Tarsus Pharmaceuticals Inc (TARS) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Tarsus 3rd quarter 2025 financial results conference call. (Operator Instructions). At this time I would like to send a call over to David Nakassoni, head of investor relation, to lead off the call. David, you may begin.

下午好，歡迎參加 Tarsus 2025 年第三季財務業績電話會議。（操作說明）此時，我想請投資者關係主管大衛‧納卡索尼​​ (David Nakassoni) 主持電話會議。大衛，你可以開始了。

Thank you. Before we begin, I encourage everyone to visit the investor section of the Tarsus website to view the earnings release and related materials we will be discussing today. Joining me on the call this afternoon, Ana, Auda Zamian, our Chief Executive Officer and Chairman, Aziz Mattawala, our Chief Commercial Officer, and Jeff Farrow, our Chief Financial Officer and Chief Strategy Officer.

謝謝。在開始之前，我鼓勵大家造訪 Tarsus 網站的投資者關係部分，查看我們今天將要討論的收益報告和相關資料。今天下午與我一起參加電話會議的有：執行長兼董事長 Auda Zamian、商務長 Aziz Mattawala 以及財務長兼首席策略長 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. With that, I'll turn the call over to Bobby.

請大家注意第 3 頁投影片，其中包含我們的前瞻性聲明。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一些前瞻性陳述。這些聲明存在一定的風險和不確定性，我們的實際結果可能與此有重大差異。我建議您查閱我們向美國證券交易委員會提交的文件中所列的風險因素，以了解更多詳情。這樣，我就把電話交給鮑比了。

Good afternoon and thank you for joining us.

下午好，感謝各位的參與。

This quarter, Tarsus delivered exceptional results that continue to raise the bar for what a successful product launch looks like. XEV is now one of the best-selling prescription eye drops in the market, setting a new benchmark for launch performance across the pharmaceutical industry. We delivered more than 103,000 bottles of XMV to patients and recognized approximately $119 million in net revenue.

本季度，Tarsus 取得了卓越的成績，並不斷提高成功產品發布的標準。XEV 現已成為市場上最暢銷的處方眼藥水之一，為整個製藥行業的上市表現樹立了新的標竿。我們向患者交付了超過 103,000 瓶 XMV，並確認了約 1.19 億美元的淨收入。

These results reflect the strength of our category creating blueprint, the increasing physician engagement, and the profound impact we are having on patients. What's more, we strongly believe we are just scratching the surface on the full potential of this launch. More than 20,000 doctors have already prescribed extey. And once they see successful patient outcomes, they start proactively looking for more patients they can help, broadening utilization across multiple patient segments and bringing us closer to our goal of serving millions of patients.

這些結果反映了我們創建類別藍圖的優勢、醫生參與度的提高以及我們對患者的深遠影響。此外，我們堅信，我們目前僅僅挖掘了此次發布會的全部潛力的冰山一角。已有超過2萬名醫生開立了Extey處方。一旦他們看到患者取得了良好的治療效果，他們就會開始積極尋找更多可以幫助的患者，從而擴大在多個患者群體中的應用範圍，使我們離服務數百萬患者的目標更近一步。

Not only are we seeing this in the numbers, we hear it directly from eyecare professionals or ECPs. Recently I was at two of the most impactful medical meetings in eye care, the American Academy of Optometry and the American Academy of Ophthalmology.

我們不僅從數據中看到了這一點，而且還直接從眼科護理專業人員（ECP）那裡聽到了這一點。最近我參加了眼科領域兩個最具影響力的醫學會議：美國驗光學會和美國眼科學會。

Three key themes stood out. First, ECPs consistently described XMV as one of the most meaningful therapeutic advances in eye care in decades. Second, even our top prescribers say they haven't come close to reaching their full potential. And third, doctors are changing their practice patterns and broadening their use of XEI across a wider range of patients, particularly in light of our recent mybomian gland disease data in Demoex blephritis patients.

三個關鍵主題特別突出。首先，眼科醫師一致認為 XMV 是近幾十年來眼科治療領域最有意義的進展之一。其次，即使是我們最優秀的處方醫生也表示，他們還沒有充分發揮自己的潛力。第三，醫生們正在改變他們的診療模式，並將 XEI 的使用範圍擴大到更廣泛的患者群體，特別是考慮到我們最近在 Demoex 瞼緣炎患者中發現的肌板腺疾病數據。

That data has been a catalyst for them to look more proactively for Demodex plephritis or DB across patients coming in for complementary conditions like dry eye, cataracts, and contact lens intolerance. That 3rd points hits very close to home as both of my parents were prescribed extent after recent visits for two different conditions. My dad came in for a cataract surgery and my mom with a stye.

這些數據促使他們更加積極主動地尋找因乾眼症、白內障和隱形眼鏡不耐受等伴隨疾病前來就診的患者是否患有蠕形蟎性腎炎或 DB。第三點讓我感同身受，因為我的父母最近因兩種不同的疾病就診後都被開了止痛藥。我爸爸來做白內障手術，我媽媽來做麥粒腫手術。

During their visits, they were both diagnosed with DB. This expanding clinical recognition is being further amplified by our direct to consumer or DTC efforts which are bringing new patients into offices, many of whom are asking for exten by name. With patients proactively asking to be screened for DB, broad access, and a best in class platform in Salesforce, these strong tailwinds are propelling the next frontier of growth, and we are just getting started.

在就診期間，他們兩人都被診斷出患有DB。這種不斷擴大的臨床認可度，正透過我們直接面向消費者（DTC）的努力進一步提升，這些努力正在為診所帶來新患者，其中許多患者都要求使用延長線。由於患者主動要求進行 DB 篩檢，加上廣泛的准入機會以及 Salesforce 的一流平台，這些強勁的順風正在推動下一個成長前沿，而我們才剛剛起步。

Aziz and Jeff will share more proof points later in the call, but suffice it to say we are very pleased with the ongoing depth of adoption across multiple DB patient segments. Turning to our pipeline, the progress we've built with ExMV gives us tremendous confidence in the trajectory of our next potential category creating opportunity, ocular rosacea. This is yet another area of uncharted territory that ECPs emphatically told us was a significant area of unmet need. Listening and working closely with ECPs to fully understand the needs of the patients has been foundational to our success at Tarsus, and that partnership is guiding the design of our phase 2 trial which we plan to initiate by year's end.

Aziz 和 Jeff 將在稍後的電話會議中分享更多證據，但總而言之，我們對多個 DB 患者群體中持續深入的採用感到非常滿意。展望我們的產品線，我們在 ExMV 領域的進展讓我們對下一個潛在的品類創造機會——眼部玫瑰痤瘡——的發展軌跡充滿信心。這是另一個未知的領域，早期兒童保健從業人員明確告訴我們，這是一個亟待滿足的重大需求領域。傾聽並與急診醫生密切合作，充分了解患者的需求，是我們 Tarsus 取得成功的基礎，這種合作關係正在指導我們計劃在年底前啟動的 2 期試驗的設計。

Additionally, we see ample opportunity to explain globally, including in Europe and Japan, and to advance our Lyme disease prevention program, which represents yet another opportunity for category creation. We have built remarkable momentum and as you will hear from Jeff, we continue to outperform the eye care market, and we believe Tarsus is positioned to become the next leader in eye care.

此外，我們看到了在全球範圍內（包括歐洲和日本）進行宣傳推廣的充足機會，並推進我們的萊姆病預防計劃，這代表著另一個創造新類別的機會。我們已經累積了顯著的發展勢頭，正如您將從傑夫那裡聽到的那樣，我們持續超越眼科護理市場，我們相信 Tarsus 有潛力成為眼科護理領域的下一個領導者。

I am so proud of our team for setting a new standard in treating Dominic plephritis, and we're applying that same innovation mindset to conditions that have been underserved for far too long. We know what it takes to create a market, shift behavior, and deliver long-term value, and this is just the beginning. As we look ahead into 26 and beyond, we expect this powerful momentum to carry forward as we continue to expand our pipeline and increase our impact, setting us up for years of potential tremendous growth.

我為我們的團隊在治療多明尼克腎炎方面樹立了新的標準而感到無比自豪，我們將同樣的創新思維應用於長期以來未充分治療的疾病。我們知道如何創造市場、改變行為並創造長期價值，而這只是個開始。展望 2026 年及以後，我們預計這種強勁勢頭將繼續保持，我們將繼續擴大產品線並擴大影響力，為我們未來幾年的巨大成長奠定基礎。

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

接下來，我將把電話交給阿齊茲。

Thanks Bobby. Echoing Bobby's comments, it's incredible to see our evolution and truly inspiring to know we've helped nearly 400,000 patients with Exteny, and we're just getting started. With an estimated 25 million Americans living with Demidex buffyritis, we believe we've only just begun to unlock the full potential of extending.

謝謝你，鮑比。正如鮑比所說，看到我們的發展令人難以置信，得知我們已經用 Exteny 幫助了近 40 萬名患者，這真的令人鼓舞，而且我們才剛剛起步。據估計，有 2500 萬美國人患有 Demidex 淋巴細胞增多症，我們相信我們才剛開始釋放 Demidex 淋巴細胞增多症的全部潛力。

As more physicians move from monthly to weekly and from weekly to daily prescribing, we're seeing a true waterfall of utilization that demonstrates increasing confidence and expanding reach across patients. I'll share more specific metrics in a moment, but the traction we're seeing gives us great confidence in the durability and scale of this launch and the blockbuster plus potential of XM.

隨著越來越多的醫生從每月開藥改為每週開藥，再從每週開藥改為每日開藥，我們看到了真正的用藥量瀑布式增長，這表明醫生們越來越有信心，並且正在擴大對患者的覆蓋範圍。稍後我會分享更具體的指標，但我們目前看到的進展讓我們對此次發布的持久性和規模以及 XM 的巨大潛力充滿信心。

In the third quarter, we recognized approximately $119 million in net sales and delivered more than 103,000 bottles to patients, both up double-digits from the second quarter. That kind of growth really stands out in a quarter when most eye care products experience softer volumes, as evidenced by the sequential declines in new prescriptions seen across several other branded interior segment medicines. Our results this quarter reflect not only strong execution, but continued validation from the field, a sign that Extenbi is becoming a trusted part of daily eye care practice.

第三季度，我們確認了約 1.19 億美元的淨銷售額，並向患者交付了超過 103,000 瓶藥品，這兩項數據均比第二季度實現了兩位數的增長。在大多數眼科護理產品銷售疲軟的季度裡，這種成長尤為突出，其他幾個品牌內科藥物的新處方量也出現了連續下降。本季業績不僅反映了強勁的執行力，也反映了來自業界的持續驗證，這表明 Extenbi 正在成為日常眼科護理實踐中值得信賴的一部分。

So let's get into the details. Last quarter, we shared that more than 20,000 eyecare professionals have now prescribed Xmity and that approximately 5,000 were prescribing weekly. This quarter, I'm thrilled to say that the number of weekly writers has increased by approximately 20% and the number of ECPs prescribing more than once a week has increased by approximately 30%.

那麼讓我們深入了解一下細節。上個季度，我們分享了超過 20,000 名眼科專業人員已開立 Xmity 處方，其中約有 5,000 名每週開立處方。本季度，我很高興地宣布，每週撰稿的人數增加了約 20%，每週開藥超過一次的 ECP 人數增加了約 30%。

This significant prescribing depth highlights how effectively STEMB is being integrated into changing practice patterns. Underpinning this increased utilization is an easy to diagnose disease a best-in-class therapy, exceptional patient access and affordability, and educational efforts that are empowering patients to ask for SEI and ECPs to screen every patient.

這種顯著的處方深度凸顯了 STEMB 如何有效地融入不斷變化的實踐模式中。推動這一利用率上升的因素包括：疾病易於診斷、一流的治療方法、卓越的患者可及性和經濟性，以及旨在鼓勵患者要求進行性腺功能不全 (SEI) 和緊急避孕 (ECP) 篩檢的教育措施。

ECPs continue to tell us the same thing. Exemy is one of the biggest eye care breakthroughs in the past two decades. That comes down to two key factors. First, XED delivers outstanding clinical results, and second, our high-quality access is making it easier for them to prescribe and streamlining access for patients with many paying less than $30.

緊急護理人員一直告訴我們同樣的話。Exemy是近二十年來眼科治療領域最重大的突破之一。這主要取決於兩個因素。首先，XED 提供了卓越的臨床效果；其次，我們高品質的取得途徑使醫生更容易開處方，並簡化了患者的獲取途徑，許多患者支付的費用不到 30 美元。

We're equally as excited about our DTC campaign. It's delivering a positive return on investment that continues to grow. Furthermore, we've seen a 90% increase in extenbi.com website visits and a 42% relative growth in unaided awareness since last quarter. This engagement and awareness are correlating to more op visits, more physician diagnosis, and more patients receiving XM.

我們對DTC行銷活動同樣感到興奮。它帶來了持續成長的正面投資回報。此外，與上一季相比，extenbi.com 網站的訪問量增加了 90%，用戶認知度相對增長了 42%。這種參與度和意識的提高與更多的門診就診、更多的醫生診斷以及更多接受 XM 治療的患者相關。

We're also seeing a positive trend in retreatment behavior which is steadily building. More than 10% of weekly prescriptions are now refills, and that number climbs into the mid to high 10s amongst the earliest patient cohorts. While ECPs report the consistent efficacy they see with XEV, we know that mites can return over time, and as many ECPs are now beginning to set clear expectations that XEV is part of long-term patient management, we continue to expect retreatments will stabilize around 20% over time, providing another important contributor to our sustainable and strong growth.

我們也看到復治行為呈現正向趨勢，並且正在穩定成長。每週處方中超過 10% 是續方，而最早一批患者群體中，這一數字攀升至 10% 以上。儘管 ECP 報告稱他們使用 XEV 後獲得了持續的療效，但我們知道蟎蟲會隨著時間的推移而復發，而且由於許多 ECP 現在開始明確表示 XEV 是長期患者管理的一部分，我們仍然預計隨著時間的推移，再治療率將穩定在 20% 左右，這將為我們可持續的強勁增長提供另一個重要的貢獻因素。

This kind of momentum gives us real conviction that we're building one of the best launches in history. When you zoom out, our progress is striking. Demat plephyritis is now recognized as a mainstream condition. Physicians are screening for DB more broadly and treating more confidently across the various patient segments.

這種勢頭讓我們堅信，我們正在打造歷史上最成功的產品發布之一。當你把視角拉遠，我們的進步是驚人的。嗜酸性粒細胞性脈管炎現已被公認為一種常見疾病。醫生們正在更廣泛地篩檢DB，並更有信心在各個患者群體中進行治療。

Retreatment is growing as the Demy becomes part of ongoing care, and Tarsus has established a new standard in eye health. Our commercial engine is firing on all cylinders with awareness driving diagnosis driving treatment, and positive treatment outcomes reinforcing confidence. It's a virtuous cycle fueling Extebi's path to our expectation of Blockbuster plus success.

隨著 Demy 成為持續護理的一部分，再治療的需求也在增長，而 Tarsus 則為眼部健康樹立了新的標準。我們的商業引擎運作良好，意識提升推動診斷，進而推動治療，積極的治療結果增強了信心。這是一個良性循環，推動著 Extebi 朝著我們期望的 Blockbuster 級成功邁進。

In closing, I want to thank our incredible sales team. Their focus in execution is constantly setting a new bar and has been a key driver of our success. It's one of the largest and most experienced teams in ICAR, and as Bobby mentioned earlier, it's just the beginning.

最後，我要感謝我們優秀的銷售團隊。他們在執行上的專注不斷樹立新的標桿，這也是我們成功的關鍵驅動力。這是 ICAR 中規模最大、經驗最豐富的團隊之一，正如 Bobby 之前提到的，這只是個開始。

With that, I'll turn it over to Jeff to walk through our financials and pipeline updates. Jeff.

接下來，我將把發言權交給傑夫，讓他來介紹一下我們的財務狀況和專案進度。傑夫。

Thanks, Aziz. Q3 was another tremendous quarter with Xtenity generating $118.7 million in net product sales. To put a finer point on our results, we delivered double-digit growth in both prescription volumes and revenues in what is Aziz mentioned, is typically a softer quarter across eye care due to holidays, vacations, and fewer office visits.

謝謝你，阿齊茲。第三季又是業績斐然的季度，Xtenity 的淨產品銷售額達到 1.187 億美元。為了更清楚地說明我們的業績，我們在處方量和收入方面都實現了兩位數的成長。正如 Aziz 所提到的，由於假日、假期和就診人數減少，眼科護理行業通常會在這個時候進入淡季。

In the third quarter, we shipped more than 107,000 bottles to distributors and dispense more than 103,000 bottles of extendee to patients.

第三季度，我們向分銷商運送了超過 107,000 瓶藥品，並向患者分發了超過 103,000 瓶藥品。

Above the top end of our guidance. Distributor inventory levels remain steady at around 2.5 weeks. As a reminder, we recognize revenue when extenity is shipped from our warehouse to the distributors, not when bottles are dispensed to patients. Our gross the net discount was 44.7% in line with the top end of our guidance and essentially flat to Q2.

高於我們指導範圍的上限。經銷商庫存水準保持穩定，約 2.5 週。再次提醒，我們確認收入的時間為藥品從我們的倉庫發往分銷商之時，而不是藥品分發給患者之時。我們的毛利率淨折扣為 44.7%，符合我們預期的上限，與第二季基本持平。

Driven by two main factors. One, an adjustment to our accrual estimate for the Medicare manufacturers' Discount Program, or MDP, which was implemented earlier this year and added approximately 0.7% to the discount. And 2, we saw an increase in Medicare patients entering the catastrophic category of coverage where manufacturers bear a greater share of costs, a dynamic we expect to continue through year end.

主要受兩大因素驅動。第一，我們調整了醫療保險製造商折扣計劃（MDP）的應計估算值，該計劃於今年早些時候實施，使折扣增加了約 0.7%。第二，我們看到越來越多的醫療保險患者進入災難性醫療保障類別，製造商承擔更大比例的費用，我們預計這種趨勢將持續到年底。

Importantly, this gross to net performance reflects broad coverage and rising demand across a broader set of patients, especially Medicare patients, a key indicator of healthy, sustainable growth. It's clear our growth drivers are working in harmony, resulting in steady weekly prescription gains driven largely by new patient starts.

重要的是，這種毛利淨利比反映了更廣泛的患者群體（尤其是醫療保險患者）的廣泛覆蓋和不斷增長的需求，這是健康、可持續增長的關鍵指標。很明顯，我們的成長動力正在協同作用，從而實現了每週處方量的穩定增長，這主要得益於新患者的加入。

For the 4th quarter, we expect extend the net product sales to be in the range of $140 million to $145 million. While we continue to expect increases in weekly dispenses as compared to Q3, it is important to remember that 4th quarter demand is affected by several major conferences and holidays.

我們預計第四季淨產品銷售額將達到 1.4 億美元至 1.45 億美元。雖然我們仍然預計每週的配藥量將比第三季度增加，但需要注意的是，第四季度的需求將受到幾個重大會議和假日的影響。

Our Q4 guidance represents annual revenue of $440 million to $445 million an amazing accomplishment at this stage in the launch. We also expect inventory levels to be consistent with Q3 at about 2.5 weeks. Gross to net discounts to be in the range of 43% to 45%, driven by ongoing Medicare mixed dynamics. Looking beyond 2025, we expect the gross to net discount to stabilize in a similar range.

我們預計第四季年收入將達到 4.4 億美元至 4.45 億美元，在產品上市的現階段，這是一個了不起的成就。我們也預計庫存水準將與第三季保持一致，約為 2.5 週。受醫療保險持續複雜動態的影響，毛利與淨利利的折扣幅度將在 43% 至 45% 之間。展望 2025 年以後，我們預期毛利與淨利比將穩定在類似的範圍內。

We are also expecting Q4 operating expenses to be higher than Q3, reflecting variable costs tied to increased volumes and demand. And an increase in our quarterly DTC investment, bringing our full year DTC investment to the top end of our provided range of $70 to $80 million.

我們也預期第四季度營運費用將高於第三季度，這反映出與銷售和需求增加相關的變動成本。此外，我們還增加了季度 DTC 投資，使我們全年 DTC 投資達到我們設定的 7,000 萬至 8,000 萬美元範圍的上限。

Now turning to our pipeline, progress continues across all programs. We remain on track to initiate the phase 2 study for KPO 4 for ocular rosacea this year, with topline data anticipated in 2026.

現在來看我們的研發項目，所有項目都在持續進行中。我們仍按計劃於今年啟動 KPO 4 治療眼部玫瑰痤瘡的 2 期研究，預計將於 2026 年獲得初步數據。

We are excited about the potential to bring another category creating medicine to millions of underserved patients. We anticipate beginning a phase 2B study for TPO 5, our oral on-demand prophylactic for the potential prevention of Lyme disease in 2026.

我們很高興有機會為數百萬服務不足的患者帶來另一種開創性的藥物。我們預計將於 2026 年開始 TPO 5 的 2B 期研究，TPO 5 是一種按需口服的預防萊姆病的藥物。

And we're continuing to evaluate strategic options, including partnerships that will enable us to advance the program efficiently and maximize long-term value. Likewise, we remain on track with international progress. Discussions with regulators in Japan are ongoing, and our preservative free formulation in Europe remains on track.

我們將繼續評估各種策略選擇，包括能夠幫助我們高效推進專案並最大限度實現長期價值的合作夥伴關係。同樣，我們在國際發展方面也保持著良好的勢頭。我們與日本監管機構的討論仍在進行中，我們在歐洲的無防腐劑配方也仍在按計劃進行。

For expected submission in 2026 with potential approval in 2027. Both represent sizable markets with significant unmet need and we're considering flexible commercial strategies from direct sales by Tarsus to partner models leveraging third-party distribution.

預計將於 2026 年提交，並有可能在 2027 年獲得批准。兩者都代表著規模龐大的市場，存在著巨大的未滿足需求，我們正在考慮靈活的商業策略，從 Tarsus 的直接銷售到利用第三方分銷的合作夥伴模式。

In summary, Q3 was another momentum building quarter with strong execution. Deeper adoption and meaningful impact across both commercial and clinical fronts. We anticipate this to continue into 2026 and beyond, with a clear line of sight to blockbuster plus potential. Tarsus remains well positioned to advance commercial growth, deliver key clinical milestones, and pursue strategic opportunities that reinforce our leadership in eye care. We're proud of what we're building and even more excited about what's ahead.

總而言之，第三季是另一個勢頭強勁、執行力十足的季度。在商業和臨床領域實現更深入的應用和更有意義的影響。我們預計這種情況將持續到 2026 年及以後，並有明顯的潛力成為票房大片。Tarsus 仍處於有利地位，能夠推進商業成長，實現關鍵的臨床里程碑，並尋求策略機遇，從而鞏固我們在眼科護理領域的領導地位。我們為我們正在打造的成果感到自豪，對未來更加充滿期待。

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

現在我將把電話轉回給鮑比，請他作最後總結發言。

Thank you, Jeff. This quarter was a standout in every way operationally, financially, and most importantly in the impact we had on patients. Doctors are changing how they practice. Patients are finding real relief and exEV is now part of everyday care for Demoex plephritis. As we look ahead, our priorities are clear. Execute with excellence, broaden our pipeline, further our impact, and continue building a company that defines what's possible in eye health. Operator, please open the line for questions.

謝謝你，傑夫。本季度在營運、財務以及最重要的對患者的影響方面都表現出色。醫生們正在改變他們的行醫方式。患者們得到了真正的緩解，exEV 現在是 Demoex 性腎炎日常護理的一部分。展望未來，我們的工作重點很明確。追求卓越，拓展產品線，擴大影響力，繼續打造一家定義眼科健康領域無限可能的公司。接線員，請開通提問線。

Thank you. Ladies and gentlemen (Operator Instructions). While we are waiting for the Q&A roster, I will pass the call to Bobby.

謝謝。女士們，先生們（操作說明）在等待問答環節名單的同時，我將把電話轉給鮑比。

Thank you. I'd just like to highlight a couple of things before we get into the Q&A.

謝謝。在進入問答環節之前，我想先強調幾點。

First, I'm so proud of our progress to date. 8 quarters of growth, 147% year over year growth in Q3 is just phenomenal, and we see no end in sight to this growth, and that speaks to the power of category creation, which is what Tarsus is all about. We've talked about two pipeline programs already that have the potential to do that innotization in line. Looking forward to your questions.

首先，我為我們迄今為止的進展感到無比自豪。連續八個季度增長，第三季度同比增長147%，這簡直太棒了，而且我們看不到這種增長的盡頭，這充分體現了品類創造的力量，而這正是Tarsus的核心所在。我們已經討論過兩個有潛力在線實現這種資訊化的管道項目。期待您的提問。

Now first question coming from the line of Andreas Argyrides with Oppenheimer, your line is now open.

現在第一個問題來自安德烈亞斯·阿吉里德斯（Andreas Argyrides）和奧本海默（Oppenheimer）的連線，您的連線已開放。

All right, good afternoon and thanks for taking our question. Congrats on the impressive progress in the quarter. You mentioned in the prepared remarks that doctors are changing their practice patterns and broadening their use of XMV across a range of a wider range of patients and partly due to the, my, mybomian gland disease data. Can you just elaborate on what changes you're seeing and how broader use translates to the you're seeing in prescriptions? Thanks.

好的，下午好，感謝您回答我們的問題。恭喜本季取得令人矚目的進展。您在準備好的演講稿中提到，醫生們正在改變他們的診療模式，並將 XMV 的應用範圍擴大到更廣泛的患者群體，部分原因是由於肌板腺疾病的數據。您能否詳細說明您觀察到的變化，以及更廣泛的應用如何轉化為您在處方中看到的變化？謝謝。

Yeah, thanks for that question. Really insightful when we talk about how the evolution of prescribing has progressed over the last several months. I think there's a few things to look into here. One is the broad base of prescribing that we highlighted last quarter that, continues to grow modestly. I think the real opportunity here is the depth of prescribing we're seeing, which we highlighted in the prepared comments where You're seeing the increase of 20% in our weekly prescribers, 30% in those who are writing multiple times a week, and I think that's great evidence that they are changing the patterns, and we do see the MGD data is one of those drivers. I think it underpins almost every single patient that comes through the door because what the doctors think about now is who should I be screening for demodex plittis and as they start their journey, they typically think about the obvious patient, but when they get more experience, they start thinking about other patients, they're dry eye patients.

謝謝你的提問。當我們討論過去幾個月處方制度的發展演變時，這真的很有見地。我認為這裡有幾件事需要調查一下。一是我們上個季度重點提到的處方基礎廣泛，而這項基礎仍在穩定成長。我認為真正的機會在於我們看到的處方深度，我們在準備好的評論中強調了這一點，每週開處方的醫生增加了 20%，每週多次開處方的醫生增加了 30%，我認為這很好地證明了他們正在改變處方模式，而我們看到 MGD 數據是其中一個驅動因素。我認為這幾乎影響到每位前來就診的患者，因為醫生現在考慮的是應該對哪些人進行蠕形蟎蟲篩檢。當他們開始行醫時，他們通常會想到最明顯的患者，但當他們累積了更多經驗後，他們開始考慮其他患者，例如乾眼症患者。

Their cataract surgery patient, their MGD patient, their contact lens patient, and MGD is such a prevalent disease that it helps the doctor think about the value of treatment beyond just MGD, but also in patients that have BD and other comorbidities. So for example, one of the data points there is fluctuating vision. So if a doctor says, wow, DB can impact fluctuating vision, I might want to think about screening my cataract patients where post-surgically I want to avoid those visual fluctuations. So that's an example where doctors will have that progression and then what will happen is they'll start to screen, say their. Premium cataract patients and then they'll expand to all of their cataract patients and that's an example of how you see a doctor progressing from trial to weekly prescribing to being in that 30% growth bucket of writing multiple times a week. And, as Bobby mentioned, we're at a conferences, we're at the conferences lately and that's something you hear pretty clearly from the doctors that that's the progression. I TRY it here. I see great success and then as I get that experience, I look for other opportunities as well.

他們的白內障手術患者、他們的瞼板腺功能障礙患者、他們的隱形眼鏡患者，而瞼板腺功能障礙是一種非常普遍的疾病，這有助於醫生思考治療的價值不僅限於瞼板腺功能障礙，還應包括患有白塞病和其他合併症的患者。例如，其中一個數據點是視力波動。所以，如果醫生說，哇，DB 會影響視力波動，我可能會考慮對我的白內障患者進行篩檢，以便在術後避免這些視力波動。所以，這就是一個例子，醫生會經歷這樣的進展，然後他們會開始進行篩檢，比如說他們的。他們會先從高端白內障患者開始，然後逐步擴展到所有白內障患者。這是一個例子，說明醫生如何從試驗階段發展到每週開處方，最終達到每週多次開處方、成長率達 30% 的水平。正如鮑比所提到的，我們最近一直在參加各種會議，醫生也清楚地表明，這就是目前的進展。我在這裡試了一下。我取得了巨大的成功，隨著經驗的積累，我也會尋找其他機會。

Yeah, and I would just add to what Aziz said. I mean, what I heard from both optometrists and ophthalmologists is just that doctors are finding that XTMB works great. They find more and more reasons to treat patients with DB based on the data and the different comorbidities. And I'm just really astounded by the 20,000 doctor figure. We've really broadened the audience for this, and I hear new doctors saying, Wow, this is one of the best medicines I've seen. And so it's wind in our sails and it's reasons why we think the growth is going to continue for a long time.

是的，我只想補充一下阿齊茲的說法。我的意思是，我從驗光師和眼科醫生那裡聽到的都是，醫生發現 XTMB 的效果非常好。根據數據和不同的合併症，他們發現了越來越多的理由來治療患有DB的患者。我對2萬名醫生這個數字感到非常震驚。我們確實擴大了這種藥物的受眾群體，我聽到一些新醫生說：“哇，這是我見過的最好的藥物之一。”因此，這就像順風順水，也是我們認為成長動能持續很長時間的原因。

Great, thanks. Congrats again on the court. I'll jump back in the queue.

太好了，謝謝。再次恭喜你在球場上取得佳績。我重新排隊。

Thank you. Our next question coming from the lineup, Eddie Hickman with Guggenheim, Yannis Main.

謝謝。接下來的問題來自現場嘉賓，埃迪·希克曼（Eddie Hickman）和古根漢（Guggenheim），揚尼斯·梅因（Yannis Main）。

Hi, good afternoon. Congrats on the performance this quarter. Just a few questions for me with regard to the refill rates. Do you have any sense of the average time between initial filling and first refill? Is this within your expectations that these patients are coming back the next year, or are they coming back sooner? And what are you doing to keep those early doctors coming back at a minimum year after year? And then in light of the growth trajectory that you're that you're seeing and guiding for, are you updating your internal peak sales estimate for XMV? Thanks.

您好，下午好。恭喜本季取得如此佳績。關於補貨價格，我還有幾個問題。您知道從第一次填充到第一次再次填充之間的平均時間嗎？您是否預期這些患者會在明年復診，或者他們會更早複診？你們採取了哪些措施來確保這些早期醫生每年至少都能回來就診？那麼，鑑於您所看到和引導的成長軌跡，您是否正在更新 XMV 的內部高峰銷售預測？謝謝。

Yeah, hey, Eddie, thanks for that question. I'll take the first part and I'll let Jeff handle the second. When it comes to refills, I think we're seeing a real positive trend here. We highlighted this last quarter and provide a little bit more color this quarter, right? So when you look on a weekly basis, we're seeing just over 10% on a weekly basis in terms of what's a retreatment or a refill versus the total volumes. And when you look on a cohort basis, meaning if you look at patients.

嘿，艾迪，謝謝你的提問。第一部分我來做，第二部分交給傑夫處理。就補充裝而言，我認為我們看到的是一個非常積極的趨勢。上個季度我們重點介紹了這一點，本季我們將提供更多細節，對吧？因此，從每週來看，我們發現每週的複診或補診量佔總量的 10% 以上。當你以群體為基礎進行觀察時，也就是說，如果你觀察患者群體。

Were treated say a year ago, what they're getting, it's about in the mid 10s in terms of the retreatment rate. So and that's both of those numbers are progressing positively and in line with our expectation that we could get to a 20% annualized retreatment rate. So right where we think it should be and progressing nicely towards our expectations. What are we doing to maintain that and to continue that trend? There's a couple of things. I'd say first and foremost is education with the physicians and the patients that this is a chronic disease.

如果患者在一年前接受過治療，那麼他們的再治療率大約在 10% 左右。因此，這兩個數字都在朝著正面的方向發展，符合我們預期，達到 20% 的年化再處理率。所以，它正處於我們認為應該在的位置，並且正朝著我們的預期穩步前進。我們正在採取哪些措施來維持並延續這一趨勢？有兩件事。我認為最重要的是要對醫生和患者進行教育，讓他們認識到這是一種慢性疾病。

XMB works exceptionally well at getting rid of the disease acutely, but these mites, they do. Come back and we do share with them the data of recurrence from our pivotal trials, and that encourages the doctors to put together a protocol where they're bringing the patients back.

XMB 在迅速清除這種疾病方面效果非常好，但這些蟎蟲確實有效。我們會回來與他們分享我們關鍵試驗中的復發數據，這鼓勵醫生製定方案，讓患者重返治療。

What that behavior looks like for each patient is a little different. Some doctors are a little bit more proactive. They may say, I'm going to bring you back every 6 months. Some doctors will say, I'll wait till your annual exam. So I know if we can give you a precise average time, we look at different metrics, but that metric is moving as more doctors establish their protocols. I think the takeaway there is that it's moving in the right direction and in line with expectations.

每個患者的具體表現都略有不同。有些醫生會更積極主動一些。他們可能會說，我會每隔6個月帶你回來一次。有些醫生會說，我會等到你的年度體檢時再說。所以我知道，如果我們能給出一個精確的平均時間，我們會參考不同的指標，但隨著越來越多的醫生製定他們的治療方案，這個指標也在不斷變化。我認為，這說明事情正朝著正確的方向發展，符合預期。

The other thing that we are doing is ensuring that our pharmacy distribution network is really helping those patients stay on therapy. So there's a reminder. That go out that second script is typically easier for the patient because they already have a report established at the pharmacy. They've already got all their information in the database, etc. So we've really streamlined the process, not just for patients to get the initial treatment, but also for those follow-up retreatments that are inevitable. So physician education, streamlined patient experience is going to continue a positive and inline trend that we expect.

我們正在做的另一件事是確保我們的藥品配送網絡真正幫助這些患者堅持治療。所以，這裡要提醒一下。對於患者來說，開第二張處方通常更容易，因為他們已經在藥局建立了記錄。他們的所有資訊都已輸入資料庫等等。因此，我們確實簡化了流程，不僅方便患者接受初始治療，也方便後續不可避免的復治。因此，醫生教育和簡化患者體驗將繼續保持我們預期的正面趨勢。

And I'll just add to that. I mean, what I heard at the conferences was there's all sorts of different reasons people are getting refills. Some patients, the doctor deems that they need a refill when they follow-up after the first treatment, of course of treatment. Others like my mom, they come back a year later and they have, a new stye and they're seem to have. DB again, so, that is one thing that I think we can elucidate further through evidence, among other areas we're going to continue to study, to fully describe what extendB can do.

我還要補充一點。我的意思是，我在會議上聽到的是，人們續藥的原因五花八門。醫生認為，有些患者在第一次治療後的複診中需要再次開藥，這是治療過程的一部分。像我媽媽這樣的人，一年後回來複診，發現又長了麥粒腫，而且似乎已經痊癒了。DB 再次出現，所以，我認為我們可以透過證據進一步闡明這一點，以及我們將繼續研究的其他領域，以充分描述 extendB 的功能。

I just to address your question on the peak, look, we are thrilled with how we performed this 3rd quarter, particularly when we look at some of our peers who were flat to down in terms of growth. We saw very robust growth in the 3rd quarter, and we, continue to expect to see 4th quarter growth.

我只想回答你關於業績高峰的問題，你看，我們對第三季的表現非常滿意，尤其是當我們看到一些同業在成長方面持平甚至下降時。第三季我們看到了非常強勁的成長，我們繼續預期第四季也將繼續成長。

We're constantly evaluating our peak potential here, and you know I think we still believe that this is a blockbuster plus potential. We're not ready to quantify that at this point, but we're continuing to see the sort of continued growth of this opportunity, and we expect next year to be a nice robust growth as well.

我們一直在評估這部電影的巔峰潛力，而且我認為我們仍然相信它有成​​為票房大片甚至更好的潛力。我們目前還無法對此進行量化，但我們持續看到這一機遇的成長勢頭，並預計明年也將保持強勁成長。

Appreciate the color guys, Congrats again.

各位，喜歡這種色彩搭配，再次恭喜！

Thank you. Now next question coming from Delia Pavan Patel with Bank of America. your line is now open.

謝謝。現在輪到美國銀行的德莉婭·帕萬·帕特爾提問了。您的線路已接通。

Hey, this is Jason on for Patel. Thanks for squeezing me in. With respect to TPO4 and the phase two, ocularization, do you still need an FDA meeting before you start that trial? Just wondering where you stand with FDA alignment before starting that and then just thinking to 2026 and just the general operational spending needs of the business. I wonder if you can give a little bit of insight there. That'd be helpful. Thanks.

大家好，我是傑森，替帕特爾為您報道。謝謝你擠出時間陪我。關於 TPO4 和二期眼化試驗，在開始試驗之前是否仍需要與 FDA 會面？只是想了解您在開始之前與 FDA 的協調情況，以及展望 2026 年，企業一般的營運支出需求。不知道您能否就此提供一些見解。那會很有幫助。謝謝。

Hey Jason, this is Sasha. Thank you for that question. With regards to the TPO4 study, no, we don't need another FDA conversation. We had a very robust and conversation with the FDA on the program some time back as we had reported, and, we are progressing towards starting a trial later this year. More details to come on on the on the study itself.

嗨，傑森，我是薩莎。謝謝你的提問。關於 TPO4 研究，不，我們不需要再和 FDA 進行一次討論。正如我們之前報導的那樣，我們之前與 FDA 就該項目進行了非常深入的討論，並且我們正在朝著今年晚些時候開始試驗的目標邁進。關於這項研究本身，後續還會公佈更多細節。

And Jason, and with regards to your OpEx for 2026, we more or less think about it being in line with what we had spent here in 2025 in terms of the SG&A spend. We expect opp to reflect the 70 to 80 million DTC spend. The only thing I would highlight is there is a variable component. The more we sell, there is a certain aspect that will drop to the SG&A line there. The second aspect is the Osacea program that you talked about. We previously guided the 7 to 10 million between 2025 and 2026. We still believe that's the right amount. And then the other area that could potentially add some Oop ex spend that we're still evaluating whether we're going to move forward, whether or not is the Lyme disease program phase 2 study. So stay tuned on that one, but right now I would think about those as the key components for OpEx for 2026.

傑森，關於你 2026 年的營運支出，我們認為它與我們 2025 年的銷售、一般及行政費用支出基本一致。我們預計機會將反映出 7,000 萬至 8,000 萬美元的 DTC 支出。我唯一要強調的是，其中包含一個變數部分。銷售量越高，其中一部分費用就計入銷售、管理及行政費用。第二方面就是您提到的Osacea專案。我們先前預測，2025年至2026年間，這一數字將達到700萬至1000萬。我們仍然認為這個金額合適。另一個可能會增加一些 OOP 支出的領域是萊姆病計畫 2 期研究，我們仍在評估是否要推進該計畫。所以請繼續關注，但就目前而言，我認為這些是 2026 年營運支出的關鍵組成部分。

Great thanks guys.

非常感謝各位。

Thank you. And our next question coming from lineup Andrean Newkirk with Goldman Sachs, your line is open.

謝謝。接下來，我們邀請到了高盛的安德烈安·紐柯克提問，您的提問已接通。

Hey guys, good afternoon. Thanks for taking the question. Sea maybe another question for you just following up on the last one regarding the TP 04 study inocularaa. Can you just provide an update where things stand with developing the assays, and then do those need to be validated with the regulatory agencies before you're able to initiate the phase 2 study?

各位，下午好。感謝您回答這個問題。Sea，或許我還有另一個問題想問你，只是想跟進上一個關於TP 04研究的inocularaa問題。能否簡單介紹一下檢測方法的開發進度？這些檢測方法是否需要經過監管機構的驗證才能啟動第二期臨床試驗？

Thanks, Andrea. So the study preparations are ongoing as we expected. We are developing the scales in collaboration with our with our strong partnership with the ECPs. At this point, the FDA doesn't require validation per se, but we are obviously in conversation with the FDA and FDA gave us input earlier as we had reported in our previous conversation, and so we are progressing as planned.

謝謝你，安德里亞。正如我們預期的那樣，學習準備工作正在進行中。我們正在與 ECP 建立牢固的合作關係，共同開發這些量表。目前，FDA 本身並不要求進行驗證，但我們顯然正在與 FDA 進行溝通，正如我們在先前的溝通中提到的，FDA 也曾向我們提供意見，因此我們正在按計劃推進。

Thank you. Our next question coming from the lineup like on Henbury Brown with William Blair, your line is open.

謝謝。接下來，我們將向嘉賓提問，例如關於亨伯里·布朗和威廉·布萊爾的問題，您的提問已接通。

Hey guys, thanks for the questions. First one maybe Jeff, just curious on the change from guiding to revenue from bottles. What was the thinking of the rationale behind that? And then second, maybe for Aziz, you've talked about wanting to see multiples of ROI on DTC, and it sounds like over the past few quarters you've been seeing that. You've been seeing a pretty good impact. So kind of curious to think or to hear how you think about where you are in sort of reaching the peak effect of DTC and how much more impact is left there.

大家好，感謝你們的提問。第一個可能是傑夫，我只是好奇從導遊工作轉變為從賣酒賺錢的方式有什麼改變。這樣做的理由是什麼？其次，對於 Aziz 來說，你曾說過希望在 DTC 方面看到數倍的投資回報率，而且聽起來在過去的幾個季度裡，你已經看到了這一點。你已經看到了相當不錯的效果。所以我很好奇，或者想聽聽您如何看待 DTC 模式目前所處的階段，以及它還有多少影響力尚未達到頂峰。

Hi Lachlan, it's Jeff. We evaluate, and I think we've mentioned this in the past on a quarter by quarter basis whether and what we're going to provide for guidance, and I think one of the reasons we held back on providing revenue guidance in the sort of past has been, there's been some data points that we wanted to see evolve, and I think we've seen those data points evolve and in particular the DTC.

嗨，拉克蘭，我是傑夫。我們會按季度評估是否以及提供何種指引，我認為我們過去也提到過這一點。我認為我們過去一直沒有提供收入指引的原因之一是，我們希望看到一些數據點的發展，我認為我們已經看到這些數據點的發展，特別是 DTC 數據。

Impact and so I think we've got that behind us now. So our decision was to provide revenue guidance granted, it's, in the 4th quarter here understandably makes it a little bit easier, but we did feel it was the right time to do it.

影響，所以我覺得我們現在已經克服了這個問題。因此，我們決定提供收入指引。誠然，現在是第四季度，這無疑會更容易一些，但我們確實認為現在是發布指引的合適時機。

In regards to DTC, I think this has been a really exciting part of the launch. It's had a really profound effect. I think before getting into the mechanics here, I think a couple of things to highlight are the impact it's having, right? You're seeing the growth in awareness, the growth in website visits. Those are directly translating into prescriptions. Patients are getting more easily identified. You're hearing from doctors at all the meetings that patients are coming in proactively asking to be screened when doctors make the diagnosis, that discussion with Patients more streamlined. So there's a lot of color that's happening there that's really enabling us to have such an impact. And what we stated in the prepared comments is we're now experiencing a positive ROI, and I'll remind you, in the past we've said that it takes a handful of quarters to get to that ROI point.

就 DTC 而言，我認為這是這次發布會上最令人興奮的部分。它產生了非常深遠的影響。我認為在深入探討其具體機制之前，有兩點需要強調，那就是它所產生的影響，對吧？你可以看到知名度在提高，網站訪問量也在增加。這些都會直接轉化為處方。患者更容易被辨識出來。在各種會議上，醫生都表示，患者會主動要求在醫生做出診斷後進行篩檢，這樣一來，與患者的討論就更加精簡了。所以那裡發生了很多精彩的事情，這真的使我們能夠產生如此大的影響。我們在準備好的評論中已經說過，我們現在正在經歷正的投資回報率，我還要提醒大家，過去我們說過，需要幾個季度才能達到投資回報率的點。

So we're progressing really nicely. I'd go so far as to say that we're even ahead of schedule from what we expected early on. In terms of reaching the peak potential, I think there's still a lot of room to see increased ROI from the DTC, right? We have a very high threshold. We want to see multiples, and we're seeing a positive ROI. We're trending slightly ahead of what we'd expect in terms of that impact, and that's reflected in the results here, and I'd expect that. Impact to continue to scale into next year as we get more and more time with these patients getting exposed to the ad multiple times, the doctors enhancing their experience, and I think when you stack that on with the physician experience being so positive, the access being great, our sales force being continuously in these offices, I think there's a lot of room to grow our impact with DTC, and I'm really excited to see how that takes hold into next year, and I think as Jeff mentioned, we expect it to be a good growth driver for us into the next year as well.

所以，我們進展得非常順利。我甚至可以說，我們目前的進度甚至比我們最初預期的還要快。就發揮最大潛力而言，我認為 DTC 模式的投資報酬率還有很大的提升空間，對吧？我們的門檻非常高。我們希望看到倍數成長，我們看到了正的投資報酬率。就影響而言，我們的趨勢略微超過了預期，這反映在了這裡的結果中，這也是我所預料的。隨著我們與患者接觸的時間越來越長，患者會多次接觸到廣告，醫生也會不斷提升他們的就醫體驗，再加上醫生們積極的就醫體驗、便捷的就醫途徑以及我們銷售團隊持續深入的診所，我認為我們在直接面向消費者（DTC）方面的影響力還有很大的提升空間。我非常期待看到它在明年如何發展，正如傑夫所提到的那樣，我們也預計它將成為我們明年的良好成長動力。

Thanks.

謝謝。

Thank you. (Operator Instruction) Our next question coming from the line of Cory Jubinville with Lifestyle Capital, your line is now open.

謝謝。（操作員指示）下一個問題來自 Lifestyle Capital 的 Cory Jubinville，您的路線已開通。

Hey, congrats on the update and thanks for taking our questions. I guess just sticking with the DTC ROI math you said it is positive in growing ROI with the plus 90% site traffic plus 42% unaided awareness quarter over quarter. Can you just translate that at all to what an estimated customer acquisition cost or or payback period might be, and then.

嘿，恭喜你們發布更新，感謝你們回答我們的問題。我猜只要堅持你所謂的 DTC ROI 計算方法，ROI 就會成長為正，網站流量成長了 90%，非輔助認知度較上季成長了 42%。你能把這些內容大致翻譯成客戶獲取成本或投資回收期的估算值嗎？

Sticking with that as well, you mentioned that you're likely going to approach the top end of the range for DTC spend in 2025. How should we be thinking about that in 2026 and beyond? Is there a point at which you dial back DTC spend? And if so, what goes into that decision and and how should we be modeling out that timeline?

此外，您還提到，到 2025 年，您的 DTC 支出可能會接近該範圍的上限。我們該如何看待2026年及以後的問題？是否存在需要減少直接面向消費者支出的臨界點？如果是這樣，那麼做出這個決定需要考慮哪些因素？我們應該如何制定時間表？

Thanks for the question, Corey. Yeah, when it comes to DTCROI, you can imagine we look at a lot of different metrics and we're really thoughtful about what we share. I think the metrics that you're highlighting are really important ones, but as you can imagine, the ROI here is scaling and things are moving pretty quickly, right? So we're not giving a point estimate on those right now because they'd evolve in the coming weeks and we've seen the DTC ROI in that scale, we say it's growing, it's scaling on a week to week basis. We make our investments. I think our focus right now is to continue to sharpen those investments so you learn, right, which programs are the best, where do you get the best placements, where do you see the best response for these patients? So, we're continuing to do certain things to drive and catapult that ROI and scale it even further.

謝謝你的提問，科里。是的，說到直接面向消費者的投資報酬率 (DTCROI)，您可以想像我們會考慮很多不同的指標，而且我們會非常認真地考慮分享哪些資訊。我認為你強調的這些指標非常重要，但正如你所想，這裡的投資回報率正在擴大，而且事情發展得很快，對吧？所以我們現在不對這些做出具體估計，因為它們會在未來幾週內發生變化，而且我們已經看到了 DTC 投資回報率的規模，我們認為它正在增長，每週都在擴大規模。我們進行投資。我認為我們現在的重點是繼續改進這些投資，這樣你就能了解哪些項目是最好的，哪裡能找到最好的安置地點，哪裡能為這些患者帶來最好的療效？因此，我們將繼續採取一些措施來推動和提升投資報酬率，並進一步擴大規模。

And I think as we get more to a steady state, we can provide some of those detailed metrics over time. But right now I think the emphasis is on really Making sure that that investment is driving direct diagnosis and treatment, which we're seeing, which is which is fantastic, and I think the plan is to continue to invest in that space. I would expect for 206 a similar level of spend to this year, and I think beyond that we're going to evaluate it. I think as you get to a certain level of education where patients become aware to a certain extent, doctors are really establishing their protocols, you can think about maybe pulsing the seasonal. Or having a different schedule where you might be able to do this even more efficiently, but right now I think it's still a great opportunity to invest in this, to find that education and get those patients into the office because we're still relatively early in the journey. We've only treated about 400,000 patients out of 25 million Americans that are out there. So still some good work to do and I'm excited that the ROI is as positive as it is now, and I think we have a clear path to continue to drive that growth.

我認為，隨著情況逐漸穩定，我們可以隨著時間的推移提供一些詳細的指標。但我認為目前的重點是確保這項投資能夠真正推動診斷和治療，而我們正在看到這一點，這非常棒，我認為計劃是繼續在這個領域進行投資。我預計 2006 年的支出水準將與今年類似，除此之外，我們將進行評估。我認為，當患者的教育程度達到一定程度，意識有所提高，醫生也真正建立了相應的治療方案時，就可以考慮根據季節調整治療方案了。或者你可以調整一下時間安排，這樣或許能更有效率地完成這項工作，但就目前而言，我認為這仍然是一個投資於此、接受相關教育並讓患者到診所就診的絕佳機會，因為我們仍處於起步階段。美國人口共 2,500 萬，而我們只治療了約 40 萬名患者。所以還有很多工作要做，我很高興目前的投資回報率如此之高，而且我認為我們已經有了明確的路徑來繼續推動這種成長。

And I would just add, coming off the conferences, there were two themes of ROI at the clinic level that I heard. One was some patients are coming in asking for extending my name or asking, do I have mites? And the second, I think that's a real ease for the doctor as well as the conversation around mites has become more straightforward. Patients have heard of this disease. They say, okay, I saw that commercial. I know what you're talking about, so. On the ground, tangible impact, and I think the ECPs are pleased with the progress of that out as well.

我還要補充一點，從會議結束後，我聽到了關於診所層級投資報酬率的兩個主題。其中一位患者進來詢問我的名字，或是問我是否得了蟎蟲病？第二點，我認為這對醫生來說也是一件非常方便的事，因為關於蟎蟲的討論也變得更加直接明了。患者們都聽過這種疾病。他們說，好吧，我看過那個廣告了。我知道你在說什麼，所以。實際效果顯著，我認為ECP們也對這方面的進展感到滿意。

Very helpful, thanks (Kraskin).

很有幫助，謝謝。（克拉斯金）

Thank you. Now next question coming from the line up Dennis Ding with Jefferies, your line is now open.

謝謝。接下來是來自 Jefferies 的 Dennis Ding 的問題，您的提問通道已開放。

Hi, thanks for taking our questions. I'm going to ask a bit of a longer-term question and that's on ocular rosacea. So what's a clinical meaningful benefit on erythema, etc. In phase two, and what are the various pushes and pulls on the magnitude of benefit either through disease severity or how refractory patients are in this area of care? And then number 2, remind us what you saw in phase 2 for papulloustuar rosacea if that could in some way help derisk ocular rosacea, specifically. How similar are the underlying drivers of the inflammation seen in both that you feel like can be addressed with TPO-4. Thank you.

您好，感謝您回答我們的問題。我接下來要問一個比較長期的問題，是關於眼部玫瑰痤瘡的。那麼，在第二階段，對紅斑等症狀的臨床意義是什麼？疾病嚴重程度或患者在該領域的治療難治性等因素，又有哪些因素會影響療效的程度？第二，請提醒我們一下，您在第二階段觀察到的丘疹性玫瑰痤瘡的情況，是否能以某種方式幫助降低眼部玫瑰痤瘡的風險。您認為TPO-4可以解決這兩種發炎的根本原因有多相似？謝謝。

Dennis, could I just clarify that before I pass this issue? The first question was, what aspect of clinical meaningful benefit? Could you clarify.

丹尼斯，在我把這個問題提交之前，我能先確認一下嗎？第一個問題是，臨床上有意義的效益體現在哪些方面？請您解釋一下。

Please? Yeah, on erythema. And whatever other end points that you guys decide to include in the face too.

請？是的，關於紅斑。以及你們決定在臉部添加的任何其他終點。

And the question is what level would be a clinically meaningful level?

那麼問題來了，什麼​​樣的水平才算具有臨床意義呢？

That's correct.

沒錯。

Okay, great.

好的，太好了。

Alright, thank you, and thank you for that question. So, on the first point of, the end points, so we, talking to the ECPs and listening to the ECPs.

好的，謝謝，也謝謝你的提問。所以，關於第一點，也就是終點，我們與 ECP 交談並傾聽 ECP 的意見。

The key hallmark features of the disease are prominent blood vessels that you see that we call talingitasia in eyelids and eyelid margin. That is one of the key discerning and prominent features of ocular rosacea, as well as redness on the lids and the skin and the area around the eye, around the lids and in the preocular region. So those are the key hallmark features of the disease, and we are really looking to establish, the measures around those two particular aspects. And so, these are these are features that develop over time and we are looking to reduce the severity of these of these two measures and that's that's our approach at this point.

此疾病的主要特徵是眼瞼和眼瞼邊緣出現明顯的血管，我們稱之為眼瞼血管增生。這是眼部玫瑰痤瘡的關鍵鑑別特徵和突出特徵，此外還有眼瞼、皮膚以及眼睛周圍、眼瞼周圍和眼周區域的發紅。所以，這些是疾病的主要特徵，我們正在努力圍繞這兩個方面製定相應的措施。因此，這些都是隨著時間推移而發展的特徵，我們正在努力降低這兩種措施的嚴重程度，這就是我們目前的做法。

And in terms of, the papilla Poular rosacea, yes, Pala Poular rosacea, we did a study, as you correctly pointed out some time back, and we had very good results in the key measures for apulopo rosacea. In fact, And the approvable endpoint, the regulatory endpoints for that study for that indications are lesion improvement as well as a composite endpoint of investigative grade assessment, and we actually had very robust statistically significant improvement in both those measures. Over in that particular study, which gives us a lot of confidence as you mentioned, and we also measured erythema in that study where we also saw a reduction in erythema and coupled with that, as you may recall in our Saturn studies, with XMV, we also saw a significant and meaningful. Cures erythema cures, live margin erythema cures for XMP. So we know the drug works in, reducing redness, and so that is profilling our confidence in going into the study.

至於乳頭狀玫瑰痤瘡，是的，乳頭狀玫瑰痤瘡，正如您之前正確指出的那樣，我們進行了一項研究，在乳頭狀玫瑰痤瘡的關鍵指標上取得了非常好的結果。事實上，該研究針對該適應症的可批准終點、監管終點是病變改善以及研究等級評估的綜合終點，而我們在這兩個指標上都取得了非常顯著的統計學意義上的改善。在那項研究中，正如您所提到的，這給了我們很大的信心，我們還在那項研究中測量了紅斑，我們也看到紅斑有所減少，而且，正如您可能記得的，在我們的土星研究中，使用 XMV，我們也看到了顯著而有意義的效果。治療紅斑，治療XMP的活邊緣紅斑。所以我們知道這種藥物有效，可以減輕紅腫，這增強了我們對這項研究的信心。

And I'll just add from conversations with the doctors, I think from their perspective any level of improvement inoculization is going to be meaningful, the telangic age can easily be seen by the doctors and the redness on the lids is what brings patients in.

我還要補充一點，根據我和醫生的談話，我認為從他們的角度來看，任何程度的改善接種都是有意義的，毛細血管年齡很容易被醫生看到，而眼瞼發紅正是吸引患者就診的原因。

So, as said, these are new measures, a pioneering study. And we're hopeful to see those type of reductions that will make a difference for doctors and these patients.

如前所述，這些都是新措施，也是一項開創性的研究。我們希望看到這類降幅，將對醫生和患者產生正面影響。

Perfect thank you.

非常感謝。

Thank you. Our next question coming from the line of Mattie Caufield with HC Renright, your line is now open.

謝謝。接下來，我們連線馬蒂·考菲爾德和HC Renright，您的連線已開放。

Hi guys. Great. Great to see the extend and pipeline progress and thanks for taking our question. I was curious if there's any further granularity on the traction you're getting between optometrists compared to ophthalmologists and if the greatest untapped market and focus is among that optometrist population for potential prescriptions. Thanks.

嗨，大家好。偉大的。很高興看到擴展和管道建設方面的進展，並感謝您回答我們的問題。我很好奇，與眼科醫生相比，您在驗光師群體中獲得的關注度是否有更細緻的分析，以及最大的未開發市場和重點是否在於驗光師群體，以便獲得潛在的處方。謝謝。

That's a great question. We see great traction with both ophthalmology and optometry, historically and even currently we're seeing about 65% or so of the volume coming from optometry and the balance from ophthalmology. So good mix, and that's been relatively consistent through the launch in terms of the opportunity, I think both audiences are really important to us. I think optometry does a lot of the in clinic work. There's some practice dynamics that are very favorable to optometrists here that I think they're capitalizing on in terms of being able to have patients stay in the practice, switching to medical insurance to treat a medical condition. Demodex pluffphritis.

這是一個很好的問題。我們看到眼科和驗光領域都取得了巨大的發展，從歷史上看，甚至目前來看，驗光業務量約佔總業務量的 65%，其餘部分來自眼科。所以，受眾群體組成很好，而且從發表會到現在，這種組合一直相對穩定，我認為這兩個群體對我們來說都非常重要。我認為驗光師承擔了很多診所內的工作。這裡有一些對驗光師非常有利的實踐動態，我認為他們正在利用這些動態，讓患者留在診所，轉而使用醫療保險來治療疾病。蠕形蟎性肺毛囊炎。

So these things are really important factors for the optometrists. We obviously focus a lot of our sales time and educational efforts with those optometrists, but we also spend a lot of time talking to the ophthalmologists, and for ophthalmologists, cataract patients are their bread and butter, and that is a core segment for us where we see a high prevalence of Demodex pluffphritis, and we know that that inflammation, irritation of the disease can impact their surgical outcomes. So they're very motivated to screen these patients, to find these patients, and to make sure. That they're getting a clean, healthy eyelid around that surgical outcome.

所以這些因素對驗光師來說非常重要。我們顯然將大量的銷售時間和教育精力集中在驗光師身上，但我們也花了很多時間與眼科醫生交談，而對於眼科醫生來說，白內障患者是他們的主要客戶，也是我們的核心客戶群體，我們發現蠕形蟎肺毛囊炎在該群體中非常普遍，我們知道這種炎症和疾病刺激會影響他們的手術效果。所以他們非常有動力去篩檢這些病人，找到這些病人，並確保他們得到妥善照顧。手術後，他們的眼瞼恢復了清潔、健康的狀態。

So I think great trends on both. When you look at top prescribing, there's a good mix of both ophthalmology and optometry, and our focus going forward will continue to be educating the optometrists directly and also providing that right emphasis on ophthalmology as well. So I think they go hand in hand, and I think the great thing here is that we're seeing great results from both. And as Bobby mentioned, we just came back from back to back academy meetings and I can tell you. While the practice dynamics might be a little different, the one thing that you hear consistently from both ophthalmologists and optometrists is one, the top users are saying they're still finding incremental opportunities to utilize Steny, and two, the sort of rank and file user are having a great experience and they're very encouraged with the ease of access, which is really opening their aperture to think about a broader set of patients. Both of those types of feedback are really encouraging for the future potential for the brand going Forward.

所以我覺得這兩個面向都呈現出很好的發展趨勢。從頂級處方來看，眼科和驗光師的處方比例相當均衡，我們未來的重點將繼續是直接教育驗光師，同時也要重視眼科。所以我認為它們是相輔相成的，而且我認為最棒的是，我們看到兩者都取得了很好的結果。正如鮑比所提到的，我們剛剛結束了連續兩場學院會議，我可以告訴你。雖然實踐動態可能略有不同，但你從眼科醫生和驗光師那裡反复聽到的一件事是：第一，頂級用戶表示他們仍在不斷發現利用 Steny 的新機會；第二，普通用戶也獲得了很好的體驗，他們對 Steny 的易用性感到非常鼓舞，這確實讓他們開始考慮更廣泛的患者群體。這兩種回饋對於該品牌未來的發展潛力來說都非常令人鼓舞。

Great, very helpful. I appreciate that. Thank you.

太好了，很有幫助。我很感激。謝謝。

Thank you. And there are no further questions in the Q&A queue at this time, ladies and gentlemen. This concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。女士們先生們，目前問答環節已經沒有其他問題了。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。