LENZ Therapeutics Inc (LENZ) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the LENZ Therapeutic third quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded. At this time, I'd like to turn the call over to Dan Chevallard, Chief Financial Officer. Please go ahead.

女士、先生們，下午好，歡迎參加 LENZ Therapeutic 2025 年第三季財務業績電話會議。（操作員說明）提醒您，本次通話正在錄音。此時，我想把電話交給財務長丹‧謝瓦拉德。請繼續。

Thank you. Good morning, and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. I'm joined today by Evert Schimmelpennink, President and Chief Executive Officer; and Shawn Olsson, Chief Commercial Officer; as well as Dr. Mark Odrich, Chief Medical Officer, who will join us for the question-and-answer session.

謝謝。早安，感謝各位今天收看我們的節目。我叫丹‧謝瓦拉德，是 LENZ Therapeutics 的財務長。今天與我一同出席的有總裁兼執行長埃弗特·施梅爾彭尼克；首席商務官肖恩·奧爾森；以及首席醫療官馬克·奧德里奇博士，他將參加問答環節。

Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash runway projections and performance.

在開始之前，我想提醒各位，本次電話會議將包含有關 LENZ 未來預期、計劃、前景、公司策略、監管和商業計劃及預期、現金流量預測和業績的前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the SEC, which can also be found on our website.

由於各種重要因素和風險，實際結果可能與這些前瞻性聲明所指出的結果有重大差異，這些因素和風險包括我們在提交給美國證券交易委員會的文件中討論的因素和風險，這些文件也可以在我們的網站上找到。

In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statement. The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including in our third quarter 2025 Form 10-Q, which is being filed today.

此外，任何前瞻性陳述僅代表我們截至本次網路直播之日的觀點，不應被視為代表我們截至任何後續日期的觀點。我們特此聲明，我們沒有任何義務更新此類聲明。本公司鼓勵您查閱我們向美國證券交易委員會提交的文件中所包含的風險因素，以了解更多詳情，包括我們今天提交的 2025 年第三季 10-Q 表格。

With that, I will now turn the call over to Ev.

接下來，我將把通話交給 Ev。

Thank you, Dan. Good morning, everyone, and thank you for joining us. This is an incredibly exciting time at LENZ as today marks our very first earnings call as a commercial company. The third quarter and recent period have been truly transformational for us, defined by the FDA approval of VIZZ in July, which came ahead of our August PDUFA date and by the successful commercial launch of VIZZ in the US in early October.

謝謝你，丹。各位早安，感謝各位的參與。對 LENZ 而言，這是一個無比令人興奮的時刻，因為今天是我們作為一家商業公司首次召開財報電話會議。第三季和最近這段時間對我們來說是真正具有變革意義的，其標誌是 7 月份 VIZZ 獲得了 FDA 的批准（早於我們 8 月份的 PDUFA 日期），以及 10 月初 VIZZ 在美國成功上市。

VIZZ is the first and only aceclidine-based eye drop for the treatment of presbyopia in adult. We are proud to have brought this important innovation to the market. We're now just one month into the launch, and our main focus is on giving doctors the opportunity to experience VIZZ in the real world, trying it themselves, with the staff and with some other patients. And already, we're seeing tremendous enthusiasm from the eye care professional community as VIZZ makes its way into their practices.

VIZZ 是目前唯一一款用於治療成人老花眼的以醋氯啶為基礎的眼藥水。我們很自豪能將這項重要的創新推向市場。VIZZ 上線至今僅一個月，我們的主要重點是讓醫生有機會在現實世界中體驗 VIZZ，讓他們自己、與員工和其他一些患者一起試用。我們已經看到，隨著 VIZZ 進入眼科護理專業人士的實踐中，他們表現出了極大的熱情。

As of the end of October, more than 2,500 doctors have already prescribed VIZZ. What's particularly impressive is that 40% of those prescribers have already written multiple prescriptions. All of this has led to over 5,000 paid scripts for VIZZ being filled by (inaudible) in October, a number that represents a very impressive start of our launch, clearly showing both consumer interest and satisfaction with VIZZ. And these are just some of the early milestones, only about four weeks into our launch that we're very encouraged by.

截至 10 月底，已有超過 2500 名醫生開立了 VIZZ 處方。尤其令人印象深刻的是，其中 40% 的處方醫生已經開出過多張處方。所有這些因素導致 VIZZ 在 10 月獲得了超過 5,000 個付費劇本，這一數字代表了我們產品發布的一個非常令人印象深刻的開端，清楚地表明了消費者對 VIZZ 的興趣和滿意度。這些只是我們上線僅僅四周以來取得的一些早期里程碑，我們對此感到非常鼓舞。

This early adoption is aligned with the consistent and very positive feedback we are hearing. Doctors tell us, VIZZ delivers rapid meaningful improvement in vision and a long duration of effect for a broad group of presbyopes. They also point out that it's clearly differentiated from anything that used before.

這種早期採用與我們不斷收到的非常正面的回饋相符。醫生告訴我們，VIZZ 能為廣大老花眼患者帶來快速且顯著的視力改善，且效果持久。他們還指出，它與以前使用的任何產品都有明顯的區別。

Anecdotally, we hear about noticeable improvements in distance vision and the early feedback that we're getting from the fields also suggest that instances of headache, the side effect that we were most focused on in our clinical trials appear to be minimal.

據傳聞，遠端視力有明顯改善，而且我們從現場得到的早期回饋也表明，我們在臨床試驗中最關注的副作用——頭痛——的發生率似乎很低。

All of this aligns with the fact that aceclidine is the only pupil-selective and (inaudible), which again really bodes well for the uptake of VIZZ. In line with our label, the most noted AEs appear to be brief initial staying on installation and transient hyperemia. And based upon early results, we're hearing more of it than we initially expected. AEs in our trials, like an all well-run clinical studies are a combination of doctor observations and direct patient feedback doctor asks for.

所有這些都與阿西克利定是唯一一種瞳孔選擇性藥物的事實相吻合，而且（聽不見），這再次預示著 VIZZ 將會被廣泛接受。根據我們的標籤，最顯著的不良反應似乎是安裝後的短暫初始停留和短暫性充血。根據初步結果來看，我們聽到的這類消息比我們最初預期的還要多。在我們的試驗中，AE 與所有運作良好的臨床研究一樣，都是醫生觀察和醫生直接向病人索取的回饋相結合的結果。

Our initial thoughts on the potential variance is driven by two main factors. First, in our trials, doctors would dose the patient and then return to them for the first set of measurements 30 minutes later. By then the redness, if it happens, lessens or resolved. And second, the following 5 days, subjects would dose at home. And by day 7, the next in-office visit, the patient had already progressed past the Tachyphylaxis phase.

我們對潛在差異的初步看法主要受兩個因素驅動。首先，在我們的試驗中，醫生會給病人服藥，然後在 30 分鐘後返回進行第一組測量。到那時，如果出現發紅現象，就會減輕或消失。其次，接下來的 5 天，受試者將在家中服藥。到第 7 天，也就是下次門診就診時，患者已經度過了快速耐受期。

This appears to be very much in line with what doctors and patients are reporting now. But stinging and redness tend to be short-lived and fade quickly for most people and the rapid and very noticeable improvement in near vision outweighs these highly transient early effects. Importantly, many doctors describe it as Tachyphylactic, meaning it becomes less noticeable after just a few days, in line with what we're hearing from patients as well.

這似乎與醫生和患者目前的報告非常吻合。但刺痛和發紅對大多數人來說往往是短暫的，很快就會消退，而且近距離視力的快速和非常明顯的改善足以彌補這些短暫的早期影響。重要的是，許多醫生將其描述為快速耐受性，這意味著幾天後症狀就會變得不那麼明顯，這與我們從患者那裡聽到的情況一致。

We've already tailored our field messaging based on this feedback, helping doctors to set expectations and share their experiences with confidence, so patients know exactly what to expect and why it's worth it. And we're seeing this work in their practices.

我們已經根據這些反饋調整了現場宣傳訊息，幫助醫生設定預期並自信地分享他們的經驗，以便患者確切地知道會發生什麼以及為什麼值得這樣做。我們已經在他們的實踐中看到了這一點。

As I mentioned, this fourth quarter is really focused on providing doctors with confidence and the right processes to prescribe VIZZ. That is essential groundwork as we prepare for our direct-to-consumer campaign early next year. Ensuring that ECPs and their staff are ready to serve what we believe will be a significant inbound wave of patients.

正如我之前提到的，第四季的重點是讓醫生有信心並掌握正確的流程來開立 VIZZ 處方。這是我們為明年年初的直接面向消費者的行銷活動所做的必要基礎工作。確保急診科醫生及其工作人員做好準備，迎接我們認為將會湧入的大量患者。

We think of our DTC campaign as the second phase of our launch, and we're thrilled to announce that Sarah Jessica Parker will serve as a spokesperson. She needs no introduction. SJP as we prefer to be called, is an iconic figure and like this truly represents a category of one. We believe this partnership perfectly reflects our brands and the confidence, style and authenticity we wanted this campaign to embody. And we are excited to share more as we roll out the campaign in early 2026.

我們將 DTC 活動視為我們產品發布會的第二階段，我們很高興地宣布 Sarah Jessica Parker 將擔任代言人。她無需介紹。我們更喜歡別人這樣稱呼她：SJP，她是一位標誌性人物，真正代表著獨一無二的一類。我們相信，此次合作完美地體現了我們的品牌形象，以及我們希望透過這項活動所展現的自信、時尚和真實感。我們很高興能在 2026 年初正式推出這項活動時與大家分享更多資訊。

We also strengthened our balance sheet during the quarter. In October, we completed a direct placement to a single large institutional investor through our ATM, raising more than $123 million and bringing our current total cash position as we launch VIZZ to roughly $324 million. All these significant milestones position LENZ as a disruptive new entrant into the ophthalmology space as we look to establish this as a standard of care for adults frustrated with presbyopia.

本季我們也加強了資產負債表。10 月份，我們透過我們的 ATM 完成了對一家大型機構投資者的直接配售，籌集了超過 1.23 億美元，使我們在推出 VIZZ 時的總現金頭寸達到約 3.24 億美元。所有這些重要的里程碑都使 LENZ 成為眼科領域的顛覆性新進者，我們致力於將此確立為受老花眼困擾的成年人的標準護理。

We've talked before about the three phases each doctor moves through as they get ready to recommend us, awareness of VIZZ, confidence in the product and willingness to prescribe. Let me touch on where we are in each of these areas at the end of October, roughly four weeks after the first samples reached the field.

我們之前討論過，每位醫生在準備推薦我們產品時都會經歷三個階段：對 VIZZ 的了解、對產品的信心以及開處方的意願。讓我談談 10 月底，也就是第一批樣本到達田間大約 4 週後，我們在這些領域的進展。

First, we've made tremendous progress on awareness for VIZZ among the eye care professional community. The mid-October survey showed awareness among doctors at 90%. This is an outstanding number for such an early stage of launch and speaks to the strong engagement we're seeing. And we believe it bodes well for product uptake and long-term adoption.

首先，我們在提高眼科護理專業人員對 VIZZ 的認識方面取得了巨大進展。10月中旬的調查顯示，90%的醫師對此有所了解。在產品發布初期就能取得如此驚人的數字，充分體現了用戶的高度參與。我們相信這預示著產品將得到推廣和長期應用。

Moving to confidence. As we spoke about, VIZZ is built through real-world experience. It's about doctors using VIZZ themselves, observing its effect and hearing positive feedback from start and early patients. Driving that experience for October alone, we've already distributed more than 70,000 samples to roughly 7,000 offices, initial average of about 10 five pack samples per office. The interest level has been very high, not only from our target doctors, but also from many outside vet group. That tells us the word is spreading and the enthusiasm is broad.

邁向自信。正如我們之前所說，VIZZ 是透過真實世界的經驗而打造的。這是關於醫生親自使用 VIZZ，觀察其效果，並聽取早期患者的正面回饋。僅在 10 月份，為了推動這一體驗，我們已經向大約 7,000 個辦公室分發了超過 70,000 個樣品，每個辦公室最初平均分發了約 10 個五包裝樣品。不僅是我們的目標醫生，而且許多外部獸醫團體都對此表現出了極高的興趣。這說明消息正在傳播，而且反應熱烈。

And finally, willingness to prescribe. This is where awareness and confidence translate into action. As I mentioned earlier, more than 2,500 doctors have already prescribed VIZZ in the first few weeks and over 1,000 of them have prescribed multiple times. VIZZ has resulted in over 5,000 filled scripts in October. That's an incredibly strong start VIZZ early in the launch, something we're pleased with and want to recognize our sales force for.

最後，還有開處方的意願。這就是意識和自信轉化為行動的地方。正如我之前提到的，在最初的幾週內，已有超過 2500 名醫生開出了 VIZZ 處方，其中超過 1000 名醫生多次開出了該處方。VIZZ 在 10 月促成了超過 5000 個已完成的劇本。VIZZ 在產品上市初期就取得如此強勁的開局，我們對此感到非常滿意，並想表揚我們的銷售團隊。

We've been lucky to have been able to pick the best of the best at our specialty reps, and they are out in the field delivering each and every day.

我們很幸運能夠挑選出最優秀的專業代表，他們每天都在外奔波，努力工作。

Having them building this willingness to prescribe with the ECP community is fundamental to our success and sets us up for the next phase, our direct-to-consumer campaign in the first quarter of 2026.

讓他們與 ECP 社群建立這種開處方的意願，對我們的成功至關重要，並為我們進入下一階段——2026 年第一季的直接面向消費者的活動——奠定了基礎。

Before I hand it to Shawn, I want to reiterate our confidence in VIZZ and the strength of this launch. We know the efficacy of VIZZ is excellent and what we're hearing from doctors in the field continues to align closely with them, if not better in some cases. VIZZ is the first and only truly practical pharmacologic solution for presbyopia, one that restores near vision without compromising distance vision and that integrates seamlessly into everyday practice.

在把麥克風交給肖恩之前，我想重申我們對 VIZZ 的信心以及這次產品發布的實力。我們知道 VIZZ 的療效非常好，而且我們從該領域的醫生那裡聽到的回饋也與此非常吻合，甚至在某些情況下更好。VIZZ 是第一個也是唯一一個真正實用的老花眼藥物解決方案，它既能恢復近距離視力，又不會影響遠視力，並且可以無縫融入日常實踐中。

As I said before, this is more than just a product launch. This is the start of a new category, one built on real-world efficacy, genuine doctor and patient confidence and seamless access to both samples and product.

正如我之前所說，這不僅僅是一次產品發表會。這是一個新類別的開端，它建立在真實世界的療效、醫生和患者的真正信任以及獲取樣品和產品的便捷途徑之上。

With that, I'll hand it over to Shawn Olsson, our Chief Commercial Officer, to share more color on how the launch is progressing. Shawn?

接下來，我將把麥克風交給我們的商務長肖恩·奧爾森，讓他詳細介紹一下產品發布進度。肖恩？

Thank you, Ev and good morning, everyone. As a quick reminder, presbyopia is the largest unmet vision condition in the United States. It affects approximately 128 million people, population nearly 4 times larger than those of dry eye. In fact, presbyopia affects more Americans than dry eye, demodex, child myopia, macular degeneration, diabetic retinopathy and glaucoma combined.

謝謝你，Ev，大家早安。再次提醒大家，老花眼是美國最大的未被滿足的視力問題。它影響約 1.28 億人，這一數字幾乎是乾眼症患者的 4 倍。事實上，老花眼影響的美國人比乾眼症、蠕形蟎蟲病、兒童近視、黃斑部病變、糖尿病視網膜病變和青光眼加起來還要多。

Our commercial organization remains fully focused on one clear objective in Q4 and the first pillar of our commercial strategy, driving doctors to recommend VIZZ. We know that eye care professionals adoption is the critical foundation for our launch, and we're executing a clear three-step strategy.

我們的商業組織在第四季仍然完全專注於一個明確的目標，也是我們商業策略的第一支柱，那就是促使醫生推薦 VIZZ。我們知道，眼科護理專業人員的採納是我們產品上市的關鍵基礎，我們正在執行一個清晰的三步驟策略。

First, driving eye care professional awareness of VIZZ, then building confidence and ultimately establishing willingness to prescribe. Let's start with driving awareness of VIZZ. Our awareness phase has been highly successful and is largely complete. As Ev mentioned, we successfully achieved 90% eye care professional awareness of VIZZ since approval.

首先，提高眼科專業人員對 VIZZ 的認識，然後建立信心，最終建立開立處方的意願。讓我們先從提高人們對 VIZZ 的認知度開始。我們的宣傳階段非常成功，基本上已經完成。正如 Ev 所提到的，自 VIZZ 獲得批准以來，我們已成功實現了 90% 的眼科護理專業人員對其的認知度。

This is a phenomenal awareness driven by a robust multichannel campaign. This included a broad media plan with over 5 million digital impressions, a strong presence at major industry events such as Vision XO West, Academy Optometry and the Academy of Ophthalmology and the exceptional effort of our 88-person field sales team. We're conducting over 13,000 calls every four weeks. Our memorable singles global brand name has also contributed to this remarkable awareness.

這是由強而有力的多通路宣傳活動所帶來的驚人認知提升。這包括一項廣泛的媒體計劃，獲得了超過 500 萬次的數位曝光，在 Vision XO West、Academy Optometry 和 Academy of Ophthalmology 等主要行業活動中的強大影響力，以及我們 88 人現場銷售團隊的出色努力。我們每四周要進行超過 13,000 次電話調查。我們令人印象深刻的全球單曲品牌名稱也為這種卓越的知名度做出了貢獻。

Moving into building confidence in VIZZ. In October, we progressed from the awareness of VIZZ to the confidence in VIZZ. This stage is powered by real-world experience through our sampling strategy and peer-to-peer engagement at speaker drove app.

開始建立對 VIZZ 的信心。10 月份，我們對 VIZZ 的認知程度提升到了對 VIZZ 的信心。這一階段得益於我們透過抽樣策略和演講者驅動應用程式上的點對點互動所獲得的真實世界經驗。

To date, we've distributed over 70,000 samples to 7,000 ECP office, driving exceptional engagement. We're seeing positive organic stories emerge across LinkedIn, TikTok, Facebook and other social media platforms as both ECPs and patients share their experiences.

迄今為止，我們已向 7,000 個 ECP 辦公室分發了超過 70,000 個樣品，取得了卓越的參與度。我們看到，在 LinkedIn、TikTok、Facebook 和其他社交媒體平台上，隨著急診醫生和患者分享他們的經歷，積極的自然故事不斷湧現。

One notable story involved a skeptic doctor converting to a VIZZ believer after a LENZ sales rep challenged them to put VIZZ to the test. This ultimately ended up with the eye doctor and patients sharing their positive experience with VIZZ on FOX News, which ultimately was syndicated across multiple markets.

其中一個值得注意的故事是，一位懷疑的醫生在 LENZ 銷售代表挑戰他測試 VIZZ 後，轉變為 VIZZ 的信徒。最終，眼科醫生和患者在福克斯新聞上分享了他們使用 VIZZ 的積極體驗，該內容最終在多個市場進行了轉播。

We also launched our KOL-led speakers bureau in October. We have already held over 50 of the 140 events planned for Q4. These sessions highlight VIZZ's unique MOA, robust clinical performance and ease of integration into the practice. To ensure credibility, our speakers were among the first to receive product samples and share their real-world results. Ultimately, we're seeing great progress and the confidence in this phase.

我們也在10月推出了由KOL主導的演講者團隊。在第四季計畫舉辦的 140 場活動中，我們已經舉辦了 50 多場。這些會議重點介紹了 VIZZ 獨特的作用機制、強大的臨床性能以及易於融入實踐的特點。為了確保可信度，我們的演講嘉賓是最早收到產品樣品並分享其真實使用效果的嘉賓之一。最終，我們看到了巨大的進展，並且對這一階段充滿信心。

The feedback is positive, and it's clear this product is highly effective at restoring near vision with a rapid onset and long duration.

回饋積極，顯然該產品能快速起效、持久有效地恢復近距離視力。

As a reminder, the primary issue with the long-term adoption of UE was for most patients, it did not work. And when it did work, it did not work long enough. We continue to see this as a category of one, and this stands alone in this category as the only drug achieving the necessary sub-2 millimeter people to restore near vision for up to 10 hours in both clinical trials and real-world use. We continue to hear great feedback from eye care professionals and their enthusiasm and person experiences are building strong confidence in both the product and its result.

需要提醒的是，長期採用 UE 的主要問題是，對於大多數患者來說，它不起作用。即使奏效，也持續時間不夠長。我們仍然認為這是獨一無二的，它是唯一一種能夠在臨床試驗和實際應用中，使患者視力恢復至 10 小時所需的小於 2 毫米的藥物。我們不斷收到眼科專業人士的正面回饋，他們的熱情和親身經歷讓我們對產品及其效果充滿信心。

Finally, we move to willingness to prescribe, the culmination of awareness and confidence. Our goal is to bring ECP to this stage by the end of Q4. Already more than 2,500 ECPs have prescribed VIZZ with 40% writing multiple prescriptions, resulting in over 5,000 prescriptions filled through October.

最後，我們談到開處方的意願，這是意識和信心的最終體現。我們的目標是在第四季末將 ECP 推向這個階段。已有超過 2500 名急診醫生開立了 VIZZ 處方，其中 40% 的醫生開立了多張處方，截至 10 月份，已開立了超過 5000 張處方。

We believe this clearly demonstrates a strong belief in the product's performance and alignment with the patient's need is already being established for an effective presbyopia solution in the first few weeks of launch.

我們認為，這清楚地表明，在產品上市的最初幾週內，人們已經對該產品的性能和與患者需求的契合度充滿信心，認為它是一種有效的老花眼解決方案。

Looking ahead to the consumer phase, as we prepare for 2026, we are well-positioned to transition to the consumer phase of our launch. This category has proven to be highly responsive to promotion, both from prior launches and the organic virality surrounding VIZZ. In Q1 of 2026, we will initiate our direct-to-consumer campaign, driving the second pillar of our commercial strategy, which is consumers to request us finding.

展望消費者階段，隨著我們為 2026 年做準備，我們已做好充分準備，順利過渡到產品上市的消費者階段。事實證明，該類別對推廣活動反應非常積極，無論是先前的發布活動還是 VIZZ 的自然病毒式傳播。2026 年第一季度，我們將啟動直接面向消費者的活動，推動我們商業策略的第二個支柱，即讓消費者要求我們尋找產品。

Our team has been preparing extensively for this consumer campaign. As a Category 1 product, we must break through the advertising clutter as we compete for the consumers' views, inspire authentic belief in VIZZ and ensure consumers see VIZZ as a worthy investment.

我們的團隊為此次消費者活動做了充分的準備。作為一類產品，我們必須突破廣告的重重包圍，贏得消費者的關注，激發消費者對 VIZZ 的真實信任，並確保消費者將 VIZZ 視為一項值得的投資。

To achieve that, we knew we needed a direct-to-consumer campaign spokesperson with stopping power. who resonates with our target consumers, who is an authentic user of VIZZ and aligns to a category of one lifestyle product.

為了實現這一目標，我們知道我們需要一位具有強大影響力的直接面向消費者的宣傳代言人，他/她能夠引起我們目標消費者的共鳴，是 VIZZ 的真正用戶，並且與這一生活方式產品類別相契合。

We are excited to share that we achieved all of these objectives and partnered with Sarah Jessica Parker to lead the VIZZ DTC campaign. In fact, our marketing team just completed the commercial shoot in New York City with SJP yesterday, and we are thrilled.

我們很高興地宣布，我們實現了所有這些目標，並與 Sarah Jessica Parker 合作領導了 VIZZ DTC 活動。事實上，我們的行銷團隊昨天才剛在紐約市完成了與SJP的廣告拍攝，我們感到非常興奮。

The marketing team's efforts are now focused on finalizing the creative assets and ad spots to support our Q1 2026 consumer campaign launch. We look forward to providing further details on our exciting DT strategy in the months ahead. With that, I'll hand the call over to Dan Chevallard, our Chief Financial Officer, to highlight our financial results. Dan?

行銷團隊目前正集中精力敲定創意素材和廣告位，以支持我們 2026 年第一季面向消費者的行銷活動啟動。我們期待在未來幾個月內提供有關我們令人興奮的DT策略的更多細節。接下來，我將把電話交給我們的財務長丹·謝瓦拉爾，讓他專注於我們的財務表現。擔？

Thank you, Shawn, and good morning. As has been mentioned, the third quarter of 2025 and recent period has been an extremely productive and exciting time at LENZ, headlined by our FDA approval and the commercial launch of VIZZ, but also included great progress with our ex-US strategic partners and more recently, from the standpoint of substantially strengthening our balance sheet, which I will go to in a moment, not to mention the exciting news that Shawn just shared on our DTC campaign.

謝謝你，肖恩，早安。正如之前所提到的，2025 年第三季及近期對於 LENZ 而言是極其富有成效且令人興奮的時期，其中最引人注目的是我們獲得了 FDA 的批准以及 VIZZ 的商業化上市，此外，我們與美國以外的戰略合作夥伴也取得了巨大進展，而且最近，從大幅加強資產負債表的角度來看（我稍後會激動人心的消息，更不用說 DTC 對我們分享了我們的活動的消息。

Importantly, and before I proceed, please note our first product sales of VIZZ occurred in October. So, there were no product revenues in the third quarter. The script data that we highlighted today was from the month of October only.

重要的是，在我繼續之前，請注意，VIZZ 的首批產品銷售發生在 10 月。因此，第三季沒有產品收入。我們今天重點介紹的劇本數據僅來自十月。

As Ev mentioned, in early October, we received a meaningful inbound inquiry from a single large institutional investor on our ATM, which ultimately resulted in an initial block trade of $80 million, but was then followed by a second block trade of approximately $44 million, exhausting the remaining available balance on our ATM program.

正如 Ev 所提到的，10 月初，我們收到了一家大型機構投資者對我們 ATM 的重要詢價，最終促成了一筆 8000 萬美元的初始大宗交易，但隨後又進行了一筆約 4400 萬美元的第二筆大宗交易，耗盡了我們 ATM 計劃中剩餘的可用餘額。

Pro forma for these placements, we ended Q3 2025 with approximately $324 million in cash, cash equivalents and marketable securities. We view the timing, magnitude and conviction of this single inbound as a tremendous validation of our launch strategy and the promise of this and again, reiterate our cash on hand is anticipated to fund the company's cash runway to post-launch positive operating cash flow.

依照這些配售情況，截至 2025 年第三季末，我們擁有約 3.24 億美元的現金、現金等價物和有價證券。我們認為此次單一訂單的時機、規模和力度都極大地驗證了我們的上市策略和前景，並再次重申，我們預計現有現金足以支持公司在上市後實現正向營運現金流。

I'd like to now turn to our ex-US strategic partnerships where we had progress and advancements on multiple fronts. In the third quarter, we recorded total license revenue and received cash payments of $12.5 million, which can be broken into three parts.

現在我想談談我們與前美國建立的戰略夥伴關係，我們在多個方面都取得了進展和進步。第三季度，我們錄得許可收入總額 1,250 萬美元，並收到現金付款，這筆款項可分為三個部分。

First, we recognized revenue -- license revenue and received payments for two separate $5 million milestones under our development and commercialization agreement with CORXEL Pharmaceuticals in China, totaling $10 million, including a China-based regulatory milestone upon submission of the NDA for LNZ100 to the Center for Drug Evaluation of the NMPA in China and a US FDA-based regulatory milestone upon the approval of VIZZ in the United States.

首先，我們確認了收入——許可收入，並根據我們與中國 CORXEL 製藥公司的開發和商業化協議，收到了兩筆 500 萬美元的里程碑付款，總計 1000 萬美元，其中包括在中國向中國國家藥品監督管理局藥品審評中心提交 LNZ100 新藥申請時收到的中國監管付款，以及在美國監管里程碑時收到的美國監管里程碑。

In addition, and as we announced in July, we executed an exclusive license and commercialization agreement granting Laboratoires Théa to register and commercialize VIZZ for the treatment of presbyopia in Canada. Under the terms of the licensing and commercialization agreement, LENZ received and recognized as license revenue a $2.5 million upfront payment and will be eligible to receive over $67.5 million in additional regulatory and commercial milestone payments, as well as tiered double-digit royalties on net sales.

此外，正如我們在 7 月宣布的那樣，我們簽署了一項獨家許可和商業化協議，授予 Laboratoires Théa 在加拿大註冊和商業化 VIZZ 用於治療老花眼。根據許可和商業化協議的條款，LENZ 已收到 250 萬美元的預付款，並將其確認為許可收入，並將有資格獲得超過 6750 萬美元的額外監管和商業里程碑付款，以及按淨銷售額分級的兩位數特許權使用費。

Moving on now to our third quarter operating expenses. I previously discussed a planned ramp in our total operating expenses, specifically driven by commercial spend as we move into the second half of 2025. As anticipated, our total Q3 2025 OpEx increased to $31.4 million, a 44% increase over Q2 and well aligned with our operating plan.

接下來我們來看第三季的營運費用。我之前討論過，隨著我們進入 2025 年下半年，我們的總營運支出將逐步增加，這主要是由商業支出推動的。正如預期的那樣，我們 2025 年第三季的總營運支出增加到 3,140 萬美元，比第二季成長了 44%，與我們的營運計畫非常吻合。

Total SG&A expenses increased to $27.6 million in Q3 compared to $6.5 million for the same period in 2024, driven primarily by the increase in commercial headcount, including the full financial cost of our sales force for the entirety of the quarter and substantial pre-commercial marketing, advertising and other commercial planning activities to support the commercial launch of VIZZ. Sequentially, SG&A increased quarter-over-quarter by approximately 116% from $12.8 million in the second quarter.

第三季銷售、一般及行政費用總額增至 2,760 萬美元，而 2024 年同期為 650 萬美元，主要原因是商業人員增加，包括本季度銷售團隊的全部財務成本，以及為支持 VIZZ 的商業發布而進行的大量商業前營銷、廣告和其他商業規劃活動。與上一季相比，銷售、一般及行政費用較上季成長約 116%，從第二季的 1,280 萬美元成長至本季的 1,280 萬美元。

I would like to highlight a key point that we have made on previous calls and in what will be a consistent objective and that we will continue to be measured in our spend on the general and administrative side of the organization as we aim to remain lean and efficient G&A team and have the predominant growth in SG&A be driven by spend to support our commercial strategy.

我想強調我們在之前的電話會議中已經提出過的一個關鍵點，這也是我們一貫的目標，那就是我們將繼續在組織一般和行政方面的支出方面保持節制，因為我們的目標是保持精簡高效的行政團隊，並且讓銷售、管理及行政支出的主要增長由支持我們商業戰略的支出驅動。

Total research and development expenses decreased to $3.8 million in Q3 2025 compared to $6.5 million for the same period in 2024. Sequentially, R&D expenses decreased quarter-over-quarter by 58% from $9.1 million in the second quarter.

2025 年第三季研發總支出減少至 380 萬美元，而 2024 年同期為 650 萬美元。與上一季相比，研發費用較上季下降 58%，從第二季的 910 萬美元降至本季的 910 萬美元。

As a reminder, the majority of our research and development expenses prior to FDA approval of VIZZ enjoy -- prior to the FDA approval of VIZZ in July of 2025 were dedicated to our manufacturing operation efforts to establish pre-approval commercial product and sample inventory to support our launch.

提醒大家，在 2025 年 7 月 VIZZ 獲得 FDA 批准之前，我們的大部分研發費用都用於我們的生產營運工作，以建立上市前的商業產品和樣品庫存，從而支持我們的產品上市。

Finally, our net loss per share, both basic and diluted, was $0.59 per share in the third quarter of 2025 on a net loss of $16.7 million compared to a net loss per share of $0.38 per share in the third quarter of 2024 on a net loss of $10.2 million. We ended Q3 2025 with approximately 28.6 million shares of common stock outstanding. Pro forma for the October ATM activity I noted previously, we have approximately 31.3 million shares outstanding today.

最後，2025 年第三季度，我們每股淨虧損（包括基本虧損和稀釋虧損）為 0.59 美元，淨虧損為 1,670 萬美元，而 2024 年第三季每股淨虧損為 0.38 美元，淨虧損為 1,020 萬美元。截至 2025 年第三季末，我們約有 2,860 萬股普通股流通在外。考慮到我之前提到的 10 月份 ATM 交易活動，目前我們約有 3,130 萬股流通股。

In summary, we feel this quarter and recent period has been on schedule from a spend perspective and are pleased to have recently bolstered our balance sheet from both dilutive and nondilutive sources. It has never been in a stronger financial position than we are today to support the VIZZ launch.

總而言之，我們認為本季和最近一段時間的支出情況符合計劃，並且很高興最近透過稀釋性和非稀釋性來源增強了我們的資產負債表。我們目前的財務狀況比以往任何時候都更加雄厚，完全有能力支持 VIZZ 的發布。

With that, I'll turn the call back over to Ev.

這樣，我就把電話轉回伊芙了。

Thanks, Dan. To conclude, I'm exceptionally proud of the LENZ team for all that we have accomplished, an early FDA approval for VIZZ, preparing the team for launch, maintaining an extremely strong financial foundation and now seamlessly executing in these first weeks of our launch.

謝謝你，丹。總之，我為LENZ團隊取得的所有成就感到無比自豪，包括VIZZ的早期FDA批准、團隊為上市所做的準備、保持極其強大的財務基礎，以及現在在上市的最初幾週內順利執行各項工作。

Driving ECP awareness, confidence, and willingness to prescribe ahead of activating our DTC campaign in Q1 2026. We look forward to our early momentum to continue and updating you on our progress as we launch this as a true Category 1 product.

在 2026 年第一季啟動 DTC 活動之前，提高 ECP 的認知度、信心和處方意願。我們期待保持目前的良好勢頭，並在產品真正成為一級產品後，及時向您報告我們的進展。

And with that, I'd like to open up the call for questions.

接下來，我想開始接受提問。

(Operator Instructions)

（操作說明）

Stacy Ku, TD Cowen.

Stacy Ku，TD Cowen。

Thanks so much for providing such a fulsome update. So, first question is on the speaker-led bureaus and maybe some of the other approaches you are all taking to appropriately set expectations. Could you maybe talk further about how the commercial team is working with these KOLs to maximize discussion and expectation setting on the VIZZ profile, just provide a little bit more detail here. I just want to make sure we understand how motivated patient is able to appreciate the efficacy versus the transient redness and stinging. That's the first question.

非常感謝您提供如此詳盡的更新資訊。所以，第一個問題是關於演講者主導的機構，以及你們為了適當設定預期而採取的其他一些方法。您能否進一步談談商業團隊如何與這些 KOL 合作，以最大限度地提高對 VIZZ 個人資料的討論和預期設定？請提供更多細節。我只是想確保我們了解，積極性高的患者能夠如何看待療效，而不是短暫的紅腫和刺痛感。這是第一個問題。

And then second, wondering if you're able to disclose some of the week-over-week cadence of prescriptions for October as we think about those over 5,000 prescriptions that are coming from the clinicians.

其次，我們想知道您是否能夠透露一下 10 月每週的處方量變化情況，因為我們正在考慮臨床醫生開出的 5000 多張處方。

And then last question, I wanted to just understand -- still early days, but if you're hearing any anecdotal feedback, be curious if any folks are immediately opting for the three months versus one month. Just trying to understand how the patients are trialing these days.

最後一個問題，我只是想了解一下——現在還處於早期階段，但如果你聽到任何非正式的回饋，我很想知道是否有人立即選擇三個月而不是一個月。我只是想了解現在患者們是如何接受臨床試驗的。

Thanks, Stacy. Good questions in there. We'll pick them up one by one and tag team on it. So, on your first one, I think importantly, just to highlight that what we're not hearing is this product doesn't work. So, the discussion actually usually focuses on that, that people realize and doctors realize that as soon as you put a drop in somebody eyes, but in and totally 10, 15 minutes, your vision improves.

謝謝你，史黛西。這裡面的問題都很好。我們會一個接一個地解決它們，然後輪流上陣。所以，關於你的第一個問題，我認為很重要的一點是，我們並沒有聽到「這個產品不好用」這樣的說法。所以，討論通常都集中在這一點上，人們和醫生都意識到，只要往某人的眼睛裡滴一滴眼藥水，10 到 15 分鐘內，視力就會改善。

That's very important to realize, and that's what we continue to hear back. And like we said, what we're also hearing is that people notice that also the distance vision in many instances approves. That's always the center of the discussion.

認識到這一點非常重要，而且我們也一直聽到這樣的回饋。正如我們所說，我們也聽到人們注意到，在許多情況下，遠距離視力也得到了認可。這始終是討論的焦點。

Now no different than when we launched this product and how we prepare for it. Like with every product, it's important to set expectations and tell patients that these are the positive things that you are going to likely experience and you may be one of the patients that experiences one of the side effects that is on the label.

現在的情況和我們當初推出這款產品時以及準備工作的方式並無二致。與所有產品一樣，重要的是要設定預期，並告訴患者這些是您可能會體驗到的積極方面，同時您也可能是經歷標籤上列出的副作用的患者之一。

That's setting up expectations was always and continue to be a focus of our sales force and are doing that extremely well. What we've seen is, as I highlighted in the call is that I think like most miotics, we were in our trial and in preparation for launch, most focused on potential headaches in a small subset of the population, and that doesn't appear to be happening a lot.

設定合理的期望一直是並將繼續是我們銷售團隊的工作重點，而且他們在這方面做得非常出色。正如我在電話會議中所強調的那樣，我們看到的情況是，我認為像大多數縮瞳劑一樣，我們在試驗和上市準備階段，主要關注的是一小部分人群可能出現的頭痛問題，但這種情況似乎並不常見。

So, one of the few almost minor changes that we've made there is that as the sales force talks about some of those potential side effects, the focus has now shifted away from this potential headache more to the potential redness. Our trend here is I think that's important to highlight as well and that with a few days of use, that's something that for most patients no longer happens.

因此，我們做出的為數不多的微小改變之一是，當銷售人員談論一些潛在的副作用時，重點已經從潛在的頭痛轉移到潛在的發紅。我認為值得強調的是，我們的趨勢是，使用幾天后，大多數患者就不會再發生這種情況了。

And again, there, it's important to realize that this is nothing new for an eye doctor. If they fit somebody with bifocal lenses, they tell them to use it for a couple of weeks to get used to it. Same for many other products.

再次強調，這對眼科醫師來說並不是什麼新鮮事。如果給某人配了雙光眼鏡，他們會告訴他們使用幾週時間來適應。其他許多產品也存在同樣的問題。

So, this truly is not a big thing. What we're hearing from doctors and for many of them is if this really is something that allows patients, they immediately offer up some eye whitening agent to use in those first couple of days. So, that's what we're doing on the sales force end in those 13,000 calls that they're doing on a four-week basis. Maybe Shawn can talk about what we're doing on the KOL side on the speaker bureau.

所以，這真的不是什麼大事。我們從醫生那裡了解到，許多醫生表示，如果這種情況真的允許患者使用，他們會立即建議患者在最初幾天使用一些眼部美白劑。所以，這就是我們在銷售團隊這邊所做的，他們每四周要打 13,000 通電話。或許肖恩可以談談我們在演講者經紀公司這邊，也就是KOL方面，正在做些什麼。

Yeah. Absolutely. So, thanks for the question, Stacy. So, when you think of all these speaker bureau events, we're running over 140 this quarter alone, and that will continue on in 2026. So, obviously, in our speaker bureau, we lay out the expectation setting for patients in there as well as how to introduce it to the patient.

是的。絕對地。謝謝你的提問，斯黛西。所以，想想所有這些演講者活動，光是本季我們就舉辦了 140 多場，而且這種情況將持續到 2026 年。所以，很顯然，在我們的演講者名錄中，我們會向患者說明預期目標，以及如何向患者介紹演講內容。

In that section specifically, we've now updated our speaker bureau deck, and we actually lead with highlighting the discussion around eye redness and how its transient goes away. I think that's very important.

具體來說，我們已經更新了演講者資料，並首先重點討論了眼睛發紅及其短暫性消失的情況。我認為這非常重要。

We've also incorporated actual real-life photos of the before and after every -- at 5 minutes, 15 minutes and 30 minutes, so people can see the transient nature on it, as well as the pictures of the eyes from day one and day four. And so it can contextualize for the doctors. Again, this is something they're used to. This is an item that really focuses on near vision and it does a great job restoring your vision quickly and long versus the transient nature of the redness.

我們還加入了前後對比的真實照片——分別在 5 分鐘、15 分鐘和 30 分鐘時拍攝，以便人們可以看到其瞬時性，以及第一天和第四天的眼睛照片。這樣就能為醫生提供背景資訊。這對他們來說早已習以為常。這款產品真正專注於近距離視力，它能快速且持久地恢復視力，而眼紅的症狀只是暫時的。

Thanks, Shawn. And real quick, and I'll combine your next two questions on trends in script data and VIZZ packs. Important again is that we really look at this fourth quarter as getting that experience of VIZZ out there. We're truly very encouraged by the initial script data that we see.

謝謝你，肖恩。簡單來說，我會把您接下來關於腳本資料和 VIZZ 套件趨勢的兩個問題合併起來回答。再次強調，重要的是我們要把第四季真正視為向大家展示 VIZZ 體驗的時期。我們對目前看到的劇本數據感到非常鼓舞。

Just to remind everyone, initially and up to, frankly, not even fully now, the product was only available in the pharmacy, which is why we continue to highlight that full availability of the product is not going to be until the middle of November.

再次提醒大家，最初，甚至直到現在，該產品都只在藥局有售，因此我們一直強調，該產品要到 11 月中旬才能全面上市。

What that means is that not all retail pharmacies are fully available or patients that go there might not immediately be able to get that product. So, against that backdrop, we are very encouraged to share that we've already had 5,000 filled scripts. I think it's too early to start sharing what the trends are. One thing that we do notice that actually, if you look at Symphony data, it's more accurate than we initially thought. So, I'll leave you with that comment there.

這意味著並非所有零售藥局都能完全滿足需求，或者去那裡的患者可能無法立即獲得該產品。因此，在這樣的背景下，我們非常欣慰地宣布，我們已經收到了 5000 份完整的劇本。我認為現在就開始分享趨勢還為時過早。我們注意到，如果你查看 Symphony 的數據，它實際上比我們最初想像的要準確得多。好了，我就說到這裡吧。

And then we are seeing some patients opt in for the treatment. Again, that's only available through e-pharmacy. So, it doesn't make sense at this moment to comment on what that percentage is. That's something that we feel once we have that full quarter behind us, this full quarter behind us, and we truly have both channels fully available, that's a more meaningful step to look at them.

然後我們看到一些患者選擇接受這種治療。再次強調，這只能透過網路藥局購買。所以，現在評論這個百分比是多少還為時過早。我們覺得，只有當整個季度過去，這個季度過去，並且兩個管道都真正全面開放之後，才能更有意義地審視它們。

Yigal Nochomovitz, Citigroup.

Yigal Nochomovitz，花旗集團。

Congrats on the early launch process. I had a few. I guess with regard to the 5,000 or over 5,000 paid scripts, I wonder if you could contextualize that in the context of what we saw with VUITY and how you compare in the early days there. And then obviously, you're essentially flooding the market with samples. And so could you just comment on the conversion from samples to paid scripts and how you expect that to evolve over time?

恭喜你們提前啟動專案。我有一些。關於 5000 或超過 5000 個付費劇本，我想知道您能否結合 VUITY 的情況以及您早期的情況，對此進行一些分析。很顯然，你實際上是在向市場大量投放樣品。那麼，您能否談談從範例腳本到付費腳本的轉換情況，以及您預計這種轉換情況會如何隨時間發展？

And then lastly, if you could briefly just comment on the choice of the spokesperson in SJP, how did you arrive at her? Has she used the product yet?

最後，如果您能簡要談談選擇 SJP 作為發言人的原因，您是如何決定選擇她的？她用過這款產品了嗎？

Thanks, Yigal. Great questions. Like I said, we're very encouraged by what we're seeing in our launch. I think different than VUITY this is very much focused on driving that experience. So, getting to the amount of scripts that we've just shared, again, like I said earlier, not the full channels firing just yet is something that we think bodes really well and compares really well to what we saw there. I see the second part of your question there, the sample conversion?

謝謝你，伊加爾。問得好。正如我所說，我們對目前的發布感到非常鼓舞。我認為與 VUITY 不同的是，它非常注重提升用戶體驗。所以，就我們剛才分享的劇本數量而言，就像我之前說的，雖然還沒有完全開播，但我們認為這是一個非常好的預兆，而且與我們在那裡看到的情況相比也非常好。我看到了你問題的第二部分，即範例轉換？

Yeah.

是的。

Yeah, sorry. The sample conversion is something that I know is something that people look at for maybe more traditional launch. Remember that this sample is just a five pack, and it's all about making sure that whoever wants to try the product has access. So, definitely just early in the launch. We're not as focused on what that conversion is, but much more focused on making sure that really every meaningful doctor's office in the country has availability of samples.

抱歉。我知道，樣本轉換率是人們在進行更傳統的產品發佈時會關注的一個面向。請記住，這只是一個五件裝的樣品包，目的是為了確保任何想嘗試產品的人都能獲得試用機會。所以，這肯定只是產品發售初期的問題。我們並不太關注轉化率是多少，而是更關注確保全國每一家像樣的醫生診所都能獲得樣品。

Also, what we're seeing is that the very first thing that happens as our reps deliver the samples is the doctor reps open a pack, product in their own nice and the staff. So again, I think early on, it's not really a metric that we're focused on also from a cost of goods perspective. This is not a very meaningful part of our P&L. So, in short, we'll continue to float the market with samples. We think it's a great tool that will drive patient uptake.

此外，我們還看到，我們的代表送達樣品後，第一件事就是醫生代表打開包裝，將產品放在他們自己和工作人員的面前。所以，我認為在初期，從商品成本的角度來看，這並不是我們真正關注的指標。這部分內容在我們的損益表中佔比並不高。簡而言之，我們將繼續向市場投放樣品。我們認為這是一個能夠提高患者接受度的絕佳工具。

And then the last question on the choice of spokesperson. So, when we're evaluating the spokesperson for VIZZ, we had a lot of criteria that we analyzed against. One, the person had to be authentic, right? Really had to be someone that was a presbyope. It had to align to our consumers.

最後，還有一個關於發言人選擇的問題。所以，在評估 VIZZ 的代言人時，我們有許多標準需要對照分析。首先，這個人必須真實可信，對吧？肯定是老花眼患者。它必須符合我們消費者的需求。

Again, when we look at the early sales of VUITY, we knew that it was predominantly in major metropolitan areas. It also biased a little bit more towards female than male. We want to make sure we got consumer aligned this.

同樣，當我們回顧 VUITY 的早期銷售情況時，我們發現它主要集中在大都會區。而且它也稍微偏向女性而非男性。我們希望確保這一點與消費者的訴求一致。

We want to make sure we also had alignment with our brand. When we think of VIZZ, we wanted someone that's elevated, someone that's a category of one or someone that stands out amongst everyone else. And our first choice was Sarah Jessica Parker for this, and we couldn't be more happy.

我們希望確保這與我們的品牌保持一致。當我們想到 VIZZ 時，我們想要的是一個優雅的、獨特的、在所有人中脫穎而出的品牌。我們第一個想到的人選就是莎拉潔西卡派克，我們對此非常滿意。

Now this is a person who is authentic. One of our requirements is they must have used the product, tried the product and they liked it. And one of the reasons we waited until now to share who that slurry was is we need to get them samples so they can try the product and get them on to VIZZ. And so this person -- Sarah Jessica Parker has used the product and does like the product. We're really excited to partner with her and to launch in Q1 of 2026 with that campaign.

這才是真正真誠的人。我們的要求之一是他們必須使用過該產品、嘗試過該產品並且喜歡它。我們等到現在才透露是誰提供的漿料的原因之一是，我們需要給他們樣品，以便他們可以試用產品並將其推廣到 VIZZ 平台。所以這個人——莎拉·傑西卡·帕克——使用過該產品，並且很喜歡該產品。我們非常高興能與她合作，並計劃在 2026 年第一季啟動這項活動。

Biren Amin, Piper Sandler.

比倫·阿明，派珀·桑德勒。

And thanks for sharing a lot of the metrics around the launch. I had a question around that. So, you highlighted how you detailed the 17,000 unique eye care professionals. And of those, I think about 7,000 ECP offices have been sampled and then 2,500 ECPs are now unique prescribing. So maybe just talking through that funnel, is the expectation in the next few months that the remainder of the 10,000 ECP detailed that haven't been sampled will be sampled.

感謝您分享這麼多關於產品發布的數據指標。我對此有個疑問。所以，你重點介紹了你如何詳細介紹了17,000名獨特的眼科護理專業人員。其中，我認為大約有 7,000 家 ECP 診所被抽樣調查，然後有 2,500 家 ECP 診所現在擁有獨特的處方權。所以，或許透過這個管道進行討論，可以預期在接下來的幾個月裡，對尚未抽樣的 10,000 個 ECP 中的剩餘部分進行抽樣。

And then the conversion rate from sample to prescribing ECP, what characteristics are you seeing on that? And is the expectation that, that number will grow given the samples across the 7,000 ECPs?

那麼，從樣品到處方ECP的轉換率，您觀察到了哪些特徵？鑑於 7000 家 ECP 的樣本檢測結果，預計這一數字還會成長嗎？

Thanks, Biren. Shawn, I will again tag team him on this one. So, as we think about providing samples to these offices, again, the call rate at the moment, and we've got no reason to believe that this is going to change is about 13,000 visits every four weeks by our sales force, which again is a tremendous achievement and want to highlight the great work that they're doing out there.

謝謝你，比倫。肖恩，這次我還要跟他聯手對付他。所以，當我們考慮向這些辦事處提供樣品時，目前我們的銷售團隊每四周的拜訪量約為 13,000 次，而且我們沒有理由相信這種情況會改變，這再次證明了他們取得了巨大的成就，我們想強調他們在外面所做的出色工作。

If we say 7,000 sample or 70,000 samples delivered, that's 7,000 offices. What we know and what you see is that many of these offices have more than one doctor in it. So, the actual amount of doctors that have samples will be slightly higher than the 7,000. But ultimately, as I mentioned earlier, the aim is indeed to have samples available at every office that wants it. So, we'll continue to push for that.

如果我們說交付了 7,000 個樣品或 70,000 個樣品，那就是 7,000 個辦公室。我們知道，你們也看到了，很多這樣的診所裡不只一位醫生。因此，實際擁有樣本的醫生人數將略高於 7,000 人。但最終，正如我之前提到的，我們的目標確實是讓每個需要樣品的辦公室都能獲得樣品。所以，我們會繼續努力爭取。

The current focus is really to get our sales force to those targeted doctors, doctors that are prescribing doctors that have maybe previously prescribed VUITY.

目前我們的重點是讓我們的銷售團隊接觸到那些目標醫生，也就是那些開過 VUITY 處方的醫生。

But what we are seeing, and I mentioned that in my prepared remarks as well, is that there's a lot of interest from offices outside of those initial 12,000 to 15,000 that we're focused on. So, we're definitely putting mechanisms in place to ensure that we can provide them with our background and samples for the product as well. And definitely, that number continues to grow. And we see that, frankly, on a daily basis on the numbers that we see coming in.

但我們看到的情況是，正如我在準備好的演講稿中提到的，除了我們最初關注的 12,000 到 15,000 個辦公室之外，還有很多其他辦公室對此表現出濃厚的興趣。因此，我們正在建立相應的機制，以確保我們能夠向他們提供我們的背景資訊和產品樣品。而且，這個數字肯定還在持續成長。坦白說，我們每天都能從收到的數據中看到這一點。

So, maybe Shawn can talk a little bit more on what we see in doctors that are -- those first ones that are converting into being less.

所以，肖恩或許可以再多談談我們看到的那些醫生──那些原本正在轉變的醫生──身上發生了什麼事。

Yeah. So, we'll continue to roll out these samples over the next few months. Our samples, as a reminder, will be always ongoing. We want the patients to try the product before they actually move into a script. When we look at these writers, what we're seeing is, again, general trends as expected, right?

是的。因此，我們將在接下來的幾個月繼續推出這些樣品。再次提醒大家，我們的樣品將持續不斷提供。我們希望患者在正式開處方之前先試用產品。當我們觀察這些作家時，我們看到的仍然是預期的整體趨勢，對吧？

When we look at the VUITY launch, we saw that the early adopters are those in metropolitan areas, those that are predominantly optometrists, and we continue to see that, and we continue to focus on those people in terms of our call cycles and continued rollout of samples.

當我們回顧 VUITY 的推出情況時，我們發現早期用戶主要集中在大都會地區，而且大多是驗光師。我們持續觀察到這種情況，並繼續在電話行銷和樣品派發方面關注這些用戶。

Marc Goodman, Leerink Partners.

馬克古德曼，Leerink Partners。

Two questions. First, for the patients who've gotten prescriptions, can you give us any sense of like what are they like? Are they men? Are they women? Do they tend to be your typical early presbyopes?

兩個問題。首先，對於已經拿到處方的患者，您能否為我們介紹一下他們的感受？他們是男人嗎？她們是女性嗎？他們是不是典型的早期老花眼患者？

Are they a little bit later? Just anything you can tell us about them and what would be unique about them? And then second, on the DTC, just how extensive will this be? Is this going to be like analog where you're watching 6:30 news on television like the old days? Or is it digital only?

他們會晚到一會兒嗎？您能告訴我們一些關於它們的資訊嗎？它們有哪些獨特之處？其次，關於DTC，它的覆蓋範圍究竟有多廣？這會像以前一樣，像模擬時代那樣在電視上看早上6:30的新聞嗎？還是只有電子版？

Yeah. Great question, Marc. Thanks for that. So, if we look at the filled prescriptions to date, because this is coming through our e-pharmacy, we do have a lot of information on the demographics of patient. And again, it's in line with what we expected, right?

是的。問得好，馬克。謝謝。所以，如果我們查看迄今為止已完成的處方，因為這些處方是透過我們的電子藥房獲得的，我們確實有很多關於患者人口統計的資訊。這和我們預期的一致，對吧？

So, we see the prescriptions. It's mostly people in that 45 to 65-year-old age group, right, still gainfully employed. We are seeing a bias towards female over male, again, as expected, and we're seeing it in those metropolitan areas. So right, really those more developed areas along with what we saw with VUITY and being the biggest space in markets.

所以，我們看到了處方。大部分是45歲到65歲年齡層的人，對吧，他們仍然有穩定的工作。正如預期的那樣，我們再次看到女性比男性更受青睞，而且這種情況在大都市地區尤其明顯。沒錯，確實，那些發展較成熟的地區，以及我們從 VUITY 看到的市場規模最大的領域，都取得了成功。

This is great confirmation before I move on to what your second question is your DTC. These are the areas the adopters expected and that we're seeing and our DTC has targeted them as well. And what we find in these early adopters is they're not necessarily on analog TV or linear TV is the other common name for it.

在我繼續回答你的第二個問題——你的故障診斷碼（DTC）之前，這是一個很好的確認。這些正是使用者所期望的領域，也是我們所看到的，我們的直接面向消費者 (DTC) 產品也瞄準了這些領域。我們發現，這些早期使用者並不一定使用類比電視，或線性電視（這是它的另一個常用名稱）。

What we see is they're spending time on a more digital environment, which is your Instagram, your Facebook, your YouTube and your Pinterest. And so that's where the majority of our DTC will be focused. So, it is predominantly digital and hitting on where they spend the time.

我們看到，他們把時間更花在了數位環境中，例如 Instagram、Facebook、YouTube 和 Pinterest。因此，我們的大部分 DTC 業務將集中於此。所以，它主要以數位化形式呈現，並且瞄準他們花費時間的地方。

The great news is with our already market research that told us the early patients are as well as the confirmation of what we're seeing in early patients, we can further target them through where they live, what they research online, what their annual income is to have a successful DTC campaign.

好消息是，我們已經透過市場調查得知了早期患者的情況，並且也證實了我們在早期患者身上看到的情況，我們可以根據他們的居住地、他們在網上搜索的內容以及他們的年收入來進一步鎖定目標群體，從而開展成功的 DTC 營銷活動。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

This is [Pavan Patel] on for Jason. First is, can you maybe help us break down the use of e-pharmacy versus traditional retail pharmacies within those initial 5,000 scripts? Just trying to get a sense of how closely we're going to be able to track those patients and get a sense of expected refills. And I think Ev may have mentioned that there's some supply that's being available on e-pharmacies that is different versus retail pharmacies. Just if you could clarify those comments.

這是帕萬·帕特爾替補傑森上場。首先，您能否幫助我們分析一下在最初的 5,000 張處方中，電子藥局與傳統零售藥局的使用情況？只是想了解我們能夠對這些患者進行多密切的跟踪，並了解預期的續藥情況。而且我認為 Ev 可能提到過，網路藥局提供的某些藥品供應與實體藥局有所不同。如果您能解釋一下這些評論就太好了。

And then my second question is with regards to the SG&A run rate for 4Q. I guess, how should we be thinking about that? And then as we look towards 1Q of 2026, can you just help us quantify the expected step-up in spend associated with the new DTC campaign with the spokesperson? Thank you.

我的第二個問題是關於第四季的銷售、一般及行政費用運作率。我想，我們該如何看待這個問題呢？展望 2026 年第一季度，您能否幫助我們量化與代言人相關的新的 DTC 活動預計帶來的支出成長幅度？謝謝。

I'll take the first one and Dan will talk about the SG&A. So, like I explained earlier, currently in these first weeks of launch, initially, the product was only available through e-pharmacy. And only in the last couple of weeks, slowly, the retail pharmacy has come online. So, whatever that split at the moment is, it will not be representative of how this will go forward. So, I think it's too early to give any call on what that split is.

我來回答第一個問題，丹會談談銷售、管理及行政費用。所以，就像我之前解釋的那樣，目前在產品上市的最初幾週，該產品最初只能透過網路藥局購買。直到最近幾週，零售藥局才緩慢地上線運作。所以，無論目前的分歧有多大，都不能代表未來的發展趨勢。所以，我認為現在就斷言雙方的差距有多大還為時過早。

What we are seeing, and I think that's expected is that Symphony and IQVIA as it comes online will have a good sense, we expect of the product that's flowing through retail, less so on the e-pharmacy side, although as I mentioned earlier, we're surprised to see that Symphony is tracking the e-pharmacy side to a degree.

我們看到的情況是，而且我認為這也在意料之中，Symphony 和 IQVIA 上線後，應該能夠很好地了解零售通路的產品流通情況，但對網上藥局方面的了解可能較少。不過，正如我之前提到的，我們驚訝地發現 Symphony 在某種程度上也在追蹤網路藥局的情況。

And then I think your question was around the difference in availability of product through e-pharmacy. I think as we mentioned a lot, there's a three pack that's available for consumers to buy at a discounted rate of $198 per pack. That $66 that could translate into $66 a pack, which obviously compares to the $79 if you do a one pack. Importantly, from a bottom line perspective, it's the same to us, but obviously gives that advantage to the patient. That pack is only available through e-pharmacy. So that's the difference there. And then on the SG&A side, I'll hand it over to Dan.

然後，我認為你的問題是關於透過網路藥局購買產品與透過網路藥局購買產品在可獲得性方面的差異。正如我們多次提到的，現在有三件裝的優惠套裝，消費者可以每套 198 美元的價格購買。那 66 美元可以換算成每包 66 美元，顯然與單包 79 美元的價格相比要高得多。從根本上來說，這對我們來說是一樣的，但顯然這對患者來說是一種優勢。此套裝僅可透過網路藥局購買。這就是差別所在。至於銷售、管理及行政費用方面，我會交給丹負責。

Thanks, Ev. And Pavan, thanks for the question. So just to break down the OpEx overall, what we talked about this year were two trends. One was you should expect SG&A to ramp into the second half, which I'll characterize for you. And then you also should expect R&D to do the opposite, which also has done.

謝謝，Ev。帕萬，謝謝你的提問。所以，為了全面分析營運支出，我們今年討論的是兩個趨勢。其中之一是你應該預料到銷售、一般及行政費用會在下半年大幅增加，我會為你詳細說明。然後，你也應該預料到研發部門會採取相反的做法，研發部門也確實這麼做了。

So, R&D of $9.1 million in the second quarter down to $3.8 million in the third quarter, you should expect that to continue to taper.

因此，第二季的研發投入為 910 萬美元，第三季則降至 380 萬美元，預計這一趨勢將繼續放緩。

And on the SG&A side, having spent $12.8 million in Q2 for SG&A and that bumping to $27.6 million in Q3, that trend is what you could reasonably expect. Now Q3 did include some one-timers you would expect around the moment of launch. There were some onetime costs. But what we've always said for 2026 was assume a commercial spend of $80 million to $100 million per year, inclusive of the DTC. And then layer on top of that, the G&A spend on the order of $20 million to $25 million. That kind of 4 to 1 ratio we've consistently talked about of sales and marketing versus G&A.

而就銷售、一般及行政費用而言，第二季支出為 1,280 萬美元，第三季則增至 2,760 萬美元，此趨勢也在合理預期中。第三季確實包含了一些你在產品發布前後預期會出現的一次性事件。有一些一次性費用。但我們一直以來對 2026 年的預測是，假設每年的商業支出為 8,000 萬美元至 1 億美元，其中包括直接面向消費者的支出。此外，還有約 2,000 萬至 2,500 萬美元的一般及行政開支。我們一直在談論銷售和行銷費用與一般及行政費用之間 4:1 的比例。

I would just reiterate that at this point in time. So, if you take those assumptions and model them into 2026, we would be comfortable with that and are continuing to guide in that way.

我在此只想重申這一點。所以，如果將這些假設代入模型，推算到 2026 年，我們會對此感到滿意，並將繼續以這種方式進行指導。

Lachlan Hanbury-Brown, William Blair.

拉特蘭·漢伯里-布朗，威廉·布萊爾。

Congrats on the progress. I guess, you mentioned that there's been a decent amount of nontarget doctors that have expressed interest and you're putting mechanisms in place to support them. Can you just elaborate on what that is? I mean are you going to need more sales reps to support what looks like thousands more doctors than the current target list? And then maybe a quick second one. Any comments on the sort of average time to fill at the moment that you're seeing in the e-pharmacy so far?

恭喜你取得進展。我想，您提到過，有相當多的非目標醫生表示了興趣，而您正在製定機制來支持他們。你能詳細解釋一下那是什麼嗎？我的意思是，為了服務比目前目標名單上多出數千名醫生的客戶，你們是否需要更多的銷售代表？然後或許還會再來一個。您目前對網路藥局的平均配藥時間有什麼看法？

Great question as well, thanks. So, on the non-targets, one of the mechanisms that is in place is that we also have an inside sales force of 10 people that are available to connect with those offices. And we do have a mechanism where we can actually ship samples to them.

問得好，謝謝。因此，對於非目標客戶，我們採取的機制之一是，我們還有一支由 10 人組成的內部銷售團隊，可以與這些辦事處聯繫。我們確實有辦法可以把樣品寄給他們。

What you also see is that for sales force, and we definitely again want them to continue to focus on our target accounts even in the same literally street as an untargeted one that is prescribing and that's obviously data that's all available. That's an easy stuff for them to make as well.

你也可以看到，對於銷售團隊來說，我們當然希望他們繼續專注於我們的目標客戶，即使是在同一條街上，與那些開處方的非目標客戶在一起，而這些數據顯然都是可用的。對他們來說，那也是很容易製作的東西。

But some of the things we've always spoken about, and you guys know that, that over time, we may increase the sales force. We have no plans to do that any earlier, but it is obviously something that we'll continue to look at. And as soon as that makes sense, we will pull that, that trigger. So that's on those two mechanisms.

但我們一直以來都在討論一些事情，你們也知道，隨著時間的推移，我們可能會增加銷售團隊。我們目前沒有提前實施該計劃的計劃，但這顯然是我們會繼續關注的事情。一旦時機成熟，我們就會扣下板機。以上就是關於這兩種機制的內容。

And then time to fill can be very quickly. We see and that's what's in place on the e-pharmacy side that you leave the office with a script in hand, you fill it out on your phone and just normal shipping is in most instances, two to five days. If you really want the product earlier, that's a priority shipping in place as well. And we see that work well on the retail side, similar timelines at the moment. So, we don't think that there's like a hurdle or a delay in filling the script.

而且填充時間可能非常快。我們看到，電子藥局這邊就是這樣運作的：你離開診所時手裡拿著處方，你在手機上填寫，然後正常的配送在大多數情況下需要兩到五天。如果您真的想提前收到產品，我們也提供優先出貨服務。我們看到這種模式在零售方面效果很好，目前的時間安排也類似。所以，我們認為劇本的填寫不會遇到什麼障礙或延誤。

Okay. And then maybe another one. You mentioned in the press release, I think there are about 9,000 ECPs have opted into the find a doctor tool on.vizz.com, which seems like a great number so far, but that's obviously not the whole target universe. So, I was just wondering what is sort of the barrier to getting the rest of the targets to opt in? Is it that they want experience or you just haven't got to them yet to talk about it?

好的。然後或許還會再來一個。您在新聞稿中提到，大約有 9,000 名急診科醫生選擇使用 vizz.com 上的「尋找醫生」工具，到目前為止，這似乎是一個很棒的數字，但這顯然不是全部目標群體。所以，我只是想知道，讓其他目標族群選擇加入的障礙是什麼？是他們想要累積經驗，還是你還沒找到機會跟他們談這件事？

No. Thanks for actually bringing that question up. I think it's an important distinction that unlike different companies or what we often see is where you just buy a data set, but in our case, eye care professionals, we want this to go very differently. It's an opt-in process. So doctors have actively one BD their own, two have samples and then three opt in to find a doc, it's a bottoms-up fill. And again, I think the number that you're seeing there highlights the enthusiasm that doctors have for the products. Anything you want to add, Shawn?

不。感謝你提出這個問題。我認為這是一個重要的區別，與其他公司或我們經常看到的情況不同，在那種情況下，你只是購買一個資料集，但在我們眼科護理專業人員的案例中，我們希望事情的發展方式截然不同。這是一個自願參與的過程。所以，醫生們主動選擇一家BD公司，兩家公司有樣品，然後三家公司選擇尋找醫生，這是一個自下而上的填充過程。再次強調，我認為你看到的數字凸顯了醫生們對這些產品的熱情。肖恩，你還有什麼要補充的嗎？

I say again, it's early in the launch. We're already continuing to see that grow very rapidly. And the great thing is by making sure it's this bottom-up build, it's people that we know that we've spoken to multiple times, they're understanding the MOA differences, they believe in the product, and then we're bringing them on to this process of our money back.

我再說一遍，現在還處於發布初期。我們已經看到這種成長勢頭非常迅猛。最棒的是，透過確保這種自下而上的建構方式，我們選擇那些我們多次交談過、了解 MOA 差異、相信產品的人，然後讓他們參與我們的退款流程。

Gary Nachman, Raymond James.

Gary Nachman，Raymond James。

So back to the initial people using VIZZ, so the 5,000 first Rxs, can you also profile them a bit in terms of the buckets you've talked about? Are they contact lens wearers, LASIK patients, those getting aesthetic treatments? And are you seeing any pushback at all with consumer sentiment generally pretty low with the price of VIZZ? Is that holding back any Rx uptake?

那麼回到最初使用 VIZZ 的用戶，也就是最初的 5,000 個處方，您能否也根據您提到的分組情況對他們進行一些分析？他們是隱形眼鏡配戴者、雷射近視手術患者還是接受美容治療的人？VIZZ 的價格目前在消費者情緒方面普遍較低，您是否看到任何抵制情緒？這是否會影響處方藥的使用？

Great question, Gary. Thanks for that. So when we look at the initial users, we can't see a lot of data. What I can tell you on these initial users is there are people that are already in the practice because we haven't turned on DTC yet, it's really doctors speaking to patients that are already coming through their practice. So, it's mostly those.

問得好，加里。謝謝。所以當我們查看初始用戶時，我們看不到很多數據。我可以告訴大家的是，這些初始用戶中有些人已經在診所就診，因為我們還沒有啟用直接面向消費者 (DTC) 功能，實際上是醫生在與已經來診所就診的患者交流。所以，主要就是這些。

We can't break it out into which bucket yet of are they post LASIK or not. We'll be able to get better insight in that after we turn on our DTC and we've targeted those groups. But it does appear to be those already in the practice would then lend itself more towards like the contact lens users or people that are just going in for random checks more than the other groups.

我們還無法將他們細分為哪些群體，是做過雷射近視手術的還是沒有做過的。在我們開啟直接面向消費者 (DTC) 服務並鎖定這些群體之後，我們將能夠更深入地了解這一點。但似乎對於已經有這種習慣的人來說，這種做法可能更適合隱形眼鏡使用者或只是進行隨機檢查的人，而不是其他群體。

In terms of pricing, we're not hearing much pushback at all on pricing, which is great. I think the biggest feedback we're hearing is, hey, this product works, it works fast and it works long. And so, we really see that as promising and haven't seen pushback on pricing.

在定價方面，我們幾乎沒有聽到任何反對意見，這很好。我認為我們聽到的最大回饋是，嘿，這款產品有效，見效快，而且效果持久。因此，我們認為這很有前景，而且在定價方面也沒有遇到阻力。

Okay. And then just one more for Ev. The distance benefit that you're hearing pretty consistently, it sounds like in addition to the near vision benefit. How important is that for VIZZ's overall profile and how patients are viewing that? And will you consider a study looking at distance vision maybe to add to the label in addition to whatever data you have already?

好的。然後，再給Ev一個。你常聽到的那種遠距離視力提升效果，聽起來像是除了近距離視力提升之外的額外效果。這對 VIZZ 的整體形像有多重要？患者對此又是如何看待的？您是否考慮進行一項關於遠端視力的研究，以便在現有數據之外，將相關數據添加到標籤中？

Thanks, Gary. So we are indeed hearing it, and that's great and something, obviously, in our Phase 3 data, we saw that some 41% of people in the study show if we measure the distance vision improvement there. That's clearly something that in practice translates. So that's great. It's all anecdotal at the moment.

謝謝你，加里。所以我們確實聽到了這樣的回饋，這很棒，而且很明顯，在我們的第三階段數據中，我們看到，如果我們測量遠距離視力，研究中約有 41% 的人表現出視力改善。這顯然是可以在實踐中轉化成實際意義的。那太好了。目前都只是傳聞而已。

It's not key in our mind to make this successful as a near vision improvement drug. But obviously, it's a nice added benefit. We're hearing doctors experiment with it in that way and maybe experiment is not the right word, but they see again highly anecdotally that people that are minus half, minus 1, minus 1.5 are able to go without their distance correction.

我們認為，讓這種藥物成功成為一種近距離視力改善藥物並不是關鍵。但很顯然，這是一個不錯的額外好處。我們聽說醫生們正在用這種方式進行試驗，也許「試驗」這個詞用得不太恰當，但他們再次透過大量的軼事觀察發現，近視度數為-0.5、-1、-1.5的人可以不用矯正視力。

Highly anecdotal, something that we are obviously following, something that we are thinking of maybe ultimately do a different study on because that could be a group of patients that you can actually serve with our product as well. So again, great to see encouraging, not a make or break for the success of this as a presbyopia drop, but obviously very nice benefit.

這只是非常零散的軼事，我們顯然正在關注此事，我們正在考慮最終或許可以就此進行一項不同的研究，因為這可能是我們產品實際上可以服務的患者群體。所以再次看到這樣的結果令人鼓舞，雖然這對這款老花眼滴眼液的成功來說並非決定性的，但顯然是一個非常好的好處。

Matthew Caufield, H.C. Wainwright.

馬修·考菲爾德，H.C. 溫賴特。

And obviously very excited for the launch. You had mentioned the focus on optometrists compared to ophthalmologists. And I was just curious how you anticipate that specific split playing out in the near term regarding the sales force targeting for driving the launch and how that might evolve in the coming quarters?

顯然，我對這次發表會感到非常興奮。您曾經提到過，人們更關注驗光師而不是眼科醫生。我只是好奇，您預計在短期內，銷售團隊在推動產品上市方面的目標分配會如何變化，以及這種情況在未來幾季可能會如何發展？

Yeah. Thanks, Matt. So when you look at our sales force targeting, it's aligned to where we saw the early prescribers of VUITY. So their targets are roughly 80% optometry and then 20% ophthalmology. And so, we'll continue to look at the prescriber base, but don't see any changes to that mix in the near term right now. We're seeing consistently that, again, this does continue to be an optometry play product. And so we're confident in that 80-20 split.

是的。謝謝你，馬特。所以，當你查看我們的銷售團隊目標時，你會發現它與我們看到的 VUITY 早期處方者的目標一致。所以他們的目標大致是 80% 的驗光，然後是 20% 的眼科。因此，我們將繼續關注處方醫生群體，但目前來看，短期內該群體組成不會有任何變化。我們一直看到，這仍然是一款驗光產品。因此，我們對 80-20 的比例很有信心。

That concludes our question-and-answer session. As I'm showing there are no further questions, thank you for your participation, and we now conclude today's conference call. You may now disconnect.

我們的問答環節到此結束。既然大家沒有其他問題了，感謝各位的參與，今天的電話會議到此結束。您現在可以斷開連線了。