Harrow Inc (HROW) 2025 Q3 法說會逐字稿

Good day, and welcome to the Harrow Third Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 Harrow 2025 年第三季財報電話會議。（操作員說明）提醒您，本次通話可能會被錄音。

I would like to turn the call over to Mike Biega, Vice President of Investor Relations and Communications. Please go ahead.

我謹將電話轉交給投資人關係與傳播副總裁麥克·比加。請繼續。

Thank you, operator. Good morning, and welcome to Harrow's third quarter 2025 earnings conference call. My name is Mike Biega, Vice President of Investor Relations and Communications, and I'm excited to be introducing today's call.

謝謝接線生。早安，歡迎參加 Harrow 2025 年第三季財報電話會議。我是投資者關係與傳播副總裁麥克·比加，很高興能為大家介紹今天的電話會議。

Similar to our last quarterly call, we will be presenting slides during the webcast today. If you have registered and joined through the live conference call link, I would highly recommend that you also join through the webcast. You can find the link in the Investors Section of our website at www.harrow.com or in our earnings press release that was issued yesterday.

與上一次季度電話會議類似，我們今天將在網路直播中展示幻燈片。如果您已註冊並透過即時電話會議連結加入，我強烈建議您也透過網路直播加入。您可以在我們網站 www.harrow.com 的投資者關係部分或昨天發布的盈利新聞稿中找到該連結。

The company's remarks may include forward-looking statements within the meaning of federal securities laws. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond Harrow's control, including risks and uncertainties described from time to time in its SEC filings, such as the risks and uncertainties related to the company's ability to make commercially available its FDA-approved products and compounded formulations and technology and FDA approval of certain drug candidates in a timely manner or at all. For a list and description of those risks and uncertainties, please see the Risk Factors section of the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Harrow's results may differ materially from those projected. Harrow disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of today.

該公司的言論可能包含聯邦證券法意義上的前瞻性陳述。前瞻性聲明受多種風險和不確定性的影響，其中許多風險和不確定性超出了 Harrow 的控制範圍，包括其不時在提交給美國證券交易委員會的文件中描述的風險和不確定性，例如與公司能否及時或根本無法將其獲得 FDA 批准的產品、複合配方和技術商業化相關的風險和不確定性，以及 FDA 能否批准某些候選藥物。有關這些風險和不確定性的清單和說明，請參閱公司最新年度報告（表格 10-K）和隨後向美國證券交易委員會提交的季度報告（表格 10-Q）中的「風險因素」部分。哈羅的實際結果可能與預期結果有重大差異。Harrow公司聲明，無論因新資訊、未來事件或其他原因，均無意願或義務更新或修改任何財務預測或前瞻性聲明。本次電話會議包含有時效性的信息，僅截至今日有效。

Additionally, Harrow will refer to non-GAAP financial metrics, specifically adjusted EBITDA and/or adjusted earnings as well as core results such as core gross margin, core net income and core diluted net income per share. A reconciliation of any non-GAAP measures with the most directly comparable GAAP measures is included in the company's earnings release and Letter to Stockholders, both of which are available on the website.

此外，Harrow 也將參考非 GAAP 財務指標，特別是調整後的 EBITDA 和/或調整後的收益，以及核心業績，例如核心毛利率、核心淨收入和核心稀釋後每股淨收入。本公司獲利報告及致股東信均包含所有非GAAP指標與最直接可比較的GAAP指標的調節表，這兩份文件均可在公司網站上查閱。

Now joining me on today's call are Mark L. Baum, Chief Executive Officer; Andrew Boll, President and Chief Financial Officer; and Patrick Sullivan, Head of Commercial. With that, I would like to turn the call over to Mark. Mark?

今天和我一起參加電話會議的有：執行長 Mark L. Baum；總裁兼財務長 Andrew Boll；以及商務主管 Patrick Sullivan。接下來，我想把電話交給馬克。標記？

Thanks, Mike, and good morning to everyone. Thanks for joining us today. As always, please review our supplemental documents for the third quarter, including our earnings release, corporate presentation and Letter to Stockholders, all of which are now available on the Investor Relations section of our corporate website. During this call and in future quarterly conference calls, I'm pleased to have Pat Sullivan, Harrow's Head of Commercial, join us. Next quarter, I intend to have our Chief Scientific Officer, Amir Shojaei, join us as well.

謝謝你，麥克，大家早安。感謝您今天收看我們的節目。像往常一樣，請查閱我們第三季的補充文件，包括我們的收益報告、公司介紹和致股東信，所有這些文件現在都可以在我們公司網站的投資者關係部分找到。在本次電話會議以及未來的季度電話會議上，我很高興邀請到哈羅商業主管 Pat Sullivan 加入我們。下個季度，我計劃讓我們的首席科學官 Amir Shojaei 也​​加入我們。

Today, Harrow is one of the leading providers of ophthalmic disease management solutions in North America. Our portfolio helps manage both front and back of the eye conditions. And I believe we are the only ophthalmic company in the world to offer branded, generic, over-the-counter, compounded and biosimilars, literally every legally available type of ophthalmic medication. At the center of everything we do is our vision to become the next great US ophthalmic company.

如今，Harrow 已成為北美領先的眼科疾病管理解決方案提供者之一。我們的產品組合有助於治療眼部前段和後段的各種疾病。我相信我們是世界上唯一一家提供品牌藥、仿製藥、非處方藥、複方藥和生物相似藥的眼科公司，實際上涵蓋了所有合法可用的眼科藥物類型。我們一切工作的核心願景是成為美國下一個偉大的眼科公司。

Now 12 years into building this patient and physician-centric business, I believe we're still just getting started. Our key products are in their early stages of launch with tremendous and durable growth ahead as adoption continues to accelerate. Over the next 2 years, we have 4 new product launches scheduled, each representing a significant opportunity to expand our reach, strengthen our leadership and pave the way for even greater growth in the future. I am particularly proud of the fully scalable commercial infrastructure we've built, which will soon support multiple launches and continued expansion without requiring heavy additional investment. Combine that with a low-risk, capital-efficient pipeline development and M&A strategy and it's clear, Harrow's growth and market impact are in their infancy.

如今，我們打造這家以患者和醫生為中心的企業已經 12 年了，但我相信我們才剛起步。我們的核心產品尚處於上市初期，隨著市場接受度的不斷提高，未來將實現巨大且持久的成長。在接下來的兩年裡，我們計劃推出 4 款新產品，每一款產品都代表著一個重要的機會，可以擴大我們的影響力，鞏固我們的領導地位，並為未來更大的成長鋪平道路。我尤其為我們所建造的完全可擴展的商業基礎設施感到自豪，它很快就能支援多次產品發布和持續擴展，而無需大量額外投資。再加上低風險、資本效率高的產品線開發和併購策略，很明顯，Harrow 的成長和市場影響仍處於起步階段。

Now our momentum continued during the third quarter with rising revenue and clear evidence of the operating leverage in our business model. As I've mentioned before, some areas of our business will overperform while others may lag, sometimes due to seasonal factors. And the third quarter was no exception. What matters most, though, is the overall trajectory of the business and that trajectory remains very strong. Our key growth engines such as VEVYE, IHEEZO and to a certain extent, beginning very recently, TRIESENCE are rolling and momentum continues to build across the business, especially as we approach the launch of the Samsung biosimilar portfolio and conclude the acquisition of Melt Pharmaceuticals, which I'm very excited about.

第三季度，我們的成長勢頭得以延續，收入不斷增長，並且我們的商業模式的營運槓桿作用也得到了清晰的體現。正如我之前提到的，我們業務的某些領域會表現出色，而其他領域可能會落後，有時是由於季節性因素造成的。第三季也不例外。但最重要的是企業的整體發展軌跡，而這一軌跡依然非常強勁。我們的關鍵成長引擎，如 VEVYE、IHEEZO 以及最近開始的 TRIESENCE，都在穩步發展，業務勢頭持續增強，尤其是在我們即將推出三星生物類似藥產品組合併完成對 Melt Pharmaceuticals 的收購之際，我對此感到非常興奮。

Now VEVYE and IHEEZO continue to lead the way and are on track to finish the year very strong. In fact, 2025 is expected to be a record year for both products. They've shown consistent momentum and continue to drive the majority of our growth. Driven by strong demand and best-in-class clinical performance, VEVYE delivered 22% quarter-over-quarter revenue growth. Perhaps a key highlight of my remarks, though, should be the news that we have recently signed agreements with several leading national payers for VEVYE.

現在，VEVYE 和 IHEEZO 繼續保持領先地位，並有望以強勁的勢頭結束今年。事實上，預計2025年將成為這兩種產品創紀錄的一年。它們一直保持著穩定的成長勢頭，並繼續推動著我們的大部分成長。在強勁的需求和一流的臨床表現的推動下，VEVYE 實現了季度環比 22% 的收入成長。不過，我演講中最值得一提的一點是，我們最近與幾家領先的全國性支付者簽署了 VEVYE 的協議。

Beginning in January 2026, only a couple of months away, VEVYE will be listed on multiple new formularies with a preferred product status, including the largest US pharmacy benefit manager. This means that certain products are becoming uncovered and that creates an opportunity for prescription transfers. And going forward, VEVYE will be covered on those formularies. This particular PBM covers tens of millions of lives and I view this as a major development for VEVYE and for Harrow.

自 2026 年 1 月起（僅剩幾個月），VEVYE 將以優選產品身分列入多個新的藥品目錄，其中包括美國最大的藥品福利管理機構。這意味著某些產品正在被曝光，這為處方轉移創造了機會。未來，VEVYE 將會被納入這些藥品目錄。這個特定的藥品福利管理機構涵蓋了數千萬人的生活，我認為這對 VEVYE 和 Harrow 來說都是一項重大發展。

With major improvements in coverage and the addition of Apollo Care and Alto joining our specialty pharmacy network this quarter, we expect a higher proportion of patients will receive VEVYE as a covered therapy. These advancements strengthen VEVYE's market access foundation and fuel continued prescription growth, resulting in an improved ratio of covered to cash pay prescriptions. This includes estimates of current cash pay patients who are likely to convert to covered prescriptions and that gives us confidence in VEVYE's pricing stability and long-term growth. IHEEZO also had an excellent quarter, delivering 20% quarter-over-quarter revenue growth. That's an impressive performance, given the typical seasonal slowdown for that product in the third quarter.

隨著覆蓋範圍的重大改善，以及本季度 Apollo Care 和 Alto 加入我們的特藥藥房網絡，我們預計會有更高比例的患者將獲得 VEVYE 作為承保療法。這些進展鞏固了 VEVYE 的市場准入基礎，並推動了處方藥的持續成長，從而提高了醫保處方藥與自費處方藥的比例。這包括目前自費患者可能轉為健保處方的估計，這讓我們對 VEVYE 的價格穩定性和長期成長充滿信心。IHEEZO 的本季業績也十分出色，實現了 20% 的季度環比營收成長。考慮到該產品通常在第三季會出現季節性銷售放緩，這樣的業績令人印象深刻。

Meanwhile, TRIESENCE in our rare and specialty portfolio underperformed this year, as I talk more about in our stockholder letter and that also included the third quarter. The good news, though, is that we have the right leadership and strategies in place, I believe, to get both on track in short order. TRIESENCE, in particular, is gaining traction in retina. And as of October of this year, we launched it in its largest market opportunity yet, ocular inflammation. Our rare and specialty portfolio also has new leadership and they are supporting our Harrow Access for All program, which is positioned to return this portfolio to growth, beginning in the fourth quarter and into 2026.

同時，我們罕見疾病和特殊疾病投資組合中的 TRIESENCE 今年表現不佳，我在致股東的信中對此進行了更詳細的討論，其中也包括第三季度。不過，好消息是，我相信我們已經有了正確的領導和策略，能夠很快地讓這兩項工作都步入正軌。特別是 TRIESENCE，在視網膜領域越來越受歡迎。今年 10 月，我們將其推向了迄今為止最大的市場機會——眼部發炎領域。我們的稀有和特殊產品組合也有了新的領導層，他們正在支持我們的「人人享有哈羅醫療服務」計劃，該計劃旨在使該產品組合從第四季度開始恢復增長，並持續到 2026 年。

Please review the Letter to Stockholders for more specific thoughts, though, on TRIESENCE and our rare and specialty products portfolio. We also made important strategic moves this quarter as we work to complete the acquisition of Melt Pharmaceuticals and its non-opioid procedural sedation candidate, MELT-300 and we also expanded our Access for All model across our entire ophthalmic portfolio. We're also preparing for 4 product launches over the next 3 years, BYOOVIZ, OPUVIZ, BYQLOVI and MELT-300, which I'm particularly excited about. In short, our strategy is bearing fruit. We're executing with discipline, scaling with purpose and building a company defined by innovation, access and sustainable growth, creating meaningful, long-term value for both patients and shareholders.

不過，有關 TRIESENCE 和我們稀有及特種產品組合的更具體想法，請參閱致股東信。本季度，我們還採取了重要的策略舉措，努力完成對 Melt Pharmaceuticals 及其非阿片類藥物鎮靜候選藥物 MELT-300 的收購，並將我們的「人人可及」模式擴展到我們整個眼科產品組合。我們也準備在未來 3 年內推出 4 款產品，分別是 BYOOVIZ、OPUVIZ、BYQLOVI 和 MELT-300，我對 MELT-300 尤其感到興奮。總之，我們的策略正在發揮成效。我們以嚴謹的紀律執行，以目標為導向擴大規模，打造一家以創新、普及和永續成長為特徵的公司，為患者和股東創造有意義的長期價值。

Before I hand it over to Andrew, I want to take a moment to address our ImprimisRx business in California, where, as many of you know, we have been engaged in a dispute with the California Board of Pharmacy for many years. ImprimisRx remains licensed to operate in California, but its license is up for renewal on December 1, 2025. We are actively communicating with the California Board towards a global resolution, which would include a renewal of our license. Because these discussions are ongoing and frankly, no outcome can be certain, I can't comment on other specific details, but this is top of mind for us and we believe a solution may be at hand. As more information becomes available, we will communicate with our stockholders.

在將發言權交給安德魯之前，我想花一點時間談談我們在加州的 ImprimisRx 業務。正如你們許多人所知，多年來我們一直與加州藥房委員會存在糾紛。ImprimisRx 仍持有在加州營運的許可證，但其許可證將於 2025 年 12 月 1 日到期。我們正在積極與加州委員會溝通，以期達成全面解決方案，其中包括續簽我們的執照。由於這些討論仍在進行中，坦白說，任何結果都無法確定，因此我無法評論其他具體細節，但這確實是我們最關心的問題，我們相信解決方案可能即將到來。隨著更多資訊的公佈，我們將與股東進行溝通。

With that, I would like to now turn it over to our President and Chief Financial Officer, Andrew Boll. Andrew?

接下來，我將把發言權交給我們的總裁兼財務長安德魯·博爾。安德魯？

Thanks, Mark. And thank you to everyone joining the call today. Turning now to our financial performance. Total revenue for the third quarter was $71.6 million, representing a 45% increase over the same period in 2024 and a 12% sequential increase from the second quarter of this year. For the first 9 months of 2025, total revenue reached $183.2 million.

謝謝你，馬克。感謝今天所有參加電話會議的人。現在來看我們的財務表現。第三季總營收為 7,160 萬美元，比 2024 年同期成長 45%，比今年第二季季增 12%。2025 年前 9 個月，總收入達 1.832 億美元。

We remain firmly on track for another strong year of revenue growth, advancing toward our long-term financial targets with disciplined execution. Based on what we're seeing across the business today and which I'll walk through in greater detail on the next slide, we are updating our full year revenue outlook to a range of $270 million to $280 million. While hitting our original target of over $280 million is still within reach, we want to take a slightly more conservative approach and update guidance to a range we believe we can deliver on. Adjusted EBITDA for the third quarter was $22.7 million with GAAP-based net income of $1 million. Operating expenses continue to be relatively stable quarter-to-quarter and we are seeing more operating leverage manifest itself within the new revenue gains.

我們依然穩步朝著又一個強勁的營收成長年邁進，透過嚴謹的執行力，朝著我們的長期財務目標邁進。根據我們今天在整個業務中看到的情況（我將在下一張幻燈片中更詳細地介紹），我們將全年收入預期更新為 2.7 億美元至 2.8 億美元。雖然我們仍有望實現最初設定的 2.8 億美元以上的目標，但我們希望採取更保守的做法，並將預期目標更新為我們認為能夠實現的範圍。第三季調整後 EBITDA 為 2,270 萬美元，以 GAAP 計算的淨收入為 100 萬美元。營運費用持續保持相對穩定的季度環比水平，我們看到更多的營運槓桿作用體現在新的收入成長中。

As we continue to scale, our ability to translate revenue growth into earnings remains a core strength of Harrow's model. As we advance into the fourth quarter, we expect to see operating expenses moderately increase as further investments are made in our commercial infrastructure to accelerate sales and that trend should continue into 2026. Let's turn to our product performance. VEVYE continues to outperform, generating approximately $22.6 million in revenue during the third quarter. This is a 22% increase from the second quarter of 2025.

隨著我們規模的不斷擴大，將收入成長轉化為獲利的能力仍然是 Harrow 模式的核心優勢。隨著我們進入第四季度，我們預計營運費用將適度增加，因為我們將進一步投資於商業基礎設施以加速銷售，這一趨勢應該會持續到 2026 年。接下來我們來看看產品效能。VEVYE 持續保持優異表現，第三季營收約 2,260 萬美元。這比 2025 年第二季成長了 22%。

This revenue increase was driven on continued increase in unit volumes year-over-year and quarter-over-quarter. VEVYE is set up for a record fourth quarter. October hit an all-time high in prescriptions and that momentum has carried right through the first week of November. Q4 was VEVYE's strongest period last year. And with the trends we're seeing, I'm confident we're on track to finish near our $100 million annual revenue target for 2025, with additional, meaningful growth expected in 2026 as improved coverage kicks in and we further invest into VEVYE's commercial infrastructure to fuel the next phase of growth.

收入成長主要得益於銷售年比和季比的持續成長。VEVYE預計在第四季創下紀錄。10 月處方量創歷史新高，而且這種勢頭一直延續到 11 月的第一周。去年第四季是VEVYE業績最好的時期。根據我們目前看到的趨勢，我有信心我們能夠實現 2025 年接近 1 億美元的年收入目標，並且隨著覆蓋範圍的擴大和我們對 VEVYE 商業基礎設施的進一步投資，預計 2026 年將實現更多有意義的增長，從而推動下一階段的增長。

Turning to IHEEZO. Revenue for the third quarter came in at $21.9 million. This is up 20% from the second quarter. As we've seen in prior years, the third quarter tends to be seasonally softer due to the July and August slowdown as both patients and physicians take time off. That said, demand rebounded sharply in September and remained strong through October.

轉向 IHEEZO。第三季營收為2,190萬美元。這比第二季度增長了20%。正如我們往年所見，由於7月和8月患者和醫生都會休假，第三季往往會出現季節性疲軟。儘管如此，9月份需求大幅反彈，並一直保持強勁勢頭直至10月份。

IHEEZO has significantly outperformed our expectations this year and is also on track for a very strong fourth quarter and a record year. The fourth quarter has historically been IHEEZO's highest volume quarter, supported by end-of-year ordering patterns and stocking activity and we've already seen large orders placed early in the period. Based on those dynamics, we expect IHEEZO to deliver a strong close to 2025. Our TRIESENCE and broader specialty branded portfolio generated $6.9 million in revenue. This is a 33% sequential increase.

IHEEZO 今年的業績遠超預期，並且預計在第四季度取得非常強勁的業績，並創下全年紀錄。從歷史上看，第四季度是IHEEZO銷量最高的季度，這得益於年底的訂單模式和庫存活動，而且我們已經看到該季度初就下了很多訂單。基於這些動態，我們預期 IHEEZO 將在 2025 年取得強勁的收官表現。我們的 TRIESENCE 和更廣泛的專業品牌組合創造了 690 萬美元的收入。這是環比增長33%。

As Mark discussed and highlighted in our Letter to Stockholders, with new leadership in place, a dedicated sales force, the launch of Harrow Access for All and TRIESENCE's launch into ocular inflammation, we now have the focus and strategies in place to reignite growth starting as early as the fourth quarter of this year. ImprimisRx products continue to provide stable recurring revenue, generating approximately $20.1 million of revenue in the third quarter. As Mark mentioned earlier, if we are unable to resolve the dispute with the California Board of Pharmacy, we may see a minor impact on ImprimisRx's fourth quarter revenue. In addition, ImprimisRx had an inventory shortage during the month of October, causing a onetime decrease of about $4 million to $6 million in its revenue for the fourth quarter. In summary, we are fully focused on achieving our third consecutive year of 40% or higher annual revenue growth with all hands on deck across the organization.

正如 Mark 在致股東的信中所討論和強調的那樣，隨著新的領導層到位、一支敬業的銷售隊伍、Harrow Access for All 的推出以及 TRIESENCE 進軍眼部炎症領域，我們現在已經具備了重振增長的重點和戰略，最早將於今年第四季度開始。ImprimisRx 產品繼續提供穩定的經常性收入，第三季創造了約 2,010 萬美元的收入。正如馬克之前提到的，如果我們無法解決與加州藥房委員會的糾紛，ImprimisRx 第四季的收入可能會受到輕微影響。此外，ImprimisRx 在 10 月出現庫存短缺，導致其第四季收入一次性減少約 400 萬至 600 萬美元。總而言之，我們正全力以赴，力爭連續第三年實現 40% 或更高的年收入成長，全公司上下都將為此努力。

VEVYE and IHEEZO are both positioned for a strong finish to the year and a record quarter. However, given the certain near-term factors, we're updating our full year outlook to a range of $270 million to $280 million. While our original target is still within reach, this new range is one I believe we can deliver on based on where we are today. That said, the fundamentals of our business remain strong and I couldn't be more confident in the long-term growth trajectory. Looking ahead, following what we expect to be a strong fourth quarter, we anticipate a typical seasonal decline from Q4 2025 to Q1 2026, likely consistent with the pattern we saw earlier this year.

VEVYE 和 IHEEZO 都有望在年底取得強勁的收官，並創下季度紀錄。然而，鑑於某些近期因素，我們將全年預期更新為 2.7 億美元至 2.8 億美元。雖然我們最初的目標仍然可以實現，但我相信，以我們目前的實力，我們能夠實現這個新的目標範圍。儘管如此，我們業務的基本面依然強勁，我對公司的長期成長前景充滿信心。展望未來，我們預計第四季將表現強勁，之後從 2025 年第四季到 2026 年第一季將出現典型的季節性下滑，這可能與我們今年稍早看到的模式一致。

This doesn't mean that we won't achieve record results next year, which is what we expect to happen. However, we want to establish that Q1 presents a seasonality that we need to consider. I'll provide more color on the magnitude of that dynamic when we report full year results, including the expected impact from the fourth quarter stocking activities.

但這並不意味著我們明年不會取得創紀錄的成績，而這正是我們所期望的。但是，我們想指出的是，第一季存在我們需要考慮的季節性因素。在公佈全年業績時，我將更詳細地說明這種動態的規模，包括第四季度庫存活動帶來的預期影響。

Thanks, Andrew. My responsibility as Harrow's commercial leader is crystal clear, unlock the massive commercial potential in our portfolio and position Harrow for sustained, profitable growth. As many of you know, I've been in this role for less than 6 months, but I am not new to commercial leadership, building successful teams to execute thoughtful strategies and ultimately delivering extraordinary results. I would like to highlight the 5 commercial priorities that will drive my team's efforts. First, we're activating our advanced, key account management initiative.

謝謝你，安德魯。身為 Harrow 的商業領導者，我的職責非常明確：釋放我們產品組合中巨大的商業潛力，並使 Harrow 實現持續獲利成長。正如你們許多人所知，我擔任這個職位還不到 6 個月，但我並非商業領導新手，我擅長組建成功的團隊來執行周密的策略，並最終取得非凡的成果。我想重點介紹將指導我們團隊工作的 5 項商業優先事項。首先，我們將啟動我們先進的重點客戶管理計劃。

This is about deepening relationships with high-value accounts, fueling trial, accelerating adoption and building long-term loyalty across the brands. Second, we're elevating our focus on driving depth and breadth, expanding our reach to more prescribers and new accounts while going deeper within existing users. This is key to unlocking the full potential of our portfolio. Third, we have a scalable investment model across the commercial organization, one that allows us to grow efficiently, invest intelligently and maximize return on every dollar spent. Fourth, we're expanding awareness of our Harrow Access solutions program to ensure a smooth and positive experience for both eyecare professionals and their patients.

這旨在加深與高價值客戶的關係，推動試用，加速產品普及，並在品牌間建立長期忠誠度。其次，我們將更重視提升深度和廣度，擴大覆蓋範圍，吸引更多處方醫生和新客戶，同時深入挖掘現有用戶。這是充分發揮我們投資組合潛力的關鍵。第三，我們擁有一個可擴展的商業組織投資模式，使我們能夠高效成長、明智投資並最大限度地提高每一美元的回報。第四，我們正在擴大對 Harrow Access 解決方案計劃的認識，以確保眼科專業人員及其患者都能獲得流暢和積極的體驗。

Removing barriers to access remains a cornerstone of our strategy. And finally, we're sustaining operational discipline and stability, maintaining an efficient cost-base, while continuing to execute at a high level. These commercial acceleration priorities position us to drive stronger adoption, profitable growth and continue our journey as an emerging leader in the ophthalmic market. VEVYE continued to strengthen and expand its position in the dry eye market during the third quarter, delivering strong and sustained growth. Our commercial strategy is working.

消除准入障礙仍然是我們策略的基石。最後，我們維持了營運紀律和穩定性，維持了高效的成本基礎，同時繼續維持高水準的執行力。這些商業加速優先事項使我們能夠推動更強的市場接受度、實現獲利成長，並繼續作為眼科市場新興領導者的旅程。第三季度，VEVYE 繼續鞏固和擴大其在乾眼症市場的地位，實現了強勁且持續的成長。我們的商業策略正在奏效。

We're seeing increasing physician confidence, excellent patient outcomes and faster, more affordable access to therapy. By the end of September, we saw a 36% increase in prescribing physicians, a strong indicator of continued growth and expanding physician adoption. Our VEVYE Access For All initiative remains a key enabler of growth for VEVYE, simplifying the patient experience and fueling demand. Starting in January, VEVYE will appear on several new national formularies with preferred status, including the largest pharmacy benefit manager, the United States. VEVYE's improving coverage serves as another catalyst to expand utilization among eyecare physicians and among more patients with dry eye disease.

我們看到醫師信心增強，患者治療效果顯著，而且獲得治療的速度更快、價格更實惠。到 9 月底，我們看到開處方的醫生人數增加了 36%，這有力地表明了持續增長和醫生採用率的擴大。我們的 VEVYE 全民健保計劃仍然是 VEVYE 成長的關鍵推動因素，簡化了患者體驗並刺激了需求。從 1 月起，VEVYE 將出現在幾個新的國家藥品目錄中，並享有優先地位，其中包括最大的藥品福利管理機構——美國藥品管理局。VEVYE 不斷擴大的覆蓋範圍將成為眼科醫生和更多乾眼症患者擴大使用該藥物的另一個催化劑。

We anticipate that these increased coverage wins, many current cash pay patients will take advantage of VEVYE's improved coverage in their plans. We also expanded our specialty pharmacy network. PhilRx handled all prescriptions in Q3, while Apollo Care went live in Q4 and [AltoRx] will follow later this quarter, steps to further improve patient access for patients. Combined with the broader payer coverage coming in 2026, these developments favorably position VEVYE for continued growth and pricing stability. Let's look at VEVYE's outlook.

我們預計，隨著這些增加的保險覆蓋範圍的擴大，許多目前自費患者將利用 VEVYE 在其保險計劃中改進的保險覆蓋範圍。我們也擴大了專科藥局網路。PhilRx 在第三季度處理了所有處方，Apollo Care 在第四季度上線，[AltoRx] 也將在本季度稍後跟進，這些舉措旨在進一步改善患者的就醫體驗。結合 2026 年更廣泛的支付方覆蓋範圍，這些發展有利於 VEVYE 繼續成長並保持價格穩定。讓我們來看看VEVYE的前景。

Looking at the chart on the top left, the picture is clear. The dry eye disease market is large, active and growing. Branded segment is the key driver for growth in the overall market. By the end of the third quarter, VEVYE captured 10.5% of the total dry eye market, up 2.7 share points from the prior quarter, effectively doubling its market share in just 2 quarters. It's a clear sign of strong, sustained growth and proof that our strategy is delivering results.

從左上角的圖表來看，情況很清楚。乾眼症市場規模龐大、活躍且不斷成長。品牌產品細分市場是整體市場成長的關鍵驅動力。到第三季末，VEVYE 佔據了乾眼症市場 10.5% 的份額，比上一季增長了 2.7 個百分點，在短短兩個季度內，其市場份額就翻了一番。這是強勁、持續成長的明顯標誌，也證明我們的策略正在發揮成效。

Our goal remains the same, to make VEVYE the number one prescribed cyclosporine therapy in the US and we're making steady progress toward that. We're building momentum every quarter, increasing adoption, improving access and expanding coverage and we remain confident in our path to becoming the leading cyclosporine therapy in the dry eye space. Looking ahead, we're focused on accelerating growth through both depth and breadth, deepening utilization with existing eyecare physicians, while expanding use among new physicians and their patients. Now that we are comfortable with our supply, we are also preparing for the next phase of expansion with plans to invest in VEVYE's commercial infrastructure and open 10 additional sales territories to fuel the next phase of growth.

我們的目標始終如一，那就是讓 VEVYE 成為美國處方量第一的環孢素療法，我們正朝著這個目標穩步前進。我們每季都在穩步發展，不斷提高產品採用率，改善產品獲取途徑，擴大覆蓋範圍，我們仍然有信心成為乾眼症領域領先的環孢素療法。展望未來，我們將專注於透過深度和廣度來加速成長，加深現有眼科醫生的使用，同時擴大新醫生及其患者的使用範圍。現在我們對供應情況感到滿意，我們也正在為下一階段的擴張做準備，計劃投資於 VEVYE 的商業基礎設施，並開設 10 個新的銷售區域，以推動下一階段的成長。

We anticipate that more territories will open during the first half of 2026 and we are going to focus on markets served by the new plans that will cover VEVYE. The momentum behind VEVYE is clear. With growing adoption, strong clinical outcomes, a patient-centric access model and improving coverage, we're just getting started. VEVYE has doubled its market share over the past 2 quarters and with new investments in our commercial infrastructure to support the next phase of expansion, the opportunity ahead is tremendous. I'm confident our team is fully aligned and focused on making VEVYE the new standard of care for dry eye disease.

我們預計 2026 年上半年將開放更多地區，我們將重點放在新計畫所涵蓋的 VEVYE 地區的市場。VEVYE的發展勢頭十分強勁。隨著普及率的提高、良好的臨床效果、以患者為中心的准入模式以及覆蓋範圍的擴大，我們才剛起步。VEVYE 在過去兩個季度中市場份額翻了一番，並且隨著我們對商業基礎設施的新投資以支持下一階段的擴張，未來的機會是巨大的。我相信我們的團隊目標一致，全力以赴，致力於將 VEVYE 打造成乾眼症治療的新標準。

Let's look at IHEEZO. IHEEZO had another excellent quarter. Unit demand was up 47% from last year and 3% sequentially. That's strong, sustained growth and continued proof that IHEEZO's value proposition is resonating in the market. As expected, the third quarter followed normal seasonality, a brief slowdown in July and August, but demand rebounded quickly in September and continued through October.

我們來看看IHEEZO。IHEEZO 又一個季度表現出色。單位需求量比去年增長了 47%，環比增長了 3%。這是強勁且持續的成長，也再次證明了 IHEEZO 的價值主張在市場上引起了共鳴。正如預期的那樣，第三季遵循正常的季節性規律，7 月和 8 月出現短暫放緩，但需求在 9 月迅速反彈，並持續到 10 月。

With a large order already placed in October, entering its strongest quarter of the year when we typically see increased stocking activity, IHEEZO is well positioned for a strong finish to 2025 and real momentum heading into 2026. Our strategy is working exactly as planned. The retina pivot we executed last year, along with our new IHEEZO For All education initiative is driving awareness, engagement and adoption across retina practices. Nearly half of the accounts ordering IHEEZO this year are brand new, a clear sign that we're expanding reach and deepening loyalty. With an 86% reorder rate, IHEEZO is not only winning new users, but also keeping them, a strong foundation for sustained growth ahead.

IHEEZO 已於 10 月下了一筆大訂單，進入一年中最強勁的季度（我們通常會看到庫存活動增加），因此 IHEEZO 已做好充分準備，在 2025 年取得強勁的收官，並在 2026 年保持真正的增長勢頭。我們的策略完全按照計劃進行。我們去年實施的視網膜疾病轉型計劃，以及我們新的 IHEEZO For All 教育計劃，正在推動視網膜疾病診療領域的認知、參與和應用。今年訂購 IHEEZO 的帳戶中，近一半是新客戶，這清楚地表明我們正在擴大覆蓋範圍並加深客戶忠誠度。IHEEZO 的複購率高達 86%，不僅贏得了新用戶，而且還留住了他們，為未來的持續成長奠定了堅實的基礎。

Looking ahead, we're still just scratching the surface of IHEEZO's potential. We're in the very early stages of this growth story and the opportunity ahead is tremendous. Our retina team is focused on both driving both breadth and depth, reaching new accounts and deepening relationships with existing customers and expanding awareness among retina specialists. As adoption continues to grow, we're confident that IHEEZO will become an even stronger growth engine for Harrow, especially once we introduce our biosimilars starting in mid-2026. Shifting to TRIESENCE.

展望未來，我們目前還只是觸及了 IHEEZO 潛力的冰山一角。我們正處於這段成長歷程的初期階段，未來的機會龐大。我們的視網膜團隊致力於拓展業務的廣度和深度，開發新客戶，加深與現有客戶的關係，並提高視網膜專家的認知度。隨著採用率的不斷提高，我們相信 IHEEZO 將成為 Harrow 更強大的成長引擎，尤其是在我們從 2026 年年中開始推出生物相似藥之後。轉向三重存在。

TRIESENCE is showing real progress in the retina market. The trends we're seeing now indicate an acceleration in adoption and growing traction across the retinal community. Since relaunching TRIESENCE last October in 2024, there has been a 4 times growth factor with significant headroom remaining. TRIESENCE unit demand grew 67% sequentially. Importantly, more than half of the accounts ordering TRIESENCE in the third quarter, about 53% were new customers.

TRIESENCE 在視網膜市場展現了真正的進步。我們現在看到的趨勢表明，視網膜領域的應用正在加速，並且越來越受到關注。自 2024 年 10 月重新推出 TRIESENCE 以來，其成長率已達到 4 倍，並且仍有很大的成長空間。TRIESENCE 的單位需求較上季成長 67%。值得注意的是，第三季訂購 TRIESENCE 的帳戶中，超過一半（約 53%）是新客戶。

That tells us our reach is expanding and physicians are responding to TRIESENCE strong clinical performance and favorable reimbursement profile. With its proven safety, excellent efficacy and broad payer coverage, TRIESENCE is well positioned to continue gaining share in the retina market. The big news is our official launch of TRIESENCE into the ocular inflammation market, the largest and most promising opportunity for the brand to date. We're still early in the launch, but the response from the field has been encouraging. Physicians are giving strong, positive feedback and early utilization trends are moving in the right direction.

這說明我們的影響力正在擴大，醫生們對 TRIESENCE 強大的臨床表現和良好的報銷待遇給予了正面回饋。憑藉其已證實的安全性、卓越的療效和廣泛的醫保覆蓋範圍，TRIESENCE 預計將繼續在視網膜市場中擴大份額。最重大的消息是我們正式推出 TRIESENCE 進軍眼部發炎市場，這是該品牌迄今為止最大、最有前途的機會。雖然目前仍處於產品發布初期，但來自業界的回饋令人鼓舞。醫生們給予了強烈的正面回饋，早期使用趨勢也朝著正確的方向發展。

The early traction reinforced exactly what we believe from the start that TRIESENCE delivers real clinical value and fits seamlessly into physician workflows. We see this launch as a true catalyst, opening a major new growth channel for TRIESENCE. With proven safety, strong efficacy and broad payer coverage, TRIESENCE is gaining traction in the retina market and has just entered its largest opportunity yet, ocular inflammation with positive early feedback. As awareness builds and adoption expands, I'm confident TRIESENCE will become a key growth driver and increasingly important contributor to Harrow's leadership in ophthalmic care. Turning to Rare & Specialty products.

早期的成功恰恰印證了我們從一開始就堅信的觀點，即 TRIESENCE 具有真正的臨床價值，並且能夠無縫融入醫生的工作流程。我們認為此次發布是一個真正的催化劑，為 TRIESENCE 開闢了一個全新的重要成長管道。憑藉已證實的安全性、強大的療效和廣泛的醫療覆蓋範圍，TRIESENCE 在視網膜市場獲得了認可，並且剛剛進入了迄今為止最大的市場——眼部發炎領域，並獲得了積極的早期反饋。隨著人們意識的提高和採用範圍的擴大，我相信 TRIESENCE 將成為關鍵的成長驅動力，並為 Harrow 在眼科護理領域的領先地位做出越來越重要的貢獻。轉向稀有及特色產品。

This is an area of untapped potential for Harrow. Earlier this quarter, we're excited to welcome Tom Pertallo as the Vice President of this segment. Tom brings deep commercial experience and a proven track record of driving growth and his leadership comes at exactly the right time as we work to unlock the full value of this portfolio. Right now these products represent less than 1% of the total market volume, which means the upside is significant. With Tom leading the charge and a dedicated sales force being built to focus exclusively on this business, we're tightening execution, reenergizing our commercial approach and positioning these brands to return to growth.

這是哈羅尚未開發的潛力領域。本季度初，我們很高興地歡迎 Tom Pertallo 擔任該部門的副總裁。Tom 擁有豐富的商業經驗和推動成長的卓越業績，在我們努力釋放該投資組合全部價值之際，他的領導恰逢其時。目前這些產品僅佔市場總量的不到 1%，這意味著上漲空間龐大。在 Tom 的領導下，我們正在組建一支專門負責這項業務的銷售團隊，以加強執行力，重振商業活力，並使這些品牌重回成長軌道。

We're also launching the Harrow Access for All program this quarter, which will improve affordability and expand patient access, key levers to drive sustainable growth across the portfolio. This portfolio once generated nearly $10 million quarterly revenue and we see a clear path to reignite that growth and ultimately exceed those levels. With strong leadership now in place, renewed focus and clear strategies in place, I'm confident this business is positioned to return for growth and deliver stronger, more consistent performance moving forward. To close, I couldn't be more excited about where Harrow is headed. We're still very early in the growth stage across all of our key growth drivers with significant catalysts and ample room for further growth.

本季度我們還將推出 Harrow Access for All 計劃，這將提高醫療服務的可負擔性並擴大患者的就醫途徑，這是推動整個業務組合實現可持續增長的關鍵槓桿。該投資組合曾經每季產生近 1000 萬美元的收入，我們看到了重振成長並最終超越這些水平的明確途徑。如今，公司擁有了強有力的領導，重新聚焦目標，並製定了清晰的策略，我相信公司已經做好準備，重回成長軌道，並在未來取得更強勁、更穩定的業績。最後，我對哈羅的未來發展方向感到無比興奮。我們所有關鍵成長驅動因素仍處於成長的早期階段，但存在重要的催化劑，並且還有充足的成長空間。

We are well positioned for our next stage of growth. Our commercial momentum is strong. The plan is clear and the opportunities in front of us are huge. In dry eye, VEVYE continues to lead the charge, expanding its share, broadening access, improving coverage and deepening adoption among prescribers. In retina, we're strengthening relationships, expanding awareness and gearing up for 2 major launches, BYOOVIZ in mid-2026 and OPUVIZ in mid-2027.

我們已為下一階段的成長做好了充分準備。我們的商業發展勢頭強勁。計劃很明確，擺在我們面前的機會巨大。在乾眼症領域，VEVYE 繼續引領潮流，擴大市場份額，擴大可及性，提高覆蓋範圍，並加深處方醫生的採用。在視網膜領域，我們正在加強聯繫，擴大認知度，並為兩項重大發布做準備，分別是 2026 年年中推出的 BYOOVIZ 和 2027 年年中推出的 OPUVIZ。

In the Surgical segment, we're building a differentiated portfolio that supports the perioperative space, delivering efficiency and value for practices. In Rare & Specialty, new leadership, a focused plan of action and the launch of Harrow Access for All, are unlocking the potential of a diverse portfolio that represents less than 1% of its addressable market today. The opportunity across these 4 segments is tremendous. With best-in-class products, a scalable commercial platform and a disciplined strategy for execution, we're building a company with durable, long-term growth potential. Harrow's path forward is clear, stronger execution, expanding leadership and sustained momentum across every part of the business.

在外科領域，我們正在建立差異化的產品組合，為圍手術期領域提供支持，為醫療機構帶來效率和價值。在罕見疾病和特藥領域，新的領導層、有針對性的行動計劃以及「Harrow Access for All」的推出，正在釋放多元化產品組合的潛力，而該組合目前僅佔其目標市場的不到 1%。這四個領域蘊藏著巨大的機會。憑藉一流的產品、可擴展的商業平台和嚴謹的執行策略，我們正在打造一家具有持久、長期成長潛力的公司。Harrow 的發展方向很明確：加強執行力，擴大領導層，並在業務的各個方面保持持續成長勢頭。

With that, we can turn it over to the operator for Q&A.

這樣，我們就可以把它交給操作員進行問答環節了。

(Operator Instructions) Our first question comes from Jeffrey Cohen with Ladenburg.

（操作說明）我們的第一個問題來自 Ladenburg 公司的 Jeffrey Cohen。

Congrats on the quarter. A couple from our end. Firstly, could you talk about VEVYE prescription data and why we don't see it this quarter?

恭喜你本季取得佳績。我們這邊也有一對夫婦。首先，您能否談談 VEVYE 處方數據以及為什麼我們本季沒有看到這些數據？

Jeff, this is Mark. What we decided to do is to make sure that we have the most accurate information available. As you know, we withdrew from some of the reporting services, some of the data reporting services a few quarters ago. And it's really important that we have confidence, absolute confidence that what we're putting out is accurate as possible. And from our perspective, I think, the key metric was revenue generated from these products and not necessarily IQVIA data or data from a data feed that may or may not be completely accurate. So because of that, we decided to change the way that we're reporting. Andrew, do you want to add to that at all?

傑夫，這是馬克。我們決定確保獲得最準確的資訊。如您所知，幾個季度前，我們退出了一些報告服務和一些數據報告服務。我們必須有信心，絕對的信心，確保我們發布的信息盡可能準確，這一點非常重要。從我們的角度來看，我認為關鍵指標是這些產品產生的收入，而不是 IQVIA 資料或可能不完全準確的資料來源的資料。因此，我們決定改變報道方式。安德魯，你還有什麼要補充的嗎？

Yes. The only other part of that to add to what Mark was saying is really one of the reasons we're pulling out of these third-party aggregators were for competitive reasons. And so if we're doing that, it didn't really make sense to us to present the data and make it available to all of our competitors in our earnings release. That's driven a lot of the decision-making with presentation of the [TRx] data. But to Mark's point, we're going to do our best to be transparent about the progress of VEVYE without giving up competitive positioning.

是的。除了馬克剛才說的，我還要補充一點，我們退出這些第三方聚合平台的原因之一，實際上是出於競爭方面的考量。因此，如果我們這樣做，那麼在我們的獲利報告中向所有競爭對手提供這些數據就顯得沒有意義了。這在很大程度上影響了 [TRx] 數據的呈現方式的決策。但正如馬克所說，我們將盡最大努力保持 VEVYE 進展的透明度，同時又不放棄競爭地位。

Okay. That's perfect. And then secondly, maybe for you, Andrew, could you talk about the leverage that you're achieving? You had some pretty nice leverage on the SG&A in the third quarter. But as you continue to expand your commercial teams, how should we think about leverage overall into 2026, mainly as a percent of revenues?

好的。那很完美。其次，安德魯，你能否談談你正在取得的成就？第三季度，你們在銷售、管理及行政費用方面擁有相當不錯的優勢。但隨著你們不斷擴大商業團隊，我們該如何看待 2026 年的整體槓桿效應，主要以所得百分比來衡量？

Yes. And this has been a topic for us that we brought up for a long time now where we expected to see operating leverage, especially this year in the model on the new revenue growth we expected. We spent a lot of money on the operational and commercial infrastructure to support the branded group. That is mostly in place and we're seeing that leverage show up in the numbers. Obviously, Q3, we had great adjusted EBITDA just under $23 million.

是的。長期以來，我們一直在討論這個問題，我們預計今年的模型將會出現營運槓桿效應，因為我們預期新的收入成長會帶來收益。我們投入了大量資金用於營運和商業基礎設施，以支持該品牌集團的發展。大部分措施已經到位，我們已經看到這些優勢體現在了數據中。顯然，第三季我們調整後的 EBITDA 非常出色，接近 2,300 萬美元。

The business is producing a lot of cash, I think about $16 million of cash in the third quarter from operations. And as we look out, Pat talked a little bit about adding to that commercial infrastructure to drive revenue. The additional OpEx that we're looking at is revenue-generating OpEx, so we should start seeing immediate return on that expense. So again, even though we're going to be making investments in the commercial infrastructure, it's not like it's going to be a 50% increase in OpEx, it's going to be a moderate increase. And importantly and this is probably the most important thing, that investment in the expense should see almost an immediate impact and return on revenue.

這家公司正在產生大量現金流，我認為第三季營運產生的現金流約為 1,600 萬美元。展望未來，帕特也談到了增加商業基礎設施以推動收入成長。我們正在考慮的額外營運支出是產生收入的營運支出，因此我們應該能夠立即看到這筆支出的回報。所以再次強調，儘管我們將對商業基礎設施進行投資，但營運支出不會增加 50%，只會適度增加。而且重要的是，這或許是最重要的一點，這項支出應該幾乎立即產生影響，並對收入產生回報。

Our next question comes from Chase Knickerbocker with Craig-Hallum.

下一個問題來自 Chase Knickerbocker 和 Craig-Hallum。

Maybe just first to start, a couple on VEVYE. Mark, you had mentioned in the stockholder letter that ASP was down modestly sequentially in Q3. Could you just define the magnitude of that modest decline for us just so we can kind of understand that?

或許可以先從 VEVYE 上的幾張照片開始。馬克，你在致股東的信中提到，第三季平均售價較上季略有下降。能否請您具體說明一下這種小幅下降的幅度，以便我們能夠理解？

And then just as we think about, you kind of spoke to stabilization in the near term. Can you just walk us through some of your modeling assumptions on VEVYE that kind of lead to that ASP stabilization in the near term? Is it improving mix that you're seeing so far in October? And then I've got a follow-up.

就像我們剛才想到的，您也談到了短期內的穩定。能否請您詳細介紹一下您在 VEVYE 模型中所做的一些假設，這些假設導致了 ASP 在短期內趨於穩定？你覺得10月至今的市場組合是否有改善？然後我還有一個後續問題。

In terms of defining what modestly means, I can't give you a definition with precision. I mean, it's -- I think it's less than 10%. But I think the more important issue is how is ASP or net revenue per unit, how is that going to stabilize in the near term and then as I said on prior calls, begin to float up? What is the justification for that? And to be very clear, we are really counting on coverage coming through.

至於謙虛的含義，我無法給出精確的定義。我的意思是，我覺得──我覺得不到10%。但我認為更重要的問題是平均售價或單位淨收入如何，它在短期內將如何穩定下來，然後像我之前在電話會議上說的那樣，開始回升？這樣做的理由是什麼？需要明確的是，我們真的非常指望能獲得報道。

We're counting on the ratio of covered prescriptions versus cash pay prescriptions to flip or begin to change so that there's more of a bias towards covered prescriptions versus cash pay prescriptions. If that happens, that's when you see the stabilization happen, that's when you see the ASP begin to float up. And the beautiful thing, I think, the exciting thing for us and I think you've actually noted this in your notes that I've seen is that that increase will affect the entire corpus, every single unit of VEVYE. And so the question is how and when is that going to happen? And I tried to address that in the Letter to Stockholders.

我們指望健保覆蓋的處方藥與自費處方藥的比例發生轉變，從而更加傾向於醫保覆蓋的處方藥，而不是自費處方藥。如果這種情況發生，你會看到市場趨於穩定，你會看到平均售價開始上升。我覺得最美妙、最令人興奮的是，而且我認為你在筆記中也提到了這一點，我看到了，這種增長將影響整個語料庫，VEVYE 的每個單元。所以問題是，這將如何以及何時發生？我在致股東信中試圖解決這個問題。

We discussed that in our prepared remarks. And we now have landed this coverage win with the largest pharmacy benefit manager in the US and specifically their commercial lives group, you're talking about tens of millions of new potential lives covered. And when you think about that ratio of covered prescriptions versus cash pay prescriptions, beginning January 1, we anticipate that ratio is going to begin to flip. Actually, to be candid with you, I've had doctors send me letters that I know that have already gone out from this benefit manager to the physicians, letting them know about the plan changes that will take effect, drugs that will not be covered and the specific patients' names who will no longer be covered for that product and letting them know what the new formulary looks like.

我們在事先準備好的發言稿中討論過這個問題。現在，我們已經與美國最大的藥品福利管理公司，特別是他們的商業人壽保險集團達成了這項承保協議，這意味著數千萬潛在的新客戶將獲得保障。考慮到健保覆蓋的處方藥與自費處方藥的比例，我們預計從 1 月 1 日起，這一比例將會開始逆轉。事實上，坦白說，我收到過一些醫生髮來的信件，我知道這些信件已經由這家福利管理公司寄給了醫生們，告知他們即將生效的計劃變更、不再承保的藥物以及不再承保該產品的具體患者姓名，並告知他們新的藥品目錄是什麼樣的。

So this is really exciting for VEVYE. We expect to start seeing some of those changes, those prescription flips from other dry eye products to VEVYE in the fourth quarter. We expect that will start to happen, but it will really kick in, in the first quarter. And as I said, once that takes place, that ratio of covered versus cash pay will begin to change, you'll see that stabilization happen and I think, as I said in the last call, we'll start to see, I think, a bias towards ASP improving and potentially improving maybe even more than modestly.

這對VEVYE來說真是個令人振奮的消息。我們預計在第四季度開始看到一些變化，即處方從其他乾眼症產品轉向 VEVYE。我們預計這種情況會開始發生，但真正開始顯現效果將在第一季。正如我所說，一旦這種情況發生，有保障的薪酬與現金支付的比例就會開始變化，你會看到這種穩定局面出現，而且我認為，正如我在上次電話會議中所說，我們將開始看到平均售價有所改善，甚至可能改善幅度不止於此。

Yes, that's what I was hoping to follow-up on is just any more specifics you'd be willing to share as far as the largest PBM, that win? Was it the commercial plans? Was it commercial and Medicare? Just any sort of details there. And then as we think about that ASP improvement, to your point, any way you can help us kind of define how you see your current volume and kind of the amount of your current volume that could benefit from that win and how that affects ASP? And any thoughts you'd be willing to give there as we enter next year?

是的，我正想進一步了解的就是，您能否分享更多關於中標的最大藥品福利管理機構（PBM）的具體資訊？是商業計劃嗎？是商業保險和聯邦醫療保險嗎？任何細節都可以。然後，當我們考慮 ASP 的提升時，正如您所說，您能否幫助我們定義您目前的交易量，以及目前有多少交易量可以從這次成功中受益，以及這將如何影響 ASP？展望明年，有什麼想法可以分享嗎？

Yes. I would say that these are commercial lives, number one. So they're, I would say, the most attractive of those lives that you can get. So it's a major coverage one. I was talking to our team earlier and I said, I hope that our investors, the main takeaway from the stockholder letter, I think, it's the most important part of the stockholder letter is this coverage win, because it dramatically changes things.

是的。首先，我認為這些都是商業生活。所以，我認為，它們是你能擁有的最具吸引力的生活方式。所以這是一場重大報道。我之前和團隊談過，我說，我希望我們的投資者能從股東信中得到最重要的訊息，我認為，股東信中最重要的部分就是這次的健保覆蓋率提升，因為它徹底改變了局面。

I mean, if you get a $20 or $30 or $40 improvement and I'm not suggesting that we'll see a $40 improvement on ASP, but if it's a $20 improvement as an example, it affects every single one of those units. And as units are growing and they will grow regardless, we are going to see significant improvement in total units for VEVYE. But the question is how much money are we going to make from all of those units. And I think that this improvement in coverage is going to be a major factor at the beginning of this coming year. And you also know that we are very conservative in terms of how we invest commercially.

我的意思是，如果價格上漲 20 美元、30 美元或 40 美元（我並不是說平均售價會上漲 40 美元），但舉例來說，如果價格上漲 20 美元，那麼每一台設備都會受到影響。而且由於銷售量持續成長，VEVYE 的總銷售量將會顯著提高。但問題是，我們從所有這些產品中能賺多少錢。我認為，在新的一年伊始，這種覆蓋範圍的擴大將是一個重要因素。你也知道，我們在商業投資方面非常保守。

We don't do extravaganza launches because we dip our toes into the water, we kind of get in, we see what works. It's just our style and it's the way that we've been able to invest in new product launches. And for us to now make investments in VEVYE and specifically open up 10 new territories in the very near term and then I think by the middle part of next year, we're going to have upwards of about 100 total territories for VEVYE. The reason why we're making those investments is because candidly, it would be malpractice for us not to make those investments now that we have such strong coverage in these specific markets. So we're very bullish on VEVYE next year.

我們不搞盛大的發表會，因為我們只是試水，慢慢來，看看什麼有效。這就是我們的風格，也是我們能夠投資新產品發布的方式。現在，我們將對 VEVYE 進行投資，並在近期內特別開闢 10 個新地區，然後我認為到明年年中，VEVYE 的地區總數將達到 100 多個。坦白說，我們之所以進行這些投資，是因為既然我們在這些特定市場擁有如此強大的覆蓋範圍，如果我們不進行這些投資，那就是失職。所以我們非常看好VEVYE明年的發展。

I think you can expect to see some improvements in ASP as this ratio begins to flip and bias more covered versus cash pay prescriptions. And it's a really good time for VEVYE and the drug, by the way, is phenomenal. If you've ever put the drug in your eye, it's phenomenal. I think it's the best product in the class. So it does a great job and patients love it and the refill rates are absolutely extraordinary, I believe, best-in-class.

我認為隨著健保覆蓋率的上升，處方藥價格（ASP）會逐漸上漲，而自費處方藥價格則會繼續上漲，因此ASP有望得到一些改善。現在是 VEVYE 的好時機，順便說一句，這種藥物也非常好。如果你曾經把這種藥滴進眼睛裡，你會覺得效果驚人。我認為它是同類產品中最好的。所以它的效果非常好，患者也很喜歡，而且續藥率絕對非常高，我認為是同類產品中最好的。

Our next question comes from Steve Seedhouse with Cantor.

下一個問題來自 Cantor 公司的 Steve Seedhouse。

Hoping just to start you could give us a sense of what proportion of the VEVYE cash pay patients currently you'd actually expect to transition to insurance coverage in 2026 and just ballpark the expected impact that that particular variable would have on net price per unit.

首先，希望您能告訴我們，您預計到 2026 年，目前 VEVYE 現金支付的患者中，有多少比例會過渡到保險覆蓋範圍，並大致估算一下這一特定變數對單位淨價的預期影響。

Yes, I can't -- I don't know that we can give you the answer with precision. We actually have built internal models to try and estimate what that would look like. This is the largest commercial PBM. And if you just model out how many dry eye patients they have and we do know how many dry eye prescriptions come from those plans, we can see a couple of things happening. One, as I said, there are patients that have been denied coverage from those plans who are paying cash, who we will be able to reach out to and hopefully transition them from cash pay to covered because this is not just a nonpreferred brand status.

是的，我不能——我不知道我們能否準確地回答您的問題。我們實際上已經建立了內部模型來嘗試估算這種情況會是什麼樣子。這是最大的商業藥品福利管理機構。如果你模擬他們有多少乾眼症患者，並且我們知道這些計劃中有多少乾眼症處方，我們就可以看到一些事情正在發生。第一，正如我所說，有些患者因為自費而被這些保險計劃拒保，我們將能夠聯繫到他們，並希望能夠幫助他們從自費轉為醫保覆蓋，因為這不僅僅是非優選品牌的問題。

This is a preferred status. So this is the lowest or in some cases, no co-pay type coverage. So it's really favorable coverage for VEVYE. And then, of course, we, as I said, seeing the letters that have already gone out to physicians, letting them know that legacy products that patients were being prescribed are no longer covered. I know what those specific products are.

這是優先狀態。所以這是最低的保險類型，在某些情況下甚至不需要自付費用。所以這對 VEVYE 來說確實是非常有利的報道。當然，正如我所說，我們也看到了已經發給醫生的信件，告知他們患者之前服用的舊款藥品不再受醫保覆蓋。我知道具體是哪些產品。

And I mean, I was looking at the number of patients, of course, not looking at the specific patients' names or any of that. But just one physician in one small community on one street, the number of patients and you start adding up these letters going out to thousands and thousands of physicians and it could be -- it could absolutely hit what we are thinking about internally in our modeling. Andrew, do you want to add to that at all?

我的意思是，我當然是在看病人數量，而不是看具體的病人姓名或其他任何資訊。但是，如果只是一個小社區一條街上的一位醫生，病人數量，你開始把這些信件寄給成千上萬的醫生，這可能會——這絕對會達到我們在內部建模中考慮的程度。安德魯，你還有什麼要補充的嗎？

Yes. I think the one thing that I'm really excited about this coverage win is it kind of shows what -- and then I think we're going to really see it next year as we demonstrate the power of VAFA, which is really a long -- it's -- the VAFA program is, I almost call it a temporary program. It's not meant to be the program forever. The goal of the program is to gain coverage wins and to increase patient access through insurance reimbursement. And through that, we think ASP will improve.

是的。我覺得這次報道的成功讓我真正興奮的一點是，它某種程度上表明了——然後我認為明年我們將真正看到這一點，因為我們將展示 VAFA 的力量，這確實是一個長期的——VAFA 項目，我幾乎稱它為一個臨時項目。這個項目並非要永遠如此。該計劃的目標是爭取醫保覆蓋範圍，並透過保險報銷增加患者獲得醫療服務的機會。我們認為，透過這些措施，平均售價將會提高。

What's great about the program, though, is it also sets us up where we kind of have a base to work off of when we're negotiating with PBMs and payers. There's no reason for us to take less money from a payer. So when we're bidding, we're not going to bid ourselves into a hole. The VAFA program is working really well. I mean, it's exceeding our expectations on the cash pay side.

不過，該計劃的優點在於，它也為我們與藥品福利管理機構 (PBM) 和支付方進行談判時提供了一個可以著手的基礎。我們沒有理由減少向付款人收取的費用。所以我們在競標時，不會讓自己陷入不利的境地。VAFA計畫運作得非常好。我的意思是，就現金支付方面而言，它超出了我們的預期。

And what that's doing is setting us up for a lot of long-term growth for the product, especially as the insurance wins come in and we think they will. And we think that the program itself, just with the volume and demand we're seeing, brings us more negotiating power when we go to the payers and go through these bid cycles. And I think this -- like I said, this first coverage win is a good demonstration of that and we should see more of that in '26 and '27.

這樣做將為該產品帶來長期的成長，尤其是在保險業務成功之後，我們認為這種情況一定會發生。我們認為，僅憑該項目本身，就我們目前所看到的數量和需求，就能讓我們在與付款方談判並經歷這些競標週期時擁有更大的議價能力。我認為這——就像我說的，這次首場勝利很好地證明了這一點，我們應該會在 2026 年和 2027 年看到更多這樣的勝利。

I just want to ask, just focusing on, I guess, fourth quarter specifically and on that point, you were just noting like you're in this moment, right, where the volume growth is tremendous and you have this sort of couple of month window between now and 2026, where it would be critical to keep people on drug until their insurance coverage kicks in. So are you doing anything like providing free prescriptions beyond the first month to VAFA patients? Or just anything new to bridge that gap given the new coverage decisions that would impact fourth quarter revenue? And then on the flip side, just with the addition of the new specialty pharmacies, is there any expected like inventory or stocking or sort of onetime impact to fourth quarter that we should be considering for our models?

我只想問一下，就第四季度而言，您剛才提到，目前銷量增長非常迅猛，而從現在到 2026 年之間還有幾個月的時間窗口，在此期間，讓人們繼續服用藥物直到他們的保險生效至關重要。那麼，你們是否採取了類似為VAFA患者提供第一個月之後的免費處方藥之類的措施呢？或者，鑑於新的保險覆蓋範圍決定會影響第四季度營收，是否有任何新的措施來彌補這一差距？另一方面，新增的專科藥局是否會對第四季度的庫存、進貨或其他一次性影響產生任何預期影響，我們應該在模型中考慮這些影響？

Andrew, why don't you take the last question and I'll touch on the first question and ask Pat for some guidance as well.

安德魯，你先回答最後一個問題，我來簡單談談第一個問題，並請帕特給我一些指導。

Yes. On the -- on any inventory stocking, Steve, I don't think we'll see anything really that impactful with VEVYE in particular for the fourth quarter. These guys are ordering pretty almost just-in-time type ordering, not quite that regularly, but it's -- I would say they're taking less inventory than wholesalers typically would. So no real end of year impact related to that.

是的。關於庫存問題，史蒂夫，我認為第四季度 VEVYE 不會出現任何真正有影響的情況。這些人幾乎都是按需訂購，雖然頻率不高，但——我認為他們的庫存量比批發商通常的庫存量要少。所以這不會對年底造成實際影響。

And specifically on keeping patients on therapy, I don't know that we want to go into any specific tactics, but I know that the dry eye team, Maria and her entire team are hustling. Pat, do you want to add to that at all?

至於如何讓患者堅持治療，我不知道我們是否想討論任何具體策略，但我知道乾眼症團隊，瑪麗亞和她的整個團隊都在努力工作。派特，你還有什麼要補充的嗎？

Yes. Thanks, Mark. I think this is a super exciting opportunity and this is part of the plan. So I think to me, we have a very, very clear activation plan to really take advantage of evolving from VAFA to support these patients to really capitalizing on our managed care wins. And I think to me, it's very much focused on the communications that are happening from the plans at this point in time to their patients, making sure that doctors know about our VAFA program and these wins that are going to be taking place to ultimately support the patient end of the year.

是的。謝謝你，馬克。我認為這是一個非常令人興奮的機會，也是計劃的一部分。所以我覺得，我們已經制定了一個非常非常清晰的激活計劃，可以真正利用從 VAFA 演變而來的優勢來支持這些患者，並真正利用我們在醫療管理方面取得的成功。我覺得，目前最關鍵的是與患者的溝通，確保醫生了解我們的 VAFA 計畫以及這些最終將在年底前為患者提供支持的成果。

So we have a very robust high-touch program that is taking place and activating as we speak now that will continue to wrap up the year to support these patients and really accelerate growth at the end of the year. I think in addition, our program right now, our fill program in VAFA is a very high-touch program. So we have a very, very clear view into who the patients are that are coming on our product and that are eligible for conversion to this commercial win. So super exciting time. But to answer your question, we have a very clear plan to really drive conversion and help these patients.

因此，我們有一個非常完善的高接觸式服務計劃，目前正在實施和啟動，該計劃將繼續在今年年底前為這些患者提供支持，並在年底真正加速增長。我認為，此外，我們目前在VAFA的招生計畫是一個非常注重人際互動的計畫。因此，我們對哪些患者正在使用我們的產品以及哪些患者符合轉化成這項商業成功的條件有了非常非常清晰的了解。真是令人興奮的時刻！但要回答你的問題，我們有一個非常明確的計劃，可以真正提高轉換率並幫助這些患者。

And I'll just add that I was excited. As soon as we got the coverage win, we got that information, I'll tell you, it gave me a lot of confidence in Pat and Maria and the team. I mean they had -- I think they even had a name for the plan internally that they were going to begin to execute. And it was just a text message. It was just like, okay, let's fire it up.

我還要補充一點，我當時很興奮。我們一拿到報道權，就得到了相關訊息，我告訴你，這讓我對派特、瑪麗亞和整個團隊都充滿了信心。我的意思是，他們甚至——我想他們內部都為即將開始執行的計劃起了個名字。只是一封簡訊而已。當時的感覺就是，好吧，那就開始吧。

And it just gave me a lot of confidence that we have the right people, we have the right strategy to take advantage of this great opportunity and continue the growth in VEVYE. So kudos to the work that Pat and Maria are doing.

這讓我更加確信，我們擁有合適的人才，我們擁有正確的策略，可以抓住這個絕佳的機會，繼續推動 VEVYE 的發展。所以，要向帕特和瑪麗亞的工作表示讚揚。

Our next question comes from Mayank Mamtani with B. Riley Securities.

下一個問題來自 B. Riley Securities 的 Mayank Mamtani。

Appreciate the detail on business momentum. So maybe just a high-level question on sort of this 3Q to 4Q dynamics. Some you observed last year versus others you were talking to are unique to -- you have this year. Was just curious if you could comment a little bit on the notably high sort of $80 million revenue threshold in 4Q. It's sort of sequentially double versus what you had in 3Q.

感謝您對業務發展動能的詳細分析。所以，或許可以問一個關於第三季到第四季動態的高層次問題。去年你觀察到的一些現象，與你今年交談過的一些現象相比，是今年獨有的。我只是好奇您能否就第四季高達 8000 萬美元的營收門檻發表一些看法。與第三季相比，這幾乎是環比翻了一番。

And it seems a lot to be still driven by VEVYE, I think, 60% over sequentially. Any color, Mark, you can give on volume versus price kind of dynamic here that you're assuming across the different lines -- different product lines? And then I have a follow-up.

而且，這似乎很大程度上仍然是由 VEVYE 推動的，我認為，其股價環比上漲了 60%。馬克，你能否就不同產品線（不同產品線）的銷售與價格動態關係給予一些建議？然後我還有一個後續問題。

On Q4, what I would say is I think last year, Andrew, Q4 was probably upwards of 1/3, maybe a smidge higher than 1/3 of our overall revenue for the annual period. That will -- I wouldn't expect that to change this year. I think that we can do around that range this year. I think the exciting thing about Q4 for what it's worth is the emergence of TRIESENCE finally. I think we -- I was quite candid in the letter.

關於第四季度，我想說的是，安德魯，我認為去年第四季的收入可能占到我們全年總收入的三分之一以上，甚至可能略高於三分之一。那將會——我預計今年情況不會改變。我認為我們今年可以做到這個範圍內。我認為第四季度最令人興奮的事情是 TRIESENCE 的最終出現。我認為我們──我在信裡相當坦誠。

We could have done a lot better. We should have done a lot better with TRIESENCE in every period this year, the first 3 periods and the same is true with our Rare & Specialty portfolio. But the key is, is that we've taken action. TRIESENCE, I think we're seeing really exciting things, not just in words, but in deeds. As I was telling the team, we're not at a point where Mark can get on a conference call and say, hey, I'm really excited about TRIESENCE. I think this is going to be fantastic. It's time for orders. It's time for revenue. It's time for reorders. It's time for new accounts starting and adopting. And because I'm seeing that, I'm actually -- I've been involved in the sales process myself.

我們本來可以做得更好。今年前三個時期，我們本應在 TRIESENCE 方面做得更好，我們的罕見疾病和特藥產品組合也是如此。但關鍵在於，我們已經採取了行動。TRIESENCE，我認為我們正在見證一些非常令人興奮的事情，不僅體現在言語上，也體現在行動上。正如我告訴團隊的那樣，我們還沒到馬克可以開個電話會議說「嘿，我對TRIESENCE感到非常興奮」的地步。我覺得這一定會很棒。現在是點餐時間。是時候實現盈利了。該補貨了。現在是時候開設和使用新帳戶了。正因為我看到了這一點，所以我實際上——我親自參與了銷售過程。

I've been communicating with high-volume surgeons and talking to them about TRIESENCE specifically and I'm actually seeing surgeries start with it. And that's exciting. I've been through that cycle. I've seen that cycle. And so that gives me a lot of confidence in where we're going with that product, not only beginning to feather in, in the fourth quarter, but really for next year.

我一直在與一些手術量很大的外科醫生溝通，專門和他們討論 TRIESENCE，而且我確實看到一些手術開始使用這種材料。這真令人興奮。我經歷過那種循環。我見過那種循環。因此，這讓我對該產品的未來發展方向充滿信心，不僅在第四季開始逐步推廣，而且明年也將取得更大的成功。

It's going to get to where we thought it would be and that's super important. In terms of other dynamics between Q3 and Q4, Andrew, do you want to comment on any of that?

它最終會達到我們預期的目標，這一點至關重要。關於第三季和第四季之間的其他動態，安德魯，你有什麼想說的嗎？

Yes, Mayank, I think we've kind of talked about VEVYE on the ASP side and expecting at least stabilization there. Typically, at the end of the year, your patients are out of that co-pay deductible and amounts like that. So our co-pay buydowns are a little bit lower on a per unit basis. So hopefully, that helps to see a little bit of price improvement. But in general, the expectation is we're going to see volume improve across the portfolio that will drive most of the revenue growth for the quarter.

是的，Mayank，我想我們已經討論過 VEVYE 在 ASP 方面的情況，並期望它至少能夠穩定下來。通常情況下，到年底，您的患者就無需再支付共同支付的自付額等費用了。因此，我們的單位自付額減免幅度略低一些。希望這能有助於價格略有改善。但總的來說，預計整個產品組合的銷售將會提高，這將推動本季大部分營收成長。

Great. And then one -- actually a couple of specific product level questions. So Project Beagle enabled patients who crossed over to branded VEVYE. You may have some information there on the conversion rate from cash pay maybe to commercial insurance covered scripts. I don't know if that was something you can share or has given you some learnings moving forward?

偉大的。然後，實際上還有幾個具體的產品層面的問題。因此，Project Beagle 使患者能夠過渡到 VEVYE 品牌。您可能在那裡找到一些關於現金支付到商業保險承保處方藥的轉換率資訊。我不知道這是否是你可以分享的經驗，或者它是否為你帶來了一些未來需要學習的東西？

And then on TRIESENCE, are you able to comment on what the new price point is? Looks like you're really focused on access to enable significant volume growth as you enter the ocular inflammation market. And obviously, very curious to hear your goal here to -- how close you're trying to get to when the product was not on the shortage list a few years ago?

那麼關於TRIESENCE，您能否透露一下新的定價是多少？看來你們非常注重市場准入，以便在進入眼部發炎市場時實現顯著的銷售成長。顯然，我也很想知道你們的目標是什麼——你們想讓產品恢復到幾年前不在短缺名單上的狀態嗎？

In terms of Project Beagle and specifically the transition from Klarity-C to VEVYE, we really don't have much more to add to that. I think we had more than 25,000 patients that were using cash pay Klarity-C. We stopped making Klarity-C in the summertime. And I think largely, those conversions have taken place. There's probably some units out in the field in various offices around the country.

關於 Project Beagle，特別是從 Klarity-C 到 VEVYE 的過渡，我們真的沒有什麼可以補充的了。我認為我們有超過 25,000 名患者使用現金支付的 Klarity-C。我們在夏季停止生產Klarity-C。而且我認為，這些轉變在很大程度上已經發生了。可能有一些設備部署在全國各地的各個辦事處。

But I expect for that to be kind of mopped up by the end of the year for sure. And those patients who will have transitioned to VEVYE will have made that transition. In terms of TRIESENCE pricing, the pricing was at $9.44. You're moving into the ocular inflammation market. The products in that category are probably 20%, 25% lower in price.

但我預計到年底前這些問題一定會得到解決。那些已經過渡到 VEVYE 的患者將會完成過渡。就TRIESENCE的定價而言，售價為9.44美元。你們正在進軍眼部發炎市場。該類別產品的價格可能低 20% 到 25%。

And I believe and I think our team believes that price was -- would have affected adoption and in particular, as we focused on that ocular inflammation market. It was a good move, by the way. New orders are coming. As I said, it's not Mark talking about what might happen, what could happen. It's Mark talking about orders coming in, revenue reorders.

而且我相信，我們的團隊也相信，價格會影響產品的普及，尤其是在我們專注於眼部發炎市場的情況下。順便說一句，這步棋走得不錯。新訂單即將到來。正如我所說，這不是馬克在談論可能發生的事情，也不是在談論未來會發生什麼。這是馬克在談論訂單狀況和收入續約情況。

And as I said in the stockholder letter, we have now confirmed reimbursement. So you're talking about a product that is -- has tremendous coverage, an extraordinarily low prior authorization rate, a multi-decade track record of performance. It's a product that is, I would say, beloved by ocular surgeons. And there are a number of other reasons why -- clinical reasons as well as economic reasons why TRIESENCE is so exciting to these physicians that really didn't know that this level of reimbursement was available for this product. So we are seeing really positive things.

正如我在致股東信中所說，我們現在已經確認了報銷事宜。所以你所說的這款產品具有－覆蓋範圍廣、預先授權率極低、擁有數十年良好業績記錄。我認為，這款產品深受眼科醫生的喜愛。除此之外，還有許多其他原因——臨床原因以及經濟原因——使得 TRIESENCE 對這些醫生來說如此令人興奮，因為他們之前並不知道該產品可以獲得如此高水平的報銷。所以我們看到了一些非常正面的事情。

I have been through this before. Our first product was a product called Tri-Moxi. It was a compounded combination of triamcinolone acetonide and moxifloxacin hydrochloride and I remember the adoption cycle there. What happens in the surgical environment, in particular, is you get a few cases and I tried to describe it in the letter of stockholders and then they see that it performs terrific clinically. Now we've gone through the reimbursement cycle.

我以前經歷過這種情況。我們的第一款產品名為 Tri-Moxi。那是曲安奈德和鹽酸莫西沙星的複方製劑，我還記得那裡的收養流程。尤其是在外科手術環境中，你會遇到一些病例，我試著在給股東的信中描述這些病例，然後他們看到它在臨床上表現得非常出色。現在我們已經完成了報銷流程。

There's really no reason why these physicians can't use this pervasively throughout their practice. And so there is this cycle to adoption and we're going through those cycles right now. What's really neat is once those physicians adopt this and it starts working so well for their patients and they see their patients coming in with clean white eyes on their post-op day 1, they don't want to change. And then when they talk to their administrators at their surgery centers and they hear that they were reimbursed and they didn't have to deal with prior authorizations, they just don't want to change. And then it grows and grows and grows.

這些醫生完全沒有理由不將這項技術廣泛應用於他們的日常診療工作。因此，產品採用是一個循環過程，而我們現在正處於這個循環之中。真正神奇的是，一旦醫生們採用這種方法，而這種方法對他們的病人非常有效，他們看到病人在術後第一天就擁有乾淨明亮的雙眼，他們就不想改變了。然後，當他們與手術中心的管理人員交談，得知他們已經獲得報銷，而且無需事先獲得授權時，他們就不想改變了。然後它就不斷成長、成長、再成長。

At our peak with a non-FDA-approved compounded product, we were doing in excess of probably 300,000 units of Tri-Moxi and Tri-Moxi-Vanc years ago and some of these other sterile injectables. And so when I think about what TRIESENCE had done many years ago versus what we were doing with a non-FDA-approved product, which was significantly more than TRIESENCE in terms of annual unit volumes, I say that the units that we were doing with a non-FDA-approved product were miniscule relative to what the overall market opportunity is. And I just wonder why more -- why any surgeon would not use TRIESENCE. And so we think that this is going to become, hopefully, the new standard of care for these patients. And if it was my mother, if it was someone that I love that was having a procedure and they could have the physician inject the medication to ensure that they had the medication on board and that they would not have to as a 75, 78, 80-year-old patient with comorbidities, have to administer eye drops post-surgery, I think I would want my mother's physician to choose TRIESENCE.

幾年前，在我們生產未經 FDA 批准的複方製劑的高峰期，我們生產了超過 30 萬單位的 Tri-Moxi 和 Tri-Moxi-Vanc，以及其他一些無菌注射劑。因此，當我回想 TRIESENCE 多年前的成就，以及我們當時使用未經 FDA 批准的產品所取得的成就時（儘管我們的產品年銷量遠超 TRIESENCE），我認為我們當時使用未經 FDA 批准的產品所取得的銷量，相對於整體市場機會而言微不足道。我只是想知道為什麼——為什麼會有外科醫生不使用TRIESENCE。因此，我們認為這有望成為這些患者新的護理標準。如果是我母親，或者我愛的人要做手術，醫生可以注射藥物以確保藥物有效，這樣一位 75 歲、78 歲、80 歲且患有多種疾病的患者就不必在術後滴眼藥水，我想我會希望我母親的醫生選擇 TRIESENCE。

So we think more and more physicians will. It's an exciting time for that product and we're just scratching the surface. I don't even know that you could even call it a scratch at this point.

所以我們認為越來越多的醫生會這樣做。對於這款產品來說，現在是一個令人興奮的時刻，而我們目前僅僅觸及了冰山一角。我甚至覺得現在這都不能算是刮痕了。

Our next question comes from Tom Shrader with BTIG.

下一個問題來自 BTIG 的 Tom Shrader。

Congratulations on the quarter. The TRIESENCE, that had a pretty good user base before and we agree people loved the drug. Is it easy to move back into those people? Or have they moved on? Could you just give us a sense of is that low-hanging fruit?

恭喜你本季取得佳績。TRIESENCE 之前就已經擁有相當不錯的用戶群，我們也認為人們喜歡這種藥物。重新融入那些人的生活容易嗎？還是他們已經釋懷了？能否簡單介紹一下，這是否是唾手可得的成果？

Are those people waiting for the drug? And then you commented on fueling commercial operations for VEVYE. Does that mean adding conventional salespeople? And if so what other products do you think they could most easily help? Is TRIESENCE too far away for someone to market both VEVYE and TRIESENCE?

這些人是在等這種藥嗎？然後你談到了為 VEVYE 的商業營運提供燃料的問題。那是否意味著要增加傳統銷售人員？如果是這樣的話，您認為他們最容易在哪些其他產品上提供幫助？TRIESENCE 的市場定位是否太過分散，以至於有人需要同時推廣 VEVYE 和 TRIESENCE 這兩個品牌？

Yes. I don't want to keep talking, but if you don't mind, I'm going to take both, if that's all right. In terms of how easy it is to reengage and whether these physicians have moved on, when TRIESENCE was not available, without question they moved on. They started using (inaudible) which has preservatives. It's got benzyl alcohol in it.

是的。我不想繼續說下去了，但如果你不介意的話，我想兩個都要，可以嗎？至於重新參與的難易程度以及這些醫生是否已經放棄，當 TRIESENCE 無法使用時，毫無疑問，他們已經放棄了。他們開始使用（聽不清楚）其中含有防腐劑。它含有苯甲醇。

If you're the patient, if the patient is someone you love, you don't want the doctor putting a chemical in their eye that could potentially blind them. And so that is why Alcon many years ago sought FDA approval for TRIESENCE because there was a clear unmet need in the marketplace for a preservative-free triamcinolone acetonide and that is TRIESENCE. That's what makes the product very special. And if you knew that an iPhone 17 was not available, maybe you go back to the BlackBerry. But boy, as soon as you found out that the iPhone 17 was available, you're going to switch back.

如果你是病人，或是病人是你愛的人，你絕對不希望醫生往他們的眼睛注射可能導致失明的化學物質。因此，多年前愛爾康公司尋求FDA批准TRIESENCE上市，因為市場上對不含防腐劑的曲安奈德的需求明顯未被滿足，而TRIESENCE正是這樣一種產品。這正是這款產品的獨特之處。如果你知道iPhone 17買不到，也許你會重新選擇黑莓手機。但是，一旦你發現 iPhone 17 上市了，你一定會換回去的。

It does take time to reengage with these physicians. Many of them, even to this day, don't know that TRIESENCE is available, that it's in stock. They don't know about the low prior authorization rate, the reimbursement and coverage. But that's our job. That's Chad's job.

重新與這些醫生建立聯繫確實需要時間。時至今日，他們中的許多人仍然不知道 TRIESENCE 有售，也不知道它有現貨。他們不了解較低的預先授權率、報銷和承保範圍。但那是我們的工作。那是查德的工作。

That's the job of this team that is going out, [Aly] and her folks and Adam and really making it happen for this product. And it takes time. I mean, you're talking about thousands and thousands of call points, but they're doing a great job. They're making progress. I think Pat talked about that.

這就是這個團隊的任務，[Aly]和她的團隊，還有Adam，他們正在努力讓這款產品真正落地。這需要時間。我的意思是，雖然有成千上萬個呼叫點，但他們做得很好。他們正在取得進展。我想帕特談到這件事。

And for Harrow and our stockholders, the juice will be worth a squeeze. I mean, this is a tremendous product. I've always said that I saw TRIESENCE as a 9-figure revenue product. I think we're going to get there in due course. You wouldn't think that from the first quarter to the second quarter and the third quarter.

對於哈羅公司和我們的股東來說，這筆投資絕對值得。我的意思是，這是一款非常棒的產品。我一直認為 TRIESENCE 是一款年收入達到九位數的產品。我認為我們遲早會實現這個目標。你不會想到從第一季到第二季再到第三季會有這樣的變化。

But I think if we speak this time next year, you will see that I was not delusional. And then finally, in terms of commercial ops for VEVYE, we're making those investments because we have coverage. When you have coverage, when you have the ability to have a prescription written and to get it filled in sort of a friction-free way and what we do know, by the way, and we've talked about this in prior stockholder letters is that when we get a commercially covered VEVYE patient through our process, we retain them. Our refill rate is amazing for a commercially covered patient. So once we get that patient now that we can get them covered, we can retain them because the product is so spectacular.

但我想，如果我們明年這個時候再談，你就會明白我當時的想法並非妄想。最後，就 VEVYE 的商業營運而言，我們之所以進行這些投資，是因為我們有覆蓋範圍。當您擁有醫保，能夠獲得處方並以一種相對順暢的方式配藥時，我們知道，而且我們在之前的股東信中也談到過，當我們通過我們的流程獲得商業醫保覆蓋的 VEVYE 患者時，我們會留住他們。對於商業保險涵蓋的患者來說，我們的續藥率非常高。所以，一旦我們獲得患者，並且能夠為他們提供醫保，我們就能留住他們，因為產品非常出色。

It provides us with a sort of a compounding effect as we get more new patients and retain them, you'll see that continued growth. In terms of other products that we're going to put in their bag, if you go through the corporate deck, one of the things I'm really excited about is we actually did add 2 products to the bag of our dry eye team. We have an amazing dry eye team. It will be growing. As I said, by the middle of next year, we'll have 100 territories.

隨著我們獲得更多新患者並留住他們，這將為我們帶來複利效應，你會看到持續成長。至於我們將要放入他們工具包中的其他產品，如果你查看公司宣傳冊，我非常興奮的一點是，我們實際上已經為乾眼症團隊的工具包添加了 2 種產品。我們擁有一支非常優秀的乾眼症治療團隊。它會不斷發展壯大。正如我所說，到明年年中，我們將擁有100個地區。

So Maria is going to have a much larger group of folks to manage. And they will also be helping patients and giving them access to FLAREX and they'll be getting -- they'll have FRESHKOTE in their bag as well. And so the combination of a chronic care dry eye medication with other related products that cover ocular inflammation and FRESHKOTE in particular, which I think if you Google FRESHKOTE, you start looking at some of the marketing materials and its ability through polyvinyl alcohol base to actually help patients retain their tears and prevent evaporation, I think that's a really terrific product that the team is excited about. And by the way, it's over the counter. I think you can get it for under $30 a unit.

所以瑪麗亞將要管理一個更大的團隊。他們還將幫助患者，讓他們獲得 FLAREX，而且他們的包包裡還會有 FRESHKOTE。因此，將慢性乾眼症藥物與其他相關產品（包括眼部發炎藥物）結合，特別是 FRESHKOTE，我認為如果你在谷歌上搜尋 FRESHKOTE，你會看到一些行銷資料，它透過聚乙烯醇基質幫助患者保持淚液並防止蒸發，我認為這是一個非常出色的產品，團隊對此感到非常興奮。順便說一句，它是非處方藥。我覺得你可以用低於 30 美元的價格買到一台。

It's over the counter. So you don't need a prescription for it. So we're going to do some exciting things with FRESHKOTE. Maria has got FLAREX now. And of course, the cornerstone product in her portfolio was VEVYE.

它是非處方藥。所以你不需要處方就能買到它。所以我們將和 FRESHKOTE 一起做一些令人興奮的事情。瑪麗亞現在有FLAREX了。當然，她產品組合中的核心產品是 VEVYE。

Our next question comes from Lachlan Hanbury-Brown with William Blair.

下一個問題來自拉克蘭·漢伯里-布朗和威廉·布萊爾。

I guess I'd be curious on the new coverage for VEVYE. Can you just talk about how the economics there shake up or stack up compared to the current net pricing you're seeing? Because I know you've been sort of vocal, Mark, in the past about the economics that PBMs try to extract. So would be interested to know just sort of where that shakes out. And also once those new plans come online in '26, what kind of coverage level are you looking at? Like what proportion of commercial lives nationally are covered for VEVYE?

我很想知道 VEVYE 的新報道會是什麼樣子。您能否談談那裡的經濟狀況與您目前看到的淨定價相比有何變化或優勢？因為我知道你過去曾多次公開批評藥品福利管理機構（PBM）試圖從中牟利，馬克。所以很想知道最終結果會如何。另外，一旦這些新計畫在 2026 年上線，你們預計能獲得什麼樣的保障等級？VEVYE保險在全國商業人壽保險的保障比例是多少？

Yes. What I can tell you, and Andrew mentioned this, is that when you have a VAFA program and you establish a base, it takes you out of what we would call desperation mode to do bad deals with PBMs. Andrew, do you want to kind of add to that? You talked about it a little while earlier.

是的。我可以告訴你的是，安德魯也提到過這一點，當你擁有一個 VAFA 計劃並建立起一個基地時，它就能讓你擺脫我們所說的絕望狀態，從而避免與 PBM 進行糟糕的交易。安德魯，你想補充一點嗎？你剛才也提過這件事。

Yes, without giving away the kind of bid, like Mark is saying, like I was saying that we kind of start with a base and we say, okay, if we're going to get a coverage win, what we want -- what does the economics need to be? And it obviously has to be an improvement on the cash number that we have. And so what that means and what I think -- and without getting -- being specific about what that impact is going to be, the expectation is it's going to be an improvement for those patients over what they -- over the cash price that we would net on a per unit basis. And we've talked a lot about just the ASP impact of the coverage win and that will help stabilize and certainly increase that number in 2026. But there's another aspect to this, which is VEVYE was not preferred in this plan and Mark kind of talked about this.

是的，在不透露具體報價的情況下，就像馬克說的，就像我剛才說的，我們先定好基數，然後說，好吧，如果我們想要贏得報道，我們想要什麼——經濟效益需要達到什麼水平？而且顯然，現金流數字必須比我們目前的現金流數字有所改善。所以這意味著什麼，以及我認為——雖然不具體說明這種影響會是什麼——但預期是，對於這些患者來說，這將比我們按單位計算的現金價格有所改善。我們已經多次討論過此次報道勝利對平均售價的影響，這將有助於穩定並肯定會在 2026 年提高這一數字。但這件事還有另一個方面，那就是 VEVYE 並不是這個計劃中的首選，Mark 也談到了這一點。

The fact that now it is preferred and another product got pulled out of that preferred status, the payer is letting the physicians know, hey, your patient was on this product and it's not going to be preferred next year, but VEVYE is. So not only are we going to get the increase in ASP, but just getting that preferred status, the PBM is helping us drive volume. And so you're going to -- it kind of one begets the other, but it's going to be an increase in ASP. It should also be an increase in volume as well for the product.

現在，VEVYE 成為首選藥物，而另一種藥物被取消了首選資格。支付方正在告知醫生，嘿，你的病人之前一直在使用這種藥物，但明年它將不再是首選藥物，而 VEVYE 是。因此，我們不僅會提高平均售價，而且獲得優先地位，藥品福利管理機構 (PBM) 也在幫助我們提高銷售量。所以，這有點像是因果關係，但最終會導致平均售價上漲。同時，該產品的銷售也應該有所成長。

Great. And maybe a quick one on the VEVYE expansion, the new territory. So just to make sure I heard correctly, is that you're adding 10 new reps this quarter and then we'll keep adding more until you get to about 100 next year, which if I have my numbers right, is sort of roughly double where you're at now?

偉大的。或許還可以簡單介紹 VEVYE 的擴張，也就是這片新區域。所以，為了確保我理解正確，你們這季度要增加 10 個新的代表，然後我們會繼續增加，直到明年達到 100 個左右，如果我沒算錯的話，這大約是你們現在數量的兩倍？

Yes. So we're going to increase by 10. We'll get to a little bit more than 60 here in the very near term. And then by the second quarter, we'll hopefully have -- we'll reach the century mark, we'll have about 100 territories.

是的。所以我們要增加10。在不久的將來，我們這裡的數字將略高於 60。然後到第二季度，我們希望能夠達到一百個地區，也就是大約 100 個地區。

Our next question comes from Thomas Flaten with Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Thomas Flaten。

Mark, just a follow-up. You mentioned the refill rates are great. Could you give us a sense of duration of therapy that some of these long-duration patients are on products for?

馬克，我再補充一下。您提到補貨速度很快。您能否大致介紹一下這些長期用藥患者接受治療的時間？

I think last time that we looked at the data for a commercially covered patient, if you look at their initial prescription plus the refills and you add -- you just think about the number of drops per bottle and the number of dosages per day. I mean, I think we were almost -- we were right at these commercially covered patients getting therapy for the entirety of the year. I mean, I think it was only a few weeks away from, on average, refilling for the entirety of the year. I mean, we would have never ever thought that we would get that sort of affinity of refill rate for that patient. I mean, that was not anywhere even in the highest, the boldest of bold cases in our models. So that's what we've seen. And Andrew, do you want to add to that at all?

我認為上次我們查看商業保險患者數據時，如果你查看他們的初始處方加上續方，然後你再加——你只需想想每瓶滴數和每天的劑量次數。我的意思是，我認為我們幾乎——我們幾乎就要讓這些享受商業保險的患者全年都接受治療了。我的意思是，我覺得平均而言，再過幾週就能補充到全年所需的液位了。我的意思是，我們做夢也沒想到這位患者的續藥率會這麼高。我的意思是，即使在我們模型中最大膽、最激進的情況下，這種情況根本不存在。這就是我們所看到的。安德魯，你還有什麼要補充的嗎？

No, nothing to add.

不，沒什麼要補充的。

And then maybe if I could, bigger picture. You guys have been pretty busy on the BD front and have kind of created a really impressive to-do list for yourselves over the next couple of years. What should we anticipate in '26, '27? Is this more of an absorb, digest and act? Or is it more deals, more deals?

然後，如果可以的話，也許我會著眼於更宏觀的層面。你們在業務拓展方面一直非常忙碌，並且在未來幾年裡為自己制定了一份令人印象深刻的待辦事項清單。2026年、2027年我們該期待些什麼？這更像是吸收、消化和行動的過程嗎？還是說會有更多交易，更多交易？

Where do you land on that?

你對此有何看法？

Well, I think at our office today and over the next week or so, we are over the moon excited about Melt. And I don't think we've talked about Melt really at all, but we're hoping to get this closed here in the very near term. And I don't think people really understand the value of Melt and what the potential is there. It's really transformative for us. And so yes, we can -- we look at deals constantly.

嗯，我覺得今天以及接下來的一周左右，我們辦公室的每個人都對 Melt 感到無比興奮。而且我覺得我們還沒真正討論過 Melt，但我們希望能在近期內解決這個問題。我認為人們並沒有真正理解 Melt 的價值和潛力。這對我們來說意義非凡。所以，是的，我們可以——我們一直在關注交易機會。

We're always evaluating things. But if you look at our portfolio and you think about some of the strategic goals that we've discussed and I've laid out even in the letter, in particular, around cataract surgery, the vision for ophthalmic surgery that we have, which is to have opioid IV and drop-free cataract surgery, that's exciting for patients. That's transformative. The idea that you can probably go into an office, have office space, maybe even bilateral same-day cataract surgery and on the pharma side, have no IVs, no opioids and not need eye drops post-surgery, that's extraordinary. And that's what Melt and some of the other products that we have will enable.

我們一直在評估各種情況。但是，如果你看看我們的產品組合，想想我們討論過的一些戰略目標，以及我在信中闡述的一些目標，特別是關於白內障手術，我們對眼科手術的願景是實現無需阿片類藥物靜脈注射和滴眼液的白內障手術，這對患者來說令人興奮。那將帶來改變。想像一下，你走進一間辦公室，擁有辦公空間，甚至可以當天進行雙眼白內障手術，而且在醫藥方面，術後無需靜脈注射、無需阿片類藥物、也無需滴眼藥水，這真是太不可思議了。而這正是 Melt 和我們其他一些產品所能實現的。

That's transformative for the nearly 5 million surgeries that occur annually in the US. So we are looking at other deals. We're very interested in other deals. But right now we're super pumped about Melt. We want to get that closed.

這對美國每年進行的近500萬例手術來說具有變革性意義。所以我們正在考慮其他交易。我們對其他交易也很有興趣。但現在我們對 Melt 超級興奮。我們希望盡快解決這個問題。

We want to get the balance of the data collected and put into a dossier so that we can submit an NDA and get that product approved and help realize this vision that we have to really transform ophthalmic surgery. And then eventually, hopefully see the MELT-300 drug candidate used outside of ophthalmology, which is really a much bigger market opportunity in dental and GI and claustrophobia for MRIs and the tens of millions of annual uses in the US where we think the MELT-300 will be impactful. And then, of course, what's also interesting is this will be the first global play that we have. Historically, we've been a US-focused business.

我們希望收集到的剩餘數據整理成冊，以便提交新藥申請，並獲得產品批准，從而實現我們真正改變眼科手術的願景。最終，我們希望看到 MELT-300 候選藥物應用於眼科以外的領域，這在牙科、胃腸道以及 MRI 的幽閉恐懼症治療方面，確實是一個更大的市場機會。在美國，每年數千萬例的使用量表明，MELT-300 將發揮重要作用。當然，還有一點也很有意思，那就是這將是我們首次進行全球巡迴演出。從歷史上看，我們一直是一家以美國市場為中心的企業。

And as you, I think, know, MELT-300 is not only patented, multiple patents issued domestically, but in all of the -- many of the major markets around the world. So it's a global opportunity as well that we hope to discuss with partners in other markets around the world. So lots to look at, but I'll tell you, when we look at what we have with Melt and the products that we've acquired over the years recently, we have just something very, very special that we need to execute on. And I'm really pleased to have Pat as my partner, our partner to help us do that.

如您所知，MELT-300 不僅在國內獲得了多項專利，而且在世界許多主要市場也獲得了專利。所以這也是一個全球性的機遇，我們希望與世界各地其他市場的合作夥伴探討這項機會。所以有很多東西值得關注，但我可以告訴你，當我們審視我們與 Melt 的合作以及我們近年來收購的產品時，我們擁有一些非常非常特別的東西，我們需要好好利用它。我非常高興能有帕特作為我的合作夥伴，我們的合作夥伴來幫助我們實現這個目標。

Our next question comes from Yi Chen with H.C. Wainwright.

下一個問題來自 Yi Chen 和 H.C. Wainwright。

Mark, you mentioned that with the coverage win, some prescription flipped to VEVYE. Could you give some additional color on market dynamics, whether those prescriptions flip to VEVYE, they originally came from prescription for other cyclosporine formulations or they could be -- they came from non-cyclosporine prescriptions as well?

馬克，你提到過，隨著醫保覆蓋範圍的擴大，一些處方藥轉而使用 VEVYE。您能否進一步說明市場動態，這些處方是否會轉為 VEVYE，它們最初是來自其他環孢素製劑的處方，或者它們也可能來自非環孢素處方？

Yes. So the -- in terms of who is who -- which product was the -- incurred the loss to our potential win, it was really -- and I don't want to go into the specific products, but they were not cyclosporine-based products, but they were anti-inflammatories. And you might be able to figure out which ones they were. But in any case, for us, we are really focused on being the number 1 cyclosporine in the market. And I think this really adds to that momentum.

是的。所以——就誰是誰而言——是哪種產品——導致了我們潛在的勝利的損失，實際上是——我不想具體談論哪些產品，但它們不是基於環孢素的產品，而是抗炎藥。你或許能找出它們分別是什麼。但無論如何，對我們來說，我們真正專注於成為市場上排名第一的環孢素。我認為這確實會進一步增強這種勢頭。

I think to be the number 1 cyclosporine in the market, you're talking about, I think, with generics, probably 22%, 23% market share. We're a little over 10%. We do expect to see NTP improvement as we get more and more coverage and that ratio flips. But this is going to really help us I think drive not only new prescriptions from patients naturally, but I think from these flips. As I said, I've seen the letters that have gone out to the eyecare professionals.

我認為，要成為市場上排名第一的環孢素，你指的是，我認為，加上仿製藥，市佔率可能達到 22% 到 23%。我們略高於10%。我們預計隨著覆蓋範圍的擴大和比例的轉變，NTP 將會得到改善。但我認為這真的會幫助我們不僅自然地從患者那裡獲得新的處方，而且我認為也會從這些翻轉中獲得幫助。正如我所說，我已經看過發給眼科專業人士的信件了。

It lists the product that is no longer covered and it lists the patients. And I know from the few physicians that I've spoken to that their intention is to move them to VEVYE. However, I have to say, if you go around the country, there are many physicians in many markets all over the country that have no idea what VEVYE is. And it's our job to make sure that they not only know about the clinical value that VEVYE brings, but also now the new coverage, which will, I think, create a more friction-free process for prescribing.

它列出了不再納入醫保範圍的產品以及患者名單。據我與幾位醫生交談得知，他們的意圖是將他們轉移到 VEVYE。不過，我必須說，如果你走遍全國各地，你會發現很多地區的醫生都不知道 VEVYE 是什麼。我們的職責是確保他們不僅了解 VEVYE 帶來的臨床價值，而且了解現在的新醫保覆蓋範圍，我認為這將為處方開立創造一個更順暢的過程。

I'm showing no further questions. I'd like to turn the call back over to Mark Baum, CEO, for closing remarks.

我不再提問。我謹將電話轉回給執行長馬克·鮑姆，請他作總結發言。

Thank you, operator, and thanks, everyone, for their questions. And we really appreciate you joining us today. As we look into the future, I remain confident in where we're heading. We've built a solid foundation. We've brought together an outstanding leadership team and defined a clear strategy that touches every part of our business.

謝謝接線員，也謝謝大家的提問。非常感謝您今天能來參加。展望未來，我對我們的發展方向仍充滿信心。我們已經打下了堅實的基礎。我們組建了一支傑出的領導團隊，並制定了一項涵蓋我們業務各個方面的清晰策略。

And we have a portfolio of best-in-class products and expanding access for patients and physicians and driving a culture that thrives on focus and execution. It positions Harrow for sustained growth and long-term value creation. The opportunities that we have ahead of us with TRIESENCE and VEVYE and IHEEZO are tremendous and we are ready to capture them. If you have any further questions or you need additional information, please don't hesitate to reach out to Mike Biega. His e-mail address is m as in Mary, b as in Bravo, iega@harrowoinc.com. This will conclude our call.

我們擁有一系列一流的產品，不斷擴大患者和醫生的用藥管道，並致力於創造以專注和執行為核心的企業文化。這使哈羅公司能夠實現持續成長和長期價值創造。TRIESENCE、VEVYE 和 IHEEZO 為我們帶來了巨大的機遇，我們已經準備好抓住這些機會。如果您還有其他問題或需要更多信息，請隨時聯繫 Mike Biega。他的電子郵件地址是 m（如 Mary 中的 m）和 b（如 Bravo 中的 b）的縮寫，即 iega@harrowoinc.com。通話到此結束。

Thank you for your participation. You may now disconnect. Good day.

感謝您的參與。您現在可以斷開連線了。再會。