Kala Pharmaceuticals (KALA) 5 May 212021 Q1 Earnings call transcript

Good morning and welcome to Kala Pharmaceuticals' First Quarter 2021 Financial Results Conference Call. [Operator Instructions].

As a reminder, this call is being recorded. I would now like to turn the call over to Niranjan Kameswaran, Senior Vice President of Strategy for Kala Pharmaceuticals. Please proceed.

thank for and call. in operator you, you participating all today's Thank

Mary Officer; our me Mark Medical The Todd link Media Executive Officer; are the Officer. and Bazemore, the Investors can at Chief Chairman, Operating Joining www.kalarx.com. being company webcast Chief Today's Iwicki, call from webcast our Kim and Brazzell, President website is and Chief be of Reumuth, Chief in Financial live. section Officer; found

as make our this financial of the beliefs Litigation XXXX. regarding we measures, with of that forward-looking accordance observations most the Private statements and call, comparable and press During within found certain release Kala's the for measures will prepared GAAP future also accounting sufficiency our to on other non-GAAP resources. to plans of market include On are associated be statements the are These INVELTYS meaning in will which be and available on expectations this with can EYSUVIS, principles. measures in of referring issued our not today, A will Reform this non-GAAP the accepted Securities comments the commercial expectations, launch is management and statements generally about commercialization plans which reconciliation EYSUVIS forward-looking prospects Act call. and potential the are and conference statements directly our website. of cash we based financial call, of These

XX-Q after uncertainties or law. carefully from any occur this today's which statements risk as well the no Investors and SEC to with update to SEC. available XX-Q factors forward-looking as the with make quarterly obligation release as other our and differ in Form the or CEO, to statements that Iwicki. forward-looking be I today call, the differ the will those Our risks filings from over The website. factors, undertakes results read the the by except now actual call company's Mark events revise reflect filed actual report later included results in our will and press be should expectations. events we turn specific on conference identify may cause materially company Kala's our described that materially Form The described in required may to or on circumstances will

available Thank professionals of innovative Thanks, highlights. you have business quarter at now the today good and for advancing care review us programs. time products optometry We exciting everyone. It's deep to Niranjan and morning eye Kala's financial and relationships patients, joining a and Kala. results for pipeline and an XXXX are suite across first commercial two recent markets NCE ophthalmology

reach Taken help eye of our this more We together, and are a believe and for growth. address patients. we diseases extend to future front the a working back us of provides with range broad foundation to millions tremendous

look to the to we ensure commercial are we of working As success and XXXX, EYSUVIS the INVELTYS. remainder of hard

able to patients significant well been in few launch. coverage launch We secure feedback with early doctors EYSUVIS are as that the since as from the months the commercial and we've pleased

by for more becoming positions addition, elective readily this growing the that available. as believe recent In are encouraged toward vaccines growth pre-COVID we surgeries trends INVELTYS levels are ocular market. in We are suggesting future

the wave of next the We which treatment back therapeutic diseases. both our to of eye for advance and also continue front candidates of includes programs

We to for and that $XXX years. had towards ultimately available March these to new XX, debt cash up This believe a XXXX will inhibitor least certain funds to milestone affect resources to morning, provide we our extensive clinical that programs conditions how forward an of described that from or cash as revenue position This us out products receptor worldwide. providing us a we're look a programs. TKI before, millions to INVELTYS. million progress continue our with obligations over a know to of programs, our we call. of existing have call the comments to development into I facility contributes tyrosine kinase later to turn they pushed or fuel scientific advance announced enhancing the for some in glucocorticoid which modulator the and also leveraging we with people detail in we future as around our Todd entered beginning commercial growth to enable years fund invest As our retinal to increased is innovative two update by to repayment portfolio Kala at in important deliver our now move a potential will runway. anticipate SEGRM of these development. our review for together anticipated the and solutions to subject minimum about and additional and to will this our INVELTYS include by of believe selective two capabilities the We as and we additional We Mary now operations a later and EYSUVIS strong Company. credit year EYSUVIS disorders new this

I'll with Thank you, this update Mark. for the begin launch morning EYSUVIS.

prescriptions data in eye are flares. written treatment the Symphony previously had April hub quickly an EYSUVIS patients, been itself as establishing for Symphony who eye launched EYSUVIS from flares. prescription for to ending indicate In XX,XXX eye short report disease. pleased therapy product for half have dry market the that period since source their ideal of for We that a not the all that potential prescription been therapy preferred on of indicate dry unique belief become early approximately our prescriptions by EYSUVIS time, prescribers more first-line that for as XXrd, treatment January. than to first-line of and option eye Supporting dry has than is the of the the patient Health filled, in EYSUVIS patient data are more our week XXXX

our of dry against broad eye strategic now and launch, for ensuring as Turning execution the treatment short-term the EYSUVIS therapy access optimal prescription coverage for disease. of priorities preferred the payer EYSUVIS establishing and to two

team has done Our expanding job for coverage our payer EYSUVIS. market great access a

Just we payers coverage XX a four make payers lives, the proportion into launch, access commercial launch secured market of largest XX% coverage commercial have with XXXX. lives. approximately part of are of dry first EYSUVIS and million totaling Commercial for in have core eye insurance. and was prescriptions months quarter, likely disease is High in Express eye added approximately the National Gaining strategy to Basic Formularies. Performance our we health are announced younger in Scripts' Earlier to patients mild-to-moderate dry Preferred, with typically commercial more that up

that their XX, brand as would XXXX. to EYSUVIS Cigna announced a also add We preferred formulary, effective May

plans In these coverage as addition wins, from commercial well other secured including Primera. have and EmblemHealth formulary two health to we

for dry includes months growth coverage, substantial dry EYSUVIS to therapy treatment pleased progress EYSUVIS. significant significant are eye ahead. anticipation forward We We this prescription prescription a look market level we establishing demand eye the driver incredibly growing launch believe a be access payer of in so coverage key are With our building of and early as disease, underway with short-term first-line the making will which of year headway coverage for in our indicates payer it further the flares. of also and which into

growing. surveying EYSUVIS routinely and care market are We research professionals eye and awareness the

and are stated to familiar nearly prescribed same report that XX% survey extremely recent EYSUVIS survey, that they of of have they EYSUVIS. indicated respondents XX% the with already most that familiar Our nearly respondents

in EYSUVIS receiving are quantitative eye Additionally survey action. benefiting results its are eyecare patients. Eyecare growth comment the quarter, from that well EYSUVIS, and dry making professionals achieving the XX in support second of plan onset both indicate In XXX plan of as sales to January. we of symptom believe satisfied access and representatives feedback approximately is the EYSUVIS to the these by with we they from been a that Physicians responses eyedrop a administer COVID-XX works. We give sales our since force for the are and representatives force very expansion suitable securing report anecdotal sales against our that consistently market the of to to patients launched how demand product initiate that of care rapid building third rapid we in closely increasing progress pending coverage to the relief expand start for eye XXXX. professionals positive range have sales professionals wide EYSUVIS next quarter. continued highly the are end Then further that pandemic, XXX payer we status to approximately by from we order and linked comfortable patients to are the

demand. We future EYSUVIS and on on we pleased date. We forward performance against and our updating take communities to with our executing launch progress strategic ophthalmology priorities on are generating our is EYSUVIS calls. is significant team The launch optometry to ongoing as efforts launch the you look very

now Turning INVELTYS. to

ocular impacted of the the in Health As shared XXXX. reported time. to will have we the prescriptions and grow fourth Symphony XXXX continues compared believe of surgery has the that INVELTYS over past market. quarter we Despite to the over the prescriptions challenges In INVELTYS to revenues pandemic first reported approximately year, of XX,XXX through by prescriptions quarter XX,XXX pandemic present,

timing COVID-XX unable the ocular the the impact given remain pandemic project revenues duration elective potential of quantify uncertainty specific on we on continued the or future to and the around However, procedures. impact

financial call the go results. like our over to turn to I'd Now Mary to over

Thanks, Todd.

non-GAAP certain compensation, measures. of During non-GAAP financial stock-based financial exclude and financial I reference These interest will depreciation, this our non-cash measures expense. discussion results,

ability terms refer of facility For $XX a new beyond required cash The provides certain we entering credit facility. available also $XXX will the The facility. financial Oxford Principal an position for previous minimum $XX XXXX the on the $XX million. release meeting tranche previous to which This facility sheet replacing on our in two cash at strengthened resulting we a million to of balance our revenue please years full further to our two our December non-GAAP earliest website. existing additional eliminate have additional of the targets. GAAP measures, under of payments Finance begin facility million cash morning, is balance tranches press new million announced five-year, our that initial in our on $XX million reconciliation with today's based with by for borrow into our totaling terms

is regarding facility X-K, credit in the morning. filed available information the this new Additional we

we of as and to in resources company that will allow products pipeline. EYSUVIS continue Mark As and the anticipate we our next years. marketed we march to believe for our at cash current mentioned, with least two advance operational anticipated revenue invest our Based along us establish on XX, as from INVELTYS enable to us operations plans, our preclinical will XXXX our fund this

of increase the $XXX million primarily march XX, to proceeds of in million net of of months our offering as cash program XX, or partially recap XXXX, At-The-Market stock a operations. is as from sales quarter to This turning $XXX.X the reflects under XX, cash ATM first March of $XX.X in XXXX, offset December position received three compared XXXX, common used our Now XXXX. of ended million by

period net compared to sales revenues reported from we million. revenues the the first net for comprised quarter INVELTYS of of XX, billion revenues from of XXXX we INVELTYS sales. $X.XX This of from is which ending in sales $X.X INVELTYS. million from million Net increased net For $X.X March and EYSUVIS product product in $XXX,XXX $X.XX reported XXXX, revenues sales approximately

XXXX. for is increase the $XX.X for was to refer the were expansion $XX was units or in in XXXX. quarter Non-GAAP due for announced $XX.X primarily to STRIDEX was for March $XXX,XXX $X.X first or million million the in costs. was first SG&A reminder, expenses to Loss XXXX the for XXXX. our quarter of external in March remarks due the revenue were launch months The XX, the to from which million the shares expenses loss spend to period in or compared ended XXXX compared the of XXXX. call for loss was total dollars million compared operations compared for the as EYSUVIS clinical product same compensation each of well a for operating the $XX.X the primarily million increase the share XXXX for share for quarter same million EYSUVIS, to of three compared for expenses for Non-GAAP first to due of XXXX. the million force today. same weighted expenses period first compared pass of of million increase a the $XX.X was was per sold I $X.X during first of the for XXXX to concludes first decreases in for in As XXXX $XX.X to Non-GAAP R&D period million the first launch increase quarter in Non-GAAP net product period quarter $XXX,XXX to trial loss was for of now including quarter of $XX result XXXX. $X.X data as million quarterly used of of over compared of of compared same $XX.X $XX.X in shipped an an number for revenues increased revenues Please as net of for SG&A stock-based to quarter period will same during $XXX,XXX recognize months XXXX. we in quarter first the in XXXX. million same That in R&D for for Phase X operator of the ended calculation of product the Cost release XXXX. on $X.XX the for a period a Non-GAAP million the and decrease questions. quarter of million press the cost of quarter the for the average, of three period wholesalers. compared sales the XXXX share per compared XXXX to $XX.X the was million of for quarter XXXX the first when primarily $XXX,XXX first to loss compared million million The $XX.X $X.XX the for This our for XXXX. positive were per to same first the Net INVELTYS today's prepared of costs loss same were XXXX to XXXX the periods $XX.X period net EYSUVIS same XX, XXXX period XXXX. we to discussed. period to XXXX. quarter the in $X.X in the same in for

Instructions]. [Operator

question first with Our comes Andreas from Wedbush. Argyrides

the Andreas this for on guys quarter. is Hi, Congrats Liana Moussatos.

year. Just in confidence, in give INVELTYS. surgeries will a amount pick so What later they're going the quick on up are question seeing you of to you cataract the trends

that Yes, question This Andreas. Todd, I'm is answer you. happy for to

currently volume we're So seeing levels. around at XX% of its surgical roughly pre-COVID

the impacts surgeons the they the to conducting year market that continue by surgical of and go think gives volume what pre-COVID to very to market rollout the encouragement future levels. surgical reporting nearly vaccine is ophthalmologists the full volume expect is what think well I able combined us with will COVID be could as them are they vaccines of scope the to obviously ask roll the routinely what end continuing be are with to fact out? And return that research

queue and ask to questions. going I'm back hop the I in will

you. Thank

question with JP next from Our comes Christopher Neyor Morgan.

INVELTYS are on speak relative been rate from contracting on physicians secondly, and of progress Can viewing how Medicare you and what there EYSUVIS the -- be your securing still for have coverage what's you and for yet. don't helpful. And contracts would first here color is to to patients pace both feedback negotiations. your the -- And near coverage payer you Any and The in who for second commercial success hub, question EYSUVIS patients saw on as patient launch? acknowledging confidence adding additional ongoing term? and the

to to hesitate do launch I those. EYSUVIS, try with here We're additional XXXX. within to to growth to tick up quarter. I'll commercial expect Todd. continue if be is pleased the the really we This something, And in. throughout the expect we and shaping Chris. market really come, please into wins here. miss is way don't that three Sure, always come wins prescription We access you and driver a back year through additional coverage remaining continued we've second as of the the expand commercial of said, I the key expect to jump head as quarters

great with and wins job team that the share to to doing additional year. I the we is you able on have throughout announce to do be So good, feeling think a expect really executing and

think the how hospitals help not yet -- hubs, does required with having up like think hub insurance acquired some filled patients EYSUVIS for whose formulary. on set success most some there us patient to we're prior getting that have on this I scripts side, I the

And to but local get treating most to access to patients certainly in co-pay insurance that's reasonable script prescription so to their to prior situations, that's health ideally authorization at and those the a the going EYSUVIS have solution their go immediately. help having be allow securing require a through fill we the they EYSUVIS is a short-term have to their the move access flare patients by want get broad to what filled, their market away covered straight to do approved and not ability from plan start had get able eye EYSUVIS from dry benefit, the prescription a to pharmacy prescription and hub when

currently think currently between Yes, -- covered helpful. that How are do are that's about the mix script uncovered? we on volumes that super versus

I about is asking? question coverage XX% coverage the of commercial access, that So we that asking if now EYSUVIS, lives for the you're market you're is actual think about have

you're going hub? of seeing through Or commercial so, volumes coverage what are the percentage or clearly script more the access that have

Yes.

the means most like not look of products, a have gives did coverage patients not insurance quarter a cover first prior And yet authorizations, in the great prescriptions on requiring market of launched have the written most certainly that You prescription insurance that the impact another authorization, patients' required as that confidence that our for do newly and most it. volume and were are approval, expand not year. growth prior remainder and significant will to us it so thing access continues

you. Thank

Oppenheimer. comes Our Francois from next Brisebois question with

open. now Your line is

us you're and a that wondering, bit between the prescriptions? understand you little seeing help Just optometrists breakdown can for ophthalmologists

are Todd. from from when has more XX% likely younger dry this professional. the first-line about the that's prescriptions eye us. also prescriptions to question. XX% care it our -- being surprising now commercial eye about of a sort are Francois, tend who to population, optometrist, generated treat We is patient ophthalmologists, that little there comes bit eye Good optometrists, of optometrist Right dry to know are majority insurance, of by not oftentimes

acute of or first-line may they EYSUVIS. dry year a so that for from three, are flares as who patients the are seeing ideal be more five eye prescription therapy patients mild-to-moderate And suffering patients and our four

Okay, great. be little then bit you simply that is can it about dry eye. your first-line dry patients that XX% patients about on the And you line to of experiencing very here, clear endpoints first-line first-line just eye, talk flares patients with say of just or first-line, a mostly the treatment, and are when treatment-naive for more for

Yeah.

product other used your patients the a on our treatment-naive patients but that to really probably experiencing when remember, dry that's early by in you we're the And first to are of patient and in add-on, prescriptions So, launch, patient, diagnosed talk indicates It's it's anywhere dry therapies it's so the and of the where may about new launch be patients flares. launched, is flares, get eye have that a already EYSUVIS question, from be it population the when eye really prescription majority XX% the all prescription multiple previously. the severe oftentimes in a certainly of those acute XX% more as therapy going first-line, that fact are eye quantitative many is been used is these care for from as not dry suffer studies, going. we're of half first-line is professionals on of the are a may we early encouraging. But we encouraged eye for I patients for fact you lot prescriptions into eye dry chunk research on of across that's think think a patients therapy already may EYSUVIS

one about currently that know on FDA-approved only patients the of diagnosed also medications. eye dry of We XX% those chronic are

are patients EYSUVIS. think line we So diagnosed candidates the eye therapy for majority of for that dry great first that means prescription

Okay.

you of very that's you exactly help would just their terms and just wins, a a helpful. that can what effectiveness once if us lastly And something you demand the lastly, patients pent-up can is Medicare? we our you And Now, bowers, commercial of the versus a where here on are of or dates touch then slow? of of effective, percentage is kind reimbursement, then it is in mentioned, kind just here, if expect again

of dry the live beginning Cigna Sure, the around commercial I'll doing patients' and a I with filled out latter. the couple are Medicare all professionals that to to able just from where prescriptions a which access, getting remaining pharmacists. weeks, About here write cover is contract and ESI insurance been communicating of and -- Medicaid about those prescription XX% eye of great February, has with XX% live the think the EYSUVIS is having are there by cash care where payers call mix start mean educating reimbursed and the job a back and goes they're in some prescriptions as the is since team XX% eye and of get look there cover that and

that. with drive weeks team's now really continue prescriptions yes, just online. job, rolling out of will coverage in continuing comes if Cigna a to We're a confident So are that couple great from that doing ability and to I'm they we communicate the coverage

from comes Ahmad Bank question next Our with Tazeen of America.

of per year you are Hi. any sense tell each to have any are utilized know if launch still number you trends have be in bottles a the trajectory, Can I noticing early going you patient, but on then by couple of and about yet I you that follow-ups. that us

early too know still it's point, number of your to refills. To Todd. it's Tazeen,

with of into with the have them. we've Just percentage hub. the with it's attached into currently to of written right written our to at of hub launch, been that two but us prescriptions have refills do some seen and scripts the have about scripts were those we What all months refills transparency thirds that come four

so of patients need gives confidence us most and go players it, been prescription. additional the experience office refills to all what have as then this and happy for first another be followup. really doctor's to to I good scripts and refill, with able back the get their that go a met see use that So and

And refills they allowing? how many are

more are It refill refills refills. seen But written many variance that. low some we're two for seeing being XX varies. as The some great sort refills. majority as as to than of the as on We've X of Tazeen

Okay.

first are of Now months of you to able the result quantify tenure of as in the and do of been the the you what easing -- launch, restraints, four impact launch? would the as impact what how easing of has think, kind COVID reopens, country the that of a

question. Yeah. It's good really a

definitely are We impacts. seeing

force really the think us and they in see and impact face face to face eye you probably its in there really our of meaningful can professionals we're sales get just in ability impact currently the that quarter efforts to is to were the their up get and sales can face our interactions. first actually customers to sales care high our on decile I It customers on to as is is able that focused actually imagine biggest XX% and get see have and see. in about XX%

to cards, and co-pay our they and in get eye sales comfortable really samples back expanding impact, which detail time positive reps more is of on professionals, and goes reach. that those in make and so have a important And for get think allowing a have will chance be certainly as going to sure it care practices will give we us more

I to Okay. written. visits, sales you practice rep result was scripts of course that the We've Has number updated curious if the to to being of discussed heard our might the before, in thoughts need as but on during make have pandemic? the evolved physicians

as talking too Yes, say for identifying involved also get calls those we it are EYSUVIS those therapy Those multiple sales patients. I to takes to would prescription dry appropriately positioning about standing, in. the if flares, early sales are practice, typically a patients eye say, first-line little calls

early So per exact the number term. too of to on say calls

few an are eye professional prescribing it before We sales a that certainly begins seeing and takes adopts care EYSUVIS. calls

visits. you like Okay. virtual or I doctor calls that. And then, zoom adopted anything have guess

we targets virtually have as certainly peer interactions eyecare have virtual speaker our we done Yeah, as can be with as, some involve virtual rep programs well. well both place. professional done programs, some in of to They

more maybe question. Okay, great. one And on, just moving

marketed products, pre-clinical of clinic? eye and when talked they you some when those, the both a about the could assets, and for -- more enter the front about and of pipeline wondering color Beyond we might back get

Yes, I'll to it hand over Kam.

said within we've end by us a identify that to program, months our to begin into hopefully target What our SEGRM is publicly this IND is enabling the compound Yes. on let clinic, the lead work XX XXXX that of to the year, get and then XX would of time.

XXXX. So you would this identify by of year the end

Yes.

you. Thank

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

by April have the team to reached for from and been what professionals sales prescribed not are EYSUVIS. that many How reasons January the eyecare those have

to Yes. This that is Todd, answer I'm question. happy

gotten care we to XX% XX% professionals was I to range to professionals. the to in we're saying As able see certainly those face have eyecare it's of of eye about earlier, face, probably our that

access, believe sales help quarter, spent we're virtual they able time already get written do coverage. point this of are has market research, others for generate have and we've XX% force the higher very you we market as about this in feedback prescription see is the can we getting we from said We that And round to had at focused eyecare said improve during imagine that quantitative them promotion, to a decile had And we we're research got the EYSUVIS. EYSUVIS, can of to targets face-to-face. to through recent as the on enthusiastic that, and biggest most the think continue on the professionals payer thing that in most first the

end larger percentage patient's written are of prescription that's that that by up covered in been a field So, a prescriptions the the insurance.

Okay. Could you the the usage access give program? update on patient of us an

are our referring you Sure. mean, co-pay you the to card? harbor to I referring

card. co-pay The

in, they coming than the were co-pay it's little of card. Yes, are less getting prescriptions a filled with half the

you. Thank

from Our with next comes question Chiang Securities. Northland Tim

now Your open. line is

you have the that be market What EYSUVIS. know with of covered guys XX% those is figure you you I think what for by will do about that target? secured mentioned access year-end?

we access XXXX. start payers set coming for said our access market goal XXXX communicated have really broad with Tim, the target commercial end coverage specific that, coverage within We've a year-end. for of to in have is to Medicare online not just obtain externally a by or not specific focus market target by a

Okay, and maybe just a follow-up.

you sort going products. are awareness and increase they ophthalmologists in we more of the products. of medical As interested throughout near and new sort lot get a term be conferences your to major year, reopen, optometrists, to the think attending much guys Obviously, I for of this what are that

So just sort you of conferences going be I sort to are what was of attending. guys wondering,

be we back come pleased we're all Yes, them and will online at to and in-person these meetings. really starting of that conferences

past this would Atlanta. going was next great in optometry conference So ongoing. week we'll It's ophthalmologist, largely in a had there. whole of be that number conference again is in-person, be down by programs week, big meeting on person. of the The A we kind representation Eye that

and of in department occur each teams we presence, significant conferences. So of our as at person, start affairs our to both commercial will conferences a the have these medical

discounts just and you INVELTYS you both of Obviously for next. maybe think And it. it at and was just line to just you've what in they obviously, of $XXX. terms gross with got whack in year But great. price net look signed in terms this new be don't other to at you your point Anything of, the contracts Okay, the add around discount. highlight pretty answer question, throughout sort that products for much you can how sort course here, some EYSUVIS do one of last prices are this able and of where I will us, and to

I Yes. the certainly question. appreciate Tim.

it's net. other you providing to or to I that gross direct not think say statement net guidance As know, fair revenues launches. we're new a on similar But to product

broader nets to at to to the for improve have and paying point initially in as deeper like when trade first opposed gross lot access time payers those place be of to patient quarters the we or there patient assistance expect coverage programs We distribution account start that to secure you over to put launch just to rebates expect programs a the discounts other and at market access as launch. things of few and in Initial that you

Instructions]. [Operator you. Thank

Our Shi with next comes from question Jefferies. Kelly

Your line now is open.

full from Shi in of and question in is one, Kelly is impact. States on This has the a to see Jefferies. vaccination EYSUVIS gradual that on My recovery doctor the you of Have do and QX patient starts a first of seen you new accelerated the on steroid the prescribing a recovery research follow-up a do frontline given see visit market on United expect wonder difference treatment with and data you I dry acute second have regular if question, informed. treated flares steroid as ophthalmologist. and office beaches also have a optometrists patients the What percentage COVID you

I If is missed. Sure, there you, kick to to something tell jump don't that in. I'll try I'll of Please each hesitate to those.

the said think I with earlier, rollout. COVID terms as in I of we're encouraged vaccine impacts,

I how are this received future population around going at one the point, has are and predict that to to in but look estimated cases being and more spikes going of rest hard just U.S. shot, were go, get to professionals think like, we're see of reported. to we're to seen roughly XX% winter XX% compared of obviously to when in vaccinations the the face what of eyecare are rollout to that with the into, face, for we the least optimistic, it's quarters the wave at doing we back practices point certainly certainly second us able

for the to be quarter in we seen the weekly and looking data second to quarter. volume first INVELTYS appears good Certainly both that growth at improving. compared prescription EYSUVIS have really So

So a lot of signs really there. positive

far As at question about about optometrist, ophthalmologists. use split about as of XX% point generated your are seeing prescriptions being of product, by next XX% the we by this and

times the on to So mild limited, market dry like those of ophthalmologists. adopters understanding with of off-label disease all did the still lot lot chronic of to It's of off-label and look few to to we steroids. the the to about on steroids, flares. anticipated off eye optometrist largely approval some certain more early And patients we a we're are fact acute significantly appear get on who patients when based suited It's early are with comfortable for basis steroids we to for And patients that been the you eye have maintenance prepare expect million prescription were treat across diagnosed persistent and symptoms adopters. we There the then patients not launch. eye short-term do more previously an not optometrist XX.X a who now by a daily you trial of medication really and that steroid not treatment previously more that steroids broadly like better with certainly physicians eye quite are only certainly eye moderate of and chronic about the having dry would be grow diagnosed and so and research, eye treated we reducing EYSUVIS a patients specialists surprised label of be treated Those course, to about X% they are candidates are by do that for a of asked dry year and steroid subset, treat are X% only flares. EYSUVIS' a sort optometrists corneal dry use get but and dry general sugars.

back the I'm to would Mark turn not closing questions call to further remarks. this showing Iwicki I at for now Thank you. time. like any over

forward EYSUVIS. stays progress joining to hope on everyone with for us We're success everyone and indicators business launch you morning. We the look and this safe. especially Thank everyone soon updating the pleased with Thank really you. of early

Thank conference today's concludes participating. This for call. you

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