ARS Pharmaceuticals Inc (SPRY) 2025 Q3 法說會逐字稿

Good morning, and welcome to ARS Pharmaceuticals conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

早上好，歡迎參加ARS製藥公司的電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'll now turn the call over to Justin Chakma, Chief Business Officer. Please go ahead.

現在我將把電話交給首席商務官賈斯汀·查克馬。請繼續。

Good morning, and thank you for joining our third-quarter 2025 earnings conference Call. With me on the call are Richard Lowenthal, our Co-Founder, President and CEO; Eric Karas, our Chief Commercial Officer; and Kathy Scott, our CFO.

早安，感謝各位參加我們2025年第三季財報電話會議。與我一起參加電話會議的有：我們的共同創辦人、總裁兼執行長 Richard Lowenthal；我們的商務長 Eric Karas；以及我們的財務長 Kathy Scott。

This morning, we issued a press release detailing our financial results and commercial highlights. That press release and the slide presentation, which we'll refer to today during today's call, are available in the Investors and Media section of our website at ars-pharma.com. Before we begin, please note that today's remarks and slide presentation may contain forward-looking statements. Actual results may differ materially. Please refer to our press release and SEC filings for further risk disclosures.

今天上午，我們發布了一份新聞稿，詳細介紹了我們的財務表現和商業亮點。今天的新聞稿和投影片簡報（我們將在今天的電話會議上提及）可在我們網站ars-pharma.com的「投資者與媒體」版塊查閱。在會議開始之前，請注意，今天的發言和幻燈片簡報可能包含前瞻性陳述。實際結果可能與實際情況有重大差異。有關更多風險披露信息，請參閱我們的新聞稿和提交給美國證券交易委員會的文件。

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

接下來，我將把電話交給里奇。

Thank you, Justin. Good morning, everybody, and thank you for joining us to discuss what has been a pivotal quarter for ARS Pharma, driven by the continued momentum of neffy in the U.S. and around the world. Third quarter marks a true inflection point for our business.

謝謝你，賈斯汀。各位早安，感謝各位加入我們，共同探討 ARS Pharma 在本季度取得的關鍵性進展，這主要得益於 neffy 在美國和全球的持續增長勢頭。第三季是我們業務的真正轉捩點。

As you can see on Slide 3, U.S. net product revenue for neffy grew again quarter-over-quarter, reaching $31.3 million in Q3, representing a 2.5-fold increase from the prior quarter and exceeding consensus expectations of $28.3 million. This change reflects a strong growth in new patient starts and overall demand for neffy. Surveys among neffy users indicate that we can expect durable utilization and reoccurring refill behavior. Trends that we expect will continue to build as both coverage and awareness expand. These results show that our multifaceted commercial strategy is delivering results.

如投影片 3 所示，neffy 在美國的淨產品收入再次環比成長，第三季達到 3,130 萬美元，比上一季成長了 2.5 倍，超過了 2,830 萬美元的普遍預期。這一變化反映了新患者數量的強勁增長以及對尼菲的整體需求。對 neffy 使用者的調查顯示，我們可以預期其具有持久的利用率和持續的補充行為。我們預計，隨著覆蓋範圍和認知度的擴大，這些趨勢將繼續發展。這些結果表明，我們多方面的商業策略正在取得成效。

Later this month, our first analysis of real-world treatment outcomes from the Neffy Experience program will be published in the annals of allergy, asthma and immunology with a total of 554 patients treated. Finding show that about 9 out of 10 patients experiencing anaphylaxis were effectively treated with a single dose of neffy, which is consistent with outcomes for epinephrine injections where either IM injection or EpiPen require a second dose approximately 10% of the time to resolve the event. Updated results in 680 patients were highlighted in an oral presentation at ACAAI and reinforce that neffy delivers equivalent outcomes to injection products in real-world use. On top of a series of case reports also presented at ACAAI by independent physicians, we expect additional peer-reviewed publications in 2026 that will further validate neffy's clinical experience with injection products.

本月晚些時候，我們將在過敏、氣喘和免疫學年鑑上發表 Neffy Experience 計畫對真實世界治療結果的第一份分析報告，該報告共納入 554 名接受治療的患者。研究結果表明，約 10 名過敏性休克患者中有 9 名僅需單次注射 Neffy 即可有效治療，這與腎上腺素注射的療效一致，腎上腺素注射或 EpiPen 大約 10% 的情況下需要第二次注射才能緩解症狀。在 ACAAI 的口頭報告中，重點介紹了 680 名患者的最新結果，並進一步證實 neffy 在實際使用中與注射產品具有同等療效。除了獨立醫生在 ACAAI 會議上提交的一系列病例報告外，我們預計 2026 年還將有更多同行評審出版物，進一步驗證 neffy 在註射產品方面的臨床經驗。

Before Eric reviews our commercialization details, there are 2 important topics I want to touch on today. First, why neffy's revenue trajectory isn't accurately reflected in IQVIA's script data? And second, what we've learned from recent market dynamics, including back-to-school seasonality. Starting with IQVIA. As we've noted before, the weekly IQVIA rapid data, which are generally available on a paid subscription basis, provide a directional view of prescription activity but are not completely accurate and reliable measures of neffy's true performance or market share.

在 Eric 回顧我們的商業化細節之前，今天我想談談兩個重要的主題。首先，為什麼 IQVIA 的處方數據沒有準確反映 Neffy 的收入成長軌跡？其次，我們從近期的市場動態中學到了一些經驗，包括返校季的季節性因素。從IQVIA開始。正如我們之前指出的，IQVIA 每週發布的快速數據（通常需要付費訂閱）可以大致反映處方活動情況，但並不能完全準確可靠地衡量 Neffy 的真實業績或市場份額。

IQVIA data sets often exclude a number of channels that are central to our business. including certain retail, mail order and specialty pharma volumes as well as bulk purchases by institutions and clinics that buy directly through wholesalers. These additional sales are not accurately captured by IQVIA and are variable from week to week and thus cannot be predicted.

IQVIA 資料集通常排除了對我們業務至關重要的許多管道，包括某些零售、郵購和專業藥品銷量，以及機構和診所直接透過批發商進行的大宗採購。IQVIA 無法準確捕捉到這些額外的銷售額，而且這些銷售額每週都在變化，因此無法預測。

Turning to market dynamics. During the back-to-school season, allergists and pediatricians experienced a huge surge in patient visits, including checkups and support physicals. That higher patient volume means that HCPs have significantly less time for an appointment, typically just 5 to 7 minutes per patient, leaving little to opportunity to discuss new treatment options or changing prescriptions. That challenge is even greater for patients who still need prior authorizations. As a result, in the second half of Q2, we saw a temporary pause in market share growth.

轉向市場動態。在返校季期間，過敏科醫生和兒科醫生接診的患者數量激增，其中包括體檢和輔助體檢。患者數量增加意味著醫護人員每次就診的時間大大減少，通常每位患者只有 5 到 7 分鐘，幾乎沒有機會討論新的治療方案或更改處方。對於仍需事先獲得授權的患者來說，這項挑戰更大。因此，在第二季下半年，我們看到市佔率成長暫時停滯。

Importantly though, we view this as a onetime event. Looking ahead to Q4, market share growth has resumed. Although we anticipate Q4 sales will decrease from Q3 given the overall epinephrine market typically declines about 1/3 due to seasonality and the holidays. Then as we move into 2026, we expect to return to quarter-over-quarter growth as both market share and overall prescription volumes rise in parallel.

但重要的是，我們認為這是一次性事件。展望第四季度，市佔率成長已恢復。儘管我們預計第四季度的銷售額將比第三季度有所下降，因為腎上腺素市場整體通常會因季節性和假日而下降約三分之一。然後，隨著我們進入 2026 年，我們預計隨著市場份額和處方總量同步增長，季度將在環比增長中恢復。

To further drive adoption and accessibility, we recently launched our new Get neffy on us program at the getneffy.com website. This is an important initiative designed to help patients switch to neffy year round with a hassle-free virtual prescriber interaction at no cost to patients if covered by insurance. This program is anticipated to help accelerate sales growth year round and circumvent the hectic back-to-school season. Eric will share more details, but this program removes much of the patient and physician burden in prescribing neffy by shifting the prescription, prior authorizations if needed and patient training to our virtual physician system. Once patients are on neffy physicians can more easily manage refills electronically or patients can return to getneffy.com to get additional renewal prescriptions.

為了進一步推動普及和提高可及性，我們最近在 getneffy.com 網站上推出了新的 Get neffy on us 計劃。這是一項重要的舉措，旨在幫助患者全年都能輕鬆便捷地透過虛擬處方互動的方式改用 Neffy，如果醫保覆蓋，患者無需支付任何費用。該計劃有望幫助全年加速銷售成長，並避開繁忙的返校季。Eric 將分享更多細節，但該計劃透過將處方、必要的事先授權和患者培訓轉移到我們的虛擬醫生系統，大大減輕了患者和醫生在開立 Neffy 處方時的負擔。一旦患者開始使用 neffy，醫生就可以更輕鬆地透過電子方式管理續藥，或者患者可以返回 getneffy.com 以獲得額外的續藥處方。

Together with our broader DTC campaign, this initiative makes it simpler than ever for patients to experience the benefits of neffy and represents a key driver of long-term adoption.

結合我們更廣泛的 DTC 活動，這項舉措使患者比以往任何時候都更容易體驗到 neffy 的好處，並且是長期推廣的關鍵驅動因素。

In fact, we already have proof of what hassle-free prescribing can do for neffy sales. Your neffy was launched in Germany in late June, where there is a more seamless prescribing experience without additional HCP paperwork. The slope of the market share capture in just the first few months has been 3x higher than what we've seen in the U.S. showing just how impactful growth can be when administrative burdens are not a barrier. This is also a strong signal for our global growth trajectory.

事實上，我們已經有證據表明，便捷的處方流程可以促進 Neffy 的銷售。Your neffy 於 6 月下旬在德國推出，在那裡，處方體驗更加順暢，無需額外的 HCP 文書工作。在短短幾個月內，市場份額的成長速度就比我們在美國看到的要快 3 倍，這表明，當行政負擔不再是障礙時，成長可以產生多麼巨大的影響。這也強烈預示著我們的全球成長前景。

neffy received approval in Japan in September with launch anticipated to start in the fourth quarter of 2025. We expect approvals in Canada by the first quarter of 2026, with launch expected in the first half of 2026, and we expect approval in China in the first half of 2026. We expect that as these launches begin, they will start to contribute to the total revenue and cash proceeds in the second half of next year as distribution scales across partner regions.

neffy 於 9 月在日本獲得批准，預計將於 2025 年第四季開始上市。我們預計該產品將於 2026 年第一季在加拿大獲得批准，並於 2026 年上半年上市；我們預計該產品將於 2026 年上半年在中國獲得批准。我們預計，隨著這些產品的推出，隨著分銷範圍在合作夥伴區域擴大，它們將在明年下半年開始為總收入和現金收益做出貢獻。

On the clinical front, Enrollment is ongoing in our Phase IIb urticaria trial, and we are on track for top line data in the middle of 2026. This indication represents a major label expansion opportunity in a 2 million patient market in the United States. Early market research with allergists support that our nasal spray product, if approved, could be prescribed to more than 60% of all of their CSU patients, irrespective of whether those patients are on antihistamine, biologics or combination therapy. Finally, in September, we secured an up to $250 million term loan facility from which we drew down $100 million initially. Strategically, we chose the structure in partnership with our largest shareholder, over other capital vehicles to increase commercial investment and further strengthen our balance sheet without dilution.

在臨床方面，我們的 IIb 期蕁麻疹試驗正在招募受試者，我們預計在 2026 年年中獲得主要數據。此適應症代表在美國200萬名患者市場中，一個重要的標籤擴展機會。早期對過敏症專家的市場調查表明，如果我們的鼻噴劑產品獲得批准，可以開給超過 60% 的 CSU 患者，無論這些患者是否正在接受抗組織胺、生物製劑或聯合治療。最終，在 9 月份，我們獲得了一筆高達 2.5 億美元的定期貸款，我們最初從中提取了 1 億美元。從策略角度來看，我們選擇與最大股東合作，採用這種結構，而不是其他資本工具，以增加商業投資並進一步加強我們的資產負債表，而不會稀釋資產。

This reflects our confidence and that of our investors in neffy's durable cash flow profile and long-term potential.

這反映了我們以及我們的投資者對Neffy公司可持續現金流狀況和長期潛力的信心。

Our planned investments are geared towards expanding the current market and improving adherence and refill rates, reengaging lapsed patients and activating untreated patients as well as converting the current $2 billion annual U.S. epinephrine market at neffy net price. With this financing, we ended Q3 with approximately $288 million in cash, cash equivalents and short-term investments, giving us even more flexibility to support our evolving commercial initiatives. In summary, we're building momentum across every dimension of our business from revenue growth and market share growth to access real-world evidence and global expansion, all while maintaining a strong balance sheet.

我們計劃的投資旨在擴大現有市場，提高依從性和續藥率，重新吸引失聯患者，激活未接受治療的患者，並以淨價將目前價值 20 億美元的美國腎上腺素市場轉化為其他市場。憑藉這筆融資，我們在第三季末擁有約 2.88 億美元的現金、現金等價物和短期投資，這讓我們在支持不斷發展的商業計劃方面擁有更大的靈活性。總而言之，我們正在業務的各個方面都保持發展勢頭，從收入增長和市場份額增長到獲取真實世界證據和全球擴張，同時保持強勁的資產負債表。

I'll now turn it over to Eric to provide more detail on our U.S. commercial performance.

現在我將把發言權交給艾瑞克，讓他詳細介紹我們在美國的商業表現。

Thanks, Rich. The fundamentals of our commercial execution continue to strengthen, and I'm pleased to share how our strategy is translating into tangible results. Starting with revenue drivers. Our $31.3 million in U.S. net product revenue reflects not only traditional retail pharmacy prescriptions captured in IQVIA data, but also institutional sales to universities and colleges, as well as retail orders from clinics and hospital networks.

謝謝你，里奇。我們商業執行的基本面持續增強，我很高興與大家分享我們的策略是如何轉化為實際成果的。首先從營收驅動因素入手。我們3,130萬美元的美國淨產品收入不僅反映了IQVIA數據中記錄的傳統零售藥房處方，還反映了向大學和學院的機構銷售，以及來自診所和醫院網路的零售訂單。

This quarter, we've observed modest improvements in gross to net retention with cash prescriptions decreasing from about 20% to approximately 12% of total volume. By offering cash prescriptions through BlinkRx and other directly managed programs and optimizing our co-pay buy down program at the point of sale, we've gained greater control which led to favorable gross to net performance and improved profitability. Our DTC campaign is also delivering meaningful engagement as seen on Slide 4.

本季度，我們觀察到毛利與淨利利之間的留存率略有提高，現金處方佔總量的比例從約 20% 下降到約 12%。透過 BlinkRx 和其他直接管理的計劃提供現金處方，並在銷售點優化我們的共同支付購買計劃，我們獲得了更大的控制權，從而帶來了良好的毛利淨利業績和更高的盈利能力。如投影片 4 所示，我們的 DTC 行銷活動也帶來了顯著的互動效果。

Consumer awareness has climbed from 20% pre-campaign to 56% as of September, and intent to get neffy remains high. Approximately 80% of surveyed patients say they are very likely or extremely likely to ask their health care provider about neffy after learning about it. The early lift from the campaign aligns with benchmarks for promotionally sensitive brands, and we believe it will continue to improve as awareness grows. To accelerate greater adoption, we're excited to introduce our Get neffy on Us initiative, which is part of our direct-to-consumer campaign. As outlined in Slide 5, this program was designed to simplify access to neffy.

消費者對 Neffy 的認知度已從活動前的 20% 攀升至 9 月的 56%，購買 Neffy 的意願仍然很高。約 80% 的受訪患者表示，在了解了 neffy 之後，他們很可能或極有可能向他們的醫療保健提供者諮詢 neffy。活動初期所取得的成效符合促銷敏感型品牌的基準，我們相信隨著知名度的提高，成效仍會持續提升。為了加速更廣泛的普及，我們很高興推出「Get neffy on Us」計劃，這是我們直接面向消費者的行銷活動的一部分。如幻燈片 5 所述，該程序旨在簡化獲取 neffy 的途徑。

Patients can schedule quick virtual visit with the prescriber to get started. Once prescribed, neffy can be shipped directly to their home or picked up at the pharmacy of their choice, typically with a 0 co-pay for most commercially insured patients. Importantly, patients are not required to wait for their current auto-injector prescription to expire. They can transition to neffy immediately without the need of an additional appointment with their HCP.

患者可以預約與處方醫生進行快速的線上問診，以便開始治療。醫生開立處方後，neffy 可以直接寄送到患者家中，也可以在患者選擇的藥房取藥，大多數商業保險患者通常無需支付任何費用。重要的是，患者無需等到目前的自動注射器處方過期。他們可以立即過渡到使用 Neffy，無需再與他們的醫療保健專業人員預約。

By minimizing hassle, assisting with coverage in the prior authorization and enabling straightforward auto refills, this program makes it easier than ever for patients to choose neffy and stay protected. We've incorporated the Get neffy on Us program into all of our DTC materials. An early survey feedback shows that a majority of patients are open to using the virtual prescriber option. We believe this initiative will encourage consistent prescription switches throughout the year, extending beyond the usual back-to-school period and maintaining growth even during traditionally low volume months. We are also seeing meaningful expansion in reach and adoption.

透過最大限度地減少麻煩、協助事先授權和實現簡單的自動續藥，該計劃使患者比以往任何時候都更容易選擇 Neffy 並獲得保障。我們已將「Get neffy on Us」計劃融入我們所有的DTC材料中。初步調查回饋顯示，大多數患者對使用虛擬處方服務持開放態度。我們相信這項措施將鼓勵全年持續更換處方，超越通常的返校季，即使在傳統上銷售較低的月份也能保持成長。我們也看到覆蓋範圍和用戶數量都出現了顯著增長。

Turning to Slide 6. To date, over 18,000 health care providers have prescribed neffy, an 85% increase since August of this year. with 81% of prescriptions coming from top decile 7 through 10 prescribers.

翻到第6張投影片。截至目前，已有超過 18,000 名醫療保健提供者開立了 Neffy 處方，比今年 8 月增加了 85%。其中 81% 的處方來自前 10% 的處方醫生（第 7 至 10 名）。

Market share amongst new prescribers is at [10.3%], outpacing existing ones with the same call frequency signaling faster uptake as new doctors benefit from refined messaging, an easier prescribing experience and growing real-world evidence. These operational improvements are driving momentum and scaling our efforts. On the pediatric front, our ALK co-promotion has efficiently extended our reach to approximately 9,000 pediatricians, where our market share continues to grow. In addition, approximately 6,500 schools have opted into our neffy schools program, providing access to emergency doses at no cost. Perhaps most importantly, we're seeing early signs that neffy is expanding the overall epinephrine market, not just taking share.

新處方醫生的市場份額為 [10.3%]，超過了現有醫生，且通話頻率相同，這表明隨著新醫生受益於更完善的信息、更便捷的處方體驗和不斷增長的真實世界證據，其接受度正在加快。這些營運方面的改進正在推動發展勢頭，並擴大我們的工作規模。在兒科領域，我們與 ALK 的聯合推廣有效地將我們的覆蓋範圍擴大到約 9,000 名兒科醫生，我們的市場份額持續增長。此外，約有 6,500 所學校選擇加入我們的 neffy 學校計劃，免費獲得緊急疫苗。或許最重要的是，我們看到了一些早期跡象，表明 Neffy 正在擴大整個腎上腺素市場，而不僅僅是搶佔市場份額。

We're reaching new patient segments as seen on Slide 7. Amongst patients prescribed neffy, approximately 19% relapsed patients who had stopped filling prescriptions and 7% had never filled at all, despite being diagnosed. These patients who stayed away primarily due to needle anxiety or device complexity. In total, about 1/4 of patients prescribed neffy are from these new segments.

如投影片 7 所示，我們正在拓展新的患者群。在接受奈菲治療的患者中，約有 19% 的患者病情復發，他們停止了服用奈菲；另有 7% 的患者雖然被診斷出患有奈菲，但從未服用過奈菲。這些患者之所以拒絕就診，主要是因為害怕打針或器械複雜。總的來說，約有 1/4 的患者被處方了 Neffy，他們來自這些新的細分市場。

As summarized on Slide 8, patient satisfaction is remarkably high. 87% of neffy patients positive impact on their daily and social life, 95% say they are likely to refill their prescription compared to actual refill rates of around 30% for needle injectors. The current epinephrine market is valued at $2 billion annually at neffy's net price, growing at 6% to 8% organically prior to neffy's entry in branded promotion. And this year, we've seen year-over-year growth at 9% and year-to-date growth at 8% as both neffy share and expands the market through improved refill rates, new patient adoption and higher devices per patient, the opportunity is significant. In summary, our U.S. launch execution is progressing well, and we are gaining momentum. We are excited about the ongoing investment in direct consumer initiatives, the launch of the Get neffy on Us Program, discussions with payers and our efforts in the field to increase market share amongst targeted HCPs. We look forward to driving growth and our commercial infrastructure is optimized to scale sales rapidly through 2026.

如投影片8所示，患者滿意度非常高。 87%的Neffy患者表示其日常生活和社交生活得到了積極改善，95%的患者表示他們可能會再次配藥，而針頭注射器的實際配藥率約為30%。以 Neffy 的淨價計算，目前腎上腺素市場價值每年 20 億美元，在 Neffy 進入品牌推廣領域之前，其有機增長率為 6% 至 8%。今年，我們看到同比增長 9%，年初至今增長 8%，Neffy 市場份額和市場份額均有所增長，並通過提高續訂率、吸引新患者以及提高每位患者的設備數量來擴大市場，因此機會非常巨大。總而言之，我們在美國的上市執行進展順利，我們正在獲得發展勢頭。我們對持續投資直接面向消費者的舉措、推出「Get neffy on Us」計劃、與支付方的討論以及我們在實地為提高目標醫療保健專業人員市場份額所做的努力感到興奮。我們期待推動成長，我們的商業基礎設施已優化，可在 2026 年前快速擴大銷售規模。

I'll now turn it over to Kathy to discuss our financials.

現在我將把發言權交給凱西，讓她來討論我們的財務狀況。

Thank you, Eric. We continue to maintain a strong financial position while investing significantly in the commercial growth of neffy. Looking at our third quarter 2025 financial results on Slide 9. Starting with revenue. We recorded total revenue of $32.5 million.

謝謝你，埃里克。我們持續保持強勁的財務狀況，同時對Neffy的商業成長進行大量投資。請查看投影片 9，以了解我們 2025 年第三季的財務表現。首先從營收說起。我們錄得總收入3250萬美元。

As we've discussed, it's important to look at U.S. net product revenue separately from collaboration and supply revenue. Our U.S. net product revenue from -- before neffy in Q3 was $31.3 million, representing a near 2.5-fold increase from the prior quarter. We recognized $1.1 million in supply revenue from partners during the quarter.

正如我們所討論的，將美國淨產品收入與合作收入和供應收入分開來看非常重要。第三季度，我們在美國（不包括 Neffy）的淨產品收入為 3,130 萬美元，比上一季成長了近 2.5 倍。本季我們從合作夥伴處確認了 110 萬美元的供應收入。

We also earned royalties of $0.1 million from ALK related to the launch of neffy in Germany. In accordance with GAAP, these royalties were recorded to the financing liability on the balance sheet rather than our P&L.

我們還因 neffy 在德國的上市而從 ALK 獲得了 0.1 萬美元的版稅。根據公認會計原則，這些特許權使用費計入資產負債表上的融資負債，而不是計入損益表。

Turning to our operating expenses. R&D expenses for the third quarter were $2.8 million. primarily related to our ongoing Phase IIb urticaria trial and continued development expenses for neffy. SG&A expenses were $74.8 million, reflecting our ongoing investment in our national DTC campaign and sales and marketing efforts. While SG&A spend increased with DTC expansion, these are deliberate investments designed to drive durable share growth, we spend efficiency and improving quarter-over-quarter.

接下來談談我們的營運費用。第三季研發費用為 280 萬美元，主要與我們正在進行的 IIb 期蕁麻疹試驗以及 neffy 的持續開發費用有關。銷售、一般及行政費用為 7,480 萬美元，反映了我們對全國 DTC 活動以及銷售和行銷工作的持續投入。雖然 SG&A 支出隨著 DTC 擴張而增加，但這些都是旨在推動持久市場份額成長的有意投資，我們致力於提高支出效率並逐季改善。

We remain committed to making substantial investments in neffy to ensure both short- and long-term market share capture and brand awareness. Our gross to net retention in the third quarter was modestly higher than in the second quarter due to certain channel dynamics.

我們將繼續致力於對Neffy進行大量投資，以確保短期和長期的市場份額獲取和品牌知名度。由於某些通路動態，我們第三季的毛留存率與淨留存率比率略高於第二季。

Looking ahead, we expect gross to net retention to remain in the low to mid-50% range even with the reduced $0 co-pay program. Net loss for the third quarter of 2025 was $51.2 million or $0.52 per share. Lastly, as of September 30, 2025, we have cash, cash equivalents and short-term investments of $288.2 million. In September, we secured a senior secured term loan facility with RA Capital, our largest shareholder, and life sciences of up to $250 million. We drew an initial $100 million from this facility, which will be used primarily to accelerate neffy's commercial growth.

展望未來，即使降低了 0 美元共同支付計劃，我們預計毛利與淨利利的留存率仍將保持在 50% 左右。2025 年第三季淨虧損為 5,120 萬美元，即每股虧損 0.52 美元。最後，截至 2025 年 9 月 30 日，我們擁有現金、現金等價物和短期投資 2.882 億美元。9 月，我們與最大的股東 RA Capital 達成了一項高達 2.5 億美元的高級擔保定期貸款協議，用於生命科學領域。我們從該基金中獲得了首筆 1 億美元，這筆資金將主要用於加速 Neffy 的商業成長。

The funding will also support our marketing and medical affairs initiatives to generate and disseminate real-world evidence about neffy's effectiveness. This financing provides several strategic advantages. First, it's an attractive cost of capital at SOFR plus 5.5%, with interest-only payments through September 2030, 0 dilution and terms similar to recent commercial stage deals such as Verona Pharma. Second, it comes from high-quality investors who understand their business and are aligned as long-term partners. Third, it maximizes our flexibility for commercial initiatives, including DTC campaigns and real-world evidence generation.

這筆資金還將支持我們的行銷和醫學事務計劃，以產生和傳播有關 neffy 療效的真實世界證據。這項融資提供了若干策略優勢。首先，其資本成本極具吸引力，SOFR 加 5.5%，2030 年 9 月前僅需支付利息，0% 股權稀釋，條款與最近的商業階段交易（如 Verona Pharma）類似。其次，資金來自了解自身業務並志同道合的高品質投資者，他們是長期合作夥伴。第三，它最大限度地提高了我們在商業計劃方面的靈活性，包括直接面向消費者的行銷活動和真實世界證據的產生。

Our current cash position is expected to be sufficient to achieve cash flow breakeven without additional equity financing while maintaining the resources needed to fully capitalize on the U.S. commercial opportunity for neffy and benefit from the continued U.S. growth and expanding international revenue.

我們目前的現金狀況預計足以在無需額外股權融資的情況下實現現金流收支平衡，同時保持所需的資源，以充分利用 neffy 在美國的商業機會，並從美國持續增長和國際收入的擴大中受益。

With that, I'll pass the call back to Rich.

這樣，我就把電話轉回給里奇了。

Thanks, Kathy. As we look ahead, we remain laser-focused on our key priorities: first, sustaining and accelerating neffy U.S. market share growth through the fourth quarter and into 2026. Second, enabling neffy global expansion through launches in multiple geographies across our partner network. And finally, advancing our clinical stage or to carry a program towards a potential label expansion.

謝謝你，凱西。展望未來，我們將繼續專注於我們的關鍵優先事項：首先，在第四季度及 2026 年保持並加速 neffy 美國市場份額的成長。其次，透過與合作夥伴網路在多個地區推出產品，實現 neffy 的全球擴張。最後，推進我們的臨床階段或推進專案以實現潛在的標籤擴展。

Our momentum continues to build across every dimension of our business, and we are confident in our path towards long-term growth and profitability. Most importantly, we're executing our mission of transforming how severe allergic actions are managed and fundamentally impacting the lives of patients, families and caregivers. Thank you for your continued support.

我們業務的各個方面都持續保持成長勢頭，我們對實現長期成長和獲利的道路充滿信心。最重要的是，我們正在履行我們的使命，改變嚴重過敏反應的管理方式，從根本上影響病人、家屬和照護人員的生活。感謝您一直以來的支持。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Lachlan Hanbury-Brown, William Blair.

（操作說明）拉赫蘭·漢伯里-布朗，威廉·布萊爾。

Congrats on the quarter. I guess first question is maybe just -- I know there were obviously some high expectations in Q3, And would be curious to hear how these results sort of stack up to your internal expectations heading into the quarter? (technical difficulty)

恭喜你本季取得佳績。我想問的第一個問題可能是——我知道大家對第三季度抱有很高的期望，我很想知道這些結果與您本季初的內部預期相比如何？（技術難題）

We apologize for the technical difficulties. Lachlan, you're back on.

我們對技術故障深表歉意。拉克蘭，你回來了。

The first question was just, I know there was some high expectations heading into Q3 with the back-to-school season. So I was curious how this performance sort of stepped up to your own internal expectations? And yes.

第一個問題是，我知道隨著返校季的到來，大家對第三季抱持著很高的期望。所以我很好奇，這次演出是否達到了你內心的期待？是的。

Yes. Lachlan, this is Richard Lowenthal. So I think the performance we've reported obviously was better than analyst expectations. And we met our expectations. I mean we've spoken a little bit about the difficulties over the summer and doctors burden and why we are shifting a lot of our attention towards our Get neffy on Us program.

是的。拉克蘭，我是理查‧洛文塔爾。所以我認為我們公佈的業績顯然比分析師的預期好。我們達到了預期目標。我的意思是，我們已經稍微談到了夏季期間遇到的困難和醫生的負擔，以及為什麼我們將很多注意力轉移到我們的“Get neffy on Us”計劃上。

which physicians right now are giving us feedback that they're very, very positive about this approach. So we obviously would have liked to have seen a better performance over the summer. But I think it met our expectations. And I think we learned and adjusted very quickly to avoid the issue of the doctor burden problem that we experienced.

目前，哪些醫生向我們回饋說，他們對這種方法非常非常積極。所以，我們當然希望在夏季看到更好的表現。但我認為它符合我們的期望。我認為我們很快就吸取了教訓並做出了調整，避免了我們之前遇到的醫生負擔過重的問題。

And I would just add too, as we stated in the prepared remarks, I mean, the growth of new prescribers and prescribers overall has been strong in Q3 and throughout the summer. As I mentioned also, what we're seeing with that group of doctors to it I think just really focused messaging, real-world data and then some of the programs that we put in place is a higher share. So that's very encouraging. And then increase that the consumer awareness with our DTC campaign continue to grow through the summer months.

我還要補充一點，正如我們在準備好的演講稿中所述，第三季度和整個夏季，新處方醫生和處方醫生總數的增長都很強勁。正如我之前提到的，我們看到這群醫生之所以能取得這樣的成績，我認為關鍵在於他們真正關注的信息傳遞、真實世界的數據，以及我們實施的一些項目，這些都提高了他們的滿意度。這真是令人鼓舞。然後，透過我們的 DTC 行銷活動，提高消費者的認知度，並在整個夏季持續成長。

Yes. So Eric, on maybe that point about the higher share in the newer prescribers. Is that a higher share a certain time after writing their first script or just an overall higher share among them than the original prescribers? And if so, maybe why are the initiatives that are getting higher share in the new prescribers not driving further share growth in the prescribers at the same rate?

是的。所以埃里克，關於新晉醫生處方比例較高的這一點。這是指他們在開立第一張處方後的一段時間內所佔比例較高，還是僅僅指他們整體上比最初的處方醫生所佔比例較高？如果真是如此，那麼為什麼在新處方醫生中獲得較高份額的舉措，卻沒有以同樣的速度推動處方醫生份額的進一步增長呢？

Rich, I can take -- do you want to take that one?

Rich，我可以接住──你想接那個嗎？

No, no, you can take it.

不，不，你可以拿走。

I think as I mentioned, the focus on kind of tighter messaging in terms of the unmet need and not only the attributes of needle-free but the totality of what neffy offers continues to drive adoption and writing. I think as Rich said, the volume of overall patients in kind of our core went up quite a bit in the summer. And that's one of the reasons why, again, the neffy on Us program was designed to really help the offices and help the patients. I mean if you look at our allergists, for example, our top I mean the share is higher than the average. So I think we're seeing that kind of across the board where we have good focus, reach and frequency, a tighter message, really focused market access messaging too.

我認為正如我之前提到的，重點放在更精準的訊息傳遞上，關注未被滿足的需求，不僅關注無針注射的特性，還關注 Neffy 提供的所有功能，這持續推動著產品的普及和推廣。我認為正如 Rich 所說，我們核心區域的患者總數在夏季大幅增加。這也是為什麼「Neffy on Us」計畫旨在真正幫助診所和患者的原因之一。我的意思是，例如，如果你看看我們的過敏症專科醫生，我們頂尖的醫生比例就高於平均水平。所以我覺得我們看到，在各方面，我們都做到了重點突出、覆蓋面廣、投放頻率高，訊息傳遞更加精準，市場准入資訊也更加集中。

Our sales team is able to kind of see within a doctor's patient base, the specifics around where neffy is covered without a PA and then really kind of sharing and educating those best practices has really kind of helped us with adoption that we see kind of with those physicians that I mentioned.

我們的銷售團隊能夠了解醫生患者群體中，哪些患者無需醫生助理 (PA) 即可使用 Neffy，然後分享和推廣這些最佳實踐，這確實幫助我們提高了 Neffy 的普及率，正如我提到的那些醫生所展現的那樣。

And Lachlan, let me just correct 1 thing because I think what you stated is not really the correct perception. The doctors that are prescribing neffy at the higher tiers continue to expand their use. Their market share continues to go up. We also expand the number of prescribers. But new prescribers tend to be trialing, right?

拉赫蘭，我想糾正你一點，因為我認為你所說的話並不是正確的看法。那些開立尼菲處方的高級別醫生正在繼續擴大其使用範圍。他們的市場佔有率持續上升。我們也增加了處方醫生的數量。但新開處方的醫生通常都是在試用，對吧？

So new prescribers tend to be coming in they try out neffy with some of their patients. And once they have positive experience and they're comfortable, they start then expanding. So while we're seeing a good growth of new prescribers those prescribers are not adding a lot to our market share. But I don't want you to think that existing prescribers are decreasing, they're actually increasing. So when we look at our existing prescribers, they are increasing in market share.

因此，新來的醫生往往會嘗試在一些病人身上使用Neffy。一旦他們獲得了積極的體驗並感到舒適，他們就會開始擴張。因此，雖然我們看到新處方醫生的數量穩步增長，但這些處方醫生並沒有為我們的市場份額增加很多。但我不想讓你們認為現有的處方醫生數量正在減少，實際上他們的數量正在增加。因此，當我們審視現有處方醫生時，會發現他們的市場份額正在擴大。

And the only reason that market share kind of took a dip over the summer is because the volumes get so large and a large percentage of that volume is renewal prescriptions, which are virtual. So they're not even going to see the doctor. So if we if we could look at just prescriptions that were at a doctor's office, I think we would have had a much higher market share of those prescriptions but you have a lot of renewal -- virtual renewals going on before school starts. And that we will take the advantage of next year. But this year, obviously, we don't have renewals of neffy yet, on an annual basis.

而夏季市佔率略有下降的唯一原因是，交易量非常大，而其中很大一部分是續開處方，也就是虛擬處方。所以他們甚至都不打算去看醫生。所以，如果我們只看醫生辦公室開出的處方，我認為我們會在這些處方中獲得更高的市場份額，但是開學前有很多續藥——虛擬續藥。我們將充分利用明年的優勢。但很顯然，今年我們還沒有按年度續約 Neffy 協議。

So starting next year, we'll start to see the benefit of that virtual prescribing.

所以從明年開始，我們將開始看到虛擬處方帶來的好處。

All right. And maybe a final one for me. The institutional sales, the point you made was an interesting one. Can you just elaborate on maybe how much volume went through that channel? What the economics are?

好的。也許這是我的最後一個了。關於機構銷售，你提出的觀點很有意思。您能否詳細說明一下通過該通道的流量是多少？經濟學原理是什麼？

Like how that opportunity is? What you're doing to capture that beyond the traditional retail setting?

你喜歡這樣的機會嗎？在傳統零售環境之外，你們採取了哪些措施來吸引這類消費者？

Yes. We're not going to elaborate on that today because it's inconsistent, obviously. And we are just starting up formal marketing efforts in that area. So we are now shifting some of our attention to market directly to institutional buyers and also to provide both discounts and other incentives to them to start boosting those sales going forward. So it's not consistent enough yet for us to give you any kind of guidance, Lachlan.

是的。今天我們就不詳細討論這個問題了，因為它顯然前後矛盾。我們才剛開始在該領域進行正式的市場推廣工作。因此，我們現在正將部分注意力轉移到直接面向機構買家的市場，並向他們提供折扣和其他激勵措施，以促進未來的銷售。所以，目前情況還不夠穩定，我們無法給你任何指導，拉克蘭。

So we'd rather not give too much detail on that at this point.

所以目前我們不想透露太多細節。

Josh Schimmer, Cantor.

喬許希默，坎托爾。

Apologies if I missed this in the prepared remarks, but what percent of covered lives now require some form of prior at what trends are you seeing there? And then for the online prescribing option. What is being done to raise awareness of patients that's available to them?

如果我事先準備的發言稿中遺漏了這一點，請見諒。目前有多少百分比的受保人需要某種形式的預先通知？您觀察到的趨勢是什麼？然後是線上處方選項。目前有哪些措施可以提高病患對現有資源的認識？

Yes. So I'll take the latter part and then let Eric answer the part about the prioritization, the percent of prior authorizations. I think we are advertising already. So we started to incorporate the new program into our DTC. You will also shortly see new TV commercials, which use the same theme.

是的。所以我先回答後半部分，然後讓艾瑞克來回答關於優先順序和事先授權百分比的部分。我認為我們已經在做廣告了。於是我們開始將新程式納入我們的DTC。不久之後，您還會看到採用相同主題的新電視廣告。

So same background, same theme, but different voiceover and banners in order to make it very clear to customers that we now have this virtual prescriber option that we're -- it's no cost to the patient or caregiver and again, with commercial insurance at 0 co-pay. So I think that is rolling out. I mean I think virtual ads are already updated. And then also we sent out obviously an e-mail blast to all of our -- everybody on our e-mail list that has been on neffy.com, And also several of the large advocacy groups have put this out on their e-mail lists that ARS has now got the promotion going and is paying for a virtual prescriber if they want to skip the hassle of the physician visit and also that they can get a 0 co-pay now. and they can get multiple packs with 0 cost.

所以背景和主題都一樣，但配音和橫幅不同，目的是讓客戶非常清楚地知道，我們現在有虛擬處方選項，這對患者或護理人員來說是免費的，而且商業保險無需支付任何費用。所以我覺得這項措施正在逐步實施中。我的意思是，我認為虛擬廣告已經更新了。此外，我們也向所有訂閱了 neffy.com 郵件清單的使用者發送了郵件。一些大型倡導組織也在他們的郵件列表中發布了這一消息，稱 ARS 現已啟動推廣活動，並為希望免去就醫麻煩的用戶支付虛擬處方費用，而且現在無需支付任何費用，還可以免費獲得多個包裝。

So it's more than just 1 box. It's multiple boxes. They can get whatever their insurer will tolerate. And just so you know, on that front, almost all insurers will tolerate 2 boxes in 1 prescription. Some will accept 3 2 packs in 1 prescription.

所以它不只一個盒子。這是多個箱子。他們只能得到保險公司允許的任何賠償。另外要說明的是，在這方面，幾乎所有保險公司都允許一張處方中包含兩盒藥品。有些商家會接受一張處方中包含 3 盒 2 片裝的藥品。

So we are defaulting to 2 packs in the virtual prescriber prescription.

因此，虛擬處方醫生預設開立 2 盒處方。

Eric, do you want to talk about PAs?

艾瑞克，你想聊聊醫師助理（PA）嗎？

Yes. Thanks for the question. Overall, when you look at the PA required, and this is through kind of commercial, Medicaid and Medicare. It's about 50%. So that number has come down as we've also shared to specifically within commercial, about 57% of prescriptions patients don't require a PA.

是的。謝謝你的提問。總的來說，當你查看所需的 PA 時，你會發現這涵蓋了商業保險、醫療補助和醫療保險。大約是50%。因此，隨著我們進一步分享，這個數字已經下降，尤其是在商業領域，大約 57% 的處方患者不需要 PA（事先授權）。

Roanna Ruiz, Leerink Partners.

Roanna Ruiz，Leerink Partners。

So a couple for me. Could you talk about the inventory levels for neffy Neff in the quarter? And how we should think about it exiting for 4Q? And secondly, I also noticed you talked a bit about IQVIA being a bit off in tracking neffy prescriptions. Could you give us a little more detail about what portion of the scripts are flowing through IQVIA versus BlinkRx other channels?

所以對我來說，是一對。能否談談本季Neffy Neff的庫存水準？我們應該如何看待它在第四季度退出市場的問題？其次，我還注意到你提到 IQVIA 在追蹤 neffy 處方方面有點偏差。您能否詳細說明一下，有多少劇本是透過 IQVIA 管道流轉，又有多少是透過 BlinkRx 等其他管道流轉？

Yes. Let me speak to that first, and then Eric can add on to it. I think the inventory levels that the distributors are maintaining tend to be between 15 and 20 days. It fluctuates, obviously, from week to week and period-to-period. They do build inventory for peak periods.

是的。我先談談這個問題，然後艾瑞克可以補充。我認為分銷商維持的庫存水準通常在 15 到 20 天之間。顯然，它會隨著每周和每個時期而波動。他們會為高峰期儲備庫存。

And then what it would be normal is that they're going to reduce down their inventory as the market drops in fourth quarter. So as we said, that's part of the reason why we expect that the overall sales in fourth quarter, although we believe we'll do very well will come down from the third quarter. and part of that is driven by inventory adjustments as well. So that dynamic is pretty fairly normal. But again, this is a -- there is product seasonality to it.

然後，正常的現像是，隨著第四季市場下滑，他們會減少庫存。正如我們所說，這就是我們預計第四季整體銷售額（儘管我們相信業績會非常好）將低於第三季的部分原因。而部分原因也是因為庫存調整造成的。所以這種動態其實相當正常。但話說回來，這——產品是有季節性的。

and the distributors are well aware of that. So they do adjust their inventory according to that seasonality. But they try -- they seem to be trying to maintain their inventory between 15 and 20 days on hand.

經銷商對此心知肚明。所以他們會根據季節性因素調整庫存。但他們正在努力——他們似乎試圖將庫存維持在15到20天的水平。

And Eric, do you want to speak to the other part of that?

艾瑞克，你想談談另一部分嗎？

Yes. I think, when you look at kind of the distribution of the prescriptions being filled, it's slightly higher kind of on the retail side, I think as we kind of transition more were -- had higher coverage and so forth, doctors started sending patients directly to kind of the local pharmacies because that was something easier for the patient to kind of pick it up and get it right away. So it's probably about 55% to 45%. But as Rich mentioned, and we mentioned some of the inaccuracies of capture rates and some of the other channels that we're selling medication to is not necessarily tracked in the IQVIA data overall.

是的。我認為，從處方藥的分配情況來看，零售藥局的配藥率略高一些。隨著我們醫療覆蓋範圍的擴大等等，醫生開始直接將病人轉診到當地藥局，因為這樣病人更容易取藥並立即拿到藥。所以大概是 55% 到 45% 之間。但正如 Rich 所提到的，我們也提到過，捕獲率存在一些不準確之處，而且我們向其他管道銷售藥物的情況並不一定在 IQVIA 數據中得到全面追蹤。

Yes. And it's very inconsistent, Roanna. So we can see that from week to week or period to period, it's not very consistent what IQVIA is capturing.

是的。羅安娜，這非常前後矛盾。因此我們可以看到，IQVIA 所捕捉到的數據，從一周到另一週或從一段時間到另一個時期，並不太一致。

Andreas Argyrides, Oppenheimer.

安德烈亞斯·阿吉里德斯，奧本海默。

Congrats on the solid quarter here. Couple from us. There was a previous question around prior authorizations. Maybe what are some of the gating factors in reaching unrestricted access. What are your time lines to add?

恭喜你們本季業績穩健。我們這對夫婦。之前有一個關於事先授權的問題。或許，阻礙人們獲得不受限制存取權限的因素有哪些？你們計劃增加哪些時間線？

Let's say, CVS care market et cetera, bigger formularies in '26. And how do you anticipate those improvements contributing to growth next year. Now I got 1 or 2 follow-ups.

比如說，CVS 醫療保健市場等等，2026 年更大的藥品目錄。您預計這些改進措施將如何促進明年的成長？現在我收到了一到兩個後續問題。

Yes. So Andreas, I'll start out with an answer on that. So we continue to work obviously with Zinc and Caremark, CVS. We do have some new proposal in with them. So we're very optimistic.

是的。那麼，安德烈亞斯，我先來回答這個問題。因此，我們顯然會繼續與 Zinc、Caremark 和 CVS 合作。我們確實向他們提交了一些新的方案。所以我們非常樂觀。

What the timing of that we cannot be sure of right now. We believe that it will be in the first half of next year that they will put it on formulary with preferred status. But we're also working with them to possibly remove the PA requirement even as nonpreferred sooner than that. but we can't really promise because CVS is not consistent in their behavior. And we know that in the past when we had an agreement with zinc, CVS did not follow through with that.

具體時間我們現在還無法確定。我們相信，明年上半年他們就會將其列入藥品目錄，並給予優先供應。但我們也正在與他們合作，爭取儘早取消PA（個人助理）要求，即使它並非首選。但我們無法做出確切承諾，因為CVS的行為並不穩定。我們知道，過去我們與鋅達成協議時，CVS並沒有履行協議。

So we are working with them. They seem to be working with us and Zinc certainly is very, very positive, but we have to just wait until we get through that. but we do have a new proposal with them, and we are talking fairly regularly with Zinc and CVS groups. On the other side, we also are working with Prime and other Blue Cross companies. That's the other piece that we're focused on, and we are making progress in that regard as well.

所以我們正在與他們合作。他們似乎在和我們合作，Zinc方面也確實非常積極，但我們必須等到這件事解決之後才能繼續。不過，我們確實和他們提出了一個新的方案，我們和Zinc以及CVS集團也保持相當頻繁的溝通。另一方面，我們也與 Prime 和其他藍十字公司合作。這是我們關注的另一個方面，而且我們在這方面也取得了進展。

and also with Anthem, which is kind of follows Caremark but is independent of Caremark.

還有 Anthem，它有點像 Caremark，但又獨立於 Caremark。

What do you think some of the considerations that these payers look at when they decide to make their decisions? What are some of the data points that you guys are bringing to their attention?

您認為這些支付方在做出決定時會考慮哪些因素？你們向他們展示了哪些數據點？

Yes. Well, they see the market growth. I think they understand the medical value, at least most companies understand the medical value of neffy. And I think it's just a matter of -- and it's a little different for different companies. I think it's -- with CVS, there's a little bit different focus on the revenue that they would generate for the Blue Cross companies, I think it's just managing their premiums, managing their costs.

是的。他們看到了市場成長。我認為他們了解它的醫療價值，至少大多數公司都了解Neffy的醫療價值。我認為這只是一個問題——而且對於不同的公司來說情況略有不同。我認為，CVS 與 Blue Cross 公司在收入方面有著不同的重點，我認為他們更關注的是管理保費和成本。

So they tend to be delaying coverage for that reason, even if they recognize the medical value. And then there's a handful of companies that are just not covering for other reasons. But it tends to be just managing their costs, and we need to work through that with them.

因此，即使他們認識到醫療價值，他們也往往會因為這個原因而推遲承保。還有一些公司出於其他原因沒有進行賠償。但這往往只是控製成本的問題，我們需要和他們一起解決這個問題。

Okay. Great. And I know you guys aren't necessarily giving guidance here, but just given the strong momentum in Q3, how are you thinking about Q4 sales and then growth into next year?

好的。偉大的。我知道你們不一定在這裡給出指導意見，但鑑於第三季度強勁的成長勢頭，你們如何看待第四季度的銷售額以及明年的成長？

Yes. As we said, I mean, Q4 will probably be less than Q3. And I think that's anticipated to some extent, even in the analyst estimates. We will continue to grow market share. And again, depending on how well the Get neffy on Us Program does and how much business that drives will probably dictate whether you are well above consensus or not.

是的。正如我們所說，我的意思是，第四季可能會比第三季少。我認為這在某種程度上是可以預見的，甚至在分析師的預測中也是如此。我們將繼續擴大市場份額。同樣，Get neffy on Us計劃的效果以及由此帶來的業務量，可能會決定你是否遠超市場平均水平。

But I think that, that program, hopefully will solve some of the headwinds that we have been seeing. And then if we can make more progress on access, but that will probably be in the first or second quarter of next year. That will certainly also add to the momentum at that point.

但我認為，這個專案有望解決我們目前遇到的一些不利因素。如果我們能在普及醫療服務方面取得更多進展，那可能要等到明年第一季或第二季了。那肯定也會在那時進一步增強勢頭。

Kevin Holder, ROTH Capital Partners.

Kevin Holder，ROTH Capital Partners。

First one for me, I think -- I know you launched in the U.K. with ALK a few weeks ago. Just some commentary on the adoption there. And is it tracking more towards the growth trajectory in Germany or close to the growth trajectory in the U.S. I know a little bit early stages there, but just some commentary would be helpful.

我想這應該是我的第一個——我知道你們幾週前在英國與ALK合作推出了產品。關於那裡的收養情況，我有一些看法。它的成長軌跡更接近德國還是美國？我知道現在還處於早期階段，但一些評論會很有幫助。

Yes. So yes, it's a little early to say. But what I can tell you is that I think the U.K. physicians and patients' caregivers are very excited about neffy. I think we expect a very good performance.

是的。所以，現在下結論還太早。但我可以告訴你的是，我認為英國的醫生和患者的護理人員對Neffy感到非常興奮。我認為我們期待一場非常精彩的演出。

And again, they have a more seamless reimbursement process than the U.S. So we know that they get fairly well covered very quickly or they are already being well covered. So we do expect adoption, I would expect, at least at this stage, again, too early to be sure. but I would expect adoption to be more like Germany more because of the very rapid access that they get in those countries.

而且，他們的報銷流程比美國更順暢。所以我們知道，他們很快就能獲得相當不錯的醫療保障，或者他們已經獲得了不錯的醫療保障。所以我們確實預期會有人採用，至少在現階段是這樣，當然現在下結論還為時過早。但我預期採用率會更接近德國，因為這些國家能非常迅速地獲得疫苗。

That's very helpful. And then just 1 last 1 for me. I think in the slide deck, you show that you're targeting 9,000 with the ALK U.S. sales force. Kind of what is your progress there thus far in penetrating that market?

那很有幫助。最後，只剩最後一個了。我認為在投影片中，你展示了你的目標是ALK美國銷售團隊達到9000人。到目前為止，你們在打入該市場方面取得了哪些進展？

So Eric, do you want to speak to that?

艾瑞克，你想談談這個問題嗎？

Yes. Yes, we're seeing a nice increase through the summer months when that team went into the field of share. So we track a couple of things in terms of overall volume new prescribers, and that is progressing nicely. Obviously, we want to kind of see that continue growing at a pace here in Q4 as well. but we're pleased to get to overall about 20,000 physicians.

是的。是的，我們看到夏季幾個月來，隨著該團隊進入市場份額領域，業績出現了不錯的成長。因此，我們從新處方醫生的總數方面追蹤幾個指標，目前進展良好。顯然，我們希望在第四季繼續保持這樣的成長速度。但我們很高興醫生總數達到了約2萬人。

So we're hitting all of those big allergists, the deciles 8 through 10, but then we've been able to expand to about another 9,000 pediatricians that also see patients that need epinephrine.

所以我們已經涵蓋了所有那些大型過敏專科醫生，也就是排名第 8 到 10 的醫生，但之後我們又擴展到了大約 9000 名兒科醫生，他們也接診需要腎上腺素的患者。

Our next question comes from Ryan Deschner with Raymond James.

我們的下一個問題來自 Raymond James 公司的 Ryan Deschner。

This is Anthony on for Ryan. Congrats on the quarter. So we wanted to know how are you thinking about the impact of the virtual prescriber program over the next several months? And what's patient demographics do you think will have the biggest impact from this program?

這是安東尼代替瑞恩上場。恭喜你本季取得佳績。因此，我們想知道您如何看待虛擬處方計劃在未來幾個月內的影響？您認為哪些患者群體會受到該計畫的最大影響？

Yes, I'll start out, and Eric can add to what I say. We are very excited about this program. We've had a virtual prescriber option on our website, but it wasn't very well utilized only because of the fee and because of us not promoting it, right? We were not advertising it. Again, feedback I got, I was just at the American College of asthma-allergy and immunology is that the doctors are actually looking at this as a really positive thing.

好的，我先開始，艾瑞克可以補充我的話。我們對這個項目感到非常興奮。我們的網站上有一個虛擬處方選項，但由於費用問題以及我們沒有進行推廣，所以並沒有得到很好的利用，對吧？我們沒有做廣告宣傳。我再次得到的回饋是，我剛剛參加了美國氣喘-過敏和免疫學會的會議，醫生們實際上把這看作是一件非常正面的事情。

I mean doctors allergists, especially are exceptionally busy. They're under a lot of pressure to see as many patients as they can. And the time it takes to cancel patients on a new drug and switch them takes up a lot of their time. So by introducing this program, not only to the patients and caregivers, but to the doctors, the doctors are coming back with a very positive attitude towards it that they can actually talk to their patient and then switch them over to getneffy.com, and we would take care of the rest.

我的意思是，醫生，特別是過敏科醫生，都非常忙碌。他們面臨著很大的壓力，需要盡可能接診病人。取消患者服用新藥的資格並更換藥物需要花費大量時間，這會佔用他們大量的時間。因此，透過向患者和照護者以及醫生介紹這個程序，醫生們也對此持非常積極的態度，他們可以與患者溝通，然後引導他們使用 getneffy.com，剩下的事情就交給我們來處理。

We would take care of the prescription, a PA, if necessary, training, everything for the patient so that, that burden is removed from the doctor. On top of that, patients and caregivers will now have the opportunity to get neffy without awaiting time, typical waiting time to see an allergist is 3 to 6 months. They don't need to travel down to the doctor's office and sit at the doctor's office. And it's fairly quick. So there's also probably less drop out because you're going to have a very quick interaction virtually and then the prescription goes to the pharmacy or gets filled through the mail order system.

我們會負責開處方、必要時安排助理醫師、提供培訓，為病人處理一切事宜，以減輕醫師的負擔。此外，患者和照護者現在有機會無需等待即可獲得 Neffy，而通常預約過敏專家的等待時間為 3 至 6 個月。他們不需要親自前往醫生辦公室，也不需要坐在醫生辦公室裡。而且速度相當快。因此，輟學率可能也會降低，因為您可以透過虛擬方式進行非常快速的互動，然後處方會發送到藥房或透過郵購系統進行配藥。

And it's going to go really, really quick. So less chance of a patient deciding that they changed their mind or don't want to go to the doctor, cancel the appointment for other various reasons, like for instance. So we expect it to have some meaningful impact. I mean, how much impact we can tell you. But I think the positive response of the doctors we're getting has been very reassuring because they see it as a way for them to switch their patients without having to take up too much of their time.

而且時間會過得非常非常快。這樣一來，患者改變主意或不想去看醫生，或者因為其他各種原因取消預約的可能性就小了很多，例如…因此我們預計它會產生一些有意義的影響。我的意思是，我們能告訴你它產生了多大的影響。但我認為，醫生們的正面回饋讓我們感到非常欣慰，因為他們認為這是一種讓他們在不佔用太多時間的情況下更換病人的方法。

But I think that's an important aspect in today's world when they're under pressure to see just 1 more patient each day.

但我認為這在當今世界是一個重要的方面，因為他們每天都面臨著必須多接見一名病人的壓力。

Eric, do you want to add anything?

艾瑞克，你還有什麼要補充的嗎？

Yes. A couple of points to build on what Rich mentioned. As Rich said, we were just at the college conference. And even before the conference started, we did an advisory board about 12 physicians. One of the things that we went through is this program and the response was very positive.

是的。以下是我在Rich提到的內容基礎上補充幾點。正如里奇所說，我們當時正在參加大學會議。甚至在會議開始之前，我們就成立了一個由 12 位醫生組成的顧問委員會。我們參與的其中一項活動就是這個項目，反應非常正面。

So we will see how, obviously, we're watching really closely and as we mentioned earlier, to, making sure we're promoting this through our DTC efforts as well. And then we've also done market research specifically with caregivers, parents and patients -- and as Rich mentioned, they see this as time savings, making the product really easy to get ease of use, the cost aspect of not having to pay lower co-pay. And then just over the product overall. I mean, when you start thinking about the unmet need and the patients kind of see this again, needle-free the temperature excursions, the simplicity, ease of use, the feedback that we're getting, again, from across patients and parents about this program has been positive.

所以我們會看看情況如何，顯然，我們會密切關注，而且正如我們之前提到的，我們也會透過我們的 DTC 努力來推廣這一點。此外，我們還專門針對護理人員、家長和患者進行了市場調查——正如 Rich 所提到的，他們認為這可以節省時間，使產品更容易獲得，使用起來也很方便，而且成本方面也降低了自付費用。然後就是對產品整體的評價。我的意思是，當你開始思考未被滿足的需求，而患者再次看到這種無需針頭即可測量體溫的方法，以及它的簡單易用性時，我們從患者和家長那裡得到的反饋都是積極的。

That concludes today's question-and-answer session. This will conclude today's conference call. Thank you for participating. You may now disconnect.

今天的問答環節到此結束。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。