Tarsus Pharmaceuticals Inc (TARS) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to Tarsus first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 Tarsus 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

At this time, I would like to turn the conference over to Mr. David Nakasone. Sir, please begin.

現在，我想將會議交給戴維·中曾根先生。先生，請開始。

Thank you. 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.

謝謝。在我們開始之前，我鼓勵大家前往 Tarsus 網站的投資者部分查看我們今天將要討論的收益報告和相關資料。

Joining me on the call this afternoon are Bobby Azamian, our Chief Executive Officer and Chairman; Aziz Mottiwala, our Chief Commercial Officer; Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer; and, joining us for the question-and-answer session, Sesha Neervannan, our Chief Operating Officer.

今天下午與我一起參加電話會議的還有我們的執行長兼董事長 Bobby Azamian；我們的商務長 Aziz Mottiwala；我們的財務長兼首席策略長 Jeff Farrow；我們的營運長 Sesha Neervannan 也參與了我們的問答環節。

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，其中包含我們的前瞻性陳述。在本次電話會議中，我們將根據我們目前的預期和信念做出前瞻性陳述。這些聲明受一定風險和不確定性的影響，我們的實際結果可能有重大差異。我鼓勵您查閱我們提交給美國證券交易委員會 (SEC) 的文件中的風險因素以獲取更多詳細資訊。

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

說完這些，我會把電話轉給 Bobby。

Thank you, Dave. Good afternoon, everyone, and thank you for joining us. 2025 is off to a tremendous start in terms of both patient impact and the exceptional sales growth of XDEMVY. I am pleased to share that in the first quarter, we generated more than $78 million in XDEMVY sales, a year-over-year increase of 217%, driven by approximately 72,000 bottles that were dispensed to patients.

謝謝你，戴夫。大家下午好，感謝大家的參與。 2025 年無論從病患影響或 XDEMVY 的優秀銷售成長來看，都是一個好的開始。我很高興地告訴大家，第一季度，我們 XDEMVY 的銷售額超過 7,800 萬美元，年增 217%，這得益於向患者分發了約 72,000 瓶藥物。

The results we have delivered to date demonstrate the impressive executional ability of our team to establish an entirely new market and foster its growth. They also highlight the difference and positive impact we can have on the millions of patients we aim to serve on our way to becoming an eye care leader. Aziz will provide more specifics on our commercial achievements this quarter, future plans for our innovative DTC campaign, and the team's ongoing efforts to build even more momentum.

我們迄今為止的成果證明了我們團隊在建立全新市場和促進其成長方面具有出色的執行能力。他們也強調了我們在成為眼科護理領導者的道路上所能為數百萬患者帶來的不同和正面影響。Aziz 將詳細介紹我們本季的商業成就、我們創新 DTC 活動的未來計劃以及團隊為進一步發展而做出的持續努力。

Having just come back from visiting doctors in Cincinnati, I wanted to share my personal perspective on how different it is to be in the field today versus a year ago or even a quarter ago. MDs and ODs are looking for more DB patients and beginning to prescribe XDEMVY across all DB patient segment of MGD, dry eye, cataracts, and contact lenses.

我剛從辛辛那提看完醫生回來，我想分享我的個人觀點，看看今天在這個領域工作與一年前甚至一個季度前有何不同。醫學博士和外科醫師正在尋找更多的 DB 患者，並開始為 MGD、乾眼症、白內障和隱形眼鏡等所有 DB 患者開出 XDEMVY 處方。

They are now fully empowered by the high-quality access we secured across all payer channels and our high-touch patient services that ensure patients can receive XDEMVY at a reasonable cost. And patients are beginning to ask about DV after seeing our unique and action-oriented DTC campaign. I also heard from several of the ECPs I visited that XDEMVY is one of the best advances they've seen in decades and has become their new standard of care.

現在，他們充分受益於我們在所有付款管道上確保的高品質存取以及我們高接觸患者服務，確保患者能夠以合理的成本接受 XDEMVY。在看到我們獨特且以行動為導向的 DTC 活動後，患者開始詢問有關 DV 的問題。我還從我拜訪過的幾位 ECP 那裡聽說，XDEMVY 是他們幾十年來見過的最佳進步之一，並已成為他們的新護理標準。

It is clear our growth drivers are having a significant impact, as our target physicians are rapidly moving from monthly to weekly to daily prescribing. And we strongly believe we are just beginning to scratch the surface on the maximum prescribing potential for all of our writers.

顯然，我們的成長動力正在產生重大影響，因為我們的目標醫生正在迅速從每月開藥轉變為每週開藥，再轉變為每天開藥。我們堅信，我們才剛開始發揮所有作家的最大處方潛力。

Now while our immediate focus remains on the US launch of XDEMVY, we are also continuing to explore the global potential of XDEMVY and pursuing our next category-creating opportunity, ocular rosacea. We recently presented meaningful new data at the American Society of Cataract and Refractive Surgery, or ASCRS, which showed that the high prevalence and significant impact of Demodex blepharitis in Japan is on par with the US.

現在，雖然我們的當務之急仍然是在美國推出 XDEMVY，但我們也在繼續探索 XDEMVY 的全球潛力，並尋求下一個創造類別的機會，即眼部酒渣鼻。我們最近在美國白內障和屈光手術協會（ASCRS）上公佈了有意義的新數據，顯示日本蠕形蟎瞼緣炎的盛行率和影響與美國相當。

That is, there are millions of people in Japan suffering from Demodex blepharitis and in need of XDEMVY. We are confident about the potential opportunity here and look forward to meeting with regulatory authorities in the second half of this year to determine our best path forward in this region.

也就是說，日本有數百萬人患有蠕形蟎瞼緣炎，需要XDEMVY。我們對這裡的潛在機會充滿信心，並期待今年下半年與監管機構會面，以確定我們在該地區的最佳道路。

We are also making great progress in Europe. As a reminder, due to the stellar clinical data and product profile of XDEMVY, the European Medicines Agency has stated we do not need to conduct a Phase 3 study. And we remain on track for potential European regulatory approval in 2027.

我們在歐洲也取得了巨大進展。提醒一下，由於 XDEMVY 擁有出色的臨床數據和產品特性，歐洲藥品管理局表示我們不需要進行第 3 階段研究。我們仍有望在 2027 年獲得歐洲監管部門的批准。

Turning to ocular rosacea. The more we learn about this pervasive and damaging eye disease, the more excited we are about its potential to be the next transformative category in eye care. We are consistently hearing from ECPs that they are seeing as much ocular rosacea in their practices as DB and that it may be even more impactful to their patients in terms of how they look, feel, and see.

轉向眼部酒渣鼻。我們對這種普遍存在且具破壞性的眼部疾病了解得越多，就越能感受到它有可能成為眼部護理領域的下一個變革性類別。我們不斷聽到 ECP 說，他們在實踐中看到的眼部酒渣鼻與 DB 一樣多，並且它可能對患者的外表、感覺和視力產生更大的影響。

Like DB, ocular rosacea is a large and underserved market that affects approximately 15 million to 18 million Americans, with the majority of cases caused by an infestation of Demodex mites. It can also be quickly and simply diagnosed in any standard eye exam by looking for inflammation and redness. And these are just a couple of the many parallels to Demodex blepharitis that give us great confidence in our ability to deliver another impactful therapeutic that targets the root cause of disease.

與 DB 類似，眼部酒渣鼻是一個龐大且服務不足的市場，影響著約 1500 萬至 1800 萬美國人，大多數病例是由蠕形蟎蟲感染引起的。在任何標準眼科檢查中，透過檢查發炎和發紅也可以快速簡單地診斷出來。這些只是與蠕形蟎蟲瞼緣炎的眾多相似之處中的幾個，這些相似之處使我們對提供另一種針對疾病根本原因的有效治療方法的能力充滿信心。

The potential medicine we are advancing is TP-04, a convenient sterile ophthalmic gel formulation of our best-in-class molecule, lotilaner. It is specifically designed to be used around the eye, and the ECPs we have spoken with are excited about this approach. We are accelerating this program as quickly as possible and remain on track to initiate a Phase 2 trial later this year.

我們正在推進的潛在藥物是 TP-04，這是我們同類最佳分子 lotilaner 的便捷無菌眼用凝膠製劑。它是專門設計用於眼睛周圍，我們交談過的 ECP 對這種方法感到很興奮。我們正在盡快加快這項計劃，並預計在今年稍後啟動第二階段試驗。

Finally, I'd like to highlight our recent equity financing, which secured approximately $135 million, no small feat in the current market environment. The significant support that our existing and new shareholders demonstrated through their participation in this upsized equity offering speaks to the confidence they have in the potential value of XDEMVY and our pipeline. These funds further strengthen our financial position and will enable us to continue to drive the growth of XDEMVY, potentially create another new category in ocular rosacea, and continue to advance our pipeline.

最後，我想強調我們最近的股權融資，該融資額約為 1.35 億美元，在當前的市場環境下這絕非易事。我們的現有股東和新股東透過參與此次增發股票表現出了大力支持，這表明他們對 XDEMVY 和我們產品線的潛在價值充滿信心。這些資金進一步增強了我們的財務狀況，使我們能夠繼續推動 XDEMVY 的成長，有可能在眼部酒渣鼻領域創造另一個新類別，並繼續推進我們的產品線。

There is clearly a lot to be excited about. We have a proven category-creating blueprint for success. We are advancing a pipeline of category-creating medicines that could potentially be the standard of care, and we believe that we are well positioned to achieve substantial and sustained revenue growth for years to come.

顯然有很多事情值得興奮。我們擁有經過驗證的成功品類創建藍圖。我們正在推動一系列可能成為治療標準的創新藥物，我們相信，我們已做好準備，在未來幾年實現可觀且持續的收入成長。

With that, I will turn the call over to Aziz.

說完這些，我將把電話轉給阿齊茲。

Thanks, Bobby. From the beginning, we have said category creation provides great opportunity. It also requires a tailored, custom-built strategy that delivers consistent and increasing growth through a surround sound approach of education, ease of access, and flawless execution, all of which we are delivering.

謝謝，鮑比。從一開始我們就說過，類別創造提供了巨大的機會。它還需要量身定制的策略，透過全方位的教育、便利的訪問和完美的執行，實現持續、不斷的成長，而所有這些，我們都在提供。

Our strong Q1 results exceeded our expectations even in the face of the typical headwinds like the annual resetting of deductibles and the impact of holidays and medical meetings. In the first quarter, approximately 72,000 bottles of XDEMVY were dispensed to patients, and we generated more than $78 million in net sales, a quarter-over-quarter growth of 18%.

即使面臨年度自付額重置以及假期和醫療會議的影響等典型不利因素，我們強勁的第一季業績仍然超出了我們的預期。第一季度，我們向患者分發了約 72,000 瓶 XDEMVY，淨銷售額超過 7,800 萬美元，環比成長 18%。

These results were principally driven by our recently expanded sales force, which is just beginning to demonstrate their ability to reach our target universe of prescribers more frequently and more effectively. Their efforts to drive awareness and change practice patterns have led to a profound shift in monthly to weekly prescribing.

這些結果主要得益於我們最近擴大的銷售隊伍，該隊伍剛開始展示其能夠更頻繁、更有效地接觸我們的目標處方者群體的能力。他們為提高認識和改變實踐模式所做的努力已經導致每月開藥到每週開藥的深刻轉變。

At the end of the first quarter, we saw an increase of approximately 110% in the number of ECPs, which is now in the thousands, writing more than one prescription per week compared to the end of Q3 of 2024. And we saw very similar increases in daily prescribing as well. This increase in routine prescribing clearly underscores the value of this first-in-class therapeutic and the importance of an optimized sales force.

與 2024 年第三季末相比，第一季末的緊急就診醫生數量增加了約 110%，目前已達數千人，每週開立的處方超過一張。我們也發現每日處方量也有類似的成長。常規處方的增加清楚地強調了這種一流療法的價值以及優化銷售團隊的重要性。

What's even more encouraging is knowing that while we made remarkable progress again this quarter, we still have millions more to serve. Our top prescribers say they haven't even come close to reaching their limits, and there are thousands more of our target ECPs who have the capacity to prescribe XDEMVY every week and every day.

更令人鼓舞的是，雖然本季我們再次取得了顯著進展，但我們仍有數百萬人需要服務。我們的頂級處方人員表示，他們甚至還沒有接近極限，而且有數千名目標 ECP 有能力每周和每天開出 XDEMVY。

Our success this quarter was also driven by broad commercial and Medicare coverage and the growing impact of our direct-to-consumer advertising campaign. We began the year with more than 90% of commercial and Medicare lives covered. This remarkable access has all but eliminated the most significant hurdle to physician adoption, and we are now seeing both an increase in ECP prescribing and patient access, particularly among Medicare patients.

我們本季的成功也得益於廣泛的商業和醫療保險覆蓋範圍以及直接面向消費者的廣告活動日益增強的影響力。今年年初，我們的商業和醫療保險覆蓋率已超過 90%。這種顯著的可及性幾乎消除了醫生採用的最大障礙，我們現在看到 ECP 處方和患者可及性都有所增加，特別是在醫療保險患者中。

We are also well on our way to making XDEMVY a household name, thanks to the impact of our innovative DTC campaigns, coupled with our surround sound approach to physician and patient education. In the first quarter, we expanded our effort from streaming platforms into network television, which increased the average weekly website visits by 140% in March 2025 compared to December 2024.

由於我們創新的 DTC 活動的影響，加上我們對醫生和病患教育的環繞聲方法，我們也正在順利地使 XDEMVY 成為家喻戶曉的品牌。第一季度，我們將業務範圍從串流平台拓展至網路電視，這使得 2025 年 3 月的每周平均網站訪問量與 2024 年 12 月相比增加了 140%。

We're also seeing thousands of patients taking the DB quiz every week. Given these strong results, we have a lot of optimism and confidence as we look to expand this effort even further through the end of the year.

我們也看到每周有數千名患者參加 DB 測驗。鑑於這些強勁的成果，我們充滿樂觀和信心，並期待在年底前進一步擴大這項努力。

As Bobby mentioned, we just came back from ASCRS and heard from several doctors that patients are starting to ask for XDEMVY by name. And while this is really exciting, keep in mind that every patient journey is different. And for the vast majority of patients, they typically need to see the ad multiple times, eventually make an appointment, and then, of course, fill the prescription.

正如 Bobby 所提到的，我們剛從 ASCRS 回來，聽幾位醫生說，病人開始指名要求使用 XDEMVY。雖然這確實令人興奮，但請記住，每個患者的旅程都是不同的。對於絕大多數患者來說，他們通常需要多次觀看廣告，最終進行預約，然後當然還要取藥。

As we look at the second quarter and step into the next phase of the launch, we are confident we'll begin to see even more benefits from the growth drivers we implemented last year, namely, first, the sales force. With essentially two quarters under their belts, they are just beginning to hit their stride.

當我們展望第二季並進入發布的下一階段時，我們相信我們將開始看到我們去年實施的成長動力帶來的更多好處，首先是銷售團隊。經過兩個季度的努力，他們才剛開始步入正軌。

Second, the benefits of broad access. With more than 90% of all lives covered, we have eliminated a major roadblock to access and expect to see an ongoing increase in patient volumes. Third, our action-oriented DTC campaign. Frequent airing on streaming and network TV supported by our digital and social efforts is meaningfully increasing website traffic and patient engagement.

第二，廣泛准入的好處。我們已經涵蓋了超過 90% 的人群，消除了就醫過程中的一個主要障礙，預計患者數量將持續增加。第三，我們以行動為導向的DTC活動。在我們的數位和社交努力的支持下，串流媒體和網路電視上的頻繁播出正在顯著增加網站流量和患者參與度。

And finally, our ongoing evidence generation as illustrated by the new data highlighting the global prevalence and real-world patient burden of DB and the recently presented MGD data in DB patients, which is expected to further drive utilization across all patient segments. With these in place, we have the confidence that we will continue delivering consistent and increasing growth in one of the fastest-growing categories and firmly establish our position as the next leader in eye care.

最後，我們正在不斷產生證據，新數據強調了 DB 的全球盛行率和現實世界患者負擔，以及最近在 DB 患者中呈現的 MGD 數據，預計這將進一步推動所有患者群體的利用率。有了這些，我們有信心繼續在成長最快的類別之一中實現持續、不斷的成長，並牢固確立我們作為眼部保健領域下一個領導者的地位。

I'll now turn it over to Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer, to discuss our financial results. Jeff?

現在我將把時間交給我們的財務長兼首席策略長傑夫法羅 (Jeff Farrow) 來討論我們的財務表現。傑夫？

Thanks, Aziz, and good afternoon, everybody. Tarsus' first-quarter performance reflected both our executional strength and our team's unwavering dedication and commitment to patients.

謝謝，阿齊茲，大家午安。Tarsus 第一季的表現反映了我們的執行力以及我們團隊對患者堅定不移的奉獻和承諾。

XDEMVY net product sales were $78.3 million, driven by approximately 72,000 bottles dispensed to patients and a gross to net discount of approximately 47%. As a reminder, we recognize revenue when XDEMVY is shipped from our warehouse to the distributors, not on bottles dispensed to patients.

XDEMVY 淨產品銷售額為 7,830 萬美元，其中向患者分發了約 72,000 瓶，毛淨折扣約為 47%。提醒一下，我們在 XDEMVY 從我們的倉庫運送到分銷商時確認收入，而不是在分發給患者的瓶子時確認收入。

Additionally, we ended the quarter with approximately 2.5 weeks of inventory in the channel, which is in line with previous quarters. The gross to net discount of approximately 47% reflects the excellent coverage we started the year with, as well as an adjustment to our estimate for the Medicare accrual for the fourth quarter of 2024.

此外，本季末，我們通路中的庫存約為 2.5 週，與前幾季持平。約 47% 的總淨折扣反映了我們今年年初的出色覆蓋範圍，以及 2024 年第四季醫療保險累積費用估計的調整。

This adjustment made in the first quarter resulted in a reduction of the discount of approximately 1% or approximately $1.5 million. Absent this adjustment, our gross to net discount for the first quarter would have been about 48%, which is in line with what we guided to on our previous earnings call. From a US GAAP perspective, gross to net accruals in any given quarter are based upon estimates that are trued up upon subsequent invoices and data received.

第一季做出的這項調整導致折扣減少約 1%，約 150 萬美元。如果沒有這項調整，我們第一季的毛利與淨利折扣率將約為 48%，這與我們在上次收益電話會議上的預測一致。從美國公認會計準則 (US GAAP) 的角度來看，任何特定季度的總額到淨額應計項目都是基於根據後續發票和收到的數據進行修正的估計值。

Continuing through the P&L, total operating expenses were approximately $104.6 million, an increase of $14 million compared to Q4 2024, which was driven primarily by XDEMVY direct-to-consumer advertising and other related commercial and marketing costs. Gross margins remained relatively flat and were approximately 93%.

從損益表中可以看出，總營運費用約為 1.046 億美元，與 2024 年第四季相比增加了 1,400 萬美元，這主要得益於 XDEMVY 直接面向消費者的廣告和其他相關的商業和行銷成本。毛利率保持相對平穩，約 93%。

While uncertain and evolving, we also believe that even if tariffs were to be implemented as currently rumored, they would have an insignificant impact to our gross margins on other expenses. For background, we have approximately two years of API in United States and several more years in Europe.

儘管存在不確定性和變化，但我們也相信，即使關稅如目前傳言的那樣實施，對我們其他費用的毛利率也不會產生顯著影響。背景是，我們在美國有大約兩年的 API，在歐洲有幾年的 API。

Additionally, XDEMVY is currently being filled and finished by a well-known contract manufacturer in Europe, and we are well into the process of bringing on a second contract manufacturer located in the United States.

此外，XDEMVY 目前正在由歐洲一家知名合約製造商進行填充和完成，並且我們正在順利引入位於美國的第二家合約製造商。

Importantly, as I noted earlier, we have strong gross margins. And like any other small molecule therapeutic or eye drop, XDEMVY manufacturing costs represent a very small part of our total cost of sales. Therefore, even if tariffs were imposed, we would not expect a material impact to the P&L given our low cost of goods.

重要的是，正如我之前提到的，我們的毛利率很高。與其他小分子治療藥物或眼藥水一樣，XDEMVY 製造成本僅占我們總銷售成本的一小部分。因此，即使徵收關稅，考慮到我們的商品成本較低，我們預計也不會對損益產生重大影響。

Moving to the balance sheet. We ended the first quarter with $407.9 million in cash and cash equivalents, which includes the $134.8 million from our recent equity raise. Echoing Bobby's comments, this oversubscribed and upsized financing demonstrates continued shareholder appreciation for XDEMVY's strong potential and importantly, their support for Tarsus.

轉到資產負債表。第一季結束時，我們的現金和現金等價物為 4.079 億美元，其中包括我們最近透過股權融資獲得的 1.348 億美元。與 Bobby 的評論相呼應，此次超額認購和增資表明股東對 XDEMVY 強大潛力的持續讚賞，更重要的是，他們對 Tarsus 的支持。

Turning to our performance aspirations. We continue to anticipate strong annual growth of XDEMVY, as our fully deployed sales force builds further momentum with ECPs, our DTC campaign encourages more and more patients to visit an ECP, and doctors moving from monthly to weekly to daily prescribing.

談談我們的績效願望。我們繼續預期 XDEMVY 的年度成長將保持強勁，因為我們全面部署的銷售隊伍透過 ECP 創造了進一步的發展勢頭，我們的 DTC 活動鼓勵越來越多的患者就診 ECP，醫生的開藥頻率也從每月到每週再到每天。

Looking specifically at the second quarter and factoring in the historical second-quarter headwinds of ECP conferences, holidays, and spring break, we remain confident XDEMVY will continue on its strong trajectory and expect the following.

具體來看第二季度，並考慮到 ECP 會議、假期和春假等歷史性第二季度逆風，我們仍然相信 XDEMVY 將繼續保持強勁發展軌跡，並期待以下內容。

Bottles dispensed to meaningfully increase compared to the first quarter and in the range of 85,000 to 90,000, and the gross to net discount is expected in the range of 45% to 47%. We also reiterate our expectation that we will likely see more modest revenue growth in the third quarter due to typical sector summer dynamics with stronger growth returning in the fourth quarter.

與第一季相比，銷售瓶數大幅增加，介於 85,000 至 90,000 瓶之間，預計總折扣與淨折扣在 45% 至 47% 之間。我們也重申我們的預期，由於典型的行業夏季動態，我們可能會在第三季度看到更溫和的收入成長，並在第四季度恢復更強勁的成長。

Moving to operating expenses. Given the early positive signals of our DTC advertising and Surround Sound campaigns, we have made the strategic decision to broaden our advertising efforts and increase our network spend even more. As a result, we now anticipate an increase in SG&A XDEMVY-related marketing costs of approximately $5 million to $10 million compared to the first quarter of 2025 as we amp up our DTC activities and spend with the goal of boosting this launch even further.

轉向營運費用。鑑於我們的 DTC 廣告和環繞聲活動早期發出的正面訊號，我們做出了擴大廣告力度並進一步增加網路支出的策略決策。因此，隨著我們加強 DTC 活動並增加支出以進一步推動此次發布，我們現在預計與 2025 年第一季相比，SG&A XDEMVY 相關的行銷成本將增加約 500 萬至 1000 萬美元。

We expect full-year 2025 DTC costs to be in the range of $70 million to $80 million, with the potential to add even more in the second half of the year if we continue to see strong signals the campaign is resonating with ECPs and patients. Additionally, as we noted on last quarter's call, in the second half of this year, we expect R&D expenses to increase with the planned initiation of the Phase 2 study of TP-04 in ocular rosacea. We continue to expect this study to cost between $7 million and $10 million, and the cost should be split between 2025 and 2026.

我們預計 2025 年全年 DTC 成本將在 7,000 萬至 8,000 萬美元之間，如果我們繼續看到該活動引起 ECP 和患者的強烈共鳴，那麼下半年的成本有可能進一步增加。此外，正如我們在上個季度的電話會議上指出的那樣，今年下半年，隨著 TP-04 治療眼部紅斑痤瘡的 2 期研究計劃啟動，我們預計研發費用將會增加。我們仍然預計這項研究的成本將在 700 萬美元至 1000 萬美元之間，並且成本應在 2025 年至 2026 年之間分攤。

In closing, we enter the second quarter of 2025 with a tremendous amount of momentum and strength, both operationally and fiscally. And we look forward to sharing more updates with you in the coming quarters.

最後，我們帶著巨大的動力和實力進入 2025 年第二季度，無論是在營運方面還是在財務方面。我們期待在接下來的幾個季度與您分享更多更新。

I will now turn the call back to Bobby for final remark.

現在我將把電話轉回給 Bobby 進行最後的發言。

Thank you, Jeff, and thank you all for making the time to join us today. As I said at the beginning, we have a lot to be excited about. We have a proven blueprint for success. XDEMVY is setting a new standard for product launches, and we have a strong financial position that enables us to continue driving the growth of XDEMVY and continue advancing a robust pipeline of other potential category-creating medicine.

謝謝傑夫，也謝謝大家今天抽出時間參加我們的活動。正如我在一開始所說的，我們有很多值得興奮的事情。我們擁有經過驗證的成功藍圖。 XDEMVY 正在為產品發布設立新標準，我們擁有強大的財務狀況，這使我們能夠繼續推動 XDEMVY 的成長，並繼續推進其他潛在類別創造藥物的強大管道。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

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

（操作員指示）Lachlan Hanbury-Brown，William Blair。

A couple of questions. I guess, first, you were talking about -- you have spoken in the past about meeting with the FDA to align on study design for both pipeline products. I just wanted to check, have you seen any disruptions? Have you been able to have those meetings or schedule them as you expected?

有幾個問題。我想，首先，您談到了——您過去曾談到與 FDA 會面以協調兩種管道產品的研究設計。我只是想檢查一下，你有沒有發現任何中斷？您是否能夠按照預期召開這些會議或安排這些會議？

And then second, on XDEMVY in this past quarter. With Medicare coming online, can you give a sense of how much of the volume of the prescribing is going to commercial versus Medicare patients at the moment?

其次，關於上個季度的 XDEMVY。隨著醫療保險上線，您能否透露一下，目前商業和醫療保險患者的處方量分別佔多少？

I'll take the first part of the first question with the pipeline. We are -- as you know, we are creating a new paradigm with our programs, especially with ocular rosacea with our blueprint of developing the new disease, new endpoints; and we are well on track to starting the trial in the second half of the year. And we are proceeding with every sense of urgency, as well as looking at the patient population and learning a lot from the physicians in the field of both the disease and the patients as well.

我將透過管道來回答第一個問題的第一部分。如你所知，我們正在透過我們的計畫創建一個新範式，特別是針對眼部酒渣鼻，我們制定了開發新疾病、新終點的藍圖；我們正在按計劃於今年下半年開始試驗。我們正在以緊迫感前進，同時關注患者群體，並從疾病和患者領域的醫生那裡學到很多東西。

And I'll just reiterate, Lachlan. To your question, we have not had any delays in our meeting schedule. So we have not seen the impact on our pipeline for your question.

我只想重申一遍，拉克蘭。對於您的問題，我們的會議日程沒有任何延誤。因此，我們尚未看到您的問題對我們的管道產生影響。

And then for the second part of that question, when you think about our script volume in the first quarter, it's a relatively equal split between Medicare and commercial prescriptions. I think the one thing to keep in mind is the Medicare coverage, the bulk of that came in activated in the first quarter.

對於該問題的第二部分，當您考慮第一季的處方量時，您會發現醫療保險和商業處方之間的分配相對均等。我認為需要記住的一件事是醫療保險覆蓋範圍，其中大部分是在第一季生效的。

So when you look at it versus, say, the fourth quarter, we definitely saw an increase in Medicare prescriptions. But as we look at the total volume of scripts, it's about equally split. And that's what we expected to see.

因此，當你將其與第四季度進行比較時，我們確實看到醫療保險處方數量增加。但當我們看一下劇本的總量時，我們發現它們的比例大致相等。這正是我們所期望看到的。

And the only other thing I'd add there is getting that coverage is a huge catalyst for us, and I think it's been a tremendous growth driver. If you look back, that's probably the one piece of feedback we receive from physicians, that that was one of the key barriers. And now that that's out of the way, I think we'd anticipate to see continued volume growth based on that great coverage.

我唯一要補充的是，獲得這種報道對我們來說是一個巨大的催化劑，我認為它是一個巨大的成長動力。如果你回顧一下，這可能是我們從醫生那裡收到的一條回饋，這是主要障礙之一。現在這個問題已經解決了，我認為基於如此廣泛的覆蓋面，我們有望看到銷量持續成長。

Andrea Newkirk, Goldman Sachs.

高盛的安德里亞紐柯克 (Andrea Newkirk)。

Aziz, I was just wondering if you could discuss the pushes and pulls that you're seeing to repeat prescribing, more specifically around your comments around the prescribers we're writing daily versus weekly versus monthly scripts.

阿齊茲，我只是想知道您是否可以討論一下您所看到的重複開藥的推拉因素，更具體地說，圍繞您對我們每天、每週或每月開藥的處方者的評論。

Absolutely. And that's been one of the great things to see as we've continued to accelerate this launch at the beginning of the year, that progression of doctors writing the product more frequently. And when I look at what the key drivers are there, I think there's a couple that are in the near-term that have really impacted particularly in the first quarter.

絕對地。隨著我們在年初繼續加速推出該產品，我們看到醫生越來越頻繁地編寫該產品，這是我們最高興的事情之一。當我研究其中的關鍵驅動因素時，我認為有幾個因素在短期內確實產生了影響，尤其是在第一季。

First would be the expanded sales force. Everyone recalls that we expanded the sales force late last year. They got off to a great start. They've done a phenomenal job.

首先是擴大銷售團隊。大家都記得，我們​​在去年年底擴大了銷售團隊。他們有了一個好的開始。他們做了出色的工作。

And with that said, I think having those repeat visits in front of those new customers for that expanded team is really starting to have that impact. And I think those repeat visits are resulting in further education, encouraging doctors to look across the different patient segment and expand their utilization. So that's going very well.

話雖如此，我認為對於擴大的團隊來說，在這些新客戶面前進行重複拜訪確實開始產生影響。我認為這些重複訪問會帶來進一步的教育，鼓勵醫生關注不同的患者群體並擴大他們的利用率。一切進展順利。

The second one, as I mentioned earlier, is the coverage. That was probably the biggest barrier we heard to deepening adoption when the doctor couldn't differentiate who had coverage and who didn't. Now with over 90% of lives covered, doctors can be a little bit more open in terms of who they're thinking about treating.

第二個，如我之前提到的，是覆蓋範圍。當醫生無法區分誰有保險、誰沒有保險時，這可能是我們聽到的深化採用的最大障礙。現在，超過 90% 的患者的生命都得到了保障，醫生在考慮治療哪些患者時可以更加開放。

And if you think about a particular segment -- say, you're a cataract patient, that's a heavy Part B patient, and we're able to address that segment more effectively now. So that's a real tangible example where we're hearing qualitatively doctors are starting to utilize XDEMVY more and more.

如果你考慮某個特定的群體——比如說，你是白內障患者，你就是重度 B 部分患者，我們現在能夠更有效地解決該群體的問題。這是一個真實存在的例子，我們聽到醫生開始越來越多地使用 XDEMVY。

So I think the key -- the two near-term drivers have been the sales force and -- sorry, the coverage. And then I think when we look at what's going to continue that going forward, I think there's still a lot more room for the sales force to continue to make amplification.

所以我認為關鍵——兩個近期的驅動力是銷售團隊和——抱歉，是覆蓋範圍。然後，我認為，當我們展望未來將繼續如何發展時，我認為銷售團隊仍然有很大的發展空間。

I think that the coverage is going to be a key driver. But also, we're seeing early indicators that DTC is having a positive effect. And also, as we mentioned earlier, we just came back from a major conference and doctors are also responding very nicely to the MGD data and other evidence that's out there.

我認為覆蓋範圍將成為關鍵驅動因素。但同時，我們也看到早期跡象顯示 DTC 正在產生正面影響。而且，正如我們之前提到的，我們剛剛參加了一個重要的會議，醫生們對 MGD 數據和其他證據的反應也非常好。

So real short way to think about this is near term, it's been the sales force and coverage. That's going to continue to ramp. And then on the back of that, we've got DTC and new data as well.

因此，真正簡短地思考這個問題的方法是短期的，那就是銷售團隊和覆蓋範圍。這一趨勢將會持續上升。在此基礎上，我們也獲得了 DTC 和新數據。

Yeah. And Andrea, I'd just give you some color from my interactions with doctors. I mean, they can't stress how amazed they are by the effect and overall profile of the medicine. I think that really drives them to look more and more because they see how well it works. And really, every patient they prescribe it to is what they tell us, and that motivates them to look more.

是的。安德里亞，我只是想根據我與醫生的互動情況給你一些資訊。我的意思是，他們無法強調他們對這種藥物的效果和整體概況有多驚訝。我認為這確實促使他們進行更多的觀察，因為他們看到了它的效果有多好。事實上，他們給每個病人開的藥都是他們告訴我們的，這激勵他們進行更多的研究。

And as Aziz mentioned, the evidence that we're going to generate will help them look even more. So we see only opportunity ahead in terms of that progression that Aziz described.

正如阿齊茲所提到的，我們將要提供的證據將有助於他們進行更深入的調查。因此，從阿齊茲所描述的進展來看，我們看到的只是機會。

Got it. And Bobby, maybe I could ask a follow-up there then. Just given the efficacy that the physicians are recognizing and observing here, to what extent are you then seeing retreatments happening? Has that started coming in in a more meaningful way than in previous quarters?

知道了。那麼 Bobby，也許我可以問一個後續問題。鑑於醫生們認可和觀察到的療效，您在多大程度上看到了再次治療的發生？與前幾季相比，這項變革是否開始變得更有意義？

Yeah. We're definitely hearing about it more and more. When I was in the field, I heard it from a lot of the offices that they're asking about when and how should I think about retreatment. Our sales force is able to talk them through the data that shows that by a year, about 40% of patients recur in the Phase 3 follow-up we had. And they're starting to see that themselves.

是的。我們確實越來越多地聽到有關它的消息。當我在現場時，我從許多辦公室聽到他們詢問我何時以及如何考慮重新治療。我們的銷售人員能夠向他們解釋數據，數據顯示，一年後，大約 40% 的患者在我們進行的第三階段追蹤中復發。他們自己也開始意識到這一點。

So I'll pass to Aziz to talk a little bit about how we see that going forward. But I do think that it's exactly as we suspected so far, and we do expect that to be a meaningful long-term growth driver for us.

因此，我將請阿齊茲稍微談談我們對未來的看法。但我確實認為，這正是我們迄今為止所猜測的，我們確實預計這將成為我們有意義的長期成長動力。

Yeah, and I can add a little bit more color. I think the first thing I always remind folks of is with any product, even chronic medications, adherence is pretty low. So to be successful, it's all about driving new patients, and we've got 25 million patients out there that we want to continue to drive diagnosis and treatment for those patients. That's really the core emphasis.

是的，我還可以添加一點顏色。我認為我總是提醒大家的第一件事是，對於任何產品，即使是慢性藥物，依從性都很低。因此，要獲得成功，關鍵在於吸引新患者，我們擁有 2500 萬名患者，我們希望繼續為這些患者提供診斷和治療。這確實是核心重點。

To Bobby's point, we do contemplate retreatments as a tailwind for us. And when you look at the IQVIA data today, you're seeing a high single-digit refill rate. And if you start to do a little bit of math and you impute patients that were treated, say, a year ago relative to the volumes today, you can assume that the actual retreatment rate is probably leading that or even higher than what you're seeing in the refill rate in IQVIA.

正如 Bobby 所說，我們確實認為撤退對我們來說是一種順風。當您查看今天的 IQVIA 數據時，您會看到較高的個位數補充率。如果您開始做一些數學計算，並將一年前接受治療的患者數量與今天的治療量進行比較，您可以假設實際的再治療率可能領先於甚至高於您在 IQVIA 中看到的補充率。

So a very positive trend. And I think that trend is what gives us confidence in reaffirming our estimate of about 20% annualized retreatment rates that we talked about before. And again, it looks really good and it's trending in the right direction.

這是一個非常積極的趨勢。我認為這種趨勢讓我們有信心重申我們之前談到的約 20% 的年化復診率估計。再說一次，它看起來確實很好，並且朝著正確的方向發展。

Pavan Patel, Bank of America.

美國銀行的帕萬‧帕特爾 (Pavan Patel)。

This is Pavan on for Jason Gerberry. First question is how is the feedback from the Orion registry and the combined Ersa and Rhea MGD data being received by eye care professionals? Are you seeing evidence that this new data is influencing prescribers' behavior or expanding use into specific patient segments such as dry eye?

這是 Jason Gerberry 的 Pavan。第一個問題是，眼科護理專業人員如何接收來自獵戶座登記處以及 Ersa 和 Rhea MGD 合併資料的回饋？您是否看到證據表明這些新數據正在影響處方者的行為或將其使用範圍擴大到乾眼症等特定患者群體？

And then the second question is regarding the upcoming Phase 2 trial for TP-04 in ocular rosacea. Can you share any details on the study design, primary endpoints, and patient population? Thank you.

第二個問題是關於即將進行的 TP-04 治療眼部酒渣鼻的 2 期試驗。您能分享有關研究設計、主要終點和患者族群的任何細節嗎？謝謝。

Yeah. Thanks for the question. I'll speak a little bit to the receptivity on the new data, and Sesha can speak to the pipeline developments here.

是的。謝謝你的提問。我將稍微談談對新數據的接受度，Sesha 可以談談這裡的管道發展。

I'd say that coming fresh off a conference, it's really exciting to see how doctors respond to the increasing base of evidence around the disease state and the product. I think when you look at the Orion registry, the real key takeaway there is that the vast majority, over 90% of patients, are symptomatic. And that's really prompting doctors to want to look more, look at the lid more and help identify more patients.

我想說，剛參加完會議，看到醫生對有關疾病狀態和產品的越來越多的證據做出反應，真是令人興奮。我認為，當你查看獵戶座登記冊時，真正的關鍵點是絕大多數（超過 90％）的患者都有症狀。這確實促使醫生想要進行更多觀察，更多地觀察眼瞼並幫助識別更多患者。

And then I think when you look at the Ersa and Rhea data, what we're hearing very clearly is that there's evidence now that shows that XDEMVY has impact on the constellation of symptom, as well as improving the oil secretions that are really important for eye health. And these two things combined really do two things.

然後我認為，當您查看 Ersa 和 Rhea 數據時，我們非常清楚地聽到的是，現在有證據表明 XDEMVY 對一系列症狀有影響，並且可以改善對眼睛健康非常重要的油脂分泌。這兩件事結合起來確實起到了兩件事的作用。

They help the doctor want to diagnose more, but then they start thinking about the types of patients. And they're not just thinking about their traditional DB patient. They're thinking about a dry eye patient. They're thinking about the impact of fluctuating vision, say, on a cataract patient or a contact lens intolerant patient. And they're also thinking about how they can incorporate this in their daily routine.

它們幫助醫生做出更多診斷，但隨後他們開始考慮患者的類型。他們不僅僅考慮傳統的 DB 患者。他們正在考慮一位乾眼症患者。他們正在考慮視力波動對白內障患者或隱形眼鏡不耐受患者的影響。他們也在思考如何將其融入日常生活中。

So the data is being received very well. It's still early. Data dissemination takes time. They have to see it and hear it multiple times, but the initial response is really positive. And in particular, with the doctors that have really increased their frequency of prescribing, they do look back and say, hey, I'm having multiple repeat visits with the rep. I'm hearing more and more about this great data, and that's really prompting me to look.

因此數據接收得很好。時間還早。數據傳播需要時間。他們必須多次觀看和聆聽，但最初的反應確實非常積極。特別是，對於那些確實增加了開藥頻率的醫生來說，他們會回頭說，嘿，我多次重複拜訪這位銷售代表。我聽到越來越多關於這些重要數據的消息，這確實促使我去研究。

Sesha, you want to talk about the pipeline?

Sesha，你想談談管道嗎？

Yeah. In terms of the ocular rosacea, as Bobby alluded to earlier, ocular rosacea is a highly prevalent disease. And more than 50% of those patients of the disease is actually caused by Demodex mite. So this is a great opportunity for us to create another category, and we have the potential to pioneer a standard of care for ocular rosacea.

是的。就眼部酒渣鼻而言，正如 Bobby 之前提到的，眼部酒渣鼻是一種非常流行的疾病。而該病患者中50%以上其實都是由蠕形蟎蟲引起的。因此，這對我們來說是一個創造另一個類別的絕佳機會，並且我們有潛力開創眼部紅斑痤瘡的護理標準。

And the key features of ocular rosacea are prominent blood vessels on the eye, on the lead areas surrounding the eye, and then erythema surrounding the eye. So those are the two features of ocular rosacea, which the physicians use to diagnose the disease. And those are the -- some of the objective measures that we are planning to look at in our trial.

眼部酒渣鼻的主要特徵是眼部、眼部周圍鉛區血管突出，以及眼部周圍出現紅斑。這就是眼部酒渣鼻的兩個特徵，醫生可以利用它們來診斷疾病。這些就是我們計劃在試驗中考察的一些客觀指標。

The size of the trial and how we're going to be looking at and all the details will come later this year as we get closer to starting the trial. But the endpoints and the measures that we are contemplating are also something that the FDA are in alignment with. So we are on a good track here.

試驗的規模、我們將如何看待以及所有細節將在今年稍後隨著試驗開始而公佈。但我們正在考慮的終點和措施也是 FDA 所認同的。因此，我們現在的進展順利。

Yeah. And I'd just highlight two points on ocular rosacea from some of the interactions we had in recent weeks with doctors. One is this is new. There's never been a medicine developed or trialed for ocular rosacea. So under Sesha's leadership, our team is diligently translating some of those important clinical findings into a robust clinical plan.

是的。根據我們最近幾週與醫生的一些互動，我只想強調有關眼部酒渣鼻的兩點。一是這是新的。從來沒有開發或試驗過用於治療眼部酒渣鼻的藥物。因此，在 Sesha 的領導下，我們的團隊正在努力將一些重要的臨床發現轉化為強而有力的臨床計畫。

And the other thing that I am just so encouraged about, the doctors, the ECPs, both MDs and ODs, are so enthusiastic for ocular rosacea. They are seeing it more and more now that they're looking at eyelids. And my assessment is that they're even more familiarized with ocular rosacea than they were with DB when we were at a similar stage.

另一件讓我感到鼓舞的事情是，醫生、ECP（包括醫學博士和外科博士）對眼部酒渣鼻非常熱衷。現在，當他們觀察眼瞼時，他們越來越多地看到這種情況。我的評估是，當我們處於類似階段時，他們對眼部酒渣鼻的了解甚至比對 DB 的了解還要多。

So I think this is an opportunity that really is a compelling one. It's hard to really state how big that is until we get out there and get data. But the -- as Sesha said, this looks and feels a lot like Demodex blepharitis, and it's another example, we think, of how Tarsus can pioneer a new category of medicine.

所以我認為這確實是一個非常有吸引力的機會。在我們到達那裡並獲取數據之前，很難真正說出它到底有多大。但是 — — 正如 Sesha 所說，這看起來和感覺起來很像蠕形蟎瞼緣炎，我們認為這是 Tarsus 如何開創新型醫學的另一個例子。

(Operator Instructions) Eddie Hickman, Guggenheim.

（操作員指示）艾迪·希克曼，古根漢。

When you think about providing guidance going forward, what are the potential factors, I guess, beyond the summer bumpiness where you have less visibility right now that might prevent you from accurately extrapolating volumes and price going forward?

當您考慮提供未來的指導時，我想，除了夏季的動盪（目前您對此了解不多）之外，還有哪些潛在因素可能會阻止您準確推斷未來的銷售和價格？

And then maybe I missed this, but you noted previously that you had already reached the target 15,000 docs and they are increasing their frequency of prescribing. But do you know how many more ECPs beyond that target have been reached? Thanks.

也許我錯過了這一點，但您之前提到過，您已經達到了 15,000 名醫生的目標，而且他們正在增加開藥的頻率。但您知道除了這個目標之外還實現了多少個 ECP 嗎？謝謝。

Hey, Eddie; it's Jeff. I'll take the first part of that question and then pass it over to Aziz. We look at the potential to provide guidance on a quarter-by-quarter basis.

嘿，艾迪；是傑夫。我將回答該問題的第一部分，然後將其交給阿齊茲。我們研究按季度提供指導的可能性。

I think the two factors that are really causing us pause and preventing us providing long-range guidance is, one, some of the impact of the DTC campaign, particularly the expanded network campaign. We want to make sure we get our arms around that and see what the impact of that is in the back half of this year.

我認為真正導致我們停下來並阻止我們提供長期指導的兩個因素是，第一，DTC 活動的一些影響，特別是擴展網路活動的影響。我們希望確保能夠掌握這一情況，並觀察其對今年下半年的影響。

Secondly, there's a lot of macro events going on as we speak, and we're keeping an eye on that. And we want to be thoughtful as we think about moving forward on that front as well. But we do make an assessment on a quarterly basis, whether we are going to move forward on the revenue guidance.

其次，我們正在談論很多宏觀事件，我們正在密切關注。當我們考慮在這方面取得進展時，我們也希望深思熟慮。但我們確實會按季度進行評估，看看我們是否會繼續推進收入預期。

Yeah. And then when it comes to the target prescribing base, certainly, it's grown beyond 15,000 in terms of the number of doctors that have utilized the product. With that said, we know that the vast majority of prescriptions, over 85% are likely going to come from that core 15,000. So we focus the efforts there and really focus our efforts on deepening the prescribing.

是的。然後，當談到目標處方基礎時，當然，就使用該產品的醫生數量而言，它已經超過了 15,000。話雖如此，我們知道絕大多數處方（超過 85%）可能都來自這 15,000 個核心處方。因此，我們將精力集中在那裡，真正集中精力深化處方。

And obviously, if it continues to grow, we have other mechanisms in which we can address that broader base. But when it comes to the sales force and the vast majority of our strategic efforts is on that core 15,000 audience and really moving the needle from that monthly to weekly, weekly to daily prescribing.

顯然，如果它繼續成長，我們還有其他機制來解決更廣泛的問題。但就銷售團隊而言，我們的絕大部分策略努力都集中在 15,000 名核心受眾身上，真正實現了從每月開藥到每週開藥、再到每天開藥的轉變。

Great. And as that increases, do you expect the level of stocking that you have in the channel to change at all?

偉大的。隨著庫存的增加，您是否預期渠道中的庫存水準會改變？

We don't anticipate that, Eddie. It's been hovering around 2 to 2.5 weeks consistently over the last five quarters. I think the pharmacies and distributors don't like to hold a large amount of inventory just given the pricing dynamics and managing their balance sheet. So we don't anticipate from a weekly basis that really evolving much beyond that 2.5 weeks.

我們沒想到這一點，艾迪。過去五個季度中，這一數字一直徘徊在 2 至 2.5 週左右。我認為，考慮到定價動態和資產負債表管理，藥局和經銷商不喜歡持有大量庫存。因此，我們預計從每週來看，2.5 週後的情況不會有太大變化。

Cory Jubinville, LifeSci Capital.

Cory Jubinville，LifeSci Capital。

Quick from us. Based off the Q1 numbers that we're seeing today, we're now looking at a run rate over $300 million and growing for XDEMVY, which is greater than 2024 OpEx. Obviously, spend is going to increase in 2025 as you increase that marketing spend, advance some of these additional clinical programs.

我們很快就能做到。根據我們今天看到的第一季數據，我們現在看到 XDEMVY 的運行率超過 3 億美元並且還在成長，這高於 2024 年的營運支出。顯然，隨著行銷支出的增加和一些額外臨床項目的推進，2025 年的支出將會增加。

But curious if you could add some commentary on total projected 2025 spend beyond that DTC campaign and maybe add some color about the potential to bridge to cash flow positivity following the recent equity raise. From your projections, can you achieve profitability with the current balance sheet?

但我很好奇，您是否可以對 DTC 活動之外的 2025 年預計總支出添加一些評論，或許還可以對近期股權融資後實現現金流正增長的潛力添加一些說明。根據您的預測，您能否透過目前的資產負債表來獲利？

Yeah, Cory; this is Jeff. We are anticipating OpEx to continue to grow, as we talked about, in terms of the DTC investment. And of course, there are certain variable costs as revenues go up, so do some of those costs, including cost of goods sold, obviously.

是的，科里；這是傑夫。正如我們之前所討論的，就 DTC 投資而言，我們預計營運支出將繼續成長。當然，隨著收入的增加，某些變動成本也會增加，其中部分成本也會增加，顯然包括銷售成本。

We have not provided long-range guidance in terms of when we might go cash flow positive. I'll highlight we're not opposed to going cash flow positive, but we are thinking about investments in the pipeline, including investments in ocular rosacea and such there.

我們尚未提供何時實現現金流為正的長期指導。我要強調的是，我們並不反對現金流為正，但我們正在考慮正在進行的投資，包括對眼部酒渣鼻等方面的投資。

So I think until we have -- are in a position to provide top-line revenue guidance, we're probably not going to provide any type of cash flow positive guidance either.

因此我認為，在我們能夠提供營收指引之前，我們可能也不會提供任何類型的現金流量正指引。

Got it. And maybe one for Aziz. So in the targeted streaming service DTC campaign that you had last year, you mentioned that there is potential to get some really powerful analytics regarding the conversion rates on certain profiles of patients. But it still seemed a bit too early at the time to start seeing those impacts.

知道了。也許還給阿齊茲一個。因此，在您去年開展的定向串流服務 DTC 活動中，您提到有可能獲得有關某些患者資料的轉換率的一些非常強大的分析數據。但當時似乎還為時過早，還沒有看到這些影響。

And today, you mentioned that the DTC campaign is driving that 140% increase to site traffic. I guess at this point, do you have a good sense of who the most responsive patients are to DTC campaigns? And if so, what does that patient profile look like?

今天，您提到 DTC 活動推動網站流量增加了 140%。我想此時此刻，您是否已經清楚了解哪些患者對 DTC 活動的反應最為正面？如果是的話，患者的資料是什麼樣的？

Yeah, it's a great question, Cory. So I think when we did the streaming, we got -- we did get a lot of great insights. And an example or two of that is we got a good understanding of who -- what our demographic likes to watch, what programs they respond well to, when is the ideal time to run an ad, for instance.

是的，這是一個很好的問題，科里。所以我認為，當我們進行串流媒體時，我們確實獲得了很多很棒的見解。舉一兩個例子，我們很好地了解了我們的目標人群喜歡看什麼節目，他們對哪些節目反應良好，以及什麼時候是投放廣告的理想時間。

We also learned which of the activities really lead to eventual prescription. So we highlighted earlier on our prepared comments, increased in the number of website visits and quizzes, those correlate nicely to prescription volumes. So it gave us a lot of insights on where to place our bets.

我們也了解了哪些活動真正導致了最終的處方。因此，我們先前在準備好的評論中強調，網站訪問量和測驗次數的增加，與處方量有很好的相關性。因此，它為我們提供了關於在哪裡下注的許多見解。

And when you think about the typical patient, as you can imagine, it's going to mirror how we saw the coverage evolve. So there's your mid-40s patient that got commercial coverage that's active. Their eye sight is integral to their day-to-day activities. They're going to want to make an appointment because they want perfect vision.

當你想到典型的病人時，你可以想像，它將反映出我們看到的覆蓋範圍是如何演變的。因此，您的 40 多歲患者獲得了有效的商業保險。他們的視力對於他們的日常活動至關重要。他們想要預約，因為他們想要完美的視力。

They're going in there. They want to have the ability to wear their contact lenses, be able to be at work, and be able to have clear vision during the day. And things like blepharitis obviously get in the way.

他們要進去。他們希望能夠佩戴隱形眼鏡，能夠工作，並且能夠在白天擁有清晰的視力。而像瞼緣炎這樣的疾病顯然會造成阻礙。

And then the other demo that's really opened up with Medicare coverage is that 60-plus person who is potentially going in for cataract surgery and really wants to enjoy high-quality vision and a great quality lifestyle. And of course, we know that Demodex blepharitis increases as you age in terms of the prevalence.

醫療保險覆蓋的另一個真正開放的群體是 60 歲以上的人，他們可能會接受白內障手術，並真正希望享受高品質的視力和高品質的生活方式。當然，我們知道，隨著年齡的增長，蠕形蟎蟲瞼緣炎的發生率也會增加。

So those are the two patient types we think are the two consumer types we think about. And with the learnings we've had, we've really been able to tailor our programming choices specifically to those demographics. So I think that's performing well, and that's really informed our approach to deploying the money we are into DTC.

所以，我們認為這兩種患者類型就是我們考慮的兩種消費者類型。透過所學到的知識，我們確實能夠根據這些人群的特徵來客製化我們的程式選擇。所以我認為這表現良好，並且這確實指導了我們將資金投入 DTC 的方法。

Yeah. And Cory, this is Bobby. Just one other bit of feedback that's beyond the analytics. I know our team is going to be very data-driven and looking for great return on investment here as we're seeing. But when we got in front of doctors, I heard something, I think, powerful that when doctors started now talking to patients about XDEMVY and DB, they said, I've heard of this.

是的。科里，這是鮑比。這只是超出分析範圍的另一點回饋。我知道我們的團隊將非常注重數據，並尋求豐厚的投資回報。但是當我們站在醫生面前時，我聽到了一些我認為很有影響力的消息，當醫生開始與患者談論 XDEMVY 和 DB 時，他們說，「我聽說過這個」。

And that's a change. That's a real educational change that we've seen and heard over the last few months with this ad now playing. So we're creating a new category; and patient education is a key growth driver, as we've mentioned.

這就是一個改變。這是我們在過去幾個月裡透過播放這則廣告所看到和聽到的真正的教育變化。所以我們正在創建一個新的類別；正如我們所提到的，患者教育是關鍵的成長動力。

Thank you. I'm showing no additional questions in the queue at this time. Ladies and gentlemen, this concludes the program. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。目前隊列中沒有顯示其他問題。女士們、先生們，本次節目到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。