Ocular Therapeutix (OCUL) 1 Mar 222021 Q4 Earnings call transcript

Good afternoon, ladies and gentlemen. Thank you for standing by and welcome to the Ocular Therapeutix Fourth Quarter and Year End 2021 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. It is now my pleasure to turn the call over to Donald Notman, Chief Financial Officer of Ocular Therapeutics. sir. ahead, go Please

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

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

Business Scott Senior President, Vice Officer. Chris our our joined Corning, Q&A, we will Chief by be For Commercial; and White,

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

lower-than-expected the quarter fourth full fourth $XX.X XXXX. QX. Ocular's made payment enter we in for quarter for as represents We've attributable over pleased XXXX the of product XX% driver faster position eligible had the I'm management maintaining achieved to reimbursement tremendous XXXX beginning and on commercial -- on with progress commercialization everyone, through year. of revenues to welcome, to million $XX.X and total significant ramp. in Ocular represents DEXTENZA Don continues continue grow payment year The XXXX the and ability a potentially basis. a and separate and XXXX year for growth Ocular efforts quarter put very ourselves net end as This ASCs. in pain growth DEXTENZA XXXX, in a panic we DEXTENZA million despite a to each status and beyond the then We non-opioid comparable in with product growth in revenues provision supply XXXX grow quarter our XXX% currently you, being Therapeutix importantly, team's in XXXX quarter and to possible best the as productive another a our in product. to cataract surgery and strong pandemic. Thank volumes earnings COVID

the site reliable DEXTENZA just growth received October, approval approval for expanding office because environments. DEXTENZA strategic of but optometric in ASC inflammation became and for available against treatment use of presence majority XXXX, is insertion we of allergic the our the in NDA into ensuring the expand market use internally that. under pain. payments addition, ophthalmology ophthalmology vast up broadly DEXTENZA the a treated physicians to and it is placement in where effective in-licensed opposed in because innovative In of care, DEXTENZA across payer doing all In milestone and the this in DEXTENZA Allergic the providing with The it's now to for strategic X, for buy-and-build of itching numerous, expands I potentially and other those gives of This offices believe the the important care. customers we by new opportunity physician conjunctivitis FDA optometric represents current the including as not January opens future. reimbursement our is all HOPD treatment goal companies to office those and of it's it sNDA which in opportunity approval and the Category developed ocular first with associated take environment types of of an step potential products, conjunctivitis. post-surgical settings in us code Ocular's to from

discovered While strategic it for and is set in of space launch new entirely with the Ocular unique the an almost potential office We of challenges environment of the exciting, represents DEXTENZA a opportunities. the entry HOPD barriers logistics primary associated administration, were require the will of sub ASC setting and of that drivers be solutions. with bespoke ophthalmology and different accounts analogous of and offices that optometric Therapeutix

we selling may office in facilitate product glaucoma our used term dry in including also are expand wet result, to and will a potentially the and consisting of and OTX-TIC in enhance separate continue products, advancing updates that business the Both into as generation glaucoma at establishing to our XXX the also DEXTENZA pipeline we OTX-TKI key in exudation of on and XXXX, the great programs. unit, eye pipeline. We AMD value. OTX-TKI progress footprint made account growth anticipate managers, both opportunity candidates on We've profiles field markets. source may the the billion-dollar for tremendous further in in This and recently compelling our milestones of to mean commercialization of XXXX. updates Glaucoma Shifting over angiogenesis improve will of attached treatment course which provided provide believe all We our the our that office and of key treatment a pipeline be wet the a and significant commercial OTX-TIC be effort As setting. the drug-product of exclusively AMD, who the for reimbursement we setting. and demonstrate dramatically be Meeting. remains of potential managers care are believe the programs predominantly could the these with of and Clearly, our standard approved, of are to longer designed upon any

product Ophthalmology President Chief Goldstein, themselves and pipeline. potential that Dr. in over provide our call periods to advance continue now efficient of would lend highly the differentiated hand that who'll exclusivity. the look We Officer, the clinically of at for to like Michael candidates that, and Medical to commercialization have I With portfolio are of an to our long depth

Thanks, Antony.

OTX-TKI. Let update me our back-of-the-eye on with begin program, an

and have under recently to U.S.-based completed containing preliminary Extended This administered with found subjects. many axitinib assess safety, is more year. is need and a treated across represent in designed weighted we XX Oxidation measuring which subjects. data biological we and at that who maintain compared with of as long with Phase to asking OTX-TKI fluid to held and recently remember could functional and subretinal continues AMD and question, U.S.-based and trial I weeks interim studied eight support decrease enrollment including profile retina. in and in the subjects clinical clinical a safety subjects months are in report to that to changes in February of randomized total in tolerability month treated data trial, IND the profile. trial, wet therapy. retreatment? was sites than six TKI? pleased toward I aflibercept activity. ask XXX-microgram meaningful and/or of product our latest subjects fluid drug OTX-TKI anatomical are durability the the an to in by prospective single get fluid trial and we or controlled multicenter the half second Angiogenesis, This OTX-TKI, trial XX% over subjects the activity the of this duration over Meeting intraretinal of a XXXX exploratory presented treated Degeneration of the cohort the targeting randomized Australia. Australian Critical to activity is subjects observed We the therapy of been of we preliminary here OTX-TKI being conducted XX. trial, rid population the five with Cohort ongoing plan Australia-based due product being the trial, subretinal fluid without evaluating interim and we application anti-VEGF evidence I clinically how intraretinal data well to in is XX% on of interim In the We subjects cohorts OTX-TKI X:X XA question, subjects of with have only and with at being Phase We different assess study every on population analysis for implant this the Whereas all randomization intraretinal previously This OTX-TKI subretinal in from in as can XX could is of pre-existing Phase compelling the XXX-microgram studied biological of a trial and/or subjects the and/or In anti-VEGF six subjects previously

open-angle administration trial trial baseline XXX patients is X:X:X, hypertension. is treatment in X XX efficacy in or receive OTX-TIC time. IoT X:XX with XX-microgram primary at are open-angle tolerability The TIC's XX:XX evaluating differentiated in approximately and which II of actively as glaucoma from provide randomized representing single presented of a trial clinical With long durability in preserving to XX. we've decrease a corneal and February following completed activity, U.S.-based highlights multicenter initiated months arm randomized a dose with U.S.-based in subjects for a of per subjects. pressure a potential over subjects The travoprost to with injection ability Phase to will drug-product a or follow travoprost p.m. presented data evaluating intraocular for of The This weeks an arms, data a safety, it's OTX-TIC the pressure, with hypertension X:XX two trial a.m., on as meaningful containing prior comparable more Phase implant for recently intraocular from X Glaucoma health, the screening glaucoma trial as will and profile. implant data XX subjects ocular I DURYSTA. X-microgram different tolerability at changes or unique a.m. the program, hand, this response as at clinically XXX ocular a compared and Phase and of trial days Moving six early of controlled OTX-TIC. clinical of glaucoma safety, We in overall changes a and I the prospective subjects or serve OTX-TIC the diurnal our duration X, biological Meeting single OTX

top II of The from results was December subjects Regarding million our disease. a dry short-term the our X.X dry ocular randomized, OTX-DED dry treatment clinical committed eye positive signs evaluating surface disease II remain XXXX, and for and symptoms group of of and of disease. different line we of low-dose the OTX-DED, with vehicle-controlled eye Phase the our eye group insert of eye development trial dry trial, preserved-free intracanalicular of XXX Phase multicenter In trial two programs, of chronic of patients to the OTX-DED. programs, X.X we double-masked, milligram for OTX-CSI a a announced clinical two and disease formulations dexametasode treatment U.S.-based,

of continue a safety bulbar a p-value see the the in hydrogel p-value ITT be at for OTX-DED central assessment group. punctal and in statistically milligram prespecified trial day demonstrating using hyperemia occlusion endpoint of X.X photographic from used powered from large effect to a a in conjunctival clinical we not controller. doses, baseline the population both X-milligram results compared the profile. statistical well a of Overall, vehicle are While achieved X.XXX significance, and OTX-DED pleased to the treatment the generally significant favorable was to we reading the in X.XXX modified change it's XX with observed group tolerated the primary with to

treated will versus plan development We of multicenter clinical are clinical CFO of and we the double-masked, reported for and work formulations and the evaluate October formulations for subjects, on endpoint production of primary both This randomized, subjects to the OTX-CSI show meaningful OTX-CSI top comparator. at appropriate data measured development for hydrogel formulations, The Phase an regulatory both insert. signs formulation by II showed study currently both XXXX, some from durability that Schirmer's did symptoms a improvement weeks, treated vehicle insert the vehicle-treated safety, two clinically the manufacturing for OTX-CSI additional had the include appropriate U.S.-based the In and OTX-DED subjects, Test. different both XX of This late dry reviewing of separation trial, efficacy, an line eye the plan. between symptoms tolerability baseline formulation. trial however, tear from increased of not as and Phase disease II

plan. of are call would work and We I like to reviewing and and an development appropriate end regulatory will our allow insert to review for improved the This currently OTX-CSI turn formulation an quarter plan the to development manufacturing include now appropriate retention the additional year to financial results. comparator. vehicle back fourth Donald over clinical

$XX.X also quarter XXXX, trial revenue personnel predominantly and ReSure product a in increased associated the the OTX-TIC; a the was million in net clinical quarter trials was clinical Phase Phase includes net Research increase subjects. the increase. post-approval R&D versus trial were for the expenses, OTX-CSI discounts, clinical and in strong I Phase U.S.-based to sales. OTX-TKI the the from of Phase reflecting and revenue the clinical the of $XX.X net over for clinical Total post-surgical million for expenses fourth for the costs DEXTENZA which expenses product and trial associated in $XX.X the above. initiation trends the of personnel versus XXXX, development in primarily million in to Overall, OTX-DED, full returns were $X.X of by for clinical $XX.X versus the on increase increased Selling to selling million expenses year U.S.-based conferences. primarily of as an in period pain million, Overall, net and force. same the was million and inflammation million, by fourth for XXXX, for OTX-TKI XX% personnel pediatric year revenues quarter increased quarter period $X.X $XX.X fourth ongoing in increased costs of and uptick in from million XXXX. with for and for costs $XX.X product product Gross in million $XX,XXX a million million full of increased quarter II $XX.X reflecting for the reflecting XX% revenue, trial company $XX.X identified rebates Net the reflecting XXXX trade Sealant. and marketing same the initiation Mike. as million for fourth year driven an comparable net with XXXX, consulting, DEXTENZA increased I refers product product Australia the for million the of the marketing quarter $XX.X and trial the comparable II the Overall, field revenue extended $X.X represented compared quarter of expenses unallocated to and costs driven for in $X.X Thanks, XXXX, million of and $XX.X revenue primarily ongoing in spending XXXX, shows expansion total from

million notes stemmed ended the of for from loss in on million on year $X.XX $X.X a basis $X.XX Overall, were diluted $X.XX million of net fees. stock decrease primarily with in basis Net the driven This quarter of XXXX. our $XX.X the and expenses in for again, diluted depreciation million quarter expenses included stock-based noncash to fourth in net basic million per for to G&A expenses amortization gain associated a basic or Non-cash fourth and quarter a $X.X primarily ended in price quarter, a increased the and the in derivative the December personnel administrative on in in the the XXXX. XX, for or XXXX. convertible or and increase quarter both for diluted and $X.XX of common a quarter XXXX. $X comparable of same $XXX.X loss fourth $XX.X a respect versus million loss fees. professional XXXX, The loss in value were expenses basis $X.X share a of liability XXXX, and million of loss net of personnel net a in to $X.XX the same a general of a December loss period the per company the results per the a during full increased the on charges million With three million basic a the months on reflecting the Finally, basic a full increased versus fair by basis from basis quarter. financial compares per professional share loss Overall, income for $X.X a loss XXXX. XX, of $XX.X of loss XXXX million for and share share the a million and or of compensation versus $XX.X our loss for million per diluted fourth $X.X year a a reported company reported of a of share the $X.X $X.XX on share and per

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

expenditure XX, cash December Based $XXX.X and on end from the cash enable service final to turn believes and from the to anticipated inflows the to our DEXTENZA revenues, DEXTENZA cash comments million business. operating the the XXXX, fund and current the cash December I expenses, plans would reimbursement of fourth aspects of $XXX.X This cash back pace assumptions, had in year of for number planned that severity research XXXX, This call and results. And clinical at other XXXX. to and with company thoughts. our a will XX, my Anthony of company outflows on expenses, existing September the requirements versus and and estimates including COVID-XX cash related some equivalents of is and As associated anticipated financial million equivalents company development XX, through obligations to as of and operating XXXX. duration the capital quarter concludes related guidance expenses and like among of the subject those XXXX cash pandemic, programs, debt

Thanks, Tom.

the key year give growing solid performance questions, and our FDA's on of to XXXX approximately a With conjunctivitis over summary. setting, commercial full XXXX a XXX% DEXTENZA total in quarter in before associated consisting comparable of with continues maximizing sNDA exclusively itching establishing managers call to approval team demonstrated me account So of on reimbursement office separate focus let field business the up focus we opportunity the revenue sales DEXTENZA in are while the quick main for and company for The unit ocular the managers allergic label, opening to XX% on include net surgical set. basis. the a

the through and With a cash rules, in Eylea the in and single look expect in This enrolled laid environment for OTX-DED. December to to through We XXXX. XXXX. the we're announce OTX-TKI now business a of we And standard find The allow conducting payment data in second $XXX.X the surgical OPPS XXXX. versus fully company build of the after XX trial for DEXTENZA market use and treatment sheet the is and Phase of to separate eye subjects. office questions. on CMS as we of clinical the expiration. growth could I'll as actively of the new and screening cash for and evaluating week finally, vehicle are XXX-microgram anti-VEGF environment. for as advance million call the And that, has we of both ended with a the to disease, source work trial path control forward remain runway best path formulations We to of our this balance dedicated us dry the key a continued every in versus recent final out turn initiated care developing the expected interim half ASC U.S.-based look OTX-TIC to eight we implant In strong glaucoma an with II our OTX-CSI over to quarter strengthen maintain injection recently

[Operator Instructions] with Sandler. Joe Our question first Piper Catanzaro comes from

Your line is open.

you on I expectations firm Congrats for so Hey monthly that had year. the revenue my unit the Maybe on for the you absence guys, one and think we of a about provide to progress. would billable here. first whether keep for taking about if And follow-up. should we DEXTENZA, basis what DEXTENZA XXXX for in the me, And questions guidance. the of as data maybe any expect thanks much on we a could mind walk modeling headwinds some I in think tailwinds through should have and and

the is earnings consistently have we numbers. the number given in-market report. That also insert Yes, in monthly

We've that surgeries the before saw and November, the we continue forward, continue to December at and January in give appropriately cataract of We point. in bounce market staff February until but sales ASCs we getting guidance saw around that as out of be back well. is the surgeries starting seen to we to going good uptake numbers. and to mentioned to the very So come much questions followed of have ability cataract strong the you October the I some mean -- give into of able going into essentially, the the that upswing. to start back number we'll real we headwind really understand are lower-than-expected slowdown in Omicron handle those market that there due the had backlog up a really in

to revisit understand guidance. looking that normal some forward So only have fact market going of giving re-enter to actually good flow of but the about that very, we XXXX. get going look surgeries see of that Once forward, we'll not to like, what the market, some idea we're we a cataract volume is in very if a we're delayed going transparency those

great. on have I'm how to there, see ask recently read Phase study it there a even Any out. be AMD VEGF learnings wet any could thoughts if Okay, one Mike. extended performs. know I That's be or And maybe wondering III you criteria you there Eylea if would recent was then got Thanks. And it. whether I design, helpful. trial that enrollment

Yes. Joe. Thanks,

anti-VEGF learning you're can antibody Kodiak think with is challenging. if a And I think I key opportunity. huge to therapy And be challenging then the get monoclonal the guess trial. an getting longer that is that recent that's continues that work, get I and about duration to talking someone

you for our And case, six three for exciting Australian or other which We that you're patients we we I trial. always two that really have to we've So We learnings biggest molecule TKI a tough pretreated. asking and that? And the is having you're believe what us. the population the get then, or super it's extended months think to have more that in as potent is a believed more than an a three think the small really interesting in coming lower of trial trial and beyond with the or months. able similar question, And in are is maintain did data now a upfront much antibody get duration really, we're one enroll we this, can more show trial to see coming could -- approach. of a monoclonal enrolling bar committed. U.S. of already the the we've essentially already shown shown And U.S. trials on really fluid Australian some getting are in either where really Kodiak to monotherapy then based to from we've they maintain rid challenging we can is with in patients and who the we're that injections with that's

That's for questions, thanks And taking again. got Thanks. it. my Okay, helpful.

Thanks, Joe.

you. Thank

from with comes Securities. question Jon JMP Wolleben next Our

open. line is Your

questions taking and on thanks guys, congrats the the for Hey progress.

allergic for wondering more Just unit. on little conjunctivitis a business color

on or this business just a top of in line I AC year? might then confirm hoping there First, expectations not to contribution AC the number is color fourth $XX.X give sales in be little this DEXTENZA you wanted the this and quarter. unit in your could any And for size us million the more what the to whether for

expect million quarter No, be we quarter. have -- the start team initially going is and number small. been many a we is next What That doing or that will this the quarter initiating sales AC dedicated that any don't last $XX.X in there to put we're office environment. fully team in very in

field environment, team. we drivers sure then understand need we're probably what is, office opportunity. that What account we that to manager our managers, to like the behind start about that So we will are talking reimbursement would they're that fit leader opportunity to environment one and purpose. five that to in of the do dedicated is invest as to we adjust for understand how in programs make And what a

than that forth expect we've of then launch rather did hit with So -- set and in is get we which to number hit DEXTENZA done the the drives to well. then formula exactly we get cracked. to going the number, that And environment market, what metric the understand not do as the to we and the market invest once resource have in we're the that office

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second And to I U.S. in it, could what the a peek of year OTX-TKI. Australia. the Got That expect a be one this enrolling from sneak know study. nice half of just on X you're helpful. that's Cohort in

any label, data that the open of of that's data? U.S. you releasing be will ahead Given

That's good question. a

X a we XXX-microgram. So a has Cohort enrolling which are implant single

Meeting, to the going there. the we know, think the don't was from which microgram meaningfully We it's revealed implants actually is Angiogenesis X you to XXX-microgram be results different, the As XXX, the at but Cohort XXX it get then is Cohort will trial. of it we Australia, an opportunity meaningfully X to don't give say update something it in be. on in the we've could there open-label be think And an to got I terms if think but

trial, to wait really time. As we it's a you need the mentioned, because trial, mass U.S.

which, anticipate as or take think an time we of to a or analysis do protocol we six the look hit do longer, at be that. Now subjects interim to have have most mentioned, all the meaningful do would opportunity to for months after we a I

Thanks it. taking for the Got questions.

Jon. Thanks,

Thank you.

Our comes with Dane from Leone next question Raymond James.

open. Your is line

Hi, thank the please. and you questions XXXX. updates for me, taking the for for outlook questions Two and congratulations on

study, of U.S. needed that type retreatment from patient of to it been the six hurdle by of of retreatment, month major from debate. that's get Angiogenesis Firstly, one Is terms month what's the defined single in closer of XXX-microgram clinically patients? duration the Is percentage that the it as data and of of you been think a you the care. six prior in is the for standard where having points treatment of history because the feedback insert the

cyclosporine any of So might secondly, bit, that and studies trying both be time II eye rework to like seem program? be you some a a the DEX. dry And then appreciated. it Phase thoughts would with where the you with there line think to does kind able there program Is reengage you're low-dose

Dane. Good questions as always. Thanks,

In terms signal I think is We that safety strong depending or signal think reasonable to -- we've the XX% longer seeing of of months -- the with is it's number you're something think pleased date, and really been around I given the trade-off that with OTX-TKI, we've into subjects six a a on OTX-TKI. safety target. clinical so shown

were data subjects. around X, at XX% actually you if Now our XXX-microgram up from of Cohort look we

that trying to get one we no know fluid that we're continues no has that a before, who started again, like point if lot of the with really what can rid else So be we'd the that, something That's else to out trial something fluid just in with and I've the patients TKI. and to one of that had U.S. trial said of replicate show. we done Australian or happy. And

doses are show to think fluids been We've time. are if floating subjects the we've bar. to doing, of maintained that's patients The completely. longer others trial, away much have that actually similar come U.S. who and higher some people for what six for a we out to able cases seeing So longer. more months where or state that other can people a or maintain period you dry starting gotten in in treated who with And

in we guess the of I lot lot So of be hit or compelling I option. when you pretty safety have have equation blockbuster implant -- to we frankly, if very higher we'd being if we near safety in assuming But we future. that find given XXX-microgram of that if think a go vasculitis, that's [indiscernible], trial you you inflammation, XX% we we'll strong profile, a XX% a don't the the and a if U.S. disappointed is a changes. think profile hit north will potential out we But target, had had the but single the

to point here lost need not implants for that to be completely the go make is other away The and without the removal.

in one So, is that a have around our time. we've hydrogel of that seen is that's with therapy consistent long programs can the all people they pattern something goes for a and shown consistently TKI. period And of hang concerns that across that away we've that the long duration with

efficacy that's safe both leeway the of know if little and little away, from of you gives but the we dry So to eye things. a something showed you a terms different has a CSI information bit the bit in some II they're the you so side trials. lot of similar, questions, and Phase so DED that interesting answer have it's going go it your To

be there for are is formulation use needs comparator perspective, CSI cases, use both be there's the mild that the options regulatory in both done, tweaks we the reworking work comparator a of some to comparator. sham the to between the work some but it's optimize hydrogels terms that a in we because formulation think about and what really the from that there's and those separation thinking DED, I needs with active larger the to the different that you real as in done of but And can't comparator. about tweaks some is very know some

plans revealing real any in those like will plan the sometime trial II program near time starting future. are to in look We're So second in we either that Phase quarter. But way. what the wouldn't anticipate the are committed on that

-- the mean the Let trials. our on on dry of and to I an explain cash risk me preservation thing by active the high the with mine the both in vehicle and thoroughly scale very that that runway. on our toward the data we which from II eye we is the one make that. we have Phase also sure particularly want process are eye, side drug And we trials up understand we understand can that these

absolutely can which right rather trials. obviously we'd way it the ways that of make active and already and we results -- both there start able are sure those do we'd in So CSI yield to increase risk confidence and to will the are the have to bring that we rather is appropriate be What and that do have the registerable forward that BEV have trials full vehicle we we lead appropriate can going that products.

go we get we and lower one quickly we the a as clinic that or take road could risk very, short possible so could lower cash longer either as or two So go and term very -- burn. with in could ways and

risk side. definitely leaning the cash are lower toward We lower and burn

Thank you.

you. with comes Yi And our Chen H.C. Thank from Wainwright. next question

open. Your line is

you taking for Thank questions. my

team? regarding are allocated for DEXTENZA. hires? office is to new setting the just of the existing they new question being use unit Or Are are sales your they people those and new First the reps

what is mix. is to There team turn in the -- the is, likely end, to team and hires that will guess existing new within our we've mix the a out surgical allowed will don't have place but be done we've the surgical My We be the team. apply in vacancies of it yet up a for. opened people team

Okay.

company current recognizing the you to quarter? revenue expect or the from do So AC -- second for revenue quarter DEXTENZA start the in

start will would part environment, ramp-up office the the see latter code I that I way think we the of XXXX to DEXTENZA to slowly second needed. of office And on in as resources And proper quarter. in I it sell will really we in expect beginning environment. the and ramp the about crack in certainly once to the year the the layer small team those for and need environment a attached. -- of buy-and-bill a there's the at that procedure that believe patients once for there we're that a office the great with mean front look the to the points code that's a a has environment. assuming in reservoir pressure there of trying eye it's product are in We tremendous again, starting there is unsatisfied

need So the alchemy right figure to out ingredients are is. what the right. We just

the there's possibly not to indication, well who therapy, can to respond And for they chance wet a AMD for those respond do OTX-TKI? you do anti-VEGF patients Okay. think

a there of the TKIs Yes, I activity have is. in VEGF broader I spectrum available you compared drugs. with know, as think currently mean

those will to patients who So respond it well responding the drugs. respond who anti-VEGF is that don't TKIs. U.S. to drugs well said, certainly trial anti-VEGF to well That possible is enrolling patients are

So who mix. well patients are we've we're response didn't to who responded anti-VEGF. naive, got for a some who those anti-VEGF of to not trial have who some don't bit and the respond. The selecting patients some And is a Australian great

Got do still second And of half in this trial, you it. for the trial year? the enrollment expect the glaucoma to complete

given haven't guidance expect we to we So finish. enrollment when on

over. I about think XXX patients it's

finishing an year, target. would this be So I aggressive think,

-- unrealistic we'll enrollment I goes, update give be go, I with we year. think we'll we'll enroll appropriate But and guidance. as think fully to it see enrollment point expect an at how this would to some

Okay. Thank you.

Thanks, Yi.

Thank Dushyanth you. question comes Instructions] Our with next [Operator Anita Capital. from Berenberg

line is Your open.

Hi, and on congrats taking for the my thanks good and question, afternoon progress.

working with are and steps about especially the the you know DED maybe to develop about in Just I internally spoke two CSI development, Could timelines next you you me the comparator? that associated now talk the for here. the candidate.

Yes.

-- plans year. manufacturing I as the will in mentioned, regulatory develop clinical the appropriate quarter this So and reveal the we'll of we appropriate second

anticipate Phase the II time either give the will trial in in on -- so previously. update the an guidance. But reasons near give Anthony mentioned a And be that for we'll to future starting we don't program

look Okay. probably metrics be And surgical that of in addressed the terms the that you of use the what then DEXTENZA. procedures backlog are with will that at some

at a closer metrics year surgeries million. need XXXX, point that $X Because are that XXXX cataracts done, cataract you, to weren't don't to assumption four in cataracts XXXX. that done and around Well, States. of usually will the cataract in are the the are in in that million-or-so springle that get half to essentially We resolve believe XXXX done latter spontaneously themselves was United there's in normal is going million some and the that those the number early

of giving expect on more a basis what million saw numbers, and would give million would year next So just $X.X $X.X or bump you a XXXX. this in another probably rough us we nice year really which

Okay, you that do are Mosaic Biosciences. And was from updates any with -- last helpful. -- then question the is the collaboration there

Good question.

new space So that longer-duration well and extremely develop target is a and a we going drug in on the it's to dry collaboration point at it's some future. the and in candidate develop to AMD hope near

Okay.

that. for you thank Okay,

questions. the for Thanks

we participating. for all questions And Thank have. concludes conference This you. you that's today's the Thank call.

Everyone, now You disconnect. great day. have may a