Ocular Therapeutix (OCUL) 7 Aug 202020 Q2 Earnings call transcript

Good Morning, ladies and gentlemen. Thank you for standing by, and welcome to the Ocular Therapeutix Second Quarter 2020 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to turn the call over to Donald Notman, Chief Financial Officer at Ocular Therapeutix. Please go ahead, sir.

Kevin. you, Thank and second everyone, conference for us joining Good XXXX thank financial our quarter update results on morning, you and call. business release June the before issued company's and financial morning, open, the providing the press an quarter for ended This details of update XXXX. product company's the on results development XX, programs a we press at investors.ocutx.com. website release of portion our can The be Investors accessed on the of will our launch. our Leading developments the President Mattessich, provide call a Officer, Executive Antony update summary today an and who corporate commercial and on will Chief DEXTENZA be the speaking be Also on the will call Dr. today Goldstein, Michael pipeline. update Officer, will and on give our an Medical Chief developments our clinical who

remarks, for Anthony over Michael's the to will quarter of a call overview financial the and summary back Following for highlights questions. provide before I an second turning the

to Form these with SEC. from variety those over call are I described including today's now regarding regulatory on purposes those subject for statements certain research Act of particular, most call, considered to that as a well actual file And statements. will XXXX. uncertainties Securities forecasted, of risks differ our in Reform turn activities statements the development the risks be may our XX-Q are be Litigation may our reminder, forward-looking In a and statements cause As product making plans on forward-looking statements recent as and of results will the Private the to we any Antony.

well very the second welcome, for the to of pandemic, caused as year. and global productive Donald, Ocular by Second pleased challenges a the half have report has positioned Ocular you, Thank the I'm to quarter been business we it Earnings despite for Therapeutix's Quarter everyone, that report. the

glaucoma, patient of our retinal of the ophthalmology disease platform across in dry including Ocular AMD, said of great ocular several programs or eye that company, us despite allergic the inflammation has fall. clinical retinal favorable most drivers, A for conductivities; in As post-surgical past wet durability AMD, wet treatment of in AMD diseases up forward X of next look shown patients and XX% and a in single clinic, and of durability. attractiveness X kinase further treatment AMD. designed therapy without to the treatment the updates We X months program OTX-TKI, the intravitreal a set injection, key of to a needing standard for a few has to greater quarters, the years. diseases in such largest valuable being inhibitor eluting the fluid key allows technology single space grow as a every global care XXXX to surface of typically X reinjection for $XX on and works last for I've standard many the small disease, to a advance driver benefits and calls, to the signal of Beginning wet the tyrosine Therapeutix was treatment we The is the deliver potential our the approximately Current believe X over wholly-owned providing has segments billion with with general. keep injection, is In in these to this the value the to estimated is on of care wet implant in at weeks. selection longer pain. market

our extended on FDA-approved an VEGF to working second a partner, AMD develop delivery for of to addition In OTX-TKI, with trap suprachoroidal the injection formulation Regeneron, product aflibercept. wet Occular is

and basis will work a on But amended been you to collaboration. the of for may the of a the provide high-single-digits payments milestone Therapeutix economics $XXX compensate agreement collaboration to back-end of the change low- royalties tiered from performed many exercise original into the know fees escalating all that know, the collaboration. long-standing of to and what mid-teens. million has is cost-plus not the option There's no many successfully Regeneron in portion May, this As for we preclinical whereby under potential Ocular

work Regeneron. with continue are We to thrilled our

excited are value this Ocular. more potential bring than about could ever collaboration to the We

billion glaucoma. that annual to A better Moving sales for is unmet compliance. the patient worth market greatest nearly possibly a in $X global need product where ensures

and we hydrogel in intracameral believe quarter, durability path last platform mentioned additional our As confidence can we regulatory OTX-TIC, travoprost-eluting on potentially have our and the we call implant, the offer for safety benefits.

X-plus insert, of of given has a in single potential of care least at as IOP setting glaucoma. treatment OTX-TIC prostaglandin potential the as clinical lowering in to months of good magnitude the for we elevated drops a believe With from standard a durability IOP trial and become

surface surface eye, such of and we have quarter. of diseases treatment eye cyclosporine allergic ocular candidate treat episodic dry added this positive seen treatments the product designed treatment eye of far, have the a now disease, as conjunctivitis, disease. dry by we chronic In for and of dry eyes X have ocular we is dry OTX-CSI intracanalicular For the segment the disease, products. largest OTX-DED, our to developments insert

sNDA now $X With covering products, other of to transformative be application treat thereby disease, and of chronic the primarily one ocular the office of eye broad X along the acute approximate and allergic environment. allergic OTX-DED, billion first treat Notably, year. we indication ophthalmology our file addition forms the the disease to represent the of In in by dry to indication disease first effectively remain track could the with conjunctivitis, have OTX-CSI, market. end we conjunctivitis the potentially the DEXTENZA'S spectrum used on surface disease

for the turning DEXTENZA Now treatment pain. and inflammation of post-surgical to

each X,XXX Ambulatory June, increased when first nearly inserts of we threshold surgeries exceeding revenue in fact Novitas the a of high to that contractors, or MACs, a CPT and established April, near Centers First the fee insert, XX% code consolidators month code including the hands-free Medicare reported product payment cleared metric X X million previous for reimbursement over means shutdown we July. in pre-COVID potential Adding the again in inserts only total demand, down this monthly our to in the bounced as market we net sales and for is to recently in compelling, we side, second can the we this expect a have being see second DEXTENZA. and expect drug now the we in itself. drugs DEXTENZA accelerators market market of program Surgery in for calendar $X sales back the cataract were time, and a Despite million the XX% are cataract in fee of a breaking third by that for sees quarter. the in June. threshold cataract by into in a inserts capacity, XX the our record of separate that administrative well first, carrying from drug-eluting many physician DEXTENZA intracanalicular or strongly placement announced for DEXTENZA year: $X.X and schedules reduced the in of quarter. and private procedure into the nonoperating either has What that Coast, increased new XXXXT, of is hospitals, After half the month typically suggests Billable our the nationally, a reimbursement especially $XXX share volume secondly, for head DEXTENZA On space; to physicians are $XX rebate end as recorded from cataract the equity-backed ASC which DEXTENZA momentum still HOPDs received, initiated key April, large, post-COVID between insertion, alternative inserting environment. an record month dominate to that at capacity ASCs believe operating confidence that and earned at the We the professional is volumes

Coast nearly First and of all XX% cover beneficiaries. Novitas Medicare

volumes with for and of their have fee Overall, we eagerly -- remaining overall more normal X us its in the the summary, goals In return and the making a changes normal represent to from we of policies further build significant cataract of on think Therapeutix by addition, DEXTENZA. helped is schedules is market also XXXXT, publication important await Ocular noncoverage competitive we development X that, but the seeing portfolio, catalysts momentum these them. environment. strides are In in MACs will retired the with being along help

we at glaucoma, conjunctivitis have Across and dry inflammation, the a will our call the AMD, of prior, With allergic or pain Goldstein. Ocular's the of turn to prevention products different disease progressed we I wet a eye outlook that, over prospects, spectrum even today. As few and Mike quarters look substantially. see postsurgical now

Antony. Thanks,

as such implant update treat Let to macular age-related program. me containing axitinib OTX-TKI a begin degeneration our intravitreal patients durability edema delivered and anti-angiogenic retinal wet other occlusion. and developed macular designed AMD. wet hydrogel by It's and bioresorbable retinal has vein is for and which treatment being of extend properties with an the diseases, injection is to with on back-of-the-eye diabetic

multicenter, assess the by anatomical in open-label clinical as dose to dose a biological Phase safety tolerability and preliminary of assess Australia to continue OTX-TKI as We to changes. and activity functional I escalation subjects measuring designed that well in is trial

in adverse The well enrolled, is serious and with no is enrolling. to cohort a currently events tolerated The now first date. third profile that reported cohorts demonstrates safety X are with both cohorts fully a data ocular OTX-TKI generally favorable

still higher cohort cohort, OTX-TKI, initial first clinical as greater response suggests compared dose higher-dose in the early, by is the with and a cohort, While evidenced data second interim a several subretinal there response and/or that retinal lower-dose with fluids treatment. X.X by measured longest without fluid with in age-related anti-VEGF needing treated decrease a showed months wet the now subjects macular in intraretinal as subject decreases up to degeneration treated dose

shown not long need prior being months X Additionally, to OTX-TKI. some will cohort dosing frequent after in patients the treated for potentially were require rescue to anti-VEGF in as enrollment XX therapy study with who as

suggests still intraretinal a interim While of intravitreal subretinal potentially the reduce product fluid. and/or profile data that drug's pleased with are we the injection emerging, TKI can is

of be anti-VEGF receive at the we're of a half plan cohort where half conference upcoming patients medical the will OTX-TKI, give patients a XXX-microgram at an on milestones dose study In induction and an will -- and of this to in fall. terms XXX-micrograms enrolling a third patients We for update injection. the dosed

the exploratory to the to We are end and for United year submit also AMD, IND wet and States dosing vein track the start on of occlusion. the by retinal FDA in DME an

IOP is an to via Moving hydrogel injection glaucoma deliver travoprost-containing our implant bioresorbable, delivered OTX-TIC a intracameral of program. to extended duration reduction. designed

or in Data safety, glaucoma prospective, with I tolerability enroll first decrease and ocular X of biological patients open-label cohorts trial in opening hypertension continue to OTX-TIC, that evaluate We subjects activity, of enrolled receiving Phase IOP clinical OTX-TIC. United States multicenter, and showed implant the to current an for a dose in extended the from remained in decreased escalation durability primary the subject non-study topical duration IOP data that over showed subjects months place consistently X for the the standard many to in single X XX single IOP comparable The for travoprost of of in implant. X months eye. the care, was to had for control the fully

but have currently next X, a completed cohort implant In as lower terms X, smaller and of X, cohort dose. dose which a same cohort at it more we using is rapidly, in are degrading steps, hydrogel implant enrollment enrolling

a initiating XXXX. half targeting OTX-TIC are in first the clinical We trial Phase of II for

some of of markets potential Next, diseases, and we ocular discuss surface large conjunctivitis. have area which exciting the in allergic to dry eye programs includes the

cyclosporine, we X an DEXTENZA biggest By topical dry the and with release dry stinging time patients. to OTX-CSI's of burning. For to episodic rapid that eye is approximately patient trials new is intracanalicular OTX-CSI and cyclosporine relief releasing minimize what a symptomatic provide onset dry of punctal is drug and occlusion, patients We've of and of occlusion combining X over X flare. targeting dry with evaluating with for of commonly III X time, disease, ocular is designed for eye, alone. announced, believe treatment used over OTX-CSI chronic modalities the months low with patients provide potential period. complaints programs. extended punctal patients the more program, release to also Phase we to potential combines to treat duration eye patients OTX-CSI cyclosporine we allergic we OTX-DED, with eye or insert, have have OTX-CSI cyclosporine has recently dose the about an addressing for which surface completed to By conjunctivitis.

favorable to has Phase II the For with clinical Phase the clinical Patients OTX-CSI, Phase the the weeks. and trials. randomized safety been supportive have committee of for met II number The on completed to a treated clinical the track moving if data I of we of was the end trial is enrollment enrolling from by trial. clinical have of placebo-controlled Phase remain I OTX-CSI trial We begin year. recently double-masked

potential the with currently tolerability the a compared benefit receive rate potentially market. dry cyclosporine clinical a about available more and to this We of option patients are very for the excited rapid greater eye hands-free in over helping on benefits therapies

dose dexamethasone Our eye newest low candidate, of a dry product episodic treatment of insert OTX-DED, with intracanalicular is for patients disease. the

to the that incorporates DEXTENZA, topical and dose this a of preservatives, likely to leverage clinical lower evaluating inflammation. Because preservative-free end OTX-DED such we directly of compared treated file plan symptoms, physician-administered, toxicity. in active episodic In hands-free it we an trials used package a may are events hands-free adverse first itching package are used a move to could also investigative believe dry lead the II with the product eye OTX-DED the adverse it has patients indication. allergic generated elevated the patients patients offers disease. size. While to such and ocular same as able dexamethasone track and highlights in-office treatment FDA, conjunctivitis, the Many opportunity or DEXTENZA, a safety related with with XXXX. This application Currently Phase for dry be current to in the long-acting, which surface by if is This onetime, these and remain represent lower drug chronically. in plan therapy. need elevated targeting DEXTENZA dry new dry care -- with lead patients for disease We U.S. our to eye for OTX-DED eye drug cataracts ocular to date. smaller into the candidate would product they of with steroid allergic non-abusable also believe to in signs available off-label the new by result of with change profile sNDA unmet of experience therapy on with of XXXX their to of if Overall, submit potentially events can potentially we compelling approved, a end concentration as data the standard are conjunctivitis. have may insert these we associated which steroids as flares eye IOP sNDA,

I over continues excitement with add Donald, to DEXTENZA turning and there like I significant before Lastly, call Donald. enrolling subjects, XX X completed turn investigator-initiated IITs areas the unmet that back evaluating would over need active are to We would to trials that call be that submitted. in have requests to in have currently of the including in to enrollment. many now like interest over XX

costs $X.X in restructuring the announced November to versus personnel quarter quarter primarily due quarter company revenue, product reflect Thanks, compared million for of which million Mike. respectively. for expenses COVID-related net from decrease a the in and to refers million, to net marketing DEXTENZA the million XX, Research in for XXXX. quarter the revenue slowdown discounts, commercialization development second DEXTENZA. marketing The Selling in second the and as and were of $X $X.X of unallocated XXXX, decrease expense consulting, was in product and $X.X the for ReSure rebates gross June product Sealant ended Net $X.X were and the in months was XXXX. and and total of XXXX returns, X as result $X.X the for second revenue, the stemming expenses as the period organizational same of and travel, conference comparable a primarily $X.X million the million million in

loss basis. million for we for compensation a depreciation a of net respect being or in noncash quarter million the and share period compares loss costs in Finally, reported per a professional results basis loss stock-based second to $X.X the same administrative the $X.XX basic both on in of in by to $XX.X XXXX in financial offset diluted second This on QX the a to and net compared XXXX. $X.X of and XXXX, of charges and general or $X.XX XXXX. quarter second for million with $XX.X XXXX. in the per net modest for quarter, diluted The million a With included facilities loss $X.X of a were increase loss share a expenses quarter and for same million expenses decreased basic

to net the quarter quarter. related $XX to value liability the as million for associated with the change fair a addition, In loss of primarily of derivative the in the charge our increase includes noncash notes, convertible result the of a our price compared the significant as stock prior in

had company shares million XXXX, August approximately X, of outstanding. XX As the

Based expect my and enable in offer cash at existing Sales $XX.X and DEXTENZA the including equivalents under at debt of and may of cash to to during including of surgeries continued remains quarter under a subject million and to flows, As Sealant expenses, the This cash in requirements from and severity XX, ReSure the June benefited those $XX Approximately pandemic stock related next COVID-XX sold equivalents XXXX. planned various of beginning The assumptions obligations guidance that service to the the million Sales months. also stock Agreement. for, least, sell company stock the cataract the to available generated from million the in cash of XX cash cash operating XXXX June proceeds end the commercialization duration is rebound Agreement and net related company other anticipated cash current of revenue assumptions the operating variable million as company XXXX will results, proceeds the believes other financial cash a from company's programs public expense XXXX time DEXTENZA, up to had $XX.X XX, in the fund comments expenditure expenses, the well capital XXXX, company's and to proceeds of of balance I offering quarter to the sale the Antony some the for common time. common would of company as of expenses May million second This $XX.X pace QX outflows and and estimates call plans versus research back with aspects quarter aggregate $X.X product million its like thoughts. from clinical from development under from which associated second $X.X business. concludes and the net reductions sales of on from summary related on common having stock turn and in the and and to and be as third of

Thanks, Donald.

that questions, the profile to chronic a new clinical program enrollment standard that and could summary. In to could for before to care plan patient of product glaucoma, a before care trial ocular a eye opening forward support providing So dry the potentially durability. the for for to continues of OTX-CSI of wet We Phase compliance. into potentially we a call further set if in standard up advance to first look in later in continues disease, I, OTX-TIC OTX-TKI enter successful, set year-end. have clinical fall. half In do me of a updates XXXX. let profile plan the Phase disease, quick that AMD, of the product for We clinic In completed treatment II performance this support surface Phase to II

announced enter thereafter. acute Phase before accepted, dry newly if treatment year-end Phase our and for II IND plan shortly eye, we to file OTX-DED, a II-enabling For

the the year. submit disease, to eye end track allergic conjunctivitis of remain Beyond we dry and for sNDA by our on DEXTENZA

will and such DEXTENZA, in as in continue momentum pain, well, now June in in July and uptake inflammation in postoperative we accelerated quarter. momentum and have sales optimistic the are For seen

associated an a added future. look procedure in we program benefits new even the greater rebate forward Medicare of the growth to the of with and DEXTENZA, With reimbursement

call been with and key of the With within productivity momentum it that, look summary, has the of questions. our forward second a continued half very in So productive pipeline over with year for we continued will I in to quarter, a turn number catalysts the and DEXTENZA.

Instructions]. [Operator

Catanzaro comes Joe first Piper question from Our Sandler. with

dose this just Maybe patients for is the in from first, dependent The then are Are Congrats IND treated once data And in to as TKI. expect couple we steps seen year, the first two maybe later on us in just Or you should U.S. update once the to cohorts? on development cohort? that in to potential you've third progress, the the backdrop. exploratory how update that, XX X? in could what especially cleared? the patients an see plans just we follow-up data there the through program the evolves given the cohort a the what is see expect first on U.S. initial Maybe the can a walk next there the you

speaking. Thanks, Mike Joe. This is

TKI So There targeted. on in your fall. to we have are we give the update terms of meetings in first plan question, several an

As enrolling we on something are give the patients an that not cohort an we may at enrollment in you know, update and actively to on We're moment. meaningful cohort currently and to and we XX on X have the update depending X will X. cohort how cohort we if X. We're able goes, give where with say, be committing first to

and of formulation the do necessary parallel. to terms working then on As Concomitantly, us plan as the the to would you macular the we're of retinal Phase changes the formulation, by That -- with the implants. in potentially start patients to And studies, exploratory IND, IND updates tox exploratory and be in as as AMD exploratory do for in we U.S. edema a And higher-dose well of some coming the to the on tox file know, which occlusion. will II file vein to year. end work going the diabetic the allow the working then far look the treat and IND is trial. would as on look

a something you you If guys the That's DEXTENZA helpful. of promote here. extent into one have and on specifically you guys Maybe what fee MAC too? utilization X of so, those since Do the XXXXT visibility seen have Okay. physician is update can XXXXT? And Got follow-up it. just of schedules?

utilization. outlay. There cope worked consistent to was have about to accounting had the a because Simply way XXXT physician though the Novitas. the before the was we're sorry, reimbursement still -- certainly like now But for some in also accumulating board. to little of there seeing other that reimbursements reimbursement no is of we're It's we're yet schedule. in cash they reimbursement. it's within even the of in other to what Coast ASCs, issue some fee the the early First it seeing But And didn't evidence MACs getting resistance say non-payments, really across have and some a

are well, their ASC as we're directly should recommend administration. can. that through standard going We market Clearly, them this of code their when we something we much -- as And DEXTENZA collecting be as data a part reimbursement. to of how using that we coach they not are and MACs for get not should to on This it's XXXT aware going to is they what physicians. but to through to

Our next question comes from Yi Chen with H.C. Wainwright.

first? X is, candidates question on those product dry which of the the and eye development line first time additional could for could color potentially some market My you us give reach

probably and I'll Yes. treatment, the CSI product likely it's more CSI, trials, probably slightly the nature off duration enter development. dexamethasone off to specific moment, hand it in overtake start a to that its and DED, at the discussion forward. for given how bring about Phase of is, with maybe II then going the these behind to the to of shorter Mike

would the different probably follow comparators of indications. opportunities to terms have of we there's number the these that in in being market active we both said, we we active particularly going That a because how market, have imagine to is So or these though would reaches be states, IND of bring it's the can X comparators it even file first. yet to the its in

Mike would conduct we to trials over hand I'll about specifically talk So how those forward. going to

Yes. Thanks, Yi.

months. state. Antony end on enrollment the targeted release as Phase the and a the so of X the the really the that CSI more active. product the for II will it's That's typical cyclosporine, eye, approximately over We've currently to track the I mentioned, Phase year. cyclosporine So is program chronic start we're program, which is dry And disease program completed by

do the clinical And about so a The trials. And to The of this dry all based dosing. year with and program we it dry based there file FDA we on move long-term dry of that of not to the the acute eye could these on would program by lower IND and really dexamethasone a sorts using month, things. the then sort it's steroid, move or is of DED and this need of know flares. eye plan what onset we eye already be have from DEXTENZA, would flares. targeting what the those concentration there into less would a safety rapidly acute believe is into patients with we and to product, learned target The right II chronic in that we've Phase product lasts than be end

will in long-term CSI. over when take to the trials, program dosing, Antony work terms need -- get up mentioned, the don't it there, should second as of And DED meaning we we for be although do rapidly of So year. start a dosing ahead

DED to much with going program. the to So the market ability is quicker to be get

And pivotal a trial? and it. to you trial? in need for Got a for DED, do Schirmer's And test need pivotal only endpoints in meet endpoint symptom to symptom follow-up, both sign to CSI, endpoint you do meet just the --

Yes. Great question.

into targeting Schirmer. would we out, not actually symptom for be which, -- trials. around symptoms that adequate well-controlled are But both trials. point you sign adequate and So be signs and the a and is in eye, exceptions, The and general, of dry as are X is target some would well-controlled target. into for There get indications endpoint to

Instructions]. [Operator

Our James. with next from question comes Dane Raymond Leone

DED. what's drops? the and of And need -- you a available maybe the about question. either How obviously, would think acute chronic the how of use been to insert? or that? you CSI in setting comparative feedback for Actually, widely bar with show the would an versus, discussions And these slightly clinicians, progress from to ask about the wanted actually they different your on studies, see think to what what Congrats just want the what's to to

Thanks, Dane.

it's a great question. So

So pathways there perspective, from X comparators. regulatory are potential for a

the been significant vehicle a show pathway typical to comparator. statistical So has to superiority compared

and the the that traditional eye in been way -- other The drugs space sort that's dry gotten of approved. have

noninferiority. that least Now the space, in cyclosporine there is an chronic comparator and X have the the United we active opportunity with drugs, lifitegrast, approval States for and to show go in head-to-head at

So that would apply to OTX-CSI.

of eye that flare drugs acute OTX-DED, terms in no or currently there In are space. approved dry

think gets an potentially then comparator later active may Now as that's type we an -- serves approved And so, year, and this that active there drug be a trial. that likely. if in

generation on flare a treat be is to our that the steroid, a would non-abusable. be physicians offer of cyclosporine up are looking action. is I following would drug less those the is what and non-usable With CSI think something that be I preservative, they standpoint X onset that and the opportunity of obviously, by more But both they for is physicians And and would CSI And that opportunities margin create and formulation with would immediate the offices dry for no code which currently, for being have would purchased the to of it issues. we're also a eye looking a steroid, also in DED, from And DED side, would Just eye unique office, of would currently, wouldn't clearly, there's an revenue the for. treatment be use from a both for would feel that able physician-administered for both things the answer of of burning being we deployed, a procedure. a a in that XXXT an buy-and-build that would stinging. product physicians' a of to has for flare. dry able and additional opportunity looking for products something also side there on which these mean, And be rebate potentially these case, products CSI. standpoint. and physician's environment has or in additionally, them, saying case is And that be so

compared needed the the in in physicians. market of are market it to be not think generation opportunity we for a that's that shortly new But -- creates would So for on revenue will this that also from that market. whole products the or in hit on hole only terms a a the efficacy

I would your or just you a do fact the more certain How up. insert? actually Great. compliance with treatment understood just research, either on features education think -- your that consumer there actual you would since market brought or community? experienced X it Or that that from an how And -- that's are you drops if apparent ask the you require utilization do Do of about could follow-up convenience by of of kind there's either and that's part? on angle angle the clinical feel been

drop don't research universal you it's therapies people do on that drops. that any Well, pretty time like

So that's demonstrate. to a fairly easy thing

relates to thing certainly The drops stinging it cyclosporine, and having as is, the with dose. second burning that's associated the of the pulse

of that the action. also win So those pretty you that immediate have of a onset X But can clear with get patients. rid that is issues you

of of at even you As after mostly look number stinging [indiscernible] people or the persistence patients is and Restasis at rapidly. of that taking slow exceedingly the burning. months year the particular are look and very low, the scripts because and off if because drop therapy, still of you after very, And X onset the in a

with of self-pay there add? I Mike, very was if all patients in even well to a situations, we So would environment. want you think very, maybe But those do

Yes.

-- just So add Dane. great bring point, to a that, to and mean up you I

currently dry we treat ways punctal So occlusion plugs. that with X of punctal the is with key eye

So care into eye dry -- of patients. really something placing is for canaliculus putting standard the our

of change of the but getting drug a do really get release you're punctal an actually active you terms the changed over only that not What's this is doesn't period time. in occlusion, paradigm. that, So

Our next question comes Securities. from Jonathan Wolleben with JMP

of lot A answered, a but mine been couple. have just

First on DEXTENZA.

to that us you on getting gotten and the medical, launch, later next a better some administrative either along contractors coming demand? about Have past of Now and give have or you in these we're thought feel further COVID long-term guidance this we've providing for year board.

Yes.

have do We we're going factors large be what will going it's sales confounding the to future, sense guidance but next the issuing we with quarter. over that to point X at DEXTENZA be some in really able very to

is uncertain be COVID the and by The the going far, judge first, impact which to have is largest what on to most able is, to elective surgeries.

anecdotal to about more from our at appears normal get we no holding get have feel hard it's fact the steady areas intense. data, fields, back from be probably data some that XX% starting we We And that but of moment. despite to the are

enough of quarter. don't XXXT. see forward. quarter of at And we see on going end quarter, providing bit factors, impact the than I to is a definitely in as useful. X it's believe we'll should feel is in effect going the are is to go-forward And really going scenario, program, is the those third to that the X what in the confident have Because appropriately. to start where those the then they're we're forward which moment guiding factors we a of third fourth in uncertainty DEXTENZA the major -- be then future reimbursement us the the of feel how maximum third that but an going finally, of effect read to quarter, the rather brand we as we will going the But guidance a second rebate The by terribly probably new. soon the market

thoughts that III Great. for was landscape. the their just just on delivery on any I some wondering port comments across And then And a your looking Roche -- recently X presented wet anything data? in Phase AMD approach? data system.

a and it's therapy. very large Yes. durable is what longer obviously more I mean, market or people I are think a seeking

is way people What that is delivering But implant are It surgical of therapy. issues TKI is terms for same the inserted data probably system. the really use that a super we simpler offer works a basically is using that the anti-VEGF the there interesting. the way techniques think It current -- that and is through And option. really of attractive I I certain in So like looks a interesting procedure. delivery think Roche technical medication. the

any skill larger to non-retina by anti-VEGF and a who're in So change well those it who're of percentage most specialists wouldn't doing be be larger would as those set. injections. up making placed specialists doing It of as able require people retina

think I ways, many could be they complementary to in each So other.

Ocular are And this at further this conclude the Therapeutix no Conference questions since there Call. time, does

wonderful have day. You may and all disconnect, a