ARS Pharmaceuticals, Inc. (SPRY) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to ARS Pharma's second-quarter 2026 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded.

下午好，歡迎參加 ARS Pharma 2026 會計年度第二季財報電話會議。（接線員指示）請注意，今日會議將被錄音。

I will now turn the call over to Monique Allaire, IR representative for the company. Please go ahead.

現在我將把電話交給公司投資人關係（IR）代表 Monique Allaire。請開始。

Good afternoon, and thank you for joining us. With me on the call today is Donn Casale, President and CEO of ARS Pharma; Kathy Scott, our Chief Financial Officer, will join us for the Q&A session. Earlier today, we issued a press release outlining ARS Pharma's corporate priorities and commercial highlights and detailing its financial results for the second-quarter of 2026.

下午好，感謝各位加入。今天與我一同參與電話會議的有 ARS Pharma 總裁兼執行長 Donn Casale；我們的財務長 Kathy Scott 將在問答環節加入。今天稍早，我們發布新聞稿，概述 ARS Pharma 的公司優先事項與商業亮點，並詳述 2026 年第二季的財務結果。

That press release can be found in the Investors and Media section of the company's website at ars-pharma.com. Before we begin, please note that today's remarks may contain forward-looking statements, and actual results may differ materially. Please refer to our press release and SEC filings for further risk disclosures.

該新聞稿可於公司網站 ars-pharma.com 的「投資人與媒體」專區查閱。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 Donn.

接下來我把電話交給 Donn。

Thank you, Monique, and good afternoon, everyone. It's an absolute honor to host my first earnings call as CEO. This is a pivotal time for ARS Pharmaceuticals, and I look forward to sharing my strategic vision today, along with the corporate priorities that will drive our next chapter of growth. Over the past month, I've conducted a deep review with our commercial, clinical and corporate teams and met with many of our investors and shareholders.

謝謝你，Monique，各位下午好。能以執行長身分主持我第一次財報電話會議，我深感榮幸。這是 ARS Pharmaceuticals 的關鍵時刻，我期待今天分享我的策略願景，以及將推動我們下一階段成長的公司優先事項。過去一個月，我與商業、臨床與公司團隊進行深入檢視，並與許多投資人與股東會面。

Those conversations confirm both the significant market opportunity ahead and the need for a disciplined operational approach going forward. Today, I want to walk you through how I see the business, what's working, what's changing and what to expect from ARS. What I'm outlining is more than a shift in our commercial strategy. It is a fundamental change in how we manage our business and allocate capital.

這些對話確認了前方龐大的市場機會，也凸顯未來需要更具紀律的營運方法。今天我想帶各位了解我如何看待這項業務、哪些做法有效、哪些正在改變，以及對 ARS 的預期。我所概述的不僅是商業策略的調整，更是我們管理業務與資本配置方式的根本性改變。

Against that backdrop, I'm laying out three strategic priorities: that will guide our next phase. First, targeted provider commercial execution. We are prioritizing our resources and focus where they make the greatest immediate impact on neffy market share, the health care provider. Second, financial discipline. We are implementing a rigorous strategic cost optimization framework, significantly reducing SG&A expense with a focus on building a profitable neffy franchise with a predictable path to cash flow breakeven.

在此背景下，我提出三項策略優先事項，將引導我們下一階段。第一，聚焦醫療照護提供者的商業執行。我們將資源與重點優先投入在能對 neffy 市占率帶來最大、最即時影響的對象——醫療照護提供者。第二，財務紀律。我們正在導入嚴謹的策略性成本最佳化架構，大幅降低 SG&A 費用，重點是打造可獲利的 neffy 事業，並建立可預測的現金流損益兩平路徑。

And third, pipeline expansion, starting with chronic spontaneous urticaria, or CSU. We are extending our intranasal epinephrine platform into a second large market, where we see a significant opportunity to bring the first FDA-approved treatment for CSU acute flares. CSU addresses a critical unmet need and offers a compelling market expansion opportunity.

第三，擴展產品線（pipeline），從慢性自發性蕁麻疹（chronic spontaneous urticaria，CSU）開始。我們將鼻腔內腎上腺素平台延伸至第二個大型市場，我們看見顯著機會，為 CSU 急性發作帶來首個獲 FDA 核准的治療。CSU 滿足關鍵未被滿足的醫療需求，並提供具吸引力的市場擴張機會。

Let me expand on the first strategic priority in more detail, targeted provide our commercial execution. Neffy should be the standard of care in this multibillion-dollar market. Our primary objective is to increase market share, which we believe is the best indicator of commercial success for products like neffy. Starting this quarter, we will report on both total market share and share within our field targeted called universe, so you can track our progress directly.

我先更詳細說明第一項策略優先事項：聚焦醫療照護提供者的商業執行。Neffy 應成為這個數十億美元市場的照護標準。我們的首要目標是提升市占率，我們相信對像 neffy 這類產品而言，市占率是商業成功的最佳指標。自本季起，我們將同時揭露整體市占率，以及在我們外勤團隊鎖定之「目標涵蓋範圍（targeted called universe）」內的市占率，讓各位能直接追蹤我們的進展。

To level set where we are today, second-quarter US net product revenue was $26.2 million, and total US market share reached 5%, doubling from 2.5% in the same period last year. Importantly, within our field sales targeted universe, market share increased to 8%, up from 4% in the prior year quarter. Additionally, we saw over 16,000 unique net fee prescribers in the second-quarter, representing more than a threefold increase from the same period last year. Neffy is an acute life-saving rescue therapy.

為了讓各位了解我們目前的位置，第二季美國淨產品營收為 2,620 萬美元，整體美國市占率達到 5%，較去年同期的 2.5% 翻倍。重要的是，在我們外勤銷售鎖定的範圍內，市占率提升至 8%，高於去年同季的 4%。此外，第二季我們看到超過 16,000 位 neffy 的獨立淨處方醫師，較去年同期增加逾三倍。Neffy 是一種急性、可挽救生命的救援療法。

But unlike a traditional product that a patient takes to treat a condition, neffy prescribe, fill and carried long before an event ever occurs. In commercial terms, this is more like a prevention-based market versus a treatment market. That distinction is critical. In a treatment market, a patient is symptomatic and actively seeks immediate relief. In the prevention market, patients and providers default to the status quo, unless there is a compelling reason or need to change.

但不同於傳統產品是病患在發病時用來治療，neffy 的處方、領藥與隨身攜帶，往往在事件發生前很久就已完成。從商業角度來看，這更像是以預防為主的市場，而非治療市場。這個差異至關重要。在治療市場中，病患有症狀並主動尋求立即緩解；在預防市場中，除非有充分理由或需求改變，病患與醫療人員往往會維持現狀。

At launch, ARS invested heavily in broad direct-to-consumer digital advertising. While that builds brand awareness, consumer advertising in a prevention-based market carries a high cost and does not always convert to utilization. Today, millions of patients remain inadequately protected either because they were never offered a prescription or due to the fear or hesitation of carrying traditional needle-based injectors.

在上市初期，ARS 大量投資於廣泛的直接面向消費者（DTC）數位廣告。雖然這能建立品牌知名度，但在以預防為主的市場中，消費者廣告成本高，且不一定能轉化為實際使用。如今，仍有數以百萬計的病患保護不足，原因可能是從未被提供處方，或因害怕或猶豫攜帶傳統針劑注射器。

That is the exact clinical gap neffy solves. The closing of the gap relies less on broad consumer awareness and far more on changing long established provider prescribing habits. Going forward, we have an opportunity to drive market share growth with a more efficient commercial strategy, but not at the expense of revenue. We are prioritizing our investments where they deliver the highest return. Our sales team calling on high-volume locations to build provider conviction, office by office.

這正是 neffy 所要解決的臨床缺口。縮小這個缺口，與其依賴廣泛的消費者認知，更取決於改變長期既有的醫師處方習慣。展望未來，我們有機會以更有效率的商業策略推動市占率成長，但不會以犧牲營收為代價。我們將投資優先放在能帶來最高報酬的地方。我們的銷售團隊將拜訪高處方量據點，逐一診所建立醫療人員的信心。

Our data highlights the impact of field engagement where our sales team is deployed, neffy has an 8% market share compared to approximately 1% in the nontargeted universe. Growth in this market is won through repeated high-quality clinical interactions not through a single promotional campaign or market event.

我們的數據凸顯外勤互動的影響：在我們部署銷售團隊的地區，neffy 的市占率為 8%，相較之下，在非目標涵蓋範圍內約為 1%。這個市場的成長，是透過反覆且高品質的臨床互動贏得的，而不是靠單一促銷活動或某個市場事件。

On the topic of reimbursement, we will continue to aggressively work towards expanding commercial and Medicaid coverage. Securing formulary positions is the first step. Beyond that, providers must appreciate and acknowledge the clinical gap neffy fills before coverage translates into prescriptions. Building that provider conviction is our highest operational priority.

在給付方面，我們將持續積極擴大商業保險與 Medicaid 的涵蓋。取得處方集（formulary）地位是第一步。除此之外，在保險涵蓋能轉化為處方之前，醫療人員必須理解並認同 neffy 所填補的臨床缺口。建立醫療人員的信心，是我們最高的營運優先事項。

Executing this strategy requires leadership that understands the nature of a prevention-based market and what it takes to change prescriber behavior. That's why I'm thrilled to welcome Meg Smith to ARS as our new Chief Commercial Officer. A dynamic commercial leader with over 25 years of executive experience, Meg brings a proven track record of combining disciplined investment with deep operational accountability.

執行這項策略需要了解預防型市場本質、以及改變處方行為所需條件的領導力。因此，我非常高興歡迎 Meg Smith 加入 ARS，擔任我們的新任商務長（Chief Commercial Officer）。Meg 是一位充滿活力的商業領導者，擁有超過 25 年的高階主管經驗，並具備將紀律性投資與深度營運問責結合的成功實績。

Having worked closely with Meg during my time at Dynavax, I saw firsthand her inspirational leadership and operational rigor. She brings the exact playbook needed for this market, and I'm confident she'll hit the ground running, leading this next chapter of the neffy launch. In addition to strengthening our commercial leadership, we have completed the expansion of our field sales organization.

我在 Dynavax 任職期間曾與 Meg 密切合作，親眼見證她具啟發性的領導力與嚴謹的營運管理。她帶來的正是這個市場所需的作戰手冊，我相信她將迅速上手，帶領 neffy 上市的下一篇章。除了強化我們的商業領導團隊之外，我們也已完成外勤銷售組織的擴編。

Sales force efforts will focus primarily on the highest-value prescribers which represents 44% of the total market opportunity. I look forward to seeing what our now fully deployed, highly motivated and focused sales team can do going forward. Looking ahead, we expect steady market share gains over successive quarters, not an overnight spike. We are focused on driving the next phase of growth with disciplined commercial execution, clear accountability and prudent expense management.

銷售團隊的努力將主要聚焦於最高價值的處方醫師，該族群代表整體市場機會的 44%。我期待看到我們如今已全面部署、士氣高昂且目標明確的銷售團隊，未來能達成的成果。展望未來，我們預期市占率將在連續季度中穩健提升，而非一夕暴增。我們將以具紀律的商業執行、清楚的問責機制與審慎的費用管理，推動下一階段成長。

That brings me to our second strategic priority, financial discipline and greater OpEx control. Our total revenue in the second-quarter was $33.7 million, reflecting a combination of net product, collaboration and supply revenue. Total operating expenses were $95.1 million, which included $12.8 million in cost of goods sold. As discussed, our prior commercial strategy emphasizes broad consumer awareness, which was costly, resulting in an SG&A spend of approximately $77.6 million for the second-quarter.

接著談第二項策略優先事項：財務紀律與更強的營運費用（OpEx）控管。第二季總營收為 3,370 萬美元，反映淨產品營收、合作營收與供應營收的組合。總營運費用為 9,510 萬美元，其中包含 1,280 萬美元的銷貨成本。如前所述，我們先前的商業策略強調廣泛的消費者認知，成本較高，導致第二季 SG&A 支出約為 7,760 萬美元。

It is critical that we adjust our operating expenses to align with neffy adoption to build a durable, profitable business. To get there, we will plan and spend based on reasonable expectations and more efficient commercialization efforts. To give a clear baseline for our future runway, we've adjusted our aggregate SG&A and R&D expenses for the second half of 2026 to be in the range of $114 million to $126 million which includes stock-based compensation of about $14 million to $60 million.

我們必須調整營運費用，使其與 neffy 的採用情況一致，才能建立一個具韌性且可獲利的業務。為達成此目標，我們將依據合理預期與更有效率的商業化推進來規劃與支出。為了提供未來資金續航期的清晰基準，我們已將 2026 年下半年合計的 SG&A 與 R&D 費用調整至 1.14 億至 1.26 億美元區間，其中包含約 1,400 萬至 6,000 萬美元的以股份為基礎的薪酬。

As a result, total cash-based SG&A and R&D expenses for the second half of are expected to be in the range of $100 million to $110 million, driven by a more than 40% reduction in cash-based SG&A expenses from the first half of 2026. Importantly, we expect this spending trend to continue throughout 2027. We believe this operational rigor is what makes our outlook predictable. We ended the second-quarter with $143.8 million in cash, cash equivalents and short-term investments.

因此，2026 年下半年以現金為基礎的 SG&A 與 R&D 總費用預期將落在 1.00 億至 1.10 億美元區間，主要受惠於相較 2026 年上半年以現金為基礎的 SG&A 費用降低超過 40%。重要的是，我們預期此支出趨勢將延續至 2027 年全年。我們相信，正是這種營運紀律使我們的展望更具可預測性。我們在第二季末持有 1.438 億美元的現金、約當現金及短期投資。

With that capital, alongside our revised expense base, we see a path to cash flow breakeven by the end of 2027, which would position neffy to be a foundation for long-term optionality and future value unlock for our shareholders. Part of that value unlock will come from our third strategic priority, advancing our CSU program and maximizing the opportunity with our intranasal epinephrine platform. Beyond our foundational business with neffy, we believe we possess a compelling upside with our CSU program.

憑藉這些資本，加上我們修訂後的費用基礎，我們看見在 2027 年底達成現金流量損益兩平的路徑，這將使 neffy 成為長期策略彈性與未來為股東釋放價值的基礎。部分價值釋放將來自我們第三項策略優先事項：推進 CSU 計畫，並最大化我們鼻內（intranasal）腎上腺素平台的機會。除了以 neffy 為核心的基礎業務之外，我們相信 CSU 計畫具備相當吸引人的上行潛力。

Firstly, I'm very excited about this opportunity. To start, we previously projected a data readout from our Phase IIb trial by the end of this year. While enrollment in the interim patient population was recently completed, the design of this trial required a patient to experience and log three separate flare episodes, treating them with placebo and varying doses of intranasal epinephrine.

首先，我對這個機會感到非常振奮。起初，我們先前預期在今年底前取得第二期 b（Phase IIb）試驗的數據讀出。雖然中期分析的受試者族群近期已完成收案，但該試驗設計要求患者需經歷並記錄三次不同的發作（flare）事件，並分別以安慰劑及不同劑量的鼻內腎上腺素進行治療。

Given the real-world time required for patients to complete all three episodes for valid data collection, the interim readout is now expected in Q1 2027. This modest change in time line does not change the value of this program. CSU is a meaningful market with a major unmet public health need. There are currently no FDA-approved on-demand products to manage acute CSU flares, representing a clear expansion opportunity. Epinephrine role in rapid systemic symptom relief is well established.

考量患者在真實世界中完成三次發作以取得有效數據所需的時間，中期讀出目前預期將落在 2027 年第一季。這項時間表的小幅調整不會改變該計畫的價值。CSU 是一個具規模且存在重大未被滿足公共衛生需求的市場。目前尚無 FDA 核准的按需（on-demand）產品可用於處理急性 CSU 發作，這代表明確的擴張機會。腎上腺素在快速緩解全身性症狀方面的角色已被充分證實。

The challenge in the past has never been the molecule. It's been the delivery mechanism and the dose. This is where our intranasal technology changes the dynamic, delivering rapid nonevasive relief during acute flares. Because we can leverage our existing commercial infrastructure and overlapping targeted prescribers, this program could represent a high-margin growth driver built entirely on top of our neffy foundation. We look forward to updating you in the future on this exciting program.

過去的挑戰從來不是分子本身，而是給藥機制與劑量。這正是我們的鼻內技術改變局勢之處：在急性發作期間提供快速、非侵入性的緩解。由於我們可利用既有的商業基礎設施與重疊的目標開立處方醫師族群，該計畫可能成為完全建立在 neffy 基礎之上的高毛利成長動能。我們期待未來就這項令人振奮的計畫向各位更新進展。

In closing, our strategic priorities for the next phase of ARS are established and the baseline for how we operate will be defined by disciplined, provider targeted commercial strategy and strong financial stewardship. We believe that doing this well yields a profitable company built on durable recurring neffy franchise with additional upside driven by our CSU program. That is the business we're out to build and why I'm excited about our future. I look forward to updating you on our progress in the quarters ahead.

最後，我們已確立 ARS 下一階段的策略優先事項，而我們的營運基準將由嚴謹、以醫療提供者為目標的商業策略與強健的財務管理所定義。我們相信，若能把這些做好，將可打造一家可獲利的公司：以具韌性、可重複的 neffy 特許經營（franchise）為基礎，並由 CSU 計畫帶來額外上行空間。這就是我們要打造的事業，也是我對未來感到興奮的原因。我期待在接下來的季度向各位更新我們的進展。

With that, we'll now open the line for your questions.

接下來，我們將開放提問。

(Operator Instructions) Josh Schimmer, Cantor Fitzgerald.

（接線員指示）Josh Schimmer，Cantor Fitzgerald。

Thanks for taking my questions and for articulating your views on the outlook for the franchise, Donn. A couple of quick questions. Maybe you can discuss both the gross to net in the quarter, how that's been evolving as well as the product margins and the cost of goods that look like those ticked up this quarter and what might have drove that and what do you envision going forward?

謝謝讓我提問，也謝謝你闡述對該特許經營展望的看法，Donn。我有幾個簡短問題。你是否可以談談本季的 gross-to-net（毛額到淨額折讓），它如何演變；以及產品毛利率與銷貨成本（COGS），看起來本季有所上升，可能是什麼原因所致，以及你對未來的看法？

And then for the field targeted accounts, maybe you can talk a little bit about what you think the company can do going forward to really get that 8% penetration up substantially higher.

另外，關於外勤鎖定的目標客戶（field targeted accounts），你能否談談公司接下來可以做些什麼，讓 8% 的滲透率大幅提升？

Josh, thanks for your questions. So I'll start with both gross to net and gross margin. I'll have maybe Kathy add a bit more color to that. But as it relates to gross to net, we anticipate kind of ebb and flow as it relates to gross to net, depending on the mix of different various segments each quarter. But that being said, we're comfortable in the range of 50% or approaching 50%.

Josh，謝謝你的問題。我先從 gross-to-net 與毛利率談起，之後可能請 Kathy 補充一些細節。就 gross-to-net 而言，我們預期會隨著每季不同細分市場組合而出現一定的起伏。但即便如此，我們對 50% 左右或接近 50% 的區間感到安心。

Importantly though, when we look ahead in some of the forward-looking guidance as it relates to cash flow breakeven as well as neffy franchise profitability, we're really satisfied and comfortable with the gross to net that we have currently. In regards to gross margin, certainly, we anticipate that to continue to get more favorable over time. But Kathy, do you want to maybe add a little bit more color as it relates to kind of the gross margin?

更重要的是，當我們展望與現金流量損益兩平以及 neffy 特許經營獲利能力相關的前瞻性指引時，我們對目前的 gross-to-net 非常滿意且感到安心。至於毛利率，我們當然預期它會隨時間推移而持續改善。不過 Kathy，你是否想就毛利率再補充一些說明？

Sure. Josh. So our gross margin was about -- 62% in Q2 and a little over 64% year-to-date. And that was lower than we project going forward for a few reasons. One is the establishment of some reserves for short-dated product, some manufacturing inefficiencies as we continue to scale production and costs for the ex US product launches. So we do expect the gross margin to improve over time and really as we get into 2027, as we streamline and grow our manufacturing.

當然可以，Josh。我們第二季毛利率約為 62%，年初至今略高於 64%。由於幾個原因，這低於我們對未來的預期。其一是針對效期較短產品建立部分準備（reserves）；其二是我們在持續擴大產能時出現一些製造效率不彰；其三是美國以外（ex US）產品上市的相關成本。因此，我們確實預期毛利率將隨時間改善，尤其進入 2027 年，隨著我們精簡並擴大製造規模而提升。

And then Josh, regarding the 8% market share and certainly the increase from a year ago of 4%, we're excited. One of the areas that we believe is going to continue to help support market share growth is we completed the expansion of our sales team. It's fully deployed. And so we have an opportunity to leverage that moving forward into Q3, so that is something that we're very excited about.

另外 Josh，關於 8% 的市占率，以及相較一年前 4% 的提升，我們感到很振奮。我們認為將持續支持市占成長的一個領域是：我們已完成銷售團隊擴編，且已全面部署。因此，我們有機會在第三季及之後加以運用，這也是我們非常期待的。

Ultimately, at the end of the day, we know when we send in our field team, we can increase market share. So that, coupled with -- we'll continue to evolve our messaging campaign. We think there's an opportunity to continue to engage not only the physician but the nurses and the MAs to really get them to stop and think about the consequences of inaction. And so our messaging campaign will continue to evolve.

歸根結底，我們知道只要派出外勤團隊，就能提升市占率。因此，搭配我們將持續演進的訊息傳遞活動（messaging campaign），我們認為有機會不僅與醫師互動，也與護理師及醫療助理（MAs）互動，讓他們停下來思考不作為的後果。因此，我們的訊息傳遞活動將持續調整與進化。

But ultimately, it's blocking and tackling execution provider by provider in these type of entrenched markets, which we believe will continue to drive market share, which ultimately underpins our confidence around neffy profitability.

但最終，在這類根深蒂固的市場中，仍是逐一醫療提供者地落實基本功與執行（blocking and tackling），我們相信這將持續推動市占率，而這也最終支撐我們對 neffy 獲利能力的信心。

Ryan Deschner, Raymond James.

Ryan Deschner，Raymond James。

Thanks for the question, two for me. The first, how are you thinking about the progression of payer access going forward? And how critical to your new strategy is getting on Caremark's formulary in the next cycle? And then regarding DTC, can you give us a little more color on what specifically the new sort of strategy for DTC will look like going forward in terms of channels, media and spend, and how this will be different from the previous strategy?

謝謝，兩個問題。第一，你們如何看待未來的付款方（payer）准入進展？在下一個週期中進入 Caremark 的處方集（formulary）對你們的新策略有多關鍵？第二，關於 DTC（直接面向消費者），你能否更具體說明未來新的 DTC 策略在通路、媒體與支出方面會是什麼樣子，以及它將如何不同於先前的策略？

Sure. Thanks, Ryan, for the question. So first with access, we'll continue to engage and work towards reducing friction. Obviously, access is important. It is a key first step. But we believe the second step around provider conviction and ensuring that they have essentially the reason to change and working with providers to change is going to be critical as we move forward. So there's coverage currently, 90% commercial coverage, 57% without a prior authorization.

好的，謝謝 Ryan 的提問。先談准入（access），我們將持續投入溝通並努力降低摩擦。顯然，准入很重要，是關鍵的第一步。但我們相信，第二步在於醫療提供者的信念（provider conviction），以及確保他們有充分理由改變，並與他們一起推動改變，這將是我們前進過程中的關鍵。因此，目前已有覆蓋：商業保險覆蓋率 90%，其中 57% 無需事前授權（prior authorization）。

But with that, we do believe, again, we're going to have to continue to work on provider conviction because our strategy has shifted from consumer and activating the consumer to really activating the provider, which allows us to be much more efficient in our model. And we believe there is a recurring opportunity moving forward with that.

但即便如此，我們確實相信——再次強調——我們必須持續在醫療服務提供者端建立信心，因為我們的策略已從面向消費者、啟動消費者，轉為真正啟動醫療服務提供者，這讓我們的商業模式能更有效率。我們也相信，未來在這方面存在可持續、可重複的機會。

As it relates to DTC, obviously, when we launched, we had significant DTC, which is linear TV, closed-circuit TV. It drove a lot of awareness in the marketplace, and that awareness still exists today. But as we look ahead, we're looking towards a more efficient consumer campaigns and media spend. That's going to be around traditional channels such as social media, search, those types of channels, which we believe are much more efficient.

就 DTC 而言，顯然在我們推出時，我們投入了大量 DTC，也就是線性電視、閉路電視。它在市場上帶來了很高的知名度，而這種知名度至今仍然存在。但展望未來，我們會轉向更有效率的消費者行銷活動與媒體投放。這將圍繞社群媒體、搜尋等傳統渠道，我們認為這些渠道的效率高得多。

We use those same channels, quite frankly, for providers as well, which allows us to be more targeted given the provider universe. But there's a pretty significant shift away from this broad-based DTC, which has enabled us to be much more efficient on our SG&A, which we reported today.

坦白說，我們也對醫療服務提供者使用同樣的渠道，這讓我們在提供者族群中能更精準地鎖定目標。但我們正大幅從這種廣泛型的 DTC 轉移，這也使我們在今天所報告的 SG&A 上能更有效率。

Roanna Ruiz, Leerink Partners.

Roanna Ruiz，Leerink Partners。

A couple of questions for me. First, could you talk about the past, the cash flow breakeven into 2027? And maybe elaborate on what assumptions are baked into that goal? And are you also considering things like the back-to-school potential tailwind for neffy next year?

我有幾個問題。第一，能否談談先前提到的在 2027 年達到現金流損益兩平？並請進一步說明這個目標中包含了哪些假設？另外，你們是否也在考量像是明年 neffy 的「返校季」可能帶來的利多？

Sure. Regarding the cash flow, breakeven comment. We're comfortable certainly with that statement. A big part of that is being driven around our spend and being more efficient on our spend as we shared, our SG&A was reduced by over 40% from the first semester to the second semester. And importantly, that trend continues throughout all 2027. So we have a much more efficient effective spend on SG&A. So that's certainly a big underpinning of that confidence around breakeven.

當然。關於現金流損益兩平的說法，我們對此表述確實有信心。其中很大一部分來自於我們的支出，以及如同我們分享的，提升支出效率；我們的 SG&A 從上半年到下半年降低了超過 40%。而且重要的是，這個趨勢會一路延續到整個 2027 年。因此，我們在 SG&A 上的投入更有效率、也更具效益，這無疑是我們對損益兩平有信心的重要基礎。

Also, as we look at revenue, as I said earlier, around gross to net and some of our other assumptions, we feel very comfortable in continued revenue gains and market share gains quarter-over-quarter, year-over-year which will also underpin our path to profitability and cash flow breakeven moving forward. Back to school.

另外，從營收來看，如我先前提到的，關於 gross-to-net（毛到淨）以及我們其他一些假設，我們對於營收持續成長、以及市占率在每季、每年持續提升都感到非常有信心，這也將支撐我們未來走向獲利與現金流損益兩平的路徑。至於返校季。

On the back-to-school, obviously, Q3 is the busiest quarter, the strategy stays the same, I think around engaging providers and driving awareness and conviction for change with those providers. Q3 just offers more volume relative to the other quarters as we all know, so our strategy will stay the same. And so obviously, we anticipate more prescriptions in Q3 relative to other quarters because of back-to-school.

談到返校季，顯然第三季是最忙的季度；策略維持不變，我認為仍是圍繞與醫療服務提供者互動，並提升他們對改變的認知與信心。大家都知道，第三季相較其他季度有更大的量能，因此我們的策略會保持一致。也因此，因為返校季的關係，我們預期第三季的處方量會高於其他季度。

Makes sense. And a quick follow-up. I also wanted to ask, you seem to be talking about meaningfully changing provider prescribing habits and that kind of your overarching strategy going forward. Could you elaborate a bit more like what particular habits that you want to break. Any sort of education or detailing that your new field force might want to look at?

了解。再快速追問一下。我也想問，你們似乎在談要大幅改變醫療服務提供者的處方習慣，這也像是你們未來的整體策略。能否再多說一些：你們特別想打破哪些習慣？你們新的外勤團隊在教育或拜訪（detailing）上會著重哪些內容？

Yes. The habits we're trying to break is just entrenched behavior for decades long of using auto-injectors and that takes time. These prevention type of markets where providers are doing the same thing over and over, we believe high-level frequency with the right message at the right time, we'll break those habits. Our job, quite frankly, is to get our providers to stop and think about the problem that's in front of them. Once there's an appreciation around the problem, the solution becomes obvious, and that's really the strategy.

是的。我們想打破的習慣，就是數十年來根深蒂固、一直使用自動注射器（auto-injectors）的行為，而這需要時間。在這類預防型市場中，醫療服務提供者反覆做同樣的事；我們相信，以高頻率在正確時間傳遞正確訊息，就能打破這些習慣。坦白說，我們的工作是讓醫療服務提供者停下來，思考他們眼前的問題。一旦他們真正理解這個問題，解決方案就會變得很明顯，而這就是我們的策略。

So when we talk about the habit of a provider, the fact is they're writing the same thing and not thinking about the consequences of that action. And that's where the field team comes in to really tell the story and sell the story on the value proposition of neffy as well as a problem that neffy solves for. So that takes time. And that's why when we think about looking forward, we believe there's a very methodical increase quarter-over-quarter, both revenue and share gains, and it's going to be provider by provider, but we're really excited about the fact that we have the full team in place, execution and fundamentals is what's going to be what changes this.

因此，當我們談到醫療服務提供者的習慣，事實是他們一直開同樣的處方，卻沒有去思考這個行為的後果。這正是外勤團隊要介入的地方：真正把故事講清楚、把價值主張賣出去——包括 neffy 的價值主張，以及 neffy 能解決的問題。這需要時間。也因此，當我們展望未來，我們相信營收與市占率會以非常有方法、按部就班的方式逐季提升；這會是一位提供者接著一位提供者地推進。但我們非常興奮的是，我們已經把完整團隊建置到位；真正會帶來改變的是執行力與基本功。

Lachlan Hanbury-Brown, William Blair.

Lachlan Hanbury-Brown，William Blair。

So Donn, you talked about sort of focusing on the prescriber engagement. The obvious outcome of that is sort of scripts and revenue, but I'm wondering if there are other metrics that you can look at in the interim? I mean, you just said that it takes time, obviously, to change these behaviors and grow market share. So are there kind of other metrics of prescriber engagement you can look at beyond just scripts that may help you sort of evaluate how the current strategy is going?

Donn，你提到你們會更聚焦在處方醫師的互動。這樣做的直接成果當然是處方量與營收，但我想知道在過渡期間是否還有其他指標可以觀察？你剛才也說改變這些行為、提升市占需要時間。所以，除了處方量之外，是否有其他能衡量處方者互動的指標，來幫助你們評估目前策略的進展？

Well, we'll certainly look at, obviously, the best indicator is scripts and market share, and that's going to be an important metric. As I said earlier, we're going to share every quarter so you can track our progress from a year-over-year perspective. We're going to look at activity and where we look at frequency. So again, it's going to take multiple calls on not only the physician but the nurse, the MA, the total office.

我們當然會看——顯然最好的指標就是處方量與市占率，這會是重要的衡量指標。如我先前所說，我們會每季分享，讓你們能以年對年的角度追蹤我們的進展。我們也會看活動量，並關注互動頻率。因此，這需要多次拜訪，不僅是醫師，還包括護理師、醫療助理（MA）、以及整個診所團隊。

And so we'll look at the types of activities we do that seems to drive different types of behaviors and outcomes from a script perspective. But it is going to come down to, again, some of the basics around frequency, the right message with the right targets over time. And so we'll continue to monitor that. But we have a blueprint, and we certainly have seen where we deploy the team, we see significant changes in market share.

因此，我們會觀察我們進行的各類活動，哪些似乎能從處方的角度驅動不同的行為與結果。但歸根結底，仍會回到一些基本功：長期以來的互動頻率、用正確訊息鎖定正確目標。這些我們都會持續監測。不過我們已有一套藍圖，而且我們確實看到，只要我們部署團隊的地方，市占率就會出現顯著變化。

And as I said in the prepared remarks, we have 8% share in that total targeted universe versus a 1% share where we don't send our team. So that gives us a lot of confidence to continue with the strategy and focus on execution.

而且如我在事先準備的發言中提到的，在我們鎖定的整體目標族群中，我們的市占率是 8%；相較之下，在我們沒有派團隊去的地方，市占率只有 1%。這讓我們對持續推進該策略並聚焦執行充滿信心。

Got it. And maybe just the second one. I did see in the 10-Q that you entered into a license agreement in July for worldwide rights to certain IP. Anything you can say on that? I mean is that a sort of potential pipeline expansion opportunity?

了解。那第二個問題：我在 10-Q 裡看到你們在 7 月簽了一份授權協議，取得某些 IP 的全球權利。對此你們能分享些什麼嗎？這是否可能是擴充產品管線的機會？

Yes, that's -- it's really kind of an opportunity for us to think about a line extension and give us some opportunities for our pipeline. Too early right now to comment on it. But right now, it's an opportunity for us to think about line extension for the franchise.

是的——這基本上是讓我們思考產品線延伸（line extension）的機會，也為我們的產品管線帶來一些可能性。目前還太早，暫時不便評論太多。但就現階段而言，這是一個讓我們思考該品牌/產品系列（franchise）進行產品線延伸的機會。

This concludes our question-and-answer session and also today's conference call. Thank you for participating, and you may now disconnect.

我們的問答環節以及今天的電話會議到此結束。感謝各位參與，現在可以斷線。