患者的長期價值對我們的業務可能相當可觀。我們認為，迄今的處方趨勢顯示我們正取得良好進展，且初期患者體驗正在轉化為長期的品牌忠誠度。

As a result, we expect the ratio of refills to new and ROCE prescriptions to continue to grow. While our base business came under some pressure last year due to competitive challenges, we continue to grow our sales, expand our gross margin and we achieved our objective of becoming EBITDA positive exiting 2025.

因此，我們預期續配處方相對於新處方與 ROCE 處方的比率將持續上升。儘管我們的基礎業務去年因競爭挑戰而承受一些壓力，我們仍持續提升銷售、擴大毛利率，並在 2025 年底達成轉為 EBITDA 正值的目標。

In 2026, we expect to continue improving upon the financial performance as adoption of MROS grows, downstream health plan coverage increases and Amarose sales accelerate and track more closely with prescription growth trends. While we focus on building the Imec franchise, we also plan to launch up to two niche dermatology products this year to augment our base business and our revenue growth.

在 2026 年，隨著 MROS 採用度提升、下游健康保險計畫的給付覆蓋增加，以及 Amarose 銷售加速並更貼近處方成長趨勢，我們預期將持續改善財務表現。在我們專注於打造 Imec 產品線（franchise）的同時，今年也計畫推出最多兩項利基型皮膚科產品，以強化我們的基礎業務與營收成長。

We believe that this year, we will demonstrate the leverage that we have in our business given our established dermatology commercial infrastructure and rose significant growth potential. And with our solid balance sheet, we believe that we are in a strong position to deliver on our business plan and execute on our core objectives, which are as follows: to improve the lives of patients offer dermatology health care providers, innovative treatment options and create long-term value for our shareholders.

我們相信，今年我們將展現既有皮膚科商業化基礎設施所帶來的營運槓桿，以及酒糟領域顯著的成長潛力。憑藉穩健的資產負債表，我們相信自己具備強而有力的條件來落實營運計畫並執行核心目標，包含：改善患者生活、為皮膚科醫療照護提供者提供創新治療選項，並為股東創造長期價值。

Thank you. Operator, we are now ready to open the lines for Q&A.

謝謝。主持人，我們現在準備開放 Q&A。

(Operator Instructions) Scott Henry, Alliance Global Partners.

(主持人指示) Scott Henry，Alliance Global Partners。

Thank you too, a lot of progress and certainly, profitability is a huge accomplishment. So congratulations for that. I did just want to dig in a little bit on the MROS prescriptions. I guess, first, just the trends Q1 has been kind of flattish, but it did kind of kick up in December.

謝謝，你們進展很多，而且獲利能力確實是一項重大成就。所以恭喜你們。我確實想再深入問一下 MROS 的處方。我想先從趨勢談起，第一季看起來有點持平，但 12 月確實有一波上升。

So I don't know if some people bought ahead of time and the trends just taking time to flow out Obviously, the co-pays reset. I just wanted to get your thoughts on Q1 prescriptions. And more importantly, do you think you've kind of finally got back up to a steady state where we should expect growth on a weekly basis.

所以我不確定是否有人提前備貨，而趨勢只是需要時間反映出來；當然，共付額也會重置。我想聽聽你對第一季處方的看法。更重要的是，你是否覺得你們終於回到一個穩態，接下來應該可以期待每週都有成長。

Scott. So thanks for the question. Yes, I think as we leave Q4 and Q1 as you mentioned, there certainly is the new insurance deductible resets. So that typically will slow patient visits to their doctor. I think you add that as well to the severe storms up and down the East Coast. They were pretty brutal and severe. I think that's a factor as well.

Scott。謝謝你的問題。是的，正如你提到的，從第四季到第一季，確實會遇到新的保險自付額（deductible）重置。因此這通常會讓患者就醫回診的頻率放緩。我認為再加上東岸上下多地的強烈風暴。那些風暴相當猛烈且嚴重。我想這也是一個因素。

And then overall, even in February, you've got shorter months. And so all of these compounded, it's hard to really compare Q4, which typically would be one of the strongest quarters to Q1 as a reset. I can tell you, like you also just mentioned, March has come back in very strong.

另外整體而言，即使在 2 月，也會遇到月份天數較少。因此這些因素疊加後，很難把通常是最強季度之一的第四季，與作為重置期的第一季直接相比。我可以告訴你，正如你也提到的，3 月已經非常強勁地回升。

And we still anticipate and expect that our Q1 total prescriptions will surpass our Q4 number. So we haven't lost any steam at all, and we continue to expect substantial growth within ROCE moving forward.

而且我們仍預期並相信第一季的總處方量將超過第四季的數字。所以我們完全沒有失去動能，並且持續預期 ROCE 在未來會有顯著成長。

And do you feel that sequentially, your momentum is building, so Q2 should be well stronger than Q1. Is that your kind of internal feel at this point in time?

你是否覺得按季來看，你們的動能正在累積，因此第二季應該會明顯強於第一季？這是你們目前內部的感受嗎？

Yes. You're going to see a nice build and momentum with this. Again, if you think about it, 5,000 scripts in just nine months when we look at Q4 with the 27,000 annualized, you're looking at 126,000 scripts for the year. and we certainly expect to be well past that overall. So we've got momentum on our side.

是的。你會看到很不錯的累積與動能。再說一次，如果你想想看，九個月就有 5,000 張處方；當我們看第四季的年化 27,000 張時，你會得到全年 126,000 張處方的推算，而我們確實預期整體會遠高於此。所以我們這邊的動能是站在我們這一方的。

This is a phenomenal message, the efficacy is established. We have superiority against Eurasia. We're focused on Eurasia. And the fact that it has MROS has rapid onset not only as early as two weeks, Scott, but we work in half the time that Eurasia does. So in eight weeks, we are equivalent to Eurasia in 16 weeks of therapy. So that really catches the attention of HCP and dermatologists.

這是一個非常有力的訊息：療效已被建立。我們相較於 Eurasia 具備優勢。我們聚焦在 Eurasia。而且 MROS 的起效很快，不僅最早兩週就能見效，Scott，我們的起效時間只有 Eurasia 的一半。也就是說，八週時我們就相當於 Eurasia 需要 16 週治療才能達到的效果。這確實會引起醫療照護提供者（HCP）與皮膚科醫師的注意。

And the fact that we have this great proprietary formulation, the lowest strength minocycline on the market. 25% immediate release, 75% extended release. So we call it modified release, and it's really working well. It's offering safety like placebo side effects. So I think all of that together is really good.

此外，我們有很棒的專有配方，是市面上最低劑量強度的 minocycline：25% 立即釋放、75% 緩釋。因此我們稱之為改良釋放（modified release），而且效果確實很好。它提供接近安慰劑的安全性與副作用表現。所以我認為這些因素加在一起都非常正面。

I will add one more thing. We are planning to increase our sales force in single digits here, and that should be ramped up no later than the first part of Q3. So we'll also have extra people on the ground across the states.

我再補充一點。我們計畫將銷售團隊以個位數幅度擴編，並且最晚在第三季初完成到位與拉升（ramp up）。因此我們也會在全美各地有更多一線人員。

Okay. And just one more question, which is a little bit in the weeds the challenge in predicting revenue for any quarter is heavily dependent on how much revenue comes in per script, which can be a function of inventory and many other things. And I think Q2 was about $3.80, which was a big inventory build.

好的。再問最後一個問題，可能有點細節：要預測任何一季的營收，挑戰在於很大程度取決於每張處方能帶來多少營收，而這可能受庫存與許多其他因素影響。我記得第二季大約是 3.80 美元，當時有一個很大的庫存建立。

So we had a lot higher number. Q3 was using my numbers was about $270 million which is, I think, where we thought it would kind of stay because that's around where you would expect for the gross to net adjustment. But Q4, it came in at closer to $180 million. So a lot lower revenue per script -- so kind of three questions go into that.

所以我們看到的數字高很多。第三季按我的計算大約是 2.70 美元，我想那大概是我們認為會維持的水準，因為那大致符合毛額到淨額（gross-to-net）調整的預期。但第四季則更接近 1.80 美元。所以每張處方的營收低很多——這裡其實有三個問題。

One, why do you think it is? Is that the co-pay? Is there something unique that happened? Two, where do you think it goes to in terms of this $270 million still an achievable target? And three, when do we think we get to that steady state? Revenue per script, hard to predict in the short term but easier to predict in the long term.

第一，你認為原因是什麼？是共付額（co-pay）的影響嗎？還是發生了什麼特殊事件？第二，就你看來，這個 2.70 美元仍是可達成的目標嗎？第三，我們何時能回到那個穩態？每張處方的營收短期很難預測，但長期相對容易預測。

Just so any color you could give there would be appreciated.

因此，若您能在這方面提供任何補充說明，我們將不勝感激。

Sure. Yes, absolutely. So using your methodology in terms of calculating what the script level was for Q4. I believe you mentioned $180 million. That is not a good indicator in terms of our long-term net pricing. And certainly, I would not use that number there.

當然。是的，絕對可以。所以，依照你們用來計算第四季處方量（script level）的方法，我相信你提到的是1.8億美元。那並不是衡量我們長期淨定價（net pricing）的良好指標。而且我當然不會用那個數字。

As we look at the progress we've made throughout the year, and the first quarter was Q2 for us commercially when we launched. We had about 7,000-plus prescriptions. We moved that up in Q3 up to 18,000 prescriptions. And then we hit 27,000 prescriptions in Q4 to close out the year. So the commercial team and the marketing team have done an excellent job going out there and getting adoption and so forth with acceptance with our physician base and it's really provided very good patient experiences that dermatologists are seeing.

回顧我們今年一路走來的進展，第一季對我們而言在商業上其實是第二季，因為我們是在那時推出上市。當時我們大約有7,000多張處方。第三季我們把它提升到18,000張處方。然後第四季達到27,000張處方，為全年收官。所以商業團隊與行銷團隊在推動採用率、以及在醫師端的接受度方面做得非常出色，這也確實帶來了非常好的病患體驗，皮膚科醫師也看得到。

So we've really accelerated the ramp on the prescriptions and what you're really seeing is simply a function of reimbursement. So the mix of reimbursed prescriptions and those that come under our co-pay bridging program, we're more in portion of the scripts were not being reimbursed and therefore, hit our co-pay assistance program. So that's really what you see there in 2026.

因此我們的處方爬坡（ramp）確實大幅加速，而你現在看到的其實只是給付（reimbursement）的結果。也就是已獲給付的處方與落在我們自付額（co-pay）銜接補助計畫（bridging program）之下的處方之組合；我們有較大比例的處方未獲給付，因此進入了我們的自付額協助計畫。所以你在2026年看到的就是這個。

We've said that we've signed up two of the three top GPOs. We expect the third GPO here to come onboard imminently. So that's a good positive for us. And again, reimbursement we'll change that mix and that gross to net.

我們先前說過，我們已簽下三大GPO中的兩家。我們預期第三家GPO很快就會加入。這對我們是很正面的進展。同樣地，給付改善將會改變那個組合，以及毛到淨（gross-to-net）。

Also, I would tell you that with the launch in April and our one-year anniversary coming up, a lot of the plans have the new-to-market block or the new-to-market moratorium. And that will be lifted and allow us to have, again, more impact as we move through 2026.

另外我也想說，隨著我們在4月上市、即將迎來一週年，許多保險計畫都有「新上市阻擋」（new-to-market block）或「新上市暫緩期」（new-to-market moratorium）。這些限制將會解除，讓我們在2026年推進過程中再次產生更大的影響。

So we believe coverage is going to come on this year, and it's going to be a breakthrough year for MROS for sales as well as profitability. So that gross to net has a lot of upward pressure on it.

因此我們相信今年保險涵蓋（coverage）會逐步到位，而2026年也將是MROS在銷售與獲利能力上的突破之年。所以毛到淨（gross-to-net）確實面臨很大的上行壓力。

Mayank Mamtani, B. Riley Securities.

Mayank Mamtani，B. Riley Securities。

Yes. On the last point, Glad, on the gross to net with two or three PLs coming on board and the third imminently also coming on board. Can you maybe just give us a little bit more color like you did on your full year expectation. Again, I understand you may not give us revenue guidance, but like you gave us a script volume expectation for this year relative to what you analyzed in the fourth quarter.

是的。就最後一點，Claude，關於毛到淨（gross-to-net），在兩到三個PL即將上線、第三個也很快會上線的情況下。你能否像你談全年展望時那樣，再多給我們一些補充說明？我理解你可能不會提供營收指引，但能否像你針對今年相對於第四季分析所給的處方量預期那樣，提供一些看法？

What is sort of your base case gross to net for this year now that you're sort of going to get past the 1-year mark. It would be helpful if you can maybe bracket something quantitatively?

在你們即將跨過一週年門檻之後，今年你們的基本情境（base case）毛到淨（gross-to-net）大概會是多少？如果你能用量化方式給個區間（bracket），會很有幫助。

Sure. So I guess two parts to your question. In terms of managed care and healthcare plans, I'm going to have Ramsey Alloush, our Chief Operating Officer, jump in and give you some background on that.

好的。我想你的問題可以分成兩部分。在管理式醫療（managed care）與健康保險計畫方面，我會請我們的營運長Ramsey Alloush加入，提供一些背景說明。

Yes, sure, Mike. And just to briefly answer your question, we expect I'm not going to speak really quantitatively, but we do expect improvement throughout 2026 gradual quarter over quarter and as we hit certain milestones with national formularies and getting adoption from Rosy to become a covered drug on formulary, we expect, again, incremental gain in terms of gross to net.

好的，當然，Mike。簡要回答你的問題，我不會講得非常量化，但我們確實預期2026年會逐季、循序改善；當我們在全國性處方集（national formularies）達成某些里程碑，並讓Rosy獲得採用、成為處方集內的給付藥品時，我們預期毛到淨（gross-to-net）會有逐步的增量改善。

The first year of any launch, as Claude mentioned, you're typically going to have new-to-market block and these moratoriums where payers and plans are really going to want to see the drug play out. They're going to want to see how it's looking in the real world, what demand looks like and they want to assess it financially as well.

如Claude提到的，任何產品上市的第一年，通常都會遇到「新上市阻擋」以及這些暫緩期（moratoriums），因為付款方與保險計畫會想先觀察藥品的實際表現。他們會想看真實世界的使用情況、需求長相，也會從財務面進行評估。

So our first 12 months was really focused on what we like to call Phase 1, which is the GPO contracting, and we contracted with the two largest in 2025 with the third year to come on board. And that really grants us, if you will, access, which is really the framework, the universe of commercial lives, which once we sign this third GPO, we'll have access to over 150 million commercial lives.

因此我們前12個月主要聚焦在我們稱為第一階段（Phase 1）的工作，也就是GPO合約簽訂；我們在2025年與最大的兩家完成簽約，第三家預計今年加入。這基本上讓我們取得所謂的「可接觸性」（access），也就是商業保險人群（commercial lives）的框架與範圍；一旦簽下第三家GPO，我們將可接觸超過1.5億名商業保險人群。

Now access and coverage are two different things, right? Access is the framework, coverage, we define a little bit more narrowly. Coverage is where you have these national plans that can now adopt under the GPO contracts and actually do. And what we like to consider a frictionless type of a transaction where you're likely to get a patient to adjudicate all the way through to a prescription is what we call quality coverage, and that's a single step therapy or through any oral and potentially any or any topical or not a double step but a single step through either one of those.

現在，「可接觸性」（access）與「涵蓋」（coverage）是兩件不同的事，對吧？Access是框架；而coverage我們的定義更狹義一些。Coverage指的是這些全國性保險計畫可以在GPO合約下採用、並且實際採用。而我們所謂較「無摩擦」（frictionless）的交易型態，也就是病患很可能一路完成理賠核定（adjudicate）直到成功開立處方的情況，我們稱之為「高品質涵蓋」（quality coverage）；其特徵是單一步驟治療（single step therapy），也就是可經由任何口服藥，且可能也包含任何外用藥；不是兩步驟，而是透過其中任一類別的一步到位。

And so now that we've reached sort of that one-year anniversary mark, we've already sort of preempted in terms of these national formularies that we're having discussions with. We have continued negotiations, continued clinical. I think from the clinical side, it's a no-brainer. And so where they're assessing it is what is the budget going to be, what's the budget impact, what does financial modeling look like, adding MROS.

因此，現在我們已經大致走到一週年這個時間點，對於我們正在洽談的這些全國性處方集，我們也已提前布局。我們持續談判、持續進行臨床層面的溝通。我認為從臨床角度來看，這是毋庸置疑的。所以他們現在評估的重點在於預算會是多少、預算影響（budget impact）如何、以及把MROS納入後的財務模型會長什麼樣子。

Of course, it behooves the GPO to have MROS on formulary for their planned participants because these are rebate dollars for them. So that helps them and that helps the system. So that's the way they look at it. And so we do expect incremental growth here on the gross to net, and that's really a function, as Claude mentioned, of reimbursement, which ultimately will put less and less pressure on the co-pay.

當然，讓MROS進入處方集對GPO及其所服務的計畫參與者而言是有利的，因為這些是他們的回扣（rebate）收入。所以這對他們有幫助，也對整個體系有幫助。他們就是用這樣的角度來看。因此我們確實預期毛到淨（gross-to-net）會有逐步成長；而這如Claude所說，主要取決於給付（reimbursement），最終會讓自付額（co-pay）的壓力越來越小。

But during the launch, of course, you're going to have demand lag revenue lag your demand. We're focused on wide stream adoption the commercial team has done an excellent job with adopters. With new patients, refills and so on and so forth. Our job is on the back end, really, as you mentioned, that gross to net and optimizing that. Unfortunately, in the ecosystem, we don't really control timing.

但在上市期間，當然會出現需求領先、營收落後於需求的情況。我們專注於廣泛的採用；商業團隊在推動採用者方面做得非常出色。包括新病患、續配（refills）等等。而我們後端的工作，正如你提到的，主要就是毛到淨（gross-to-net）以及如何把它最佳化。不幸的是，在這個生態系裡，我們其實無法完全掌控時程。

So from a timing perspective, Phase 1 is nearly complete here with the third to come on board and really the hard work will continue getting formulary coverage for MROS, and that's where you'll start to see improvement in gross to net in 2016 and throughout 2017 and beyond.

因此，從時程角度來看，第一階段在此幾乎已完成，隨著第三個項目即將上線，真正的艱鉅工作將持續推進，也就是為 MROS 爭取處方集（formulary）給付覆蓋；而這正是你將在 2016 年、整個 2017 年及其後看到毛到淨（gross-to-net）改善的地方。

Super healthy color.

非常健康的補充說明。

If I can follow up a little bit, too. You're asking for some to quantify a little bit Look, the run rate annualized out of Q4 is 126,000 prescriptions running into 2026. We certainly expect to be well above that. But I think it's important to really look at NRxs and TRxs and the current ratio in Q4 was for every one new prescription we were getting 1.4 refills.

我也想再追問一下。你希望我們做一些量化說明。你看，第四季的年化運行率是 126,000 張處方，延續到 2026 年。我們當然預期會遠高於這個數字。但我認為重要的是要真正看 NRx 與 TRx，而第四季目前的比率是：每新增 1 張處方，我們會拿到 1.4 次續配。

So together, you're at 2.4 per patient, and our 16-week clinical trials so there was forms of therapy there. We believe and anticipate that the refill rates will continue to grow with this product. And I'd like you to remember that this is a chronic condition as fantastic as MROs is. It's still not a cure. So patients will get symptomatic relief. They'll get their clearing but then they will relapse and come back and have a flare up.

所以合計每位病患是 2.4（張/次），而我們的 16 週臨床試驗中也有治療形式。我們相信並預期，這個產品的續配率會持續成長。另外也請記得，這是一種慢性疾病，儘管 MROs 非常出色。它仍然不是治癒。因此病患會獲得症狀緩解。他們會改善、清除，但之後仍會復發，回來並出現惡化（flare up）。

So the value of each of these new patients that come on in 2025 we're going to get a number of those coming back to us in 2026. It's hard to give you and quantify a number of that, but keep that in mind. And additionally, we are going out there as the field forces on a consistent day-to-day basis, asking for new prescriptions for these patients that are coming in that are actually new. So it becomes a snowball effect here over time.

因此，2025 年新增的每一位新病患，其價值在於我們會在 2026 年看到其中不少人回到我們這裡。這很難給你一個可量化的數字，但請把這點記在心上。此外，我們的前線團隊每天持續在外面推動，為這些實際上是新進來的病患爭取新的處方。所以隨著時間推移，會形成滾雪球效應。

So time is on our side. Obviously, the long-term view. We've got great IP going out to 2039. But in the short term here, in 2026, we can already take advantage of that. So those numbers are going to be real important. And right now, we're doing about 4,000 new prescriptions per month on a basis, and we expect that number to rise throughout the year.

所以時間站在我們這邊。顯然要看長期。我們有很強的智慧財產權（IP），可延伸到 2039 年。但就短期而言，在 2026 年我們就已經可以加以利用。所以這些數字會非常重要。而目前我們每月大約有 4,000 張新處方，並且預期這個數字會在全年持續上升。

Yes. We definitely see following that. And then you mentioned some presentation publications for nosy. Any ones we shall particularly taking attention to health economic standpoint or things like durability even return patients, you're seeing in real world that you just alluded to.

是的。我們確實看到這樣的趨勢。另外你提到一些針對 nosy 的發表與出版。從健康經濟學角度，或像是療效持久性（durability），甚至你剛剛提到的真實世界中回流病患（return patients）等，有沒有特別值得我們關注的？

And finally, these two niche derm product launches that you talked about? maybe just put the picture together on how you're thinking of marketing overall spend beyond the sales rep, the incremental spend that you talked about? just so we understand how first out versus second half looks like from a bottom line standpoint.

最後，你提到的兩個利基型皮膚科產品上市？也許請把整體圖像拼起來，談談你如何看待整體行銷支出（不含業務代表），也就是你提到的增量支出？讓我們理解從損益角度，上半年相較下半年會是什麼樣子。

Sure. Yes. So regarding the products that we can potentially launch here. We're definitely seeing one play out. We see that happening in the second half of 2026 here and possibly two. So that's how that outlook is doing. We're calling that part of the base business and in the base business in 2025, and that's all business outside of MROs.

好的。是的。關於我們可能在此推出的產品。我們確實看到其中一個正在推進。我們預期它會在 2026 年下半年發生，且可能有第二個。所以這就是目前的展望。我們把那稱為基礎業務（base business）的一部分，而 2025 年的基礎業務指的是 MROs 以外的所有業務。

We did about $46 million in revenues. We expect that base business to continue to be stable. We feel like the regression that we saw in acute has done its part. That was about $6.5 million or so that we went down in revenue. So all prescriptions are looking strong from Q3 to Q4. It's been stable and we have good trends right now with Accutane in Q1 of 2026.

我們的營收約為 4,600 萬美元。我們預期這個基礎業務會持續保持穩定。我們認為在急性（acute）領域看到的回落已經告一段落。那部分營收大約下滑了 650 萬美元左右。因此從第三季到第四季，所有處方看起來都很強勁。目前維持穩定，而且我們在 2026 年第一季的 Accutane 也有不錯的趨勢。

So the added product and the launch, we do have expenses already built into our budget this would be in a P3 position and where we would have pulse promotion with this utilizing our full and entire sales force. We're not taking our eye off of ROC that will be obviously first out of the bag for us in dominating compensation programs for our representatives.

至於新增產品與上市，我們的預算中已經納入相關費用；這會是在 P3 的定位，我們會運用全體銷售團隊進行脈衝式推廣（pulse promotion）。我們不會把注意力從 ROC 上移開；那顯然會是我們首先推出、並在代表的獎酬方案中占主導地位的產品。

The second product will continue to be followed by the launch product as we introduce it into the marketplace. Not really giving too much details on that just due to competitive reasons. So we'll give you more information as we get closer on that, Mayank.

第二個產品也會持續推進，並在我們將其導入市場時配合上市產品的推廣。基於競爭因素，我們不便透露太多細節。所以等更接近時，我們會再提供更多資訊，Mayank。

The publication presentation for Amos?

關於 Amos 的出版發表？

So yes, we're expecting two to three publications, and we're just those we have to keep in terms of what those aspects are. They're obviously all about ROCE. But we'll let you know, and we should expect to see at least one of them hit here in the very near future. So we'll give you information as we can.

是的，我們預期會有兩到三篇出版物，而我們目前必須保留那些面向的具體內容。它們顯然都與 ROCE 有關。但我們會再告知你，而且你應該會在非常近期至少看到其中一篇發表。所以我們會在可提供時就提供資訊。

Brandon Folkes, H.C. Wainwright.

Brandon Folkes，H.C. Wainwright。

Congrats on the progress. Maybe the first one from me. Can you help us understand the inventory movement in MROS and the broader portfolio in 4Q? I know you talked about the overall working capital balance at year-end. So I'd just be interested in terms of inventory in the channel at year-end across the portfolio.

恭喜進展。我這邊第一個問題。你能否協助我們理解第四季 MROS 以及更廣泛產品組合的庫存變動？我知道你談到了年末整體營運資金（working capital）餘額。所以我想了解的是，年末整個產品組合在通路端（in the channel）的庫存情況。

And then I'll ask the same one now and sort of tax on to what's been asked already, how do gross to net now at this stage of the launch compared to your expectations prior to launch? And when we had talked about and framed peak sales in the past. Any way to characterize sort of where you are on the gross to net now versus how you thought about gross to net and how that would track before launch?

接著我也問同一類問題，並延伸到先前已被問到的：在上市的這個階段，毛到淨（gross-to-net）相較於你們上市前的預期如何？以及我們過去談到並界定峰值銷售（peak sales）時。能否描述一下目前毛到淨相對於你們原先對毛到淨的看法，以及上市前預期其走勢的差異？

Sure. So we'll take the first part regarding the inventory, very much on track with units sold and prescriptions on demand. So and that's pretty much across the entire line. So that is well within standards.

當然。先談庫存部分：整體上與銷售量與處方需求相當一致、非常符合進度。而且這基本上適用於整條產品線。所以完全在標準範圍內。

Then on the second part, you mentioned gross to net and where it's come to our expectations. I think we're on track, certainly so far, today's number is $2.80 as the average for 2025. That certainly is within line and expectation. So that's certainly meeting our internal expectations. And again, that's what was just mentioned here on the call by another analyst. So that's number one because we don't typically give out our gross to net numbers.

第二部分，你提到毛到淨以及是否符合我們的預期。我認為我們確實在軌道上；截至目前，2025 年的平均數是 2.80 美元。這確實符合我們的預期與區間。所以這確實達到我們內部的預期。而且如同剛才另一位分析師在電話會議中提到的。所以這是第一點，因為我們通常不會對外提供毛到淨的數字。

In terms of where we expect our gross to net, right now, I would tell you that the expectation moving forward is an increase due to the reimbursement progress that we're going to make with the downstream health care plans. So the expectation is upward pressure as we move forward into 2026.

就我們預期的毛額到淨額（gross-to-net）走勢而言，目前我會告訴各位，往後的預期是會上升，原因在於我們將與下游醫療保險計畫在給付（reimbursement）方面取得進展。因此，隨著我們邁入 2026 年，預期將面臨上行壓力。

Joe, anything else you'd like to add on that?

Joe，你還有什麼想補充的嗎？

No. I think just to expand on what you said, our real goal is to maximize the gross to net and optimize the gross to net, optimize the margins and optimize the over product contributions from all products into the EBITDA and adjusted EBITDA numbers. So just to expand on what you said.

沒有。我想只是延伸你剛才說的，我們真正的目標是把毛額到淨額最大化並加以最佳化，同時最佳化毛利率，並最佳化所有產品對 EBITDA 與調整後 EBITDA 數字的整體產品貢獻。所以只是補充你剛才的說法。

Yes. And finally, I think you asked about the peak sales regarding MROS. Look, we're very bullish. We see this product as becoming one of the leading branded dermatology products out there in medical therapeutics. This is a ripe target market. 17 million people suffer from this well over 6 million prescriptions are being written for this target market on an annual basis, and we're just really getting going here and our adopter base in terms of where we ended the year hitting our target of 32 unique prescribers.

是的。最後，我想你問到關於 MROS 的峰值銷售。你看，我們非常看好。我們認為這項產品將成為醫療治療領域中領先的皮膚科品牌產品之一。這是一個成熟的目標市場：有 1,700 萬人受此困擾，每年針對這個目標市場開立的處方超過 600 萬張；而我們其實才剛開始起步，並且在年底時，我們的採用者基礎達成了目標——32 位不重複的開方醫師。

We've broken our targets into deciles. We've made some really strong penetration in those especially the decile 6 through 10. So we feel pretty good about how we're moving along here and being added to the potential guidelines of the National Rosacea Society in the upcoming months, I think, is just more validation for the brand and acceptance.

我們把目標拆分成十分位（deciles）。我們在其中取得了非常強的滲透，尤其是在第 6 到第 10 十分位。因此，我們對目前的推進進度感到相當不錯；而在接下來幾個月內被納入美國國家酒糟肌協會（National Rosacea Society）潛在治療指引，我認為也將進一步驗證品牌並提升接受度。

So I think it's looking really positive as we continue to move forward.

所以我認為，隨著我們持續往前推進，整體看起來非常正面。

And one, just a clarification, if I may. You mentioned upward pressure. Are you talking about net revenue per script going up or gross to nets going up?

另外，如果可以的話，我想澄清一下。你提到「上行壓力」。你是指每張處方的淨營收上升，還是毛額到淨額上升？

Yes, meaning that as reimbursement goes up, less subsidies from our co-pay assistance program will be utilized so the profitability of an Amarose script would be going up. Gross to net would be going up in a positive manner.

是的，我的意思是，隨著給付提高，我們的自付額補助計畫（co-pay assistance program）所需提供的補貼會變少，因此每張 Amarose 處方的獲利能力會提高。毛額到淨額會以正向的方式上升。

Thomas Flaten, Lake Street Capital Markets.

Thomas Flaten，Lake Street Capital Markets。

Joe, there was a pretty substantial increase in accounts receivable in the fourth quarter is that cash we can expect you to recognize as we go through '26? It was just an unusual number for you guys. Any commentary on that?

Joe，第四季應收帳款有相當大幅的增加，這是我們可以預期在 2026 年期間會認列為現金的部分嗎？對你們來說這是一個不尋常的數字。對此有什麼評論嗎？

Yes. So really, I can't tell you subsequently, we have collected most but not all of that cash, so it will impact our first quarter. I think it was just more of a timing thing at year-end nothing major there, just the timing of the orders.

是的。所以其實，我無法談太多後續細節，但我們之後已經收回了大部分、但不是全部的現金，因此會影響我們第一季。我認為這只是年底的時間點因素，沒有什麼重大問題，就是訂單時點的差異。

Got it. And then sticking with Joe, as MROs continues to gain better coverage, GTNs improve and it becomes a bigger component of your revenue line, how should we think about gross margins as we roll through 2016?

了解。接著延續 Joe 的問題，隨著 MROs 持續取得更好的保險覆蓋、GTN 改善，並且在你們營收中占比變大，我們應該如何看待 2016 年的毛利率走勢？

Yes. So really, really happy with the margins and how they're progressing of course, the product sales mix is always going to be the biggest driver. So as MROS and QBREXZA, our high-margin products become more of that mix. We're going to continue to see better margins and in addition, we really try to manage the and optimize the period costs that go through the shipping cost, testing costs, et cetera.

是的。所以我們對毛利率以及其改善進度感到非常、非常滿意；當然，產品銷售組合永遠會是最大的驅動因素。因此，隨著 MROS 與 QBREXZA 這些高毛利產品在組合中占比提高，我們將持續看到更好的毛利率；此外，我們也非常努力管理並最佳化計入期間成本的項目，例如運輸成本、檢測成本等等。

So we've made a lot of lead way into decreasing those costs. So looking forward, I expect some really nice margins going forward into 2026 and beyond.

我們在降低這些成本方面已取得很大進展。因此展望未來，我預期在邁入 2026 年及之後，毛利率會相當不錯。

Great. And then Claude, the product launches that you mentioned, are these products you already have in-house? Is it BD on the come? And anything you can do to characterize kind of conditions they serve overall market size that you're addressing? And anything just to give us some more context would be great.

很好。接著 Claude，你提到的產品上市，這些是你們已經內部擁有的產品嗎？還是有商務開發（BD）正在進行？以及你能否概括說明它們所服務的適應症、你們所瞄準的整體市場規模？任何能提供更多背景的資訊都會很有幫助。

I would look at them as really incremental product additions into the portfolio to really assist in helping the base business. And again, that's defined as everything outside of MROs really grow and expand an internal product that we've been developing as well as an additional licensing deal. So in terms of the categories, I'll get into that later in the year as we come closer to launch Thomas.

我會把它們視為對產品組合的增量式新增，主要是為了協助並強化基本業務。再次說明，這裡的基本業務指的是 MROs 以外的所有項目——包括我們一直在開發、並將成長與擴張的內部產品，以及另外一項授權交易。至於類別方面，Thomas，等到今年稍晚、我們更接近上市時，我再進一步說明。

This concludes our question-and-answer session and Journey Medical's full year 2025 financial results and corporate update conference call. Thank you for attending today's presentation. You may now disconnect.

本次問答環節，以及 Journey Medical 2025 全年財務結果與公司最新進展電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。