EYPT EyePoint Pharmaceuticals

Kimberly Minarovich Investor Relations, Argot Partners
Nancy Lurker President & Chief Executive Officer
Scott Jones Chief Commercial Officer
Andrew D’Silva B. Riley FBR
Yi Chen H.C. Wainwright
Call transcript
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Good morning. My name is Lynch, and I will be your conference operator today. At this time, I would like to welcome everyone to the EyePoint Pharma Second Quarter 2019 Financial Results Conference Call. There will be a question-and-answer to follow at the completion of the prepared remarks. Please be advised that this call is being recorded at the company's request.

to call like to now would turn over the Ms. I from Argot Minarovich, Partners. Kimberly begin. Ma'am, you may

Kimberly Minarovich

and Thank thank Pharmaceuticals Lynch, me Chief conference financial you, Executive and and today call Scott on joining results our the Scott EyePoint's to of today's the highlight is made in commercial us Chief results. Officer; as open overview Nancy discuss upcoming President developments. and quarter EyePoint We'll corporate Commercial recent second up for Lurker, second an milestones XXXX Officer. XXXX financial the you will quarter With provide all and Nancy your as for Jones, launches, and well then progress questions. call

as commercial operational copy morning, can found the website A we be and release a of this corporate the on detailing the issued tab well Investor these Relations in release developments. Earlier as press financial results

with and the annual most the these on we SEC, is remarks those today Actual statements discussed purposes our the SEC regulatory Form from success forward-looking we product our Litigation time our in that with future of formal make of materially candidates, comments, and I'll Private plans important on include filings the of safe for Reform by prospects. recent including clinical financial factors, developments the expectations, and and potential projections results you our matters Factors XX-K, that remind statements lines, statements Securities Act indicated make file of XXXX. we various future. of result in the provisions under forward-looking These Before those differ may about may various our as a will harbor the and begin constitute report Risk other which the section

only. Any forward-looking as our of today represent views statements

on not elect change. disclaim today. if we you as update any should to views do point we representing as the obligation at While forward-looking some any Therefore, even statements our these statements our these specifically views rely in of forward-looking to subsequent to may future, date so

call Officer of EyePoint. Nancy turn President now to and the Lurker, I'll over Chief Executive

Nancy Lurker

Thank us. We're be excited quarter. our you, for announce results able Kimberly. thank you to second for morning, and Good joining everyone, very to

our The YUTIQ two first our product marked quarter launches quarter and full of DEXYCU. second

for reminder, eager upon shared quarter Managers Key and across revenue launch the for retinal a or U.S. previous call As initial surgery weeks accounted are for force YUTIQ. our and following centers May performance and XX% surgeons our first uveitis for our only and earnings for cataract specialists came launch, a high YUTIQ specialist sales to on and trained March XX few and YUTIQ well continue February DEXYCU in KAMs DEXYCU volume call Account DEXYCU for the

product our U.S. launches these very innovative momentum second YUTIQ happy focused we quarter DEXYCU the physicians. treatments strong the are of such ongoing have and We for and value to reach are truly of tremendous patients that expanding and on with commercial

eye. Let treatment affecting fluocinolone posterior segment X.XX chronic start of YUTIQ me acetonide the implant with non-infectious uveitis intravitreal the of milligrams first the or for

consistently primarily to reminder, has and release consistent up for existing wet Anti-VEGF or Lucentis. the capillaries therapies such of time Eylea short retinal as a often drug differentiated used YUTIQ first years. three AMD. of edema, amount characterized Please up to a months. profile These seen posterior steady XX a is this micro designed tiny is a segment product YUTIQ the one to peaks is for administration is acting delivers was that level intravitreal such compared eye important, highly drug valleys that consistently a it frequently steroids therapies blood And fluocinolone, are As its as uveitis to and because macular back line and of and remarkably diseases by of avoids leaking insert and diabetic well-known occlusion vein fluid, dose a unlike corticosteroids. steady note, the other micro diseases

by For eye, indicated as Anti-VEGF inflammation posterior the also in caused uveitis you therapy eye. as segment known back however, uveitis of the is the is of not the

First line highly which segment inflammatory. uveitis in effective therapy eye posterior steroids, for is are

we need period the is excited of to market dose that YUTIQ, unpredictable And critical expectations. very in blinding The of and a we consistent initial to exceeding which unpredictable flares. uveitis number micro this even provide to long a of potentially devastating, is goal inflammation, were treating earlier which therapy the of uveitis in more is over our about Because important this, uveitis of YUTIQ a comes can the to prevent provide That's reduce are a critically year. time excited treatment trajectory introduce flares. launch steroid internal to

own used blinding have in YUTIQ out Physicians showed data treat sight both XX, have patients, YUTIQ and months specialists key as As our acclaimed XX as to to among physicians the uveitis YUTIQ reduction management key by now term XX% flares as of those of July approximately long that from to of of account driver positive compelling top well recurrences a been target highly doctors Feedback clinical our visited uveitis been to continue in from it. physicians been have who practices. widely has include a patients the these team. their potentially

doctors camps the initial meetings great interest given success have with Our giving in had high YUTIQ.

that to two is market for representatives organization increasing to in during contract month demand, positive sales sales our potential to YUTIQ physician plan this through more more efforts. quota further number campaign support our YUTIQ remain month. ordering our physicians also dedicate over of July upward resources To YUTIQ hiring We will by strong. period growth of rapid trajectory showing interest the maximize and high and we expect

may ramps continues, As our additional we representatives. hire

under quarter best-in-class permanent process we an and be This had prior take is for a JXXXX, than J received YUTIQ allowing XXXX. On earlier have the earlier will reimbursement assignment in the anticipated. early we front, code milestone to policy effect October approval which more CMS than reimbursement of previously X, effect streamlined, a key specific one

and have being for few authorization More its front. and reimbursement with review. academic use on XX approved approved labeled today access EyePoint a We seen continue minimal YUTIQ is rejections the very for We've formula under eligible to positive reimbursement to in need indication assist we've financial ensure requirements. than program pending receive assistance. patients for eight peer for with YUTIQ available to seen YUTIQ prior support a

that medical YUTIQ three highlighting We XXth data July, And of was were data In conference proud data Specialist lower positive the and Data Phase showed education of American presented a versus rate Meeting improvements treated Chicago than promising our than visual of for presentations the supportive Society XX.X% YUTIQ at that a assistance in month randomized lower in in from clinical YUTIQ. follow-up the less compared acuity eyes Sham recurrence with to Annual Scientific a respectively, Sham. best of the and at as safety of affairs significantly initiative. corrected part have XX.X% X.XXX. oral eyes in XX p III adjunct to the included Retinal value we need trials

Based is going Feedback devastating the medical options and treatment these balancing YUTIQ was applauding by community the this to comparable bugs continued YUTIQ study, patients term of prospects advocacy patients blinding treating disease. again spot forward. rescue in Sham results durable deny serious Sham. positive Physicians and meeting recall about care. very of the with potentially And of activity three favorable on market the in long YUTIQ'S medication an aside cannot and you real treating on this safety. a majority and solid sweet we vast for eye for when had medication remarkable data the years. standard the of Since finding YUTIQ positive extremely disease, that remained received for the up this advance revenue exceptionally rescue bullish means often share Now disease lack members

expect intraocular to end from This steroids % reception for for time highly Like a care standard commonly inflammation, turn me of post-operative post eye and cataract can at convenient that positive as a use single drop surgery and up of the release DEXYCU the for to ease cataract avoids Let the product inflammation. become complicated now as surgery results. clinical dexamethasone very and profile, a drug its eyedrops. of injection week particular executed treating suspension days. tapered XX we given eye DEXYCU steroids it administered Dexamethasone YUTIQ, that burdensome such initial associated over effective surgery, of on in of physicians with and provides based schedule four used DEXYCU. supportive

the procedure In be it’s easily effective administration. the time also suite, required vital drug safe, to with minimal administered not or surgery that complete can but be cataract any and only administered,

any we want that Physicians they X surgeries XXXX, to X.X extremely often slow performed were there perform new down. to to cataract surgeons and expect of not in Remember, them continue XX over huge a do procedure minutes, to busy. grow. market. These are And procedures million in surgery volume cataract

I have They from and speed, patient. move these convenience, to patient want hassles very of as quickly to control and want Just safety, administer to surgeons personally can tell needs. five It surgery. the they XX of that surgery to cataract attended reference, days only can administer I because compliance no to you takes patient efficacy, seconds with on XXX% the meets to DEXYCU it the medication average patient. they get XX ensure these DEXYCU approximately end not reimbursement

simple injection one DEXYCU, after with and efficacy see safety of continuing why interest on trained high its ease data to DEXYCU. we use coupled That with are now data are of excellent is surgeons

and Surgery teams through Center certified launch application sampling trained dedicated being on camps focused program DEXYCU a and Our have on surgeons ASC to administration to Ambulatory that DEXYCU prior phased cleared preparation, and of or their to are ensure fully the product cataract purchase. been the support

As receive due their its DEXYCU, surgeries. end injection and surgeon day’s time non-disruptive the who extremely the use and we of to allowing cataract process to cataract continue schedule from earlier, supportive intent feedback quick positive have surgeons, I at surgery with remain the on to to administration noted expressed

to launch leaders of top a certification surgeons of ability physicians Of DEXYCU I broader allow where first, launch. with highest certification product – certified me surgeons the to strategy our over and over XXX group its before we rolled purchase being for and quality and since and to over opinion initial training are consisted ASCs, position the have which to out over training – sampling. excuse the make completed mentioned have greatest phase now inroads, our XXX key XXX program to

with the to have clinical having office over told program. and soon fast acting professionals significant on majority patients Surgeons Over These predominantly a XXXX of our with discuss been have been day in seen staffs since launch, with DEXYCU, medical again, them certification samples us DEXYCU. where exhibited efficacy our And by remarkable have injected called they studies, patients have how part of and that’s impressed eight, inflammation. return so on surgery. activity the are after they X,XXX zero

very Safety with and consistent is our IOP have actual the adverse numbers of key reports below including events which X% no the elevation, XX%, low to clinical to of label, label one incidence pay low X% in which of about to than real common X%. very to side label less clinical of a effects corneal is attention numbers edema setting physicians and world X% the been our

XX treatment post-surgical XX within and to and J-Code drops. easier physician statistical compound regimen effects steroids significance eye so day dissolves to eight place these now, drugs, fast is other it because alternative step relief ahead a to reaches potentially patient DEXYCU steroids is been reimbursement far DEXYCU for side or options transient. eye the hours, versus have and like compared inflammation patient devices on in clearly Since a drops much administer,

feedback our and on be And been can has look very and you at to that on urge corporate Twitter Physician firsthand positive. our feed. testimonials website at viewed video I patient our

rejected that The if product quickly difference issues has CMS or been a the secured payment. J-Code. it how can queue have given an is Reimbursement is make project by permanent the for reimbursement code a and specific to reimbursed enormous is it and

administered are and systems, Because because well administered Medicare J-Code payer including plans Medicare has Medicare by fee-for-service, private virtually plans commercial CMS. a Advantage recognized it’s by very as universally payers. which become all by private A important fee-for-service is has as by Advantage Medicare administered by straightforward. plans, J-Code, and other again reimbursement DEXYCU payers which is commercial

because are surgery reimbursed a Other under revenue, skeptical lost not often payers might reimbursement have by some experience to ASCs to some add been and causing payers, private has made the in the is past new drugs product label. has about consistently authorization some C-Code, for products. which Commercial made of for prior not which reimbursement have which ocular they accepting recognized the them

process been J-Code commercial for seeing Advantage alleviated streamline the XXX% with the and of plan on concerns have investigations presented ASCs XX% and fee-for-service. patients and proceeds them approved Their benefit pickup educated DEXYCU we gone. and being now we’ve risk As are on Medicare results Medicare showing volume largely over reimbursement

reminder, providers under a with requirements model under a maintains sold Revenues logistics agreement. the third model, inventory was Cardinal recognized per As which our party sale certain to upon title DEXYCU Health. the title

Given with help demand. on may product additional these Scott provide always feedback clarify complexities, and DEXYCU. Reporting demand color be sales model for this to under physician Sales trajectories aligned not physician will

Due to launch XXXX. at generate the Health of title in the in inventory Cardinal product first the late time revenue quarter stocking DEXYCU under second our quarter, adequate did model the by distributor mid-March, of the not during

paid be down were at ambulatory As for and center the surgical claims then inventory. working each surgery to waiting we physicians training and staff DEXYCU

we shown Our the being in increasingly third seeing early DEXYCU after following data, seeing clinical DEXYCU’s patients the injected now our the We strong sampling training significant have July X,XXX prospects, certification, ASCs and and been are have efforts seeing remain in reimbursed demand are share DEXYCU very physicians claims and showing quarter. increase results. completion especially orders market and of for the are surgical a with and bullish revenue about

now new discuss Jones, our Scott our the me Chief Officer, turn over Commercial to commercial to further. initiatives Let call

of a as KOL have in Scott? many join track to excited experience, organizations. team We’re of he Scott commercial and leading and in ophthalmology a our proven June, record brings relationships pair wealth success

Scott Jones

Commercial pleasure Vice allow And were the today. create developing President delighted say covered was at platform this a be And Nancy. of for President business dedicated be strategy be I’m held Novartis. before Eyepoint Commercial And it’s I the on Eyepoint where here Medicare. by I growth a joined helped in I and served roles of team. and States a would Strategy to Chief and part for served commercial you, Development executing Vision, the total I previously United monitoring in model Business as the Officer must really Vision, company. focused Notal thank I Well, Notal to and and that where Vision, Notal to Senior QLT from as I

the patient value. advantages and provides both drew What and really fast product really the going and with is initial data administration, edge state. and was standard strong and goal expand my believe product activity, the really significant markets YUTIQ convenient long to been indication, And clinical to the me reach so the cutting the very ocular including for to the portfolio, acting But portfolio And I the commercial disease initiative each country. am that’s really product far. Eyepoint across backed say a launches by I care profile. attractive key to DEXYCU elevate targeting of several strong

are will and are and the for that allow been ASCs ASC an take to firm small ensure set are On the be the the orders initial with reimbursement paid up process are The be to really is to that placed. placed DEXYCU, and payment orders each trained, submitted, bulk certified and place. orders is accounts the before comfortable relatively The account claims the plan. before waiting being can process the

of consistent The a many surgery is reimbursement. discussed, and the ASCs cause from headaches, it J-Code concerns which previously lack streamline Nancy ocular faced drugs, processed other there’s by alleviates as

as as beginning training customers training. the group We making efficient promote increase the ASCs help orders moving the And year accelerate we’re have their seeing and to to to make next orders. They’re targeted expedite the optimize of now initial identified possible. and have process of areas and cell the to to by cycle completed that we’re now adoption

concerns purchase. is to a process. Our future their the to team showing help setting are working also and increase And that orders our orders is this J-Code actively trend the first ASC reimbursement across and it’s to ASCs increasing on of and following country. initial streamlined ASCs optimize that data And eliminate adoption this the are growth. the educating really sign early we’re My around for reinforce stage

DEXYCU. about highly the enthusiastic for opportunity We’re

highlights materially from the time, and potential patients treatment the the the elimination that improved gotten around efficacy provides given which early injection adopters one feedback And than that advantages, alter the patient regimen we’ve specifically and is The rapid doesn’t for position schedule the steroid less really minute. of the an drops. for DEXYCU eye

But On term of we to showcase and want the of beginning who believe in continued through this of side, cadence conferences. high to data the some at and need. we’re trajectory, presentations high the the long we’re applaud YUTIQ unmet the growth YUTIQ’s scientific efficacy well-managed clinical the just that really early to and phase I publications safety profile address team

efforts about new These the YUTIQ’s for value very we’re chronic prospects. ophthalmology YUTIQ DEXYCU and provide their support exciting additional both are paradigms disease. and treatment and treating continued and And excited forward extremely

it turn me Nancy. let Now, over back to

Nancy Lurker

forward Scott. results I’m of updates and reception team, to Thanks, positive physicians providing greater We on far received and community. date our quarterly next a our patients, so launch proud commercial to further very look medical our from we’ve the very commercial call.

We will standard to continue products new to indications. for work care the both of these make

research Boehringer build recent we corporate Pharmaceutical Collegium science he continue Now, clinical will sciences, with Chief team and role up development where operations. senior at standpoint, drug of Said Ingelheim product and welcome has oversee Dr. of years Saim, a Technology in and to development, Officer, from pharmaceutical new the we Said to manufacturing formulation, XX roles Pharmaceuticals. our clinical preclinical experience

in replacing for committee, audit service as committee Mike chair stepped Wendy finance of from XXXX. she announced development the corporate and years chair many June serve Eyepoint. of board DiCicco of thank Mike of where Directors, many to and We after the Rogers to of Board our will our audit healthcare down veteran the We also service of appointment years as who

Wendy and similar and guidance we her has We Centinel as at most Officer functions held corporate as the and welcome Operating led recently grow. she look development healthcare to Spine, roles to other forward Chief finance at companies. and continue Financial her a aboard many

an update on our to now Moving pipeline.

Our studied models a ongoing or are safety additional planned been in for studies bio-erodible preclinical for sustained and AMD TKI, wet release containing studies efficacy device and kinase preclinical year. is animal in this inhibitor, tyrosine

treatments to unmet Tethadur new partnerships high and to Durasert our for technologies. out business product pipeline evaluate of needs, to run augment opportunities seek continue ophthalmology and in areas development We to our to activities for medical

To close, will quarter. top second for review results I line financial the

net For to months recorded to the the Net period compared launched XXXX, the revenue was in million first products no of three in Neither its had June quarter inventory as in due title XX, March led ended revenue mentioned, $X.X $XXX,XXX million ending three product Health. place quarter the these the and $X.X revenue our with for sufficient total revenue under late June XX, and Cardinal XXXX. was by YUTIQ in corresponding months was DEXYCU model in previously XXXX. in

collaboration corresponding ended the royalties the $XXX,XXX, revenue in quarter XX, $XXX,XXX and in from compared to months Net totaled June for XXXX, three XXXX.

costs, Operating to compensation revenue. the expenses due prior $XX.X for primarily product investments million infrastructure ended period, program and sales the of from to marketing million increased in and three XX, to related in cost based sales stock XXXX, services, June and months professional year $XX.X

was net million loss June or net a total interest quarter. three of $X.XX share, per $X.XX for XX, June $X.X loss prior $XX.X net share year to months $XX.X Net expense of the three XX, ended or months the million per million XXXX ended compared Non-operating for of expense. XXXX,

XXX cash December $XX.X of of $XX.X compared outstanding were million XXXX. cash totaled at There XX, XX, and As XX, to June XXXX. common shares as equivalents million million June approximately XXXX,

cash from that June equivalents DEXYCU and anticipated will cash expect operating inflows plans We into to cash and XX, at YUTIQ and fund sufficient our product XXXX. sales existing XXXX be

the launches, not flow of consistent being guidance we’ve Given is this established positive cash timing a trajectory therefore commercial and provided our product time. two sales at regarding yet not

over call the to questions. operator back I’ll the your now Operator? for turn


B. first [Operator FBR. Instructions] the D’Silva Riley Our of from line from Andrew question comes

line open. is Your

Andrew D’Silva

thanks Hey, good question. for morning, taking my

Nancy Lurker

Hi, Andy?

Andrew D’Silva

you? are Hey, how

Nancy Lurker

good. Very

Andrew D’Silva

the And with end have a you user quarter? now sense stocking Good. right start taking orders initial during for couple Awesome. questions. you that my I’ll aligning YUTIQ. Do with thanks of how any demand the on obtained is

Nancy Lurker

phrase Yeah, position so to the like demand. I actually use

sense a We out to to we’re is to month-over-month. increased, shipping B a hub, this there. to are where it occur. Cardinal of want they’re physician I give this fair again, I and to fluctuating. Medicare able But it flows and this metrics, honestly, quarter, strong and in we’re because number benefit through got don’t say, the because But seeing out that, good again, a see that suffice then those from certainly investigations alluded Part week-over-week, our call product for things. We’ve in demand, very

Andrew D’Silva

little be great stocking though I I to kind would Do so in model reorder? of another having inventory of buy right be works just create to YUTIQ least estimates really the that out for during the too That’s hear. want a and of don’t of the be orders QX, there initial bill through bold at current situation that and think where gate? early you might just know a the early, bit in volatility period that

Nancy Lurker

vagaries. because again, taking you have approach launches, actually, are with drug various we Yeah, a again, conservative

I said, very as is positive. current However, reception

upward positive seeing trajectories. We’re

reflected that’s think quarter. in our YUTIQ I revenues for this

reasons giving on however, projections the very right I want we not you very bullish product now, of this forward-looking say, to stress, remain We’re because prospect.

things. looking this view plus launch model, swings you again, giving to you shine initial a I’m important as much saying some quarter. it info not this, So on. will the trajectories can is title we that the any do take best of we to with long term best going our as way because can get each the at look But people as forward

next any quarter about not give but we’re very look kind bullish We’re inventories. into this, to going of

Andrew D’Silva

of have products goes, have space know bit. And memory, competing that refresh necessarily had in DEXYCU then issues. through the been had other of they I necessarily issues? far as potential they highlight those products some I Okay, and a you getting my not as in There believe don’t great. some with significance Could little you you J-Code referenced pass the could a that J-Codes. used how before just resolve status this

Nancy Lurker

and can’t how has enough and will a stress DEXYCU for I J-Code. been Yes, having be this critical

are give listeners know They for that can be suite. I They through you have always using special a between which just Now C-Code. that get code drugs, criteria you pass pass just because pass a gave to special when surgical confused. get meet CMS codes a status. through certain That’s code But for will pass materials that they are. through the are devices, confusing you that. the our reimbursement And is past, these category when designate a you in a people that code status, through for

problem don't a private recognized inexpensive, process. not reimbursement again, use payer that devices is, many vary, devices that tend not the C-code drugs suite, used a by they that Because usually often is to very the there in is aren't go really systems. the the it's The surgical through used

happens systems it's just is, So used not because C-code, that don't frequently. what the recognize the

on they And they you these it sit just for claims know, rejected. here. because you me so get are high you may school paint stood rejected, a on while. when just to just going for the desk, a And a processor. picture those and they let claims Usually, And graduate, get

not it's those process a claims. to So priority

because now revenues on, to in lost upon told not some $XX,XXX calling their claims paid were $XXX,XXX we're And as did get thousands, they ASCs on some a of these thousands that so happens AC-Code. cases result, what in is that of

I-Codes, the the suite. we that generally uniformly systems. recognized used have some the to what now were for starting orders to is few as told as Scott As mentioned, team a reward a take that being get credit, to execute see for we they drugs is the claims result, in. And before gets they we surgical that a put and led they want reimbursed J-Codes are all CMS result, the bulk first, in our And AJ-Code, payer J-Codes I'll first by effort on

much So it the adjudicate claim. makes it automatically easier to

it So to you'll claims within four paid to usually, months cases weeks, paid. the those get could four C-Code, some opposed as see six to up be to claims the

part absolutely it's critically that these claims to that to period. prove because want however, start it's paid again, show they burned, and a got claim now I'll DEXYCU a vital The the ASCs it's we sort almost So been all a of we're wait news have order. me a and is seen this paid time our within me being is, of good short then and J-Code,

Andrew D’Silva

to great Thanks actually That's question on me last for color. the again hear. And DEXYCU. to

as use sure far majority gone product transition has you QX, to over as move know, I'm they standpoint? sales actually are today. into How started samples a standpoint of early you As the product, initial the sample the had to been a has start from with adopters going ordering the from a

Scott Jones

time about have have seeing percentage sample initial excited And over customers seeing reimbursement, ordering question. now. environment. what really high of reimbursement is who that, who investment to we're product, that completed that But making And first the Jones. beyond the initial consistent a we're Scott small thanks we're is the this understand for And against those those

think move we product the good really predictor of is the into a So going to how it's future.

Andrew D’Silva

good closing out you much. luck Okay, great. the Thank very year. And

Nancy Lurker

you. Thank


Your next Yi question comes H.C. of Chen from the line from Wainwright.

Your open. line is

Yi Chen

question. Good morning. Thank taking you for my

shipment The and DEXYCU based distributors, to confirm the but not first you recognized demand? that the question both can on is are revenues YUTIQ physician

Nancy Lurker

other that and recognizes revenue model, physicians. out that the actually two title it we've absolutely correct. take a Cardinal model. that is when the they shipped And as got that's It's is distributors when which into Yeah, to it take into it in title is [indiscernible] not from recognized,

Yi Chen

okay. Okay,

that depleted the could the they second order So to in large you meaning the DEXYCU possibly quarter? what quarter. third does know, a that in quarter, from the mean happen has stock YUTIQ stocking cutting made happened in to Because, the been second unit

the third the So could YUTIQ revenue quarter, lower? be from in

Nancy Lurker

more bringing I we some metrics, want now to again, caution, We're revenues. in, of title demand on that's revenue, it will right is happen. caution seeing inventory you model on use could just think like absolutely track, got again, not much YUTIQ. that then project so us the looks want why to put like because inventory work bulk what we're start to it I go down we But show the we more But that Well, could this And this. down. of orders to more physician around going to you're recognize because

So bullish. has want reception to say and highly other the than I been current demand on forward give any YUTIQ, highly, position that projections don't the to

again, So point we time. want quarter-by-quarter projections this don't to get in at into

Yi Chen

be information would And regarding remaining for provide Cardinal to DEXYCU? you Health able Okay. any stock

Nancy Lurker

No. not provide Yi. We can't going that. to do that, We're

Yi Chen

Okay, got it.

we last look So cost should How the SG&A of at the XXXX? remainder for question.

Nancy Lurker

Basically, to just I potentially decline. our we're want tightly. to managing costs we assure flat investors it's be our managing to very going slight are very very, costs. But

at appropriate upside we the tremendous of do products However, not to want invest prematurely advantage these have. also to not the level take

we're what flat. winding is to our relatively So consider seeing down, are so start R&D to come YUTIQ you studies slightly, to down remember SG&A costs should see remain

Yi Chen

Thank Got you. it?


back questions at would no I time, for conference turn this like to Nancy Lurker to showing I'm further the remarks. closing

Nancy Lurker

very day. other launches launch forward very on and on quarters. progress, Thank participating look call DEXYCU. about you and your keeping coming matters to as for time. enjoy as everybody business we're a in thank our product for We I and the well And your you commercial YUTIQ updated today's two for excited


Ladies call. and conference this today's concludes gentlemen,

You may now disconnect.