Aerie Pharmaceuticals (AERI) 7 May 222022 Q1 Earnings call transcript

Good afternoon. Thank you for standing by, and welcome to the Aerie Pharmaceuticals’ First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Today’s conference will be recorded. pleasure LifeSci the firm. Partners, my Hans over now of Vitzthum Aerie’s is to floor turn to It Investor Relations go ahead. Please

in us. replay, Today’s Lang, website, will Chief press Thank you Officer; on and our Raj afternoon our Good Chief Financial as also Chief With Medical be being Sternberg, joining live Officer. Kannan, Peter you, it are is us available investors.aeriepharma.com, Officer; and Executive indicated and Gary for today call operator. release. for thank webcast

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

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

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

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

this during will non-GAAP we or addition, financial adjusted discussing call, be certain measures. In

posted financial see these Relations of Kannan, on CEO to press the release, relating disclosures reconciliation With our Raj is call please over website. I measures, non-GAAP turn which today’s the to section that, comparable of now measures, GAAP a additional the Aerie. including For will to the Investor

good Aerie remain pleased to the advancing XXXX and I Thank speak Version why you, in excellent everyone. with about on X.X and we’ve progress our made growth we Hans, and you confident beyond. in am afternoon,

and During today’s strategic on I’ll high-level overview close across progress you progress outlook for finally, commercial ask remarks. XXXX first and our in update you a particular, exciting review several the will our against with before quarter an the in fronts pillars the AR-XXXXX. prospects provide for I with late-stage call, on Aerie. with previously. outlined three clinical portfolio, an provide with I first Then And We made you few quarter update a with our Peter I will Gary performance, our to of XXXX, financials quarter our date to first significant

product execute to first year-over-year franchise, expectations building continued strategic well X.X. growth on our revenue pillars alignment our Rocklatan. supporting X for achieved the FDA We with for the Phase Rhopressa. novel products, the in We in with for our comprised X Phase program candidate of delivered strong disease. Rocklatan Aerie in eye program our lead glaucoma line We a initiated and on class Version three We dry AR-XXXXX

Chief Lang, taken these have Peter XXXX beyond. call. the we Gary to achievements our Sternberg, strengthened Medical continued and and and Officer; Chief addition We Financial who Officer, success believe with us net burn, Dr. operational leadership Aerie We to up for together, efficiencies set of drive cash on in with senior are reduce this team

for our three introduced success. long-term the I During our February pillars call, strategic

Gary financial burn pillars of making in three, These growth, advancing a our capital our pipeline; net choices the growth foundation by cash solid right business; smart reducing First, which appointments and to built attracting been our two, driving has sustainable commercial with talent support of to maintain are Peter. strengthened a sustainable the retaining of and and on and leadership the position. rate

greater the second track AR-XXXXX AR-XXXX one dry meaningful eye potential AR-XXXXX a driving one once AR-XXXX franchise. choices treatment available to best very the the guidance and market. We’ve for to $XXX a the competitive to We time. capital them represents to operations an axitinib. of sales full Making our a a of XX-month to IND edema DME wet in million. And eye, programs AR-XXXXX million, cash, in of kinase quarter in in smart $XXX currently We AMD. for the AR-XXXXX minutes. replace in Sustainable could I’ll the year capital our six-month of commence the commercial investments And decisions. Now cash for later performance more market of with a three dry a in a XXXX. tyrosine with continue optimize with and scheduled trials with on growth of of the quarter the degeneration, ongoing my and ended assessment progress interval macular is made year class XXXX. elaborate reiterate potentially approval, third, diabetic is Rhopressa in Phase of and every for is advancing age-related approximately annual value profile to growth inhibitor, revenue expense speed based submission few ongoing on the $XXX with which at DME, near X total efficiencies rate, mid-term Rocklatan dosing steroid allocation macular taking interval. could net pipeline. or equivalent cash inflection believe XX% to potential million our likelihood XX% our We and dosing or have on reducing for for preserve this the prioritized in over burn our and commercial priorities AR-XXXXX wet rationalization

in cash of guidance in expected XXXX are net to our We in our reduction XX% continue XXXX. drive an reiterating total future efficiencies versus approximately of additional and operations used

XXXX, encouraging in let overview am before, to and mentioned with you for performance an future on the this revenues of growth. that first in mainly beyond. strong bode that I quarter factors. a total in one, prescriptions. key and the I in introduced growth better sustainable generated of results confident XXXX February strategy we the driven and as customer in of continued commercial quarter for the glaucoma Rocklatan our you’ll focus provide me lower Rhopressa with to in facing first we The growth profile. our Number well the commercial needs This franchise the early brand product prescribers, feedback of where over XX% well has in with with say mainly targeted on the These growth from two calling glaucoma team line aligns XXXX, and by and medical use our by theme. to XXXX, clarity to franchise the Now, report are refreshed remain on grew pleased is why Rocklatan a strong recall who driven continue is expectations franchise by

Our goal the is from reason to brain drive primary powerful efficacy for a start right choice. as

vision in patients Rocklatan to to calling the the risk loss the that of doing right effective highly is that by IOP, getting from start. lowering are attention potentially fact lowest We

well with on the action the to efficacy the that positioned most prescribers. our start hand, powerful of start So matters. why other and continues novel with or start on be Rhopressa, mechanism from is Rocklatan key not its why to message

forward. believe reason feedback we And physicians products. growth Given the going hear to they on brand customer the with could that profiles facing and to increased these prescribe cornerstone differentiated clear believe from be on strategy this we encouraging customers, available pull-through us number our opportunities And the two, a the from our to commercial refreshed team today. provide efficacy what that safety their good

we’re formulary quarter increased the broad beyond, way Medicare franchise to and glaucoma pleased fund greater our position pull-through and paves to business brand. opportunities believe on growth updated brand future. especially refreshed for the opportunities coverage bright journey coverage, In broad to in with greater importantly, revenue Our targets first our and clarity in our that growth, and formulary of in strategy pull-through with adoption book commercial our increased we and could XXXX drive messaging our achieve Aerie for the a positioning summary,

a to Before their to of company’s team XXXX. commitment I on, to performance, I first thank moment for dedication the the take entire Aerie and move goals quarter want throughout the

turn to call our excitement now Gary, Medical continue building for over me the to Officer, reasons the Chief future Arie. Gary? our Let about for on the

Arie candidate product entering and dry updates is close update on on Raj. for be of team. AR-XXXXX ongoing development the I some briefly program, then as of a have our joined Thanks, medical affairs part presentations pipeline provide global the treatment to the XXX an novel, meeting symptoms and studies, recent differentiated, first-in-class with am medical Phase X going the clinical our review and of great eye. signs of is It to or and

there number While across and endpoints. rapid provide consistent OTC quality is of of market products of convenient there for unmet eye, dosing, believe and are need that symptom, dry we can significant the new a a importantly, and life onset a on sign, therapies for prescription efficacy, range improvements of

the acts cornea XXX surface and agonist, leads stimulating the of the receptors, sensing nerve result natural production XXX cold eye As and eye may TRPMX the that By tear thermoreceptor innervate dry a found which cooling eyelid. know, symptoms. reduction to receptors sensation in the as stimulate is endings in cold on across a you that these modulator a to

reported background, results Xb trial we that points two want in to named Phase our make COMET-X XXXX. September As of I the about

showed endpoints on validated were not while multiple and endpoints time points. achieved, sign, symptom, statistically our we life improvements of quality primary First, significant chosen dose-dependent across multiple

time and vehicle saw generally treatment eye potential effect and XXX we the a symptoms. pointing between increase in difference to dry signs responses the over meaningful sustained the Importantly,

the adverse we quarter also good XX-month consist two clinical the Xb conference no of endpoints Phase study. in which studies to consistent from study X variability were Phase our To will February, COMET-X identical upcoming Phase XXX. of reported to events from the FDA Phase overall we studies. the X and Phase many Phase our during mitigate with profile efficacy results, program, the of or COMET-X we call had that COMET-X the X attributed design aspects a gained and X kept safety reported on and registrational regarding serious X Second, a risk financial results, fourth systemic with In alignment tolerability long-term trial

a will will a twice United at multicenter, States. first double-masked, is Phase recall study studies, the Phase the Schirmer will statistically The the of efficacy administered test to the The evaluate which be compared vehicle primary XXX at questionnaire be for also measure day approximately secondary COMET-X the randomized key that XX daily X measure which score significant to study at XX the days. you COMET-X, in of was will The unanesthetized significant AR-XXXXX Xb study. day COMET-X in outcomes about enroll expected in XXX participants symptom assessed the single by as of Xb statistically concentration vehicle-controlled, XX, sites at SANDE X.XXX% study. XX, Phase will was the be

In throughout addition, be symptom and life will XX-day period. assessments numerous the of other quality study performed sign,

expect subject line the enroll expect We the second top half results in yield trial the the of of to XXXX. quarter we first second in XXXX, to and

degeneration would edema AMD. exciting age-related pipeline I for an macular other wet wet like AR-XXXXX to DME; diabetic for Now or programs, two mention AR-XXXX macular or

six dexamethasone with retinal AR-XXXX use a Aerie’s reduced could potential platform macular in delivery the and treating of edema. differentiated to candidate enable implant start months features molecule. was AR-XXXX. as These best-in-class bioerodible product injection frequency demonstrate the first and This PRINT to position product only Let’s to efficacy

have evaluate partnering to and options X development discussions Phase for continue of We underway. AR-XXXX

an frequency pan-VEGF is and AMD. receptor every treatment for to a all of to achieve receptor wet targeted ARXXXXX inhibitor also Aerie’s dosing to VEGF is PRINT once up AR-XXXXX Second of XX isoforms months. uses intended block the platform injection

expect of by file to AR-XXXXX end We IND the an for XXXX.

the patient I XXXX, Starting generation franchise, global studies in strengthening we studies Santen medical Phase profile to are that reported outcomes. glaucoma few product These X meaningful and like our for continue to our a on of with initiated our approval intended to and clinical with study confirmatory to would initiatives. Japan. minutes data February Rhopressa have the second global affairs studies, partner in improve required our Moving support spend a

in As taking you registration. in Santen’s the on we X steps for preparation know, studies complete on Santen disclosures, Based lead next expect is to Santen Phase XXXX.

Refractive Moving Surgery American congresses. or the and to that Aerie am presence and to Ophthalmology AGS, Cataract to recent recently Vision for a ARVO. strong scientific at pleased or Society Glaucoma continues or I and medical of Society have We at the affairs. American most that note strong had ASCRS, major showing and Research Association

of published. Phase meetings Xb related At in posted clinical the ago, once to dry to Corneal the detaining our weeks ASCRS are website eye. the a abstracts of abstracts two Rhopressa presented these Dystrophy the evaluating AR-XXXXX All and use from from in clinical study two Fuchs Aerie they’re data study

In to the Rhopressa addition, abstracts elaborate the utility presented XX Rhopressa helped in at glaucoma potential of franchise related abstracts in management clinical glaucoma other indication. ocular These of ARVO. May, to and on the in were

Additionally related at preclinical novel ARVO abstract to our Aerie to ROCK’Sters well eye the anti-inflammatory ocular program, presented program. abstracts dry AR-XXXXX related as as

community’s in our We are interest ophthalmology gratified pipeline. with active the

to or evaluation study designed to the study. latanoprast inform plus Rocklatan of a relative to we alone, demonstrate in pleased with for efficacy powerful individual the study am I Lastly, The Rocklatan use that as multicenter, Phase agents. latanoprast while of a was further initiated single one Rocklatan X U.S. the additionally or the you MORE open-label two therapy have

first in call over of subject expect now to study data in be top first Peter. plan, line and the the XXXX. available half to XXX The would to March, subject, I enrolled this turn we in like XX-week was dosing

Gary. Thanks,

part As of I’ll will that this financial of review comments before, also for results the quarter you approximate easy during I XXXX. will numbers my sharing be I’m first All expressed Aerie our call. to excited the be on the in for focus discussion family.

expenses results and regarding Form to please and quarter tomorrow. revenues period research and expenses. of goods sold of the million $X.X cost net $XX.X and XX-Q, quarter development Combined XX% we expenses include a million, Rhopressa and information our general increase administrative first comparisons, refer over release selling, which XXXX. quarter For in earnings of of file additional today’s and Rocklatan totaled $XX.X will the of million costs million, Total and our $XX.X first of first prior XXXX

compared goods quarter to was sold flat of essentially of cost Our the XXXX. first

for gross XX.X% mainly in in $X XXXX include remainder our payment for we in an investment and R&D improved of the programs, utilization to XX.X% our expect SG&A to the decrease quarter milestone investment Overall, glaucoma period, XXXX. related of driven continued during clinical made an franchise. Our expenses million XXX. first margins prior quarter. sales from expenses the in plus to SG&A year increased the by marketing reflect

Phase quarter, the we an XXXX. with trials X earlier, discussed As increase in commencing in for trials of expect XXX to the second through cost in start half the additional a the year. clinical second of end expect Therefore, R&D we

$X.X $XX.X was loss Our of $X.X Total stock-based $X.XX in goods first total $X.XX R&D. sold, diluted stock-based $X.X loss was million XXXX share. million SG&A, When per quarter or of per diluted million of expense our million, $X.X compensation net included expense, in in which share. cost million was and or million was compensation net adjusted $XX.X excluding

million. outstanding $XX.X the was quarter, shares average the Over weighted

shares XXXX, were XX, March outstanding million. of As approximately $XX.X

was from Santen first million, $XX our provided the million net to Santen licensing includes quarter XXXX, activities which the by operating December, cash received agreement. $XX.X XXXX of relating For

and March cash XXXX, in of As investments. we million XX, cash, total $XXX.X had equivalents

financially below Raj mentioned, XXXX. about $XXX cash reiterating XXXX XXXX revenues $XXX expected for As current be expected we provided used be franchise million positioned glaucoma previously between XX% are net to Net business and well to our are financial our believe we is guidance. are the million. plan. to product We fund

the like for Q&A. I few remarks call a Now back to would to Raj closing before turn

are in continued to franchise. To In Peter. growth revenue XXXX I Aerie. to our deliver in start glaucoma off conclude, excellent we XXXX, we Thank an you, expect for believe

Phase the make continue Gary. studies, we We expect advance to by in our registrational X outlined And was as to to strengthen reductions headway expense balance to AR-XXXXX sheet.

along the the We’re excited forward us for have for right right you join time to year with X.X, look our taking in on the on all Aerie progress the Aerie way. products, talent Version and we I be the you about to believe future. to and the building successful ahead Thank plan today. the and right updating I confidence growing sustainably

be to External our of Joining Q&A Jeff Casey Innovation and Innovation; and Principal our Officer. Chief Operator, our for Q&A. you Calabrese, us for Head and over Research Kopczynski, Officer Accounting will

comes Chen Thank of question line first you. Cantor. Instructions] Louise [Operator to Your from

open. Your line now

thank Hi, taking for here. you my questions

then you you. on I do question your the first is, I your what the and these headwinds is pushes have your you had cash pulls of issues for macro what is, chain the So are question supply to inflation, any And expect balance. impact XXXX? for remainder Thank runway, and of cash like follow-up business

your for is question. Thanks Raj. Louise. This Hi,

our macro, inflation, continue to to But time, kind production we chain it’s as the are the of this all seeing into of at of be time, monitoring a tell but chain, cost, that But our we year terms I a And any that impact, what has for we including now make we energy problem, can that. terms material don’t business this impacted haven’t from materially some progresses. but right hard anything run in supply predict a In those, this perspective. of again, you monitor we it’s time, at to the going to sure standpoint, increases nothing backups seen in on from are example. supply at

but I net guidance that provided cash basically this million less balance $XX year. In runway, terms is can XX% we that our based didn’t to which XXXX around the guidance we burn, of terms million had than the around we cash had, tell give in before, on cash of $XX you

we and burn said the we see, no I Given increasing reducing raise ex-U.S. our assets. have we markets to plans given that that going to cash our that capital have in focus perspective. markets the from in increase have potential a the before that cash we’re could this with revenue modernization net have

are you guidance. instead we actual operations. best providing comfortable cash the can current Louise, I very an answer supporting So question, that’s our And of that

Thank you.

comes Needham next Your question & from of Belanger the with Serge Company. line

Your line is now open.

my and Hi, afternoon. regarding Rhopressa Rocklatan. question I good guess, first

into based if then expect Is that your rate. burden reiterated prices sales on products? also or You any $XXX $XXX reiterated reducing your for script million pillars one guide was you improvement secondly, of million. to the cash And net just in growth the you do

side. the Thank on that is what curious table especially Just currently the address on to SG&A you. – on

Thanks for Hi, Raj. Serge. is questions. This your

We $XXX about the you million. to we a increase represented at had similar if of $XXX in period continue XXXX, that you to million XXXX. XX% look that XX% growth And reaffirm if recall on guidance over first And a XXXX. about over XX% a quarter

be continue by is prescription confident to driven and we So predominantly it growth.

In XQ prescription fact, growth XXXX growth. the from was predominantly

In didn’t I I other Serge. question, terms think of – the get

Yes.

pillar what rate options your third to XXXX the of are for The on goal. that and reducing table achieve burn

Yes.

net – you quarter the our spend. if much So cash the to first higher terms in look burn, obviously, be cash at of first quarter of tends cadence

So we X. to at when had that you into Avizorex for payment Phase make the milestone going look one-time

and You’ve there. got some bonus in payments severance

in burn guidance million provided with around we of cash reducing XXXX, comfortable the million quite cash which for the terms was this in that year. $XX net guidance to We’re from $XX are our burn – is net the

confident Serge. remain that we So on guidance,

comes of Annabel Your the from line Stifel. Samimy from next question

Your now line open. is

the sees seasonality. more thanks guess, can bit. maybe relative easy taking talk start question. little my who on the message marketing a else I a Hi, to everybody But for to lot year, about Congratulations an you

working the prescriber resonating a is to can that cetera. you better of that you’re about did message touch et describe actually there’s you be this weekly people. talk is you prescribers, maybe But these it used is et And it XX,XXX doctors, There practices? about how have. the So have increased the into growth to metrics many the are is So cetera, marketing prescribers. how starting shared with additional you much are versus lower drug? experience targets, going more see deeper – the just on you is Or with

metrics have you new on understand like to any message bringing that So prescribers? the us is whether help do

our you XQ for performance. for Thank And message. the Yes. that thank you Hi, comment Annabel. on

believe too better. of we and – But the prescription are terms Rhopressa, rolled continued many reps we That right, When we out Recall can’t that the at first franchise. especially of And for physicians other a The more results I the are that message, XXXX. early the patients number those prescribers little what expand have marketing that indicators, all I that the have the to we monthly of it’s provided. In driven has March. in message indicate in to that our incrementally is and to experience marketing see of I of early in growth say, trained strong fourth end weekly. February. got continuing quarter things, you factors feedback The positive combination versus look it’s on in who right? growth on XQ, Rocklatan think in breadth both in the of we why XXXX continue both quarter prescribers, remain initial

XX% look is at call overall the So ophthalmologists. about the XX% to on, ophthalmologists we we top potential the of highest that target of which

see to and of breadth increasing depth. continue use We prescription increasing an

from from field in early, – distinct terms first perspective for encouraging, prescribers press of XXXX potentially of has from in positioning line Rocklatan, what a XXXX. at as asking growth switch but and we little and And feedback our positioning in initial the in I is an our Rhopressa prepared to quite for release force very but been first really the said business a first again, my that’s and the quarter remarks, it’s adjunct, like asking MOA or the see initial which So least message, an too from business – for Rocklatan.

Sorry.

progress guess, Phase sales we for about Phase X, stage have any it’s of the gating I you now can that XXXX, think factor? on I the progress? and design that know And partnership Was one How agreement rollout design future? X should a more more. can Okay. I if see we the ask in the near

Yes.

conversations. So we having are

the the market we some there But in remain a we at and data actually in parties room. platform, getting update of our XXXX. But at an to is not because are meaningful point, of I could It a hope terms point proof the are about the in update principle I We’re PRINT interest market, way. think where to dosing this to market. it the right? standard potential care getting develop replace remain extended and robust who a versus more and steroid that delivery parties DME. product we potentially has in current with conversations And interested So it to have take that, I an excited importantly, about product continue with with could excited we

of the terms rollout the in And EU for glaucoma franchise.

right think publicly, Annabel, had that said So Santen. supplying we to are I we now, committed

– point this launch So time have at in we to I think, XXXX. early expect in the

are So in start happens all if strongly update XXXX. earlier, they supply for have to launch but early make you efforts to we’ll I commercial it our the that sure think

Okay. Thank you.

you. Thank

comes Your from Ku question next and line Company. Stacy Cowen from of the

Your line open. now is

Thanks Hi, congrats good for afternoon. taking our on and progress. questions the

So of has there so use Rhopressa spoke that sales that So awareness kind strategy, friction clinician there any there? any is experience, as prepared your well of left about first force part remarks. new line increasing of commentary about access. that that our you Is is care experience with this question is managed far, and in been that Rocklatan improved still as seamless first what over

the first that’s So question.

dynamics. the broader you The could glaucoma discuss if second market is,

generic of implications would strong as seeing introduction the With to there we’re net manage Thank be you. care these any combigan, pricing? really

question. your for and comments your for Stacy you Thank

it’s for the think you Rocklatan have I in formulary mid-XXs. especially in Medicare and look our And mid-XXs. Rhopressa very the at coverage, – we and strong when think for I coverage Rhopressa

very represents focused our right? So line, for field our So is broad. particular that, with we coverage XX%, that I which think to first we in force on pull-through you as business. good quite in in think I now which know very label to opportunities, the ourselves are position have pull-through about Medicare right especially, the population, And

payer positioning. that So start. from message we a hear especially about product from we’re for And did not trying do right given in most of see of Rocklatan, clear not positioning crystal in pushback talk physicians any a that that why perspective, the like terms use the to efficacious to terms

So the first then in And improved biggest for latanoprost in patients remember who we’re and our bet bulk continuing Rocklatan first messaging that the to the positive our perception if in is of doesn’t hopefully, is we’re an switch, of line. right. lies first are right? business So happen, see that asking line

continue franchise Our that the and grow overall. grow to Rocklatan prescription strategy is should the right, and

terms date the of is impacted from seen from what genericization hasn’t crossover taken combigan, really on In it the molecule. has It to other we’ve basically of that perspective branded brand. any share a

So so other impacted cause it but this a that tells payer generic, reengagement has combigan us gone far including I data really don’t on the only any rebates. necessarily hasn’t think franchise. brand, perspective, our any And from would

for on the right your Stacy. side year. Hope, are the of plan the maintain think we the where should be level question, I that we that is. terms in rest high to of answers our pulmonary coverage And hopefully, that

a It does. lot. Thanks

question François to next of line comes Your from Oppenheimer. Brisebois

is now open. line Your

taking thanks the Hi, questions. for

Just a couple here.

of competitive So clinical it’s field and side, terms on more AMD pretty wet the more in trials.

it’s delivery understand differentiation and and wondering, you how I So us the validated just with your product. maybe the was here can help just platform maybe

about the talking is product from you’re we assume that XXXX, Phase I technology platform, right, François, which X PRINT X have the ready. or that’s Phase

Yes. I’m to and what’s trying the AMD attain. side, what also duration wise, differentiating maybe wet wondering on you’re maybe

Great.

we up wet side, AMD. the we speak has I’ll of studies XX more the that in why wet remain about have we confidence to target that have aiming particular to Casey date been confident product Casey? let and the to that AMD technology profile months. certainly So the animal and we in what PRINT for why are to on point done product

to those deliver platform PRINT the other back Yes, from to trying Raj. are you, Thank the the molecule distinct is eye. really products the competitors are who has space that in create this us formulations allowed that small of to

molecule that proprietary that what that can in duration accomplish to polymers implant And drug And implant anti-VEGF our use preclinical clinical looks to other have accurately to the say the get profiles. preclinical elution small the polymers studies. work we’ve us XX that’s able with about of we that maintain trials. predict managed allowed We to months used along rate through that drug to with AR-XXXX steroid been have can I AR-XXXXX a our of profile elution human optimal follow-up be previously the our in for eye implant is back in

potentially So or achievable AR-XXXXX we pretty is axitinib from injection the once-per-year implant. a confident get feel that it to

I from Okay. terms obviously, then feedback or way And any but strategy, Rocklatan reimbursement on in long also brand the docs That’s a maybe the that first, maybe was aware extremely front. not being helpful. Rocklatan just come of any pushback has wondering,

is Raj. had why very predominant where is where of their that very, run we’re that we That those a in for into Good focus physicians target on is we opportunity. That terms they’ve this François, initially one their that perception messages have physicians formulary question. patients feel issues. of Yes. in making focus the where we sure focused is plans build up may cover

they they covered, really is – that Rocklatan to of that that they the that cannot use is is part make that that… broad, messaging and nothing So understand not is label sure the there could

the guys terms volume if one you quick we been price that there price the a a But might the wondering, just and that anymore. track that sneak first just fourth our there little drop per from – could net I here, aren’t that know the to have in lastly. again side, just from or in sharing in might if to And was bottle I fair net happen bottles is Okay. – might scripts be anything we and future? the I quarter it say quarter, see

per know, being only we refills. deductibles But it tends guidance reason said, you price from bottle. annual which The uncertain. always not opinion reflected as our can a give to and roundabout any that our did is rate I that I in think – from [indiscernible] TRx perspective, it net is slight the TRx have think [indiscernible] would we vary maintain we potentially that on said that X% dip be that, we perspective quite the saw, a that that

we a from we the earlier XXXX. the that was our that growth we confident gave perspective, at XX% to saw. remain XQ our revenue and given even XX%, was So we guidance guidance at continue that XX% remain rate about for to And confident

That a to companies. the seasonality of pretty here compared sense. Annabel And mentioned, lot as of other lack nice makes is

Thank it that’s me. So you. for

you. Thank

from Your Citigroup. Yigal the line next of from Nochomovitz comes question

Your now open. line is

you Hi. Carly on our Thank Yigal. is for This taking for so much question.

size First, be the we just sales well can – as comfortable as out the now think if strategy? you’re optimized to refreshed that’s of the current wanted ask or you you this something if you roll marketing force have with

question. Great Hi, Carly.

Rhopressa. physician. drive for growth two many choose then monitor monitor share breadth target adoption is One And rep those in to base effectiveness. of competitive prescriber the the do internal in calls a this we increase the regards continue quite we are and that of time, target in right? the that And from to how calls each we driving how in also we in the both you can the sales things, of have make voice the We day, from how terms comfortable we’re invested they

just eye year of Phase dry second clarification in one That’s be before for question the X program. expect Phase quick on second you start would then well? registrational out to approval? that Okay, a to helpful. for wait perfect. the start And had do as half year this next the Or second X Will you COMET-X we you required read

FDA that patient this getting enrollment So publicly which the first track perspective, safety all this study we required year. to And studies all in from three is safety three slightly definitely quarter. what the COMET-X, ground the we off with – plan studies COMET-X, staggered. on are said COMET-X COMET-X, we’ve start and They’re study

the much taking Thanks Okay, so questions. for perfect.

Thanks, Carly.

of comes from Jason line of America. from the Gerberry Bank next Your question

Your now line is open.

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