Ocular Therapeutix (OCUL) 10 May 222022 Q1 Earnings call transcript

Good afternoon, ladies and gentlemen, thank you for standing by. And welcome to the Ocular Therapeutix 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. It is now my pleasure to introduce Donald Notman, Chief Financial Officer of Ocular Therapeutix. sir. ahead, go Please

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

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

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

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

Donald, following little Thank Therapeutix report. turnaround call Ocular welcome first held our quick It everyone quarter than earnings year-end been has the two months a a you, XXXX more ago. and to

old ASCs of surpassing challenges, February XXXX. cataract to in are Easily continue progress X,XXX the commercial million billable HOPD HOPDs make efforts for DEXTENZA, for of staffing we approximately and with units a January. sub-variant the generally COVID DEXTENZA’s XXXX. last expecting XX,XXX in the pipeline. in and our growth with our record good and recorded inserts development and quarter leading primarily We were in the procedures month. of impacted of November. sold in we environment in on the executing slowed month of calendar DEXTENZA revenues by in net in-market in Beginning performance in $XX.X over XX% challenged achieved product AB.X surge the that set ASC, and the Despite bounded growth we its and the variant ongoing comparable the staffing and March improving Sales quarter was Omicron ophthalmology starting

cataract There to COVID. height increased X% surgery about volumes Market annually, approximately enter the XXXX are to of from X.X cataract a forecasted surgeries approximately rate delayed market. were of First, X.X way. this as anticipating between it backlog according Scope XXXX we tailwind dropped think X% begins the We at grow of the to Research. at million to This number in procedures in million to a

will We work cataract growth. to an potential procedures. suggests quarters X.X the goals at procedures. XXX,XXX bounce million way over in contribute did to into that estimated back While least the few its DEXTENZA’s of coming this data back and backlog Market Scope estimated ASCs believe and that the volume HOPDs We volumes XXXX still anticipate

XXXX with DEXTENZA’s separate and through pass-through provisions. very XXXX are on the potentially beginning beyond we non-opioid in payment Second, management then in greater eligibility reimbursement through clarity entering supply importantly, with for XXXX payment and ASCs status pain

having to a In and code, for addition, for to to patients. all growing key physician physicians this in became for reimbursement better it more our insertion The DEXTENZA We of all January clarity effective for accomplishing payer easier is will DEXTENZA care. reimbursement placement we now settings the under X, to in reliable advantage that franchise. is DEXTENZA huge available do the is we across and their payment can Category today. ensuring this of ensuring believe make types provide Simplifying X physicians which Ocular XXXX, DEXTENZA

potentially those treatment gives XXXX, future. the The optometric internally the expand developed is numerous with are goal including innovative expanding into conjunctivitis, office products, opportunity first the in us our indication Third, stated approval to with buy-and-bill commercialization ophthalmology providing ocular the the strategic presence associated of an is for office those to our in DEXTENZA and companies DEXTENZA treated that. licensed I've long other FDA's key company by allergic that that the and optometric setting. we offices customers of in environments, from doing take of a itching and into in the step of ophthalmology

for environment of of is the a Therapeutix, exciting, opportunities. Ocular represents unique and potential challenges new space the a it office with While set strategic

launching be and Sales analogous, to barriers successfully to physicians setting from found of of the were XX over optometric selling ophthalmology in buy-and-bill products You've solutions. initiative. HOPD and VP with the this a and lot ASC associated will office-based the with launch a bespoke been hired years but We logistics We require to the DEXTENZA able primary that learn of entry recently experience, that lead drivers with different surgical believe into administration. offices

tasked XXXX for We each the major of product other and exclusively OTX-TKI, In respective these will we programs impact more states. efforts and managers key these is in being ophthalmology treatment where setting. in in associated be retinal initially in this – their the will we in with clinical that four program. of have supported code for business office specialty for Shifting consisting disease, by data anticipate diseases, beyond. dry key offers X materially team, produce OTX-TIC to OTX-DED year. into our with a AMD separate U.S. third XXXX study completed we forward pipeline, addresses and dosing in a our enrollment office-based reimbursement patients developed to the field we We wet OTX-CSI highly but quarter, in programs. disease OTX-TKI the with glaucoma buy-and-bill the began trial U.S. selling have these quarter the with established of who and new Phase having the Phase have took unit four We interim steps differentiated some eye for account procedure where X OTX-TIC, unmet needs and anticipate a OTX-TKI

We three to has best-in-class yielded report with treatment to targeted be for has a four for of are compound complement with the also happy in compliment program that dry that inhibitor the Mosaic potential AMD. lead every our our this compound collaboration dosing space to the months. believe Biosciences We

also of in this updates the number China. shared to programs studies agreement. quarter, Bo'ao AffaMed we April Society AffaMed presentations, of meetings. and of AffaMed conducted Annual seven Hainan XX treatment in earned China. we has XX safety shared designed In DEXTENZA Refractive register payments held in and our and advanced investigator-initiated a has in To-date April in following this the American to with potentially trials real-world Surgery surgery Hospital DEXTENZA also company of pain XX, the eight the $X At support trial in clinical China. province accelerate Ocular announced first medical inflammation total under patient the including and for on setting to support evaluate Cataract on In through recently, study More Meeting year's efficacy its January, was sponsored Super real-world in evaluating in ocular second And profile presentations of the cataract DEXTENZA community's medical dosed is Surface it our significant believe the ever as and in had the interest at during The These approved and that OTX-DED. year. This of meeting. we've at well collaboration demographics a was XX,XXX AffaMed Our first million I of major milestone largest a is presence Therapeutics intended Ocular DEXTENZA the first included and quarters placed. highlights being clinical the efforts and a as of DEXTENZA medical inserts programs. data safety at Macau, scientific

made Ocular a major preclinical presentations one X, have this had presence in and meeting ophthalmic XXXX. held large Research and Annual data. is We for Vision year's the Association exciting highlighting of at conferences clinical May research X and through Ophthalmology This pipeline also multiple

trial data. we XXXX, OTX-TKI for interim action potentially to a market of third plan new update compelling Ocular quarter. an based for Looking a the for treatment mechanism provide OTX-TKI our large clinical represents important of into in of AMD AMD offers ahead and opportunity wet Wet the U.S. with durability

turning share revenue to discuss first-time over I Lastly, pipeline call for our wanted the before to the opportunity in Mike guidance the XXXX. annual to for take to more detail,

from the HOPD nearly a elective We this last To in the we elective And surge. December cataract in our significant considered We near setting. of to sales due more experienced total in shutdown January not all on impact initial ASC cataract you year, disruption COVID surgeries surgeries to due and due are the have which surge the second unpredictable of of provided experienced pandemic of a the come remind cases. XXXX Omicron have of those volumes. surgery historically in and quarter year in the guidance COVID surgeries, to-date recently,

of closures no be Going forward, ASCs assuming for as to are HOPDs would significant longer risk. we surgeries and that elective

indirect labor is a has the XXXX HOPDs will least COVID and of effects short at as remainder staffed felt when at demand rising. the surgeries ASCs expect for we left the time However, for be of shortage

deeper Our driving challenge adoptions by accounts more DEXTENZA growing also to its currently and full potential and and is accounts established types into available. as payer in we up ASCs HOPDs new is not DEXTENZA setting go into new a in surgical where set moving surgeons by to

deep adequate the sales believe $XX levers now of surgical DEXTENZA surgical XXXX. the effects forward of line of of resolution gradual to help guidance net environment institute to of COVID. are total the them procedures, All with to annual macroeconomic policies, of revenue market for closely understanding between to and we XX% million of in annual for the support new $XX allow million DEXTENZA to environment. and of the Accordingly, sight these administrative an to staff XX%. represents protocols anticipated This product growth project We we have to and growth for of expectation Ocular personnel work use require guiding

early growth by assumes believe guidance will contribution in setting of the the therefore our pipeline. call stages setting. hand excluded of and this surgical long-term represents be will this this driven we Officer an any now almost I’d of Importantly, Medical setting over the guidance. office and of Michael but sales to With that, DEXTENZA provide the have significant a in to Ophthalmology upside given Goldstein, depth entirely of Chief material in initiative, contribution excludes Dr. We DEXTENZA material President source who sales at like any from the in our look office

Anthony. Thanks,

AMD update February, from presented trial at of for the begin of we our eye Angiogenesis, OTX-TKI the and me Let Exudation, back In wet X Australian-based the Degeneration ongoing OTX-TKI. the Phase with program an meeting. treatment update XXXX an of on

this assess assess to preliminary As of biological and background, and tolerability OTX-TKI was activity. safety the study designed

fluid see this the wet as administered and/or active fluid. eliminate in at intravitreal in encouraging, start monotherapy in in AMD. kinase in intraretinal can for subjects being Australian that is this The fluid subjects, tyrosine and clinically show of enrolled decrease with a and/or activity with all and data was This believe was patients population is best subretinal intraretinal them to and has a study. to follow question, the OTX-TKI goal Angiogenesis study way treated. shared show to we we the Our inhibitor that a some the fluid many subretinal We answer been biological to if meaningful can this found

observed represent in Xa, XXX was cohorts In drug product extended of more subjects could across cohort, subjects over over all duration of or of microgram XX% which compelling addition, of activity the months we believe cohort profile. a six and XX% in

application containing every trial is U.S. clinical with also are a We IND measuring microgram Phase total now based enrolled. and safety, This an to OTX-TKI anatomical U.S. a being is OTX-TKI under axitinib XXX prospective randomized of fully previously trial OTX-TKI running administered of conducted currently is X implant clinical subjects. trial with eight therapy. subjects based assess treated of subjects the at X:X designed XX aflibercept that biological to evaluating controlled in and randomized targeting single treated a compared randomization preliminary toward multicenter by a sites The and a This weeks dose trial weighted is to subjects five changes activity a functional anti-VEGF assess is retina. that the tolerability durability in in exploratory

a would third similar and month Our quarter goal to achieving response subjects in to drug single implant XXX seeing is need rate We of product Australian-based data long for represent profile. that study reporting question in this this a six OTX-TKI the how durability interim dry to believe of the the We a without compelling year. the look trial answer keep retreatment. containing forward microgram axitinib can

Moving implant, we’ve decrease product from data X intarocular differentiated the Phase of subjects believe the the open six administration a single of durability presented health, months XXX for or of clinical randomized activity, clinically the dose this subjects are will long glaucoma tolerability OTX-TIC ability X hypertension. of subjects different microgram X:X:X evaluating following months, and OTX-TIC presented or to a or and controlled provide XX patients X angle the randomized treatment We as efficacy February U.S.-based is with containing approximately prospective in degrading change and held data Phase open pressure, trial for XXX meeting clinical primary XX:XX XX in The of X hand to as days to XX. at in subjects baseline standard With for utilizing changes and as of completed trial in microgram which We X our a multicenter arm corneal IOP and meaningful implant travoprost and more with highlights per while its subjects XX primary arm trial X:XX OTX-TIC’s follow fast an while The trial, as unique three glaucoma time. implant comparable actively safety, early data the hypertension is safety, Glaucoma arm and U.S.-based OTX-TIC at at recently from enroll a initiated dosing a two, trial ankle XX observe on a evaluating a program, the in microgram compared glaucoma implant ocular biological AM, X:XX with single AM or OTX-TIC. implant. preserving or utilizing in the Phase representing weeks a in ocular six IOP, is IOP This potential will response trial. over a drug with arms, receive duration DURYSTA. and The two profile. travoprost microgram diurnal tolerability PM will six

OTX-DED short insert patients symptoms disease. dry of the preservative of treatment for chronic with a of Regarding dexamethasone programs. eye eye the programs, our disease. to term dose two the OTX-CSI and signs low treatment for eye remain ocular free development of the dry surface committed disease dry we And our of intracanalicular

OTX-DED, developing development improved For plan. improvements include formulation regulatory clinical the plan vehicle we and optimized and products expected is an This the some an are comparator. additional manufacturing of to to

like are and turn to Donald appropriate are to reformulation back first retention financial to we call our comparator. OTX-CSI also doing to results. work For would improved placebo review quarter some an over I developing now the

a increased $X.X same first $XX.X period $XX.X clinical were XXXX. same Selling with quarter from collaboration expenses, by of an Net compared million an were in with revenue expansion its of first of on our and and for the $X.XX net of the AffaMed. million in discounts, amortization as quarter the primarily million for per revenue which net $X.X the net expenses extends for notes, product costs. driven $X.X with basis to revenue in quarter $X.X the of XX, stock-based common by million driven million basic Total value million diluted or unallocated period $X.X three $X.XX million on a and in for period non-cash net the returns, the of product versus administrative quarter payment million included loss with first This Mike. of XXXX expenses in the company’s quarter of versus unallocated for XX% $X and in the per million in associated predominantly under and first an development XXXX, versus of reflecting and General million comparable $X.X first convertible force. comparable quarter have same the trial reported in in over gain XXXX. charges $XX.X the XXXX, company a were for share of of a a $X.X loss XXXX company the of $X.X included XXXX. revenue, in quarter the in in compensation and the depreciation Non-cash during a quarter million and in liability months also and both comparable for clinical quarter a licensing stock XXXX, revenue Research loss combined Net decrease for XX% loss associated million the the increase. in of support marketing personnel first to for the an agreement costs gross includes price share increase Net basis product of a the quarter the quarter field approximate quarter. increase the first rebates, represented was as basis March the total personnel derivative to fair revenue per with million The commercial for diluted expenses costs were or the $X.XX income the $XX.X XXXX. a $XX.X collaboration loss million comparable increased $X.X a Thanks, which compares $X.XX XXXX. primarily million versus of a net revenue and basic ended on per refers on basis quarter reflecting the share income share

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

expenditure final requirements with to estimates a cash in anticipated related through associated believes pandemic; and number and and March versus of the at company DEXTENZA research million $XXX.X programs, XXXX. current and XXXX, ongoing guidance fund assumptions over business. anticipated XXXX. and capital of is to Anthony from company the for cash operating the the those I equivalents DEXTENZA; As expenses of obligations $XXX.X the the equivalents on related This million thoughts. inflows now cash impacts from had some cash pace December the and XX, enable XX, the Based and other cash development debt turn among from call the cash including to reimbursement aspects of will clinical planned cash company and expenses, that outflows operating expenses, service like back subject COVID-XX would revenues, of plans to to

Donald. Thanks,

quarter opening the revenue up growing for product comparable call summary. total XX% do demonstrated commercial quick The over before the performance So for of questions, XXXX. me DEXTENZA solid a let company net

to the revenue surgical for DEXTENZA in We to representing between are $XX million net XX% growth setting. year-over-year $XX sales driven XX% of guiding by predominantly XXXX approximately million

recently to address for office the in DEXTENZA we itching associated launch allergic commercial the approved our We as for with conjunctivitis. are our indication team opportunity expanding setting

for strengthen out clinical With would eight to the implant growth the after XXXX. Therapeutics. is in in $X on build OTX-TIC month U.S.-based their subjects our support separate OPPS we and surgical plus every single payment announce for environment. which of This our of of final continued The XXX anti-VEGF clinical million in the of as payment allow source pass recently the fully injection for business we versus expiration. office our environment microgram data a evaluating has new of a quarter We XXXX path the CMS glaucoma, to the standard week laid November interim rule, treatment OTX-TKI maintain trial expect from enrolled, the AffaMed dose ASE us triggered DEXTENZA now a trial of partner care Phase X Eylea third and six a

complement happy this space also of the report a collaboration are to lead best-in-class Biosciences our with three has compound for our four complement that We treatment has dry to yielded every months. inhibitor in program compound believe the targeted potential Mosaic AMD. for with dosing We

balance the And ended March call Finally, runway that, million with of $XXX.X a XX I’ll the forward over cash a through with with the the company quarter strong sheet XXXX. to turn in look as We on expected XXXX. continued for questions. cash

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

thanks Great. I taking could guys, questions my And there. DEXTENZA Thanks and for for guidance. the start maybe

to Thanks. DEXTENZA projecting from usage you’re have I bespoke can opportunity at in realize the What’s how mentioned? in estimated for I maybe And for quantify a you’ve And far. increase what relatedly, you see biggest some it’s and is working that So thus be this factor XXXX this that you and learning of increased the gating off it And in expectations for solutions the guess, through were early. coming contribution I much you maybe is the that what the been office Anthony this do that setting, quick maybe and versus backlog. as might penetration those seems growth surgical we like alluded from there point year. follow-up. volumes

question, Great. Thanks Joe. the Sure. for

haven’t on the come accounts where exactly come quantified going I is that from and additional is in existing first growth have think But that those really cataract we going implicit we from number surgeries growth to think accounts. to point, really the in I from.

staffing when tailwind or underemployment stiff the the surgeries, under it to of a hospitals. comes to it fairly when and As we the increased headwind have of but comes number ASCs we nice mentioned, a chronic

going the at the to effort XXXX the to the the ASC resolve do it takes – is work to of look willingness not people going And think mentioned that’s with I an in As particularly this hospital. to that going it’s extra we that number itself. accounts the inside call, think we requires moment certainly work the that’s places We staff those into – And really and be grow those reverse with high. as gradually. additional in to of

that But have have yes, that very we’ll situation much resolve So not now. in anytime that we is number going expectation, two That is tailwinds. growth itself the soon. at to

terms to second receptivity the office is not question the we team really of place yet up business now In the on drum in on side, the that have launched in that sector.

So discovered it’s get a a to the of things patients medicalize more in allergic with itching that associated practices that launch and to something environment. not offer we lot for have we’ve the office optometrists, their general with the like lot What eager looking ground are is conjunctivitis. at very actually ways business on eager do ophthalmology of

to But it’s would’ve season be the time good preferred delayed right allergy we Omicron to into be least but can you too just able think report is we’ve a quarter, time get given year. what to I’ll maybe been demonstrate what hope very to and even I as next at rest for conservative able see, the getting been Unfortunately, the being to of the penetration it’s now. we’re offices. So we that early getting qualitatively able starting into market at to, with really kind the we’re us see to now the out quantitatively going really we’ve starting of that see.

to study is data a data just just still I implant Thanks. U.S. expect? update That’s squeeze ARVO. month presented we changes If see cohort. Phase I these study you And the is we on or there really next can at it its the any And big of first data correctly, was U.S. if know Is just should the data run let possible plan having to wondering enrolling know full course. the filing ahead the U.S. in a studies I TKI. Thanks. think one NHP, single recall a I couple of I’m I that or Australian IND. anything X the Great. GLP the helpful. gating factors the now six

Yes. Joe. Thanks, Mike. It’s

of have So the first in the to GLP IND in exploratory data. converting terms the terms tox question, we to yes, your needed of IND

So data. further that’s the have We that. six than data actually out month

note, along. have and that So you of the an summer. say, that we got far that At would a is enough later data be say, we have data, in to are XXX correctly that group TKI the submit same should enrolled, which group be the probably actually do single said would we Australian is happen time, to the the we’ve timing plan And and the question I the somewhere And IND, data we’ve convert trial, enough the IND think to a would as something last note, when I FDA think you this forward to we what to after the implant look going exploratory to this U.S. with trial data. always microgram Australia. would patients quarter having in where about fully U.S. I guess which your third have we of from year. meaningful as

the trial readout data. U.S. So that be would I on think the next

Okay. Thanks questions. helpful. taking Thanks. my all for That’s Got it.

question from Thank with James. Leone our line comes Raymond the you. Dane next And of

for you Congratulations the Thank Hi. taking the question. on progress.

pure you Based it would your that are month into of helpful mark maintenance helpful. your standard compared study are for the Thank of to and I upon that what be maybe of the that think study. injections from to just or care on arm? the this comparison setting PIs, on of in through the active or some fluid U.S. the month the aflibercept readout would when that of looking knowledge feedback in at arm? baseline of at had OTX-TKI Anything enrolled active minimal amount in or super Are arm go you outcome patients in a looking the you for fluid? actual some the six OTX-TKI looking you. patients being resolution the Are just at expectation six baseline, be in for terms rescue intraretinal

question. Thanks for the

question great as So always.

we’re looking population to is at different important Australia. the that than population really the it’s keep looked in at in So the U.S. in we mind

of rid they So the they been get get the cases previously some that fluids. do get a an signals a durably any but in many could didn’t that of could rid and have fluid with longer. what we completely in we actually Not were we see that to injection, came fluid? in, patients amount have that population and treated or or we TKI, but could rid months Australian come fluid And in we naive, get about. with to it, we if with of rid fluid. trial And I six safety we could could fair stabilize found we could really is intravitreal get of concerned that were of we could trying to think And in had we that

that is with population. we So went the into and U.S. different that, at trial trial looking a

would we it’s most – population. would say think I KOLs think an I easier

have state? that have different So coming if of them previously come state. relatively you been it’s a is, of in, we’re in who we patients asking And a you treated maintain And have lot don’t patients a can did. dry dry in which that who group and question, are a fluid,

which trial. is mass aflibercept, a And difference randomized eight So the is trial that was another to that trial every versus X:X TKI it – is was weeks.

would expect expect that would maintained be that stable We would vision that and expect and fluid. And likewise those And would we OCTs would would subjects maintain their is those the – group, with we remain fluid. aflibercept, be the remain to we they also expect without TKI patients will that and dry. so the vision would what without would

if third again, that the hit. that’s bar will year. Australian data you in a the this compare of is population, data lower believe we to this we And to So the have quarter

fluid maintaining had the You’ve already removed, is fluid lower rid to trying a think of bar we the TKI. that than get the with actually

Great. programs. question could And just one ask I up comes a just your is across follow-up of that. that couple And a on if this

in in formulation or and show the could that results been the we level with the given of you. will OTX-TKI an through that single formulation issues a other run you take maybe not as think I Now that us confidence of product programs? your dose the you with have just Thank issue with some is the effective of OTX-CSI, had

eggs inserts so place that mean, different, is program. also they’re placing I is And or different and to different they implants different. Yes. we’re use hydrogels, all every specific the each the all program

in that case an there’s was CSI the we’re when of We spaces. fluid injection they’re filled with when eye. and intravitreal more know here intracanalicular So it’s obviously talking the and breakdown inside hydrogels in about consistency

when you of into something consistent or intracanalicular, So so only eye, in at intravitreal the fluid it when we more it’s if know top put you the place is the whether sort you exposed virtually that’s than intracameral end, will.

I read to think any there’s through TKI. So from CSI don’t

we’ll we’re more Australian Is could do the expect about very could there’s Yes, the what is confident I we work that. there on based with that think we formulation? I And data, would see always and trial. U.S. do in make. always there we tweaks

of improve issue the made CSI. excipient retention for and the – There with lower actually placed the so drug. we we ways because have brief certain drug think help CSI, retention just CSI. point, that of terms other was actually from And doing some rid excipient we a the of the unique we there’s can I’ll mixing in properties straightforward for that, that We can with drug. was to with of get pretty by that a was think that intraocular. just mixing And the in we In

And the think have So to back there’s get we read CSI, also to think track. it I TKI. a any I don’t on way good through

I very CSI. commentary the Thank appreciate Thank you. Excellent. on much. you additional

Dane. Thanks

question you. Jon with And next comes Wollenben of Securities. our JMP the line from Thank

then pipeline, taking and I may. One couple on if DEXTENZA updates the and the a the on questions. for Thanks

you March, end in the May strongest? strong And any are with in that mentioned the early You month of quarter or of the see provide to April to the if last continue looked? wondering terms we demand quarter going on Or how comments have billable backlog. could of inserts, then, month partly you the be

how Just the about demand think quarter? throughout to the

with given. been Well, guidance May have consistent April that and entirely we’ve

certainly reason falling that be there’s that to believe no we’d So behind guidance.

is majority help units each the the to going expect going be there last to of good – think reason quarter the in definitely of to is quarter. the that month is I

reasons there change So many I would that think forward. be that don’t going

we a an of might And timeline and do have and the trial have Okay. CSI remarks, but I terms missed initiations? in get prepared on this could you DED update in next

thanks. Mike again. Jon, This is Hey,

didn’t miss So you it.

for active We of haven’t on CSI, active for given work both an in work tell some can you comparator. on and to question the I update on is that issue going reformulation the timeline. today’s there’s What work that’s programs go to needs on is, just the the terms mention

trials both this discussed the way And of disease. that block eye with a to comparator we’ve treatment an intracanicular for use know that for we the insert these the hydrogel very And hydrogel. is dry is canalicular. As we effective a what is the before, is

no surprise comparator. an had it’s you but actually not here, So that placebo then comparator a active

both will working are and play but role CSI for to the X appropriate programs placebos, plan revealed of we other we back So timeline a DED. both which on that bring We when yet. haven’t will a into happen Phase

are one at saw to potential Okay. delivery then you of of data at your hydrogel also me, gene level the perspective. what And the via of for a strategic how And guess are sustained benefits I the eye? thinking coming vectors last your therapy about ASGCT, AAV a delivery high I

question. great Yes,

are address So we I hydrogel. think with there two the problems fundamental can that

deliver of inflammation. and therapy number we that programs, is in all gene therapy And that is higher using that it’s delivering first higher a dependent inducing as much therapy hydrogel, The a concentrations or we gene inflammation issues viral can vectors, believe have dose dirty viral inflammation. with without secret programs gene vectors the by the all

opportunity. big one that’s So

is second location. The

viral doing therapy, subretinal when the do bleb particularly hope when you a So where you vectors. make it goes bleb with subretinal delivery, – you direction But put it more sometimes you want. what’s go. it’s if done doesn’t, not in just that going the And it sometimes sometimes is now does. gene want it you doesn’t, – you’re And in sometimes that you to

end a then lot through with up so back retina And the of bleb and very large that automate. a you goes

So if you hydrogel, the it, imagine exactly the to the cells area you in want can in exactly you better of you under place in a way, that a customized if exactly them to sheet transduce there where want – and – could like viral is vectors place you potential that the location. put very therefore get

has think appropriate decreasing deliver delivering vectors. terms locations. we there’s more a that opportunity think an We or more to an inflammation it in that of So opportunity our of

And up. that two the we you those that, of models, ASGCT get. have we that be Conference coming presentation I the think this data benefits as first are data could on said, big in animal now that at will

stuff. Exciting questions. taking for Thanks the again

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So be guidance confidence were we to that, able market. of certainly seeing But deal our the in will that is going definitely satisfy great return a we forward. have

any revenue year? generated it. from all Do this Got expect during AC at you

the Yes, expect surgical to setting. don’t just it we relative do. material to We be

your not part right? of it’s And guidance,

right. guidance, the of part not That’s

outstanding to Got it. you And current do of debt Got part pay during any XXXX? your them it. anticipate

We the scheduled for initial don’t at we’ll this point, payment that. to stick not that,

you. Thank Okay.

Thank you.

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one you’re that taking of year. and the backlogs be shortages is the like the just XXXX. Would wanted on end the that considering combined that continuing mentioned are year you expecting this build persist like with obviously the number continue bit of Thanks headwind that quite a labor to revenues clarify to through for thing afternoon. my I more guidance given related lower that good you’ve to question. Hi, for to

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priorly? if in lastly, timelines And that it, Okay, was well, launching helpful. missed terms in in there then sorry thank you. – – China, I the That’s of did communicated any

has partnership Macau actually I been that this relationship. has oversee White. been our product AffaMed is now is launched relative So AffaMed Chris and in What referenced in Anita, in we to Macau. the the approved with is

is to DEXTENZA registration AffaMed partner China. Our pursue the of continuing in

That’s it me. Good. for Thanks.

Thank you participating you. Ladies gentlemen, and conference Thank and may you this today’s concludes call. now for disconnect.