Tarsus Pharmaceuticals Inc (TARS) 2023 Q4 法說會逐字稿

Yes, good morning and welcome to Tarsus' Fourth Quarter and Year End 2023 financial results conference call. As a reminder, this call is being recorded. At this time, I would like to turn the call over to David Nakasone, Head of Investor Relations, to lead off the call. Please begin review.

是的，早安，歡迎參加 Tarsus 第四季和 2023 年底財務業績電話會議。謹此提醒，此通話正在錄音中。此時，我想將電話轉交給投資者關係主管 David Nakasone，由他主持電話會議。請開始審查。

Before we begin, I encourage everyone to go to the Investors section of the Tarsus website to view the earnings release and related materials we will be discussing today. Joining me on the call this morning are Bobby Azamian, our Chief Executive Officer and Chairman, Aziz Mottiwala, our Chief Commercial Officer, Sesha Neervannan, our Chief Operating Officer, and Jeff Farrow, our Chief Financial and Chief Strategy Officer.

在我們開始之前，我鼓勵大家造訪 Tarsus 網站的投資者部分，查看我們今天將討論的收益發布和相關資料。今天早上與我一起參加電話會議的有我們的執行長兼董事長 Bobby Azamian、我們的首席商務官 Aziz Mottiwala、我們的營運長 Sesha Neervannan 以及我們的財務長和首席策略長 Jeff Farrow。

I'd like to draw your attention to Slide 3, which contains our forward-looking statements during this call, we will be making forward looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors contained in our SEC filings for additional detail.

我想提請您注意投影片 3，其中包含我們在本次電話會議期間的前瞻性聲明，我們將根據我們目前的期望和信念做出前瞻性聲明。這些陳述存在一定的風險和不確定性，我們的實際結果可能有重大差異。我鼓勵您查閱我們向 SEC 提交的文件中包含的風險因素以了解更多詳細資訊。

With that, I would like to turn the call over to Bobby.

有了這個，我想把電話轉給鮑比。

Thank you, Dave. Good morning, everyone, and thank you for joining us on the call today. 2023 was the defining and foundational year for Tarsus as we successfully started our next chapter as a commercial company, we made significant progress on several programs in our pipeline, and most importantly, launched our first commercial product, extending the first and only FDA approved treatment for Dominic's blepharitis since its launch in late August, we have seen tremendous demand and growing uptake of Excel V among eye care professionals or ECP.s, and Devon has put forward as patients who have long awaited and effective treatment for this damaging and impactful either disease.

謝謝你，戴夫。大家早安，感謝您今天加入我們的電話會議。 2023 was the defining and foundational year for Tarsus as we successfully started our next chapter as a commercial company, we made significant progress on several programs in our pipeline, and most importantly, launched our first commercial product, extending the first and only FDA approved treatment for Dominic's blepharitis since its launch in late August, we have seen tremendous demand and growing uptake of Excel V among eye care professionals or ECP.s, and Devon has put forward as patients who have long awaited and effective treatment for this damaging and impactful either疾病.

Today, I am pleased to report on the great progress made and extend this first full quarter in the marketplace as we continue to reach patients affected by this disease.

今天，我很高興地報告所取得的巨大進展，並隨著我們繼續接觸受這種疾病影響的患者，延長了市場的第一個完整季度。

For the full year 2023, we reported nearly $15 million in net product sales and delivered more than 17,400 bottles of XMB. to patients. These are impressive really numbers exceeding even our own expectations throughout the fourth quarter of 2023 and early weeks of 2020 for extended has continued to solidify its place as an innovative category. Creating therapeutic diagnose patients with Dominick's blepharitis or DV. for short has driven initial demand for extending, and we expect this to continue as we work to reach to 1.5 million patients in the U.S. We were already diagnosed prior to the approval of extending in parallel, we are seeing early signals that we are reaching a next wave of DV. patients. Proactively visiting ECPs are complementary eye conditions such as dry eye disease, cataracts and patients who struggle to maintain their use of contact lenses. We estimate that these groups make up a significant portion of the more than 7 million patients currently visiting the ECPs who we aim to reach with extended, and we are already seeing increasing use across all of these patient segments. This traction is attributed to the tremendous strides we've made with ECPs over the last couple of years, we've engaged with all of our 15,000 target HCPs more than a third have written at least one dispensed prescription and more than half have become repeat prescribers who see the clear benefit of extending and are taking action to help their patients find relief. Just this past weekend, we met with many of the top surgeons at the American European Congress of ophthalmic surgery or a cause for short. And we heard very consistent and positive feedback about their experiences with XMV. and more importantly, the benefits their patients are experiencing. Our focus for 2024 is serving more ECPs and more patients. We expect to accelerate extend these reach by adding to the base of current prescribers increasing the number of prolific writers and working with payers to secure broad coverage, in fact, are improving gross to net underscores the strong traction we've already made with payers in just the first few months of launch, we are delivering on the high expectations we set for ourselves and look forward to making even more progress throughout the year. I am also proud of our continued pipeline progress as we work to bring more new categories of therapeutics to patients with meibomian gland disease, Brazil utilization and Lyme disease prevention.

2023 年全年，我們的產品淨銷售額接近 1,500 萬美元，交付了超過 17,400 瓶 XMB。給患者。這些令人印象深刻的數字甚至超出了我們在 2023 年第四季和 2020 年初幾週的預期，因為擴展繼續鞏固了其作為創新類別的地位。創建多米尼克瞼緣炎或 DV 患者的治療診斷。簡而言之，推動了最初的延期需求，隨著我們努力覆蓋美國150 萬名患者，我們預計這種情況將持續下去。在批准平行延期之前，我們已經被診斷出來，我們看到了早期信號，表示我們正在達到下一波DV。患者。主動就診 ECP 是乾眼症、白內障和難以繼續使用隱形眼鏡的患者等眼部疾病的補充。我們估計，這些群體在目前訪問 ECP 的超過 700 萬名患者中佔了很大一部分，我們的目標是擴大覆蓋範圍，而且我們已經看到所有這些患者群體的使用量不斷增加。這種吸引力歸功於過去幾年我們在 ECP 方面取得的巨大進步，我們與所有 15,000 名目標 HCP 進行了接觸，其中超過三分之一的人至少開過一份處方，一半以上已經重複使用處方醫生看到了延長治療的明顯好處，並採取行動幫助患者緩解症狀。就在上週末，我們在美國歐洲眼科手術大會或簡稱大會上會見了許多頂級外科醫生。我們聽到了關於他們使用 XMV 的體驗的非常一致和積極的回饋。更重要的是，患者正在經歷的好處。我們 2024 年的重點是為更多的 ECP 和更多的患者提供服務。我們希望透過增加現有處方者的基礎、增加多產作家的數量並與付款人合作以確保廣泛的覆蓋範圍來加速擴大這些覆蓋範圍，事實上，正在提高總淨額，這突顯了我們已經對付款人產生了強大的吸引力就在發布的最初幾個月，我們正在實現為自己設定的高期望，並期待在一年中取得更大的進展。我也為我們的研發管線不斷取得進展感到自豪，因為我們致力於為瞼板腺疾病患者、巴西利用和萊姆病預防帶來更多新類別的治療方法。

Finally, I would like to thank all Parsons for their incredible contributions, relentless execution and passion for serving patient needs. Together, we look forward to serving countless more patients and advancing additional category, creating medicines.

最後，我要感謝所有帕森斯學院的傑出貢獻、不懈的執行力和對滿足病人需求的熱情。我們共同期待為無數更多的患者提供服務，並推動更多的類別，創造藥物。

And with that I will turn the call over to our Chief Commercial Officer, Aziz Mottiwala are more on the strong launch of extending and body.

接下來，我將把電話轉給我們的首席商務官，阿齊茲·莫蒂瓦拉 (Aziz Mottiwala)，他更關注伸展運動和身體運動的強勁推出。

As I said last quarter, the response takes can be have been truly remarkable. And the results we're seeing so far demonstrate that our unique strategy and executional strength are delivering exactly as planned. It's clear from our results that the launch of extended is off to a tremendous start. During the first months of launch, we observed a significant number of patients with DV., engage and educated a broad foundation of prescribing HCPs and made significant early progress with payers. We've noted from the beginning that creating the next category and eye care takes time and requires teams to educate providers not only on the strength of extending but also on the disease itself. As such, high impact disease education campaigns and ECP engagement have been among the key pillars to our success and we're beginning to see the initial waves of ECP. adoption, leading to growing prescription volumes and meaningful patient outcomes. Prior to approval, we launched action-oriented visually focused physician and patient education campaigns to familiarize both groups with the impact of DV. and reinforce the simplicity and ease of diagnosis. We've also kept ECPs engaged through active peer-to-peer scientific exchanges conducted by our all optometrist medical force. Clearly, these efforts are paying off.

正如我上個季度所說，反應確實非常出色。迄今為止我們看到的結果表明，我們獨特的策略和執行力正在完全按計劃交付。從我們的結果可以清楚地看出，擴展版的推出是一個好的開始。在推出的頭幾個月裡，我們觀察到了大量的 DV 患者，參與並教育了處方 HCP 的廣泛基礎，並在付款人方面取得了重大的早期進展。我們從一開始就注意到，創建下一個類別和眼部保健需要時間，並且要求團隊不僅要對提供者進行延伸教育，還要對疾病本身進行教育。因此，高影響力的疾病教育活動和 ECP 參與一直是我們成功的關鍵支柱之一，我們開始看到 ECP 的最初浪潮。採用，導致處方量不斷增加和有意義的患者治療結果。在批准之前，我們發起了以行動為導向、以視覺為重點的醫生和患者教育活動，以使兩個群體熟悉 DV 的影響。並增強診斷的簡單性和易用性。我們也透過我們所有驗光師醫療力量進行的積極的同儕科學交流，保持 ECP 的參與。顯然，這些努力正在發揮成效。

As of February 23rd, approximately 6,000 ECPs has started patients on extending and more than half are repeat prescribers. As a result, more than 17,400 bottles have been delivered to patients in 2023. We're thrilled with these results and the impact we're having on patients we've also learned a lot, and we're leveraging these insights to further optimize our sell strategy, particularly when it comes to transforming the next wave ZCP.s into routine and repeat prescribers. While we continue to call on existing riders, we are shifting gears with a focus on reaching the next group of ECPs who are familiar with DB and ready for a solution that may need a little more experience with extended before becoming routine writers. Based on our experience, this behavior shift often requires multiple visits by our salesforce. Our goal is to make them be a regular part of ECP. clinical practices. And we found that this usually happens after prescribers write five to 10 prescriptions and see the positive impact of Sandy on their patients. This threshold is not only important because they become frequent writers. They also become more competent and look more proactively across all the patient segments for additional DB. patients that can be helped by extending our most recent market research indicates that 75% of DCP's plan to more proactively look for and diagnose TB and 90% of those that have prescribed extend the expect to write more given their positive experience with this medicine. These numbers are powerful and reflect the strong potential growth opportunity yet. So having the next 6,000 target ECPs prescribed may take more time and effort on the part of our sales team. We have great confidence in our ability to convert this next wave of ECPs to proactive prescribers. In addition to the tremendous strides we've made in reaching HCPs and their patients, we've also had great success with payers. I'm pleased to report that we have secured several payer contracts since our last earnings call, including a major commercial plan with more than 19 million covered lives that has put extend beyond preferred status, we should begin to see the benefits of this coverage in the first quarter of 2024. In the meantime, and due to the clear value proposition of SMB, we continue to see initial non-contracted coverage that resulted in better than expected gross-to-net discounts of 58%, a substantial improvement in gross-to-net discounts based on our differentiated approach to distribution and patient access and all the work we've done over the past couple of years, and we'll continue to do with payers.

截至 2 月 23 日，大約 6,000 名 ECP 已開始為患者延長處方，其中超過一半是重複處方者。截至 2023 年，已向患者交付了超過 17,400 瓶。我們對這些結果以及我們對患者產生的影響感到非常興奮，我們也學到了很多東西，我們正在利用這些見解來進一步優化我們的銷售策略，特別是在變革下一波 ZCP.s 時納入常規和重複處方者。在我們繼續呼籲現有騎手的同時，我們正在轉變方向，重點是接觸下一組熟悉 DB 並準備好接受解決方案的 ECP，這些解決方案在成為常規編寫者之前可能需要更多的擴展經驗。根據我們的經驗，這種行為轉變通常需要我們的銷售人員多次拜訪。我們的目標是讓它們成為 ECP 的常規組成部分。臨床實踐。我們發現，這種情況通常發生在處方者開了 5 到 10 個處方並看到桑迪對患者的正面影響之後。這個門檻很重要，不僅因為他們成為頻繁的作家。他們也變得更有能力，並且更主動地在所有患者群體中尋找額外的資料庫。可以透過擴展我們最近的市場研究來幫助的患者表明，75% 的DCP 計劃更主動地尋找和診斷結核病，而90% 的已開處方的患者鑑於他們對這種藥物的積極體驗，預計會寫更多內容。這些數字非常有力，反映出目前仍存在強勁的潛在成長機會。因此，制定接下來的 6,000 個目標 ECP 可能需要我們的銷售團隊花費更多的時間和精力。我們對將下一波 ECP 轉變為積極主動的處方者的能力充滿信心。除了我們在接觸 HCP 及其患者方面取得的巨大進步之外，我們在支付者方面也取得了巨大的成功。我很高興地報告，自上次財報電話會議以來，我們已經獲得了幾份付款人合同，其中包括一項涵蓋超過1,900 萬人的重大商業計劃，該計劃已超越優先地位，我們應該開始看到這種保險的好處2024 年第一季。同時，由於 SMB 的明確價值主張，我們繼續看到最初的非合約覆蓋範圍導致毛淨折扣達到 58%，好於預期，這是基於毛淨折扣的大幅改善。關於我們的差異化分配和患者訪問方法以及我們在過去幾年中所做的所有工作，我們將繼續與付款人合作。

Before I turn the call over to Sesha, I would like to take this opportunity to express how proud I am of our commercial organization. This is a team that was strategically and thoughtfully assembled based on their expertise in eye care and successful new product launch experience and they've executed exceptionally and we are setting a new standard in product launches.

在將電話轉給 Sesha 之前，我想藉此機會表達我對我們的商業組織感到多麼自豪。這是一個基於他們在眼部護理方面的專業知識和成功的新產品發布經驗而經過戰略性和深思熟慮組建的團隊，他們的執行力非常出色，我們正在為產品發布樹立新的標準。

I will now turn the call over to Sesha to rebound and our Chief Operating Officer, who also leads our research and development to cover the progress we're making on our clinical programs session.

現在我將把電話轉給 Sesha 和我們的營運官，他也領導我們的研發，以報告我們在臨床專案會議上的進展。

Thank you Aziz. I'm pleased to share that we have made significant progress across our entire clinical portfolio since our last earnings call reporting three very positive top-line data sets for all our Phase two programs. These data highlight the potential of TPO three in meibomian gland disease EPO for in popular personalization and TP oh five for the prevention of Lyme disease, all three product candidates target high unmet needs and are based on Lennar the same active ingredient found in extremities. And like I said, we also target the underlying cause of disease. In December 2023, we announced top line results from the early Phase IIa clinical trial evaluating TP oh three for the treatment of meibomian gland disease or NGD. in patients with Demodex mites, CBOT demonstrated statistically significant and clinically meaningful improvements compared to baseline in two objective measures of disease. One, the presence and quality of liquid secretion as measured by the meibomian gland secretion score to the number of planned secreting normal are clear liquid as measured in the central 15 glance of the lower eyelid and the treatment was well tolerated, much like XMD. four DB. These data demonstrate the immense potential of TPO. three in addressing the underlying cause of MGD., a disease that can lead to permanent changes in the tear film and progressive landlords. We plan to present the complete data set from this trial at a major medical meeting later this year and look forward to discussions with the FDA before the end of the year.

謝謝你阿齊茲。我很高興與大家分享，自從上次財報電話會議報告了我們所有第二階段項目的三個非常積極的頂線數據集以來，我們在整個臨床組合方面取得了重大進展。這些數據突顯了TPO 3 在瞼板腺疾病中的潛力，EPO 在流行個人化方面的潛力，以及TP oh 5 在預防萊姆病方面的潛力，所有三種候選產品都針對高度未滿足的需求，並且基於Lennar 在四肢中發現的相同活性成分。正如我所說，我們也針對疾病的根本原因。2023 年 12 月，我們發表了評估 TP oh 3 治療瞼板腺疾病或 NGD 的早期 IIa 期臨床試驗的主要結果。在患有蠕形蟎的患者中，與基線相比，CBOT 在兩項疾病客觀測量方面表現出統計上顯著且具有臨床意義的改善。第一，液體分泌物的存在和質量（透過瞼板腺分泌評分與計劃分泌的數量來測量）是在下眼瞼中央15眼中測量的透明液體，並且治療具有良好的耐受性，與XMD非常相似。四個資料庫。這些數據證明了TPO的巨大潛力。第三是解決 MGD 的根本原因，這種疾病可能導致淚膜永久性變化和漸進性地主。我們計劃在今年稍後的一次重要醫學會議上展示該試驗的完整數據集，並期待在年底前與 FDA 進行討論。

Regarding the path forward for TP oh three in MGT. As you may have seen in this morning's earnings release, we announced positive top-line results from the Phase IIa Gallatin trial evaluating TP. oh four for the treatment of popular personalization or PPR. CBI. four is a topical Aqueous Gel formulation of lot leaner in development for the potential treatment of PPR. a chronic skin disease characterized by facial redness, inflammatory lesions burning and stinging TB. four is designed to potentially treat PPR by eradicating Demodex mites, which may play a key role in triggering inflammatory responses associated with the disease in the GALAXY trial, significant statistically significant improvements in inflammatory lesions and IGA score were observed at week 12 compared to vehicle these are well-established regulatory endpoints for PPR. And the data also show that TP oh four was generally well-tolerated. The next steps for TPI. four will be complete data analysis and a potential meeting with the FDA by the end of the year to determine a path forward the last of the three studies, but certainly not least last week, we reported results from the Phase IIa corporate trial, 40 p. of file for Lyme disease prevention. As a reminder, CPO-5 is an oral tablet designed to be an on-demand solution for prevention of Lyme disease. It is believed to be the only non vaccine drug based preventative therapeutic in development that targets and kills. In fact, it takes before they can transmit the beryllium bacteria that causes Lyme disease results from the corporate trial demonstrated statistically significant benefit in killing attached Celltech versus placebo within 24 hours at both day one and day 30 after a single dose. No significant differences were observed between the high and low dose groups and the TPO. five was generally well tolerated. These data demonstrate that TP oh five has the potential to provide both rapid and durable protection against multiple tick-borne diseases. We plan to report the full data set from this trial later in 2024 and look forward to providing updates on our conversations with the FDA regarding the regulatory path forward in parallel with the incredible success we've had with externally, we're also advancing a clinical pipeline that we believe has the potential to deliver even more category creating medicines, and we look forward to additional catalysts later in the year.

關於 MGT 中 TP 或 3 的前進道路。正如您可能在今天早上的財報中看到的那樣，我們宣布了評估 TP 的 IIa 期 Gallatin 試驗的積極頂線結果。哦四為流行的個人化治療或PPR。CBI。四是正在開發的局部水凝膠製劑，用於潛在的 PPR 治療。一種慢性皮膚病，其特徵是臉部發紅、發炎病灶灼熱感和刺痛性結核病。 4 旨在透過根除蠕形蟎蟲來潛在治療PPR，在GALAXY 試驗中，蠕形蟎可能在觸發與此疾病相關的發炎反應中發揮關鍵作用，與媒介物相比，在第12 週觀察到發炎病變和IGA 評分的顯著統計學顯著改善是 PPR 完善的監管終點。並且數據還表明，TP oh 四的耐受性普遍良好。TPI 的後續步驟。四項研究將是完整的數據分析，並可能在今年年底前與FDA 舉行會議，以確定三項研究中最後一項研究的前進方向，但當然不是最不重要的，上週，我們報告了IIa期企業試驗的結果，40 p 。萊姆病預防檔案。提醒一下，CPO-5 是一種口服片劑，旨在作為預防萊姆病的按需解決方案。它被認為是正在開發的唯一一種基於非疫苗藥物的標靶和殺死的預防性治療方法。事實上，它們需要經過一段時間才能傳播引起萊姆病的鈹細菌，公司試驗結果顯示，與安慰劑相比，單次給藥後的第1 天和第30 天，在24 小時內殺死所附著的Celltech 具有統計上顯著的益處。高、低劑量組和TPO之間沒有觀察到顯著差異。五種藥物的耐受性普遍良好。這些數據表明，TP oh 5 有潛力針對多種蜱傳疾病提供快速且持久的保護。我們計劃在 2024 年晚些時候報告該試驗的完整數據集，並期待提供我們與 FDA 就監管路徑進行的對話的最新信息，同時我們在外部取得了令人難以置信的成功，我們還在推進我們相信該臨床管道有潛力提供更多類別的創新藥物，我們期待在今年稍後出現更多催化劑。

Lastly, I would like to take a minute to thank all the investigators and patients who made the study successful.

最後，我想花一點時間感謝所有使研究成功的研究人員和患者。

With that, I will turn the call over to Jeff to discuss the financial results accusation in 2023, we made great progress on our goal to further strengthen our financial foundation in support of our strategic priorities.

接下來，我將把電話轉給傑夫，討論 2023 年的財務業績指控，我們在進一步加強財務基礎以支持我們的戰略重點的目標方面取得了巨大進展。

Our fourth quarter and full year results reflect our ability to generate meaningful revenue while continuing to advance our pipeline of innovative therapeutics, and I'm proud to report that we generated fourth quarter extended net product sales of approximately 13.1 million in full year 2023 product sales of approximately $14.7 million. As a reminder, we recognize revenue when we ship it stemmed from our warehouse to the distributors, not on bottles received by patients. As mentioned earlier, sales for the year were driven by the thousands of VECP.s who have started their patients on extended more than 17,400 bottles that were delivered to patients and better than expected gross-to-net discounts of approximately 58%.

我們的第四季度和全年業績反映了我們在繼續推進創新療法管道的同時創造有意義的收入的能力，我很自豪地報告，我們第四季度的擴展產品淨銷售額在2023 年全年產品銷售額中約為1,310 萬美元約1,470萬美元。提醒一下，我們在將產品從倉庫運送到分銷商時確認收入，而不是在患者收到的瓶子上確認收入。如前所述，今年的銷售是由數千名 VECP.s 推動的，這些 VECP.s 已開始為患者提供超過 17,400 瓶藥物，並提供了超過預期的約 58% 的毛淨折扣。

As stated 2024 is off to a strong start. We are pleased with the increasing number of bottles dispensed thus far, and we have secured several payer contracts since our last earnings call, including as disease noted, a major commercial plan with more than 90 million covered lives, and we remain on track for broad commercial coverage by the end of the year and Medicare coverage beginning in 2025. To be clear, the benefits of this new major commercial plan are not reflected in the fourth-quarter numbers we are reporting today. As many of you are likely aware, signing a contract with a payer does not have an immediate impact and it can take time for coverage to be reflected in the gross-to-nets. So we expect to begin recognizing the benefits of these contracts in the first quarter of 2024.

如前所述，2024 年有一個好的開始。我們對迄今為止分發的瓶子數量不斷增加感到高興，自上次財報電話會議以來，我們已經獲得了幾份付款人合同，其中包括疾病所指出的一項覆蓋超過9000 萬人生命的重大商業計劃，而我們仍有望實現廣泛的目標商業保險將於年底實現，醫療保險則於 2025 年開始實現。需要明確的是，這項新的主要商業計劃的好處並未反映在我們今天報告的第四季度數據中。你們中的許多人可能都知道，與付款人簽訂合約不會立即產生影響，並且覆蓋範圍可能需要一段時間才能反映在總淨收入中。因此，我們預計將在 2024 年第一季開始認識到這些合約的好處。

I also want to note that while the gross to net discounts we're reporting today is very strong. This improvement is primarily due to an increase in the non-contracted coverage we saw in the fourth quarter. Remember, payers have the ability to make changes that could impact gross to nets in future quarters until we secure these additional payer contracts. This could include increasing co-pays or coinsurance, which could result in greater bridging and higher gross-to-net discounts. Further, we expect to see the typical first quarter dynamics on scripts and net sales, including higher patient out-of-pocket costs due to the planned resetting of deductibles, the Medicare coverage gap, both of which would increase the gross-to-net discounts, the impact of the holidays, winter storms across the country and the out of office impact of medical conferences as well as other potential patient dynamics, all three of which could impact script numbers. As such, we expect gross-to-net discounts to be flat to slightly higher in the first quarter and then improving two are expected steady-state of 50% in 2025.

我還想指出，雖然我們今天報告的淨毛折扣非常強勁。這一改善主要是由於我們在第四季度看到的非合約覆蓋範圍的增加。請記住，在我們獲得這些額外的付款人合約之前，付款人有能力做出可能影響未來幾季淨收入的變化。這可能包括增加共同支付或共同保險，這可能會導致更大的過渡和更高的總淨折扣。此外，我們預計將看到第一季處方和淨銷售額的典型動態，包括由於計劃重置免賠額而導致的患者自付費用增加、醫療保險覆蓋缺口，這兩者都會增加總淨銷售額折扣、假期的影響、全國各地的冬季風暴、醫療會議的外出影響以及其他潛在的患者動態，所有這三者都可能影響腳本數量。因此，我們預計第一季毛淨折扣將持平或略高，然後預計到 2025 年將達到 50% 的穩定狀態。

Turning to our P&L, our total operating expenses were approximately $57.5 million and $160.6 million for the fourth quarter and full year 2023, respectively. The increase in operating expenses quarter over quarter and year over year was primarily driven by increases in selling, general and administration expenses due to the addition of commercial infrastructure, marketing and education efforts and the sales force to support the launch of X Jempy gross margins for the fourth quarter were 91%, which includes the royalties that we pay to long ago. Looking at Q1, we expect total operating expenses to be in line with the fourth quarter of 2023.

就我們的損益表而言，我們 2023 年第四季和全年的總營運費用分別約為 5,750 萬美元和 1.606 億美元。營運費用環比和同比增長主要是由於商業基礎設施、營銷和教育工作以及支持 X Jempy 毛利率推出的銷售人員的增加，導致銷售、一般和管理費用增加。第四季度是91%，其中包括我們很久以前繳的版稅。從第一季來看，我們預計總營運支出將與 2023 年第四季保持一致。

With that, I'll turn the call back to Bobby for final remarks.

之後，我會將電話轉回給鮑比，讓他發表最後的評論。

Thank you, Jeff. Looking at the progress we've made within our pipeline and in the early months of launch, I remain confident about Tarsus has ability to become a leading eye care company, and we look forward to keeping you updated as we continue executing on an already successful launch trajectory. Operator, please open the line for questions.

謝謝你，傑夫。看看我們在管道內以及推出的最初幾個月所取得的進展，我仍然相信 Tarsus 有能力成為一家領先的眼科護理公司，我們期待著向您通報最新情況，因為我們將繼續執行已經成功的計劃發射軌跡。接線員，請開通提問線。

Thank you. At this time we'll conduct the question and answer session. (Operator Instructions)

謝謝。這時我們將進行問答環節。（操作員說明）

Francois Brisebois, Oppenheimer.

弗朗索瓦·布里斯布瓦，奧本海默。

Thanks, guys, for taking the questions. And congrats on a very nice vocoder here. Just in terms of a couple of questions and thanks, Jeff, for the clarity on the gross-to-net. Very helpful. Is there any possibility here that your peak, 50% gross-to-net can end up being better or are we sticking to that? And this is kind of a more of an effect of a non-contract contracted plans with the growth in FX.

謝謝你們提出問題。恭喜這裡有一個非常好的聲碼器。我想問幾個問題，感謝傑夫對毛淨值的澄清。很有幫助。您的峰值（毛淨比 50%）是否有可能最終變得更好，還是我們會堅持這一點？這更多的是非合約合約計劃隨著外匯增長而產生的影響。

Thank you, Frank. This is Bobby. I'm just going to reflect for a moment sitting here with the team at this early point in our launch about a couple of things I'm really proud of and then pass it to Jeff on just to reiterate, first and foremost on what a excellent first quarter serving our patients, doctors, payers as you know, and generating revenues. And all of these, as you've seen, are above target and signify the large impact that we anticipate would extend the and really the category creating commercial leadership that we're pioneering in eye care.

謝謝你，弗蘭克。這是鮑比。在我們發布的早期階段，我將與團隊一起反思一些我真正感到自豪的事情，然後將其傳遞給傑夫，以重申，首先也是最重要的是第一季度表現出色，如您所知，為我們的患者、醫生、付款人提供服務，並創造收入。正如您所看到的，所有這些都超出了目標，並表明我們預計將擴大我們在眼保健領域開創的商業領導地位，並真正創造商業領導地位的巨大影響。

Secondly, I'm really proud that we can create additional categories through art, our demonstrated ability to deliver other new medicines, three positive Phase IIa readouts in the last three months. And I think all this signifies a very bright future for Tarsus will both extend the and our future products and routes to becoming an eye care leader.

其次，我真的很自豪我們可以透過藝術創造更多的類別，我們展示了提供其他新藥的能力，過去三個月的三個積極的 IIa 期讀數。我認為這一切都意味著 Tarsus 擁有非常光明的未來，我們將擴展我們未來的產品和路線，成為眼科保健領域的領導者。

So with that, I'll pass to Jeff to answer Frank's question.

那麼，我將請傑夫回答弗蘭克的問題。

Thanks, Bobby, and good morning, Frank. It's early days yet. I think we're cutting a new pathway here with extending We don't really have a strong analog we can point to. So I think we're going to continue to guide to a ultimate steady-state gross to net of around 50% at this point as time goes on and we print a few more quarters, we might adjust that. But at this point, I think it's appropriate to keep it at that 50% gross-to-net.

謝謝，鮑比，早安，弗蘭克。現在還為時過早。我認為我們正在透過擴展開闢一條新途徑。我們確實沒有可以指出的強有力的類比。因此，我認為隨著時間的推移，我們將繼續將最終的穩態總淨值引導至 50% 左右，隨著時間的推移，我們會再印刷幾個季度，我們可能會對此進行調整。但目前，我認為將毛收入與淨收入的比例保持在 50% 是合適的。

Great. And then just maybe a question on patients coming back and just wondering, you know, obviously some prescribers are going to want to see how this works with their patients and any feedback there that you're getting in terms of patients coming back, just to just to make sure everyone stays confident here that this is kind of a bolus start and these prescribers will keep going? And just any anecdotal feedback of patients coming back for a checkup after have extended and frankly disease?

偉大的。然後可能是關於患者回來的問題，並且只是想知道，你知道，顯然一些處方醫生會想看看這對他們的患者有何作用，以及您在患者回來方面得到的任何反饋，只是為了只是為了確保每個人都保持信心，相信這是一種推注的開始，而這些處方者會繼續下去？坦白說，患有長期疾病後回來檢查的患者是否有任何軼事回饋？

Thanks for that additional question. I'll tell you that one of the most exciting parts of this launch is hearing that feedback from doctors and patients, almost every single prescriber we talk to has had a extremely positive experience. So you're seeing physicians bring patients back mid treatment at the end of treatment and almost universally, you're hearing vast improvements in these patients.

感謝您提出這個附加問題。我會告訴你，這次發布最令人興奮的部分之一是聽到醫生和患者的回饋，幾乎我們交談過的每一位處方者都獲得了非常積極的體驗。因此，您會看到醫生在治療結束時將患者帶回治療中，並且幾乎普遍地，您會聽到這些患者的巨大改善。

Positive feedback. I think that's actually one of the reasons we've been able to penetrate 40% of the prescriber base. So quickly is that these doctors are hearing from their colleagues have great things are working. So I think this is going to continue to be a strength for us going forward. The drug doesn't disappoint feedback is positive, and I think doctors are really taken aback by how impactful this has been on their patients. And I think ultimately, what happens is that potentiates the physicians to think about additional patients in the practice. So you're starting to see them more proactively diagnose moving on beyond just the typical Demodex blepharitis patient, but thinking about potentially their recalcitrant dry eye patient, their cataract surgery patient or someone that can stay in their contact lenses. So I think it's really two things that we're seeing there. One is positive experiences leading to additional uptake and to really broadening the funnel in terms of how doctors think about the patient base.

正面回饋。我認為這實際上是我們能夠滲透到 40% 處方者基礎的原因之一。很快，這些醫生就從他們的同事那裡得知，偉大的事情正在發揮作用。所以我認為這將繼續成為我們前進的力量。該藥物並沒有令人失望，反饋是積極的，我認為醫生們真的對這對患者的影響感到驚訝。我認為最終會發生的事情會促使醫生在實踐中考慮更多的患者。因此，您開始看到他們更主動地診斷，而不僅僅是典型的蠕形蟎性瞼緣炎患者，而是考慮潛在的頑固性乾眼患者、白內障手術患者或可以戴隱形眼鏡的人。所以我認為我們在那裡看到的實際上是兩件事。一是正面的體驗，可以帶來更多的了解，真正拓寬醫師對病患群體的看法。

Okay. Great. And then, Bobby, I think in your remarks you talked about the team you're seeing in Europe for the conference. Have you just help us understand the thought process of extending potential US versus ex-US?

好的。偉大的。然後，鮑比，我想您在演講中談到了您在歐洲參加會議的團隊。您是否剛剛幫助我們了解了擴展潛在美國與美國以外地區的思考過程？

Yes.

是的。

Thanks, Fred. To be clear on the conference I was referring to is called a cause of the American European Congress of surgeons actually held here in Europe. So we were at I want to hear, Dan, but it's a good question about Europe and I'll pass to, um to session to talk about some of the regulatory and opportunities there? And then also, Jeff talk about some of the broader strategic potential there.

謝謝，弗雷德。需要明確的是，我所指的會議被稱為美國歐洲外科醫生大會，實際上是在歐洲舉行的。所以我們在會議上，丹，我想聽聽，但這是一個關於歐洲的好問題，我將在會議上討論那裡的一些監管和機會？然後，傑夫也談到了那裡的一些更廣泛的戰略潛力。

Thanks, Bobby. Hey, Frank, Sasha here. Yes, with respect to Europe, we are proceeding with our plans to develop a product preservative free product for Europe. As you know, Europe is very big on preservative free medicines and really prefer that over preserved five. So we are developing a preservative free medicine. And in parallel, we are also in the process of seeking input from the European Medicines Agency for a pathway for regulatory filing and approval. And hopefully we'll be able to report on that later in the year. And Jeff, do you want to address the other part?

謝謝，鮑比。嘿，弗蘭克，薩莎在這裡。是的，就歐洲而言，我們正在繼續實施為歐洲開發不含防腐劑產品的計畫。如您所知，歐洲非常重視不含防腐劑的藥物，而且相對於防腐劑五種藥物，歐洲更喜歡不含防腐劑的藥物。因此我們正在開發一種不含防腐劑的藥物。同時，我們也在尋求歐洲藥品管理局的意見，以尋求監管備案和批准的途徑。希望我們能夠在今年稍後對此進行報告。傑夫，你想談談另一部分嗎？

Sure. Yes. So we Frank are in the process of doing a study that looks at both pricing and launch strategy over in Europe. I think right now it's a little early to make an ultimate decision on which pathway we're going. We're exploring all opportunities, whether it be a you build it ourselves, distributor relationship or licensing. So that will be probably something we'll update to later during the year.

當然。是的。因此，我們弗蘭克正在進行一項研究，研究歐洲的定價和發布策略。我認為現在就我們要走哪條路做出最終決定還為時過早。我們正在探索所有機會，無論是您自己建立、分銷商關係還是許可。因此，這可能是我們今年稍後會更新的內容。

Okay, great. Well, thank you, and congrats guys on a great start here. Thanks.

好的，太好了。好吧，謝謝你們，恭喜大家在這裡有了一個好的開始。謝謝。

Thank you, Greg.

謝謝你，格雷格。

Andrea Tan, Goldman Sachs.

安德里亞·譚，高盛。

I am somewhat on for Andrea. Congrats on the quarter and thanks for taking the questions on. First here of what's your if you could describe your level of confidence that the ramp seen to date with extended continue as the prescriber education goes on and more patients are treated.

我有點支持安德里亞。恭喜本季度，感謝您提出問題。首先，如果您能描述一下您的信心程度，即隨著處方者教育的繼續和更多患者得到治療，迄今為止看到的增長持續延長的信心程度。

And then related to that, could you characterize the level of inventory stocking for 4Q.

與此相關，您能否描述一下第四季度的庫存水準。

I'll start with via the RAB. And I think as I mentioned earlier, we've been really pleased. I think the key things here are one, the penetration into the ECP market right. We've got 6,000 prescribers already writing this product. We're seeing a very high repeat prescriber rate of over 50%, and that's only in six months. And I think that's really remarkable. I've been doing this for a long time. And to get to that level of penetration in just a few short months really speaks to the impact extending has on patients and also the need in the marketplace that's there longer term.

我將從 RAB 開始。我想正如我之前提到的，我們真的很高興。我認為這裡的關鍵是一件事，即正確滲透 ECP 市場。我們已經有 6,000 名處方醫生在編寫產品。我們看到重複處方率非常高，超過 50%，而且這只是在六個月內。我認為這真的很了不起。我已經這樣做很久了。在短短幾個月內達到這種滲透水平確實說明了延長對患者的影響以及市場的長期需求。

I think secondly, we've made great progress with payers. And I think as we continue to do that, that will also enhance the uptake as we have consistency and depth in our in our payer coverage.

我認為其次，我們在付款人方面取得了巨大進展。我認為，隨著我們繼續這樣做，這也將提高採用率，因為我們的付款人覆蓋範圍具有一致性和深度。

And I think lastly, as I mentioned in the earlier question, the feedback here is really remarkable. I think that we're seeing a lot of additional support as doctors are on podium at these conferences sharing and before and after the impact that's having on patients, we actually had to update our website to let doctors upload the before and after pictures because they're so excited about the results they're seeing. So I think we remain very confident in the continued progress that we're going to make in the launch. With that said, we mentioned in the opening comments that 6,000 doctors are really remarkable number getting to the next 6,000, it's going to take additional work, right? We've gotten through sort of the early adopters. So the next wave is going to take a little bit more work. Salesforce is out there hitting the pavement. So I think we're going to continue to make that progress, but it's selling and take continued efforts and consistency in those efforts too, have that come to fruition, and I'll let Jeff speak to the other part of the question exists and good morning, Tony.

我認為最後，正如我在前面的問題中提到的，這裡的回饋確實非常出色。我認為我們看到了很多額外的支持，因為醫生在這些會議的講台上分享了對患者產生的影響之前和之後的信息，我們實際上必須更新我們的網站，讓醫生上傳之前和之後的照片，因為它們他們對所看到的結果感到非常興奮。因此，我認為我們對發布過程中取得的持續進展仍然充滿信心。話雖如此，我們在開場評論中提到，6000 名醫生確實是一個了不起的數字，要達到下一個 6000 名，這將需要額外的工作，對吧？我們已經經歷了一些早期採用者的考驗。因此，下一波浪潮將需要更多的工作。Salesforce 已嶄露頭角。因此，我認為我們將繼續取得這一進展，但它正在銷售，並需要繼續努力並在這些努力中保持一致，以取得成果，我將讓傑夫談談存在的問題的其他部分，早上好，托尼。

On the inventory, much like any manufacturer, there's always going to be a certain amount of inventory at the channel, albeit in our case at the pharmacies, we've contractually limited the amount of inventory that these pharmacies can hold to between two to three weeks and I would just say that we are within that contractual period. If there is any sort of event that causes us to sort of go outside of that realm, we'll certainly highlight it because it could impact the following quarter, but at this point. But within that, that right.

在庫存方面，就像任何製造商一樣，渠道中總會有一定數量的庫存，儘管在我們的藥房案例中，我們按照合約將這些藥房可以持有的庫存量限制在兩到三個之間幾週，我只想說我們在合約期限內。如果有任何事件導致我們超出了該範圍，我們肯定會強調它，因為它可能會影響下一個季度，但在這一點上。但在那之內，那就對了。

Thank you. That's really helpful. And then a second question here on the back of the Lyme disease innovation that I believe you touched on it earlier. But if you could just reiterate the next steps and then how you're thinking about strategic options regarding partnering versus something externally? And lastly, if you could share details again around the commercial opportunity.

謝謝。這真的很有幫助。然後是關於萊姆病創新的第二個問題，我相信您之前已經提到過。但是，如果您能重申接下來的步驟，那麼您如何考慮有關合作與外部的策略選擇？最後，您是否可以再次分享有關商業機會的詳細資訊。

Thanks, Andrea, for the question. This is Sasha again. Yes, you know, first, let me let me highlight again, the data from the corporate trial. It's a it's a remarkable data to see if this is a very unique trial where we attach sterile techs to healthy volunteers to look for a ticker, which is our purported mechanism of action for preventing Lyme disease with our drug. And then the data, we're really, really pleased with the data and to see that it's still within 24 hours before it has a chance to prevent Lyme disease is a very important component on our on. Our plan is to continue to complete our analysis from this trial and take it to the FDA later this year and explore pathway for additional studies in this in this particular indication. And we'll it's too early to predict how that studies, those studies are going to go, but I will have a time once we have a chance to talk to them, we'll be happy to report that out.

謝謝安德里亞提出的問題。這又是莎莎。是的，你知道，首先，讓我再次強調一下公司試驗的數據。這是一個了不起的數據，可以看出這是否是一項非常獨特的試驗，我們將無菌技術與健康志願者結合起來尋找標記，這是我們聲稱的用我們的藥物預防萊姆病的作用機制。然後是數據，我們對這些數據非常非常滿意，並且看到它仍然在 24 小時內才有機會預防萊姆病，這是我們的一個非常重要的組成部分。我們的計劃是繼續完成這項試驗的分析，並在今年稍後將其提交給 FDA，並探索針對此特定適應症的其他研究的途徑。我們現在預測這些研究將如何進行還為時過早，但一旦我們有機會與他們交談，我就會有時間，我們會很樂意報告這一點。

And then I'll pass it on to Jeff for the partnering question that sort of takes Asia.

然後我會將其轉交給傑夫，詢問有關亞洲的合作問題。

So as Susan mentioned, we're going to be developing TPP. for both of these products and we'll have some discussions with the agency. What's interesting about realization is up. The eye care professionals have been expressing quite a bit of interest in this program. They see realization in their patients and they want to ultimately treat that if they have an opportunity to. And so we're going to explore that from a market research opportunity and see if there's a opportunity to potentially drop this into our sales rep's bag and then potentially at the derm indication could be partnered with maybe a derm company on the line program?

正如蘇珊所提到的，我們將製定 TPP。對於這兩種產品，我們將與該機構進行一些討論。實現的有趣之處在於。眼保健專業人士對這個計畫表現出了相當大的興趣。他們看到了患者的自覺，如果有機會的話，他們希望最終能夠治療這一點。因此，我們將透過市場研究機會來探索這一點，看看是否有機會將其放入我們的銷售代表的包中，然後可能在 derm 指示上與線上計劃中的 derm 公司合作？

We are really excited about this program. I mean that data is pretty profound. I think what we would I'd like to do is it also have some discussions with the agencies and then potentially talk with some partners about a pathway forward. It is a likely large clinical study ultimately as a pivotal study and the call point will likely be sort of a general practitioner. So we would probably partner that one out either following this program readout or potentially we might do a smaller Phase IIb if we think there's a good return on investment there it.

我們對這個計劃感到非常興奮。我的意思是數據非常深刻。我認為我們想做的是與各機構進行一些討論，然後可能與一些合作夥伴討論前進的道路。這可能是一項大型臨床研究，最終作為一項關鍵研究，呼叫點可能是一位全科醫生。因此，我們可能會在該計劃公佈後與該專案合作，或者如果我們認為那裡有良好的投資回報，我們可能會進行規模較小的 IIb 期專案。

Thank you so much. Congrats again to join me.

太感謝了。再次恭喜你加入我。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Thanks for taking my questions and congrats on the progress here.

感謝您提出我的問題並祝賀這裡的進展。

So on couple for me, just love to get your comment on this sort of early adopter 6,000 prescribers how that nets out between optometrists and ophthalmologists. And yes, early observations from the field in terms of whether you've got a right-sized field force on to go after the next kind of leg of prescribers or if you expect, there may be a need down the line to increase the size of the field force and then ultimately, ultimately, given the massive prevalence is there a revenue threshold that you get to that a DTC advertising campaign to either patients or providers is something that you can justify and makes sense. Thanks. Adjacent disease.

所以對我來說，我很想聽聽您對這種早期採用者 6,000 名處方者如何在驗光師和眼科醫生之間進行平衡的評論。是的，根據現場的早期觀察，您是否擁有適當規模的現場部隊來追捕下一種處方醫生，或者如果您期望的話，可能需要增加規模然後最終，考慮到疾病的廣泛流行，是否存在一個收入門檻，您可以向患者或提供者進行DTC 廣告活動，這是您可以證明是合理且有意義的。謝謝。鄰近疾病。

Thanks. For those questions. I think first off, when we think about the uptake, as we mentioned, we've been really pleased with how things are going. The sales force has done a remarkable job here. And I think the 85 territories we had was absolutely suitable for the 15,000 targets that we've had. Right.

謝謝。對於那些問題。我認為首先，當我們考慮採用情況時，正如我們所提到的，我們對事情的進展感到非常滿意。銷售人員在這裡做得非常出色。我認為我們擁有的 85 個地區絕對適合我們擁有的 15,000 個目標。正確的。

And when you think about how we reach those doctors. The 6,000 is roughly 60% optometrist, 40% ophthalmologists, but we're seeing great uptake in utilization across both the segments. I think as we look at going forward, one thing we have seen is that there's a high degree of promotional sensitivity which makes sense more making calls. Doctors are more proactive about seeing things here. And as we think about converting the next wave of adopters. We certainly do think about things like sales force expansion, primarily focused on frequency. Can we see these doctors more often accelerate that change in behavior and create more deep adoption among these doctors, including having them think about additional patient types. So it is something we're contemplating. I think that's something if we continue the momentum we have we could do sooner than later, but it's something that we'll be really rigorous and disciplined in how we approach.

當你想想我們如何聯絡到那些醫生。這 6,000 名員工中約有 60% 是驗光師，40% 是眼科醫生，但我們看到這兩個細分市場的使用率都很高。我認為，當我們展望未來時，我們看到的一件事是，促銷敏感度很高，這更有意義。醫生在這裡看病更加積極主動。當我們考慮轉變下一波採用者。我們當然確實考慮了銷售隊伍擴張等問題，主要關注頻率。我們能否看到這些醫生更頻繁地加速行為改變，並在這些醫生中建立更深入的採用，包括讓他們考慮其他患者類型。所以這是我們正在考慮的事情。我認為，如果我們繼續保持現有的勢頭，我們遲早可以做到這一點，但我們會在處理方式上非常嚴格和自律。

I think the same thing applies here in terms of direct to consumer, I think it's less of a revenue threshold to your point. I think it's a little bit more around. Can we continue to see the level of physician adoption do we have enough doctors out there that will provide a clinical landing pad for these patients if we drive them in.

我認為同樣的事情也適用於直接面向消費者的方面，我認為這對你的觀點來說不是一個收入門檻。我認為它有點多了。我們能否繼續看到醫生採用的水平，如果我們把這些患者送進來，我們是否有足夠的醫生為這些患者提供臨床著陸平台。

And then the second factor we really think about is continued progress and coverage and gross to net so that we're able to drive the highest value for those incremental patients we drive into a campaign. And I would also say that we think about this thing sequentially, right. You can think about a sales force expansion to really help broaden that adoption in parallel with coverage going. And then when you have a great base, both on prescribers as well as gross-to-net, then you'd layer in a more assertive direct-to-consumer campaign to educate and drive patients. And so a really good point in terms of how we think about those levers, and I think we're contemplating both of those in the not-too-distant future.

然後，我們真正考慮的第二個因素是持續的進展、覆蓋範圍和總淨值，以便我們能夠為我們推動的增量患者帶來最高價值。我還想說，我們會按順序思考這件事，對吧。您可以考慮擴大銷售隊伍，以真正幫助擴大採用率和覆蓋範圍。然後，當您在處方者和整體網絡方面都擁有良好的基礎時，您就可以開展更自信的直接面向消費者的活動來教育和推動患者。因此，就我們如何看待這些槓桿而言，這是一個非常好的觀點，我認為我們將在不久的將來考慮這兩個槓桿。

And Jason, I just said, Bob, we were in the field every month as the team. I mean, I'm personally in the field every month of the team, and it's been really striking the waves of adoption. The disease alluded to. We're certainly seeing some of those folks that are still being educated about DV. and take a few visits from the sales force. But more and more, we're seeing doctors that I've had great experience with them we are thinking about other patients in their practice. We've ever heard doctors thinking about family members and treating them. There's there's such a strong response to this medicine, and we're seeing really no shortage of uptake by the ECPs. So I just want to reiterate that. And um, you know, as Yves mentioned, this is very promotionally sensitive. So that would with the strategy that we've implemented commercially, that would be the rationale for potential expansion to really bring doctors along that journey more rapidly in the future.

傑森，我只是說，鮑勃，我們作為團隊每個月都在現場。我的意思是，我每個月都會親自參與團隊的工作，這確實引發了採用浪潮。所提到的疾病。我們確實看到其中一些仍在接受有關 DV 的教育。並接受銷售人員的幾次拜訪。但我們越來越多地看到我與他們有豐富經驗的醫生，我們在他們的實踐中考慮其他患者。我們曾聽過醫生關心家人並為他們提供治療。人們對這種藥物的反應如此強烈，而且我們看到 ECP 的使用確實不乏。所以我只想重申這一點。嗯，你知道，正如伊夫所提到的，這對於促銷非常敏感。因此，透過我們在商業上實施的策略，這將成為潛在擴張的理由，以真正讓醫生在未來更快地走上這趟旅程。

If I could squeeze one final question in from with Lime, the update there. Just curious now that you've got this initial data, do you think that there is a stronger argument now for a pathway that different than the VALOR study that Pfizer is running, which is nearly a 10,000 patient study, given that you seem to have demonstrated being able to deliver something that's more On Demand with maybe a faster clinical proof point. So just curious, I mean, I see don't want to front-run your FDA interactions here, but just your thoughts on it seems like probably a key swing point perhaps and how you can partner and secure value for the assets?

如果我能從 Lime 中擠出最後一個問題，那就是那裡的更新。只是好奇，現在您已經獲得了這些初始數據，您是否認為現在有一個與輝瑞正在進行的 VALOR 研究不同的途徑更有力的論據，該研究是一項近 10,000 名患者的研究，因為您似乎有證明能夠提供更按需的東西，也許還有更快的臨床證明點。所以只是好奇，我的意思是，我不想在這裡提前進行您的 FDA 互動，但您對此的想法似乎可能是一個關鍵的轉折點，以及您如何合作並確保資產價值？

Thanks. Jason. Sesha again here. Yes, we really pleased with the results that we saw. As I mentioned earlier on and the FDA hasn't we haven't taken this to the FDA obviously. But our hope is that the FDA uses data favorably as well. And as far as the comparison to the Lyme disease, certainly the vaccine, the vaccine is a very different approach compared to what we have. As you know, we we have a tick kill mechanism where the vaccine targets. See the actual bacteria that causes a Lyme disease and is very specific for the strains of those bacteria is where we are. And so the mechanism is inherently different on it. And the way we approach it is very different. It's early to speculate how the FDA will view our data. And this is a brand-new mechanism. So this is something that they have to absorb and understand as well. And we do hope to negotiate as a trial that can that can effectively assess the airline prevention through this mechanism. But it's too early to tell exactly how we will, how that will go. And we'll we'll certainly keep that in mind when we talk to them kind of packages, packages of funnel.

謝謝。傑森.瑟莎又來了。是的，我們對所看到的結果非常滿意。正如我之前提到的，FDA 並沒有這樣做，我們顯然還沒有把這個問題提交給 FDA。但我們希望 FDA 也能有利地使用數據。就與萊姆病，當然是疫苗的比較而言，與我們現有的疫苗相比，疫苗是一種非常不同的方法。如您所知，我們有疫苗靶向的蜱殺機制。看看導致萊姆病的實際細菌，而這些細菌的菌株非常具體，這就是我們所在的地方。所以其機製本質上是不同的。我們處理這個問題的方式也非常不同。現在推測 FDA 將如何查看我們的數據還為時過早。這是一個全新的機制。所以這也是他們必須吸收和理解的東西。我們確實希望透過談判作為一種嘗試，能夠有效評估航空公司透過此機制的預防情況。但現在判斷我們將如何、將如何進行還為時過早。當我們與他們談論包、漏斗包時，我們一定會牢記這一點。

Got it. Thank you, guys.

知道了。感謝你們。

Thank you, Jason.

謝謝你，傑森。

Oren Livnat, H.C. Wainwright.

奧倫·利夫納特，H.C.溫賴特。

Thanks for taking the question. I was hoping we could just talk a little bit more about gross-to-net some after the 3Q call. So in November, you told us to be cautious going forward on gross-to-nets and or volume. I guess given some expected, it may be unbudgeted pushback from payers given the early uptake and clearly you dramatically outperformed that and improving meaningfully quarter over quarter. So you just help us just better understand, I guess how is that happening or is this just due to persistence of getting through prior offs and getting, I guess, essentially full coverage for some mix of this product and a balanced out bridging volume? Or is there something different going on behind the scenes that we don't understand.

感謝您提出問題。我希望我們能在第三季電話會議之後再多討論一下毛淨值。因此，在 11 月份，您告訴我們要謹慎對待總淨值和/或銷售量。我想，考慮到一些預期，考慮到早期的採用，這可能是付款人未列入預算的阻力，而且顯然你的表現顯著優於預期，並且逐季顯著改善。所以你只是幫助我們更好地理解，我想這是怎麼發生的，或者這只是因為堅持通過之前的關閉並獲得，我想，基本上完全覆蓋了該產品的某種組合和平衡的橋接量？或者幕後是否發生了一些我們不理解的不同事情。

I have a follow-up.

我有一個後續行動。

Hey, Oren, thanks for the question. Yes, I think what you're seeing here is a real uptick in non contracted coverage. And I think this is due to a couple of things, right. One is we've been working with the payers for quite some time, right? We've initiated our engagement them well in advance of launch with disease education and obviously post approval, really sharing the value proposition NetIQ's Denby brings. I think the other part of this is our really unique distribution network that network really optimizes coverage for patients. We've obviously streamlined the process for PA appeal of what have you for the physician's office. And I think that has allowed us to maximize this opportunity. I think as Jeff mentioned in the opening comments, it is something that want to keep an eye on in term of headwinds because when you have non-contracted coverage. Of course, those policies can change at any given time. And that's really what motivates us to continue to secure contracts, and we're making great progress there. We remain confident in our ability to get the vast majority of commercial lives covered by the end of this year and 2024. And you see the progress there with the win that we mentioned earlier and in Part D would kick in in early 2025. So we continue to make progress there. And the way to think about that is that progress has to really solidify and secure where we are. And I think the other point is we've obviously made great strides and we have better than expected gross-to-nets getting to that 50% threshold that Jeff mentioned earlier, that next step up is going to take a lot of work, and that's going to take those contracts coming into play. So that's where our focus is now is securing those contracts securing the long-term value potential. But again, we're really pleased with starting from a great point and the progress we've made so far.

嘿，奧倫，謝謝你的提問。是的，我認為您在這裡看到的是非合約承保範圍的真正上升。我認為這是由於幾件事造成的，對吧。一是我們已經與付款人合作相當長一段時間了，對嗎？我們在發布疾病教育之前就已經開始與他們合作，顯然是在批准後，真正分享 NetIQ 的 Denby 帶來的價值主張。我認為另一部分是我們真正獨特的分銷網絡，該網絡確實優化了患者的覆蓋範圍。我們顯然已經簡化了向醫生辦公室提出 PA 上訴的流程。我認為這使我們能夠最大限度地利用這一機會。我認為正如傑夫在開場評論中提到的那樣，這是需要密切關注的逆風因素，因為當你有非合約承保範圍時。當然，這些政策可能隨時會改變。這確實是我們繼續獲得合約的動力，而且我們正在這方面取得了巨大進展。我們對在今年年底和 2024 年覆蓋絕大多數商業生活的能力仍然充滿信心。您可以看到我們之前提到的勝利所取得的進展，以及 D 部分將於 2025 年初開始的勝利。所以我們繼續在那裡取得進展。思考這個問題的方法是，進步必須真正鞏固和確保我們所處的位置。我認為另一點是，我們顯然已經取得了長足的進步，我們的毛淨收入比預期要好，達到了傑夫之前提到的 50% 的門檻，下一步將需要做大量的工作，並且這將需要這些合約發揮作用。因此，我們現在的重點是確保這些合約的長期價值潛力。但同樣，我們對從一個偉大的起點開始以及迄今為止的進展感到非常高興。

Okay. And I know it's really early, but you've talked about physicians. I've been a lot of positive experience. And I guess has that already translated to on an understanding of durability of response. I mean for the early, I guess, earliest patients who might have been on drug for a while, are we seeing them having, I guess, six months efficacy, so to speak, or something approaching that? Or are they already coming back for repeat treatments? And if there are refills or retreatments, how is as far as you know, being treated by insurance is it any different than the first script? Is there more resistance to a to a refill, so to speak and how that being contemplated in your contracting efforts?

好的。我知道現在還為時過早，但你已經談到醫生了。我有很多正面的經驗。我想這已經轉化為對回應持久性的理解。我的意思是，對於早期的，我想，最早的患者，他們可能已經服用了一段時間的藥物，我們是否看到他們有，我想，六個月的療效，可以這麼說，或者接近這個效果？或者他們已經回來接受重複治療了嗎？如果有補充或再治療，據您所知，保險待遇與第一個腳本有什麼不同？可以這麼說，對續充是否有更多阻力？您在承包工作中如何考慮這一點？

Yes.

是的。

So it's still very early. Right now, we're just six months into the launch. So we wouldn't anticipate a lot of retreatments, right? I think what we've said historically is that we'd anticipate to really start to see that start kicking in in 2025 when you've got a large bolus of patients that have been treated and then would be coming back. And if you really think about it. Even if a patient started six months ago, they probably haven't come back in for their follow-up visit, right, more of their annual exam. So I think that's something that we see later on down the line. With that said, we do see some exceptional cases where the doctors have had patients come in, had a great response want to keep them on therapy. But I would say that more the exception than the rule, and I think it's something we'd watch over time in terms of how we view that from the payer perspective, that is something that we've contemplated into our planning and discussions with payers. But again, this is something that will really be a phenomena. We'd see a little bit more meaningfully in 2025. And of course, the contracts that we're working on now would account for that in the go forward thinking.

所以現在還很早。現在，我們距離發布僅六個月了。所以我們預計不會有很多撤退，對嗎？我認為我們歷史上說過的是，我們預計在 2025 年真正開始看到這種情況開始發揮作用，屆時會有大量患者接受治療，然後會回來。如果你認真思考。即使患者六個月前開始就診，他們可能沒有回來進行隨訪，對吧，更多的是年度檢查。所以我認為這是我們稍後會看到的事情。話雖如此，我們確實看到了一些特殊情況，醫生讓病人進來，並得到了很好的反應，希望他們繼續接受治療。但我想說的是，這更多的是例外而不是規則，我認為隨著時間的推移，我們會從付款人的角度看待這一問題，這是我們在與付款人的計劃和討論中考慮的事情。但同樣，這確實會成為一種現象。到 2025 年，我們會看到更有意義的事。當然，我們現在正在製定的合約將在未來的思考中考慮到這一點。

Thanks and congrats on the great early performance pursuit or one moment on question.

感謝並祝賀早期出色的性能追求或有問題的時刻。

Appreciate it, Oren.

欣賞它，奧倫。

Balaji Prasad, Barclays.

巴拉吉·普拉薩德，巴克萊銀行。

Hi, good morning and congrats again. So it's great to see the pipeline progress on what I seem to heard from your comments till now is that most of the progress in the pipeline is dependent on FDA meetings, which are anticipated towards the end of the year. So can you kind of tie up these three Phase three data points? Do you seen recently and take us through the next day or milestones of any David would reach of this.

嗨，早上好，再次恭喜。因此，很高興看到管道進展，到目前為止，我從您的評論中似乎聽到的是，管道中的大部分進展都取決於 FDA 會議，預計這些會議將在今年年底舉行。那麼你能將這三個階段三數據點連結起來嗎？你最近有沒有看到並帶我們度過第二天或任何大衛將達到的里程碑。

Secondly, can you also comment around the business develop and business development enrollment you're seeing with both front and back-office opportunities? What kind of how competitive are these discussions and how reasonable are the valuation expectations within the space? And what should we be expecting from you towards the year in terms of BT? Thanks.

其次，您能否評論一下您所看到的前台和後台機會的業務發展和業務發展招生情況？這些討論的競爭程度如何以及該領域內的估值預期有多合理？就 BT 而言，我們對您今年的期望是什麼？謝謝。

And cell biology, this is Sasha. I'll address the first part of this, but to the pipeline, yes, you are correct. I think all three of our programs on the next steps is really to complete the analysis from these from these studies where we've just issued top line and then look at look at the pathways and discuss the pathway with the agency. Beyond that, these are actually ways three different three, very different programs are the pathways are slightly different. The of the and indications are obviously different. So they all take a different different flavor, but it's the team is that we are treating the underlying cause. We are showing you showing the mechanism of eradicating the underlying root cause of all of these diseases. And it's really going to be a discussion with the FDA based on the based on these trials and how we want to contemplate taking it forward. It's going to be a discussion that it's too early for me to predict how it will go. But the next steps clearly is on a development pathway because these are these are somewhat different pathways for each of these programs.

細胞生物學，我是薩莎。我將解決第一部分，但對於管道，是的，你是對的。我認為我們接下來的三個計劃實際上是為了完成我們剛剛發布的頂線研究中的分析，然後研究途徑並與該機構討論途徑。除此之外，這些實際上是三種不同的方式，三種非常不同的程序，其途徑略有不同。的和適應症明顯不同。所以它們都有不同的風味，但團隊是我們正在治療根本原因的。我們正在向您展示消除所有這些疾病的根本原因的機制。這實際上將是與 FDA 的討論，基於這些試驗以及我們希望如何考慮推進它。這將是一個討論，我現在預測它將如何發展還為時過早。但接下來的步驟顯然是在開發路徑上，因為每個程式的路徑都有些不同。

And this is Bobby. On the BD question. Thanks for asking that logic. As we've mentioned, we see our expertise really in two areas at this point. One is creating new categories with really young successful and then focused our development efforts. And the second is actually pioneering a new category commercially. And so when we look at BD, we really think about of those two capabilities that we believe we have in strength. And so as you mentioned, we are looking actively at front of the eye opportunities and we're going to be diligent and patient there. And we are really seeking things that could satisfy those two. It aims at creating new categories and new indications where we can serve patients that haven't really been served before in the front of the eye. And also now we have a leading sales force and they're calling on 15,000 ECPs. So we'd like to find additional medicines that we can serve those HCPs and patients with over time, we do expect to look beyond the front of the eye. And I think the back of the eye and even some adjacencies to our areas of expertise would be areas over the course of years that we would expect to look at and some we see in the front of the eye on a lot of promising assets out there, but we are going to be taking our time and we're very mindful of our focus and our balance sheet at this point in time.

這是鮑比。關於BD問題。謝謝你問這個邏輯。正如我們所提到的，我們目前在兩個領域真正看到了我們的專業知識。一是創造新的品類，讓年輕的成功人士，然後專注於開發。第二個實際上是在商業上開創一個新的類別。因此，當我們考慮 BD 時，我們確實會考慮我們認為自己擁有的這兩項實力。正如您所提到的，我們正在積極尋找眼前的機會，並且我們將在那裡勤奮和耐心。我們確實在尋找能夠滿足這兩個人的東西。它的目的是創造新的類別和新的適應症，讓我們能夠為以前從未真正接受過服務的患者提供服務。現在我們擁有一支領先的銷售隊伍，他們需要 15,000 名 ECP。因此，我們希望找到更多的藥物，隨著時間的推移，我們可以為這些醫護人員和患者提供服務，我們確實希望目光能夠超越眼前。我認為，在我們的專業領域的後面，甚至一些鄰近領域將是我們多年來期望關注的領域，而我們在前面看到的一些領域有很多有前途的資產，但我們會慢慢來，並且我們非常注意目前的重點和資產負債表。

Corey Jubinville, LifeSci Capital.

科里·朱賓維爾 (Corey Jubinville)，LifeSci Capital。

Thanks for taking our questions and congrats on the early launch metrics. Just building off a question that was asked previously. Again, last quarter you spoke to us about the potential payer headwinds is non-contracted payers, Mr. input implement more prior on and in particular for any payers request included extend beyond their formularies. Have you seen them step back on prior U.S. requirements and also now the prior on landscape in general has started to settle in a bit of what specifically are most payers are requiring on these prior updates for reimbursement?

感謝您提出問題，並祝賀早期發布指標。只是建構之前提出的問題。同樣，上個季度您與我們談到了潛在的付款人逆風是非簽約付款人，投入先生更早地實施，特別是對於超出其規定範圍的任何付款人要求。您是否看到他們放棄了美國先前的要求，現在總體情況已經開始解決大多數付款人對這些先前報銷更新的具體要求？

Yes. Hey, guys. Thanks for that question. I think the way to think about the payer coverage, therefore, right, because it's a noncontracted we've seen these PAs out there. And I think that's always good news in the sense that, that means there's a path to getting the product approved. And I think that that's something that's really promising. And it also provides incentive for contracting. If the payers are covering this, we're seeing that volume go through I think in terms of any type of step back on a PA, I think that's something that we see as a headwind as volume increases and the way to think about this is it's sort of a race, right? You want to get these contracts in place as your volume increases so that you don't have any of these hurdles and to that extent when we see these PAs right now, typically they're pretty straightforward. They're limited to an eye care doctors or the patient needs to be seeing an ophthalmologist or optometrist, which of course makes sense because they're diagnosed at the foot lab. And then secondly, they're asking for confirmation of diagnosis. This is typically the slit lamp exams. So those are the two typical things. Of course, if you look out there, you're going to see some exceptions where it might be a little bit more cumbersome. But again, that is our motivation for contracting is to simplify these PAs, keep them consistent and, of course, avoid any step back, but the contracts are in place.

是的。大家好。謝謝你提出這個問題。因此，我認為考慮付款人承保範圍的方式是正確的，因為它是非合約性的，我們已經看到了這些 PA。我認為這始終是個好消息，因為這意味著有一條途徑可以讓產品獲得批准。我認為這是非常有希望的事情。它還提供了簽訂合約的激勵。如果付款人涵蓋了這一點，我們會看到交易量的增加，我認為就PA 的任何類型的退一步而言，我認為隨著交易量的增加，我們將其視為逆風，並考慮這一點的方式是這有點像一場比賽，對吧？隨著交易量的增加，您希望將這些合約落實到位，這樣您就不會遇到任何這些障礙，並且在某種程度上，當我們現在看到這些 PA 時，通常它們非常簡單。它們僅限於眼保健醫生，或者患者需要去看眼科醫生或驗光師，這當然是有道理的，因為它們是在足部實驗室診斷的。其次，他們要求確認診斷。這通常是裂隙燈檢查。這是兩件典型的事情。當然，如果您仔細觀察，您會發現一些例外情況，其中可能會有點麻煩。但同樣，我們簽訂合約的動機是簡化這些 PA，保持它們的一致性，當然，避免任何後退，但合約已經到位。

That's helpful. And can you also walk us through your bridging program and in your experience to date, do providers and patients have a good sense of how to access that program and try to estimate, given the strong gross to nets, we're seeing so far, approximately what percent of scripts have gone through that bridge program versus being fully covered by payers?

這很有幫助。您能否向我們介紹一下您的過渡計劃，以及根據您迄今為止的經驗，提供者和患者是否對如何訪問該計劃有很好的了解，並嘗試估計，考慮到迄今為止我們所看到的強勁的網路總收入，大約有多少百分比的腳本通過了該橋樑計劃，而不是完全由付款人覆蓋？

Sure. Yes. So I think the way that the way to think about the bridging program. Here's a lot of that is managed on the back end through our pharmacy partners in our network. And essentially what happens is we appeal the insurance. So we apply for coverage there. If it's covered, it goes through if it's rejected, we appeal. And if it's still not covered at that point, the patient is truly uninsured, essentially their insurance is not covering the drug, then we'll bridge it. So there's a step-through process that we manage on the back end. I think that's really helped us capitalize on the coverage that we have available today in terms of what percentages bridge, we're obviously not go into that level of detail today, but I can tell you even still that is still the number one channel, right? So you think about commercial Medicare and then bridging bridging is still the number one channel. And again, that's our motivation for contracting, right? Is so that as we reach our steady-state gross to net of approximately 50% as we get that commercial coverage at the end of this year, Part D next year, then we can start to wind that bridging down next year and have it be the smallest component and have a very minimal volume going through that going forward.

當然。是的。所以我想用這種方式來思考橋接程式。其中許多都是透過我們網路中的藥局合作夥伴在後端進行管理的。本質上發生的事情是我們對保險提出上訴。所以我們在那裡申請保險。如果被覆蓋，就會通過；如果被拒絕，我們會上訴。如果到那時仍然沒有承保，那麼患者確實沒有保險，基本上他們的保險不承保該藥物，那麼我們將彌補它。因此，我們在後端管理一個逐步流程。我認為這確實幫助我們利用了今天可用的覆蓋範圍，就百分比而言，我們今天顯然不會深入探討這一細節，但我可以告訴你，即使如此，這仍然是第一渠道，正確的？所以你想想商業醫療保險，然後橋接還是第一個管道。再說一次，這就是我們簽約的動機，對嗎？這樣，當我們在今年年底、明年 D 部分獲得商業覆蓋時，我們的淨收入達到約 50% 的穩態，那麼我們就可以開始在明年逐步結束這一過渡並讓它成為現實。最小的組件，且未來的體積非常小。

Fantastic.

極好的。

Thanks for taking the questions and congrats again.

感謝您提出問題並再次祝賀。

Thank you, Craig.

謝謝你，克雷格。

Eddie Hickman, Guggenheim Securities.

艾迪希克曼，古根漢證券公司。

They were ours are rather strong launch. Just a few questions from me as you reach deeper into those 15,000 target docs on how much of the hesitation is related to lack of payer coverage in particular, Medicare? And how much is just familiarity and education that you spoke about. Would you expect a significant inflection on on getting Medicare coverage given the DB. population skews towards older patients? Thanks.

他們是我們的相當強大的發射。當您深入研究這 15,000 份目標文件時，我只想問幾個問題，即有多少猶豫與缺乏付款人保險（特別是醫療保險）有關？你所說的熟悉度和教育程度有多少。鑑於 DB，您是否期望獲得醫療保險保險會出現重大變化？人口偏向老年患者？謝謝。

Yes, I think it's a combination, right? I think anytime you have physicians that are sort of sitting on the fence. I think number one, it's a new behavior, right? And that's why we continue to put a lot of effort in market education, continuing this disease state efforts, having our sales force out there. It is indeed behavior to have the start position start looking for the disease then trying the product. And what we've seen is that there's a really clear threshold in which we're shooting for adoption, and that's about five to 10 prescriptions. And I think there's two things that happened. One is the doctor begins the routine of looking for this. They see the results in the patients. And the second, to your point, it is the doctor and the staff become more comfortable with the reimbursement process. So it takes a few shots on goal for them to build that muscle, so to speak, I think in terms of when you get Part D, I wouldn't expect a huge inflection point. I think the way to think about coverage is we're going to build that steadily over time and I think that's going to facilitate ramp up steadily over time. So I don't imagine like a massive step-up. What I imagine is continued progress. And you think about this as the coverage comes in. You're also building the utilization among the doctors where they're starting to think about more patient types. They're building that familiarity with the diagnosis. And of course, the practice is building the familiarity with the reimbursement process. So I think those things will move in concert and I think you'll see a steady ramp over time and it will be on the back of both physician adoption and coverage improvement side of things? And then what do you think you need to see before you have a comfortable giving formal guidance either on volume or revenue basis going forward yet?

是的，我認為這是一個組合，對嗎？我認為任何時候都有醫生持觀望態度。我認為第一，這是一種新行為，對嗎？這就是為什麼我們繼續在市場教育方面投入大量精力，繼續這種疾病狀態的努力，並派出我們的銷售團隊。從開始的位置開始尋找疾病然後嘗試產品，這確實是一種行為。我們看到的是，我們爭取採用有一個非常明確的門檻，大約是 5 到 10 個處方。我認為發生了兩件事。一是醫生開始尋找這個的例行公事。他們在患者身上看到了結果。其次，就你的觀點而言，是醫生和工作人員對報銷流程變得更加滿意。因此，他們需要幾次射門才能增強肌肉，可以這麼說，我認為當你獲得 D 部分時，我不會期望出現巨大的拐點。我認為考慮覆蓋範圍的方法是，我們將隨著時間的推移穩步建立覆蓋範圍，我認為這將有助於隨著時間的推移穩步增加。所以我不認為這是一個巨大的進步。我想像的是持續的進步。當報道出現時你會想到這一點。您還可以提高醫生的使用率，讓他們開始考慮更多的患者類型。他們正在建立對診斷的熟悉程度。當然，這種做法是建立對報銷流程的熟悉。因此，我認為這些事情將協調一致，隨著時間的推移，您會看到穩定的增長，這將在醫生採用和覆蓋範圍改善方面得到支持？那麼，在您能夠輕鬆地就未來的銷售或收入基礎提供正式指導之前，您認為您需要看到什麼？

It's just I would say we'd like to get some more quarters under our belt, see how the payer coverage is proceeding and then get a sense of some of the dynamics as it relates to scripts, right? Is there some seasonality that we need to be aware of during the summertime, for example, or some other things. So it probably sometime in 12 months down the road, we could probably start providing revenue guidance because we've got the acuity funnel that are question.

我只是想說，我們希望得到更多的季度，看看付款人的保險進展如何，然後了解與腳本相關的一些動態，對吧？例如，我們在夏季是否需要注意一些季節性因素，或其他一些事情。因此，可能在 12 個月後的某個時候，我們可能會開始提供收入指導，因為我們的敏銳度漏斗是有問題的。

Thanks, guys. Congrats again.

多謝你們。再次恭喜。

Thanks, Eddie.

謝謝，艾迪。

Tim Lugo, William Blair.

提姆·盧戈，威廉·布萊爾。

Thanks for the question and congratulations on the great launch so far with the new payer contracts being signed and kicking in in Q1, do you expect the scrip ramp due to these contracts at all and food contracts impacted GPN at all in Q1?

感謝您提出問題，並祝賀到目前為止，新的付款人合約已簽署並在第一季度生效，您是否預計這些合約和食品合約會在第一季影響 GPN？

Maybe I missed it, but if you could provide any color cloud economics on these contracts are sort of we've thought on how these contracts will impact Q2, GTN?

也許我錯過了，但如果你能提供這些合約的任何彩色雲經濟學，我們會考慮這些合約將如何影響第二季度，GTN？

Yes, I'll start there and maybe Jeff can chime in on the gross to net impact here. I think that there's a lot of great news here in terms of building that coverage, getting a such a big commercial contract and making that progress towards building the commercial coverage this year. With that said, we do anticipate that should drive incremental utilization, but some of that is also offset by some of the headwinds we mentioned earlier.

是的，我將從這裡開始，也許傑夫可以在這裡插話一下整體影響和淨影響。我認為，在建立覆蓋範圍、獲得如此大的商業合約以及在今年建立商業覆蓋範圍方面取得進展方面，有很多好消息。話雖如此，我們確實預計這應該會推動利用率的提高，但其中一些也會被我們之前提到的一些不利因素所抵消。

Right. Q1 is always a difficult quarter on the plan reset. You have a lot of issues in terms of whether when practice when doctors aren't in the office are able to diagnose and treat these patients. And obviously, this is a product that's dependent on getting those new diagnoses and right. So I think that you're seeing is sort of an offsetting effort here where the contracts are going to drive incremental volume and utilization. But we are obviously, in the first quarter seeing some of those headwinds come to fruition with doctors being out of the practice for a multitude of reasons in the insurance impact that you see there as we progress the year, obviously, we should see continued improvements both in volumes and gross-to-net but I'll let Jeff speak more specifically to that.

正確的。第一季始終是計劃重置的困難季度。當醫生不在辦公室時，您是否能夠診斷和治療這些患者，這方面存在許多問題。顯然，這個產品依賴於獲得這些新的正確診斷。因此，我認為您看到的是一種抵消努力，合約將推動增量和利用率。但顯然，在第一季度，我們看到其中一些不利因素成為現實，醫生由於多種原因而停止執業，這對保險的影響，隨著我們今年的進展，顯然，我們應該看到持續的改進無論是數量還是總淨值，但我會讓傑夫更具體地談談這一點。

Yes, well said this is not much more to add. I think to your point, we do expect to see some improvement on the gross-to-net given some of these this coverage, but that will likely be offset by some of the headwinds that we talked about. Really the plans resetting the Medicare coverage gap and so we've guided to a flat to slightly higher gross-to-net discount just given some of those dynamics. But as he said, as time goes on, we still expect to have the broad commercial coverage by the end of this year with Medicare coming in in 2025 and ultimately ending it at 50% gross-to-net discount, say, say.

是的，說得好，這就沒什麼好補充的了。我認為就您的觀點而言，考慮到其中一些覆蓋範圍，我們確實預計總淨值會有所改善，但這可能會被我們談到的一些不利因素所抵消。事實上，這些計劃重置了醫療保險覆蓋範圍的差距，因此考慮到其中的一些動態，我們已經指導了持平或略高的毛淨折扣。但正如他所說，隨著時間的推移，我們仍然預計到今年年底將獲得廣泛的商業覆蓋，醫療保險將在 2025 年推出，並最終以 50% 的毛淨折扣結束。

Okay, great. Thank you.

好的，太好了。謝謝。

I'm showing no further questions at this time. I will now turn the call back to Bobby Azamian for closing remarks.

我目前沒有提出任何進一步的問題。現在，我將把電話轉回鮑比·阿扎米安 (Bobby Azamian)，讓其致閉幕詞。

I just wanted to thank everybody for joining us today. We're very proud of this strong first quarter, and we look forward to a steady build from here. So we really look forward to keeping everybody updated on our progress as we continue to pioneer new categories and eye care and beyond. Have a great day.

我只是想感謝大家今天加入我們。我們對第一季的強勁表現感到非常自豪，並期待從此開始穩步發展。因此，隨著我們繼續開拓新的類別和眼部護理及其他領域，我們非常期待讓每個人了解我們的最新進展。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。