Eton Pharmaceuticals Inc (ETON) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Eton Pharmaceuticals fourth quarter 2022 financial results conference call. (Operator Instructions) Please be advised that this call is being recorded at the company's request.

下午好，歡迎來到伊頓製藥 2022 年第四季度財務業績電話會議。 （操作員說明）請注意，此通話是應公司要求進行錄音的。

At this time, I would like to turn it over to David Krempa, Chief Business Officer at Eton Pharmaceuticals. Please proceed.

在這個時候，我想把它交給 Eton Pharmaceuticals 的首席商務官 David Krempa。請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Eton's fourth quarter 2022 conference call. This afternoon, we issued a press release that outlines the topics we plan to discuss on today's call. The release is available on our website, etonpharma.com.

謝謝你，運營商。大家下午好，歡迎來到伊頓 2022 年第四季度電話會議。今天下午，我們發布了一份新聞稿，概述了我們計劃在今天的電話會議上討論的主題。該版本可在我們的網站 etonpharma.com 上獲取。

Joining me on our call today, we have Sean Brynjelsen, our CEO; and James Gruber, our CFO. In addition to taking live questions on today's call, we will be answering questions that are e-mailed to us. Investors can send their questions to investorrelations@etonpharma.com.

今天和我一起參加電話會議的有我們的首席執行官 Sean Brynjelsen；和我們的首席財務官 James Gruber。除了在今天的電話會議上回答現場問題外，我們還將回答通過電子郵件發送給我們的問題。投資者可以將他們的問題發送至 investorrelations@etonpharma.com。

Before we begin, I would like to remind everyone that remarks made during the call may contain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those contained in these forward-looking statements. Please see the forward-looking statements disclaimer in our earnings release and the risk factors in the company's filings with the SEC.

在我們開始之前，我想提醒大家，在電話會議期間發表的言論可能包含前瞻性陳述，並涉及可能導致實際結果與這些前瞻性陳述中包含的結果存在重大差異的風險和不確定性。請參閱我們的收益發布中的前瞻性聲明免責聲明以及公司向美國證券交易委員會提交的文件中的風險因素。

Now, I will turn the call over to our CEO, Sean Brynjelsen.

現在，我將把電話轉給我們的首席執行官 Sean Brynjelsen。

Thank you, David. Thank you, everyone, for attending today's call. Good afternoon, everyone, and thank you for joining us to discuss Eton's fourth-quarter results.

謝謝你，大衛。謝謝大家參加今天的電話會議。大家下午好，感謝您加入我們討論伊頓的第四季度業績。

I am pleased to share that the company's momentum continued in the fourth quarter of 2022 with $8.5 million in revenue, and positive net income of $0.9 million. This was our eighth straight quarter of sequential growth in product sales, and not only do we expect that streak to continue through 2023 and beyond; we are expecting that growth to accelerate in 2023 due to some of the items we will be talking about today. We expect our product sales and royalty revenue, most importantly, to at least double this year compared to 2022.

我很高興地與大家分享，公司的勢頭在 2022 年第四季度繼續保持，收入為 850 萬美元，淨收入為 90 萬美元。這是我們連續第八個季度實現產品銷售連續增長，而且我們不僅預計這種勢頭將持續到 2023 年及以後；由於我們今天將要討論的一些項目，我們預計 2023 年增長將加速。我們預計，與 2022 年相比，最重要的是，今年我們的產品銷售和特許權使用費收入至少翻一番。

First off, I would like to start today with an exciting update on our commercial organization. As many of you know, in 2021, we were in the early stages of our ALKINDI SPRINKLE launch. We entered into a co-promotion agreement with Tolmar Pharmaceuticals. This agreement allowed us to leverage Tolmar's existing large pediatric endocrinology sales force to promote ALKINDI SPRINKLE and save Eton millions of dollars in sales force costs.

首先，我想從今天開始對我們的商業組織進行令人興奮的更新。正如你們許多人所知，2021 年，我們正處於 ALKINDI SPRINKLE 發布的早期階段。我們與 Tolmar Pharmaceuticals 簽訂了共同推廣協議。該協議使我們能夠利用 Tolmar 現有的大型兒科內分泌銷售人員來推廣 ALKINDI SPRINKLE 並為 Eton 節省數百萬美元的銷售人員成本。

Due to the significant growth in the product since we entered the agreement and our strong forecast for 2023, our projected sales commission at Tolmar for this year was going to be roughly the same amount as it would cost us to expand our own sales force.

由於自我們簽訂協議以來產品的顯著增長以及我們對 2023 年的強勁預測，我們今年在 Tolmar 的預計銷售佣金將與我們擴大自己的銷售隊伍所花費的金額大致相同。

So in January, we exercised our right to exit the co-promotion agreement at no cost and we hired our own team. Tolmar was a good partner, and we thank them for their contributions to the product. But ultimately, there's no replacement for having complete control over your own sales team.

因此，在 1 月份，我們行使了免費退出聯合推廣協議的權利，並聘請了自己的團隊。 Tolmar 是一個很好的合作夥伴，我們感謝他們對產品的貢獻。但最終，完全控制您自己的銷售團隊是無可替代的。

Now that the financials justify, we are excited to bring it fully in-house. Eton sales force is now completely staffed with 12 highly experienced rare disease specialists that have been deployed into the field. The new sales force will be solely focused on Eton's products, and it will allow us to exercise much greater control over sales force strategies, incentive plan structure, and personnel decisions. We believe these benefits will allow us to grow ALKINDI SPRINKLE even faster than when we were growing under the co-promotion agreement.

現在財務狀況證明是合理的，我們很高興將其完全引入內部。伊頓銷售團隊現在完全由 12 名經驗豐富的罕見病專家組成，他們已部署到該領域。新的銷售團隊將專注於伊頓的產品，這將使我們能夠更好地控制銷售團隊戰略、激勵計劃結構和人事決策。我們相信，這些好處將使我們的 ALKINDI SPRINKLE 發展得比根據共同推廣協議發展時更快。

In addition, our new sales force is also promoting carglumic acid, and soon betaine, which should both boost both of these products' revenues. In fact, we've already seen our new sales reps' drive incredible growth on carglumic acid patients in 2023.

此外，我們新的銷售團隊也在推廣氨基葡萄糖酸，很快還會推出甜菜鹼，這應該會增加這兩種產品的收入。事實上，我們已經看到我們的新銷售代表在 2023 年推動了 carglumic acid 患者的驚人增長。

I just returned from our national sales meeting in Texas and the entire team, our corporate leadership, and the sales reps, were all very fired up about the opportunities for our products in 2023.

我剛從德克薩斯州的全國銷售會議回來，整個團隊、我們的公司領導層和銷售代表都對 2023 年我們產品的機會感到非常興奮。

Now turning to product specific updates. ALKINDI continued to see strong growth in patients on treatment in the quarter, and we are very excited to see what our new sales force can do with the product. Early results are very promising. We believe they will help accelerate what is already a strong adoption rate for the product.

現在轉向特定於產品的更新。 ALKINDI 在本季度繼續看到接受治療的患者的強勁增長，我們很高興看到我們的新銷售團隊可以使用該產品做些什麼。早期結果非常有希望。我們相信它們將有助於加快本已很高的產品採用率。

In addition to the sales force enhancements, we've also launched a new direct-to-consumer marketing campaign, and we have plans to further increase our engagement with the adrenal insufficiency patient community in 2023.

除了增強銷售隊伍外，我們還發起了一項新的直接面向消費者的營銷活動，我們計劃在 2023 年進一步增加與腎上腺功能不全患者社區的接觸。

Carglumic acid. Carglumic Acid showed strong growth in the quarter, and we are extremely pleased with how this product is performing. We continue to see a steady cadence of new patients starts, and the product is off to a very good start in 2023 with some notable new patient adds. We believe the carglumic acid commercial success can be replicated with our betaine product.

氨基甲酸。 Carglumic Acid 在本季度表現出強勁增長，我們對該產品的表現非常滿意。我們繼續看到新患者開始的穩定節奏，並且該產品在 2023 年有了一個非常好的開端，增加了一些值得注意的新患者。我們相信，我們的甜菜鹼產品可以復制 carglumic acid 的商業成功。

As a reminder, we acquired betaine late last year and are now preparing to relaunch the product under our label and commercial infrastructure. The product has the same prescriber base as carglumic acid, and we are already seeing strong interest from physicians. We received numerous requests directly from patients that are eager to get access to Eton's product.

提醒一下，我們去年底收購了甜菜鹼，現在正準備在我們的標籤和商業基礎設施下重新推出該產品。該產品與卡谷酸具有相同的處方基礎，我們已經看到醫生的強烈興趣。我們直接從渴望獲得伊頓產品的患者那裡收到了大量請求。

Our launch inventory has now been manufactured and it is currently being labeled and tested for release, so we hope to have it commercially available within the next few weeks. I believe the current betaine market size is between $10 million and $20 million annually. So once ramped up, betaine should provide many millions of dollars of revenue with minimal incremental SG&A expenses.

我們的發射庫存現已製造，目前正在標記和測試以進行發布，因此我們希望在接下來的幾週內將其投放市場。我相信目前的甜菜鹼市場規模每年在 1000 萬到 2000 萬美元之間。因此，一旦增長，甜菜鹼應該會以最少的增量 SG&A 費用提供數百萬美元的收入。

Turning now to our development pipeline, where we have had a number of exciting developments in recent months.

現在轉向我們的開發管道，最近幾個月我們在這方面取得了許多令人興奮的進展。

Starting with dehydrated alcohol injection. At the end of the fourth quarter, we submitted our NDA response to the FDA. We are pleased to see the FDA accepted that for review and assigned us a PDUFA date of June 27. We are now working with our commercial partner to prepare launch activities so that the product can be commercialized as quickly as possible if and when it is approved. Based on the latest IQVIA data, the dehydrated alcohol market is more than $70 million annually and our target would be a market share of 40%.

從注射無水酒精開始。在第四季度末，我們向 FDA 提交了 NDA 回复。我們很高興看到 FDA 接受審查並指定我們的 PDUFA 日期為 6 月 27 日。我們現在正在與我們的商業合作夥伴合作準備發布活動，以便該產品在獲得批准後儘快商業化.根據最新的 IQVIA 數據，無水酒精市場每年超過 7000 萬美元，我們的目標是達到 40% 的市場份額。

We have also made progress advancing our ET-400 product candidate. This is our innovative patent pending product candidate that we plan to promote alongside ALKINDI SPRINKLE. We believe ET-400 will help us rapidly penetrate the market that's greater than $100 million opportunity in the pediatric adrenal insufficiency space.

我們在推進 ET-400 候選產品方面也取得了進展。這是我們正在申請專利的創新候選產品，我們計劃與 ALKINDI SPRINKLE 一起推廣。我們相信 ET-400 將幫助我們迅速打入小兒腎上腺功能不全領域價值超過 1 億美元的市場。

Our registration batches for the product have been successfully manufactured and we expect to submit the NDA later this year. This could allow for an approval and launch this early at the second half of 2024, and we plan to share more details of this product as we get closer to the NDA submission. Suffice it to say, we expect between ET-400 and ALKINDI SPRINKLE that we will have peak combined sales in excess of $50 million annually and that will happen in the near future.

我們的產品註冊批次已經成功生產，我們預計將在今年晚些時候提交 NDA。這可能會在 2024 年下半年提前獲得批准並推出，我們計劃在接近 NDA 提交時分享該產品的更多詳細信息。可以這麼說，我們預計在 ET-400 和 ALKINDI SPRINKLE 之間，我們每年的最高合併銷售額將超過 5000 萬美元，這將在不久的將來發生。

Moving on to ZENEO. The ZENEO hydrocortisone autoinjector, which is very important potential treatment for adrenal insufficiency community, our partner is actively engaged in development activities and expects to be ready for NDA submission next year.

轉到 ZENEO。 ZENEO 氫化可的鬆自動注射器是腎上腺功能不全社區非常重要的潛在治療方法，我們的合作夥伴正在積極參與開發活動，預計明年將準備好提交 NDA。

During the quarter, we also met with the FDA regarding our early-stage product candidate ET-500. The FDA requested significantly more extensive clinical studies than we thought justified for that product. As a result, we plan to focus our resources on other more near-term opportunities while we work behind the scenes to try to reach FDA agreement on a least burdensome clinical pathway.

在本季度，我們還就我們的早期候選產品 ET-500 與 FDA 會面。 FDA 要求對該產品進行比我們認為合理的更廣泛的臨床研究。因此，我們計劃將我們的資源集中在其他更近期的機會上，同時我們在幕後工作，試圖就負擔最小的臨床路徑達成 FDA 協議。

One of those near-term opportunities is ET-600, which we announced the acquisition of this week. ET-600 is an innovative product under development for a very rare pediatric endocrinology condition. We are excited about this product opportunity and believe it will address a significant unmet need for pediatric patients.

這些近期機會之一是 ET-600，我們本周宣布收購它。 ET-600 是一種正在開發的創新產品，用於治療非常罕見的兒科內分泌疾病。我們對這個產品機會感到興奮，並相信它將解決兒科患者未滿足的重大需求。

It is the same prescriber base as ALKINDI SPRINKLE, so it's a perfect strategic fit for our company with minimal incremental expenses. Physicians have repeatedly expressed to us the need for this product, and they have been very excited to hear that we will be working to bring it to market shortly. We believe this product will be a relatively straightforward and quick development project with the NDA submission possible just over a year from now.

它是與 ALKINDI SPRINKLE 相同的處方者基礎，因此它以最小的增量費用非常適合我們公司的戰略。醫生們多次向我們表達了對該產品的需求，聽到我們將努力將其盡快推向市場，他們非常興奮。我們相信該產品將是一個相對直接和快速的開發項目，從現在起一年多後可能會提交 NDA。

We will continue to hunt for more rare disease assets, and we are optimistic about our prospects of finding additional products that are late-stage development opportunities such as ET-600, or already approved products that could provide immediate revenue contributions such as our recent acquisitions of carglumic acid and betaine.

我們將繼續尋找更多罕見病資產，我們對尋找更多處於後期開發機會的產品（如 ET-600）或已獲批准的產品（如我們最近的收購）的前景持樂觀態度，這些產品可以提供直接的收入貢獻carglumic 酸和甜菜鹼。

My goal for the company is for us to have 10 commercial rare disease products on the market by 2025. I believe this is achievable through a combination of our existing pipeline products and future business development transactions.

我對公司的目標是到 2025 年將 10 種商業罕見病產品投放市場。我相信這可以通過結合我們現有的管道產品和未來的業務發展交易來實現。

Given all that is going on in the company, I hope it is clear to investors as it is to me how well Eton is positioned for this year.

考慮到公司正在發生的一切，我希望投資者能清楚伊頓今年的定位，就像我一樣。

A few closing points, carglumic acid, ALKINDI SPRINKLE, were already on pace to deliver massive growth this year, and now, we have put the full power of an in-house sales force behind them to supercharge this growth. That team is launching in the coming weeks, will provide additional revenue, meaningful revenue and earnings contribution.

一些收尾點，carglumic acid，ALKINDI SPRINKLE，今年已經實現了巨大的增長，現在，我們已經將內部銷售團隊的全部力量置於他們身後，以推動這一增長。該團隊將在未來幾周啟動，將提供額外的收入、有意義的收入和收益貢獻。

Dehydrated alcohol is well positioned to launch mid-year to be one of the two products in a $70-million-plus market. We have a strong cash position to deliver on this plan. No plans at the moment to do any kind of raise or dilution, and still pursue bolt-on business development opportunities that we believe we can create significant near-term value.

無水酒精有望在年中推出，成為價值超過 7000 萬美元的市場中的兩種產品之一。我們擁有強大的現金狀況來實現這一計劃。目前沒有計劃進行任何形式的加薪或稀釋，並且仍在尋求我們認為可以創造重大近期價值的補強業務發展機會。

As such, I could not be more excited about our prospects for 2023. I have two financial goals for the company this year. First, I expect our product sales and royalty revenue to at least double from last year. Of course, it could be significantly more than that if dehydrated alcohol is approved and launched as we expect it will be.

因此，我對我們 2023 年的前景感到無比興奮。今年我為公司製定了兩個財務目標。首先，我預計我們的產品銷售和特許權使用費收入至少比去年翻一番。當然，如果像我們預期的那樣批准並推出無水酒精，它可能會遠不止於此。

Secondly, I'm expecting to reach profitability at some point in the second half of this year. And lastly, the whole team here at Eton is dedicated executing on our vision and making these goals a reality in 2023. This is a breakout year. It's an exciting year. We thank you for your support. I look forward to continuing to update you on our progress throughout the year.

其次，我預計將在今年下半年的某個時候實現盈利。最後，伊頓的整個團隊致力於實現我們的願景，並在 2023 年實現這些目標。今年是突破性的一年。這是令人興奮的一年。我們感謝你的支持。我期待著繼續向您介紹我們全年的進展情況。

And with that, I turn it over to James, our Chief Financial Officer, to discuss the financials. James?

然後，我將其轉交給我們的首席財務官詹姆斯來討論財務狀況。詹姆士？

Thank you, Sean.

謝謝你，肖恩。

Our fourth-quarter revenue was $8.5 million compared to $6.1 million in the fourth quarter of 2021, or a 39% increase. The increase was largely due to growth in our ALKINDI SPRINKLE and the launch of carglumic acid.

與 2021 年第四季度的 610 萬美元相比，我們第四季度的收入為 850 萬美元，增幅為 39%。增長主要是由於我們的 ALKINDI SPRINKLE 的增長和氨基甲酸的推出。

Revenue for the fourth quarter of 2022 included a $5.0 million milestone received from Azurity for the launch of ZONISADE. The prior-year period included a $5.0 million milestone related to the launch of EPRONTIA from Azurity.

2022年第四季度的收入包括從 Azurity 收到的用於 ZONISADE 推出的 500 萬美元里程碑。去年同期包括與 Azurity 推出 EPRONTIA 相關的 500 萬美元里程碑。

Product sales and royalty revenue totaled $3.5 million for the quarter compared to $1.1 million in the fourth quarter of 2021, or a 220% increase. Sequentially, product sales of royalty revenue grew 9% over the third quarter of 2022. Sequential growth was impacted by the timing of product orders from our specialty pharmacy, plus a slight slowdown in the number of new patients starts for both products in Q4 due to the holidays. We expect the growth rate to accelerate significantly in the first quarter of 2023.

本季度產品銷售和特許權使用費收入總計 350 萬美元，而 2021 年第四季度為 110 萬美元，增幅為 220%。與 2022 年第三季度相比，特許權使用費收入的產品銷售額環比增長了 9%。環比增長受到我們專業藥房產品訂單時間的影響，加上第四季度這兩種產品的新患者數量略有放緩，原因是假期。我們預計 2023 年第一季度增長率將顯著加快。

Gross profit for the quarter was $6.4 million compared with $5.7 million in the prior-year period. R&D expenses for the quarter were $0.9 million compared with $0.7 million in the prior-year period.

本季度的毛利潤為 640 萬美元，而去年同期為 570 萬美元。本季度的研發費用為 90 萬美元，而去年同期為 70 萬美元。

Following any not yet announced business development activities or new project initiations, we expect to see only a small increase in R&D spend in 2023 relative to 2022, due primarily to the development activities and payments related to ET-400 and ET-600.

在任何尚未宣布的業務開發活動或新項目啟動之後，我們預計 2023 年的研發支出相對於 2022 年只會小幅增加，這主要是由於與 ET-400 和 ET-600 相關的開發活動和付款。

General and administrative expenses for the quarter were $4.4 million compared with $3.7 million in the prior-year period, due primarily to incremental marketing and compensation expenses to support our product commercialization, partially offset by decreased legal and consulting expenses.

本季度的一般和行政費用為 440 萬美元，而去年同期為 370 萬美元，這主要是由於為支持我們的產品商業化而增加的營銷和補償費用，部分被減少的法律和諮詢費用所抵消。

Despite the expansion of our internal sales force, we expect only a minor increase in SG&A expense for 2023 and expect full-year SG&A expenses to remain below $20 million. The increased costs related to the sales force are being partially offset by lower legal costs, reduced marketing spend from some initial launch related expenses that will not repeat in 2023, the elimination of the co-promotion commission paid to our marketing partner, and the elimination of expenses that were associated with supporting products that were divested in 2022.

儘管我們的內部銷售隊伍有所擴大，但我們預計 2023 年的 SG&A 費用只會小幅增加，並預計全年 SG&A 費用將保持在 2000 萬美元以下。與銷售人員相關的成本增加部分被以下因素所抵消：較低的法律成本、2023 年不會重複的一些與初始發布相關的營銷支出減少、取消支付給我們營銷合作夥伴的聯合推廣佣金，以及取消與 2022 年剝離的支持產品相關的費用。

Total company net income was $0.9 million for the fourth quarter, which is a slight decrease compared to $1.0 million in the prior-year period. Net income per basic and diluted share was $0.04 in both periods.

第四季度公司總淨收入為 90 萬美元，與去年同期的 100 萬美元相比略有下降。兩個時期的每股基本和稀釋後淨收益均為 0.04 美元。

Eton finished the fourth quarter with $16.3 million of cash on hand, and our operating cash flow during the quarter was $2.8 million. We continue to feel confident that our cash position is sufficient to allow us to execute our commercialization plan, allow us to continue to pursue bolt-on transactions or new product developments, and take us to profitability.

Eton 第四季度結束時手頭現金為 1630 萬美元，本季度我們的經營現金流為 280 萬美元。我們繼續相信我們的現金狀況足以讓我們執行我們的商業化計劃，讓我們繼續追求補強交易或新產品開發，並使我們盈利。

That concludes our remarks on fourth-quarter results. And with that, we'll turn it over to the operator for Q&A.

我們對第四季度業績的評論到此結束。然後，我們將把它交給接線員進行問答。

(Operator Instructions) Jim Kennedy, Marathon Micro Fund.

（操作員說明）Jim Kennedy，馬拉松微型基金。

Thank you. Hi guys.

謝謝。嗨，大家好。

Sure, Jim. How are you?

當然，吉姆。你好嗎？

Congratulations on a tremendous progress. Sounds like you're very well positioned for a very nice 2023 and beyond. Sean, I want to start with understanding a little bit about the, I'll call it, the internal expansion in the sales force. Now the people coming over, were they actually Tolmar employees that you just acquired?

祝賀你取得了巨大的進步。聽起來您為 2023 年及以後的美好時光做好了充分準備。肖恩，我想先了解一下，我稱之為銷售隊伍的內部擴張。現在過來的人，真的是你們剛剛收購的托爾瑪員工嗎？

No, they weren't. Actually, we spent a fair amount of time recruiting from some of the top rare disease companies. Tolmar was not one of them.

不，他們不是。實際上，我們花了相當多的時間從一些頂級罕見病公司招聘人才。托爾馬不是其中之一。

The focus was on sales personnel that had a track record of success. So really, we're looking at individuals from companies really across the United States that had proven over time that they really could go out there and get it. And we're really pleased with the team we've put together.

重點是有成功記錄的銷售人員。所以真的，我們正在尋找來自美國各地公司的個人，隨著時間的推移，他們已經證明他們真的可以走出去並得到它。我們對我們組建的團隊感到非常滿意。

Good. Now, when Tolmar was in place, were their reps responsible for more than just ALKINDI SPRINKLE, or were they dedicated strictly to ALKINDI SPRINKLE?

好的。現在，當 Tolmar 就位時，他們的代表是否不僅僅負責 ALKINDI SPRINKLE，還是他們只專注於 ALKINDI SPRINKLE？

No, they were responsible for their own products, as well as ALKINDI SPRINKLE. Our product was not from a -- I guess, a commission standpoint, was not at the top. And that was one of the reasons that we felt having a dedicated team would make all the difference. We've already started seeing that, this -- even though the team was not fully deployed until February.

不，他們對自己的產品以及 ALKINDI SPRINKLE 負責。我們的產品不是——我想，從佣金的角度來看，不是最重要的。這就是我們認為擁有一支敬業的團隊會讓一切變得不同的原因之一。我們已經開始看到這一點，儘管該團隊直到 2 月才完全部署。

And I'm really happy with the results thus far. Not just on ALKINDI SPRINKLE, but on carglumic. Tolmar did a -- they're fine people, great, great sales force, but it was just a matter of focus. And I think that anyone would agree if sometimes you just need to do it yourself.

到目前為止，我對結果非常滿意。不僅在 ALKINDI SPRINKLE 上，而且在 carglumic 上。 Tolmar 做了一個——他們是優秀的人，很棒，很棒的銷售團隊，但這只是一個重點問題。而且我認為，如果有時您只需要自己做，任何人都會同意。

Yeah. No, it sounds like a wonderful expansion. Now, in terms of those -- I think you said 12 people. Will they be dedicated to ALKINDI, or they will have also multiple products?

是的。不，這聽起來像是一個美妙的擴展。現在，就這些而言——我想你說的是 12 個人。他們會專注於 ALKINDI，還是會有多種產品？

They will be primarily dedicated to ALKINDI, let's say 80%, and then maybe 20% to carglumic acid and betaine. The reason for that at this point is there aren't that many call points for betaine and carglumic acid. So we feel we can do that without really diluting the ALKINDI sales effort.

它們將主要用於愛健地，假設 80%，然後可能 20% 用於氨基甲酸和甜菜鹼。此時的原因是甜菜鹼和氨基甲酸的調用點不多。所以我們覺得我們可以做到這一點，而不會真正削弱 ALKINDI 的銷售努力。

As we bring in more products and launch more products, we ultimately will have to expand that sales team. And whether we have two teams where one focuses on ALKINDI and the other team focuses on this bucket of ultra-rare disease products, we haven't decided. We may still end up with one large team, but perhaps having two people in each of the major areas to ensure that we cover all of the ALKINDI call points.

隨著我們引入更多產品並推出更多產品，我們最終將不得不擴大銷售團隊。我們還沒有決定我們是否有兩個團隊，一個專注於 ALKINDI，另一個團隊專注於這一桶超罕見疾病產品。我們最終可能仍會擁有一個龐大的團隊，但也許每個主要領域都有兩個人來確保我們涵蓋所有 ALKINDI 呼叫點。

Great. And to the uninitiated like myself about your ET products. What is the overlap, or how do they coordinate with ALKINDI? Because they both sound like they're in that adrenal deficiency market. Are they complementary? Would a doctor use both? How do they fit together?

偉大的。對於像我這樣對您的 ET 產品一無所知的人。什麼是重疊，或者它們如何與 ALKINDI 協調？因為他們聽起來都像是在那個腎上腺缺乏症市場。它們是互補的嗎？醫生會同時使用兩者嗎？它們如何組合在一起？

David, go ahead.

大衛，繼續。

Yeah. So the ET-400 is the product that's complementary to ALKINDI SPRINKLE. It would be targeting the same condition. The patients would actually probably take either ALKINDI SPRINKLE or the ET-400. We think having the second option would help us penetrate that market much faster.

是的。因此，ET-400 是與 ALKINDI SPRINKLE 互補的產品。它將針對相同的條件。患者實際上可能服用 ALKINDI SPRINKLE 或 ET-400。我們認為擁有第二種選擇將有助於我們更快地進入該市場。

The ET-600 product, which we announced today, we're very excited -- or we announced this week, we're very excited about. It's a completely different condition. It's not in the adrenal insufficiency space, but it is in pediatric endocrinology. So it's the same doctors that are treating patients and prescribing ALKINDI SPRINKLE who would be prescribing the ET-600 product.

我們今天宣布的 ET-600 產品，我們非常興奮——或者我們本周宣布，我們非常興奮。這是完全不同的狀態。它不在腎上腺功能不全領域，而是在兒科內分泌學領域。因此，治療患者並開出 ALKINDI SPRINKLE 處方的醫生將開出 ET-600 產品的處方。

So there's a lot of synergies and overlap there. It's a space we know well. We know those doctors very well. They've told us about the need for this ET-600 product. So we think it will be a very good fit to our portfolio.

所以那裡有很多協同作用和重疊。這是我們熟悉的空間。我們非常了解那些醫生。他們告訴我們需要這種 ET-600 產品。所以我們認為這將非常適合我們的投資組合。

Excellent. And can you comment on either the structure of the deal or what it looked like compared to your prior acquisitions in terms of ET-600?

出色的。您能否評論一下交易的結構，或者與您之前在 ET-600 方面的收購相比看起來如何？

Yeah. It was relatively similar structure that payments are derisked over time, paid with success-based milestones. It's not going to be extremely expensive project. We think we've found a pretty good pathway to market that it can be done pretty inexpensively. So I think James mentioned, even including it into our R&D for this year, you're only going to see a slight increase versus last year.

是的。這是相對類似的結構，付款隨著時間的推移而降低，以基於成功的里程碑支付。這不會是一個非常昂貴的項目。我們認為我們已經找到了一個很好的市場途徑，它可以很便宜地完成。所以我認為 James 提到過，即使將其納入我們今年的研發中，你也只會看到與去年相比略有增加。

But for competitive reasons, we're not going in that too much detail on the product at this time, but we hope to share more about it as we get closer to bring it to market.

但出於競爭原因，我們目前不會詳細介紹該產品，但我們希望在接近將其推向市場時分享更多相關信息。

Very good. Okay. Thank you for taking my questions.

非常好。好的。謝謝你回答我的問題。

Thank you.

謝謝。

And thank you. And I would now like to turn the call back over to David Krempa for further remarks.

謝謝你。現在，我想將電話轉回給 David Krempa，以徵求進一步的意見。

Thank you, operator. So we had two questions e-mailed into us I think we -- Jim touched on both of them. The first was about ET-600. We talked about it's the same prescriber base. We don't expect a significant increase in R&D related to the project.

謝謝你，運營商。所以我們收到了兩個通過電子郵件發送給我們的問題，我想我們-- Jim 談到了這兩個問題。第一個是關於 ET-600。我們談到了相同的處方者基礎。我們預計與該項目相關的研發不會顯著增加。

The second question was on the sales reps and how quickly you expect to see a benefit. I think we already touched on that, that we're starting to see the early indications now. I think carglumic acid, we see the benefit much more quickly. It's a little bit of an easier switch to convince the doctor to make.

第二個問題是關於銷售代表以及您希望多快看到收益。我認為我們已經談到了這一點，我們現在開始看到早期跡象。我認為 carglumic acid，我們可以更快地看到好處。說服醫生做出改變要容易一些。

The ALKINDI SPRINKLE, you are actually doing some changing of prescribing habits. There's a little more education that goes into it. So oftentimes you need to see a couple of visits with the doctor before they changed their habits. So that one takes a little bit longer than a carglumic acid switch, but we still expect to have a pretty good indication of the efficiency of the sales force in the next few months.

ALKINDI SPRINKLE，你實際上是在改變一些處方習慣。有更多的教育進入它。因此，在他們改變習慣之前，您經常需要去看醫生幾次。因此，這比 carglumic acid switch 花費的時間要長一點，但我們仍然希望在未來幾個月內能很好地了解銷售人員的效率。

Thanks, David. And last, I'd just like to say, this is by far the most exciting year in our company's history. I'd like to thank everybody who attended the call today. We are really looking forward to providing further updates as the year progresses. And we wouldn't anticipate additional, let's say, transactions, licensing deals, late-stage products, that will be part of that 10 that I mentioned.

謝謝，大衛。最後，我只想說，這是迄今為止我們公司歷史上最激動人心的一年。我要感謝今天參加電話會議的所有人。隨著時間的推移，我們真的很期待提供進一步的更新。而且我們預計不會有額外的交易、許可交易、後期產品，這將是我提到的 10 項交易的一部分。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。