Pear Therapeutics Inc (PEAR) 2022 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to the Pear Therapeutics third-quarter 2022 earnings conference call. My name is Elizabeth, and I will be your operator today. (Operator Instructions) This call is being recorded. A replay of the webcast will be available in the Investors section of the company's website approximately two hours after the completion of the call and will be archived for 30 days.

大家下午好。歡迎來到 Pear Therapeutics 2022年第三季度收益電話會議。我叫伊麗莎白，今天我將是你的接線員。 （接線員說明）此通話正在錄音中。網絡直播的重播將在電話會議結束後約兩小時在公司網站的投資者部分提供，並將存檔 30 天。

I will now turn the call over to your host, Meara Murphy, Senior Director of Corporate Communications.

我現在將把電話轉給你的主持人，企業傳播高級總監 Meara Murphy。

Thank you, Elizabeth. Welcome to our third-quarter earnings call and thank you for joining us today. With me today are Conan McCann, our President and Chief Executive Officer; Chris Guiffre, our Chief Financial Officer and Chief Operating Officer; Erin Brenner, our Chief Product Development Officer; Yuri Maricich, our Chief Medical Officer; Ronan O'Brien, our General Counsel; and Julia Strandberg, our Chief Commercial Officer.

謝謝你，伊麗莎白。歡迎來到我們的第三季度財報電話會議，感謝您今天加入我們。今天和我在一起的是我們的總裁兼首席執行官柯南·麥肯 (Conan McCann)； Chris Guiffre，我們的首席財務官兼首席運營官；我們的首席產品開發官 Erin Brenner；我們的首席醫療官 Yuri Maricich； Ronan O'Brien，我們的總法律顧問；和我們的首席商務官 Julia Strandberg。

I'll turn it over to Ronan for the Safe Harbor statement.

我會把它交給 Ronan 以獲取安全港聲明。

Good afternoon. Some of the statements we make in today's call may constitute forward-looking statements. This includes statements concerning our future business, operating results, management's intentions, beliefs and expectations about future results, events, strategies, operating plans, and performance or financial conditions, and statements regarding proposed federal legislation regarding PDT, all of which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended.

下午好。我們在今天的電話會議上發表的一些聲明可能構成前瞻性聲明。這包括關於我們未來業務、經營業績、管理層對未來業績、事件、戰略、經營計劃、業績或財務狀況的意圖、信念和期望的陳述，以及關於 PDT 聯邦擬議立法的陳述，所有這些都是前瞻性的經修訂的 1995 年《私人證券訴訟改革法》所指的陳述。

Actual results may differ materially from those indicated by these forward-looking statements due to a variety of important factors. Additional information regarding these factors is included in our Annual Report on Form 10-K, and quarterly report on Form 10-Q, filed with the SEC. Except as required by law, Pear assumes no obligation to update or revise these forward-looking statements, even if actual results or future expectations change materially.

由於各種重要因素，實際結果可能與這些前瞻性陳述所表明的結果存在重大差異。有關這些因素的更多信息包含在我們向美國證券交易委員會提交的 10-K 表格年度報告和 10-Q 表格季度報告中。除法律要求外，Pear 不承擔更新或修改這些前瞻性陳述的義務，即使實際結果或未來預期發生重大變化。

With that, I will hand off to Corey.

有了這個，我將交給科里。

Thank you, Ronan, and thank everyone for joining us today as we discuss Pear's third-quarter 2022 results. In the third quarter, we continued to drive revenue growth, reduce costs, and drive Pear towards sustainability. We improved on our operating metrics, and we once again grew revenue more than 20% quarter over quarter. We focused our commercial and product development resources on the most mature segment of our business, specifically on the intersection of our addiction products and payments by states. We secured a number of large contracts at this intersection and the pipeline of commercial opportunities continues to grow.

謝謝你，羅南，感謝大家今天加入我們討論 Pear 2022 年第三季度的業績。第三季度，我們繼續推動收入增長，降低成本，推動 Pear 走向可持續發展。我們改進了運營指標，我們的收入再次比上一季度增長了 20% 以上。我們將我們的商業和產品開發資源集中在我們業務中最成熟的部分，特別是我們的成癮產品和各州支付的交叉點。我們在這個十字路口獲得了許多大合同，商業機會的管道繼續增長。

We continue to maintain, what I'll call, option value in several other areas of our business, commercial payers, federal payers, Somryst, and our pipeline of product candidates as well as our dual platforms. We published additional real-world evidence reinforcing our triple threat value proposition of increased patient engagement, improved clinical outcomes, and lower costs. We restructured our cost base, including today's reduction in force, such that we can accomplish all of this at lower cost and less cash burn.

我們將繼續維持我們業務的其他幾個領域、商業付款人、聯邦付款人、Somryst 以及我們的候選產品管道以及我們的雙平台的期權價值。我們發布了更多真實世界的證據，強化了我們增加患者參與度、改善臨床結果和降低成本的三重威脅價值主張。我們重組了我們的成本基礎，包括今天的裁員，這樣我們就可以以更低的成本和更少的現金消耗來完成所有這一切。

In the current environment of scarce and expensive capital, it would be imprudent to try to grow at any cost. So Pear is demonstrating it can grow at lower cost. With that in mind, first, I'll say a few words about revenue, then a few about operating expenses, and a reduction in force we announced earlier this afternoon. Finally, I'll spend a few minutes mapping out where we are on our journey to make software a mainstream medicine.

在當前資本稀缺和昂貴的環境下，不惜一切代價試圖實現增長是輕率的。所以 Pear 正在證明它可以以更低的成本增長。考慮到這一點，首先，我將談談收入，然後談談運營支出，以及我們今天下午早些時候宣布的裁員。最後，我將花幾分鐘時間描繪一下我們在使軟件成為主流醫學的過程中所處的階段。

First, revenue. We continue to grow revenue each quarter, this quarter posting $4.1 million. Demand from patients and providers is strong with more than 11,400 prescriptions in the quarter. Turning scripts into revenue requires two things. First, adding payers who provide access; and second, targeting regions with sufficient coverage density.

第一，收入。我們每個季度的收入都在繼續增長，本季度收入為 410 萬美元。患者和提供者的需求強勁，本季度有超過 11,400 份處方。將劇本轉化為收入需要兩件事。首先，增加提供訪問權限的付款人；第二，針對覆蓋密度足夠的區域。

This quarter, we acted on both as evidenced by our increased payment rate. We believe that our performance is indicative of strong fundamentals where payers save money by providing coverage, providers have a positive prescribing experience; and patients see real-world clinical benefit.

本季度，我們在這兩個方面都採取了行動，我們增加的支付率就證明了這一點。我們認為，我們的表現表明了強大的基本面，即付款人通過提供保險來節省資金，提供者有積極的處方經驗；患者會看到真實世界的臨床益處。

To drive payment rate upward, we temporarily prioritized the most mature payer channel of our business, which is selling reSET and reSET-O to states. Most of our patients for reSET and reSET-O are covered by state programs like Medicaid and State Opioid Response funding. States are exposed to both the healthcare and societal costs associated with addiction. In response, earmarked funds are being allocated to states to help them tackle the epidemic with more than $34 billion in federal support and settlement funding awarded in the last two years alone.

為了提高支付率，我們暫時優先考慮我們業務中最成熟的支付渠道，即向各州銷售 reSET 和 reSET-O。我們的大多數 reSET 和 reSET-O 患者都在醫療補助和國家阿片類藥物反應基金等國家計劃的覆蓋範圍內。各州都面臨與成癮相關的醫療保健和社會成本。作為回應，專項資金正在分配給各州，以幫助他們應對這一流行病，僅在過去兩年就提供了超過 340 億美元的聯邦支持和安置資金。

States are looking to take innovative approaches to treatment, and we believe that our value proposition is particularly compelling. We now have ten states who have paid for our products. Those include Alabama, Indiana, Kentucky, Massachusetts, Michigan, North Carolina, Ohio, Oklahoma, South Carolina; and Wisconsin. Within these 10 states, approximately 4 million people suffer from addiction. With a significant population of addiction patients covered by states and with robust unit economics, we believe Pear is well positioned to steadily grow near-term revenue by selling our addiction products to states.

各國正在尋求採用創新的治療方法，我們相信我們的價值主張特別引人注目。我們現在有十個州已經為我們的產品付款。其中包括阿拉巴馬州、印第安納州、肯塔基州、馬薩諸塞州、密歇根州、北卡羅來納州、俄亥俄州、俄克拉荷馬州、南卡羅來納州；和威斯康星州。在這 10 個州中，大約有 400 萬人患有毒癮。由於各州覆蓋了大量的成癮患者，並且單位經濟效益強勁，我們相信 Pear 有能力通過向各州銷售我們的成癮產品來穩步增加近期收入。

We've only just begun helping states battle the addiction crisis. As we broaden access within our existing ten states and expand to the additional 40 states, the opportunity to provide reSET and reSET-O to all states could become a very big business.

我們才剛剛開始幫助各州應對毒癮危機。隨著我們擴大現有 10 個州的訪問範圍並擴展到另外 40 個州，向所有州提供 reSET 和 reSET-O 的機會可能會成為一項非常大的業務。

States are just one piece of our 2023 opportunity. We're seeing progress with commercial payers as well. Highmark, a large payer in Pennsylvania, Delaware, West Virginia, and New York is now providing coverage for all three of our commercial products. Excellus, a Blues plan with membership across Upstate New York, is also providing coverage, bringing us to 16 Blues plans that cover Pear's products.

各州只是我們 2023 年機會的一部分。我們也看到了商業付款人的進步。 Highmark 是賓夕法尼亞州、特拉華州、西弗吉尼亞州和紐約州的大型付款人，現在為我們的所有三種商業產品提供保險。 Excellus 是一個在紐約州北部擁有會員資格的 Blues 計劃，它也提供保險，使我們擁有 16 個涵蓋 Pear 產品的 Blues 計劃。

Additionally, a top three payer in Massachusetts, Tufts Health Plan in Massachusetts and Kaiser Plan in Colorado added us to formulary. We have much work to do with commercial payers, but we see signs that momentum is building. Non-covering payers are becoming outliers, standing in opposition to Health Equity and Mental Health Parity.

此外，馬薩諸塞州的前三大付款人、馬薩諸塞州的 Tufts Health Plan 和科羅拉多州的 Kaiser Plan 將我們加入了處方集。我們與商業付款人有很多工作要做，但我們看到勢頭正在增強的跡象。未覆蓋付款人正在成為異常值，與健康公平和心理健康平等相對立。

Finally, our pipeline of product candidates continues to represent significant potential, long-term value. Leveraging our dual platforms, PearCreate and PearConnect, we have the opportunity to own the space we created. But we need to balance that opportunity with the current market landscape and with driving our business towards sustainability.

最後，我們的候選產品管道繼續代表著巨大的潛在長期價值。利用我們的雙平台 PearCreate 和 PearConnect，我們有機會擁有我們創建的空間。但我們需要在這個機會與當前的市場格局以及推動我們的業務走向可持續發展之間取得平衡。

Today we announced the reduction in force. I want to take this opportunity to publicly express my gratitude for the countless contributions of our departing Pear [mates]. And I want to wish each and every one of them great success in their future endeavors. These are hardworking, mission-driven, and talented individuals who have been valued members of our team.

今天我們宣布裁軍。我想藉此機會公開表達我對即將離任的 Pear [夥伴] 的無數貢獻的感謝。我希望他們每一個人在未來的努力中取得圓滿成功。這些都是勤奮、有使命感和才華橫溢的人，他們一直是我們團隊的重要成員。

Our mission remains making software mainstream medicine, and we are steadily making that a reality. No one asks anymore if PDTs will become mainstream medicine. Now they ask when. Our commercial progress in the last 12 months and our continuum of clinical and real-world evidence demonstrate that PDTs are well on their way.

我們的使命仍然是讓軟件成為主流醫學，我們正在穩步實現這一目標。沒有人再問 PDT 是否會成為主流醫學。現在他們問什麼時候。我們在過去 12 個月的商業進展以及我們連續的臨床和真實世界證據表明 PDT 正在順利進行。

Our revenue trajectory illustrates my point. Last year, we delivered $4.2 million in revenue as we saw product revenue for the first time. This year, we expect to triple that. Next year, our revenue guidance is double this year's guidance. And that strong growth is driven predominantly from the sale of reSET and reSET-O to states. The upside case could be significant as we continue to remove barriers to patient access, grow prescriber demand, and demonstrate strong patient outcomes.

我們的收入軌跡說明了我的觀點。去年，我們首次看到產品收入，實現了 420 萬美元的收入。今年，我們預計會增加兩倍。明年，我們的收入指導是今年指導的兩倍。這種強勁的增長主要來自向各州銷售 reSET 和 reSET-O。隨著我們繼續消除患者獲取障礙、增加開處方者需求並展示強大的患者結果，上行案例可能意義重大。

To share more in our commercial progress, I will turn it over to Julia. Then Yuri will discuss new real-world data for our products, further demonstrating our value proposition. And finally, Chris will walk through financial and operating metrics, as well as additional steps we've taken to reduce our reliance on fundraising next year. Julia?

為了更多地分享我們的商業進展，我將把它交給 Julia。然後 Yuri 將討論我們產品的新真實世界數據，進一步展示我們的價值主張。最後，克里斯將介紹財務和運營指標，以及我們為減少明年對籌款的依賴而採取的其他措施。茱莉亞？

Thanks, Corey. We are laser-focused on meeting patients and providers where they are, while prioritizing areas of coverage density. We help more and more patients by welcoming new customers like Spero Health, and expanding the use of our products in existing, satisfied customers like BrightView and Crossroads. All these customers are large, multi-state addiction health systems with dozens of clinics.

謝謝，科里。我們非常專注於滿足患者和提供者所在的地方，同時優先考慮覆蓋密度區域。我們通過歡迎像 Spero Health 這樣的新客戶，並擴大我們產品在 BrightView 和 Crossroads 這樣滿意的現有客戶中的使用，來幫助越來越多的患者。所有這些客戶都是擁有數十家診所的大型多州成癮健康系統。

Our products are delivering results for both providers and patients, as evidenced by our real-world data, which Yuri will share in a few minutes, and by the growing refill rate, which now exceeds 25%.

我們的產品正在為提供者和患者帶來成果，尤里將在幾分鐘後分享我們的真實世界數據，以及不斷增長的補充率（現在超過 25%）證明了這一點。

I'd like to highlight some of our progress across our three payer channels: state, commercial, and federal. First -- the first payer channel is state payers. The unmet need in addiction is enormous, with more than 40 million people suffering from addiction in the US. Corey mentioned the 10 states that have paid for our products, and I can report that we are engaging more than 15 more.

我想強調一下我們在三個支付渠道上取得的一些進展：州、商業和聯邦。首先——第一個付款人渠道是國家付款人。未滿足的成癮需求是巨大的，在美國有超過 4000 萬人患有成癮症。科里提到了 10 個已經為我們的產品付費的州，我可以報告說我們正在參與超過 15 個。

In Q3, we welcomed new states like Alabama and South Carolina, and welcome back repeat customers like Ohio. Our first of its kind work in the South Carolina Department of Corrections is particularly noteworthy. According to the National Institute on Drug Abuse, 85% of the US prison population have an active substance use disorder or were incarcerated for crime involving illicit drugs. Therefore, Department of Corrections are a significant expansion opportunity.

在第三季度，我們迎來了阿拉巴馬州和南卡羅來納州等新州，並歡迎俄亥俄州等回頭客。我們在南卡羅來納州懲教署開展的首項此類工作尤其值得注意。根據國家藥物濫用研究所的數據，85% 的美國監獄人口患有活性物質使用障礙或因涉及非法藥物的犯罪而被監禁。因此，懲教署是一個重大的擴張機會。

To accelerate our progress with states, Pear has finalized an agreement with COEUS HealthCare. COEUS and Magellan have a partnership to create a turnkey, value-based agreement solution for 26 state Medicaid programs. We believe this agreement could streamline state coverage and accelerate our business with states even further.

為了加快我們與各州的進展，Pear 已與 COEUS HealthCare 達成協議。 COEUS 和 Magellan 建立了合作夥伴關係，為 26 個州的醫療補助計劃創建一個交鑰匙的、基於價值的協議解決方案。我們相信該協議可以簡化各州的覆蓋範圍並進一步加速我們與各州的業務。

In addition, just this month, Pear was awarded the opportunity to implement California's groundbreaking program for the treatment of stimulant use disorder. California's Department of Health Care Services, in collaboration with the Centers for Medicare & Medicaid Services, will work with Pear to serve up to 10,000 Californians who struggle with stimulant use disorder.

此外，就在本月，Pear 獲得了實施加利福尼亞州治療興奮劑使用障礙的開創性計劃的機會。加州衛生保健服務部與醫療保險和醫療補助服務中心合作，將與 Pear 合作，為多達 10,000 名患有興奮劑使用障礙的加州人提供服務。

Finally, there are a growing number of states with proposed or passed legislation supporting access to PDTs. We believe many states are moving towards access because of the importance to their residents and to their state budgets, both of which have been ravaged by the addiction crisis.

最後，越來越多的州提出或通過了支持獲取 PDT 的立法。我們認為，由於成癮危機對這兩個州的居民及其州預算的重要性，許多州都在朝著獲取途徑邁進。

The second payer channel is commercial payers. In Q3, we expanded coverage with commercial payers like Highmark and Excellus, as well as individual plans run by a top three commercial payer and Kaiser. A Fortune 500 construction equipment manufacturer also added coverage. Highmark, among the largest Blue plans in the country, is an example of the momentum we're seeing with commercial payers.

第二個付款渠道是商業付款人。在第三季度，我們擴大了對 Highmark 和 Excellus 等商業付款人的覆蓋範圍，以及由前三大商業付款人和 Kaiser 運營的個人計劃。一家財富 500 強建築設備製造商也增加了報導。 Highmark 是美國最大的 Blue 計劃之一，它是我們在商業付款人中看到的勢頭的一個例子。

And we are just starting to see an interplay between our state and commercial businesses. In Massachusetts, Oklahoma, and North Carolina where states are providing access, we have seen commercial payers follow suit. These states are illustrative of what it means to create coverage density in a state, and we believe we'll see similar commercial payer activity in other states next year.

我們才剛剛開始看到我們的國有企業和商業企業之間的相互作用。在馬薩諸塞州、俄克拉荷馬州和北卡羅來納州，各州都在提供訪問權限，我們看到商業付款人也紛紛效仿。這些州說明了在一個州建立覆蓋密度意味著什麼，我們相信明年我們會在其他州看到類似的商業支付活動。

The third payer channel is the federal payers. Medicare has more than 63 Americans enrolled. This is where the access to Prescription Digital Therapeutics Act of 2022 comes into play. If it becomes law, it would establish a new benefit category at CMS for an innovative class of medicine and it would require both coverage and payment for PDTs. We also believe that it would accelerate the pace of commercial adoption because commercial payers tend to follow Medicare.

第三個付款人渠道是聯邦付款人。 Medicare 有超過 63 名美國人參加。這就是《2022 年處方數字治療法》發揮作用的地方。如果它成為法律，它將在 CMS 為一種創新的藥物類別建立一個新的福利類別，並且需要對 PDT 進行覆蓋和支付。我們還認為，這將加快商業採用的步伐，因為商業支付者傾向於遵循 Medicare。

Now I'll turn the call over to Yuri who will talk about new real-world data that further supports the value of PDTs bring to payers, providers, and patients.

現在我將把電話轉給 Yuri，他將談論新的真實世界數據，這些數據進一步支持 PDT 為付款人、提供者和患者帶來的價值。

Thank you, Julia. To illustrate Julia's comment about our products delivering results for patients, let's review some recent data. First, new reSET data. Here, we published a real-world observational analysis evaluating treatment of substance use disorder with reSET in over 600 patients. These real-world effectiveness data for reSET and substance use disorder complement our previously published data for reSET-O and opioid use disorder.

謝謝你，茱莉亞。為了說明 Julia 對我們的產品為患者帶來效果的評論，讓我們回顧一下最近的一些數據。首先，新的重置數據。在這裡，我們發表了一項真實世界的觀察分析，評估了 600 多名患者使用 reSET 治療物質使用障礙的情況。這些關於 reSET 和物質使用障礙的真實有效性數據補充了我們之前發布的關於 reSET-O 和阿片類藥物使用障礙的數據。

The high rates of engagement and clinical outcomes demonstrate the potential benefit of reSET to more than 40 million Americans living with substance use disorder. There is no other FDA-approved treatment for addiction to cocaine, cannabis, or stimulants available.

高參與率和臨床結果證明了 reSET 對超過 4000 萬患有物質使用障礙的美國人的潛在益處。沒有其他經 FDA 批准的治療可卡因、大麻或興奮劑成癮的方法。

Second, two new analyses for reSET-O. The American Managed Care Pharmacy, known as AMCP, held this conference in October and Pear presented data on rates of in-patient hospitalizations between reSET-O and control patients across a two-year time horizon. This analysis observed a 48% decreased incidence of in-patient hospitalizations and patients treated with reSET-O compared to 4% in controls.

其次，reSET-O 的兩項新分析。 American Managed Care Pharmacy（稱為 AMCP）於 10 月舉行了這次會議，Pear 提供了兩年時間範圍內 reSET-O 和對照患者之間的住院率數據。該分析觀察到住院患者和接受 reSET-O 治療的患者的發生率降低了 48%，而對照組為 4%。

Also at a conference held by the American Society of Addiction Medicine, known as ASAM, and the National Committee on Quality Assurance, known as NCQA, one of our provider partners, BrightView, presented data on their use of PDTs. The data from this specific case study with BrightView demonstrated robust engagement. The data also showed how PDTs help providers meet and measure NCQA's quality measures. Notably, BrightView's analysis showed a greater than 50% improvement in attendance and engagement with their follow up clinical appointments, and a greater than 90% increase in case management.

同樣在美國成癮醫學協會（稱為 ASAM）和國家質量保證委員會（稱為 NCQA）舉辦的會議上，我們的供應商合作夥伴之一 BrightView 展示了他們使用 PDT 的數據。來自 BrightView 的這個具體案例研究的數據證明了強大的參與度。數據還顯示了 PDT 如何幫助供應商滿足和衡量 NCQA 的質量措施。值得注意的是，BrightView 的分析顯示出勤率和跟進臨床預約的參與度提高了 50% 以上，病例管理提高了 90% 以上。

Third, Somryst. At AMCP, we also presented a new real-world health economic data that compared outcomes for patients treated with Somryst versus pharmaceutical treatments for chronic insomnia. Here, we found the patients treated with Somryst had an $8,202 reduction in per patient cost compared to controls in the 24 months after treatment. The continuum of evidence for our product grows and grows, further demonstrating that our products work for patients, providers, and payers.

第三，Somryst。在 AMCP 上，我們還展示了一個新的真實世界健康經濟數據，該數據比較了接受 Somryst 治療與藥物治療慢性失眠患者的結果。在這裡，我們發現在治療後 24 個月內，與對照組相比，接受 Somryst 治療的患者每位患者的成本減少了 8,202 美元。我們產品的連續證據越來越多，進一步證明我們的產品適用於患者、提供者和付款人。

Now I would like to turn it over to Chris to discuss our financial results and performance metrics.

現在我想把它交給克里斯來討論我們的財務結果和績效指標。

Thanks, Yuri. Today, we reported third quarter revenue of $4.1 million, up 24% over the prior quarter and up 211% over the same quarter last year. That's in line with our expectations. Before I move from revenue to operating metrics, I'll remind you that at this stage of our growth, revenue can be lumpy, so we caution against overreacting to positive or negative quarterly revenue results, and we suggest that annual revenue results are a better way to measure our growth.

謝謝，尤里。今天，我們報告第三季度收入為 410 萬美元，比上一季度增長 24%，比去年同期增長 211%。這符合我們的預期。在我從收入轉向運營指標之前，我會提醒您，在我們增長的這個階段，收入可能會起伏不定，因此我們告誡不要對積極或消極的季度收入結果反應過度，我們建議年度收入結果更好衡量我們成長的方法。

Turning to operating metrics. We'll start with total prescriptions. We had more than 11,400 total prescriptions in Q3 in line with our expectations. We believe this is reflective of strong clinician and patient demand for our products.

轉向運營指標。我們將從總處方開始。我們在第三季度的處方總數超過 11,400 份符合我們的預期。我們認為這反映了臨床醫生和患者對我們產品的強烈需求。

Second, fulfillment rate. In Q3, we had a 60% fulfillment rate, also in line with our expectations. Our progress here is noteworthy given that patients living with addiction can be a difficult-to-treat population.

二是履約率。第三季度，我們的履約率為 60%，也符合我們的預期。鑑於成癮患者可能是難以治療的人群，我們在此方面的進展值得注意。

Third, payment rate. We received payment for 49% of fulfilled prescriptions in Q3, slightly lower than expectations, but an improvement over last quarter. We are targeting areas of coverage density and adding new payers to help us continue to improve this very important operating metric.

第三，繳費率。我們在第三季度收到了 49% 已完成處方的付款，略低於預期，但比上一季度有所改善。我們的目標是覆蓋密度高的領域並增加新的付款人，以幫助我們繼續改進這一非常重要的運營指標。

Finally, ASP. Our ASP in Q3 was $1,345 per script. Once again, in line with our expectations. We believe our strong unit economics are reflective of the significant medical value provided by PDTs. Now, two further financial results to note.

最後，ASP。我們在第三季度的平均售價為每個腳本 1,345 美元。再次符合我們的預期。我們相信，我們強大的單位經濟效益反映了 PDT 提供的重要醫療價值。現在，需要注意兩個進一步的財務結果。

First, on September 30, we had $83.6 million of cash, cash equivalents, and short-term investments on the balance sheet, also in line with our expectations. Second, our operating expenses in the third quarter were $30.7 million, down $5.4 million from Q2, and again also in line with our expectations.

首先，在 9 月 30 日，我們的資產負債表上有 8360 萬美元的現金、現金等價物和短期投資，這也符合我們的預期。其次，我們第三季度的運營費用為 3070 萬美元，比第二季度減少 540 萬美元，同樣符合我們的預期。

Now, I'll say a few words about the reduction in force we announced today. These difficult cuts are intended to reduce our operating expenses in 2023. First, approximately 59 employees are impacted. Second, we expect to further reduce our operating expenses by approximately $10.7 million in 2023.

現在，我將就我們今天宣布的裁軍說幾句話。這些艱難的削減旨在減少我們 2023 年的運營費用。首先，大約 59 名員工受到影響。其次，我們預計到 2023 年我們的運營費用將進一步減少約 1070 萬美元。

Third, we expect our non-GAAP operating expenses for 2023 to be less than $100 million. Specifically, we are talking about total GAAP expenses minus interest, taxes, depreciation, amortization, stock-based compensation, the change in the estimated fair value of the earn-out liability; and the change in the estimated fair value of the warrants.

第三，我們預計 2023 年的非 GAAP 運營費用將低於 1 億美元。具體來說，我們談論的是 GAAP 總費用減去利息、稅收、折舊、攤銷、基於股票的補償、盈利負債的估計公允價值的變化；權證估計公允價值的變動。

Fourth, we expect to incur approximately $2.6 million in cash expenses related to employee severance, benefits, and related costs, and a stock based compensation charge of between $300,000 and $900,000 related to employees impacted by the reduction in force.

第四，我們預計將產生約 260 萬美元的與員工遣散費、福利和相關成本相關的現金支出，以及與受裁員影響的員工相關的 300,000 至 900,000 美元的股票補償費用。

And finally, we expect to extend runway into 2024 with a $40 million financing assumption and a revenue assumption in line with our 2023 guidance, which I'll discuss next.

最後，我們希望將跑道延長到 2024 年，假設融資金額為 4000 萬美元，收入假設符合我們的 2023 年指導方針，我將在接下來討論。

Today, we are confirming 2022 revenue guidance of $14 million to $16 million. This guidance assumes roughly 20% quarter-over-quarter growth and is expected to come primarily from the sale of reSET and reSET-O to states. Our 2022 revenue guidance is more than three times our revenue guidance in 2021.

今天，我們確認 2022 年的收入指引為 1400 萬至 1600 萬美元。該指南假設環比增長大約 20%，預計主要來自向各州銷售 reSET 和 reSET-O。我們 2022 年的收入指引是 2021 年收入指引的三倍多。

Today, we're also announcing 2023 revenue guidance, which is $27 million to $37 million. That's approximately double our 2022 revenue guidance. Our 2023 revenue guidance assumes a roughly 20% quarter-over-quarter growth rate with a focus on selling reSET and reSET-O to states. Major catalysts like state Medicaid coverage decisions, and large commercial payer coverage decisions could provide additional upside. We intend to provide 2023 guidance for our four operational metrics at our earnings call in March.

今天，我們還宣布了 2023 年的收入指導，即 2700 萬至 3700 萬美元。這大約是我們 2022 年收入指引的兩倍。我們的 2023 年收入指引假設環比增長率約為 20%，重點是向各州銷售 reSET 和 reSET-O。州醫療補助覆蓋範圍決定和大型商業付款人覆蓋範圍決定等主要催化劑可能會帶來額外的好處。我們打算在 3 月份的財報電話會議上為我們的四項運營指標提供 2023 年指導。

I'll conclude my remarks by underscoring a key theme in this call. We are growing revenue while reducing costs. Put another way, we are focused on growth while remaining sustainable in a challenging capital markets environment. We expect to raise capital next year, but we have taken significant steps to minimize the amount we would need to raise.

我將通過強調本次電話會議的一個關鍵主題來結束我的發言。我們在降低成本的同時增加收入。換句話說，我們專注於增長，同時在充滿挑戰的資本市場環境中保持可持續發展。我們預計明年將籌集資金，但我們已採取重要措施來盡量減少我們需要籌集的資金。

With that, Elizabeth, let's open the call for questions.

有了這個，伊麗莎白，讓我們開始提問。

(Operator Instructions) Judah Frommer, Crédit Suisse.

（操作員說明）Judah Frommer，瑞士信貸。

Hey, good afternoon, guys. This is [Jarway] on for Judah. Can you guys comment on which part of the business the bulk of today's workforce reduction is focused in, and how might that affect the reorganization affecting sales in the coming quarters? Thanks.

嘿，下午好，伙計們。這是[Jarway]為猶大。你們能評論一下今天大部分裁員集中在業務的哪一部分嗎？這將如何影響重組，影響未來幾個季度的銷售？謝謝。

Jarway, thanks for the question. I'd like to hand it off to Chris.

賈維，謝謝你的提問。我想把它交給克里斯。

Sure. The impact of the reduction in force is felt across the entire business. Almost all departments of company were in fact -- or impacted. And while we restructured our business in July to focus more on near-term commercial opportunities and temporarily pause our pipeline and platform efforts, this reduction in force does not change that in any way. It allows us to try to focus on those short-term commercial opportunities, which we talked about in the call, primarily selling reSET and reSET-O to states and try to do that with a lower cost base.

當然。整個企業都能感受到裁員的影響。事實上，公司的幾乎所有部門都受到了影響。雖然我們在 7 月份重組了業務，以更多地關注近期的商業機會並暫時停止了我們的管道和平台工作，但這種裁員並沒有以任何方式改變這一點。它使我們能夠嘗試專注於我們在電話中談到的那些短期商業機會，主要是向各州銷售 reSET 和 reSET-O，並嘗試以較低的成本基礎做到這一點。

Got it. Thanks, guys. And just one more if I can. Going forward, is there any chance you guys might trying to target commercial payers and states that are more amenable to providing access?

知道了。多謝你們。如果可以的話，再多一個。展望未來，你們是否有機會嘗試針對更願意提供訪問權限的商業付款人和州？

Oh, wait. It's a great question, and I'm happy to speak to that one. In brief, the answer is yes, absolutely. We provided a couple of examples where we're starting to see positive read through from states to commercial payers. We are already seeing that sort of thing happen in Massachusetts, in Oklahoma, and in North Carolina. And this strategy is really key to establishing large areas of coverage density and propelling the business forward.

等一下。這是一個很好的問題，我很高興能和那個人交談。簡而言之，答案是肯定的。我們提供了幾個例子，我們開始看到從各州到商業付款人的積極解讀。我們已經在馬薩諸塞州、俄克拉荷馬州和北卡羅來納州看到類似的事情發生。而這一戰略對於建立大面積覆蓋密度和推動業務發展非常關鍵。

Got it. Thanks, guys.

知道了。多謝你們。

Thank you.

謝謝。

Eric Percher, Nephron Research.

Eric Percher，腎單位研究。

Thank you. Maybe I'll start with a clarification on the runway. So cash and short-term investments of $84 million, op expense next year of less than $100 million. And Chris, your comment relative to '24 -- a runway into '24, was it with the $40 million financing?

謝謝。也許我將從對跑道的澄清開始。因此，現金和短期投資為 8400 萬美元，明年的運營支出不到 1 億美元。克里斯，你對 24 年的評論——進入 24 年的跑道，是與 4000 萬美元的融資有關嗎？

Yes. So Eric, what I wanted to make sure we tried to provide clarity on is what we expected to be the neighborhood of the financing that would be necessary to get us to 2024. That's the $40 million I mentioned in my prepared comments.

是的。所以埃里克，我想確保我們試圖澄清的是我們預計到 2024 年所需的融資範圍。這就是我在準備好的評論中提到的 4000 萬美元。

Got you. And the reduction in force today of $10.7 million, how does that layer in alongside that 25 employees in July, and I had $28 million impact, I think over 18 months when you announced that?

明白了今天裁員 1070 萬美元，這與 7 月份的 25 名員工相比如何，我產生了 2800 萬美元的影響，我想在你宣布這一消息的 18 個月內？

Correct. We did announce the sort of estimated impact over 18 months because we were doing it relatively close to the middle of the year. As we get close to the end of the year, we focused exclusively on providing guidance for how it would impact 2023.

正確的。我們確實宣布了 18 個月內的估計影響，因為我們是在接近年中的時候做的。臨近年底時，我們專注於提供有關它將如何影響 2023 年的指導。

You're right. It's $10.7 million for 2023, and in terms of how the two come together, I believe the overall impact for 2023 from the two different cost-cutting measures is in the neighborhood of $14 million to $15 million.

你說得對。 2023 年為 1070 萬美元，就兩者如何結合而言，我相信這兩項不同的成本削減措施對 2023 年的總體影響在 1400 萬至 1500 萬美元左右。

Thank you.

謝謝。

Thank you.

謝謝。

Marie Thibault, BTIG.

瑪麗蒂博，BTIG。

Hi. Thanks so much for taking the questions. I wanted to ask just a quick follow-up here on the reduction in force. I understand the need for that, but just wanted to kind of get a check on how your team is doing, what the mood is, what you're doing to retain talent at this point?

你好。非常感謝您提出問題。我想在這裡就減少武力問題快速跟進一下。我理解這樣做的必要性，但只是想檢查一下您的團隊的表現，心情如何，此時您正在做什麼來留住人才？

Marie, thanks for the question. Chris?

瑪麗，謝謝你的提問。克里斯？

Sure. Marie, I need to be honest with you. The mood around here today is not great. People here are excited about this mission. They are very passionate about what they do and one of the things I love about this place is that our employees care about each other very much. So for people to learn that some of their teammates will be leaving the company was hard for everyone today, and it is especially hard for the people who are leaving. That said, this company is singularly focused on bringing a new class of medicine to the world.

當然。瑪麗，我需要對你說實話。今天這裡的氣氛不是很好。這裡的人們對這項使命感到興奮。他們對自己的工作充滿熱情，而我喜歡這個地方的其中一件事就是我們的員工非常關心彼此。因此，讓人們得知他們的一些隊友將離開公司對今天的每個人來說都很困難，對於即將離開的人來說尤其困難。也就是說，這家公司專注於為世界帶來一類新的藥物。

And most of us, if not all of us, are extremely proud of the historic accomplishments we've already made to do that and are very excited about the progress that lies ahead of us. With that in mind, I believe that most people understand that it would've been irresponsible to this business and to our mission, not to take decisive steps to react to the current environment.

我們中的大多數人，如果不是我們所有人，都為我們已經為此取得的歷史性成就感到非常自豪，並對我們面前的進步感到非常興奮。考慮到這一點，我相信大多數人都明白，如果不採取果斷措施對當前環境做出反應，那將是對這項業務和我們使命的不負責任。

I believe that our team will rally together, as they always do, every time they face obstacles, and we will continue to bring our products to more and more patients, grow our revenue more and more quickly, and we'll do it with a lower cost base.

我相信我們的團隊會像往常一樣，在每次遇到障礙時團結起來，我們將繼續為越來越多的患者提供我們的產品，越來越快地增加我們的收入，我們將以較低的成本基礎。

I can't promise you that. We'll have to see how the next few months shape up, but that's what I expect from this team based on the way that they've faced every challenge that they've seen in the five years that I've been a part of this company.

我不能向你保證。我們必須看看接下來幾個月的情況如何，但這是我對這個團隊的期望，基於他們在我參與的五年中所看到的每一個挑戰的應對方式這家公司。

Okay. That's very helpful. Well, understood, Chris. Thank you. A question here then on the state access agreements. Congrats on those recent wins, Alabama, South Carolina, and I know Wisconsin's in there as well. How quickly do some of these agreements kick in? As in are those wins that we could see impact of in Q4 and early next year as soon as that? Thanks for taking the questions.

好的。這很有幫助。嗯，明白了，克里斯。謝謝。這裡有一個關於狀態訪問協議的問題。祝賀最近的勝利，阿拉巴馬州、南卡羅來納州，我知道威斯康星州也在那裡。其中一些協議的生效速度有多快？至於那些我們可以在第四季度和明年年初看到影響的勝利嗎？感謝您提出問題。

Marie, thanks for your question. Many of these access agreements kick in quite quickly. I think as we've stated before, our goal is really to make sure that patients have access to our therapeutics. We want to meet payers where they are. And in many states, addiction care is paid for by programs outside of Medicaid like SOR grants. And we're really working to create broad-based access that meet patient and payers where they are, and to do it as quickly as we possibly can.

瑪麗，謝謝你的問題。其中許多訪問協議很快就會生效。我認為正如我們之前所說，我們的目標確實是確保患者能夠獲得我們的療法。我們想在付款人所在的地方與他們會面。在許多州，成癮治療是由醫療補助計劃之外的項目支付的，比如 SOR 補助金。我們真的在努力創建基礎廣泛的訪問權限，以滿足患者和付款人所在的地方，並儘可能快地做到這一點。

Thank you.

謝謝。

Thanks, Marie.

謝謝，瑪麗。

Neena Bitritto-Garg, Citi.

Neena Bitritto-Garg，花旗銀行。

Hey, guys. Thanks for taking the question. So I was just curious if you could talk about -- a little bit about the efforts that you undertook to increase the payment rate in the third quarter, and what you think you can kind of do from here realistically in fourth quarter? Thanks.

大家好。感謝您提出問題。所以我很好奇你是否可以談談 - 關於你在第三季度為提高支付率所做的努力，以及你認為你可以在第四季度從這裡實際做些什麼？謝謝。

Neena, thank you for the question. I think as we had laid out, increasing payment rate requires two things: number one, adding additional payers who provide access; and number two, targeting regions where that access exists. I think you've seen significant progress on the state front. You've also seen significant progress on the commercial front with large payers like Highmark, and I get the sense that there is some real momentum there. As I mentioned previously, bringing this all together into geographies that we can target like the work we're doing in Massachusetts, North Carolina, and Oklahoma stands to benefit our payment rate.

妮娜，謝謝你的提問。我認為正如我們所計劃的那樣，提高支付率需要兩件事：第一，增加提供訪問權限的額外支付者；第二，針對存在該訪問權限的區域。我認為您已經在州方面看到了重大進展。您還看到了像 Highmark 這樣的大型付款人在商業方面取得的重大進展，我感覺到那裡有一些真正的動力。正如我之前提到的，將所有這些都集中到我們可以定位的地區，就像我們在馬薩諸塞州、北卡羅來納州和俄克拉荷馬州所做的工作一樣，有利於我們的支付率。

Got it. Thank you.

知道了。謝謝。

Thanks, Neena.

謝謝，妮娜。

Charles Rhyee, Cowen.

查爾斯·賴伊，考恩。

Hi, this is Steve Braun, on for Charles Rhyee. Thanks for taking our questions. Just wanted to touch on the comments around payer coverage and formulary placements. Do payer clients need to opt in, so reSET and reSET-O are on formulary? Thanks.

嗨，我是 Steve Braun，代表 Charles Rhyee。感謝您回答我們的問題。只想談談有關付款人覆蓋範圍和處方集安置的評論。付款客戶是否需要選擇加入，所以 reSET 和 reSET-O 是處方集？謝謝。

Thanks for the question, and I'm happy to speak to that. It really depends upon the particular payer and the particular formulary. In some cases, we have the equivalent of opt-in formulary access and in other cases we have the equivalent of standard formulary access. I think one great example of standard formulary access is in the case of the state of Massachusetts, whereas we've previously disclosed MassHealth, the Medicaid organization in the state has put our reSET and reSET-O products on standard formulary as a pharmacy benefit for every Medicaid patient in the state.

感謝您提出這個問題，我很高興能就此發言。這實際上取決於特定的付款人和特定的處方集。在某些情況下，我們擁有等效於選擇加入的處方集訪問權，而在其他情況下，我們擁有等效於標準處方集的訪問權。我認為標準處方集訪問的一個很好的例子是馬薩諸塞州，而我們之前已經披露了 MassHealth，該州的醫療補助組織已將我們的 reSET 和 reSET-O 產品作為一種藥房福利納入標準處方集該州的每位醫療補助患者。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Keay Nakae, Chardan.

（操作員說明）Keay Nakae，Chardan。

Yes. Thank you. Wonder if you can give us a little more detail about the current key program that COEUS has and how that may be streamlined turning on those types of targeted programs?

是的。謝謝。想知道您是否可以向我們提供有關 COEUS 當前關鍵程序的更多詳細信息，以及如何簡化這些類型的目標程序？

Keay, thanks for the question. I'd love to tag in Julie, our Chief Commercial Officer, to provide remarks.

基，謝謝你的提問。我想請我們的首席商務官朱莉發表評論。

Great. Thanks, Corey. So to enhance our progress, we have entered into an agreement with COEUS HealthCare. COEUS and Magellan have a partnership to create a turnkey value-based solution for 26 state Medicaid programs contracted with Magellan. So we believe this agreement will really enable our expansion of our business within the states as we've continue -- as we continue to make progress across state-by-state.

偉大的。謝謝，科里。因此，為了促進我們的進步，我們與 COEUS HealthCare 達成了協議。 COEUS 和 Magellan 建立了合作夥伴關係，為與 Magellan 簽約的 26 個州醫療補助計劃創建基於價值的交鑰匙解決方案。因此，我們相信，隨著我們繼續在各州取得進展，這項協議將真正使我們能夠在各州內擴展我們的業務。

Right. But how does it help? How does it make things happen quicker, faster? You know, those types of metrics?

正確的。但它有什麼幫助呢？它如何讓事情發生得更快、更快？你知道，那些類型的指標？

Julia, I'm happy to speak to that briefly. I think it's early days. And while we aren't prepared to speak specifically to metrics, you can imagine ways in which standard contracting would speed the process. So right now, as for instance, when we go to new states, we are drafting coverage contracting from [all clause]. That takes time. You can think about this as increasing the acceptability of contracting terms, as well as streamlining the negotiations around the contracting process. All that said, we'll look forward to reporting progress here to come

朱莉婭，我很高興能簡短地談談這個問題。我認為現在還為時過早。雖然我們不准備專門談論指標，但您可以想像標準合同將以何種方式加快流程。所以現在，例如，當我們去新的州時，我們正在根據[所有條款]起草承保合同。這需要時間。您可以將此視為提高合同條款的可接受性，以及簡化圍繞合同流程的談判。話雖如此，我們期待在這里報告進展情況

Okay. Thank you.

好的。謝謝。

Thank you, Keay.

謝謝你，基。

Rahul Rakhit, LifeSci Capital.

LifeSci Capital 的 Rahul Rakhit。

Rahul, you may have us on mute. We're not able to hear you.

拉胡爾，你可以讓我們保持靜音。我們聽不到你的聲音。

There you go. Sorry about that. No, I appreciate you guys taking the questions. I was just wondering if you could give us an update on the progress with the pilot program with South Carolina's Department of Corrections. Based on the progress you guys are making there, should we expect additional programs moving forward?

給你。對於那個很抱歉。不，感謝你們提出問題。我只是想知道您能否向我們介紹一下南卡羅來納州懲教署試點項目的最新進展情況。根據你們在那裡取得的進展，我們是否應該期待更多的項目向前推進？

Rahul, thank you for the question, and I'd love to tag in Julia to speak to it.

Rahul，謝謝你提出這個問題，我很樂意在 Julia 中進行標記以與其交談。

Yup. Thanks, Corey. So let's just give you a fact base. So 85% of more than 2 million US prison populations are affected by substance use disorder. So the South Carolina pilot represents an opportunity for which our organization can expand into the correctional setting, and a significant area within a state, as well as many states that we are engaging today.

是的。謝謝，科里。所以讓我們給你一個事實基礎。因此，超過 200 萬美國監獄人口中有 85% 受到物質使用障礙的影響。因此，南卡羅來納州的試點代表了一個機會，我們的組織可以藉此機會擴展到懲教環境，以及一個州內的一個重要區域，以及我們今天參與的許多州。

So our program with South Carolina to date is really allowing us to demonstrate with evidence to others on how it can be done and communicating post implementation, post value with the outcomes that we've received with South Carolina.

因此，到目前為止，我們與南卡羅來納州的計劃確實使我們能夠通過證據向其他人展示如何完成這項工作，並通過我們在南卡羅來納州收到的成果來傳達實施後的價值。

Got it. It's really helpful. And then I guess switching gears, I know the primary focus is on reSET and reSET-O, but given the compelling HEOR data that you guys recently published with Somryst, how are you leveraging that data to make inroads with payers or think about how that kind of shifts your commercialization strategy down the road? Thanks, guys.

知道了。這真的很有幫助。然後我想換檔，我知道主要關注點是 reSET 和 reSET-O，但是考慮到你們最近與 Somryst 一起發布的令人信服的 HEOR 數據，你們如何利用這些數據來打入付款人或考慮如何是否會改變您的商業化戰略？多謝你們。

So Rahul, thank you for your question. And I think you rightly point out the promise that's associated with Somryst. You'll also rightly point out that we are deeply prioritizing reSET and reSET-O at the moment. We're really focused on two things with Somryst. Number one, is expanding commercial coverage. I think again, Highmark is a good example there where they added all three of our products to standard formulary.

Rahul，謝謝你的提問。我認為你正確地指出了與 Somryst 相關的承諾。您還會正確地指出，我們目前正在高度優先考慮 reSET 和 reSET-O。我們真的專注於 Somryst 的兩件事。第一，正在擴大商業覆蓋面。我再次認為，Highmark 是一個很好的例子，他們將我們所有的三種產品都添加到標準處方中。

Second thing we're focused on with Somryst is continued generation of real-world and health economic data. And the numbers that Yuri mentioned in excess of $8,000 per treated patient when compared to pharmaceutical treatment, I believe are highly compelling and give us belief in the asset moving forward.

我們關注 Somryst 的第二件事是持續生成真實世界和健康經濟數據。與藥物治療相比，Yuri 提到的每個接受治療的患者超過 8,000 美元的數字，我相信是非常有說服力的，讓我們相信資產會向前發展。

So with all that said, we are allocating our resources toward reSET and reSET-O deeply as we've mentioned several times, but the opportunity with Somryst remains.

因此，儘管如此，正如我們多次提到的那樣，我們正在將資源分配給 reSET 和 reSET-O，但 Somryst 的機會仍然存在。

I'm showing no further questions in queue at this time. I'd like to turn the call back to Corey McCann for closing remarks.

我現在不會在隊列中顯示更多問題。我想將電話轉回給 Corey McCann 以作結束語。

Thanks, Elizabeth. We are meeting what the moment demands. We grew revenue by more than 20% each quarter this year. At the same time, we continue to reduce operating expenses. In the current environment of scarce and expensive capital, growing at any cost would be imprudent. So Pear is demonstrating it can grow at a lower cost instead. With more modest fundraising needs next year, we march toward our bright future, and we look forward to reporting on our fourth-quarter and full-year progress.

謝謝，伊麗莎白。我們正在滿足當下的需求。我們今年每個季度的收入增長超過 20%。與此同時，我們繼續降低運營費用。在當前資本稀缺和昂貴的環境下，不惜一切代價實現增長都是輕率的。因此，Pear 正在證明它可以以更低的成本發展。隨著明年籌款需求的減少，我們將邁向光明的未來，我們期待著報告第四季度和全年的進展情況。

Thanks for your time today. As always, please reach out to Meara Murphy, our Head of Corporate Communications, if you have any questions.

感謝您今天的時間。一如既往，如果您有任何問題，請聯繫我們的企業傳播主管 Meara Murphy。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。