LENZ Therapeutics, Inc. (LENZ) 2025 Q4 法說會逐字稿

Ladies and gentlemen, and welcome to the LENZ Therapeutics year end 2025 financial conference call. (Operator Instructions)

女士、先生們，歡迎參加 LENZ Therapeutics 2025 年終財務電話會議。（操作說明）

I can turn the call over to Dan. Please.

我可以把電話轉給丹。請。

Thank you. Good morning and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Eef Schimmelpennink, our President and Chief Executive Officer, and Shawn Olsson, our Chief Commercial Officer, as well as Dr. Marc 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，我們的總裁兼執行長 Eef Schimmelpennink 和首席商務官 Shawn Olsson 以及首席醫療官 Marc Odrich 博士將與我們一起參加問答環節。

Before we begin, I would like to remind you that this call will contain overlooking 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概述性聲明。

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 and 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，這些因素和風險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 statements.

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，我們不承擔更新此類聲明的任何義務。

The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including in our 2025 Form 10-K which will be filed later today.

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，包括我們今天稍後將提交的 2025 年 10-K 表格。

With that, I'll now turn the call over to Ale.

接下來，我將把電話交給艾爾。

Thank you, Dan. Good morning, everyone, and thank you for joining us. We're now about 5 months into the launch of this, and I would summarize where we are today in three simple observations. First, the product clearly works, something I know many of you are also hearing as you do your own Dr. Chats.

謝謝你，丹。各位早安，感謝各位的參與。這項計畫啟動至今已有大約 5 個月的時間，我可以用三點簡單的觀察來總結我們目前的進展。首先，該產品顯然有效，我知道你們很多人在與醫生溝通時也聽到了這一點。

Second, what we're seeing so far suggests the promising share of patients who buy the product tend to refill. And third, they're clearly building a new treatment category, and while new categories take time to develop, the signals we are seeing reinforce our confidence that this can become the blockbuster market opportunity we've always envisioned.

其次，我們目前看到的跡象表明，購買該產品的患者中有相當一部分會再次購買。第三，他們顯然正在創造一個新的治療類別，雖然新類別的發展需要時間，但我們看到的跡象增強了我們的信心，即這可以成為我們一直以來所設想的重磅市場機會。

At this early stage of the launch, our priority is putting the right foundations in place, this category can scale, and adoption can accelerate over time. Importantly, we are executing this launch from a position of significant financial strength, and we closed the fourth quarter with over $292 million in cash, which gives us the resources and flexibility to continue investing in building this category.

在產品發布的初期階段，我們的首要任務是打好基礎，這個類別可以規模化發展，隨著時間的推移，其普及速度也會加快。重要的是，我們擁有雄厚的財務實力來執行此次產品發布，第四季度末我們擁有超過 2.92 億美元的現金，這使我們有足夠的資源和靈活性繼續投資於該品類的發展。

Let me take you through each of these observations, starting with the product itself. Across the field, we continue to hear consistent feedback from both doctors and patients, and the clinical performance we saw in our trials is translating directly into the real world. This works quickly, with many patients noticing the effect within about 30 minutes and with the benefits of near vision typically lasting throughout the workday.

讓我逐一介紹這些觀察結果，先從產品本身說起。在整個領域，我們不斷收到醫生和患者的一致回饋，我們在試驗中看到的臨床表現正在直接轉化為現實世界中的表現。這種方法見效很快，許多患者在大約 30 分鐘內就能感受到效果，而且近距離視力改善的好處通常可以持續整個工作日。

Importantly, we're also seeing the same broad patient profile we observed in our clinical program. That matters when you consider the scale of the opportunity, but presbyopia affects approximately $128 million people in the United States, and this is the first and importantly only once‑daily eye drop capable of addressing such a broad segment of that population. Which is what ultimately creates the opportunity for a large and durable category.

重要的是，我們也看到了與我們在臨床項目中觀察到的相同的廣泛的患者特徵。考慮到機會的規模，這一點很重要，但老花眼影響著美國大約 1.28 億人，而這是第一款，也是目前唯一一款能夠解決如此廣泛人群問題的每日一次的眼藥水。這最終為形成一個規模龐大且持久的品類創造了機會。

From launch to the end of this quarter, we believe that we are on track to have sold over 45,000 boxes of this, prescribed by more than 10,000 ECPs, creating a strong and rapidly expanding base of physicians adopting the product. In fact, the number of prescribing doctors we have seen at this stage of the launch already significantly exceeds what we observed with several recent ECP launches, and importantly, we're seeing strong productivity within that base. As we look deeper into prescribing behavior, we're seeing a very encouraging pattern among our highest‑volume prescribers.

從上市到本季末，我們相信我們預計將售出超過 45,000 盒該產品，並被超過 10,000 名急診醫生開立處方，從而建立一個強大且快速增長的採用該產品的醫生群體。事實上，在產品上市的這個階段，我們看到的開處方醫生數量已經遠遠超過了我們最近幾次 ECP 產品上市時觀察到的數量，而且重要的是，我們看到該群體內部的生產力很高。當我們深入研究處方行為時，我們發現處方量最大的醫生呈現出非常令人鼓舞的模式。

When we normalize for the same script volume of around 45,000 scripts and compare prescribing frequency across top deciles of our ECPs, the data suggests that our top 1,000 prescribers are filling over 40% more scripts per doctor than what was observed at a comparable point in the earlier launch. And based on the same data, we estimate that the total amount of prescribing doctors needed to get to this volume is approximately 2 times that. What this tells us is that once physicians understand how to integrate this into their practice, they are successful with it.

當我們將處方量標準化為大約 45,000 張處方時，比較我們 ECP 前 10% 醫生的處方頻率，數據顯示，我們排名前 1,000 的處方醫生每人開出的處方比之前推出時類似情況多 40% 以上。根據同樣的數據，我們估計要達到這個處方量，所需的處方醫生總數大約是現在的 2 倍。這告訴我們，一旦醫生們了解如何將這種方法融入他們的實踐中，他們就能成功做到這一點。

We view this as an important signal because it suggests that the opportunity is not only to continue to bring more physicians into the category, but also to increase productivity across the broader ECP base as we learn from these top prescribers and use those insights as a blueprint to scale across the field. Equally important, we are seeing encouraging early signals around patient persistence, and what we have seen so far suggests that patients who try the product and choose to purchase it often continue using it. Which is exactly the behavior we hope to see at this stage of the launch.

我們認為這是一個重要的信號，因為它表明，機會不僅在於繼續吸引更多醫生加入這一行列，還在於透過向這些頂級處方醫生學習，並將這些見解作為藍圖，在整個領域推廣，從而提高更廣泛的 ECP 群體的生產力。同樣重要的是，我們看到了令人鼓舞的早期跡象，表明患者堅持使用該產品的情況有所改善。到目前為止，我們看到的情況表明，嘗試過該產品並選擇購買的患者往往會繼續使用該產品。這正是我們希望在產品發布現階段看到的表現。

Our sample strategy is a key part of this, by allowing patients to try the product first, we see a natural self‑selection dynamic, where patients who experience the benefit and choose to purchase are more likely to continue using it. It does mean that the early new patient numbers develop differently compared to prior launches, where patients often had to purchase before trying it. That approach led to a faster initial run but also a rapid drop‑off, as many patients did not continue therapy.

我們的樣品策略是其中的關鍵部分，透過讓患者先試用產品，我們看到了一種自然的自我選擇動態，體驗到益處並選擇購買的患者更有可能繼續使用它。這意味著早期新患者數量的成長與以往的產品上市有所不同，而以往患者通常需要先購買才能試用。這種方法雖然初期進展迅速，但也導致治療效果迅速下降，因為許多患者沒有繼續接受治療。

Our approach is designed to build a more durable patient base from the start, even if that results in a more gradual earlier trend in new patients. While the refill signals we're seeing are encouraging, the pace at which new patients are coming onto therapy is therefore developing more steadily, which is consistent with what we often see when an essentially new treatment category is being established. These are the typical dynamics you see when new categories are introduced and new prescribing habits are being developed.

我們的方法旨在從一開始就建立一個更穩定的患者群體，即使這會導致新患者數量的成長趨勢出現得更緩慢、更早。雖然我們看到的續藥訊號令人鼓舞，但新患者接受治療的速度因此發展得更加穩定，這與我們經常在建立一種全新的治療類別時所看到的情況一致。當引入新的藥品類別和形成新的處方習慣時，通常會出現這些動態。

Importantly, they're very addressable through focused execution in the field combined with effective consumer marketing. Let me discuss that some more, and from our conversations in the field, there are two themes that emerge with ECPs as they build prescribing habits that will get this recommended to more patients more often. First, ECPs must learn how to best work this into their patient discussion and start from a place of unfamiliarity with respect to how to counsel patients on a presbyopia eye drop.

重要的是，透過實地重點執行並結合有效的消費者行銷，這些問題是可以很好地解決的。讓我再詳細討論一下。從我們在實地的交流來看，急診醫師在養成處方習慣的過程中，會逐漸形成兩個主題，從而更頻繁地向更多患者推薦這種藥物。首先，眼科醫生必須學會如何最好地將此內容融入與患者的討論中，並且要從不熟悉如何為患者提供老花眼眼藥水諮詢的角度出發。

Second, many physicians primarily think of this for early emerging press‑by patients who are just beginning to experience near‑vision challenges. The reality is much simpler, this can be introduced during a routine exam with a short 12‑second discussion. And it works for a much broader patient population than only early emerging presbyopes, and changing that mindset and helping physicians integrate the product naturally into their exam flow is a key focus for us.

其次，許多醫生主要想到的是那些剛開始出現近距離視力障礙的早期新發壓痛患者。其實很簡單，可以在例行檢查中用短短 12 秒的討論來講解一下。而且它適用於比早期老花眼患者更廣泛的患者群體，改變這種觀念並幫助醫生將該產品自然地融入到他們的檢查流程中是我們的一個重點。

Based on what we've learned over these first months of launch, we are leaning in operationally to accelerate production, and we've sharpened some positioning messaging to address the two themes I've just discussed. Specifically, our sales force is working closely with eye care professionals on how to naturally integrate this into the patient conversation and introduce the product during a routine exam by a simple, quick discussion. At the same time, we are reinforcing the breadth of the patient population.

根據我們在產品發布最初幾個月中學到的經驗，我們正在加大運營力度以加快生產，並且我們已經改進了一些定位信息，以解決我剛才討論的兩個主題。具體來說，我們的銷售團隊正在與眼科護理專業人員密切合作，探討如何自然地將此產品融入與患者的對話中，並在例行檢查期間透過簡單、快速的討論來介紹該產品。同時，我們正在擴大患者群體的範圍。

This works across a wide range of presbyopes, including contact lens wearers, patients with prior LASIK, pseudophakic patients, and not only early emerging presbyopes. In addition, we are expanding our field presence to a total field organization of 117 reps, which will allow us to increase call frequency with existing prescribers while also expanding the number of physicians we actively cover. This enables us to react to strong inbound interest from doctors who are not currently in a target panel but who are already prescribing this because patients are asking about it or because they learned about the product through other channels.

這種方法適用於各種老花眼患者，包括隱形眼鏡配戴者、接受過 LASIK 手術的患者、人工水晶體眼患者，而不僅僅是早期老花眼患者。此外，我們將擴大現場服務範圍，使現場代表總數達到 117 人，這將使我們能夠增加與現有處方醫生的通話頻率，同時擴大我們積極覆蓋的醫生數量。這使我們能夠對來自醫生的強烈興趣做出反應，這些醫生目前不在目標群體中，但由於患者詢問或透過其他管道了解了該產品，他們已經開始開立這種藥物。

We are making this investment because we see a clear opportunity to accelerate adoption in the field, further integrating this into everyday clinical practice. Besides physician efforts, creating a new category also requires consumer awareness, and we are continuing to build the consumer side of the category. Many of you have complimented us on our direct‑to‑consumer campaign, which features Sarah Jessica Parker, and asked when we expect to see that translated into prescription trends.

我們之所以進行這項投資，是因為我們看到了加速該技術在臨床領域應用、進一步將其融入日常臨床實踐的明確機會。除了醫生的努力之外，創造一個新類別還需要消費者的意識，我們正在繼續建立該類別的消費者群體。許多人稱讚了我們以莎拉·傑西卡·帕克為主角的直接面向消費者的宣傳活動，並詢問我們預計何時能看到該活動轉化為處方趨勢。

As a reminder, we launched a DTC campaign in mid‑January, with February representing the first full month of activity. We are encouraged by the early signals we're seeing as the campaign is resonating with consumers and clearly driving engagement, with website traffic now running roughly 5 times higher than baseline and spikes of up to 10 times normal traffic during national activations. At the same time, consumer activation in a new category takes time.

提醒一下，我們在 1 月中旬啟動了 DTC 活動，2 月是活動的第一個完整月份。我們從目前看到的早期跡像中感到鼓舞，該活動引起了消費者的共鳴，並顯著提高了參與度，網站流量現在比基線高出約 5 倍，在全國推廣活動期間，流量峰值甚至達到正常流量的 10 倍。同時，消費者對新品類的接受度需要時間。

Across consumer‑driven categories, people typically need to see an ad 5times to 7 times before acting on it, and in our case, the journey from awareness to prescription naturally takes longer. The consumer first sees the advertisement, learns about the product, schedules an appointment with the eye care professional, receives a sample, and only then transitions to purchasing a prescription. Pharmaceutical direct‑to‑consumer campaigns like ours typically take at least two quarters to translate into prescription trends.

在以消費者為主導的類別中，人們通常需要看到廣告 5 到 7 次才會採取行動，而就我們而言，從意識到問題到開處方的過程自然需要更長時間。消費者先看到廣告，了解產品，預約眼科專業人士，收到樣品，然後才購買處方藥。像我們這樣的藥品直接面向消費者的行銷活動通常至少需要兩個季度才能轉化為處方趨勢。

What we are seeing today are encouraging early indicators of that process, and we would expect a more meaningful impact on script volume as we move into the second half of the year. In other words, the consumer awareness engine is now beginning to build momentum, while in parallel we continue to focus on helping physicians integrate this more consistently into their patient discussions. With that, let me briefly summarize where I believe we are today.

我們今天看到的是這個過程令人鼓舞的早期跡象，我們預計隨著下半年的到來，劇本數量將受到更顯著的影響。換句話說，消費者意識引擎現在開始積蓄力量，同時，我們繼續專注於幫助醫生更持續地將此融入與患者的討論中。最後，讓我簡單總結一下我認為我們目前所處的境地。

We have a product that clearly works and is delivering the real‑world results we expected to see, and we are seeing encouraging early signals around patient persistence. We have already built a strong and rapidly growing foundation of prescribing physicians, and at the same time we are building a new treatment category, which naturally takes time. But as I've noted, the early signals we are seeing give us confidence that we are on the right path.

我們的產品顯然有效，並帶來了我們預期在現實世界中看到的結果，而且我們看到了患者堅持使用方面的令人鼓舞的早期跡象。我們已經建立了一個強大且快速成長的處方醫生群體，同時，我們正在建立一個新的治療類別，這自然需要時間。但正如我之前提到的，我們目前看到的早期跡象讓我們相信，我們走在正確的道路上。

With the operational actions we're taking in the field, the expansion of the sales force, and growing consumer awareness driven by a direct‑to‑consumer campaign, both the physician and consumer adoption engines are now beginning to build momentum. As prescriber habits build and consumer awareness grows, we expect to see an acceleration in new patient starts for this condition.

隨著我們在現場採取的營運行動、銷售隊伍的擴充以及透過直接面向消費者的活動提高消費者意識，醫生和消費者的採納引擎現在都開始積蓄力量。隨著醫生開藥習慣的養成和消費者意識的提高，我們預計這種疾病的新患者數量將會加速成長。

The opportunity in front of us remains exactly what we've always believed it to be a large and underpenetrated market with 128 million presbyopes in the United States and a product that can meaningfully improve how patients manage their near vision. Our focus now is straightforward: continue executing, continue expanding adoption, and continue building what we believe can be a blockbuster category.

我們面前的機會依然是我們一直以來所認為的：這是一個龐大但滲透率不足的市場，美國有 1.28 億老花眼患者，而我們的產品可以顯著改善患者近視力管理的方式。我們現在的重點很明確：繼續執行，繼續擴大應用範圍，繼續打造我們認為可以成為爆款品類的產品。

With that, I will now turn the call over to Sean Olsson to get more insights into our commercial strategy.

接下來，我將把電話交給肖恩·奧爾森，讓他更深入地了解我們的商業策略。

Thank you, Ev. Good morning, everyone, and as a quick reminder, presbyopia is the largest unmet vision condition in the United States, affecting approximately 128 million people, a population nearly 4 times larger than those with dry eye. In fact, presbyopia affects more Americans than dry eye, childhood myopia, macular degeneration, diabetic retinopathy, and glaucoma combined. This is uniquely positioned to address this opportunity and performing exactly where it matters.

謝謝你，伊芙。各位早安，在此提醒大家，老花眼是美國最大的未被滿足的視力問題，影響著大約 1.28 億人，這個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、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。它擁有得天獨厚的優勢來把握這一機遇，並在關鍵之處發揮重要作用。

The product works, and early persistence signals are encouraging, and because this is a new category creation, as noted, the ramp in new patients is developing gradually as physicians are starting to build a habit of introducing an eye drop option during routine visits. We're focused on accelerating uptake by sharpening our positioning messaging, expanding our sales force to increase reach and frequency, and building consumer pull through DTC so that more patients are offered this in the exam room and more come in asking about this. I will unpack these details and insights across our key strategic pillars.

該產品有效，早期持續使用跡象令人鼓舞，而且正如前面提到的，由於這是一個新類別，新患者的增長速度正在逐步加快，因為醫生們開始養成在常規就診期間引入滴眼液的習慣。我們致力於透過以下方式加快產品普及速度：完善定位資訊、擴大銷售團隊以擴大覆蓋率和增加銷售頻率，並透過直接面向消費者的方式吸引消費者，從而在診間中向更多患者提供該產品，並讓更多患者前來諮詢該產品。我將圍繞我們的關鍵策略支柱，詳細闡述這些細節和見解。

Doctors recommend us, and consumers request us by name, and focusing first on our eye care professional strategy, we are encouraged by the progress of doctors who recommend this. Just 5 months into the launch, aided awareness is already at 98% and unaided awareness is already at 79%, and as a reminder, unaided awareness means that an eye doctor brought up this product in the survey as an eye drop to treat presbyopia unsolicited. Both metrics are above our targets and demonstrate that ECPs are very aware of this.

醫生推薦我們，消費者點名要我們，我們先專注於眼科護理專業策略，醫生們的推薦讓我們倍感鼓舞。上市僅 5 個月，有意識的認知達 98%，無意識的認知達 79%。提醒一下，無意識的認知度是指眼科醫師在調查中主動提及該產品作為治療老花眼的眼藥水。這兩項指標均高於我們的目標，顯示 ECP 對此非常清楚。

In the same survey, we are also seeing accuracy of key messages resonating with ECPs, and as they are prompted to write in what they know about this, we see consistent answers such as pupil selective.

在同一項調查中，我們還發現關鍵訊息的準確性引起了早期兒童專業人員的共鳴，當被要求寫下他們對此的了解時，我們看到了一致的答案，例如「學生選擇性」。

Pupil.

瞳孔。

Selective, differentiate MOA, not pilocarpine, blast pen numbers, and these results demonstrate that ECPs understand this well. Confidence in VIZZ is also clear, as reflected by more than 14,000 ECP locations enrolled in our Find‑It‑Now program. And most importantly, we expect to have over 10,000 prescribing ECPs by the end of Q1, which exceeds what we observed with several recent eye care product launches, including MiSight and Xtend at this stage of their launch.

選擇性地區分作用機制，而不是毛果芸香鹼，爆發筆數，這些結果表明 ECP 對此理解得很好。對 VIZZ 的信心也顯而易見，超過 14,000 個 ECP 地點加入了我們的 FindâftItâftNow 計畫。最重要的是，我們預計到第一季末將有超過 10,000 名眼科醫生開立處方，這超過了我們最近觀察到的幾款眼科護理產品上市階段的水平，包括 MiSight 和 Xtend。

In addition to the broad ECP prescriber base, we're also seeing ECP confidence as over 55% of these doctors have written this multiple times. As we look at the first 5 months of launch, we're also gaining important insights that continue to reinforce our confidence in the opportunity for VIZZ. First, we're seeing that access across optometrists and ophthalmologists is not a meaningful barrier for VIZZ, as evidenced by consistent execution of our field team, which continues to deliver approximately 7 calls per day.

除了 ECP 處方醫生群體廣泛外，我們還看到 ECP 處方醫生信心增強，超過 55% 的醫生多次開立 ECP 處方。回顧 VIZZ 推出後的前 5 個月，我們也獲得了重要的見解，這些見解不斷增強了我們對 VIZZ 發展機會的信心。首先，我們看到，對於 VIZZ 而言，與驗光師和眼科醫生的溝通並非重大障礙，這從我們現場團隊的持續執行中可見一斑，他們每天大約撥打 7 個電話。

Secondly, our sampling strategy is working, as we see that most patients are able to obtain a sample and when they do, it helps identify those who like the product, which in turn has supported encouraging refill rates. In terms of prescriber mix, it remains about 80% optometry and 20% ophthalmology, with our expected top prescribers performing as anticipated. As I stated earlier, once these ECPs have integrated this into practice, they're successful with it as data suggests our top 1,000 ECPs are filling over 40% more scripts per doctor than what was observed at a comparable point with VUITY.

其次，我們的抽樣策略是有效的，因為我們看到大多數患者都能獲得樣品，而當他們獲得樣品時，這有助於確定哪些人喜歡該產品，這反過來又促進了續購率的提高。就處方醫師組成而言，驗光師佔比仍約為 80%，眼科醫師佔比約為 20%，我們預期的頂級處方醫生表現符合預期。正如我之前所說，一旦這些急診醫生將此融入實踐，他們就會取得成功，數據顯示，我們排名前 1000 的急診醫生每位醫生開出的處方比 VUITY 在類似階段觀察到的要多 40% 以上。

Interestingly, we're also seeing adoption broaden across lower‑decile writers, which is an encouraging sign for the depth of the opportunity. Particularly notable is the growing number of eye care professionals writing this multiple times who never wrote VUITY, and we view that as an important proof point. It suggests that VIZZ is not simply capturing prior prescribers in this category, but expanding physician engagement with the prescription presbyopia opportunity more broadly.

有趣的是，我們也看到低收入寫作者的採用率也在不斷提高，這對於展現該領域的巨大潛力來說是一個令人鼓舞的跡象。尤其值得注意的是，越來越多的眼科護理專業人員多次撰寫此文，但他們從未寫過 VUITY，我們認為這是一個重要的證明點。這表明 VIZZ 不僅僅是將以前的處方醫生納入這一類別，而是更廣泛地擴大了醫生參與老花眼處方機會的程度。

And finally, while others enter this market, their limited success means this remains a true category‑build effort, and we're working to build new prescribing habits and overcome legacy perceptions from prior products. Our market research confirms there is still an opportunity to further educate ECPs that this is not just for early presbyopes and how to more routinely integrate VIZZ discussions into the standardized exam. Based on what we've learned in these initial months, we've already begun to implement clear steps to accelerate adoption.

最後，雖然其他公司也進入了這個市場，但它們的成功有限，這意味著這仍然是一個真正的品類構建工作，我們正在努力培養新的處方習慣，並克服以前產品帶來的遺留觀念。我們的市場調查證實，仍有機會進一步教育眼科醫生，讓他們明白這不僅適用於早期老花眼患者，以及如何更常規地將 VIZZ 討論融入標準化檢查中。根據我們最初幾個月所了解到的情況，我們已經開始實施明確的步驟來加速推廣。

We're excited to expand our field organization from 88 representatives to 117 representatives, as noted earlier, which will allow the in‑field organization to cover a broader set of ECPs who are already prescribing this and increase call frequency with eye care professionals. This expands the outside field team's reach to approximately 15,000 ECPs, and we believe that added reach and frequency are important to supporting the behavior change needed to build a category and integrate VIZZ as a routine part of the presbyopia discussion. We've already begun onboarding the expanded field and expect them to be fully on board in Q2.

如前所述，我們很高興將現場組織從 88 名代表擴大到 117 名代表，這將使現場組織能夠覆蓋更多已經開具此處方的眼科醫生，並增加與眼科護理專業人員的通話頻率。這使得外場團隊的覆蓋範圍擴大到大約 15,000 名眼科醫生，我們相信，增加覆蓋範圍和頻率對於支持行為改變至關重要，而這種改變對於建立一個類別並將 VIZZ 整合為老花眼討論的常規部分至關重要。我們已經開始讓擴大後的用戶群加入團隊，預計他們將在第二季全面加入。

At the same time, the field is focusing on the messages that matter most to bring up this more often, including the broader inclusion criteria from our clinical studies, which included moderate and advanced presbyopia. We are seeing strong success in the moderate and advanced presbyope fields as well as practical tools to make offering this to patients a simple and seamless addition to the office visit. Moving to our consumer strategy of driving patients to request VIZZ by name, we're encouraged by the early momentum we're seeing since launch and through the end of March we expect to have sold more than 45,000 monthly packs of VIZZ.

同時，該領域正致力於更頻繁地提出最重要的訊息，包括我們臨床研究中更廣泛的納入標準，其中包括中度至重度老花眼。我們在中度至重度老花眼領域取得了顯著的成功，並且擁有實用的工具，使向患者提供這項服務成為門診就診中簡單而無縫的補充。轉向我們的消費者策略，即引導患者指定使用 VIZZ，我們對自推出以來所看到的早期勢頭感到鼓舞，預計到 3 月底，VIZZ 的月度銷量將超過 45,000 包。

Importantly, this is proving to be a product that works for patients and is generating encouraging repeat behavior, and we're already seeing patients come back for refills, transition from one‑month to three‑month prescriptions, and in many cases start directly with a three‑month order. This reinforces our view that the most important near‑term driver of growth is focusing on increasing NRXs, and to support that, in addition to our work with ECPs to bring this into the conversation more often, we've recently launched our direct‑to‑consumer campaign and have seen strong early uptake, which I'll outline shortly. Our spokesperson Sarah Jessica Parker is resonating well with consumers, and our advertising is running across a broad mix of high‑impact media including YouTube, Instagram, TikTok, ESPN, Paramount Plus, Uber, Pinterest, and other platforms.

重要的是，事實證明這是一款對患者有效的產品，並產生了令人鼓舞的重複購買行為，我們已經看到患者回來續藥，從一個月的處方過渡到三個月的處方，並且在許多情況下，他們直接訂購三個月的處方。這進一步印證了我們的觀點，即近期最重要的成長驅動力是專注於增加新客戶數量，為了支持這一點，除了與 ECP 合作，更頻繁地將此納入討論之外，我們最近還推出了直接面向消費者的活動，並看到了強勁的早期反響，我稍後會概述一下。我們的代言人莎拉潔西卡派克深受消費者喜愛，我們的廣告涵蓋了包括 YouTube、Instagram、TikTok、ESPN、Paramount Plus、Uber、Pinterest 等在內的眾多高影響力媒體平台。

These placements are helping us reach consumers where they spend their time and are driving not only sustained increases in web visits but up to a 10‑times increase in visits to VIZZ.com. We've also begun activating influencers across a diverse set of audiences, from well‑known reality personalities to recognizable voices in sports media and iconic actors who are now in the presbyopic age range. In addition, we are seeing strong pickup across broad media platforms including Good Morning America, New York Live, The New York Times, and late‑night TV.

這些廣告位幫助我們接觸消費者，讓他們在社群媒體上花費時間，不僅持續提升了網站訪問量，更使 VIZZ.com 的訪問量增加了高達 10 倍。我們也開始與不同受眾群體中的意見領袖合作，從知名真人秀明星到體育媒體的權威人士，再到如今已步入老年階段的標誌性演員。此外，我們看到各大媒體平台，包括《早安美國》、《紐約現場》、《紐約時報》和深夜電視節目，都出現了強勁的成長動能。

As we look at what we are learning from our early consumer launch efforts, our consumer mix today is approximately 60% female and 40% male, with the majority of users between the ages of 45 and 65, which is consistent with the audience we targeted and expected to reach. As highlighted earlier, it typically takes a couple of quarters to see DTC take hold, and we are encouraged by early performance indicators of our advertising, where click‑through rates and cost‑per‑impression metrics are exceeding relevant benchmarks. For example, our earliest in‑brand awareness from YouTube is performing two times above benchmark.

從我們早期面向消費者的推廣活動中，我們了解到，目前我們的消費者組成中女性約佔 60%，男性約佔 40%，大多數用戶年齡在 45 歲至 65 歲之間，這與我們設定的目標受眾和預期覆蓋範圍相符。如前所述，DTC 通常需要幾個季度才能站穩腳跟，我們對廣告的早期表現指標感到鼓舞，點擊率和每次展示成本指標都超過了相關基準。例如，我們最早從 YouTube 獲得的品牌認知度是基準的兩倍。

We're seeing similar lifts across both men and women demographics, and just as importantly, these campaigns are giving us useful insights into how our various creative assets perform across formats and audiences. This includes which visuals, messages, and executions resonate most strongly with consumers, and even with our early encouraging DTC metrics, we are actively optimizing our creative ads and media placement to maximize impact. We're increasing investment behind the higher‑performing media placements and reducing allocation to lower‑performing ones, allowing us to concentrate resources where we see the strongest response.

我們看到男性和女性群體都出現了類似的成長，同樣重要的是，這些活動讓我們深入了解了我們的各種創意資產在不同形式和受眾群體中的表現。這包括哪些視覺效果、資訊和執行方式最能引起消費者的共鳴，即使我們早期的 DTC 指標令人鼓舞，我們也在積極優化我們的創意廣告和媒體投放，以最大限度地提高影響力。我們正在增加對錶現較好的媒體投放的投入，減少對錶現較差的媒體投放的投入，以便將資源集中在反響最強烈的領域。

We're also introducing new permutations of creatives into the mix that bring up the everyday frustrations with reading glasses, which we believe is an important point of recognition as consumers consider this product. Starting in April, we will pilot linear TV commercials in select markets across our top states to test patient response, and linear advertising refers to traditional TV commercials on common network stations like ABC, NBC, and cable providers like Comcast. Together these actions will continue to optimize our media mix, messaging, and build additional consumer demand for VIZZ.

我們也將新的創意組合融入其中，以反映人們在使用老花眼鏡時遇到的日常煩惱，我們認為這是消費者在考慮這款產品時需要關注的重要一點。從四月開始，我們將在主要州的特定市場試行線性電視廣告，以測試患者的反應。線性廣告指的是ABC、NBC等常見電視網和Comcast等有線電視供應商上播放的傳統電視廣告。這些舉措將共同優化我們的媒體組合和訊息傳遞，並為 VIZZ 創造更多消費者需求。

We're encouraged by the progress we've made, as we are seeing broad physician adoption, growing commercial demand, encouraging early repeat behavior, and the first signs that our consumer campaign is beginning to activate the market. We continue to believe this is a category‑winning opportunity, and as the only approved presbyopia eye drop with up to 10 hours of duration, VIZZ offers a differentiated profile well aligned with the needs of both consumers and eye care professionals, as demonstrated by ECP adoption and encouraging patient persistence.

我們對所取得的進展感到鼓舞，因為我們看到醫生們廣泛採用，商業需求不斷增長，鼓勵早期重複購買行為，並且我們的消費者活動開始激活市場，這是第一個跡象。我們仍然相信這是一個贏得品類的機會，作為唯一獲批的持續時間長達 10 小時的老花眼滴眼液，VIZZ 具有差異化的特性，能夠很好地滿足消費者和眼科護理專業人員的需求，這已通過眼科護理專業人員的採用和鼓勵患者堅持使用而得到證明。

I now turn the call over to Dan Chevallard, our CFO, to step through our financial results.

現在我將電話交給我們的財務長丹·謝瓦拉爾，讓他詳細介紹我們的財務表現。

Thank you, Sean. As both Dan and Sean have outlined, the 4th quarter and recent period of launch has been a tremendous time for LENZ, as we have proudly introduced VIZZ into the US marketplace, representing a novel solution for the treatment of presbyopia for the 128 million Americans frustrated with their near vision. As has been highlighted, this is a true market build and one that we're doing from a position of financial strength, and this morning I'd like to focus my remarks on three sections.

謝謝你，肖恩。正如丹和肖恩所概述的那樣，第四季度和最近的上市期對於 LENZ 來說是意義非凡的時期，因為我們自豪地將 VIZZ 引入美國市場，為 1.28 億因近視力問題而苦惱的美國人提供了一種治療老花眼的新解決方案。正如之前所強調的那樣，這是一次真正的市場建設，而且我們是在財務實力雄厚的情況下進行的。今天上午，我想重點談談以下三個面向。

First, summarizing our 2025 financial results, then discussing our outlook on 2026 capital allocation, and concluding by highlighting the significant progress made on the global expansion of this through our international partnership strategy. First, and as has been mentioned, we continue in the launch of VIZZ from a position of financial strength, ending 2025 with approximately $292.3 million in cash, equivalents, and marketable securities. We remained debt‑free and ended 2025 with approximately 31.3 million shares of common stock outstanding.

首先，總結我們 2025 年的財務業績，然後討論我們對 2026 年資本配置的展望，最後重點介紹我們透過國際合作策略在全球擴張方面取得的重大進展。首先，如同先前所提到的，我們將繼續以雄厚的財務實力推出 VIZZ，到 2025 年底，我們將擁有約 2.923 億美元的現金、等價物和有價證券。我們維持零負債，到 2025 年底，流通在外的普通股約為 3,130 萬股。

Our Q4 results were highlighted by net product revenues of approximately $1.6 million in our first quarter of product launch, with over 20,000 monthly paid and filled prescriptions. As you will recall, we launched VIZZ with availability through two consumer channels, the first being our e‑pharmacy which receives prescriptions from the ECP, processes individual orders, and ships product directly to the consumer's home. We recognize revenue when our product is delivered to the consumer.

我們第四季的業績亮點在於，產品上市第一季淨產品收入約為 160 萬美元，每月付費和配藥處方超過 2 萬份。您應該還記得，當我們推出 VIZZ 時，透過兩個消費者管道提供該產品，第一個管道是我們的線上藥房，該藥房接收 ECP 的處方，處理個人訂單，並將產品直接運送到消費者家中。當我們的產品交付給消費者時，我們確認收入。

Our second channel, the more traditional retail pharmacy, is supplied by our network of wholesalers, and as is typical through this channel, we recognize revenue when shipments of VIZZ are received by the wholesaler, not upon delivery to the patient. Turning now to our operating expenses, we've discussed in previous quarters our planned ramp in spend as we moved into launch, specifically driven by our commercial strategy. Our total Q4 operating expenses were approximately $40 million, including $4 million of non‑cash stock‑based compensation expense, compared to $31.4 million in Q3 of 2025.

我們的第二個管道，即較傳統的零售藥局，由我們的批發商網路供貨。與此管道的慣例一樣，我們在批發商收到 VIZZ 的貨物時確認收入，而不是在交付給患者時確認收入。現在來說說我們的營運費用，我們在前幾個季度討論過，隨著我們進入產品發布階段，我們計劃逐步增加支出，這主要是由我們的商業策略驅動的。我們第四季的總營運支出約為 4,000 萬美元，其中包括 400 萬美元的非現金股票選擇權補償支出，而 2025 年第三季為 3,140 萬美元。

Importantly, net cash burn in the 4th quarter was approximately $32 million. The cost of goods sold in the 4th quarter totaled $400,000 and was primarily driven by indirect product costs associated with non‑recurring manufacturing processes. Going forward, we anticipate this to trend to an approximately 90% direct product gross margin.

值得注意的是，第四季的淨現金消耗約為 3,200 萬美元。第四季銷售成本總計 40 萬美元，主要原因是與非經常性製造過程相關的間接產品成本。展望未來，我們預期直接產品毛利率將趨近於 90%。

Total SG&A expenses increased to $39.6 million in Q4 2025, or approximately $35.9 million net of non‑cash stock‑based compensation compared to $9.4 million for the same period in 2024, driven almost entirely by the establishment of our sales force and launch of VIZZ, including a significant non‑recurring investment in Q4 to enable the launch of our DTC campaign in early Q1 of 2026. Sequentially, quarter over quarter, SG&A increased by approximately 43% from $27.6 million in the third quarter. In recent quarters we have discussed the importance of capital allocation at LENZ and the significant weighting of our SG&A spend towards sales and marketing to support VIZZ.

2025 年第四季度，銷售、一般及行政費用總額增至 3960 萬美元，扣除非現金股票期權補償後約為 3590 萬美元，而 2024 年同期為 940 萬美元，這幾乎完全是由於我們銷售團隊的建立和 VIZZ 的推出所致，其中包括第四季度的一項重大活動使我們能夠在第 206 年第 2063 年活動中經常啟動我們的一項重大活動。與上一季相比，銷售、一般及行政費用較上季成長約 43%，從第三季的 2,760 萬美元成長至 2,760 萬美元。最近幾個季度，我們討論了 LENZ 資本配置的重要性，以及我們的 SG&A 支出中很大一部分用於銷售和行銷以支援 VIZZ 的情況。

In Q4, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses, and this is a trend that we expect to continue. Total research and development expenses decreased to $0 in Q4 2025 compared to $5.9 million in the same period last year. Sequentially, R&D expenses decreased quarter over quarter by 100% from $3.8 million in the third quarter.

第四季度，我們的銷售、一般及行政費用中約 80% 來自銷售和行銷，其餘部分為一般及行政費用，我們預期這一趨勢將持續下去。2025 年第四季研發總支出降至 0 美元，去年同期為 590 萬美元。與上一季相比，研發費用較上季下降了100%，從第三季的380萬美元降至本季的380萬美元。

This reduction was anticipated and was primarily the result of the conclusion of the positive Phase 3 CLARITY study and subsequent approval of VIZZ in July. Finally, our net loss per share, both basic and diluted, was $1.16 per share in the fourth quarter of 2025 on a net loss of $35.9 million compared to a net loss per share of $0.46 in the fourth quarter of 2024 on a net loss of $12.7 million. As we look ahead to 2026, I would like to highlight a few points to help further characterize our P&L.

這一減少是預料之中的，主要是由於積極的 3 期 CLARITY 研究的結束以及 VIZZ 在 7 月的隨後批准。最後，2025 年第四季度，我們每股淨虧損（包括基本虧損和攤薄虧損）為 1.16 美元，淨虧損為 3,590 萬美元，而 2024 年第四季每股淨虧損為 0.46 美元，淨虧損為 1,270 萬美元。展望 2026 年，我想強調幾點，以幫助進一步了解我們的損益。

First, on the revenue front and after our first quarter of sales, we noted a better‑than‑anticipated blended gross‑to‑net ratio of approximately 90%, or $67 per monthly package of VIZZ. Additional non‑gross‑to‑net costs of the respective distribution channels have consistently resulted in a net cash per unit of $60 per monthly package, with the difference flowing into our SG&A line. This net cash per unit of $60 is consistent with our longstanding expectations.

首先，在收入方面，在我們第一個季度的銷售之後，我們注意到混合毛利淨利比率比預期要好，約為 90%，即 VIZZ 每月套餐 67 美元。各個分銷管道的額外非毛利到淨利成本一直導致每月每包淨現金為 60 美元，差額流入我們的銷售、一般及行政費用。每單位淨現金流為 60 美元，這與我們長期以來的預期相符。

Our Q4 2025 cash burn was substantially in line with our go‑forward quarterly expectations over 2026. The recently initiated sales force expansion was included in our 2026 operating plan, and we will continue to target an allocation of approximately 75% to 80% of our OpEx to sales and marketing with an aim to maintain reasonably flat G&A spend period over period. R&D spend now becomes a de minimis line item on the P&L.

我們 2025 年第四季的現金消耗與我們對 2026 年及以後各季度的預期基本一致。最近啟動的銷售隊伍擴張計劃已納入我們的 2026 年營運計劃，我們將繼續把大約 75% 到 80% 的營運支出分配給銷售和行銷，目標是保持一般及行政費用支出在各個時期內基本持平。研發支出現在已成為損益表上微不足道的項目。

The last point I'd like to highlight is an update on our recent progress advancing the global expansion of VIZZ through our international partnership strategy. We’ve seen significant progress across the globe in recent months and now anticipate potential approvals in multiple geographies in early 2027, and breaking that down, as we initially announced in Q3 of last year, the NDA review in China is now well underway. In May 2025, we executed a commercialization agreement with Lotus Pharmaceutical and are happy to report that of the eight countries licensed in Southeast Asia, we have NDAs submitted and under review in three countries including South Korea, Thailand, and Singapore.

最後我想重點介紹一下我們最近透過國際合作策略來推進 VIZZ 全球擴張所取得的進展。近幾個月來，我們在全球範圍內取得了顯著進展，現在預計將在 2027 年初在多個地區獲得潛在批准。具體來說，正如我們去年第三季最初宣布的那樣，中國的新藥申請審查目前正在順利進行中。2025 年 5 月，我們與 Lotus Pharmaceutical 簽署了商業化協議，並很高興地報告，在東南亞獲得許可的八個國家中，我們已向韓國、泰國和新加坡三個國家提交了新藥申請，目前正在接受審查。

As announced in early March, we recently submitted our central Marketing Authorization Application to the European Medicines Agency for approval in Europe, with our submission to the Medicines and Healthcare products Regulatory Agency (MHRA) in the U.K. to follow. Our commercial partner in Canada continues to make progress toward their submission to Health Canada, and significant regulatory activities are already underway with Lunatis, our commercial partner for the recently signed nine‑country distribution agreement in the Middle East. In total, five ex‑U.S. NDA or equivalent submissions have been completed, and we anticipate over ten to be completed by the end of this year with multiple potential approvals possible in 2027.

正如我們在 3 月初宣布的那樣，我們最近向歐洲藥品管理局提交了中央上市許可申請，​​以獲得歐洲的批准，隨後我們將向英國藥品和保健產品監管局 (MHRA) 提交申請。我們在加拿大的商業合作夥伴繼續向加拿大衛生部提交申請，並且我們與 Lunatis（最近簽署了中東九國分銷協議的商業合作夥伴）已開展了重要的監管活動。總共已完成五份美國以外的NDA或同等申請，我們預計到今年年底將完成十多份，並有可能在2027年獲得多項批准。

In summary, we feel confident about where we are both financially and strategically, and the team is well positioned to execute and advance VIZZ on the back of a strong balance sheet and a broad strategic network of partners making regulatory advancements globally.

總而言之，我們對自身的財務和戰略狀況充滿信心，憑藉強勁的資產負債表和廣泛的戰略合作夥伴網絡，團隊已做好充分準備，在全球範圍內推進監管改革，執行並推進 VIZZ 項目。

With that, I’ll turn the call back over to Ale.

好了，我這就把電話轉回給艾爾。

Thanks, Dan. To conclude, I'm incredibly proud of the LENZ team and the progress we are making in these early months of launch. We're seeing what we hoped to see, the product clearly works, encouraging early signals of patient persistence, and a growing base of prescribing physicians.

謝謝你，丹。總之，我為 LENZ 團隊以及我們在產品發布初期幾個月的進展感到無比自豪。我們看到了我們希望看到的結果，該產品顯然有效，這令人鼓舞，表明患者堅持使用該產品的早期跡象，處方醫生的數量也在增加。

We are now focused on accelerating new patient adoption. Through disciplined execution in the field and continued investment behind the category, we believe we are in the early stages of building what can become a significant and durable market. As we continue to execute and prescribing habits build and consumer awareness grows, we expect to see an acceleration in new patient starts from this foundation.

我們現在正致力於加速新患者的接受度。我們相信，透過在該領域嚴謹的執行和對該品類的持續投入，我們正處於建立一個可能發展成為一個重要且持久市場的早期階段。隨著我們不斷推進，處方習慣逐漸養成，消費者意識不斷提高，我們預計在此基礎上，新患者的就診量將會加速成長。

We look forward to updating you on our continued progress in the quarters ahead. With that, I'd like to open up the call for questions.

我們期待在接下來的幾季中向您報告我們的持續進展。接下來，我想接受大家的提問。

(Operator Instructions)

（操作說明）

Stacy Koo with TD Cowan.

Stacy Koo 與 TD Cowan。

Thanks so much. Good morning, and we really appreciate, all the detailed commentary on the this launch so far. We have a couple of questions. So first, Maybe further discuss that sampling dynamic to NRX and the retention that you're seeing. How is refill, let's say high level tracking to your internal expectations so far. So that's the first question. And then second, as you're trying to broaden patient demand, maybe talk a little bit more about the investments and where you think they can help with the friction points that you listed. Do you believe, that select television advertising plans will also take about two quarters with prescriptions?

非常感謝。早上好，我們非常感謝大家迄今為止對此次發射的詳細評論。我們有幾個問題。首先，或許可以進一步討論 NRX 的取樣動態以及您觀察到的留存情況。就目前而言，補貨情況（比如說，高層追蹤）是否符合您的內部預期？這是第一個問題。其次，既然您正在努力擴大患者需求，或許可以多談談投資，以及您認為這些投資可以在哪些方面幫助解決您列出的摩擦點。你認為，精選的電視廣告方案也需要大約兩季的時間才能見效嗎？

We're asking because from what we remember, our consultant told us that beauty ads were everywhere. Of course, the prescribers were not necessarily prepared to set expectations on beauty's efficacy profile, which has been your pro focus, but just help us understand that dynamic and Maybe a reminder on the size of the VD sales forces as you're expanding your sales force as well, and then the third question is on the prescriber editions. If you're willing to comment, what percentage are from your initial target group versus the inbounds from patient demand, and are you seeing a certain practice profile where the prescriber becomes a repeat? Thanks so much.

我們這麼問是因為我們記得，我們​​的顧問告訴我們，美容廣告無所不在。當然，處方醫生未必準備好對美容產品的功效概況設定預期，而這正是你們的專業關注點，但請幫助我們理解這種動態，或許還可以提醒一下VD銷售團隊的規模，因為你們也在擴大銷售團隊，第三個問題是關於處方醫生版本。如果您願意發表意見，請問您的初始目標群體佔比是多少？病患需求帶來的新增病患佔比又是多少？您是否觀察到某種特定的診療模式，即處方醫生會成為重複處方醫生？非常感謝。

Thanks, Stacey. Appreciate your questions. Let me start off with the anorex and refill dynamic and give a little bit more color and then Sean will talk about the DCC and ECP question that you have there. So we feel very good about where we are, more actively, as I've mentioned, accelerating adoption. If you look at the strong foundation that we've built with the over 10,000 prescribing ECPs and more than 45,000 boxes sold, we believe that that's a great start. And what matters most early is to see that the product works, as I've mentioned, that we see the patients who choose to purchase continue to use it.

謝謝你，史黛西。感謝您的提問。讓我先從厭食症和補充裝的動態說起，再詳細解釋一下，然後肖恩會談談你提出的DCC和ECP的問題。因此，我們對目前的狀況感到非常滿意，正如我之前提到的，我們正在更積極地加速推廣應用程式。看看我們建立的堅實基礎，超過 10,000 名處方 ECP 和超過 45,000 盒的銷量，我們相信這是一個很好的開始。正如我之前提到的，早期最重要的是要看到產品有效，並且看到選擇購買該產品的患者繼續使用它。

And we're seeing both. So new patient styles are developing as expected for a new category that takes a little time, like I mentioned, we're actively working to continue to accelerate that as per plan. So significantly or specifically, we're expanding our sales force, like I mentioned, we're adding 29 reps to drive both bread and frequency.

我們看到這兩種情況都發生了。因此，正如我之前提到的，新的患者類型正在按預期發展，這對於一個新類別來說需要一些時間，我們正在積極努力，並按照計劃繼續加快這一進程。因此，更確切地說，我們正在擴大銷售隊伍，正如我所提到的，我們將增加 29 名銷售代表，以推動麵包銷售和銷售頻率的成長。

I'm sure we'll probably talk about that a little bit more as he answers your ECP question because that allows us to increase coverage of physicians that are already showing interest. It also increases how often we engage with those existing prescribers. Along that, as I've mentioned, we're continuing to build the consumer demand through DBC and that ties into your second part or third question, I think.

我相信，當他回答你關於 ECP 的問題時，我們可能會再多談談這個問題，因為這可以讓我們擴大對已經表現出興趣的醫生的覆蓋範圍。這也增加了我們與現有處方醫生的互動頻率。此外，正如我之前提到的，我們正在透過DBC繼續培養消費者需求，我認為這與您的第二個問題或第三個問題有關。

So it's going to pivot into the refills, and we know that this is a refill-driven category, and early cycles are encouraging. We're seeing patients come back and reorder. We now look at that cohort of patients that got that first order in Q4 or the 1st 4 of our launch. We're seeing them come back and reorder. We're seeing patients move from initially a 1 month pack now to a 3 month pack, suggesting that they are committed and they're liking the product.

所以它將轉向補充裝，我們知道這是一個以補充裝為主導的品類，而且早期的周期令人鼓舞。我們看到有患者回來再次訂購。我們現在關注的是第四季度或產品上市後的前四個季度獲得首批訂單的那批患者。我們看到他們回來重新下單。我們看到患者從最初購買 1 個月的包裝升級到購買 3 個月的包裝，這表明他們堅持使用，並且喜歡這款產品。

We're also seeing patients that are new to the product not actually starting initially on multi-month supplies. So in our mind, that tells us that they had a chance to sample the products, the sampling strategy works. They self-select and they like the product enough to start off with feedback.

我們也發現，有些初次使用該產品的患者最初並沒有一次購買數月的用量。所以我們認為，這顯示他們有機會體驗產品，抽樣策略是有效的。他們自行選擇，並且非常喜歡這款產品，所以開始提供回饋。

So all of that we feel is very consistent with the product that's delivering for patients, and it's still early, so we want to make sure that we see that this dynamic develops over multiple course. Again, the patterns that we're seeing so far are aligned with what we would expect.

因此，我們認為所有這些都與該產品為患者帶來的效果非常一致，而且現在還處於早期階段，所以我們希望確保看到這種動態在多個療程中得到發展。同樣，我們目前看到的模式與我們的預期相符。

So with that, let me switch over to Sean to talk about the BBC and ADCP. Thanks.

那麼，接下來就讓肖恩來談談BBC和ADCP吧。謝謝。

Hi, Stacy, thanks for the questions. When we look at broadening the patient demand and where we're focusing our investments to help. No, our primary focus has always been digital advertising to hit the patients where they are, so we know what these patients look like and we knew that prior to launch, right? We knew that they make over $100,000 a year. They're mostly between 45 and 65. They're in major city centers and that digital marketing is working.

嗨，Stacy，謝謝你的提問。當我們著眼於擴大患者需求以及我們將投資重點放在哪些方面以幫助解決這些問題時。不，我們的主要重點一直是數位廣告，以便在患者所在的地方進行宣傳，所以我們知道這些患者長什麼樣，而且我們在推出產品之前就知道這一點，對吧？我們知道他們年收入超過 10 萬美元。他們大多在 45 歲到 65 歲之間。它們位於主要城市中心，數位行銷效果顯著。

What we look at every single day is, what's our click through rates of different ads? What's our cost per impressions of not only different ads but different media placements. So inside that digital aspect it's really a lot of optimizing, right? Do we actually see more benefit when we're putting the assets on YouTube versus when we put them on Instagram and how that translates to business or website. So that's a lot of optimization.

我們每天都會查看不同廣告的點擊率是多少？我們每次展示的費用是多少？包括不同的廣告形式和不同的媒體投放位置。所以，在數位化方面，實際上有很多優化工作要做，對吧？將素材上傳到 YouTube 是否真的比上傳到 Instagram 更有益？這又如何轉化為業務或網站效益？所以這其中有很多優化工作要做。

The influencer standpoint, same thing we look at the influencer's post and we say, okay, and we saw the post by, Heather Dubreau and she got 650,000 views. What does that look like and what does it translate? So a lot of that is optimizing.

從網紅的角度來看，情況也一樣，我們查看網紅的帖子，然後說，好的，我們看到了 Heather Dubreau 的帖子，她獲得了 65 萬次瀏覽。那看起來是什麼樣的呢？翻譯過來又是什麼？所以很多工作都是優化。

With the addition of linear, what we're also seeing is there are select markets where the patients are early adopters and therefore as we continue to evolve and optimize that media mix, it, it's a good opportunity to bring linear TV in those select markets and test that response and we continue to optimize to get that broader adoption. You are correct. When Beauty launched, they put, we're putting a big substantial media plan out there. And we're being much more focused with targeting each individual that we want to drive in versus driving a, shotgun approach of telling ALL125 million people about it to make sure we have an efficient campaign.

隨著線性電視的加入，我們也看到在某些特定市場，患者是早期接受者，因此，隨著我們不斷發展和優化媒體組合，這是一個很好的機會，可以在這些特定市場引入線性電視並測試其反應，我們將繼續優化以獲得更廣泛的採用。你說得對。Beauty 上線時，他們表示：“我們將推出一項規模龐大的媒體計劃。”我們更專注於針對我們想要吸引的每一個人進行精準行銷，而不是像以前那樣採取廣撒網的方式，向所有 1.25 億人宣傳，以確保我們的宣傳活動高效進行。

You also brought the sales forces guys. Yeah, we're looking into more and more about the beauty launch, it appears they had a sales force of roughly 300 people specifically focused on Beauty.

你也帶來了銷售團隊的人。是的，我們正在深入調查美妝產品的上市情況，看來他們有一個大約 300 人的銷售團隊專門負責美妝產品。

So therefore expansion from 88 to 116 will also make sense but it's also a more rationally sized sales force.

因此，從 88 人擴充到 116 人也是合理的，而且銷售團隊的規模也更加合理。

So jumping into that, which was the second part of your question on the the target groups of ECTs and where are they sitting?

那麼，讓我們進入正題，也就是你問題的第二部分，關於 ECT 的目標群體以及他們目前的情況？

So our field, the outside portion of the field was focused before on about 12,000 eye care professionals that covered decile 4 through 10 of beauty, 10 being the highest prescribers, and we continue to see that today. Our decile 10 doctors are, our highest prescribers as well, and we had the inside sales team covering the lower deciles.

所以，我們這個領域，也就是該領域的外部部分，以前主要關注大約 12,000 名眼科護理專業人員，涵蓋美容行業的第 4 至第 10 級，​​其中第 10 級是處方量最高的，而我們今天仍然看到這種情況。我們前 10% 的醫生也是我們處方量最大的醫生，而我們則安排了內部銷售團隊負責排名後 10% 的醫生。

No, the growth from targeting 12,000 to 15,000 ECPs of the outside field is because we were seeing those lower decile ones prescribing repeatedly, as well as a good portion that we actually called in our analysis NA. These are doctors that never written beauty, so we have doctors that never wrote beauty that are now wanting to write biz.

不，目標人數從 12,000 人增加到 15,000 人，是因為我們發現那些低十分位的醫生反覆開處方，以及我們在分析中實際稱為 NA 的很大一部分醫生。這些醫生以前從未寫過美容方面的文章，所以我們現在看到一些以前從未寫過美容方面的文章的醫生想要寫商業方面的文章。

And so a good way to think about it is, our target initial group from outside sales was 12,000 ECPs. And we've now grown that to 15,000 ECTs because of those deciles that we're not targets.

因此，一個很好的思考方式是，我們最初從外部銷售中獲得的目標群體是 12,000 名 ECP。由於那些我們並非目標族群的十分之一群體，我們現在已經將這一數字成長到 15,000 ECT。

Now when we do that we're growing not only the number of targets, but when we expand this field from 88 to 117, what you're also seeing is the ECPs per rep is getting smaller so we can get in that doctor office more often and really work with them to make sure they can get to that 12th conversation to bring it up to every patient and understand that they can offer this to more patients, not the early press. So hopefully I answered your question, Stacy.

現在，當我們這樣做時，我們不僅增加了目標客戶的數量，而且當我們把這個領域從 88 個擴展到 117 個時，你還會看到每個銷售代表需要接觸的 ECP 數量減少了，所以我們可以更頻繁地去醫生辦公室，真正與他們合作，確保他們能夠進行到第 12 次談話，向每位患者提出這個問題，並讓他們可以向他們提供更多媒體希望我的回答能幫到你，史黛西。

It did. Thank you so much.

確實如此。太感謝了。

Yigal Nachomovich, Citigroup.

Yigal Nachomovich，花旗集團。

Yeah, hi, guys. Thank you. Just a few questions here. I'm wondering if you could spend a little more time talking about the, these Top 1000, writers, in terms of their behavior and how they approach the conversation, with the patient, their knowledge of the product. I know you mentioned that, many of the ECPs, that are familiar with Viz, believed apparently erroneously that it was only for the early Presby ops and not for the other.

嗨，大家好。謝謝。這裡就問幾個問題。我想請您多花點時間談談這 1000 位頂尖作家，從他們的行為方式、與患者的溝通方式以及他們對產品的了解等方面進行分析。我知道你提到過，許多熟悉 Viz 的 ECP 顯然錯誤地認為它只適用於早期的 Presby 行動，而不適用於其他行動。

Categories you mentioned, Sean, like the contact lens wearers, the ones with prior LASIK and the pseudofaics. So I'm just curious, how that crept into the message, that some people apparently didn't understand that that it was for a much broader set, and how are you, planning to, help correct that perception, and then discuss the behavior of these top writers that seem to get it and have gotten it, from the very beginning. So that was my first question.

肖恩，你提到的那些人群，例如隱形眼鏡佩戴者、做過 LASIK 手術的人以及佩戴人造面部的人。所以我很好奇，為什麼有些人似乎沒有理解這條訊息是面向更廣泛的受眾的，以及您打算如何幫助糾正這種看法，然後討論一下這些似乎從一開始就理解了這一點的頂級作家的行為。這是我的第一個問題。

Thank you.

謝謝。

Thanks, you all, great question. Sean, I will tag to you on that a little bit. So just to double click on the stats that I shared. So, Very encouraging for us to see those two things that I've said. One is that it's only taking us about half of the amount of prescribing doctors to get to the same script volume that BUD got to at 44, 45,000. So, I think what that tells us is that doctors are enthusiastic.

謝謝大家，問得好。肖恩，這方面我稍後會和你討論一下。所以只需雙擊我分享的統計數據即可。所以，看到我剛才說的這兩點，對我們來說非常令人鼓舞。一是，我們只需要大約一半的處方醫生就能達到 BUD 44,45,000 張處方量。所以，我認為這表示醫生們充滿熱情。

They like working with a drug. And especially like what you would have dropped, that's efficacious. And if you're in that group, like, look at the Top 1000, you see that they're actually riding 40% more. So those are the doctors that wrote the most for beauty, The writing even more or asking your question on, what makes them different.

他們喜歡和毒品打交道。尤其是像你丟棄的那種東西，效果非常好。如果你屬於這個群體，看看排名前 1000 的人群，你會發現他們的騎行次數實際上增加了 40%。所以，這些醫生是撰寫美容文章最多的，他們甚至寫了很多文章，或者提出了關於是什麼讓他們與眾不同的問題。

Again, I'll hand over to Sean shortly. It's really around, they figured out how to, one, bring this up consistently and easily and quickly and offer it as an alternative option to their patients. Setting the right expectations around what to expect from a eye drop.

我稍後會把麥克風交給肖恩。它確實已經存在了，他們想出了辦法，第一，持續、輕鬆、快速地提出這個問題，並將其作為一種替代方案提供給他們的患者。對眼藥水的效果抱持正確的預期。

And then realizing that, as you've mentioned as well, this is truly something that they can offer to pretty much every, eligible prebuow in their practice. I think that's what makes them different, and we're obviously trying to bottle it up and share that with all the other doctors out there already describing and all the new ones that we're tapping into. So that'll hand it over for Sean to give you some, even more color on that.

然後他們意識到，正如你所提到的那樣，這確實是他們幾乎可以為診所裡所有符合條件的準醫生提供的服務。我認為這就是它們與眾不同的地方，我們顯然正在努力將其記錄下來，並與所有其他已經描述過這種情況的醫生以及我們正在接觸的所有新醫生分享。接下來就交給肖恩，讓他為大家帶來更多細節。

Yeah, absolutely, and thanks to you all for the question. So they put on a lot of the key points, but jumping in a little bit deeper, so our Top 1000 prescribers, again, they're tied to those higher decile counts. So these are doctors that are more comfortable implementing new technologies. Historically are also higher prescribers, but this is something that they're more used to doing in general on a day to day basis. What we're seeing is they follow that standard process which we always can you message. Make sure to give the patient anam.

是的，當然，感謝大家的提問。所以他們列舉了很多關鍵點，但更深入地分析一下，我們的前 1000 名處方醫生，再次強調，他們與那些較高的十分位計數相關。所以這些醫生比較樂於接受並運用新技術。從歷史上看，他們的處方量也較高，但這通常是他們日常生活中更習慣做的事情。我們看到的是，他們遵循的是標準流程，我們總是可以透過訊息通知您。務必給病人進行屍檢。

And a script, right? Allow all the patients to TRY it and then give them the script as well. And as they've said, they offer up as an option to more patients. They've figured out how to do the 12th pitch, how to offer it, and set the right expectations. In terms of your questions on that understanding the broader use, why are some still thinking only about that early pred deal, but this is really an effect of, the previous product on the market, which really was tested in the younger population.

還有劇本，對吧？允許所有患者試用，然後再開處方給他們。正如他們所說，他們為更多患者提供了一種選擇。他們已經弄清楚瞭如何進行第 12 次投球，如何提出這個投球，以及如何設定正確的預期。關於您提出的關於理解更廣泛用途的問題，為什麼有些人仍然只想到早期的強的松交易，但這實際上是之前在市場上銷售的產品的影響，該產品確實在年輕人群體中進行了測試。

And the efficacy really only worked in that very early emerging Fresio.

而這種療效其實只對早期出現的弗雷西奧有效。

Therefore, people naturally go there, it is taking work to make sure people understand that, we really did show just as much success in modern advanced presbyopia, and then we show them the graphs that actually show those that have worse presbyopia gain more lines, and that's a process to understand that this product truly does work for that full scope of presos.

因此，人們自然而然地會去那裡，但要讓人們理解這一點卻需要付出努力。我們確實在現代晚期老花眼方面取得了同樣巨大的成功，然後我們向他們展示圖表，這些圖表實際上顯示，老花眼越嚴重的人視力改善的程度就越高，這是一個理解該產品確實對各種老花眼都有效的過程。

Okay, awesome, thank you. And then just this is really quick just maybe for maybe Sean also, this is, just more of a an operational question you mentioned doing the TV ads I think that wasn't in the original blueprint. And I'm sure it was one of your, scenarios, but I assume this doesn't mean that your emphasis and investment in terms of, targeting the regional. Influencers, one layer below the SJPs, but that, that's still in place as it was, with the initial plan, and then also, are you able to track, I know I mentioned the conversion to the the the the uptick in the web traffic, when you have various campaigns that are delivered to the market. Are you able to track the conversion rates there and are you seeing higher conversion to Rx's, as a result of these waves of coming to the website?

好的，太棒了，謝謝。然後，這個問題其實很簡單，可能對肖恩來說也是，這更多的是一個操作方面的問題，你提到了製作電視廣告，我認為這不在最初的計劃之內。我相信這肯定是你們考慮過的方案之一，但我認為這並不意味著你們會把重點和投資放在區域目標上。影響者，比 SJP 低一個層級，但這一點仍然和最初的計劃一樣，而且，你能否跟踪，我知道我提到了轉換率，也就是網站流量的增長，當你向市場投放各種廣告活動時。您能否追蹤那裡的轉換率，並且您是否看到由於網站訪問量激增而導致處方藥轉換率更高？

Great questions you all. So first talk about the TV ads. So our strategy remains the same on, primarily focused on digital ads and the influencers. So we never plan to do broad national linear TV campaigns. However, what we're seeing is there are key markets. That are prescribing a lot more often than others and so this is a perfect opportunity to drop linear advertising on network TV and cable in those targeted markets in a responsible financially responsible way to see what type of response we see. So that's the opportunity that's now provided itself with Linar TV.

大家問的問題都很好。我們先來談談電視廣告。因此，我們的策略仍然不變，主要集中在數位廣告和網紅行銷上。所以我們從未計劃進行大規模的全國性線性電視廣告宣傳活動。然而，我們看到的是一些關鍵市場。這些地區的處方量遠高於其他地區，因此這是一個絕佳的機會，可以在這些目標市場以負責任的財務方式停止在電視網絡和有線電視上投放線性廣告，看看我們會看到什麼樣的反應。所以，這就是 Linar TV 現在所提供的機會。

So think of these as key markets. We test the response and in testing those response you need exactly what you just brought up. How does that translate to then visits to the web and then does that then translate to actual scripts later on? And that's exactly what we're continuing to look at every day. So we can see when we actually run different ads in different markets how that then responds to web traffic. I think we're early on in DTC so we don't have the pure correlation from the web traffic to then a script later on. There isn't a connection there, but it's something that we'll continue to look at for correlation to make sure we continue to further optimize those DTC ads.

所以，不妨把這些市場當作關鍵市場。我們會測試回應，而在測試這些回應時，你需要的正是你剛才提出的內容。那麼，這又如何轉化為網路存取量呢？而這最終又是否會轉化為實際的腳本呢？而這正是我們每天持續關注的問題。這樣我們就可以看到，當我們在不同的市場上投放不同的廣告時，這些廣告對網路流量的反應如何。我認為我們目前還處於 DTC 的早期階段，所以我們還沒有從網路流量到後續腳本的純粹相關性。目前還沒有發現關聯，但我們會繼續研究這種關聯性，以確保我們能夠繼續進一步優化這些直接面向消費者的廣告。

Okay, thank you very much.

好的，非常感謝。

Mark Goodman, Learrink Partners.

馬克‧古德曼，Learrink Partners。

Hi, everyone. This is Alyssa on for Mark. Thank you for taking my question. So you previously have highlighted three different patient categories as the foundation of the advertising strategy. Could you update us on which of those segments are driving the early adoption today? And then secondly, I might have missed this, but on the distribution, can you clarify whether prescriptions are being, fulfilled entirely through the e-Pharmacy channel or if retail is now kind of contributing to that and how is the mix between those two, if so, thank you.

大家好。這裡是艾莉莎替馬克報道。感謝您回答我的問題。所以，您之前已經強調了三種不同的患者類別作為廣告策略的基礎。能否請您介紹一下目前哪些細分市場正在推動早期採用？其次，我可能錯過了這一點，但關於分銷方面，您能否澄清一下處方是否完全透過電子藥房管道配藥，或者零售管道現在是否也參與其中，以及這兩種管道之間的比例如何？如果是的話，謝謝。

Great. Thanks for the question. So if you think back to our strategy in terms of early adopters, we want to focus on those that are in contact. We want to focus those that have had post-refractive surgery and what we call the opive lifestyle.

偉大的。謝謝你的提問。所以，如果你回顧我們針對早期用戶的策略，我們希望專注於那些與我們聯繫的人。我們想專注於那些接受過屈光手術的人以及我們所說的術後生活方式。

So, we commissioned a survey of patients that have recently received the product and what we're seeing is those targets are right. Now, when we actually look at the data, we're seeing about 50% of the patients on this have worn contacts.

因此，我們委託對最近接受過該產品治療的患者進行了一項調查，結果顯示這些目標是正確的。現在，當我們實際查看數據時，我們發現大約 50% 的患者曾戴過隱形眼鏡。

About one-third of them have had LASIK in the past. And that, about 25% of them have had Botox in the past 12 months. Now that quarter number is a little bit biased because we have an equal split of men and women, about 60% female, 40% male in terms of our prescriptions, and Botox does tend to be about 90% women, 10% men, so that would lift up that percentage overall. But we feel good about our targets that we're focused on there.

其中約三分之一的人以前做過雷射近視手術。而且，其中約有 25% 的人在過去 12 個月內曾注射過肉毒桿菌。現在這個季度數字有點偏差，因為我們的處方中男女比例大致相等，女性約佔 60%，男性約佔 40%，而肉毒桿菌注射的使用人群中女性約佔 90%，男性約佔 10%，所以這會拉高總體百分比。但我們對目前關注的目標感到滿意。

And then in terms of the the mix of retail as well as the pharmacy of both meaningful channels we've not broken out or shared that mix yet.

至於零售和藥局這兩個重要管道的組合，我們還沒有單獨列出或分享這個組合。

Excellent. Okay, thank you all so much.

出色的。好的，非常感謝大家。

Byron Amin with Piper Sandler.

拜倫·阿明和派珀·桑德勒。

Yeah, hi, guys. Thanks for taking my questions.

嗨，大家好。謝謝您回答我的問題。

For Q1, can you maybe tell us what the split is between the one month pack and the 3-month pack? My second question is I think previously you had estimated 5 refills per year.

關於問題 1，您能否告訴我們一個月裝和三個月裝的價格比例是多少？我的第二個問題是，我記得您之前估計過每年需要補充 5 次。

In your early adopters, do you feel that that still would align with your annual, refill projections?

在您早期採用者中，您認為這是否仍然符合您的年度補充裝預測？

And then, 3rd question, or third question is, can you talk about how many of the samples in Q4 converted to cris in Q1? I think that would be a good barometer of patient experience.

那麼，第三個問題是，您能否談談第四季度有多少樣本在第一季轉化為 cris？我認為這將是衡量患者體驗的一個很好的指標。

Thank you.

謝謝。

Thanks, Varon. Great questions. And obviously, we all know that ultimately, these statistics are going to be very important to to track the progress of the launch.

謝謝你，瓦倫。問得好。顯然，我們都知道，最終這些統計數據對於追蹤發射進展至關重要。

We're also, remaining with what we said before that, refill, actual refill percentages is something that, we really start to look at in the second half of the year and start to communicate that. But what we do see at the moment, on your various questions is that, like I mentioned earlier, that 3 pack is important in the market, and we're seeing that move. And this is, early days, so like for many of the statistics and the parameters that we've spoken about, we really want to see a couple of quarters and see how this further develops before we feel that it's a reasonable number that we can start to share.

此外，正如我們之前所說，補貨率，也就是實際的補貨百分比，是我們真正開始注意並在今年下半年進行溝通的事項。但就你提出的各種問題而言，我們目前看到的是，正如我之前提到的，三包裝在市場上很重要，而且我們看到了這種趨勢。這只是早期階段，所以就像我們討論過的許多統計數據和參數一樣，我們真的想觀察幾個季度，看看它如何進一步發展，然後再認為這是一個可以開始分享的合理數字。

Same goes for refills.

補充裝也一樣。

Like I mentioned earlier, we're encouraged, but what we're seeing, we also need to remind ourselves that, the cohort that we can follow is the one from Q4 of last year. So our 1st 3 months of being in the market with this, but the first, Consumers have a chance to buy the art.

正如我之前提到的，我們受到了鼓舞，但我們也需要提醒自己，我們可以關注的是去年第四季的那批人。所以，在我們把這個產品推向市場的頭三個月裡，消費者就有機會購買這些藝術品。

And that's probably a mix between initially when we're just starting to bring samples out, consumers that that bought the art without having samples.

這可能是因為我們最初開始推出樣品時，以及一些消費者在沒有樣品的情況下購買了藝術品。

And, later in the quarter, that now, most of the people will have had a chance to sample.

而且，到本季末，大多數人將有機會品嚐。

So on top of that, you see that, somebody bought a 3 pack, for example, in December, it's clearly happening, you wouldn't expect that person to come back until, maybe late Q1 or even into Q2.

因此，除此之外，你會看到，例如，有人在 12 月購買了 3 件裝，這顯然是發生了，你不會指望這個人會在第一季末甚至第二季度回來。

So that means that, the numbers that we're seeing now, we're really looking at them, more as a barometer than the actual number, but clearly, like we said, what we're seeing is encouraging us and we feel that we have a product that does live up to what we want to see a product that people like.

所以這意味著，我們現在看到的這些數字，我們更多地是把它們當作晴雨表而不是實際數字來看待，但很明顯，就像我們說的，我們看到的情況令人鼓舞，我們覺得我們的產品確實達到了我們想要的效果，一款人們喜歡的產品。

Once they order it, And sticky, and they continued to buy it.

他們一旦訂購了它，而且它很粘稠，他們就繼續購買。

Great, thank you.

太好了，謝謝。

Jason Gerberry with Bank of America.

Jason Gerberry，美國銀行員工。

Hi, this is Melanie on for Jason. Thanks for taking our question. First, can you share any more details about, indicators that are most encouraging regarding the DC program that can spur growth? And secondly, anything you can share about, key thresholds you're looking to see in NRX and refills in the second quarter.

大家好，我是梅蘭妮，替傑森為您報道。感謝您回答我們的問題。首先，您能否分享更多關於華盛頓特區計畫的信息，哪些指標最令人鼓舞，能夠促進成長？其次，您能否分享一下您希望在第二季 NRX 和續藥量方面看到的關鍵閾值？

Thank you. Thanks Melody, I appreciate it. So in terms of the DTC program, when we think of our DTC, what we're really looking to see is are we driving consumer activation, right? And so in terms of this stage of the DTC program where we're still fairly early on, the easiest items to look at that we're looking for for indicators are we driving awareness and are we driving increases in web traffic and are we doing it at a responsible, financial spend. So the indicators we continue to look at are we increasing people that are going to the website.

謝謝。謝謝梅洛迪，我很感激。所以就 DTC 專案而言，當我們考慮 DTC 時，我們真正想看到的是，我們是否推動了消費者的積極性，對嗎？因此，就 DTC 專案的這個階段而言，我們仍處於相當早期的階段，我們尋找的指標中最容易觀察的是，我們是否提高了品牌知名度，是否增加了網站流量，以及我們是否在負責任的財務支出下進行這些活動。因此，我們持續關注的指標是網站訪問量是否在成長。

So not only are we seeing a sustained increase in website visitors, but we're seeing up to a 10 times increase in web visitors depending on what we're running.

因此，我們不僅看到網站訪問量持續增長，而且根據我們運行的內容，網站訪問量甚至增長了 10 倍。

That's very good. When I look across the metrics of our DTC, I'm looking at what are we paying per 1,000 impressions? What are we paying per click? Again, what we're seeing right now with our ads, they're testing well. We're actually.

那非常好。當我查看我們 DTC 的各項指標時，我想了解的是，我們每 1000 次展示需要支付多少費用？我們每次點擊要支付多少錢？再次強調，就我們目前的廣告測試結果來看，效果很好。我們確實是。

Doing better than benchmarks or click through rates as well as spend per impression, so that's looking positive.

表現優於基準、點擊率以及每次展示費用，所以情況看起來不錯。

And then what we'll continue to look at is, as we talk to the patients, surveying them, did they see a, did they see an ad? Did that drive going to come in? And so those are all the metrics that we're continuing to look at.

然後，我們將繼續關注的是，透過與患者交談、調查他們，他們是否看到廣告？那次進攻能成功嗎？所以，以上就是我們持續關注的所有指標。

The second question was around key thresholds that we're looking for as we enter into the second quarter.

第二個問題是關於我們進入第二季時需要關注的關鍵閾值。

I think just, looking back at what I shared earlier, there, there's two elements that we're really focusing on and that Sean just highlighted as well, activating the doctors to bring it up to more patients more often. Obviously, that's something that's ongoing.

我覺得，回顧我之前分享的內容，我們真正關注的是兩個方面，肖恩也強調了這一點，那就是鼓勵醫生更頻繁地向更多患者提及此事。顯然，這件事還在進行中。

And then you're really starting to see that BBC play out.

然後你就會真正開始看到BBC的運作方式了。

Those things all take a little bit of time.

這些事情都需要一些時間。

Which is why we've said that, the BTC, this is not only for us, but in general, any Nielsen report that you pick up will show you that it takes at least 2 quarters to really see that translate into BTC and the early indicators that Sean talked about that we're seeing are very positive.

這就是為什麼我們說過，比特幣不僅對我們而言如此，而且普遍而言，任何尼爾森報告都會顯示，至少需要兩個季度才能真正看到它轉化為比特幣，而肖恩提到的我們目前看到的早期指標非常積極。

And similarly, with the expansion of the sales force happening in QT Q2, we would expect that to take a bit of time for that to take effect, but we really, are expecting.

同樣地，隨著 QT Q2 銷售隊伍的擴張，我們預計這需要一段時間才能生效，但我們確實對此抱有期待。

More of a step change in acceleration of new patients as both of these mechanisms will take a hold, closer to to the second half of the year.

隨著這兩種機制在下半年逐漸發揮作用，新患者數量的成長速度將有更大的變化。

Your next question comes from the line of Lush La Hanbury Brown with William Blair. Please go ahead.

你的下一個問題來自 Lush La Hanbury Brown 與 William Blair 的合作系列。請繼續。

Hey guys, thanks for taking the questions. I guess the first I'd be curious what you're finding in terms of, how often or how many samples doctors are giving out, are you finding that the reps when they go back, the fridge is empty or do they still have some, do they have to go back earlier? Just, I've spoken to a few docs that tend not to give the samples, they prefer to just write a script, so kind of, you're curious to see what you're seeing on the sampling and the volume front there, and then maybe a second one on the prescribers, Curious what you're seeing in terms of the time it takes for them to go from, a single prescription to become a repeat prescriber. Is it there, there's a cohort of doctors that, basically immediately prescribe it to multiple people and then others that prescribe one and it takes much longer, or is there a trend you're seeing there?

各位好，感謝你們回答問題。首先，我很好奇你發現醫生發放樣品的頻率或數量，以及銷售代表回去時冰箱是否空空如也，或者他們是否還有一些樣品，他們是否需要提前回去？我跟一些醫生聊過，他們不太願意提供樣品，他們更喜歡直接開處方。所以，我很好奇在樣本發放和數量方面的情況，另外，我還想了解開處方的醫生，想知道他們從開單張處方到成為重複處方醫生需要多長時間。是否存在這樣一種情況：一部分醫生會立即給多人開這種藥，而另一部分醫生只給一個人開藥，而且需要更長的時間才能見效？或者你觀察到的是一種趨勢？

Thanks like one the questions.

謝謝，就像我回答的其中一個問題一樣。

Let me start off with the sampling and then double click a little bit more on on the sampling strategy and the conversion and how we think about that. So.

讓我先從抽樣開始，然後再深入探討抽樣策略、轉換率以及我們是如何看待這個問題的。所以。

Sapling in our case is really designed to bring the right patients into the therapy. So, it's a central part of our strategy, as we, highlighted, early on.

就我們而言，Sapling 的真正目的是為治療引入合適的患者。因此，正如我們早期所強調的那樣，這是我們策略的核心部分。

Because the product has such an immediate and observable effect, so we want to get samples out there, and that's what we focused on, to get as many samples as needed to as many offices as possible to make sure that, those patients can really experience the products first and then self-select into the therapy, and we're seeing that that's working, we believe that currently, probably more than 90% of people that start with this or new patients have had a sample first. So again, that strategy is working.

由於該產品具有如此立竿見影的效果，所以我們希望盡快發放樣品，這也是我們工作的重點，盡可能多地向各個診所提供所需的樣品，以確保患者能夠先體驗產品，然後再自行選擇是否接受治療。我們看到這種方法是有效的，我們相信目前超過 90% 的初次使用者或新患者都先試用過樣本。所以，這個策略又奏效了。

What's also important is to understand how the sampling works, so the samples are dispensed, as you've mentioned, directly by physicians.

同樣重要的是要了解採樣是如何進行的，正如您所提到的，樣本是由醫生直接分發的。

So once our reps leave the samples with the doctor, there's no way for us to track individual samples and how they're being handed out to patients and how many are being handed out, but what we do see is that most of the doctors now are handing them out. But you are right that there's a group of doctors that you just prefers to write a script directly, and we'll continue to work with them to actually start to change that habit as well.

因此，一旦我們的代表將樣品留給醫生，我們就無法追蹤單一樣品是如何分發給患者的，以及分發了多少樣品，但我們看到的是，現在大多數醫生都在分發這些樣品。但您說得對，確實有一部分醫生更喜歡直接開處方，我們將繼續與他們合作，努力改變他們的這種習慣。

So we actually don't really look at conversion as a key metric at this point. Samples for us are very cost effective, and it's really, a way to get as many people as we can to TRY the product.

所以，目前我們其實並沒有把轉換率當作關鍵指標。對我們來說，樣品非常划算，而且這確實是讓盡可能多的人嘗試產品的一種方式。

Because they like it.

因為他們喜歡。

And then they self slept in, like I said earlier that This will lead to indeed a much more sticky patient population.

然後他們就自己睡過了頭，就像我之前說的那樣，這確實會導致患者群體更加黏人。

I think your second question was around prescribing dynamics.

我認為你的第二個問題是關於處方動態的。

And what we see is that, as you would expect at this stage, there's a mix. Like Sean highlighted, there's a great amount of doctors that are already doing what we would like them to do, provide a sample together with a script. There's also a group of doctors that wants to sample first and have the patient call back. If they like it, they write a script. The doctors said, to your point, write a script immediately, put out a sample. So all the different flavors that you can think of are currently out there, and that's the focus of us now to, take that, blueprint of doctors that we know are very successful with the product, that high percentages of the patients converting and start to, apply that or, give that to the rest of the doctor cohorts.

我們看到的情況是，正如你所預料的那樣，在這個階段，情況比較複雜。正如肖恩所強調的，已經有很多醫生在做我們希望他們做的事情，即提供樣本和處方。還有一群醫生希望先進行抽樣檢測，然後再讓病人回電。如果他們喜歡，他們就會寫劇本。醫生們說，正如你所說，立即開處方，出具樣本。所以，你能想到的所有不同口味的產品目前都已上市，而我們現在的重點是，借鑒那些我們知道使用該產品非常成功的醫生的經驗（這些醫生的患者轉換率很高），並將這種經驗應用到其他醫生群體中。

Your next question comes from the line of Matthew Caulfield with HC Wainwright. Please go ahead.

你的下一個問題來自 Matthew Caulfield 和 HC Wainwright 的那條線。請繼續。

Hi, good morning, guys. Can you speak more to the nuances you're seeing in terms of that initial refill patient? Like, for instance, have the refills been predominantly those early presbio so far?

大家好，早安。您能否更詳細地談談您在首次續藥患者方面觀察到的細微差別？例如，到目前為止，補充裝主要還是早期的Presbio產品嗎？

Thanks again.

再次感謝。

Yeah.

是的。

Great question. So when we look at.

問得好。所以當我們檢視…

The consumer getting a little bit more detail, so when we dig into it and look at those, people that are adopting the fastest and we're seeing the refills come through again, what we're seeing when we break it down, it's 50% women, 40% men, predominantly that 55 to 64 year old. There are certain states that we see perform better than others. And when we dig into them, they are our target patients that are doing it. It is, as I stated earlier, 50% of those patients have worn contacts in the past, about 1/3 of them have had LASIK, and I said, 25% of them have had Botox, but again, that's a bit biased by the mix of male-female. So we are right on that core target. We're hitting the right patients that want to use it. I think the most important thing is they get the sample and TRY it because that self selection is so important and that's what really drives that repeat behavior is getting them to self-select in, TRY the product, know it's for them, and then continue to use it. I think that's the important nuance to focus on.

消費者獲得了更多細節信息，所以當我們深入研究並查看那些接受速度最快的人，並且我們看到補充裝再次出現時，我們發現，當我們細分時，50%是女性，40%是男性，主要集中在55至64歲之間。有些州的表現優於其他州。當我們深入調查時，發現這樣做的人正是我們的目標患者。正如我之前所說，這些患者中有 50% 過去戴過隱形眼鏡，約有 1/3 做過 LASIK 手術，還有 25% 做過肉毒桿菌注射，但同樣，由於男女比例的關係，這個數字可能存在一些偏差。所以，我們完全達到了核心目標。我們找到了真正想用這種藥物的合適患者。我認為最重要的是讓他們拿到樣品並試用，因為這種自主選擇非常重要，而真正推動重複購買行為的，就是讓他們自主選擇、試用產品，知道產品適合自己，然後繼續使用。我認為這是需要關注的重要細節。

All right, that's helpful. I appreciate it.

好的，這很有幫助。謝謝。

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

我們的問答環節到此結束。由於沒有其他問題，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。