Xeris Pharmaceuticals (XERS) 13 May 212021 Q1 Earnings call transcript

Good day and thank you for standing by. Welcome to the Xeris Pharmaceuticals First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded. now Senior hand Relations Vice Communications. would to conference and I Wey, Allison President Instructions] like the to over Corporate [Operator of Investor go Please ahead.

quarter welcome Thank found call. conference on can issued release first Xeris morning. earlier Laurie. company’s press results And our the results you, Pharmaceuticals corporate website. Good A first be quarter XXXX with update this financial and and to was morning

will this morning results Barry by Paul opening and provide Chairman will and Paul will and open financial joined Edick, Deutsch, the Q&A. CEO; details CFO. line are provide we our Barry remarks, for We on then

materially suppliers related result future other Before uncertainties we approvals, commercialization, plans, of Xeris’ condition, trials results strategy may call factors, global a statements, the provision pandemic SEC. U.S. of this important statements factors effect discussed third-party of prospects, and begin, that and corporate concerning Private forward-looking and operations, Harbor constitute of Safe performance, purposes I from under Xeris’ forward-looking our XXXX. these would differ those filings financial Litigation impact on the the and in markets, including the of various remind the and Xeris’ statements as Securities expectations, you COVID-XX contain Actual Act to the on for forward-looking to clinical will manufacturers, COVID-XX which like practices, business, Reform by indicated business risks clinical those including with the

as views of We any statements. any the update relied as obligations and date. not of date our specifically forward-looking of views as upon call addition, to statements should only subsequent disclaim such In this be any our represent representing

call over will to I Paul. Now, turn the

good that to had a and Allison, and we’re morning, for report strong today. us you, XXXX. Thank I’m off a first happy to to start and everyone for quarter we thanks joining good

shown growth with year. our throughout steady some productivity for the created first share the observed March. group return in of by prescription January that of efforts to consistent a We this that remained steady to been market. first quarter, face market us for pandemic, continued We in XXXX. yet to quarter impressive pre-pandemic predominantly wholesaler increased the of we very We glucagon XX% an fact Gvoke volume, growth when notwithstanding you levels through order rates. steadily challenges We’ve quarter increase XXX% position out first in and have the prescriptions is Our million purchases highlights continued net recorded increases sales is the first excellent the in puts and quarter having the strong face consider believe for from commercial virtual. the quarter. the $X.X Gvoke by the quarter, in start a fourth I’ll first Demand hitting in the terms from absolute quarter we of over quarter a increase

quarter from Barry also further first which improvement gross-to-net, remarks. our in Our his in sales discuss an net will benefited

translates that gap who how note there unit IQVIA, into prescriptions that you will of those reported For remains follow a between sales. you and

As the time. will that we have we gap believe indicated past, reporting in narrow over

through with programs, the registered March. in different our remarks. entirely my on I’ll FDA direct Working the discussions offering in a in Deerfield clinical ready-to-use the important MRA Our additional approval in detail position markets two which as and Ogluo more brand -- clearance regulatory an outside February in in three MHRA We cash with by approval rescue million the -- I U.S. glucagon received product for EMEA countries $XX advanced said in we virtually name U.K. EU strengthened April. discuss and later

allows terms. This us week, existing to facility more months as it debt our last with to the principal up million additional flexible very of Oxford/SVB adding XX future terms for without $XX we payments into successfully any addition, shift debt. worth payment of In positive renegotiated for the is

it. Deerfield in and detail to discuss initiatives, appreciate success these those will and With Oxford/SVB continue remarks. Barry more commitment to during show his long-term events sincerely we their Xeris

our me dive little let So a deeper results. into

First, let it the us, talking to I’m as say pandemic. sure we we’d few it everyone with behind to on what and will. me everyone Like preface continued words the would effects about like about a call, of to see like stop COVID-XX I’m this about

glucagon first patient the visits that down owing largely new-to-brand physician only historically, challenged more flat XXXX. the for than That to to proved of and of well, the from another year awareness the quarter inability struggled reflects fact and as quarter ready-to-use in is, build non-pandemic some IQVIA In However, the pandemic, to the their the to be brands XX% by world, extent introduction glucagon inaccessible baseline. quarter market fatigue. expected the versus would the products and versus a in February. quarter quarter down approximately since slightly to quarter to significantly new same matter is in often particularly reported the companies in XX% offices offices and fourth the growth digital in The of we pre-pandemic to first total levels of endocrinology XX% were prescriptions have were a all January XX%

critical grew X% the And share glucagon quarter recent and April, quarter into both most call the week prescriptions, market records momentum the fourth the that quarter fourth more share for that fell Gvoke. in commercial market operating of of operated importantly, the quarter or new versus our that glucagon steadily XX% setting definitely X%. by first appreciation finished against new everybody has Gvoke the of the up for operating we that in total even impressive. and with in we’re much quarter. first perhaps, more the Gvoke performance grew is Gvoke team reported headwinds, in continued versus the the remained a prescriptions throughout to The share situation virtually. with during of these it about our on However, I in prescription the did and believe XXXX makes market takeaway retail quarter quarter this

from our retailers prescription ending remain shipped shipments up also week market progress are quarter. levels, XXth, strong, new some to wholesalers and XX%. are the grown X% trending to which seeing sales wholesale to retail Gvoke the me, to further at Units that or wholesalers has we we’re seeing as April demand build increasingly into For tells indicators not positive second we’re us inventory based. leading Excuse unit share

that to as of we steady up market we year. hoping prescriptions of normalcy versus last holding offices. are our encouraged appears Total am contact also glucagon be We’re April a are XX% increasing by all I size endocrinology sure, stability to more March and and of expecting the and April for overall what in compared more retail are

We’re seeing physician offices more and beginning opening see to patients.

physically and to We’re starting out visiting people opening sales and offices field getting to to offices begin get to see are representative activity. more our base

As in our result, a as second April. growth and said, momentum record into continuing scripts quarter, I with is

be representatives, growth second momentum the our offices, don’t but field-based the offices anticipate physician second third to To and end do be a allowing of will anticipate prepared the prepared and Gvoke’s by out of to what opening more be in by of be the normalized end to physical access to increased personnel be be believe higher quarter. we the the for back We quarter. Given percentage offices and period anticipate back-to-school we all should advantage this take considerably we quarter. visiting all to trend of

for third returns the XX the at quarter. Not better growth to We’re pre-pandemic XX this when to from the more beginning a market will season, expand our prepared of be in share back-to-school total to prescription market to prepared planning we’ll representatives optimize field our put normal us sales and to team only momentum be position levels.

expand by also to additional several is decision factors. Our driven

will of considerably continue percentage expect spur will We -- of vaccinated marketplace. anticipate the We higher July. open continued fully people rate a more by vaccination be that

Our healthcare especially in will physician I all contact employees with the few customers exceptions all offices fully will be coming be we will that And Xeris who with very those vaccinated -- be expect vaccinated. weeks. be will expect in

As physician up, accelerate expect are second quarter. to we definitely I offices the in mentioned, opening that

our XX% most result, in customers been face-to-face our our being of the customer -- and As increasingly few some engage sales XX% customers now we’re interactions to In the XX% weeks, have able few person. weeks is a in recent team organization of field than more last seeing approaching face-to-face.

Additionally, hold for increasingly our primary prescribed all providers. should be insulin message Gvoke is of with patients taking healthcare taking

they sales physicians. case we people in June XX, products Obviously, they to reason Gvoke including a covering that organization to that be team had people At use important easily an approximately we a with insulin the can option approximately there’s managers. of be XX,XXX XX to best served of HypoPen of without approximately bringing that no end approximately the new inside expect Now some self-administration XXX to facing low. team including XXth, is total to treat March, XX crisis, our field-based taking increase we form team our patient option, and customer managers of an By for field-based being approximately severe by in any target can glucagon. believe ready-to-use patients need

expected of our previously they EU Turning the select received we have better had cash has Europe in countries, be focusing vaccine mentioned plan countries watching our way markets giving glucagon the U.K., Europe, very than that and better approach And in February for Europe the within Lily’s would securing briefly to strategy EU we announced paying Ogluo had in pricing -- in for given to private for and as much we we commercialization this launch in to select Relative as success only on key Europe changed. believe been the I April, approval and for pricing. Initially, ready-to-use closely. launch, best that -- their respectively.

attractive prove ourselves a are most potential first also $XXX However, still excuse in commercialization at strategy in we’ve to year? of not, European timeframe. pursue since time. country more expect reimbursement broader select in renewed If before in Should me, from will this various Ogluo coordinate the launch our a countries we these stages of that at several. countries, interest of the discussion or is discussions approximately and partners the we or with Not more similar could appears the end fruitful, launch a you we to opportunity us seen we surprisingly, countries vaccine EU U.S.

Let’s move our on pipeline. to

several and to our all held program. define For the exercise-induced pramlintide-insulin hyperglycemia, interactions, the important for product most with virtually, pathway programs, performed we mealtime past FDA productive and combination our each clinical development in hyperglycemia discussions including our quest have post-bariatric clarity use. advanced establish we the for gained months, our very have few From appropriate regarding of targeted

about why the FDA Before believe important. feedback, the rescue been programs me a weeds as has a at this get relatively bit is and we product, different a high I drug for into of little as doses. let only talk Glucagon historically used the

available, we lot that great has utility has such have glucagon and as in glucagon different areas, believe product that Now a shown liquid we PBH. EIH a utility potential as a and of

market there’s need. a we So definitely believe

really defined is there historical However, no pathway. regulatory

we’re working our through So to this. way figure FDA the with closely

our from support written feedback scope NDA in regarding filing regarding adequate Now, to for for microdose prevention efficacy Phase to quarter, proposed Gvoke Exercise-induced the the the hypoglycemia, and prevention supplement of is receive design which study we our program the program first believe protocol, indication. FDA X an glucagon in we

of being and can more as equally previously, that idea clarifying As exercise. before received effective responded some or glucagon questions to eating after we bit exercise be The our regarding a or during little reported submission.

pursue So additional placebo-controlled be bottomline size indication, would different The that they’re two prevention FDA. directions. this do now to very extensive a from clinical us least from in too for at is Last feedback written large program up. of double-blind we received follow we’re studies to the for the exercise-induced to approaching indications order asking one-year such us costly of and scope undertake. at Xeris with an The time week,

closely of microdosing alternative could exercise FDA glucagon earliest remain pathway. enable we appropriate at FDA committed who time. discuss the with to So that we’re benefit the the figure opportunity of an with can insulin to greatly the on are clinical possible approaches ready-to-use the in and exercise microdosing those frequent work people more concept for to to by clinical we’ll evaluating We on NDA. quarter PBH. micrograms for in which written our to feedback our uses hyperglycemia mini-dose the first from of to we program, believe and X Similarly, and supplement feedback which prevention received the proposed written glucagon Gvoke Phase received also postprandial for XXX study, of proposal. Again, support for we FDA We is design a adequate efficacy our filing the scope glucagon

clarifying the endpoints, As population, the regimen, of cetera, X FDA, program. dosing for patient the on the by questions Phase we’ve for et clinical requested submitted feedback suitability

questions the to they’ve advised anticipate points we’ve dialogue of We’ve scope July. C submit formal FDA, and to a the meeting request that the in us Given early had the held and with done meeting a these Type to further. discuss be

I drug we forward find of As with can a optimistic history mentioned, approved we reasonable remain safety. these or for both that very an one programs long for of a path

to in have keep that glucagon pathway making therapeutic historical our straightforward. regulatory rescue, and We ready-to-use of less mind goals for different use that have the both microdose uniquely programs of are mini glucagon from

the an meetings juncture, these of needed of to aspects avenue in that increasingly these At the been we has population. difficult programs this hasn’t can of for fact unique due trials pursue on have but -- as the not we dialogue microdosing on for As become do new. calendar either and programs to mini continue would able any the possible and say that beginning for I taking in-person are basis to it that insulin many pandemic, the of FDA a to XXXX, anticipate

falls co-formulation diabetes. other is pathway control confirm we the improve product that As this quarter, program, first product in including to indications that the the that in -- A for programs, of with our BLA FDA patients and the pramlintide-insulin glycaemic XXX(k) in the

actively X Type to we co-formulation with our and regarding anticipate in on process diabetes and submitted -- third Type from glycaemic we’ve control product. for request as diazepam as clarification a our further our with the a FDA X we’re quarter. Phase about partner two that our to talked meetings broad the the As proposal to patients support programs, X license the for effect license out a mentioned in initiate response for an previously, indication. Based program We previously, other we feedback, out also feedback follow-up received clinical we’ve will seeking for studies explore as

successful well over for Barry year set I briefly. a Before moving are priorities. have We stay turn quarter we manner begun financials, are summarize second quarter and up first we very our the very forward the and and in critical a to positive me let the believe focused we on --we had for

Gvoke development growth our subsides, diabetes promotional steadily momentum opening continuing license demand grow to insulin select drive to for patients Gvoke First, with as pipeline all pandemic the continuing for and commensurate taking especially footprint Gvoke, of with enterprise. marketplace, fund of XeriSol development in our and an our a commercialization to quarter, and growth expanding programs aggressively commercial the fourth out to message, either the seeking with and internal for launch ourselves, or the partners, partnerships XeriJect advancing preparing technology the and managing by select in financials of through the in our platform carefully the partner continued countries our external Ogluo to EU

our Barry highlights. financial that, with the me discuss call So to over let turn to

details and the of XX-Q some morning on focus today. our the in key this filed will will of I press are later release be financial Paul. issued which Thanks, that results, the

the year or time As which $X.X reporting less which performance, gross Net Paul mentioned, gross-to-net up with of started we strong and are at of the prior of allowances, million, Gvoke XX% XXX% other from first approximately quarter recorded is pharmaceutical the to sales represent product all net the the estimated quarter from sale of sales XXXX. customer financial wholesaler. sales

$X.X extensions These sold million, the XXXX first by which to experience actual was During were million, for adjustments a to administrative in XXXX. of of of to due Cost of and expenses same initial of which million Selling, million were accruals, to a COVID-XX a first driven of million first The $X an the previously the XXXX, incurred achievement offset and first to quarter senior XXXX million. we to in for by $XX.X million million force. related facility year in of the for the payments of million claims to classified bank and slightly our million increased same to which achieve senior interest compared and by $XX.X amounts adjustments by in our expense period XXXX. comparison therefore expenses million, share, quarter assistance delay and an marketing by due was under were Net primarily first to we up to we non-current part quarter, notes Total years, expenses was senior expense $XX.X related The increase we sheet in for recorded XXXX. due in reserve prior of impact amounts on compared first interest-only included establishment revenue of unchanged of January trials. XXXX convertible $XX.X was quarter million in decrease totaling Gvoke June million the quarter, week, quarter, $X.X that credit March which costs. under of for $X.X decrease quarter, $X.XX QX to partially The our $X.X by million, of inventory. $XX.X Last selling Interest or as XX, driven facility the the of our per quarter. debt was of us decline million $X.XX expect with costs, lower clinical increase milestone convertible in revenue consisting currently million with and share to lower each $X.X for SVB. goods facility. included for in up expenses the the principal months the end in had $X.X for XXXX. XXXX. decrease $X.X offset from of on $X.X partially have we interest amended the the million, period the first $XX.X a based costs per prior the issued for to outstanding rebate quarter sales $XX.X on same QX decrease to This balance decrease debt payments million to the expenses compared the We of our revenue allowing $X.X the commercialization of and on copay for in At or debt patient made increased the $XX.X subject R&D excess pandemic. extensions obsolete loss as was of due our primarily associated on $XX.X allow $X and declined as Oxford general announced R&D in expensed Manufacturing debt which debt period and million were operating milestones. to in XXXX personnel approval primarily of to million to-date. XXXX, XX XXXX was prior

in million December As XX, cash of we $XXX.X of compared and XXXX, XXXX. XX, equivalents to March cash, $XXX.X had as million investments,

be XXXX, I sufficient our determine the working capital As we a at will direct operating now March you will at operations share by Deerfield, current breakeven. we to and XX of investors our call and least capital of Gvoke the million resources which shares the cash back when per requirements cash X.XX expenditure Paul. of from know, next managed existing our registered we for and will company. turn approximately X common flow funds in our completed on Revenue sustain point $X.XX the appraise are offering $XX stock -- million Based are existing months. to XX, plans believe

first second quarter into reiterate I’d that very a the Thanks, good and closing, had like Barry. continues quarter. In momentum the we to

up will open return to the We and prepared as begins to normal. be country

what commercial back-to-school minidose the and be We more our to team a will microdose to and especially mini have and We normal will much advancing stronger significantly place into believe adding period. committed heading in remain area, pipeline, we a and importantly, glucagon microdose. in

to and for we’ll us Thank Operator have cash we turn very for positive it the Importantly, over position. you Q&A. today joining

line Thank you. David of from the first question Amsellem Piper Sandler. [Operator Instructions] comes Our of

congrats get… is Thanks everyone. the taking quarter. my I on just questions Hey, was and on hoping Zach to This for for David.

just you great. speak be it little would up Could a

you hoping if [ph] color expect do do of little expand to program? of on you. you that what Thank could then the forward? next And see to on program was pandemic gross-to-net Gvoke And and some then you if the more just in could the also I more bit and the following quarters, provide expect destocking a place get several how Xeris over on little impact extend be would back half XXXX that also color easing the inventory normalization. a and the you And you to in bit that front, going you helpful? the now expect if copay buildup

Okay.

reverse me see those order. inventory take in Let any don’t We buildup.

reflective we third out. and units we’re right that my and year, is enough. quarter to that’s the of seeing no now -- say movement as of patterns remarks, based with in ordering I and much The had history clear of tried quarter very wasn’t wholesalers What that’s fourth retailers the So demand. last to wholesalers, it cleared wholesalers from some pretty maybe of on of to us in

more little is little So until don’t very target -- any have going a -- we’re seeing of Gross-to-net history. to little if be continue inventory moving very a we to bit build. we

income. the We to can conservative reserves. are reverse -- we our we to of and as take net it get approach actually, et return we copay, dollar a take zero reserves some for as reserving potential And cetera, our pretty and that

to a last as but dollar, continue pandemic to time. start more -- We we that’ll So over And it have. than expect long year. expect the didn’t zero didn’t normalize to we as a

access glucagon. still open know, up, as on all have and are home all dollar that diabetes are We’re end they may are who we may risk we’re are you we that? for access know, on make on to people zero -- And higher We trying And not doing possibly that’s to the a as though even everything with possibly can things things can. people as we at to lot. as sure who When staying easy people insulin easier haven’t to or make a makes even financials to copay decision. it bit get, little starting

going long it keep think business. as critical as to to going we it’s the We’re

right. you. Thank All

next Capital RBC Our of line the Markets. question from of Daniel comes Busby

Good couple morning. a have I questions.

for Gvoke look to third-party XX% ready-to-use First, keep steadily trend at PBH? Is potentially chipping you expect the bring away a market. the glucagon you the do your other is surprised to if legacy of kits Thanks. line prescription shift? glucagon that on based nearly You the account stickiness earliest you market EIH on that legacy factors still Second, expect the products product How or data, we the the feedback that it kits that U.S.? next-generation next over to the you expectations? FDA When there latest years? could few from believe in or are can with and number including in accelerate is

Dan, Yeah. thanks for the questions.

can, is all of steady the down making over on they’ve making possibly they focused sure more. focused sure last as they’ve pharmaceutical are pump the year And on -- has got people for anticipated of in of physicians their keeping think and the In and to it’s Because just you products lot see The as question. about maintenance, a of they’re down pandemic during marketplace course we significantly remarks, their than been legacy with terms had stickiness my that. the been one the things that greater we lot kits, without had has if a insulin. got do is the it, new-to-brand

XX% especially -- has priority very at open. physicians, low point a for close them practice were when of changing been one not even to So

change As things open up, legacy the seeing kits. more a legacy the cannibalization in rapid we’re of -- the

XX chunk them over down to expect taken that. a of We’ve time. be XX% to We

we insulin. to Who companies, expect Lily, kits and to more. all start and to Zealand, about So that’s us, How things should new will have really to be? legacy going they’re taking primary these open you why high fast three have people physicians talking prescribing if endocrinologist glucagon decline But ready-to-use products care up, as the knows.

for I a a to pretty then that the So getting we minidose into potential order we significant microdose a the want patients potentially people We who need would a or allow EIH, a know legacy to PBH microdose. PBH, what claim. different they have and to impact would capability label of lot said, even and prevention on kits. they and pursue were expect to our prevention it, ways of could us in do pathways surprised are EIH okay? of EIH that like stickiness regulatory terms There’s claim. And minidose in

So that’s get pretty on program the expensive this good part do. pathway actual a a very afford just time can’t of we the movement extensive, that at is very, FDA. pretty there to The to

Phase been to with glucagon to hard back program. potential a a to with So we get we’re either try more manageable or looking never FDA FDA a But There’s or minidose working the to how go from different there’s microdose X a remember, other They’re back rescue. perspective for rescue exercise regulatory we alternatives. at to we prevention approach different go alternatives some for use or all from the with and us there. we where ways can have very situation than to other even can can exercise, pathway us either

ground new us. them. new it’s It’s for for So ground

We’re positive. very

been relative a get written similar hasn’t the the clinical in that -- program lot that we’re very PBH, work need continue just got to We’re just program. to agreement will place. of are responses We’ve well. a but that questions pursue going some it’s aspects have a situation, in and to they on the working There better we that dialogue. of

asked have. us C Type request So meeting, they’ve we to which the

we And okay, an and about have agreement. So we just come to can past, them progress. order very -- very positive to in say, been when get to need that And the very helpful getting about it’s just on what the in opportunity continue this? us a FDA the has do phone what work well. and been and that dialogue is in with What to we’ve had and

where at So we significant said, until FDA it a to of glucagon the need we’re But that ground. the label utility covering answer, insulin I can for keep is minidose. like get Bottomline to explains situation. get we’re that’s on Hopefully and just people hopefully, we a liquid can the but to the in microdose who -- long new and a is it’s or something place we -- optimistic. need

Yeah. Thanks, Paul. That’s very helpful.

And sure we this months I on programs remarks, next XX thing to start takes be the are able got pointed we’d then XX studies even if wouldn’t calendar so like out running of to getting I everything, make up before year. we one these month my end time, in month The programs. agreement any anticipate and did of

So, do label. the the minidosing, kind potential in you math of indication can on microdosing

Got Thanks. it.

of Our line come will Mizuho. of final from Difei Yang question the

Good on just share takes in questions. talk proceeds? for as the sales market just taking expanding Hi. our all pandemic your the kind market given of message the on sort plans or in any to Thanks and do for This And pandemic? increasing change your primary puts Dan strategy then been sales as pandemic you that the about primarily have of morning. environment, your you message is sales focused your Difei. Clark Can

Yeah.

point face-to-face. to out and we’ve XXX% we’ve virtual, clearly, So of said, mostly be first all almost quarter okay? it’s recently. the the on been expand the awareness clear, diabetics, our is crux or message, approaching got people The for the the of is, the during the there want circumstances know like Gvoke, should and and people when in how Secondly, the And seeing foremost, a end that market. exists, until insulin can problem -- by severe we real are don’t and to risk trying several be people who that okay, are are to aspects patients at I I -- all who things who been mean, time. the what of of question, you are or under get people with diabetes, At therapy, some very happen. out, starting how day, issue pandemic, I at of end low without

all they to severe or XX you they’re and years relate just out for where or low can -- never You years emergency a there’s you the be to and of on -- all years that family fine have friend a makes sudden do that go we room. XX or then and can for instances a has of insulin a years have member pass and emergency the But in room. had you everybody sudden been have

should handy. EpiPen, you much have like very glucagon So an

every our healthcare practitioners, one et nurse cetera. practitioners, the practicing physicians, primary message to So of

believe should easiest, If the pull symptoms emergency. cap Obviously, form, an Gvoke in use anywhere on and wherever, of we you’re EpiPens, thing office, five resolve. and down some is environment, begin you your yellow be our insulin, wait you body, it your your red your the press believe prescribing cap nightstand, you message. two to that fastest, we like simplest minutes HypoPen you takes in steps, in seconds with do it’s off, XX that to co-prescribing your of available glucagon it handbag, people staging that’s within primary and case is your in for the critical in available, it much Having been so

be prescribe of Zealand’s if prescribing glucagon done for people doctors thing doesn’t they do right should the all healthcare instead you of do, you’re or it whether the having XXX,XXX and patients. out million prescribing If glucagon. on or new of million that, matter the insulin, at people the have we or or we they And professionals X who nasal if our product. end can X million product clearly, X day, people insulin are If to the get handy, with million X glucagon, will have if

products. all our We will have with successful been

message. to but overall answer, it’s our winded long So critical

Okay. for And in-school demand? between seasonal the relative and relationship you expectations maybe to think you more sort us, Thank back-to-school could about of XXXX? attendance from do one XXXX about glucagon and this bump your And how you. then talk year’s just

second quite of the your Clarify didn’t question. the of attendance. in-school the of I in understand half second half terms question

Sure.

having students catalyst as the year classrooms we when back demand… for saw So demand what versus into last more going glucagon a

Yeah. Yeah. Yeah.

and schools …were down are remote?

Yeah.

any as also historically, quarter. to -- is third The of on. like early signs see kids through go you muted spite of considerably year, from as marketplace, I say, of higher that, the the classroom being September than when And In the very the with is third -- wasn’t by driven had that But of school normal working and a XXXX, at of more what the -- of the and hell we launch going you kids a is what first a So, And that and look see, you remember, foremost, just what and classroom, that a period there. it mean didn’t was you said, quarter hope all a we’re July okay? year. other the you we back third historically period back okay? to chunk third in we’re we beginning strategy. the Last is back-to-school, the hope to diazepam. and quarter it not

XXXX, we’ve we’re cetera, are kids, register more have reflective and in is, we’re if reg expecting XXXX what nurses, glucagon. might what diabetics a normal in beginning you So they back-to-school in school XXXX more and bottomline patients see more requiring or seen to XXXX. have parents their and that saw And et of school who systems than they’re

bit a So momentum of we’re little there. seeing

the at going the normal have parent I that -- I to hopeful So going mean, of we’re every the a country we’re think, we’re hopeful that have back-to-school. to end in day, is

would normally an So, the the case, that’s quarter, see that’s third that in and we’re the case, if increase hopeful so. you

you. Okay. Great. Thank

That turn now Paul our final question. you. for Edick Thank will call I the to closing comments. was

for you us today. Thank again everyone once joining

quarter. good are, Our a headlines we had

to We’re off start the year. a to great

and the really working on looking with good programs, we’re is quarter second making FDA. our progress clinical hard The

think cash. have pretty we’re good We a got We in lot of shape.

you thank for So listening.

conference Thank Pharmaceuticals you. call. quarter That financial concludes does results first the Xeris

and wonderful lines have disconnect a day. may You now your