ARS Pharmaceuticals, Inc. (SPRY) 2026 Q1 法說會逐字稿

Good morning, and welcome to ARS Pharmaceuticals first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，歡迎參加 ARS Pharmaceuticals 2026 年第一季財報電話會議。(接線員指示) 請注意，今日會議將被錄音。

I will 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長 Justin Chakma。請開始。

Good morning and thank you for joining our first quarter 2026 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 Chief Financial Officer. Earlier this morning, we issued a press release detailing our financial results and commercial highlights for the first quarter of 2026.

早安，感謝各位參加我們 2026 年第一季財報電話會議。與我一同出席的有共同創辦人、總裁暨執行長 Richard Lowenthal；首席商務長 Eric Karas；以及首席財務長 Kathy Scott。今天稍早，我們已發布新聞稿，說明 2026 年第一季的財務結果與商業重點。

That press release and our slide presentation are available in the Investors and Media section of our website. Before we begin, please note that today's remarks may contain forward-looking statements. Actual results may differ materially. Please refer to our press release and SEC filings for further risk disclosures.

該新聞稿與我們的簡報可於公司網站「投資人與媒體」專區取得。在開始之前，請注意今日發言可能包含前瞻性陳述。實際結果可能有重大差異。更多風險揭露請參閱我們的新聞稿與向 SEC 提交的文件。

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

接下來，我把電話交給 Rich。

Thank you, Justin, and good morning, everybody, and thank you for joining us on the call. We are off to a strong start in 2026, following our first full year as a commercial company and building momentum across the business. During the quarter, we continued to focus on key drivers of growth, which are expanding access, making neffy more affordable to patients and caregivers, increasing prescriber adoption and strengthening consumer awareness.

謝謝你，Justin。各位早安，也感謝大家加入本次電話會議。在我們作為商業化公司完成第一個完整年度之後，2026 年我們有個強勁的開局，並持續在各項業務上累積動能。本季我們持續聚焦於成長的關鍵驅動因素，包括擴大可近性、讓病患與照護者更負擔得起 neffy、提升處方醫師採用，以及強化消費者認知。

We have made progress in further positioning neffy as a differentiated and increasingly scalable treatment within a large market of type 1 allergic reactions, including anaphylaxis. In the first quarter, we generated $22.7 million in total revenue. This includes $17.5 million in US net product revenue for neffy, which represents 3 times the volume of neffy prescriptions year-over-year and more than double the revenue.

我們在進一步將 neffy 定位為第一型過敏反應（包含過敏性休克）這個龐大市場中具差異化且日益可擴展的治療方案方面，已取得進展。第一季我們創造了 2,270 萬美元的總營收。其中包含 neffy 在美國的淨產品營收 1,750 萬美元，處方量較去年同期成長 3 倍，營收也超過倍增。

Our sales growth in the first quarter is a positive achievement given that the first two months of the year are typically the lowest volume period for epinephrine. This is due to the reset of health insurance deductibles on January 1.

考量到一年中的前兩個月通常是腎上腺素需求量最低的期間，我們第一季的銷售成長是一項正向成果。這主要是因為健康保險自付額會在 1 月 1 日重置。

As additional context, epinephrine is in a mature refill-driven market, where approximately half the prescriptions are renewals typically written electronically without an office visit. As a new entrant, neffy has largely relied on new in-office prescriptions to date. We are now beginning to see shifts in the underlying market dynamics with improved payer access, reduced prescribing friction and maturation in the refill cycles for our installed base.

補充說明，腎上腺素屬於成熟、以續配為主的市場，約有一半的處方為續方，通常以電子方式開立，無需門診就醫。作為新進者，neffy 迄今主要仰賴在診間開立的新處方。隨著付款方可近性改善、開立處方的摩擦降低，以及我們既有用戶群的續配週期逐步成熟，我們現在開始看到底層市場動態出現轉變。

These factors, alongside the growth we've seen in demand, prescriber engagement and patient uptake provide the foundation for more consistent and scalable long-term growth going forward. Our neffy priorities remain focused on three areas: access, affordability and adoption. Starting with access. The primary barriers influencing prescriber adoption in this category are the prior authorization process and perceived misperceptions of out-of-pocket cost. Even when prior authorization approval is obtained, the process creates friction that can delay or deter prescribing.

這些因素，加上我們在需求、處方醫師互動與病患採用方面所見的成長，為未來更一致且可擴展的長期成長奠定基礎。我們對 neffy 的優先事項仍聚焦於三個面向：可近性、可負擔性與採用。先從可近性談起。在此類別中影響處方醫師採用的主要障礙，是事前授權（PA）流程，以及對自付費用的誤解。即使取得事前授權核准，該流程仍會造成摩擦，可能延遲或阻礙開立處方。

Addressing these barriers is critical focus for this year. We ended the first quarter with approximately 90% commercial coverage, of which 57% was without prior authorization. At the state level, Florida, a bellwether Medicaid state has added neffy to its unrestricted formulary effective July 1, with many additional states progressing towards adding neffy to their preferred drug list. This brings us to a total of nine states covering neffy under Medicaid.

解決這些障礙是今年的關鍵重點。第一季末，我們的商業保險覆蓋率約為 90%，其中 57% 無需事前授權。在州層級方面，作為 Medicaid 風向指標州的佛羅里達州已將 neffy 納入其不受限制的處方集，自 7 月 1 日起生效；另有多個州正推進將 neffy 納入其優先用藥清單。這使得目前共有 9 個州在 Medicaid 下涵蓋 neffy。

The most consequential recent development is at CVS Zinc, which covers Caremark, Aetna and Anthem. Based on feedback from CVS in late April, we submitted an updated proposal to add neffy to their commercial formularies, removing the PA requirement and targeting a July 1 effective date. This proposal is now in the final stages of the formulary approval process. Based on the anticipated time line to approval, we should be able to provide more definitive updates within the next few weeks.

近期最具關鍵性的進展發生在 CVS Zinc，其涵蓋 Caremark、Aetna 與 Anthem。根據我們在 4 月下旬收到 CVS 的回饋，我們已提交更新提案，將 neffy 納入其商業處方集、移除事前授權要求，並以 7 月 1 日為目標生效日。該提案目前已進入處方集核准流程的最後階段。依預期核准時程，我們應可在未來幾週內提供更明確的更新。

This timing has been extended beyond the original expectations due to the focus of PBMs on new legislation and the ongoing FTC-related interactions. Given Caremark's coverage and the typical alignment of Aetna and other Zinc-related plans, a neffy formulary addition would meaningfully expand access for patients this summer and bring the proportion of covered lives without prior authorization in line with other epinephrine auto-injector products.

由於 PBM 將重心放在新立法以及與 FTC 相關的持續互動上，該時程較原先預期有所延長。考量 Caremark 的覆蓋，以及 Aetna 與其他 Zinc 相關方案通常會一致調整，若 neffy 被納入處方集，將在今年夏季大幅擴大病患可近性，並使「無需事前授權的覆蓋人數占比」與其他腎上腺素自動注射器產品一致。

In addition to our work with Caremark, we recently launched a new initiative to help make neffy more affordable for patients. We anticipate this will further improve health care provider willingness to prescribe neffy by addressing the misperception of high out-of-pocket costs for patients. This new system gives patients the ability to get the neffy $199 cash price directly through retail pharmacies. Historically, the $199 cash price was available only through our specialty pharmacy and telehealth channels.

除了與 Caremark 的合作外，我們近期也推出一項新計畫，協助讓病患更負擔得起 neffy。我們預期此舉將透過消除病患自付費用偏高的誤解，進一步提升醫療照護提供者開立 neffy 的意願。這套新系統讓病患可直接透過零售藥局取得 neffy 的 199 美元現金價。過去，199 美元現金價僅能透過我們的專科藥局與遠距醫療通路取得。

Patients whose prescriptions were not covered by commercial insurance and who filled neffy at retail pharmacies could be quoted the product's WACC price plus pharmacy markup fees, in some cases, resulting in out-of-pocket costs of over $1,000. These high retail prices created confusion and impacted prescribing decisions. Under the new program, our patients with rejected commercial claims who fill their prescriptions at retail pharmacies will pay no more than $199.

對於處方未被商業保險給付、且在零售藥局領取 neffy 的病患，藥局可能會報價為產品的 WACC 價格加上藥局加價費用；在某些情況下，自付費用可能超過 1,000 美元。這些偏高的零售價格造成混淆，並影響開立處方的決策。在新方案下，商業保險理賠遭拒、且於零售藥局領藥的病患，自付費用最高不超過 199 美元。

We expect this program will increase the number of neffy prescriptions that are purchased by the patient and will help align health care provider perception with the reality of neffy's maximum $199 cash price. This is completely in line with other epinephrine auto-injector products. With the introduction of the $199 retail pharmacy cash option and CVS progressing through the final stages of its approval process, we believe that the proportion of covered lives with access to neffy without prior authorization is positioned to expand meaningfully over the coming months.

我們預期此方案將提高由病患自費購買的 neffy 處方數量，並協助讓醫療照護提供者的認知與 neffy 最高 199 美元現金價的實際情況一致。這與其他腎上腺素自動注射器產品完全一致。隨著 199 美元零售藥局現金選項的推出，以及 CVS 進入核准流程最後階段，我們相信未來幾個月內，「無需事前授權即可取得 neffy 的覆蓋人數占比」將有望顯著擴大。

As payer access continues to improve, prescribing patterns should strengthen, particularly as we approach the back-to-school season. Together, these initiatives are expected to support sustained broad-based adoption with the commercial impact building progressively through the second half of 2026 and 2027.

隨著付款方可近性持續改善，處方型態應會轉強，特別是在接近返校季之際。綜合而言，這些措施預期將支持持續且廣泛的採用，而其商業影響將在 2026 年下半年以及 2027 年逐步累積。

Turning to adoption. We intend to deepen our reach within the highest volume prescribing practices and to build a durable patient base. In May, we expanded our sales force to 148 people with a focus on prioritizing accounts that drive the greatest prescription volume. As the patient base matures and product reaches expiration cycles, we expect refill contributions to scale later this year and into 2027.

接著談採用。我們計畫加深在處方量最高的診所中的觸及率，並建立具持久性的病患基礎。5 月我們將銷售團隊擴編至 148 人，並聚焦優先經營能帶來最大處方量的客戶。隨著病患基礎成熟、產品進入到期週期，我們預期續配對營收的貢獻將在今年稍晚及 2027 年擴大。

At the end of March, the minimum age restriction was removed from the neffy label by FDA, enabling pediatric patients who are greater than 33 pounds and under four years of age to get access to treatment. We believe pediatric adoption will accelerate further as the recently approved broadened FDA label takes hold and real-world evidence of effect continues to build.

在 3 月底，FDA 已移除 neffy 標籤上的最低年齡限制，使體重超過 33 磅且未滿 4 歲的兒科病患也能取得治療。我們相信，隨著近期核准的 FDA 標籤擴大適用範圍逐步落地，以及真實世界證據持續累積，兒科採用將進一步加速。

Further, through our growing neffyinSchools program, there have been over 200 successful uses of neffy in treating anaphylactic episodes reported by school nurses with very positive feedback. These experiences are helpful in building greater comfort and familiarity with neffy among patients and caregivers who often consult their school nurses as well as with prescribers. Beyond the US, our partners continue to position neffy for market adoption in other geographies.

此外，透過我們持續成長的 neffyinSchools 計畫，校護回報已超過 200 次成功使用 neffy 治療過敏性休克事件，且回饋非常正面。這些經驗有助於在經常諮詢校護的病患與照護者之間，以及在處方醫師之間，建立對 neffy 更高的安心感與熟悉度。在美國以外，我們的合作夥伴也持續在其他地區推動 neffy 的市場採用。

Most recently, in April, Health Canada approved neffy as the first and only needle-free emergency treatment for allergic reactions, including anaphylaxis with commercial launch by our partner, ALK, later in 2026. Just before that, in March, the European Commission granted marketing authorization for Euro neffy 1 milligram, further extending the neffy access for younger children at risk of anaphylaxis in the European region.

最近，在4月，加拿大衛生部（Health Canada）核准 neffy 作為首個且唯一的無針緊急治療，用於過敏反應（包括過敏性休克），並由我們的合作夥伴 ALK 預計於 2026 年稍晚進行商業上市。在此之前的3月，歐盟執委會核發 Euro neffy 1 毫克的上市許可，進一步擴大 neffy 在歐洲地區對有過敏性休克風險之年幼兒童的可近性。

Overall, we are well positioned heading into the important summer months and second half of this year to take full advantage of expanded access and improved affordability for neffy.

整體而言，在進入關鍵的夏季月份與今年下半年之際，我們已做好充分準備，可全面把握 neffy 可近性擴大與可負擔性提升所帶來的機會。

Let me now turn the call over to Eric to share more details of our commercial execution.

接下來我把電話交給 Eric，請他分享我們商業執行的更多細節。

Thanks, Rich. In 2026, we continue to evolve our commercial execution in response to market dynamics. We are confident that these efforts will help us increase neffy market share. There are currently about 120,000 patients using neffy in the US, 29,500 of them were added in the first quarter. However, there are still many patients with suboptimal care and significant opportunity to grow the market as we implement our commercial strategy focused on access, HCP adoption and consumer engagement.

謝謝，Rich。在 2026 年，我們持續因應市場動態，精進我們的商業執行。我們有信心，這些努力將協助我們提升 neffy 的市占率。目前美國約有 120,000 名患者正在使用 neffy，其中 29,500 名是在第一季新增。然而，仍有許多患者的照護不夠理想；隨著我們推動以可近性、醫療專業人員（HCP）採用與消費者互動為核心的商業策略，市場仍有顯著成長空間。

The biggest takeaway from our first full year in the market is that commercial success is driven as much by ease of prescribing as it is by product differentiation. We know that the biggest way to enhance the ease of prescribing is to address prior authorization requirements. This is crucial not only because many PAs are denied, but also because the process disrupts prescribing patterns in a high-volume category with millions of prescriptions written each year.

我們在市場上的第一個完整年度最大的體會是：商業成功不僅取決於產品差異化，同樣也取決於處方開立的便利性。我們知道，提升處方便利性的最大方式，是解決事前授權（PA）要求。這點至關重要，不僅因為許多 PA 會被拒絕，也因為在每年有數百萬張處方的高量級類別中，該流程會干擾既有的開立處方模式。

And since many of those prescriptions are written quickly and often electronically, even small amounts of friction can disproportionately impact prescribing behavior. We have implemented additional support programs to help doctors complete prior authorizations more efficiently without disrupting their existing office workflows. By doing so, we can ensure that patients do not arrive at the pharmacy only to find that their claim has been rejected and that a PA needs to be written after their visit.

而且由於許多處方是快速開立、且常以電子方式開立，即使是些微摩擦也可能對處方行為造成不成比例的影響。我們已導入額外的支援方案，協助醫師更有效率地完成事前授權，而不干擾其既有的診所工作流程。藉此，我們可確保患者不會在到藥局後才發現理賠遭拒，且需要在就診後才補開 PA。

The goal is to minimize prior authorizations and simplify prescribing. We are building our commercial plans around the current view and evolution of the access environment. As Rich noted, our CVS Caremark proposal is in the final stages of the approval process, and we expect to share more in the weeks to come. In addition, our new retail conversion program works at the point of sale to reduce abandonment when a commercial claim is rejected. This program converts a denied claim into a cash price of $199.

目標是將事前授權降到最低並簡化處方開立。我們正依據目前對可近性環境的觀察及其演變，來制定商業計畫。如 Rich 所提，我們提交給 CVS Caremark 的提案已進入核准流程的最後階段，預期在未來幾週分享更多資訊。此外，我們新的零售轉換計畫在銷售端點（point of sale）運作，可在商業保險理賠遭拒時降低棄單率。該計畫會將被拒的理賠轉換為 199 美元的自費價格。

We believe this will reduce the burden on health care providers and their patients while increasing prescriptions due to the simplicity of directing patients to retail. We expect to see an important cyclical effect here as HCPs prescribe neffy more, there will be more claims covered by insurance, which will help establish a solid base of patients who benefit from becoming neffy users who then become a patient base for future refills.

我們相信，這將降低醫療照護提供者及其患者的負擔，同時因引導患者至零售通路的流程更簡單而增加處方量。我們預期這裡會出現重要的循環效應：當 HCP 開立 neffy 的處方越多，將有更多理賠可由保險給付，進而建立穩固的患者基礎；這些受益並成為 neffy 使用者的患者，之後也會成為未來續配（refill）的患者基礎。

All of this is well timed ahead of the back-to-school season, which is typically the busiest period for prescriptions. We stand well prepared for that season this year. On the Medicaid side, we have secured unrestricted coverage for patients in nine states, most recently in Florida, which is among the top five states in the epinephrine market. In other states where Medicaid coverage still requires prior authorizations, we are collaborating with state-level decision-makers to gain agreement on preferred formulary coverage.

這一切都在返校季前夕恰逢其時；返校季通常是處方最繁忙的期間。我們今年已為該季節做好充分準備。在 Medicaid 方面，我們已在九個州為患者取得不受限制的給付，最近的是佛羅里達州；該州名列腎上腺素市場前五大州之一。在其他 Medicaid 給付仍需事前授權的州，我們正與州層級決策者合作，以取得納入優先處方集（preferred formulary）給付的共識。

Updated proposals similar to the one approved by Florida Medicaid have been well received. We are in active discussions with multiple states and state pooling groups and expect to achieve unrestricted coverage in the majority of Medicaid programs by early 2027. Given Medicaid currently accounts for roughly one fourth of the overall epinephrine market, this will be a meaningful expansion. As we gain preferred drug status in more states, we expect to increase our market share and grow this segment simultaneously.

與佛羅里達 Medicaid 核准版本類似的更新提案，已獲得良好回應。我們正與多個州及州級聯合採購團體（pooling groups）積極洽談，並預期在 2027 年初前於多數 Medicaid 計畫中達成不受限制的給付。鑑於 Medicaid 目前約占整體腎上腺素市場的四分之一，這將是具意義的擴張。隨著我們在更多州取得優先用藥地位，我們預期將提升市占率並同步擴大此細分市場。

This growth is driven by unmet needs and undertreatment in the Medicaid population with affordable co-pays ranging from $0 to $5. Our goal is to translate the improvement in access into increased prescribing amongst the highest decile HCPs. In high-volume practices, prescribing is driven by workflow as much as clinical preference. Over the quarter, we had strong engagement with prescribers. More than 28,000 HCPs have prescribed neffy and approximately half demonstrate repeat use.

這項成長來自 Medicaid 人群中未被滿足的需求與治療不足，且其自付額（co-pay）可負擔，約介於 0 至 5 美元。我們的目標是將可近性的改善，轉化為最高十分位（top decile）HCP 的處方增加。在高量級診所中，處方開立同樣受到工作流程影響，程度不亞於臨床偏好。本季我們與處方醫師有強勁互動。已有超過 28,000 名 HCP 開立過 neffy，且約有一半呈現重複使用。

Our metrics show that prescribing continues to be concentrated amongst the highest decile accounts, reinforcing that adoption is occurring where it matters most. To ensure that neffy is consistently at the forefront of decision-makers and awareness is high across targeted practices, we have expanded our sales organization to 148 representatives and area sales managers, enabling more frequent engagement and deeper interactions with office staff.

我們的指標顯示，處方仍集中在最高十分位的客戶帳戶，強化了採用正發生在最關鍵的地方。為確保 neffy 持續位於決策者的優先考量之列，並在目標診所中維持高度認知度，我們已將銷售組織擴編至 148 名業務代表與區域銷售經理，使我們能更頻繁接觸並與診所人員進行更深入的互動。

This support includes assistance with prior authorizations and the conversion of electronic refill requests, resulting in tighter alignment between access wins and field activities. Our representatives have also established stronger relationships with HCPs and their staff to address back-to-school questions. And we're providing more information about neffy in waiting rooms and exam rooms to help health care providers educate their patients and encourage inquiries about neffy.

這些支援包括協助處理事前授權，以及將電子續配申請轉換為實際續配，從而使可近性成果與前線活動更緊密對齊。我們的代表也與 HCP 及其團隊建立更緊密的關係，以回應返校季相關問題。同時，我們在候診區與診間提供更多關於 neffy 的資訊，協助醫療照護提供者教育患者並鼓勵他們主動詢問 neffy。

We are implementing significant awareness strategies targeting parents, particularly mothers through our direct-to-consumer efforts and social media campaigns. Our media efforts have been aimed at the best targets across various media, and we understand they are effectively reaching our target audience. To maximize patient adoption and request for neffy, this will continue to be an important area of strategic investment. Our virtual Get neffy program is also helping to grow our market share by reducing obstacles for patients. It allows them to take action without needing a traditional office visit and provides us with valuable data about our customer base.

我們正推動重要的認知提升策略，透過直接面向消費者（DTC）的行銷與社群媒體活動，鎖定家長，特別是母親。我們的媒體投放聚焦於各類媒體中最合適的目標族群，且我們了解這些投放正有效觸及目標受眾。為最大化患者採用與主動要求使用 neffy，這將持續是重要的策略性投資領域。我們的線上 Get neffy 計畫也透過降低患者障礙來協助提升市占率。它讓患者無需傳統門診就能採取行動，並為我們提供關於客戶基礎的寶貴數據。

We've learned that these patients tend to be older than our overall demographic. So we are implementing targeted direct-to-consumer marketing to effectively reach this audience and simplify their access to neffy. Over time, another primary driver of scale will be the participation in refill behavior. Starting this summer, families will begin renewing their neffy prescriptions to make sure they do not have a product that expires midway through the school year.

我們了解到，這些患者的年齡往往高於我們整體的人口結構。因此，我們正推動有針對性的 DTC 行銷，以有效觸及此族群並簡化其取得 neffy 的途徑。隨著時間推進，規模化的另一個主要驅動因素將是續配行為的參與度。從今年夏天開始，家庭將開始更新其 neffy 處方，以確保不會在學年中途遇到產品過期。

This annual market aspect will continue to expand and is a key driver of neffy's volume and market share as well as establishing a self-sustained model to grow the patient base. We are better positioned this year to take advantage of the increased summer volume as this is our second back-to-school season and our execution continues to sharpen.

這種年度市場特性將持續擴大，並成為推動 neffy 銷量與市占率的關鍵因素，同時也有助於建立可自我維持的模式以擴大患者基礎。今年我們的條件更佳，可把握夏季量能提升所帶來的機會，因為這是我們第二個返校季，且我們的執行力持續精進。

In summary, for prescribers, our sales force is in the field, working to drive market growth, improve patient access and capitalize on market access wins. We're introducing more solutions to simplify the process for health care professionals and their staff, ensuring patients can obtain neffy at retail pharmacies.

總結來說，針對處方端，我們的業務團隊已在前線推動市場成長、改善患者可近性，並把握市場准入的成果。我們也正推出更多解決方案，以簡化醫療專業人員及其團隊的流程，確保患者能在零售藥局取得 neffy。

For patients and families, we have increased targeted direct-to-consumer media for the back-to-school season, including linear and connected TV, digital platforms, social media and testimonials designed to drive greater awareness and direct requests for neffy. For payers, we believe the CVS Caremark process is nearing completion, and we've continued to expand access through Medicaid initiatives and favorable decisions.

針對患者與家庭，我們已在返校季加大鎖定式 DTC 媒體投放，包括傳統電視與連網電視（connected TV）、數位平台、社群媒體與見證內容，以提升認知並促使更多人直接提出使用 neffy 的需求。針對支付方，我們認為 CVS Caremark 的流程已接近完成，同時我們也透過 Medicaid 推動與有利決策持續擴大可近性。

I'll now turn the call over to Kathy to cover the financials.

我現在把電話交給 Kathy，請她說明財務表現。

Thank you, Eric. I'll focus my comments on how our financial performance in Q1 reflects the continued evolution of our business, particularly as improvements in access and execution begin to translate into greater visibility, predictability and operating leverage.

謝謝你，Eric。我將把重點放在我們第一季的財務表現如何反映我們業務的持續演進，特別是隨著可及性與執行面的改善開始轉化為更高的能見度、可預測性與營運槓桿。

For the first quarter of 2026, total revenue was $22.7 million, including $17.5 million in US net product revenue for neffy. We had $2.5 million in revenue from collaboration agreements and $2.7 million in supply revenue from our international partners. The $2.5 million in collaboration revenue from international partners was part of a total $5 million milestone payment from ALK triggered by the approval of neffy 1 milligram in the EU. The majority of the balance of $2.5 million was recorded to the financing liability on the balance sheet.

2026 年第一季，總營收為 2,270 萬美元，其中包括 neffy 在美國的淨產品營收 1,750 萬美元。我們自合作協議取得 250 萬美元營收，並自國際合作夥伴取得 270 萬美元的供應營收。來自國際合作夥伴的 250 萬美元合作營收，屬於 ALK 因 neffy 1 毫克在歐盟獲准而觸發的總計 500 萬美元里程碑款的一部分。其餘 250 萬美元的大部分則記錄為資產負債表上的融資負債。

US net product revenue remains the clearest indicator of neffy demand. As access improves and pending the outcome of the CVS Caremark process, we would expect more consistent prescription capture and improved revenue through the second half of the year. R&D expenses were $4.3 million, reflecting continued investment in our development programs, including our chronic spontaneous urticaria study.

美國淨產品營收仍是衡量 neffy 需求最清楚的指標。隨著可及性改善，並視 CVS Caremark 流程結果而定，我們預期在今年下半年能更穩定地取得處方並提升營收。研發費用為 430 萬美元，反映我們持續投資於開發計畫，包括我們的慢性自發性蕁麻疹研究。

SG&A expenses were $72.2 million, reflecting our commercialization investments across DTC and field execution. We are continuing to refine how we allocate those resources. As we move further into 2026, the focus is shifting from infrastructure build to optimizing spend toward the highest return commercial activities. This is reflected in the expansion of our sales force in May, which is being funded through reallocation of existing resources. We continue to expect our overall SG&A run rate for 2026 to be slightly higher than the run rate for the second half of 2025.

銷售、一般及行政（SG&A）費用為 7,220 萬美元，反映我們在 DTC 與第一線執行上的商業化投資。我們持續精進資源配置方式。隨著我們進一步邁入 2026 年，重點正從基礎建設的建立轉向將支出最佳化，投入於報酬最高的商業活動。這也反映在我們於 5 月擴編銷售團隊上，該擴編係透過重新分配既有資源來支應。我們仍預期 2026 年整體 SG&A 的執行率將略高於 2025 年下半年的執行率。

Turning to gross to net. We remain in the low to mid-50% range and continue to target approximately 50% at a steady state. Importantly, the economics underlying our CVS Caremark proposal are in line with our overall long-term gross to net retention target. We ended the first quarter with $201 million in cash, cash equivalents and short-term investments. This provides flexibility to support commercial execution, pipeline advancements and progress toward cash flow breakeven.

接著談毛額到淨額（gross to net）。我們仍維持在低到中 50% 的區間，並持續以穩態約 50% 為目標。重要的是，我們 CVS Caremark 提案背後的經濟條件與我們整體長期毛額到淨額留存目標一致。第一季結束時，我們持有 2.01 億美元的現金、約當現金與短期投資。這提供了彈性，以支持商業執行、產品線（pipeline）推進，以及朝現金流損益兩平邁進。

As a reminder, this is a refill-driven category where adoption builds over time. Accordingly, we expect revenue to be weighted toward the second half of the year as we start the back-to-school season, prescribing patterns evolve and early refill dynamics begin to contribute. In summary, we are building a more predictable commercial franchise with neffy with disciplined spending and a clear path to profitability. We remain focused on sustained durable growth.

提醒一下，這是一個以續配（refill）驅動的類別，採用率會隨時間逐步累積。因此，我們預期營收將偏重於下半年，因為我們將進入返校季，處方模式會演變，且早期的續配動能將開始貢獻。總結而言，我們正以嚴謹的支出紀律與清晰的獲利路徑，打造一個更可預測的 neffy 商業版圖。我們仍專注於持續且具韌性的成長。

Let me pass the call back to Rich for closing remarks.

我把電話交回給 Rich，請他做結語。

Thank you, Kathy. It's been a strong start to 2026, and we're underway on multiple work streams to continue to build and grow our neffy business. We expect neffy prescription growth to expand with the new initiatives we discussed that reduce provider and patient friction and which support current analyst consensus. A favorable CVS Caremark decision would only further accelerate our trajectory. I'm encouraged by the progress we've made and confident in our ability to execute in the months ahead.

謝謝你，Kathy。2026 年開局強勁，我們也已在多個工作主軸上展開行動，持續建立並擴大我們的 neffy 業務。我們預期，隨著我們討論的新措施降低醫療提供者與病患的摩擦，neffy 處方成長將擴大，並可支持目前分析師的一致預期。若 CVS Caremark 做出有利決定，將只會進一步加速我們的成長軌跡。我對我們已取得的進展感到鼓舞，並對未來幾個月的執行能力充滿信心。

Thank you for joining us. Operator, please open the line for questions.

感謝各位加入。接線員，請開放提問。

(Operator Instructions) Roanna Ruiz, Leerink Partners.

(接線員指示) Leerink Partners 的 Roanna Ruiz。

I have a few questions from me. First one, just on the CVS coverage front and the goal of removing prior auths. Can you talk a little bit more about your level of conviction there going into the July 1 effective date? And could you explain a little bit more about how that could tie in with the back-to-school surge expectation later this summer?

我這邊有幾個問題。第一個是關於 CVS 給付覆蓋以及移除事前授權（prior auths）的目標。你們能否多談一些，對於 7 月 1 日生效日期前的把握程度如何？另外也能否再說明一下，這可能如何與今年夏末你們預期的返校季需求高峰連動？

Rich, could you check your mute button? We can't hear you. Eric and Kathy, are you guys still there?

Rich，你可以檢查一下你的靜音鍵嗎？我們聽不到你。Eric 和 Kathy，你們還在線上嗎？

Yes, I can hear you.

是的，我聽得到你。

Eric, do you want to take that until we hear back from Rich?

Eric，在 Rich 回來之前，你要不要先回答？

Sure. As Rich mentioned and in my comments as well, we are nearing the process here of the approval process with CVS Caremark. When we look at what they represent in terms of the number of covered lives, CVS is 15%, Anthem is 5% and Aetna is 4%. So we do feel confident on the conversations that we've had with them.

當然。如 Rich 提到的，以及我在發言中也說過，我們正接近與 CVS Caremark 的核准流程尾聲。就其所代表的承保人數（covered lives）而言，CVS 佔 15%，Anthem 佔 5%，Aetna 佔 4%。因此，基於我們與他們的對話，我們確實感到有信心。

And as Rich said, the updated proposal that we provided back in April, this would align nicely with kind of that July 1 start. And all the initiatives that we have going on through marketing, through our DTC campaign as well as our field force in terms of messaging and focusing on the top 12,000 physicians out there that really represent about 50% of the overall prescriptions.

而且如 Rich 所說，我們在 4 月回覆提供的更新提案，與 7 月 1 日左右的啟動時間點相當契合。同時，我們也透過行銷、DTC 活動，以及第一線團隊在訊息傳遞上的各項措施，聚焦於前 12,000 位醫師，他們約占整體處方量的 50%。

Okay. That helps. And I noticed you were talking a bit about the refill contribution in the prepared remarks. Can you talk a bit about what magnitude of lift we might expect from refills going into later this year? And potentially, how should we think about that trend in 2027?

了解。這很有幫助。我也注意到你們在準備好的講稿中提到一些續配的貢獻。你們能否談談，預期今年稍晚續配可能帶來多大幅度的提升？以及我們在 2027 年應該如何看待這個趨勢？

Yes, I can -- certainly, Rich, are you on yet?

可以——當然。Rich，你現在上線了嗎？

I was on, but it wasn't working. Can you hear me?

我剛剛有上線，但沒有成功。你們聽得到我嗎？

You can take this.

你可以回答這題。

Okay. So yes, we would expect that our lots expire kind of at the end of the year, beginning of next year of initial launch lots. However, many parents are going to need to get renewal prescriptions over the summer to have a prescription that lasts for the full school year. So we would expect that to start to contribute over the summer period for the peak season.

好的。是的，我們預期初期上市批次的產品效期大概會在今年年底、明年年初到期。不過，許多家長會需要在夏天取得續方，才能有一張可涵蓋整個學年的處方。因此，我們預期在夏季期間、也就是旺季時段，這將開始帶來貢獻。

Got it. And the last question for me. I did want to ask about the -- it sounds like a lot of the high-decile accounts are prescribing neffy. When would you expect a little bit more broadening of prescribing to the lower decile accounts, thinking about all your initiatives that are going on right now and how that could progress into the future?

了解。我最後一個問題。我想問的是——聽起來很多高十分位（high-decile）的客戶帳戶都在開立 neffy。考量你們目前正在推動的各項措施，以及未來的進展，你們預期何時會看到處方開立更廣泛地擴展到較低十分位（lower decile）的帳戶？

Yes. Eric can speak to this more, but I think that's already happening with the expansion of the base of physicians that have prescribed. And as we've described in the past, typically, there's a period of time where they're adopting a product, they try it out, they trial it. And then after they get comfortable, they become more of a frequent prescriber. So by seeing that very broadening of the prescriber base, I think we're already seeing that type of action.

是的。Eric 可以補充更多，但我認為這已經在發生，因為開立過處方的醫師基礎正在擴大。而且如我們過去所描述，通常會有一段採用期：醫師先嘗試產品、進行試用。之後當他們更熟悉，就會成為更頻繁的開立者。因此，看到開立者基礎如此廣泛地擴張，我認為我們已經在看到這類行為。

And I would just add, Roanna, to the point Rich is making, too. We have over 28,000 physicians that have prescribed the product. So obviously, we're focused on about 12,000. Our partnership with ALK in the US is focused on about another 8,000. So I think a lot of our nonpersonal promotion, DTC is also getting to those physicians. We do a significant amount of advertising through HCP media as well, the various conferences.

我再補充一下，Roanna，呼應 Rich 的重點。目前已有超過 28,000 位醫師開立過這個產品。所以很明顯地，我們聚焦於約 12,000 位。我們與 ALK 在美國的合作則聚焦於另外約 8,000 位。因此，我認為我們許多非面對面推廣（nonpersonal promotion）、DTC 也同樣觸及到那些醫師。我們也透過 HCP 媒體以及各類會議進行大量廣告投放。

And we do see higher shares, as I mentioned, in our high-volume decile accounts, but we're also seeing traction with some of the lower decile, which they're not seeing as many patients on a monthly basis, but we are seeing some share growth in those groups as well.

如我先前提到的，我們確實在高量級（最高十分位）的客戶中看到更高的市占率，但我們也看到一些較低十分位的客戶開始有進展；他們每月看到的病患數沒有那麼多，但我們也在那些族群中看到一些市占成長。

Lachlan Hanbury-Brown, William Blair.

Lachlan Hanbury-Brown，William Blair。

Maybe just picking up on that last point, Eric. How should we think about market share growth sort of now into summer? Obviously, getting more coverage will probably be a big factor in that. But even before that with the new sales force or expanded sales force, I should say, in the field, should we expect to see market growth or market share growth over the next couple of months for --

Eric，或許接續你剛才那點。我們該如何看待目前到夏季這段時間的市占成長？顯然，取得更多給付覆蓋可能會是其中一個重要因素。但即便在那之前，隨著新的銷售團隊或我應該說擴編後的銷售團隊已在第一線，你認為未來幾個月我們是否應該預期市場成長或市占成長，針對--

Yes, Lachlan. So yes, we are expecting to see meaningful market share growth and our projections at least are that we would be on track with current consensus even without Caremark. So Caremark would add to that, of course, but we're fairly confident that we're going to be seeing the necessary market share growth week-over-week and month-over-month to consensus. And one thing I'll note is that we come back to analyst guidance on not necessarily the year numbers, but on proportion of the allotments to the various quarters because base, for example, if we compare to last year, it's a little bit on the high end and there will probably be guidance on how to proportion the --

是的，Lachlan。所以是的，我們預期會看到具意義的市占成長；至少依我們的預測，即使沒有Caremark，我們也會與目前市場共識的預期進度一致。當然，Caremark會在此基礎上再加分，但我們相當有信心，我們將會看到為了達成共識所需的市占成長，按週、按月持續提升。另外我想補充的是，我們會回到分析師的指引，不一定是全年數字，而是各季配額比例的分配；例如若與去年相比，基期稍微偏高，可能也會有指引說明該如何分配--

And Lach, I would just add to Rich's comments there. I think when you think about the programs that we mentioned in terms of streamlining prescribing, simplifying it, we believe there's definitely a halo effect there of making it easier for the doctors, for staff and for patients to get this. Our existing sales team is well trained. This is the second season for back-to-school, really strong relationships, tightening the message as well and making sure we're pulling through the market access wins.

Lach，我也想在Rich的評論上補充。我認為，當你想到我們提到的那些計畫，包含讓開立處方流程更精簡、簡化，我們相信這確實會有光環效應，讓醫師、診所人員與病患更容易取得這個產品。我們現有的銷售團隊訓練有素。這是第二個返校季，我們的關係非常穩固，也會進一步收斂訊息，並確保把市場准入的勝利帶動到實際使用。

And then when you think about the new team, they've been trained, they've been out in the field for a couple of weeks now, and they have all the same materials and approaches and strategies from the office. So we feel confident again going into the back-to-school season.

再來談到新團隊，他們已完成訓練，且已在第一線跑了幾週，並且擁有與原團隊相同的素材、方法與辦公室端的策略。因此，我們對於迎接返校季再次感到有信心。

And maybe I realize it's probably still early, but have you seen any sort of traction or positive metrics in the efforts you're making to try to penetrate the electronic refill market?

另外我知道可能還太早，但你們在嘗試滲透電子續配（electronic refill）市場的努力上，有看到任何進展或正向指標嗎？

Eric, do you want to take that?

Eric，你要回答這題嗎？

Yes. A lot of this -- a couple of things. really has to do with each office and what the representative can establish with the folks that deal with electronic refills in the office. So we are focusing on that to make sure that we can interrupt that process. Often, it is messaging from one of the nurses or somebody that is in the office that takes those calls or takes them electronically. We're also -- we have implemented certain things into EHR systems, smart phrases.

好。這裡面有幾件事——很大程度取決於各個診所，以及業務代表能否與診所內負責電子續配的人建立合作。所以我們正聚焦在這點，確保我們能夠介入並打斷那個流程。通常，那是由護理師或診所內某位負責接聽電話或以電子方式處理這些需求的人所傳遞的訊息。我們也——已在EHR系統中導入一些機制，例如智慧片語（smart phrases）。

So when the prescription comes in, there's some advertising and some information about neffy that pops up and kind of interrupts that process as well. So we'll continue to do that. But I think the combination of the other things that we talked about, access, these programs that make it even easier where, again, they can send it to retail, if there is any type of rejection, it flips over to $199 is going to help us get more of those prescriptions.

因此當處方進來時，會跳出一些關於neffy的廣告與資訊，某種程度上也會打斷那個流程。所以我們會持續推進。但我認為，結合我們談到的其他事項——准入、以及讓流程更容易的這些計畫（同樣地，他們可以把處方送到零售藥局；若有任何拒付，就會自動轉為199美元）——將有助於我們取得更多處方。

And maybe a final one. I know we've talked a lot about CVS, and there's been a lot of folks on that. But I think, Rich, you've also mentioned in the past a few other smaller plans that you were maybe expecting wins in the first half. Are there any updates there on those sort of smaller commercial plans outside of CVS Caremark?

最後一題。我知道我們談了很多CVS，也有很多人關注那部分。但Rich，我記得你過去也提到過一些其他較小的保險計畫，你們可能預期在上半年會有一些勝利。在CVS Caremark以外，那些較小的商業保險計畫有任何更新嗎？

Yes. The smaller ones we're focused on are mainly the Blue Cross companies. And of course, we're also working very hard with Medicaid, and that's progressing very, very well. So we will still be working to get additional state Blue Cross companies across the finish line coming into the summer season.

有的。我們聚焦的較小計畫主要是Blue Cross系列公司。當然，我們也非常努力推進Medicaid，而那部分進展非常、非常順利。因此，在進入夏季期間，我們仍會持續努力，讓更多州的Blue Cross公司順利完成最後一哩路。

Ryan Deschner, Raymond James.

Ryan Deschner，Raymond James。

Can you walk us through your strategy for raising awareness among physicians and pulling through the sales after the point you're able to potentially close on the deal with Caremark? And then I have a follow-up question.

你能否帶我們了解一下：在你們有機會與Caremark完成簽約之後，你們提高醫師認知、並在銷售端把需求拉動起來的策略？然後我還有一個追問。

Yes. I can talk a little bit to that, and Eric can follow up with additional. But -- so we are positioned with our sales force and also marketing teams to make sure we get out there ahead of the summer, ahead of when it goes on formulary to inform doctors that the coverage will be changing and exactly where.

可以。我可以先談一點，Eric也可以再補充。我們已透過銷售團隊與行銷團隊做好部署，確保在夏季之前、在產品納入處方集（formulary）之前就先行到市場上，告知醫師給付覆蓋將會改變，以及具體會改到哪裡。

We have a lot of also tools for the doctors that we already have implemented or we are implementing, which will help not only with them prescribing so that they know who's on formularies that are covering neffy, but also with those formularies that are still not covering neffy to help with prior authorizations.

我們也有許多提供給醫師的工具，已經導入或正在導入中；這些工具不僅能協助他們開立處方，讓他們知道哪些處方集已涵蓋neffy，也能針對仍未涵蓋neffy的處方集，協助處理事前授權（prior authorization）。

So the marketing and sales team are pretty much aligned and ready to go with that. Once we get final confirmation from Zinc, CVS Caremark, we will be able to implement that very quickly and get ahead of it so that doctors are aware that the formulary will change as of July 1.

因此行銷與銷售團隊基本上已對齊並準備就緒。一旦我們從Zinc、CVS Caremark取得最終確認，我們就能非常快速地執行並提前佈局，讓醫師知道處方集將自7月1日起變更。

And just to build on that to Rich's comments, as I mentioned, I mean, we're focused on 12,000 physicians plus about another 8 or 9 on the ALK side. So Ryan, to all the points around messaging and resources, we have the materials ready to go, so we can just press a button and hit that switch. A lot of it is really focused on the prominence of a majority of commercial patients are covered, zero co-pay, send it to retail. This is a smooth and easy process for you and your staff and for your patients.

再補充Rich的評論，如我提到的，我們聚焦於12,000位醫師，另外在ALK那邊還有大約8或9千位。所以Ryan，關於訊息傳遞與資源等各點，我們的素材都已準備好，可以按下按鈕就切換上線。其中很大一部分會聚焦在：多數商業保險病患已獲得覆蓋、零自付額（zero co-pay）、把處方送到零售藥局。對你、你的診所人員以及你的病患而言，這是一個順暢且簡單的流程。

In addition to that, the marketing team also has broad media, whether it's online search, banners, education online and the prominence of the coverage is going to be a focal point. We still want to make sure that we're selling on all the attributes that make neffy a better option in terms of safety, size and portability, temperature excursions and shelf life, but that front and center around the coverage is going to be critical.

此外，行銷團隊也會投放廣泛媒體，不論是線上搜尋、橫幅廣告、線上教育內容等，而「覆蓋範圍的顯著性」將會是宣傳重點。我們仍希望確保在所有讓neffy更佳的產品屬性上持續推廣，包括安全性、尺寸與可攜性、溫度偏離（temperature excursions）以及保存期限（shelf life），但把覆蓋放在最前面、最核心將至關重要。

And then we also implemented in addition to traditional speaker programs with health care providers, speaker programs for staff members that do a lot of the operations in the office, whether back to the point around the electronic refill, any back-to-school stuff, handling anything, we want to make sure that they're on board with everything around the product and how to easily get it for their patients.

另外，除了針對醫療照護提供者的傳統講者計畫外，我們也為診所內負責許多營運工作的員工設置講者計畫；不論是回到剛才提到的電子續配、任何返校季相關事務、或處理各種流程，我們都希望確保他們對產品及如何讓病患更容易取得產品的所有事項都能充分理解並支持。

Got it. And the other question, a few parts to the automated conversion process for denied claims. Curious kind of how this works operationally? Is it still being rolled out? Or is it already rolled out? And what proportion of scripts are currently being abandoned? And how big of an impact do you think this will have on those script volumes in the near term?

了解。另一個問題是關於被拒賠申請的自動轉換流程，有幾個部分。我想了解這在營運上是如何運作的？目前仍在推行中嗎？還是已經全面上線？目前有多少比例的處方（scripts）被放棄（abandoned）？你認為這在短期內會對處方量帶來多大的影響？

Yes. So again, I'll start out and then Eric can add in on some of the statistics. But we've already implemented just -- actually just recently. So just in this week, it's been implemented at the pharmacy level. So right now, I mean, we think that will have a significant impact. And it's -- a lot of it is just the noise. We've always had the $199 option, and we've made doctors well aware of that and how to get the $199 option.

是的。所以再說一次，我先開始，然後 Eric 可以補充一些統計數據。不過我們已經實施了——其實是最近才剛實施。所以就在本週，已在藥局端層級完成導入。所以目前來看，我們認為這將帶來顯著影響。而且——很大一部分其實只是雜音。我們一直都有 199 美元的選項，也已讓醫師非常清楚知道有這個 199 美元選項以及如何取得。

But when you think about it, if a patient gets a prescription, goes to the pharmacy, they don't know if they're covered yet or not at that point and they get a very high retail price from the pharmacy, it's very negative and it comes back to the doctor as a negative situation, right? So this would at least convert that immediately at the pharmacy level to $199 price, which doctors feel is very reasonable.

但你想想看，如果病人拿到處方、到藥局領藥，當下他們還不知道是否已被給付，結果藥局給出非常高的零售價，這會非常負面，並以負面情況回到醫師那裡，對吧？所以這至少能在藥局端立刻把價格轉成 199 美元，而醫師覺得這是非常合理的。

It's consistent with cash prices for auto-injectors, cash and even less than AUVI-Q's cash price. So that would hopefully temper or expected to temper a lot of that negative noise to the doctors about the price. And then -- but it would be automatic at the pharmacy level. So patient would never see that retail price. They would automatically at most see a $199 price. They would still, in some cases, come back to the doctor and ask for the prior authorization. but at least they're not getting those very high retail prices, which could be as high as $1,000 at some pharmacies.

這與自動注射器的現金價一致，是現金價，甚至比 AUVI-Q 的現金價還低。因此希望能、也預期能，緩和醫師對價格的許多負面雜音。然後——但這會在藥局端自動完成。所以病人永遠不會看到那個零售價。他們自動看到的最高也就是 199 美元。在某些情況下，他們仍可能回到醫師那裡要求事前授權，但至少他們不會遇到那些非常高的零售價，有些藥局甚至可能高達 1,000 美元。

Rich, I can just add a few points to that as well. Ryan, there's three main vendors that do this type of work, as Rich said, at point of sale. So it's done instantaneously. If the prescription comes in, it's a covered claim, they get their co-pay, hey, it's $10. If it's anything around on the back-end rejection, it doesn't even go through that, just says here's the price. So these three vendors, we already work with them for our co-pay program.

Rich，我也可以再補充幾點。Ryan，正如 Rich 所說，這類工作在銷售點（point of sale）主要由三家供應商提供。所以是即時完成的。如果處方進來是可給付的申請，他們就付自付額，例如 10 美元。如果在後端有任何拒付，它甚至不會走那個流程，而是直接顯示價格。這三家供應商，我們已經為了自付額（co-pay）方案與他們合作。

So these are well-established programs. They work smoothly. There's no interruption where the pharmacist says to the patient, hey, you're not covered in this and we can do that. So this makes it a lot easier. They cover about 90% of pharmacies. So it's a pretty good coverage. About 55% of our prescriptions right now are going through retail. The other 45% are going through our Blink program. But we anticipate that to go up as we get more coverage and make this easier for doctors where they could just send their patients to retail.

所以這些都是成熟的方案。運作很順暢。不會出現藥師對病人說「你沒有被給付，但我們可以做那個」之類的中斷。所以這讓流程容易很多。他們涵蓋約 90% 的藥局。所以覆蓋率相當不錯。目前大約 55% 的處方是走零售通路。另外 45% 是走我們的 Blink 方案。但我們預期，隨著覆蓋率提高、並讓醫師更容易操作（他們可以直接把病人送到零售藥局），這個比例會上升。

So the abandonment that we see in the category overall is very similar for neffy. It's in the mid 22%, 23%. But then you also have patients that when it is a rejected claim, there are a lot of patients that are lost to follow up where nothing really happens or they go back to their treatment. So we think this is a really simple solution. It's something that is easy to implement. And again, it's all about making the prescribing process to simplify it, but making sure when a doctor writes this, that the patient gets it and making it easy for their staff as well.

所以我們在整個品類看到的棄領率（abandonment）與 neffy 非常相近。大約在 22%、23% 的中段。但當申請被拒付時，也有很多病人會在後續追蹤中流失，基本上就沒有後續動作，或回到原本的治療。所以我們認為這是一個非常簡單的解決方案。而且很容易導入。同樣地，重點是簡化開立處方的流程，但也要確保醫師開了之後病人能拿到藥，並且也讓診所人員更容易處理。

So it's a really simple message that our reps and through our other promotion, we're obviously directing to health care providers and their staff.

所以這是一個非常簡單的訊息，我們的業務代表以及透過其他推廣活動，會明確傳達給醫療照護提供者及其工作人員。

Josh Schimmer, Cantor.

Josh Schimmer，Cantor。

First, for the comment about being funded to breakeven. Maybe you can help us with some of that math given the burn this quarter in cash position. It doesn't seem entirely obvious to me how you get there? And then second, what was the royalty payment from ALK in the first quarter? I wasn't able to find that in the 10-Q.

首先，關於「資金足以支撐到損益兩平」的評論。考量本季的現金部位與現金消耗（burn），也許你可以幫我們算一下這個數學怎麼成立。我覺得這並不是那麼一目了然，你們是怎麼達到的？第二，第一季來自 ALK 的權利金（royalty）付款是多少？我在 10-Q 裡找不到。

Yes. So I think we -- in our projections, we will get to cash breakeven by mid-2027. We expect our loss to go down over time. First quarter, as you know, I mean, looking at this quarter is the worst quarter of the year historically for epinephrine. So in our case, last year, it was 11% of our annual sales. So I think we believe that through the second half of this year, the loss will be significantly less at least runway into next year, and we'll have breakeven sometime before the middle of next year, so first half of the year.

是的。所以我想——在我們的預測中，我們會在 2027 年年中達到現金損益兩平。我們預期虧損會隨時間下降。第一季，如你所知——從歷史來看，對腎上腺素（epinephrine）而言，這一季是一年中最差的一季。以我們的情況來說，去年第一季占我們全年銷售的 11%。所以我們相信，今年下半年虧損會顯著降低，至少能把跑道延伸到明年，而且我們會在明年年中之前、也就是上半年某個時間點達到損益兩平。

So that's our projections right now. And again, I think it depends on the allocation of how you're looking at funding across the quarters. And we are also, Josh, looking at our burn. Donn Casale will be coming in soon. We're having a lot of discussions about how to reallocate funding to what's giving us better return on investment. We now have a lot of experience with our DTC campaign, and we may end up moving some of that money around and even cutting some of the expenses. So that will be something that's ongoing and will also help us achieve that goal.

所以這是我們目前的預測。而且我想，這也取決於你如何看待各季度之間的資金配置。另外，Josh，我們也在檢視我們的現金消耗。Donn Casale 很快就會加入。我們正在進行許多討論，看看如何把資金重新配置到能帶來更好投資報酬的項目上。我們現在對 DTC（直接面向消費者）活動已累積很多經驗，可能會把其中一部分預算挪動，甚至削減部分費用。所以這會是持續進行的工作，也會幫助我們達成那個目標。

And Josh, with respect to the ALK payment, it was less than $100,000 for the quarter. ALK is -- which is the reason we didn't call it out in the quarter. ALK is really just getting up and running with multiple countries. And so they're just starting their run rate. So we do expect that to grow going forward.

Josh，至於 ALK 的付款，本季不到 10 萬美元。ALK——這也是我們本季沒有特別提出的原因。ALK 目前主要是在多個國家剛開始啟動。所以他們的營運節奏才剛開始建立。因此我們確實預期未來會成長。

And I'm not showing any further questions at this time. And as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

我目前沒有看到其他問題。因此，今天的簡報到此結束。感謝各位的參與。您現在可以中斷連線，祝您有美好的一天。