PLx Pharma Inc (PLXP) 2022 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by, and welcome to the PLx Pharma Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference call may be recorded. I would now like to hand the conference over to Janet Barth, PLx's Vice President of Investor Relations and Corporate Communications. Please go ahead.

女士們，先生們，您好。感謝您的支持，歡迎來到 PLx Pharma 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的電話會議可能會被錄音。我現在想將會議交給 PLx 投資者關係和企業傳播副總裁 Janet Barth。請繼續。

Thank you, and welcome to today's conference call to discuss PLx's 2022 second quarter financial results and business update. Before we begin, let me remind you that our 2022 second quarter earnings release can be found in the Investor Relations section of our website at www.plxpharma.com and as exhibits to the Form 8-K we filed ahead of this call. This conference call may contain forward-looking statements, including statements about, or references to, our outlook regarding the company's performance, our internal models and our long-term objectives. All such statements are subject to risks and uncertainties that could cause actual results to differ materially from what we say during the call today. Please refer to our most recent periodic SEC filings for more detail on these risks and uncertainties, including the Risk Factors section in our annual report on Form 10-K. The company undertakes no obligation to update or revise any forward-looking statements.

謝謝，歡迎參加今天的電話會議，討論 PLx 2022 年第二季度財務業績和業務更新。在我們開始之前，讓我提醒您，我們的 2022 年第二季度收益發布可以在我們網站 www.plxpharma.com 的投資者關係部分找到，並且作為我們在本次電話會議之前提交的 8-K 表格的附件。本次電話會議可能包含前瞻性陳述，包括關於或提及我們對公司業績的展望、我們的內部模型和我們的長期目標的陳述。所有此類陳述都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們今天在電話會議上所說的大相徑庭。有關這些風險和不確定性的更多詳細信息，請參閱我們最近定期向美國證券交易委員會提交的文件，包括我們 10-K 表格年度報告中的風險因素部分。公司不承擔更新或修改任何前瞻性陳述的義務。

Additionally, the information we will discuss today contains certain financial measures that exclude amounts, or are subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure prepared in accordance with generally accepted accounting principles. For a reconciliation to the most comparable measures presented in accordance with GAAP, please refer to the table in our earnings press release available on our website and included as an exhibit to our Form 8-K filed today.

此外，我們今天將討論的信息包含某些財務措施，這些措施不包括金額，或者受到具有不包括金額影響的調整的影響，這些措施包括在根據公認會計原則編制的最直接可比措施中。如需與根據 GAAP 提出的最可比措施的對賬，請參閱我們網站上提供的收益新聞稿中的表格，該表格作為我們今天提交的 8-K 表格的附件。

For the benefit of those who may be listening to the replay or archived webcast, this call was held and recorded on August 12, 2022. Since then, PLx may have made announcements related to the topics discussed, so please refer to the company's most recent press releases and SEC filings.

為了那些可能正在收聽重播或存檔網絡廣播的人的利益，本次電話會議於 2022 年 8 月 12 日舉行並錄製。此後，PLx 可能已經發布了與所討論主題相關的公告，因此請參閱公司最近的新聞稿和 SEC 文件。

I will now turn the call over to Natasha Giordano, PLx's President and CEO.

我現在將電話轉給 PLx 總裁兼首席執行官 Natasha Giordano。

Thank you, Janet. Good morning, everyone, and thank you for joining our call today. In conjunction with our second quarter results this morning, we communicated the following important…

謝謝你，珍妮特。大家早上好，感謝您今天加入我們的電話會議。結合今天上午的第二季度業績，我們傳達了以下重要信息……

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We commenced a formal process to evaluate strategic alternatives to enhance stockholder value, we reported positive results from our VAZALORE 81 milligram patient experience survey, and we streamlined our sales and marketing plan, significantly reducing our vascular care specialist team. In the context of our lower-than-expected sales results this quarter, we've taken these important steps to protect the value of our brands and our company. Since launching VAZALORE almost a year ago, we've been unwavering in our focus on driving market awareness and acceptance.

我們開始了一個正式的流程來評估戰略選擇以提高股東價值，我們報告了 VAZALORE 81 毫克患者體驗調查的積極結果，我們簡化了我們的銷售和營銷計劃，顯著減少了我們的血管護理專家團隊。在本季度銷售業績低於預期的情況下，我們採取了這些重要措施來保護我們的品牌和公司的價值。自將近一年前推出 VAZALORE 以來，我們一直堅定不移地專注於提高市場知名度和接受度。

During the second quarter, we intensified our focus to more strongly differentiate VAZALORE and communicate the advantages from other, older aspirin formulations and targeted this message to a broader audience of consumers and healthcare professionals or HCPs. I will review some of these significant initiatives in a few minutes. We have also invited back Dr. Asif Ali, a preventative cardiologist, influencer and early adopter of VAZALORE, to provide an update on his clinical experience with the product and his personal efforts to raise awareness about the efficacy and safety with his patients and his colleagues.

在第二季度，我們加強了我們的重點，以更強烈地區分 VAZALORE 並傳達與其他較舊阿司匹林配方的優勢，並將這一信息定位到更廣泛的消費者和醫療保健專業人員或 HCP 受眾。我將在幾分鐘內回顧其中一些重要舉措。我們還邀請了 VAZALORE 的預防心髒病專家、影響者和早期採用者 Asif Ali 博士，介紹他對該產品的最新臨床經驗，以及他為提高患者和同事對療效和安全性的認識所做的個人努力.

But first, for review of our second quarter financial performance, I will turn the call over to Rita O'Connor, our Chief Financial Officer and Head of Manufacturing and Supply Chain.

但首先，為了審查我們第二季度的財務業績，我將把電話轉給我們的首席財務官兼製造和供應鍊主管 Rita O'Connor。

Thank you, Natasha, and hello, everyone. Overall, our second quarter results reflected a number of factors, including continued drawdown of retailer inventories and continued expense management. On a sequential basis, net sales were lower due to the timing of trade reorders, including the non-recurrence of product display purchases that occurred in the first quarter in support of American Heart Health Month in February. Additionally, second quarter revenue included $400,000 of unfavorable adjustments which related to higher trade allowances and incremental sales return reserves. The increased trade allowances were associated with retailer pricing programs positioned during the quarter and intended to promote sell-through of existing retail inventory.

謝謝你，娜塔莎，大家好。總體而言，我們第二季度的業績反映了許多因素，包括零售商庫存的持續減少和持續的費用管理。按順序計算，淨銷售額較低是由於貿易再訂貨的時間安排，包括第一季度為支持 2 月份的美國心臟健康月而發生的產品展示採購不再發生。此外，第二季度收入包括 400,000 美元的不利調整，這些調整與更高的貿易津貼和增量銷售退貨準備金有關。增加的貿易津貼與本季度定位的零售商定價計劃相關，旨在促進現有零售庫存的銷售。

On a macro level, the second quarter was dominated by economic pressures, and we, like many businesses, experienced a tough inflationary environment that created a shift in consumer spending which put pressure on the rate of acceptance of our product in the marketplace and on our commercial resources. As has been widely reported in the media, the shift in consumer shopping behavior, including shopping less, spending less, being more price conscious and more likely to buy store brand or generics, has impacted the top-line and bottom-line results of many brands and retailers. In response, many retailers have reported planned reduction in operational costs, including, among other things, programs to decrease inventory levels built up during supply chain challenges in previous quarters.

在宏觀層面上，第二季度主要是經濟壓力，我們和許多企業一樣，經歷了嚴峻的通脹環境，導致消費者支出發生變化，這給我們產品在市場上的接受率和我們的產品帶來壓力商業資源。正如媒體廣泛報導的那樣，消費者購物行為的轉變，包括減少購物、減少支出、更加註重價格以及更有可能購買商店品牌或仿製藥，已經影響了許多公司的收入和利潤結果品牌和零售商。作為回應，許多零售商報告計劃降低運營成本，其中包括降低前幾個季度供應鏈挑戰期間積累的庫存水平的計劃。

So what does this mean for us? While we continue to have broad distribution in more than 30,000 retail stores, including the recent additions of Publix and Harris Teeter, we anticipate adjustments in the frequency of retailer category line reviews and in-store resets. Maintaining broad retail distribution nationwide across mass, drug and grocery channels remains a strategic imperative, and we will continue to work with our trade partners to demonstrate the value of VAZALORE.

那麼這對我們意味著什麼呢？雖然我們繼續在 30,000 多家零售店進行廣泛分銷，包括最近新增的 Publix 和 Harris Teeter，但我們預計零售商類別線審查和店內重置的頻率會有所調整。在大眾、藥品和食品雜貨渠道在全國范圍內保持廣泛的零售分銷仍然是一項戰略要務，我們將繼續與我們的貿易夥伴合作，展示 VAZALORE 的價值。

On the positive side, retailers have told us that PLx is the only one in the category consistently communicating about the importance of aspirin as a foundational therapy for the secondary prevention of cardiovascular events.

從積極的方面來看，零售商告訴我們，PLx 是同類產品中唯一一家持續宣傳阿司匹林作為心血管事件二級預防基礎療法的重要性的產品。

On a more micro level, the heart health aspirin category continued to be challenged during the second quarter. According to Nielsen data, the category has been in decline since October of '21, when media reported on the draft aspirin guidelines and created confusion with both patients and healthcare professionals in the market. The category took another hit in late April following media reports of the final published guidelines. Market data for the most recent 13 weeks ended July 16 shows a continued decline in retail consumption across all leading legacy aspirin brands within the heart health aspirin category.

在更微觀的層面上，心臟健康阿司匹林類別在第二季度繼續受到挑戰。根據尼爾森數據，該類別自 21 年 10 月以來一直在下降，當時媒體報導了阿司匹林指南草案，並在市場上引起了患者和醫療保健專業人員的混淆。在媒體報導最終發布的指南後，該類別在 4 月下旬再次受到打擊。截至 7 月 16 日的最近 13 週的市場數據顯示，心臟健康阿司匹林類別中所有領先的傳統阿司匹林品牌的零售消費量持續下降。

Moving on to cost of sales. We recorded $800,000 of expense in the second quarter, including $400,000 of incremental costs for expired packaging materials and a reserve for finished goods inventory at our warehouse that has less than 12 months' shelf life. Also in cost of sales this quarter were higher cost per unit for freight, stemming from shipments of our product cases versus large pallets combined with fuel surcharges. Overall operating expenses were $14.2 million in Q2, a sequential decline of approximately 26% versus Q1 of $19.1 million, reflecting continued expense management and strategic reductions in spend as part of our refined sales and marketing plan that was implemented during the second quarter. As part of that plan, we maintained a base level of advertising on network and cable news programs and shifted away from some of the high-visibility TV programming we were doing in previous quarters, like the NFL and college football events.

繼續討論銷售成本。我們在第二季度記錄了 800,000 美元的費用，其中包括 400,000 美元的過期包裝材料增量成本和倉庫中保質期少於 12 個月的成品庫存儲備金。在本季度的銷售成本中，單位貨運成本也較高，這是由於我們的產品箱運輸與大型托盤運輸相結合，加上燃油附加費。第二季度的總體運營費用為 1,420 萬美元，與第一季度的 1,910 萬美元相比環比下降約 26%，這反映出持續的費用管理和戰略性支出削減是我們在第二季度實施的完善的銷售和營銷計劃的一部分。作為該計劃的一部分，我們在網絡和有線新聞節目中保持了基本的廣告水平，並放棄了我們在前幾個季度製作的一些高知名度電視節目，例如 NFL 和大學橄欖球賽事。

Turning to the balance sheet. Our cash and cash equivalents balance as of June 30, 2022, was $35.7 million -- included approximately $1.3 million in net proceeds from stock sales activity in the quarter under ATM. Our cash burn of $16.8 million in the quarter primarily related to those operating expenses and timing of payments made at the end of the first quarter. As we previously communicated, we have been evaluating options to bring in new sources of non-dilutive capital, including business development activities. We have also explored pure financing options.

轉向資產負債表。截至 2022 年 6 月 30 日，我們的現金和現金等價物餘額為 3570 萬美元——包括本季度 ATM 下股票銷售活動的約 130 萬美元淨收益。本季度我們的現金消耗為 1680 萬美元，主要與第一季度末的運營費用和付款時間有關。正如我們之前所傳達的那樣，我們一直在評估各種方案，以引入新的非稀釋性資本來源，包括業務發展活動。我們還探索了純融資方案。

However, given the biotech market dynamics and our own stock valuation, we determined it would be too costly and too dilutive to our stockholders to pursue a financing deal in the near term. Therefore, in efforts to extend our cash runway and in response to the macro pressures we experienced during the second quarter, we have further streamlined our sales and marketing plan, including significantly reducing our cardiovascular care specialist team this month. We expect to see savings from this action in our fourth quarter results. Our goal now is to ensure our cash runway into the second quarter of '23.

然而，考慮到生物技術市場的動態和我們自己的股票估值，我們認為短期內進行融資交易對我們的股東來說成本太高且稀釋性太強。因此，為了延長我們的現金跑道並應對我們在第二季度遇到的宏觀壓力，我們進一步精簡了我們的銷售和營銷計劃，包括本月大幅縮減我們的心血管護理專家團隊。我們希望在第四季度的業績中看到這一行動帶來的節省。我們現在的目標是確保我們的現金跑道進入 23 年第二季度。

In light of our decision to initiate a formal process to evaluate strategic alternatives, we have committed to making the investments necessary to maintain the base business we have established for VAZALORE, including its current broad retail distribution. The reality is, given the ongoing market pressures, it has become clear to us that the uptake of VAZALORE could be accelerated through a larger commercial organization with resources to drive a more robust commercial plan, and we believe this product is too important for patients we serve not to be given the best chance to succeed. We are proud of our efforts to date in establishing VAZALORE as a leading brand in the heart health aspirin category. We also believe it would be a very attractive asset in the hands of another company, especially given its broad retail distribution, strong patent protection and the potential for significant financial and commercial synergies as a bolt-on brand.

鑑於我們決定啟動正式流程來評估戰略備選方案，我們承諾進行必要的投資，以維持我們為 VAZALORE 建立的基礎業務，包括其目前廣泛的零售分銷。現實是，鑑於持續的市場壓力，我們已經很清楚，可以通過擁有資源的更大的商業組織來加速 VAZALORE 的採用，以推動更強大的商業計劃，我們相信該產品對我們的患者來說太重要了服務不被給予成功的最佳機會。我們為迄今為止將 VAZALORE 打造成心臟健康阿司匹林類領先品牌所做的努力感到自豪。我們還相信，它在另一家公司手中將是一項非常有吸引力的資產，特別是考慮到其廣泛的零售分銷、強大的專利保護以及作為附加品牌的顯著金融和商業協同效應的潛力。

Natasha, I'll turn the call back to you.

娜塔莎，我會把電話轉給你。

Thank you, Rita. Like many companies today, we're not immune to the challenging macroeconomic environment, and we felt this effect on our second quarter results. These macro elements, including a shift in consumer shopping behavior, put pressure on the rate of acceptance of our product in the marketplace and on our commercial resources. We've moved quickly to further streamline our sales and marketing plan, including significantly reducing our sales force. Despite these market challenges, we remain as confident as ever in VAZALORE's potential to transform the standard of care of aspirin therapy for secondary prevention of cardiovascular events, and to reinvent aspirin for pain relief.

謝謝你，麗塔。像今天的許多公司一樣，我們也不能倖免於充滿挑戰的宏觀經濟環境，我們在第二季度的業績中感受到了這種影響。這些宏觀因素，包括消費者購物行為的轉變，對我們產品在市場上的接受率和我們的商業資源施加了壓力。我們已迅速採取行動，進一步精簡我們的銷售和營銷計劃，包括大幅裁減我們的銷售人員。儘管存在這些市場挑戰，我們仍然一如既往地相信 VAZALORE 有潛力改變阿司匹林治療的護理標準以進行心血管事件的二級預防，並重新發明阿司匹林以緩解疼痛。

Our product has been well received by early adopters, and findings from those adopters, along with online reviews and results from our recent patient experience surveys, which were reported earlier this morning in a separate release, further validate its market acceptance. The VAZALORE 81 milligram patient experience survey was designed to gather real-world data from patients regarding their experiences with the

我們的產品深受早期採用者的歡迎，這些採用者的調查結果，以及在線評論和我們最近的患者體驗調查的結果（今天早上早些時候在單獨的新聞稿中報告）進一步驗證了它的市場接受度。 VAZALORE 81 毫克患者體驗調查旨在收集患者的真實世界數據，了解他們對 VAZALORE 的體驗

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Compelling results from 150 respondents showed that, with VAZALORE, 97% felt they are doing all they can to help support their heart health. 96% felt no issues with their stomach when taking either with or without food. 96% (technical difficulty) remember to take VAZALORE every day. 98% said VAZALORE is easy to swallow. 95% were satisfied with VAZALORE as their aspirin therapy of choice. And 90% intend (technical difficulty).

來自 150 名受訪者的令人信服的結果表明，使用 VAZALORE，97% 的人認為他們正在盡其所能幫助支持他們的心臟健康。 96% 的人在服用或不服用食物時感覺胃部沒有問題。 96%（技術難度）記得每天服用VAZALORE。 98% 的人表示 VAZALORE 易於吞嚥。 95% 的人對 VAZALORE 作為他們選擇的阿司匹林療法感到滿意。並且 90% 打算（技術難度）。

These impressive real-world results, gathered from patients who have taken VAZALORE 81 milligrams, confirm the importance consumers place on having peace of mind in managing their (technical difficulty) as well as their overall tolerability and satisfaction when taking aspirin. These results are indicative of the potential uptake of the brand and its importance to millions of patients…

這些令人印象深刻的真實世界結果是從服用 VAZALORE 81 毫克的患者那裡收集的，證實了消費者在管理他們的（技術困難）時安心以及服用阿司匹林時的總體耐受性和滿意度的重要性。這些結果表明該品牌的潛在吸收及其對數百萬患者的重要性……

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At this time, I'd like to reintroduce our guest, Dr. Asif Ali, a preventative cardiologist, clinical associate professor of cardiovascular medicine at the University of Texas Health Center in Houston. Dr. Ali has some insights from his own real-world experiences with VAZALORE as well as feedback from physician colleagues, many of them heads cardiology departments in top institutions, from his conversations around efficacy and safety of aspirin. Welcome back, Dr. Ali. Thank you for joining us.

在這個時候，我想重新介紹我們的客人 Asif Ali 博士，他是休斯頓德克薩斯大學健康中心的預防心髒病專家、心血管醫學臨床副教授。 Ali 博士從他自己使用 VAZALORE 的真實經驗以及醫生同事的反饋中獲得了一些見解，他們中的許多人是頂級機構心髒病科的負責人，從他關於阿司匹林功效和安全性的談話中。歡迎回來，阿里博士。感謝您加入我們。

Thank you, Natasha, and good morning, everyone. I'm happy to be here again to talk about my clinical experience with VAZALORE, which I call aspirin 2.0, and my efforts to raise awareness and education among other healthcare providers -- colleagues -- regarding aspirin's efficacy and safety, because at the end of the day, that's what we're talking about. We know that aspirin remains the cornerstone therapy for secondary prevention of cardiovascular events, and that includes heart attacks and strokes. But for these patients, every dose counts, and I can't emphasize that more. What has found to be less well understood by physicians who have talked about this is that the formulation of aspirin -- the formulation of the aspirin absolutely matters in achieving complete platelet inhibition for optimized prevention.

謝謝你，娜塔莎，大家早上好。我很高興再次來到這裡談論我使用 VAZALORE 的臨床經驗，我稱之為阿司匹林 2.0，以及我為提高其他醫療保健提供者——同事——對阿司匹林的有效性和安全性的認識和教育所做的努力，因為最後今天，這就是我們正在談論的。我們知道阿司匹林仍然是心血管事件二級預防的基石療法，包括心髒病發作和中風。但對於這些患者來說，每一劑都很重要，這一點我再怎麼強調也不為過。已經發現談論這個的醫生不太了解的是阿司匹林的配方 - 阿司匹林的配方對於實現完全血小板抑制以優化預防絕對重要。

So over the past several months since I've been on talking with VAZALORE and utilizing it in my own practice, I've also engaged with several dozen physician colleagues, many of them chairmen of institutions around the Texas Medical Center, about the safety and efficacy of aspirin. And this is sort of how the conversation goes: that VAZALORE has undergone the rigors of an FDA-approved process. And I think that's very important, because the medications that we write for patients with strokes and heart attacks all have FDA approvals. And so the question is, why not the aspirin as well?

所以在過去的幾個月裡，自從我一直在與 VAZALORE 交談並在我自己的實踐中使用它以來，我還與幾十位醫生同事進行了交流，其中許多是德克薩斯醫療中心周圍機構的主席，關於安全和阿司匹林的療效。這就是談話的進行方式：VAZALORE 已經通過了 FDA 批准的嚴格流程。我認為這非常重要，因為我們為中風和心髒病患者編寫的藥物都獲得了 FDA 的批准。所以問題是，為什麼阿司匹林不也一樣呢？

So number 2 is commonly used enteric-coated aspirin formulations, per the FDA professional labeling, labels it as erratic absorption. And that's very important, obviously, absorption, and with conversations with my colleagues. And when, obviously, you have reduced absorption, you can have reduced thromboxane inhibition and, potentially, reduced efficacy. So if you're not absorbing, then there's concerns about efficacy. And bottom line, we have another option. We have an FDA-approved liquid-filled capsule known as VAZALORE. Has shown reliable absorption. Especially designed to help protect the stomach as well. And we have already seen this in published PK/PD data of VAZALORE 325 milligrams versus enteric-coated aspirin 325 milligrams, especially in obese diabetics, showing 99% thromboxane-2 inhibition significantly faster in VAZALORE than enteric-coated aspirin over a 3-day period.

所以2號是常用的腸溶阿司匹林配方，根據FDA的專業標籤，將其標記為吸收不穩定。顯然，吸收以及與同事的對話非常重要。顯然，當吸收減少時，凝血惡烷抑製作用就會降低，並且可能會降低療效。因此，如果您沒有吸收，那麼就會擔心功效。最重要的是，我們還有另一種選擇。我們有一種 FDA 批准的充液膠囊，稱為 VAZALORE。已顯示可靠的吸收。專為保護胃部而設計。我們已經在發表的 VAZALORE 325 毫克與腸溶阿司匹林 325 毫克的 PK/PD 數據中看到了這一點，尤其是在肥胖糖尿病患者中，顯示 VAZALORE 99% thromboxane-2 抑制在 3 天內明顯快於腸溶阿司匹林時期。

So the feedback I have been getting per these bullet points and these conversations have been very, very positive within my colleagues. And my colleagues are saying, "Well, one, I did not know -- I didn't know these facts. Number 2, I want to learn a little bit more about VAZALORE. The process and the safety and efficacy are obviously important to me and my patient." Again, this is what my colleagues are saying. "And I don't want the variability in the absorption of aspirin that can be seen in enteric-coated aspirin." And not only that, there's something called shared decision-making. The patients too need to know that they're getting the best formulation of the medications that they're receiving.

因此，我根據這些要點得到的反饋以及這些對話在我的同事中非常非常積極。我的同事們說，“嗯，第一，我不知道——我不知道這些事實。第二，我想更多地了解 VAZALORE。這個過程以及安全性和有效性顯然對我和我的病人。”同樣，這就是我的同事們所說的。 “而且我不希望在腸溶包衣的阿司匹林中看到阿司匹林吸收的變異性。”不僅如此，還有一種叫做共同決策的東西。患者也需要知道他們正在獲得所接受藥物的最佳配方。

So the question is, why not set up our patients for aspirin therapy success off the get-go by choosing a formulation that's both cardioprotective and designed to help protect the stomach? And in my own clinical practice -- I can speak on my own utilization -- I'm an early adopter of VAZALORE, because it makes sense. Over the past 6 weeks alone, I've already recommended VAZALORE -- written VAZALORE to 300 new patients for VAZALORE 81 milligrams.

所以問題是，為什麼不通過選擇一種既能保護心髒又能幫助保護胃的配方，讓我們的患者從一開始就獲得阿司匹林治療的成功呢？在我自己的臨床實踐中——我可以談談我自己的使用情況——我是 VAZALORE 的早期採用者，因為它很有意義。僅在過去的 6 週內，我就已經向 300 名新患者推薦了 VAZALORE——81 毫克的 VAZALORE。

These came through different settings: directly from the hospital, as I see patients who are having heart attacks or stroke, from the ER, the emergency rooms where they present with acute coronary syndrome or unstable angina, and from my own practice, where patients have issues with heart attacks, strokes and peripheral vascular disease or peripheral artery disease. I've looked at other medications these patients are taking as well, and just internally, interesting enough, about 30% of my patients are taking some type of GI-protective medication, whether that's an H2 blocker, PPI, proton pump inhibitor or an OTC. And so I really believe that gut health issues are an important unmet need, and I plan to monitor whether patients taking VAZALORE 81 milligrams can help reduce their utilization of these GI-protective medications.

這些來自不同的環境：直接來自醫院，因為我看到患有心髒病或中風的患者，來自急診室，他們出現急性冠狀動脈綜合徵或不穩定型心絞痛的急診室，以及來自我自己的實踐，那裡的患者有心髒病發作、中風和周圍血管疾病或周圍動脈疾病的問題。我也查看了這些患者正在服用的其他藥物，就內在而言，有趣的是，大約 30% 的患者正在服用某種類型的 GI 保護藥物，無論是 H2 阻滯劑、PPI、質子泵抑製劑還是場外交易。因此，我真的相信腸道健康問題是一個重要的未滿足需求，我計劃監測服用 VAZALORE 81 毫克的患者是否可以幫助減少他們對這些 GI 保護藥物的使用。

So, patient response to date. My own patients have been very favorable. Product has been well received. No adverse effects from the patients. But more importantly, there's something called shared decision-making where I'm informing patients of their medications, we're reviewing their medications, and the patients feel assured about an FDA-approved product in light of their aspirin being VAZALORE. Really no resistance or pushback using the product, especially when it's explained by their doctor or their healthcare provider. So based on my own clinical experience -- this additional real-world experience in my own practice and my care of patients -- really has given me the confidence, just in the last 6 weeks, of prescribing VAZALORE by patients and recommending VAZALORE to my peers.

因此，迄今為止的耐心反應。我自己的病人非常滿意。產品受到好評。患者無不良反應。但更重要的是，有一種叫做共同決策的東西，我會告知患者他們的藥物，我們正在審查他們的藥物，並且患者會因為他們的阿司匹林是 VAZALORE 而對 FDA 批准的產品感到放心。使用該產品真的沒有任何阻力或阻力，尤其是當他們的醫生或醫療保健提供者對其進行解釋時。因此，根據我自己的臨床經驗——在我自己的實踐和我對患者的護理中的這種額外的真實世界經驗——真的給了我信心，就在過去的 6 周里，患者開出 VAZALORE 處方並向我推薦 VAZALORE同行。

Thank you so much, and back to you, Natasha.

非常感謝你，然後回到你身邊，娜塔莎。

Thank you, Dr. Ali. We certainly value your insights and perspective as you are treating patients at risk each and every day. We're excited and encouraged by the consistency of your patients' feedback, our own patient survey results and from the feedback that you're getting from other physicians in your efforts to educate and inform them about aspirin efficacy and safety.

謝謝你，阿里博士。我們當然重視您的見解和觀點，因為您每天都在治療處於危險中的患者。我們對您的患者反饋的一致性、我們自己的患者調查結果以及您從其他醫生那裡獲得的反饋感到興奮和鼓舞，因為您努力教育和告知他們阿司匹林的療效和安全性。

A key priority of our second quarter was implementing a refined marketing plan to drive market awareness and acceptance of VAZALORE across a broader audience of consumers and healthcare professionals. To do this, we used cost-efficient marketing tools, including digital and virtual offerings. Let me give you some examples. First, in a recent healthcare professional email campaign, we expanded distribution to include advanced practice providers, largely nurse practitioners and physician's assistants. With the addition of these specialties, plus the cardiologists and the pharmacists on our original target list, we could reach and more efficiently cross-promote VAZALORE for both heart health and pain relief to more than 500,000 health care professionals. Email open rates across all target audience performed at more than 3x the industry benchmarks on average, indicating a keen interest in our new innovative (technical difficulty).

我們第二季度的一個關鍵優先事項是實施完善的營銷計劃，以提高 VAZALORE 在更廣泛的消費者和醫療保健專業人士中的市場意識和接受度。為此，我們使用了具有成本效益的營銷工具，包括數字和虛擬產品。讓我舉幾個例子。首先，在最近的醫療保健專業電子郵件活動中，我們擴大了分發範圍，以包括高級實踐提供者，主要是執業護士和醫師助理。通過增加這些專業，加上我們最初目標列表中的心髒病專家和藥劑師，我們可以接觸並更有效地向超過 500,000 名醫療保健專業人員交叉推廣 VAZALORE 以促進心臟健康和鎮痛。所有目標受眾的電子郵件打開率平均是行業基準的 3 倍以上，表明對我們的新創新（技術難度）有濃厚的興趣。

Second, on social media, we've enhanced our presence with VAZALORE (technical difficulty) advertising on Facebook and company-related news on Twitter and LinkedIn. Our Facebook communication targets heart health and pain relief audiences with product messaging that highlights consumers' experience with VAZALORE. In that regard, we're excited to feature legendary professional baseball pitcher John Smoltz experiencing using VAZALORE 325 milligrams himself for fast, effective pain relief.

其次，在社交媒體上，我們通過 Facebook 上的 VAZALORE（技術難度）廣告以及 Twitter 和 LinkedIn 上的公司相關新聞增強了我們的影響力。我們的 Facebook 通信針對心臟健康和止痛受眾，其產品消息突出了消費者對 VAZALORE 的體驗。在這方面，我們很高興邀請傳奇職業棒球投手 John Smoltz 親身體驗使用 VAZALORE 325 毫克來快速、有效地緩解疼痛。

Third, in medical communications, we're also driving our differentiated messaging through thought leader-led programs such as a series of educational webinars that were held in June, led by interventional cardiologist and thought leader Dr. Michael Gibson, a consultant at Boston Clinical Research Institute. The program was titled, "Secondary prevention with aspirin. Learn about the latest FDA-approved aspirin formulations." These virtual programs provided healthcare professionals and others a forum to learn about the differences in available aspirin formulations, including VAZALORE

第三，在醫療傳播方面，我們還通過思想領袖主導的計劃來推動我們的差異化信息傳遞，例如 6 月舉行的一系列教育網絡研討會，由介入心髒病專家和思想領袖 Michael Gibson 博士領導，他是 Boston Clinical 的顧問研究機構。該計劃的標題是“阿司匹林的二級預防。了解 FDA 批准的最新阿司匹林配方。”這些虛擬程序為醫療保健專業人員和其他人提供了一個論壇，以了解可用阿司匹林配方的差異，包括 VAZALORE

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filled aspirin capsules, and the importance of aspirin therapy in the treatment of secondary prevention. We've adjusted our tactics to strengthen our brand offering and value proposition for VAZALORE to both consumers and healthcare professionals, and we remain as confident as ever in VAZALORE's potential to transform the standard of care - the standard of aspirin therapy -- for secondary prevention of cardiovascular events and to reinvent aspirin for pain relief.

填充阿司匹林膠囊，以及阿司匹林治療在二級預防治療中的重要性。我們已經調整了我們的策略，以加強我們為消費者和醫療保健專業人士提供的 VAZALORE 品牌產品和價值主張，我們仍然對 VAZALORE 改變護理標準（阿司匹林治療標準）以進行二級預防的潛力一如既往地充滿信心心血管事件和重新發明阿司匹林以緩解疼痛。

For us, the patient is essential to everything we do, and VAZALORE is an important life-saving option in the treatment of secondary prevention of cardiovascular events. With that in mind, to ensure the future success of the brand and be able to grow VAZALORE to the next level, we believe it would require further capital investment to support a broader marketing effort. We've been evaluating options to bring in new sources of capital, including financing deals as well as business development activities. After initial discussions with several major companies over the past few months, external interest has broadened, and we together with

對我們而言，患者對我們所做的一切都至關重要，而 VAZALORE 是治療心血管事件二級預防的重要救生選擇。考慮到這一點，為了確保品牌未來的成功並能夠將 VAZALORE 發展到一個新的水平，我們認為需要進一步的資本投資來支持更廣泛的營銷工作。我們一直在評估引入新資本來源的方案，包括融資交易和業務發展活動。在過去幾個月與幾家大公司進行初步討論後，外部興趣擴大了，我們與

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decided to engage financial adviser Raymond James to commence a formal process to help us evaluate strategic alternatives to enhance stockholder value. We believe VAZALORE would benefit from a larger organization with resources to drive a more robust commercial plan. This product is too important for the patients we serve not to be given the best chance to succeed. Importantly, we believe VAZALORE would add significant value as a bolt-on brand. It is the only FDA-approved liquid-filled aspirin capsule on the market. It has established national retail distribution, including 30,000 stores. It has a large addressable over-the-counter market. It has a novel drug delivery platform, with potential for additional product candidates. It has strong global patent protection until 2032, and it provides potential for significant financial and commercial synergies. We look forward to working with Raymond James in this process to enhance stockholder value. In the meantime, we remain committed to advancing VAZALORE in the market and improving value for our company. We can now open the call for questions.

決定聘請財務顧問 Raymond James 啟動正式流程，幫助我們評估戰略備選方案以提高股東價值。我們相信 VAZALORE 將從擁有資源的更大組織中受益，以推動更強大的商業計劃。該產品對我們服務的患者來說太重要了，不能不給他們最好的成功機會。重要的是，我們相信 VAZALORE 作為一個附加品牌會增加顯著的價值。它是市場上唯一獲得 FDA 批准的充液阿司匹林膠囊。它已經建立了全國零售分銷網絡，包括 30,000 家門店。它有一個巨大的可尋址場外交易市場。它有一個新穎的藥物輸送平台，有可能成為其他候選產品。它在 2032 年之前擁有強大的全球專利保護，並為顯著的金融和商業協同效應提供了潛力。我們期待在此過程中與 Raymond James 合作，以提升股東價值。與此同時，我們仍然致力於在市場上推進 VAZALORE 並提高我們公司的價值。我們現在可以開始提問了。

(Operator Instructions) Our first question will come from Jason Butler of JMP Securities.

（操作員說明）我們的第一個問題將來自 JMP 證券公司的 Jason Butler。

First question for Dr. Ali. Can you maybe walk us through how you are helping your physician colleagues navigate through the price sensitivity question when it comes up, given the broader economic background?

Ali 博士的第一個問題。考慮到更廣泛的經濟背景，您能否向我們介紹一下您如何幫助您的醫生同事解決價格敏感度問題？

Absolutely. So I will point out, and I didn't point out during my conversation, we are creating some strategies around some colleagues. In fact, one, which I won't be able to mention the name of the institution - a major institution that's looking at what we call a meds-to-beds type of product. Answering your question, if you have a patient who comes in with a stroke or heart attack -- I want to emphasize something, because I just find it so interesting when we have these conversations about pricing. The cost -- so the typical patient that has a heart attack will leave the hospital on at least 5 medications -- 5 new medications -- the least expensive of which -- of these 5 medications would be an aspirin, or VAZALORE as we're changing prescription behavior.

絕對地。所以我要指出，我在談話中沒有指出，我們正在圍繞一些同事制定一些策略。事實上，一個，我無法提及該機構的名稱 - 一個正在研究我們稱之為藥物到床型產品的主要機構。回答你的問題，如果你有一個中風或心髒病發作的病人——我想強調一些事情，因為當我們就定價進行這些對話時，我覺得它很有趣。成本——因此心髒病發作的典型患者離開醫院時至少要服用 5 種藥物——5 種新藥物——其中最便宜的——這 5 種藥物中的一種是阿司匹林，或者我們所說的 VAZALORE重新改變處方行為。

What's extremely important -- and this even came from Dr. Gibson's own process of thinking through VAZALORE -- is we want to set up patients for success after a heart catheterization. For example, if he puts in a stent, the most important point of the follow-up on these patients is one to make sure that the stent was placed and is working. But for it to work, we have to onboard certain medications, and one of the most important is aspirin. So it's paramount that the least expensive of these medications -- out of those 5 medications is aspirin. The most expensive could be $500-plus per month. So we're talking about pennies versus hundreds of dollars of medications that are onboarded for secondary prevention after a patient has a heart attack or a stroke. So the conversation, even in a major institution for meds to beds, is we want to protect the patient as much as possible, have the best efficacy, best safety, best absorption that we can get, and the least expensive of all of the medications that we're talking about is aspirin, or VAZALORE in this case.

極其重要的是——這甚至來自 Gibson 博士自己通過 VAZALORE 思考的過程——我們希望讓患者在心臟導管插入術後取得成功。例如，如果他放置了支架，那麼對這些患者進行隨訪的最重要的一點就是確保支架已放置並且正在工作。但要讓它發揮作用，我們必須服用某些藥物，其中最重要的藥物之一是阿司匹林。因此，最重要的是這些藥物中最便宜的——在這 5 種藥物中——阿司匹林。最昂貴的可能是每月 500 美元以上。因此，我們談論的是在患者心髒病發作或中風後用於二級預防的幾便士與數百美元的藥物。因此，即使是在一家主要的床邊藥物治療機構中，我們也希望盡可能地保護患者，擁有最好的療效、最好的安全性、我們能得到的最好的吸收，以及所有藥物中最便宜的我們談論的是阿司匹林，在這種情況下是 VAZALORE。

Great. Very helpful. And then, for the company, I guess, 2 questions. Number one, can you talk to us about what you would be looking for in a potential partner -- the attributes that you think that would be valuable to help grow the brand? And then secondly, the effort to increase focus on the pain benefits of aspirin -- can you just talk to us a little bit more about how you're messaging that to physicians?

偉大的。很有幫助。然後，我想，對於公司來說，有 2 個問題。第一，你能和我們談談你在潛在合作夥伴身上尋找什麼——你認為對幫助品牌發展有價值的品質嗎？其次，努力增加對阿司匹林止痛益處的關注——你能再和我們談談你是如何向醫生傳達這些信息的嗎？

So I'll take the first question, what would we be looking for in a partner? Listen, we're in a small industry. We're looking at companies that have the resources, that have the expertise, that have grown [brand] over the years, very, very successfully. And you could think of a few right off the bat. They could be consumer companies, they could be [RX] companies, given the way that aspirin is used. Aspirin is a foundational therapy in the treatment of secondary prevention. It's also as a class 1A guideline, not only in cardiovascular disease but also in peripheral artery disease, so there's a lot of usage for aspirin in that area. So we really are looking for a company and a partner that believes in the product, certainly, but that has the knowhow, the deep experience and then the resource to accelerate the brand growth. I think what we've done is established a very strong base. We can see in our data that the base is growing. We're growing new users every month. That's important for us in establishing that strong base and foundation of patients, and that would be valuable to a potential partner.

所以我會回答第一個問題，我們會在合作夥伴中尋找什麼？聽著，我們在一個小行業。我們正在尋找擁有資源、專業知識、多年來發展[品牌]非常非常成功的公司。你可以立即想到一些。考慮到阿司匹林的使用方式，它們可能是消費品公司，也可能是 [RX] 公司。阿司匹林是治療二級預防的基礎療法。它也是 1A 類指南，不僅適用於心血管疾病，也適用於外周動脈疾病，因此阿司匹林在該領域有很多用途。因此，我們確實在尋找一家相信產品的公司和合作夥伴，當然，他們擁有專業知識、豐富的經驗以及加速品牌增長的資源。我認為我們所做的是建立一個非常強大的基礎。我們可以在數據中看到基數正在增長。我們每個月都在增加新用戶。這對我們建立強大的患者基礎和基礎很重要，這對潛在的合作夥伴也很有價值。

Interestingly, about aspirin and pain, we have really reacted to the feedback from consumers, not only online but anecdotally, certainly through our physicians. Consumers are telling us that they take a VAZALORE - one 325-milligram VAZALORE -- and it acts very, very quickly, whether you have food or not, and it doesn't give them any stomach issues. Now those are anecdotal, they're online reviews. And as we started getting more and more of them, we thought, "Wow, this product could reinvent the category -- the aspirin category for pain." And our retail partners will also find that to be very, very interesting. And as we started to explore, we came upon John Smoltz, who is using VAZALORE for his minor aches and pains. I just [saw] him yesterday, and it's really working very, very well for him as he plays

有趣的是，關於阿司匹林和疼痛，我們確實對消費者的反饋做出了反應，不僅是在線的，而且是軼事，當然是通過我們的醫生。消費者告訴我們，他們服用了 VAZALORE——一粒 325 毫克的 VAZALORE——無論您是否有食物，它的作用都非常、非常快，而且不會給他們帶來任何胃病。現在這些都是軼事，它們是在線評論。隨著我們開始獲得越來越多的產品，我們想，“哇，這個產品可以重塑這個類別——治療疼痛的阿司匹林類別。”我們的零售合作夥伴也會發現這非常非常有趣。當我們開始探索時，我們遇到了 John Smoltz，他正在使用 VAZALORE 治療他的輕微疼痛。我昨天才 [看到] 他，他打球的時候真的非常非常好

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of golf these days. So we think there's a lot of opportunity. We've included the pain focus in our digital program and our Facebook approach and strategy. We're looking to show the market and to other consumers -- testimonials from consumers, as well as Mr. Smoltz. So we have some really interesting plans to start to increase the usage of VAZALORE in pain.

這些天的高爾夫。所以我們認為有很多機會。我們已將痛點重點納入我們的數字計劃和我們的 Facebook 方法和戰略中。我們希望向市場和其他消費者展示 - 來自消費者以及 Smoltz 先生的推薦。所以我們有一些非常有趣的計劃來開始增加 VAZALORE 在疼痛中的使用。

And our next question will come from Leland Gershell of Oppenheimer.

我們的下一個問題將來自奧本海默的 Leland Gershell。

I want to ask, I mean, given the more challenging environment these days for the retail consumer, again, given inflation and just everything involving cost of living going up, and the price differential of VAZALORE versus other aspirins. Just wondering maybe, Natasha, whether you could comment on the extent to which you may perceive the price premium as being a hurdle for the consumer and what sensitivity around that is, such that you could possibly reduce the price and still maintain favorable economics for PLx, such that you could bring in a greater scope of end-user buyers in this current environment?

我想問，我的意思是，鑑於如今零售消費者面臨更具挑戰性的環境，再次考慮到通貨膨脹和所有涉及生活成本上升的因素，以及 VAZALORE 與其他阿司匹林的價格差異。只是想知道，娜塔莎，你是否可以評論一下你認為價格溢價在多大程度上對消費者來說是一個障礙，以及它的敏感性是什麼，這樣你就可以降低價格並仍然保持對 PLx 有利的經濟效益，這樣您就可以在當前環境下吸引更大範圍的最終用戶購買者？

Yes, Leland, you're right. This last few quarters now, the inflationary and the economic issues are very present. Consumer behaviors

是的，利蘭，你是對的。最近幾個季度，通貨膨脹和經濟問題非常突出。消費行為

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that people are thinking about how to spend their cash and where to spend their cash. You have food, you have gas and you have [medicines]. Where should I put my dollar? And so that consumer is making that decision at the shelf, and that's why all of our digital and media

人們正在考慮如何花錢以及在哪里花錢。你有食物，你有汽油，你有[藥物]。我應該把美元放在哪裡？所以消費者在貨架上做出決定，這就是為什麼我們所有的數字和媒體

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consumers as well very strongly to differentiate why they should purchase VAZALORE. And so there certainly is some impact there. But we've tried some programs there also where we've done temporary price reductions. And I'm not sure that that's the answer either, because we've actually brought the price back up after a few months.

消費者也非常強烈地區分他們應該購買 VAZALORE 的原因。所以那里肯定有一些影響。但是我們也在那裡嘗試了一些計劃，我們已經在這些計劃中進行了臨時降價。而且我也不確定這是否就是答案，因為幾個月後我們實際上已經將價格調高了。

And I think what I do also is allow Rita to talk a little bit more and give some more color on

而且我想我所做的也是讓麗塔多說一點，給她更多的色彩

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the consumer behavior at the retailer shelf.

零售商貨架上的消費者行為。

Yes. Thanks, Natasha. So remember what Dr. Ali said. The interesting thing is, what did he say, 30%, 35% of his patients are taking a PPI. Some of the branded PPIs are almost $0.80 a day themselves. So -- and keep in mind, most of those 5 medicines that Dr. Ali mentioned are -- they're paying their co-pay, which is about $25 a month already. So ours is actually under that. So, as he said, we're still the cheapest medication that this person is on, and it should save their life. So it's certainly a priority for them, but if they're already on a PPI, hopefully we can save them some money.

是的。謝謝，娜塔莎。所以請記住阿里博士所說的話。有趣的是，他說了什麼，他的30%、35%的患者正在服用PPI。一些品牌 PPI 本身的價格幾乎是每天 0.80 美元。所以——請記住，Ali 博士提到的那 5 種藥物中的大部分——他們正在支付他們的共付額，這已經是每月大約 25 美元。所以我們實際上是在那個之下。所以，正如他所說，我們仍然是這個人使用的最便宜的藥物，它應該可以挽救他們的生命。所以這對他們來說當然是一個優先事項，但如果他們已經在使用 PPI，希望我們可以為他們節省一些錢。

Okay. And with respect to the exploration of strategic alternatives, do you have a -- kind of a goal in mind with respect to the structure that that may take in terms of would it be a partnership with the company, would you look to sort of an outright sale? And I'm wondering if you could give us a flavor of the types of companies out there that have taken an interest in VAZALORE and the franchise and, obviously, without naming names, but the types of entities that may be most interested in the product.

好的。關於戰略選擇的探索，你是否有一個關於可能採取的結構的目標，它是否會與公司建立夥伴關係，你是否會尋求某種直接出售？我想知道你是否可以給我們介紹一下對 VAZALORE 和特許經營感興趣的公司類型，顯然，沒有命名，但可能對產品最感興趣的實體類型.

Yes. Our primary goal is to increase the value for our stockholders, so as we navigate the discussions that we've had with some companies, there are different opportunities. And so it will come down to management and our Board

是的。我們的主要目標是增加股東的價值，因此在我們與一些公司進行的討論中，有不同的機會。所以這將歸結為管理層和我們的董事會

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which is the most valuable for shareholders. And it comes in a variety of looks, honestly. It could be licensing, it could be partnership, it could be investment and it could be asset sale or an M&A. We, right now, in the early stages of our discussions, are open to discuss

這對股東來說是最有價值的。老實說，它有多種外觀。它可以是許可，可以是合夥，可以是投資，也可以是資產出售或併購。我們，現在，在我們討論的早期階段，願意討論

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so that we can find where is the most premium value for our shareholders. And so that's what guides us right now. We are encouraged at the interest, and I think partnering with our financial adviser like Raymond James, who knows us very, very well, is the right thing to do -- will help accelerate that process.

這樣我們就可以找到對我們的股東來說最有價值的地方。這就是我們現在的指導方針。我們對這種興趣感到鼓舞，我認為與非常非常了解我們的財務顧問 Raymond James 合作是正確的做法——將有助於加快這一進程。

And our next question will come from Elliot Wilbur of Raymond James.

我們的下一個問題將來自 Raymond James 的 Elliot Wilbur。

Wanted to direct a couple of questions initially to Rita, I guess, with just respect to some channel aspects. First, can you give us a sense of the amount of VAZALORE inventory still in the retail trade? And then, with respect to all the retailers that participated in the initial launch and retailers that you've subsequently signed on to stock the product, how many of those are still carrying VAZALORE and sort of what is the current shelf space allocation versus maybe what we saw at launch?

我想最初想向 Rita 提出幾個問題，只是關於某些渠道方面的問題。首先，您能告訴我們零售業中仍有多少 VAZALORE 存貨嗎？然後，關於參與初始發布的所有零售商和您隨後簽約的庫存產品的零售商，其中有多少仍在銷售 VAZALORE，以及當前的貨架空間分配是什麼，可能是什麼我們在發射時看到了？

Great. I'll take the second question first, so that -- kind of give you an idea about your first question. So I'm actually pleased to report that we have both doses still in all those 30,000 stores. Now, they're re-looking at some of the trial SKUs. We had a 12-count trial SKU, which we had said that it would start to phase out once people would try it, and then they would start to phase it out and move towards the 30 count, which is more like a subscription model. So -- but we are pleased to say that they're in all those stores. We added Publix and Harris Teeter, which is another about 1,500 stores there. So we're pleased to report they're still keeping it. They do have inventory out there. I won't quantify how much; it's a little difficult to say. However, based on their reorders, you can kind of tell. We had done some displays in January, so they're still working that inventory down, but our goals are to really do some promotions to pull that through for the rest of the year.

偉大的。我會先回答第二個問題，這樣 - 讓你對你的第一個問題有所了解。所以我真的很高興地報告說，我們在所有這 30,000 家商店中仍然有這兩種劑量。現在，他們正在重新審視一些試用 SKU。我們有一個 12 計數的試用 SKU，我們說過一旦人們嘗試它就會開始逐步淘汰，然後他們會開始逐步淘汰它並轉向 30 計數，這更像是一種訂閱模式。所以 - 但我們很高興地說他們在所有這些商店裡。我們增加了 Publix 和 Harris Teeter，這是那裡另外約 1,500 家商店。所以我們很高興地報告他們仍然保留它。他們確實有庫存。我不會量化多少；這有點難說。但是，根據他們的重新訂購，您可以判斷。我們在 1 月份做了一些展示，所以他們仍在減少庫存，但我們的目標是真正進行一些促銷活動，以在今年餘下的時間裡完成這項工作。

So we had said that the second half of the year should be bigger. The difficult thing is now with the pressures on the retailers themselves. I mean, some of the big guys have announced their own pricing pressures. Their consumers are spending less, and they also are deeply discounting their inventories. So I don't know if you've been at the shelf recently, but it's pretty amazing, because they had ordered so much because they couldn't get products. Now they're trying to give it away, because they have so much and don't want it to expire on their shelves. So we will experience those pressures because of their own economic pressures, so it'll be a wait and see to see how much reorders. But they are reordering, especially in the stores in the southeast region. We're seeing those start to reorder. But I'm hoping that, with this pull-through, they'll reorder later this year.

所以我們說過下半年應該更大。現在困難的是零售商自身的壓力。我的意思是，一些大公司已經宣布了他們自己的定價壓力。他們的消費者正在減少支出，而且他們也在大幅打折庫存。所以我不知道你最近有沒有上過貨架，但它非常驚人，因為他們訂購了很多，因為他們無法獲得產品。現在他們想把它送人，因為他們有太多而且不希望它在貨架上過期。因此，由於自身的經濟壓力，我們將經歷這些壓力，因此將拭目以待，看看有多少再訂貨。但他們正在重新訂購，尤其是在東南地區的商店。我們看到那些開始重新排序。但我希望，通過這種方式，他們將在今年晚些時候重新訂購。

Okay. And then a question for Natasha. In the last call, you had talked about some programs you were exploring with respect to some large healthcare systems and maybe an amped-up strategy in terms of placement of the product in the long-term care channel. Just any updates that you could provide there? And then I want to kind of get back to an issue I think we've talked about a couple of times over the last couple of years in terms of the best avenue for distribution of this product, because it's really a clinical sell, and I guess, just kind of given where things currently stand, is the company reconsidering the possibility -- or considering the possibility, I guess -- of more of a direct clinical approach, more of a managed care sell?

好的。然後是娜塔莎的問題。在上次通話中，您談到了您正在探索的一些與一些大型醫療保健系統相關的計劃，以及可能在長期護理渠道中放置產品方面的強化策略。您可以在那裡提供任何更新嗎？然後我想回到一個問題上來，我認為我們在過去幾年中就分銷該產品的最佳途徑討論過幾次，因為它確實是一種臨床銷售，而且我猜測，只是考慮到目前的情況，公司是否正在重新考慮更多直接臨床方法、更多管理式醫療銷售的可能性——或者考慮可能性，我猜？

Let me take your first question on studies. Yes, we have made some progress, actually, with several institutions that are very interested in doing some study. What's most important to the healthcare community - the healthcare professional community -- is adherence and tolerance. And even the FDA's focus is on how patients feel when they take their drugs so that they stay on-drug. That is the most important thing, especially for the millions of people that are suffering and may have another heart attack or stroke. And we have several institutions that are ready to implement those programs -- a real-world evidence study. The issue, of course, for us right

讓我回答你關於學習的第一個問題。是的，實際上我們已經取得了一些進展，一些機構非常有興趣做一些研究。對醫療界——醫療專業界——最重要的是堅持和寬容。甚至 FDA 的重點都放在患者服藥時的感受上，以便他們繼續服藥。這是最重要的事情，特別是對於數百萬正在遭受痛苦並可能再次心髒病發作或中風的人而言。我們有幾家機構準備實施這些計劃——一項真實世界的證據研究。這個問題，當然對我們來說是對的

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is resources. So one of the analysts asked, what kind of partner are we looking for? We need to be able to partner and we can implement the study right away with top, well-known practicing cardiologists and interventionalists that are advocating for VAZALORE. So yes, it's absolutely in the plan for us, and we think that that would be a successful program as well as an LTC approach, for sure.

是資源。所以一位分析師問，我們在尋找什麼樣的合作夥伴？我們需要能夠與提倡 VAZALORE 的頂級知名執業心髒病專家和介入專家合作，並且我們可以立即實施這項研究。所以是的，這絕對在我們的計劃中，我們認為這肯定是一個成功的計劃和 LTC 方法。

Yes, the -- to your second question, Elliot, yes, there absolutely is a clinical component here. But what we've seen in the last year with this macro environment

是的，對於你的第二個問題，艾略特，是的，這裡絕對有臨床成分。但我們去年在這種宏觀環境中所看到的

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the consumer is really key. So the consumer comes to the store or orders online; we need to capture their heart and soul. And so that's why we did this patient survey. That was the basis of our survey. It was to gain acceptance by a number of consumers, about 130 -- their

消費者真的很關鍵。因此，消費者來到商店或在線訂購；我們需要抓住他們的心和靈魂。這就是我們進行這項患者調查的原因。這是我們調查的基礎。它獲得了一些消費者的認可，大約 130——他們的

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endorsement of how they feel on VAZALORE. And the focus on it wasn't to pit VAZALORE against another product. It was to show the benefit of VAZALORE to that patient who is at risk for having a heart attack or stroke. And the results are really compelling. Their results are such that those patients will go back -- over 90% will go back and purchase VAZALORE, because of how they feel on VAZALORE and how confident they are that they're protecting their heart health and having peace of mind. But most importantly is that they would purchase the product. So the consumer is extremely

認可他們對 VAZALORE 的感受。重點不是讓 VAZALORE 與另一種產品相抗衡。這是為了向有心髒病發作或中風風險的患者展示 VAZALORE 的益處。結果確實令人信服。他們的結果是這些患者會回去——超過 90% 的人會回去購買 VAZALORE，因為他們對 VAZALORE 的感覺以及他們對保護心臟健康和內心平靜的信心。但最重要的是他們會購買產品。所以消費者非常

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I think what we are -- not "I think"; what we're implementing is a broader, stronger HCP communication through some of the very highly respected thought leaders like Dr. Ali, like Dr. Gibson. We have many more that are on this

我認為我們是什麼——而不是“我認為”；我們正在實施的是通過一些非常受尊敬的思想領袖，如 Ali 博士和 Gibson 博士，與 HCP 進行更廣泛、更強大的溝通。我們還有很多關於這個

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with us. And that's how we are going to continue to build the base of business

和我們。這就是我們將如何繼續建立業務基礎

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Okay. I did have a follow-up question -- I did have a question for Dr. Ali as well. Natasha, you cut out there. I'm not sure if you concluded your response or just had technical difficulties, but I'm going to throw out my question for Dr. Ali here. Dr. Ali, in your conversations with colleagues regarding VAZALORE, you get the sense that there's just a lack of awareness of the relative benefits of the product itself, a lack of awareness about the limitations of enteric-coated aspirin, or is there just a general sense that the data on VAZALORE as it currently stands isn't compelling enough to recommend usage of the product, given the incremental costs associated with it?

好的。我確實有一個後續問題——我也有一個問題要問 Ali 博士。娜塔莎，你別說了。我不確定您是否結束了您的回复或只是遇到了技術困難，但我要在這裡向 Ali 博士提出我的問題。 Ali 博士，在您與同事就 VAZALORE 進行的交談中，您會感覺到人們對產品本身的相對益處缺乏認識，對腸溶阿司匹林的局限性缺乏認識，或者只是考慮到與之相關的增量成本，目前 VAZALORE 上的數據是否不足以推薦使用該產品？

Okay, so great question. Thank you for the question. So I absolutely believe this is an education and awareness campaign. I will tell you, and -- I'll just tell you, even the very bright cardiology colleagues had no idea that aspirin had not gone through the vigors (sic) [rigors] of the FDA. Just -- I don't think I've met one cardiologist -- because we just assume the data and the utilization of medications that we've had in the past have just kind of carried through. But what you found now is FDA is saying, "Look, there was a lot of consensus statements made in the past, and now we want to make sure that every medication patients are taking have gone through certain processes." So I think this is an education and awareness campaign.

好吧，這麼好的問題。感謝你的提問。所以我絕對相信這是一場教育和宣傳活動。我會告訴你，而且——我只會告訴你，即使是非常聰明的心髒病學同事也不知道阿司匹林沒有經過 FDA 的嚴格審查。只是——我不認為我見過一位心髒病專家——因為我們只是假設我們過去擁有的數據和藥物的使用只是一種延續。但你現在發現的是 FDA 說，“看，過去有很多共識聲明，現在我們要確保患者服用的每一種藥物都經過一定的程序。”所以我認為這是一場教育和宣傳活動。

And if you ask the cardiologists that I'm talking to, -- "I didn't know there was no FDA approval for aspirin." "Well, there's a new FDA-approved aspirin that came out. It's called VAZALORE." "Okay." This whole concept -- I want to make this very clear -- of PK/PD modeling -- we're talking about absorption and how fast it absorbs and how well medications absorb. This is not a new story for medication. This has already been played out in marketing campaigns in NOACs (novel oral anticoagulation) therapies for things like atrial fibrillation, pulmonary embolisms and DVTs. That conversation of absorption is not new.

如果你問我正在與之交談的心髒病專家，“我不知道 FDA 沒有批准阿司匹林。” “嗯，有一種新的 FDA 批准的阿司匹林問世了。它叫做 VAZALORE。” “好的。” PK/PD 建模的整個概念——我想說得很清楚——我們談論的是吸收及其吸收的速度和藥物吸收的好壞。這不是藥物的新故事。這已經在針對房顫、肺栓塞和 DVT 等疾病的 NOAC（新型口服抗凝藥）療法的營銷活動中得到體現。這種專注的對話並不新鮮。

What is new is that my colleagues, including myself -- I'm in the same arena here -- did not know about the variability and the erratic absorption - again, the FDA's words -- about aspirin. And this is a cornerstone therapy. So I will tell you, physicians as well as patients alike -- it's called shared decision-making. We have to explain to patients what you're taking and what is the best formulation of the medications and what your options are. And so it goes back to education awareness of the patient and the doctors to say, "What is the best tool that we can use to save a life?" And that's the bottom line.

新鮮的是，我的同事，包括我自己——我在同一個領域——並不知道阿司匹林的可變性和吸收不穩定——再一次，FDA 的說法。這是一個基石療法。所以我會告訴你，醫生和病人都一樣——這叫做共同決策。我們必須向患者解釋您正在服用什麼藥物、最佳藥物配方是什麼以及您有哪些選擇。因此，這又回到了對患者和醫生的教育意識，“我們可以用來挽救生命的最佳工具是什麼？”這就是底線。

I'm showing no further questions. I'd now like to turn the conference back to Janet Barth for closing remarks.

我沒有進一步的問題。我現在想把會議轉回 Janet Barth 的閉幕詞。

Thank you, [Letonia], and thank you all for participating in our call today. Please feel free to contact me with any additional follow-up questions. Have a great day.

謝謝 [Letonia]，也感謝大家今天參加我們的電話會議。如有任何其他後續問題，請隨時與我聯繫。祝你有美好的一天。

And this concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。