Aerie Pharmaceuticals (AERI) 25 Feb 222021 Q4 Earnings call transcript

Good afternoon. Thank you for standing by, and welcome to the Aerie Pharmaceuticals Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions]. Today's conference will be recorded. It is now my pleasure to turn the floor over to Hans Vitzthum of LifeSci Partners, Aerie's Investor Relations firm. ahead. go Please

and Good our With operator. in Officer; thank for be being replay, Medical you Senchyna, Today's for Accounting Thank is available investors.aeriepharma.com, call today afternoon, press and are our us. also Affairs; and Development us of live Executive indicated Calabrese, Raj joining release. Principal Head Officer. on you, webcast Clinical and Jeff website, Kannan, as Michelle will Chief it

observations call, and of and we including and the success, and Europe also statements They will financial our and United include variants, non-GAAP with expectations the observations in ongoing plans its forward-looking statements world. Rhopressa the observations our Rocklatan On regions and These this including impacts and our make forward-looking statements, timing per in regarding will commercialization States Now operating and statements, will regarding cost measures. trials. certain our of operating of of the and bottle. include and clinical forecasts collaborations expenses pandemic and revenue our future other Japan, COVID-XX financial associated performance regarding net

discuss requesting approvals regulatory product candidates. or of regarding we from strategies and progress the candidates, our products obtaining products associated with and product Additionally, agencies along business will these maintaining, regarding

expectations our and will address beliefs for outlook financial XXXX. including management related statements on These today. events, the we Finally, are future our financial other as liquidity to statements based of and of

XX-K events result information, to obligation well statements, risk tomorrow. update forward-looking included SEC. materially with described today's read Form will the filings uncertainties carefully results note the whether future in may should as Please assume factors differ of as the release the otherwise. risks Our our we our from that our or file Investors We expectations. revise actual in new or press and as no

to which financial our addition, posted the over release, disclosures Aerie. measures the turn with be press GAAP the of the on during measures, today's including a that, Relations non-GAAP reconciliation section Kannan, or Investor Raj And to of certain discussing relating see CEO or to is these Raj? will I In non-GAAP we additional comparable will call now adjusted please this website. financial measures, call,

Thank Hans, afternoon, and good you, everyone.

shareholders. As speak smartly to know, for you about months me, joined X.X from we December upside I beyond. has an the made our in more to I join XXXX. exhilarating even and pleased very levers the and for on managing given potential convinced Aerie may I'm you It Aerie, significant of to right Aerie choice XXXX growth that executing and the been in couple remain I'm multiple Version our well confident on why and of

out in results financial III position for line comprised eye Japan. provided is in XXXX our We XXXX, Rhopressa you will confidence call, ask maintained strong to XXXX, the endpoints for glaucoma We glaucoma performance Rocklatan. was III a financials outlook with an on productive for in high-level I dry Phase particular, for for commercial in with our that provide agreement reported on strong the and before Phase positive I advancing XXXX. today's remarks. top with of of the a overview products, we with Phase second our prospects We our line will our an update revenue of AR-XXXXX. executed first-in-class coming studies. and close you clinical a with review Jeff Aerie. portfolio, a finally, And During on and Then growth in XXXX level Santen, our of I'll positive franchise, a We Michelle results and several a which us high top delivered few with update exciting late-stage you very year reported our with novel Rhopressa provide AR-XXXXX our in business. IIb

up in achievements beyond. success these together, set Taken XXXX Aerie have for and

what smart As as see of X driving I to begin our the number success. a commercial pillars capital strategic the in my in third for one, long-term the month number with time, commercial Taking advancing you of a share company, Number I at I two, sustainable cash growth solid sustainable making the financial want burn growth one business; maintaining choices business. with reducing our our annual at position. our and pipeline; three, rate them

to for and to more commercial represents number Rhopressa few XXXX. increase forward XX% which strategic with in two full pipeline. to talk in franchise XX% pillar, sales million, making of compared $XXX XXXX, to our smart our the a Looking minutes. advancing Rocklatan guidance an $XXX I'll choices our is capital The year million on

for wet for believe AR-XXXXX will return or to for have and You we of for driver All the expedite dry us AMD. pause likelihood X enable wet ex wanted and/or where macular value to have pipeline, highest believe macular that and we I be edema, monetize ranked choices high age-related including programs partnering difficult eye options could to that the within success dry in that to for and diabetic U.S. for critical markets. DME; market eye; allocation make our a the degeneration, focus on Today, AR-XXXXX note programs capital on the other made will which or we need AR-XXXX Aerie. our either We path appropriate. the AR-XXXXX criteria for

eye this the have that about market. We profile product of a approved, believe excitement asset, heightened candidate and this if a in have could competitive sense dry very

robust In relief tier needs and improvements, significant rapid dry multiple addition quality of life dose, in deliver remain space. dry providing X of to first the poised eye production, AR-XXXXX the is symptoms after that eye as as early to

why the for proceed program Michelle a results dry relevant people In is and XXXX. to details moments, provide trial these registrational Phase the goal us few Phase our IIb eye. trial initiate clinical Our with results with in further quarter on second into to III a the will provide of the from confidence

Our a use with with X-month to other months. DME every has remains compared III once the X interval marketed to candidate, steroid Aerie. AR-XXXX, reading the AR-XXXX product, currently the provide important dosing Phase administered patients product for to is which potential half

AR-XXXX platform. PRINT delivery us retinal for Importantly, options AR-XXXX, company. we financial into a via candidate to It have also partnering by We're validate and evaluate us our forward the third receiving novel options this account to right strategic, mechanism appropriate with unique with and taking been technology we'll product feedback We've parties, factors. where advance enables exploring candidate potential from been provides to move for a the regulatory a encouraged continue to the number of opportunity product with diseases.

AMD Lastly, a we're inhibitor AR-XXXXX well-differentiated second-generation kinase year. AR-XXXXX vascular potent tyrosine later excited growth could highly about targeting an IND a for endothelial factors, VEGFs. submission wet be product targeting for or with this

the to burn market it anti-VEGF the products longest today could in offer position. financial rate number a dosing on addition, strong in And potentially interval for development our and AMD. reducing maintaining annual wet compared In three,

to and One me than will bring research, in allocation that ongoing cost preserve came team greater making was operations and to our our priorities when spend particularly capital to We meaningful where I of our our my top is be driving focus be, burn ongoing for cash the recognize to in and down and it in Aerie development and priority structure in higher operations. in difficult drive to This rate made an in continuing and efficiencies choices would we've management progress area in our in optimize efficiencies SG&A. like decisions. we and assess

related increasing expect related costs, We cash by total by to candidates, previously on in a our reported, those the is likelihood continuing reduce as initiating so short-term In heading put in we to are difficult of XXXX, both XXXX. Santen. the into return approximately to R&D, our financially international now operations, the areas million ended we cash near driven and our agreement. on with of number and investment. targeted XX% in on million, value received success that made in midterm right our with $XX summary, in second efficiencies equivalents and with we the drive III focus positioned X to well for markets and cash, as of approximately believe choices subsequent investments predominantly $XXX Phase year versus We've year-end, Santen cut this net pipeline We've We and operations. despite studies progress used ongoing highest and given XXXX focus AR-XXXXX our hold can on expenses partnered to driving

net from strategy and lower earlier drivers why theme refreshed our XX% provide with driving We've marketing meaningful Rhopressa prescribers Number Rocklatan page of growth you quarter beyond. which that roll rebates I clarity details we on in for while revenues growth a the better fourth our for prescription quarter commercial start and driven as why greater the by them, growth mainly flat. let distinction relevant of in We key cholesterol right revenues driven driven increased out by was better a sustainable successful Now with to product story. remain our market XXXX, a the our brand out the franchise by of use our offers mentioned XXXX, in well to in taken continue and It In adoption fourth In X to a driving brand XXXX, including the per confident over Rhopressa. by rationalization and mix, research. in and very and market glaucoma Rocklatan also in total XXXX we brands, fees. the between me commercial reason the bottle primary in one, see want efficacy tested the as excited where we're with distribution before, strong overall was and is choice. increase

IOP, glaucoma, effective Data of suggests number, intraocular by attention to to lower that with is reduced or people every Aerie, XX%. the we loss suggests getting in lowest at start. We X IOP, novel is that right have patients millimeter risk For unparalleled the drop getting vision mechanism Rocklatan that lowering IOP, the call the pressure use better. powerful in which is action intend evidence to a to vision agents published in for a IOP. efficacy potentially loss from of dropping offers highly fact X of risk that

XX%, thus you and with as Rhopressa prescribers and why constant, consider no are and pressure. baseline on powerful to EVP. option is It other episcleral Rocklatan or This regardless offers the remains regardless with next by know, Rocklatan switch pressure, That's because make drop venous first or Rocklatan unique add-on. brand. consistently of to why on lowers powerful IOP start pressure, the So maximize its the the the unparalleled of not shown therapy differentiated agent IOP. EVP, and which, in of or well has Rhopressa, background baseline been a far, act most effect increasingly IOP on hand, is go-to to lowering

encouraging to Given to commercial new And expect pull-through a we have more to are Rhopressa, end further visits are we forward. to could of encouraged efficacy prescribe XX% the And to that and feedback increased physicians are suggests our than X pandemic eased reason of by believe brands. we profiles brand good to access a cornerstone have now our assuming This March. high two, #X, that starting Number we the better opportunities. lastly, Rocklatan and physician of we differentiated Rhopressa We're of growth the post-pandemic prescribers. and story be the normal, Rocklatan face. restrictions that with face move to from prescribers refreshed going this safety that believe provide clear

opportunities the to for in refreshed paves I coverage on with greater targets prescribers future. that clarity revenue the opportunities to refreshed for believe way pull-through access with formulary combined positioning broad beyond messaging, brand better brands. Aerie pull-through summary, our achieve our greater increased in broad our drive increased coverage, to to to the In strategy Our adoption position fund our could XXXX formulary journey and and and

to it Michelle a we continue building in story moment personnel Before I the to I to towards want wanted over to future for Aerie, about take changes. our turn speak

their business David Aerie's Chief at hard thank work announce Medical Dr. of Mitro the new I'm biopharmaceutical month. Hollander Gary will that relevant Aerie. executive us and departing well-rounded March to Big Tom dedication. affairs, both strategy breadth a and XXXX. the Gary welcome be of effective X, is to development, I be also to Aerie want for pleased end to and Officer, Gary. them depth medical board-certified valuable join you Sternberg, this a who in with clinical As and experiences will development know, will ophthalmologist and

company's turn it goals. and for to for Aerie Before the to their also Michelle, thank I I in performance XXXX team want to their commitment the dedication and

Head Aerie. our of over now the Development me to reasons Clinical for for Let excitement and on the to our future Michelle? call Affairs building about turn continue Michelle, Medical the

to Thanks, candidate, my trial and brief on in the Phase eye IV recently of continue entering or AR-XXXXX, a on Phase will the the AR-XXXXX, symptoms our candidate product first-in-class the mention then dry remarks dry Raj. novel is completed differentiated product strengthening of going provide XXX, III profile eye. clinical briefly a plan and Phase focus for our I I'm development Rocklatan. also for to III update signs Rhopressa as product Japan. treatment

sign, the MX dosing, cornea XXX By Mechanistically, and While sensation trip sensing the symptoms production for previously there endpoints. cooling consistent XXX new is on unmet found a mentioned, importantly, a that may lead nerve rapid receptors, convenient dry provide tear eye products dry and across cold there stimulating innervate symptoms. and a the a stimulating improvements to therapies of prescription eyelids. we a and reduction OTC that eye number on receptors the is can leads that of market a are believe to by life of in across natural the endings acts eye, onset Raj and need that as of efficacy, quality these agonist significant surface the of range for

You may September COMET-X of named Aerie of the our trial robust released Phase recall in XXXX. results IIb that

see not While production in life XX. dose-dependent which statistically day the multiple stayed were excited our sign, of robust early nearly we improvements as of primary quality a and increase endpoints We significant and statistically symptoms were X, as very significant particularly at day identical tear validated to endpoints. across achieved, magnitude showed a

based For was favor SANDE XX symptoms, a of found as in statistically significant score. improvement XXX on day as early

XX-day separation significant a statistically on XXX's In to and increase saw activities. is also found be XXX high Overall, which each Notably, consistency tolerated. mechanism. ocular continued with to dryness and the the over was from these there full in discomfort, all endpoints, of XXX eye. intent-to-treat of daily consistent data, vehicle also We dry were positive in population study. and across the improvements were numerous safe degree atypical based living of well very was eye results measures

of wanted totality including results Lastly, XXX. critical the we Phase the forward the carry solidified III, elements to dose the of into design

will score. the and day day FDA We alignment on XX are pleased report Schirmer's to that our endpoints, gained which unanesthetized we have score with SANDE be XX

Our proposed a X program XX-month III includes and Phase long-term pivotal efficacy study. studies safety clinical

this Importantly, III we in to track patient are first the on have enrolled quarter in study the our first of Phase second year. pivotal

demonstrate study brand. Moving to franchise. study first would a switch powerful to of quarter second Rocklatan IV intended Phase to like This to a the are study I note the as U.S. in of the therapy as that we well year. first-line of kick go-to details our in the or We efficacy is plan this the this glaucoma finalizing off

In October of superiority Rhopressa Phase the Phase of study a confirmatory twice-daily Japan. is in demonstrated ripasudil, ROCK Rhopressa Japan in III marketed in different brief in of a inhibitor versus reported with the first A study underway. approval clinical III XXXX, dosing Japan. second required is Japan on results for update which Lastly, we

Our is the taking steps on for partner, preparation Santen, lead registration. in next

over programs professionals, Lastly, the and would turn caregivers to I Jeff. thank before families involved I would Aerie with all to year. close, the like the care like health personnel, over our now patients, I to call last

sharing in Thanks, fourth financial will be that will focus approximate of for All this for quarter discussion my I the comments call. Michelle. I'll our results easy during XXXX. on numbers review the

the fourth Form Rhopressa and Combined period we'll in a quarter revenues our which to period. refer tomorrow. the net XX% annual million, today's Rocklatan quarter information $XX comparisons, file release please regarding over and XX-K, prior earnings additional our totaled fourth of and prior For XXXX comparable increase

to quarter recognized $XXX second net also $XX fourth agreement licensing We related bringing revenues of revenues million December the total to XXXX, in million. of Santen announced

for Our gross consistent fourth prior of the was XXXX quarter XX%, quarters. margin is franchise glaucoma the for normalized which U.S. with

million In capacity is for production. Ireland goods of underutilized with of plant commercial the addition, associated start-up sold the $X included costs in approximately of of million $X cost Athlone,

to improve Total and glaucoma We as through administrative expenses, expenses expenses to utilization our plant. sales investment we the Athlone investment capacity $XX our and volume selling, include franchise on in costs continued continue clinical expect and of number drive and development basis annual marketing the general increased million $XX and for million an programs. also reflecting steady and of research in

to share, related quarter fourth net expense, our agreement. $XX $X licensing diluted $X.XX compensation second by net of total Our million was was per million Santen diluted million XXXX driven $XX or income revenues stock-based share. When the was $X.XX income excluding million $XX or adjusted per of which

million. As approximately XX XXXX, shares of XX, were outstanding December

For activities the year bringing cash million. used total million, used operating just of fourth of net XXXX, quarter $XXX our in was to $XX net under our cash full

As $XXX in short-term cash, cash of we million investments. XXXX, and equivalents December XX, had

million $XX Additionally, January of in Santen we from received XXXX.

initiating guidance our net previously in are in $XXX Raj glaucoma and both product versus operations. Phase revenues believe for As X approximately AR-XXXXX XXXX mentioned, million We XX% million an used our III ongoing XXXX driven in total cash well increasing and by we financially $XXX despite net into to positioned XXXX. R&D, in increase a costs studies XXXX, franchise by reduction heading includes to in

remarks. Now the for back to I'd call turn Raj? Raj to few closing like a

deliver To joining our XXXX franchise. the XXXX than in revenue continued set you, have before beyond. success up more for that in and our I to right XXXX, conclude, Aerie in and achievements convinced I we Thank even Aerie, made glaucoma Jeff. am expect In growth choice

right in we profile. to which, expect to to balance expense excited advance plan to the Operator, over believe year headway continued if Q&A. positive, and pivotal Aerie way. in time sheet. the Phase sustainably I us for you in forward for you ahead compelling could to competitive the have look strengthen right today. products, you we the growing our to on join progress building and right talent AR-XXXXX to future. the III the And a to Aerie along X.X, all make product with updating result our Version about and be taking We're Thank successful confidence studies expect in I We for reductions

[Operator Instructions].

from comes François with Oppenheimer. question first Our Brisebois

your question. with proceed may You

Congrats on the progress.

follow-up. So a Is And revenue that that explanation quick that of keep anymore. forward? as then keep you've mention we if of is were it makes I $XX, you an bottles, the bottle number happening actually to based couple things. -- bottle? higher, something going I a was will why of maybe little don't net the per say around the back just on a noticed to it a that going quick maybe will to the fair it And $XX not that. do envelope, mentioned sense, have And then just per that

say, There's in per fees that we if in pressure -- terms payers wholesalers, can't François, is, where from remarks first like what well the as we $XX. it the XXXX, know, number Raj. always a number, pay will did per in this as margins, well in prepared the is and was that it number the we year want of The from XXXX put the you revenue decline bottle we this we as out. And always reversed as revenue bottle. net is to payers. of continue Suffice sort our But reason rebates not was to of volatile average it's squeeze we say, you guarantee and intense both the terms be.

envelope. close you you're what did back So pretty the to of

the market kind kind stagnant flat the -- at growing? side? growth get glaucoma this hopefully, a And then Great. share through market market we over in terms then a market do expect more something the Or the of as this this keep whole, fairly greater of of year of here, never-ending you the pandemic, look is when of on glaucoma you a market and to is being seeing Okay. as

question. great François, So

helps. growth market, year. we think COVID and not XXXX, pre-COVID look I would roughly was the be declined, obviously, assume at unreasonable about it which the but we X% to itself, overall hope that was I a market it in flat when that rate, to market get would back

Yes. and extremely No, that's try. -- I'll

a Sorry, sneak if one. could I quick

been and that days. In maybe something a terms reimbursement, of program, terms reimbursement the it Any can in market of difficult why be lot in Aerie? around there's work might a challenges these with of little here dry dry the eye more being we challenges thoughts XXX, on eye

Yes. question. Great

to and the sort as we and product least think believe out experience on One a both importantly, terms of come a kind thinking X at got in quite Michelle getting before we've this X in why from strong is I right? prepared to years we remarks, very through into payers, we space. would of intense of the very gross we are differentiated with And our are start net particular product be cognizant given about symptoms walked about pressure the sign things, achieving her market. -- to profile, X

going So with meaningful and to that with able be them to as we to are generate relevant be payers them well. be to would collaborating data working

the particular coming as like Phase company So is about eye. this we be as quite think well can. dry III Michelle said, our asset I with prepared we forward And into excited would in quickly moving

from Louise comes question Chen next with Cantor. Our

then So have management term, first And near in been how the sale question prior differently of know mentioned the the to on company than management potential there you management plan do had is the is, do few quite that. things still team? the prior table? a I and additions

Great, great questions, Louise.

can't focused, underlying as company, than better better management the and remain sounds So apple company. that shareholders it true is is the that drive well, we know, things When on interest would do feel well of from as with it Board's shareholder team Louise, there itself. as comment that or pie, perspective underlying M&A companies any to you like time, strongly this update or the this, the as we'll value a reflect potential is was second sale the the the the right, consistent our the an with a value. employees company doing -- reflects the But the that I will And there but discuss talk certainly I know let you. of share we our whether question? Obviously, at me right interest about way value I characterize sale. we on price

Yes.

Second to you question was some curious that do additions, plan the been have management all recent differently there than things and how prior management team.

Good question, Louise.

which needs believe the if a right? be you for clear there's there's be sheet We're focused noticed, that advancing I've think to have right trajectory we will a a and come balance a be from significant we're the the there's on need I which in management, midterm. than strengthened. been at commercial organization AR-XXXXX getting now trend very on the -- more for least, recently focus And value short to controlled been term. significant as So that our as past, for growth since our our we acknowledgment driver costs board, clear

net so And reductions saw cash sustainable our for burn term. growth meaningful drive the the long you to in first

at the better analogy prior a Aerie, the for is that's of was -- from different taking So version lack start, of on. to very X.X, at me that sort of least

and potential company. together the we when employees, quite a all reenergized future say the that throughout promising Aerie, build the would I purpose I as clarity they're all them given met the thing help of focus have is other could and The

between provided realistic we halls, vision town to to held a dots provided make. in direction pretty regular from there. get in the need executives So functions, collaboration connecting an we choices transparency we our and we've set the and the how of where We've the is path model operating I've the and

So excited so be I a potential to of meaningfully and more that shared are values of common a patients joined purpose set even and company part employees to a believe has the the that today are the lives of for better. Aerie change together with

with Stacy comes Our next Cowen. question Ku from

your with proceed may You question.

progress. on Congratulations the

net bit monthly prescription. first $XXX of is past, want on prescription. question a a the to on exceed a In just to first able has company I a little the per prescription, that my So follow-up the been bit push one. per value

So your collaboration? partnership potential long program, the is what are would think a for term, worthwhile for What of the then DME second be value the there? around our XXXX. would thoughts you question And

great Great, questions.

of bottle, was your and when Aerie products, In revenue look at to So launched it per of calculations that's point, the done since was $XXX. it in I 'XX, think sort and it was I XXXX, average sort $XX. the $XXX. the In XXXX,

at we've that intent this that on to reversed per promising time. first the the our in guaranteeing a that's I'm always was net And the or above trend. at there's clear very actually rebates, and XXX, we working what bottle. I anything Whether revenue XXXX we point get sort in obviously, and we're the So on. But given how volumes been of looked want of declining not be to given actually year, rationalization terms company

I remarks. our refreshed the focus given really prescriptions really drive demand brand drive to is and the we in think story that a had my prepared underlying of sort

greater is seems the in our that prescribers. least, messaging in excited research of clarity And So there's a brands. be there we're refreshed market clear at resonating, with that our positioning quite to

I So out looking to getting think execution. we're the to forward story prescribers. and We're forward the with that taking looking it

DME, think in a had of the opportunity second quarter with DME On the question X, -- potential that United much we transcripts, than I it is I bigger that in for mentioned is Europe steroid there the noticed States. in in the in terms were

pipeline. similar similar then our process value where what did is could products, to U.S. to further our our the we're with obviously, strengthen and hope of balance in So with a we very potential we develop that market continuing entrenched partnership that companies are Santen existing approved your the for thought which question. and that to great sheet at, I potentially addresses is the that and monetize refocus Europe,

question Annabel with comes from Stifel. next Your Samimy

to also in all it. first little you press But the years. Congrats few progress. a We press of guidance on just a you you thank for to have course, I appreciate for the -- time on bit that providing And on it.

you if I this shouldn't If looking really headwind and the for little from much COVID. have implies run from it you're out XQ that year, the year, take growth, seems And at mean rate your a pull rate. you as as run guidance it XQ

You're also marketing implementing a strategy.

push What you And to second strategy have? and question in some rationale to cost can this it in also, pushes marketing how the it the reducing you're the guess, be And at is very first that that your marketing pull Rocklatan of do terms you in study when and guess going some product help you the of how understand guidance? costs us a of the you sand I pulls the understand So line works that you're of you that have the get can that just that the seems then for and conducting sure of the decent right. you that carefully. want the understanding on you some or I pretty is of make Phase efficacy. looking increased are levers kind I square and I actual the structure. that that with doing whether cost

somewhat a that's costs. guess I for loaded So question

Annabel. you, Thank

see just I Let these one address if questions. of each can me

fourth of I quarter, think year. the during fourth you strongest at the one the look is speaking, when traditionally quarters quarter our

make be. prescription we're factors number per net guidance the that growth. guidance very of that think a I is we set particular you extrapolating I provide that achieve bottle, there way we that We And can think, however, want like said, look is target to look that, a revenues at of that TheStreet. whatever sure our would what saying revenue that I margins, simplistic provide, We So to But be look the ambitious. we've could we that comfortable I at. at

So bit a obviously, little of factors mix there's those of you mentioned. both a that of

prescribe, In to of I We've we're are. their becoming think cost, of terms years in intent attributes X which very the right? what experience have terms prescribers precise, of predictive had

sales see a very very thought to reducing work. in approval. of think they in that perception to we we around our think the have product the one of And physician's the thoughtful has the is in provide initial And I go to programs whatever how Phase study after it, to is to especially actually misconceptions could with becoming dial terms I we programs is And how was in line right the about we become better, effectiveness IV that back, the years that necessarily and very and Obviously, may touching a to last was as what real-world over don't that Phase preferred on right, things in the promotional demonstrate hyperemia. that been we have brand we're actually want piece to targeted mentioned SG&A And something Rocklatan want educated, you'll versus that, you the we're what reps first started footprint, do that the without then that is we're in of in the thinking promoting where using. approach right, which they've had early this number about that effort And of seems and looking So the the the up work IV. of terms have. saying.

promoting the questions. for. I we're So is and how all data actually hope that's in meant Phase it, captured what the IV putting the I

Yes.

the is So is what like you Phase almost that I'm IV understanding? the had study MOST Rhopressa, for that study Rocklatan

study. Similar. Similar to that Correct.

experience about the product? That real to world change perception the

Correct.

comes Needham Company. question & Serge with from Belanger next Our

been expect over last have question accustomed first of on to I years? my quarterly follow-up guess, guess to, one kind questions of the a same prior I couple the we cadence guidance. Should of the is we that

-- in as what providing think of I The to update guidance. annual quarterly we provided cadence terms an

to much quarterly tends how fourth to strongest quarter pretty the been. one quarter be think better. quarter Quarter see, be tends little quarter a the in of we will I in and is Like recently I X progress lower, X said, during right? better as becomes So sort just we has our and X X with our line becomes the year, trends quarter year. strongest the as be

articulate. would I the that's cadence that So

of coverage, changes plan on we move part policies? for you Okay. glaucoma the an the growth on strategy is improving And business as into of that franchise? payer as is XXXX, coverage there that to your any aspect And

question. Great

with and deck, broad deck, the our in coverage pleased the we at know, reimbursement XXXX have. in that the quite we're refreshed you our as end investor actually -- So and of remarks, investor provided we prepared

XX% where books in with across XX%, And or we rebates, has throughout or and we continually of the monitor. population, off across there rationalize is And our in XX% of why So right? forth of potentially got are level in we job of business, nice which and wholesalers. that's we've coverage. assess roughly consider team we saw the through. could commercial in in get roughly total, rebates terms out very business, And to being do payers and right? mid-level roughly mid-XXs which of that's how of do about book constantly you businesses is and calculate we rationalize have So figuring the the the distributors plans a because of back formulary -- Medicare in kind the the prescriptions in the even about we mid-XXs, control year, those done XXXX, the roughly how that and So low

And on have of of Based burn, on and the the can cash efforts you're hand. one. runway last the you terms cash balance in what reduce Okay. comment operating you cash -- thinking on credit your with cash to just just

Yes.

Phase number are wish So terms pipeline clearly, In pieces for a programs. There I certain rate aspects of I III moving the There commercial number the right given of answer could third month, this, that a now. our making, say but assumptions monetizing we're right? right? my franchise, I thinking we're are growth about that wouldn't of of

our continuously and cash reducing then structure cost burn. assessing also our -- we're So and

of we'll and that hopefully, me get these what that plans visibility for look a to of are those are can assumptions coming position we company on through So moving, on you that runway how through. picture assumptions for XXXX. kind in -- those are coming a get solidified in cash through, are give priorities short-term better I you year But strong have in to things those and execute progresses, as how terms the the like. let now, better our how -- I'll I could know be as to tell able

with comes Our Nochomovitz Yigal Citi. from question next

Carly Yigal. is for on This

you have about few stage eye, then the planned the each on at We many And a Phase studies? for enrollment? may guess expectation on those expect to related this how trials to I III your dry complete take do of patients long to enroll pipeline. in how that, what's

Great you, Carly. Thank questions.

second that this in know we Phase at think I quarter. or III initiate So want to FPI the we point,

a as arms, give details I of rough numbers finalize think very thinking X be estimate, the Phase had numbers IIb, total our protocol. design rolled number you to Phase actual our about out the but similar study those in we III, that and the Just patients we're a will of we for

I the readout look but potentially those of IIb when last terms line, we that enough is a model draw would the company be others a XX do XX-day this you have when Day could this Phase from think ready would you through endpoint, And line either At And there's time, saying the model readout? clearly, would be it, our or from patient time of periods to days. think, time disclose the for didn't what I In right, like. might XX terms but data it we easily time in a study. will that from III. Phase the

with is likely development to in Will to that in then initiating Phase Okay. development? strategy about Aerie Or fund AR-XXXX. the you'll wanted it first III I Great. previously XXXX. had just clarify more think on partner we company the a the look Phase half to talked III that the study That's helpful. And of program move investing for forward independently?

while partnership pause on or discussions if that's curious So advance. track just still if you're potential taking a

Yes. question. for that Thanks, Carly,

partner excited very remain to or product, a outside think more latter to development answer the especially the given the continues the AR-XXXX important the given your partner likely think which of But we're the fund I by would one, the and of in sort be terms to I of U.S. -- of a question, expenses the getting it. majority bulk to opportunities is straightforward AR-XXXX, opportunity for

Our comes America. Jason from next with question Bank Gerberry of

itself. guidance the on Just

want price dynamic. around uncertainty pricing, there's sounds So of sort like so don't to you somewhat outlook guarantee on it the an

is the of by volume. sales So that sort then is the entirely assumption guidance driven

if incremental wanted tease Just it more is price? with internally, not a Just little Or you're price volume volume benefit? that assuming dynamic the can mainly clarify that price out you to of any bit dynamics.

question. that Yes. Thanks, Jason, for

per of predominant about And grew were right? at roughly you if X think and bottle. growth the the price prescription drivers XX%, look net growth XXXX, I XX% the we --

prescriptions contributed per and about or in XX% by net from so so price or came So increase the bottle. XX% was the

X% calculate into purposes, with of modeling that for the think TheStreet. XX provided price. off Jason, the use contribution how That's to the we from I guidance incremental there's average. left we would went in we And terms it. I That then about that

you. Thank

Fraser with Our comes next from Truist. Greg question

the on there prescribers. already mix or Rocklatan? much comment number are change prescribers if between how monthly is be the And population sense did on weekly And get that XXXX? prescribers I'm for and would you how trying of and many calling of How can in that a to the Rhopressa sales force helpful.

Yes.

little the X,XXX. X,XXX total XX,XXX, So a was what weekly or targeted roughly the that in XXXX in was so. And over is prescribers to after prescribers, think to we increase encouraging see from I go we XX,XXX got

it's that every about or So prescription our of least encouraging target total XX% trend. were audience X to prescription -- at was and roughly an prescribe X starting week, more

And opportunity terms because that grow the see so we there, the weekly continuing demand. particular drives potential of a in overall in Greg, to prescribers

Thank you.

with from François Oppenheimer. comes Brisebois question next Our

the of the the reimbursement front, time? research going just first, of a terms not quick face-to-face prescribers on were reimbursement working on on refreshing and clear and or your of lack level just the in you Rhopressa, follow-up did Sorry, improvements did when was Rocklatan docs, surveys? you Or across When you being and aware here. the your Rocklatan Rocklatan messaging brand amongst KOLs doing maybe a from prescribers very come

Yes. Great question, François.

coverage. payer I around and I has payer the declining say we the issues been is and been awareness coverage, think the -- have X that one them it of that would addressing

those remarks, opportunities formulary my said our So we XXXX pull-through to that think this an us that in broad I opportunity an have is had I coverage in opportunity prepared for get brands. it's where for

integrated with the itself. that into is that the call something ongoing that messaging So is is physician an

So formulary field translates that on coordinated many pull-through fashion. the of hope, a is we coverage right, working the into in force opportunities the that broad now

And concludes this Thank for you you. participating. today's call. conference Thank

You may now disconnect.