Pear Therapeutics (PEAR)

Meara Murphy Senior Director of Corporate Communications
Ronan O'Brien General Counsel and Chief Compliance Officer
Corey McCann President and Chief Executive Officer
Chris Guiffre Chief Financial Officer and Chief Operating Officer
Yuri Maricich Chief Medical Officer
Julia Strandberg Chief Commercial Officer
Michael Cherny Bank of America
Charles Rhyee Cowen
Neena Bitritto-Garg Citi
Eric Percher Nephron Research
Keay Nakae Chardan
Judah Frommer Credit Suisse
Marie Thibault BTIG
Call transcript
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Good afternoon, everyone. Welcome to the Pear Therapeutics First Quarter 2022 Earnings Conference Call. My name is Justin, and I'll be your operator today. All lines have been placed on mute to prevent background noise. This call is being recorded. be webcast company's available after website the and the section the completion of days. call the XX of approximately will replay will in be Investors of A for archived two hours I'll now your Murphy, Director Senior over Corporate host, Communications. Meara of the turn call to

Meara Murphy

and Safe our Chief Officer. call, Product and Chief Chief Counsel and With Operating Yuri you, are me Chief Ronan call, Julia Thank earnings Harbor Corey Maricich, Development Welcome it the Financial Officer; CEO; start To for our you Officer; Medical statement. McCann, our Officer; Compliance our to turn thank Commercial Justin. Ronan President O'Brien, Chris today, our Guiffre, to I'll joining General Strandberg, Officer quarter our the Chief Brenner, Erin first our and us over and Officer; today. Chief for

Ronan O'Brien

afternoon. Good

statements of Some forward-looking includes today's may forward-looking operating events, all a strategies, intentions, This constitute or we financial of statements. management's future results, amended. results, differ within beliefs Actual forward-looking important from may our operating meaning condition, in by Private Securities of are to Litigation XXXX Reform results which of materially indicated the those plans, statements as performance statements business, about expectations the due and Act concerning these of call the factors. statements make future variety

With quarterly my XX-K statements, Pear results update turn as these call it's to regarding on Except if assumes these and Form information factors XX-Q, change Additional future report revise over expectations forward-looking obligation on to filed our is or no in law, Corey. materially. or the actual Report that, Form included by the pleasure required to SEC. even with Annual

Corey McCann

patients, as XXXX more thanks And us making mainstream and patients, our clinical as clinicians value first everyone commercial by meaningful clinicians, progress quarter-over-quarter. treatment, is than access marginalized Epic's patient savings world medical treatment. to Pear's for CMS start future products into this present is and with the transform X,XXX payers. XXXX. healthcare discuss infrastructure quarter we Pear's Ronan. goal have prescriptions from Record. integration too. enhanced codes momentum goal. We toward with Building to We're robust quarter, to for billing the growing a engagement, good saw moved PDT pioneering a looks today strong coding for total demonstrated results. Including and payers. demand outcomes, to bright medical that PDTs, cost Today, and and as achieving software a Thanks, HCPCS we making underserved off real XXX% in We're joining for year, grew last we The for closer Health Electronic solid mainstream on revenue saw

launch This details with underserved example how provide resource done in Julia simplify operating and Spanish. data in continues our the of quarter first reSET-O our also into patients proposition reach demonstrating value momentum We to and XX-month our to XX-months advance one the is continues payer with great second durability broadened will of reset and Chris to how share report and reduction moment, will utilization. healthcare update financial the Those and just and just we on in and progress. headlines. outcomes are Yuri we've work you a our the clinical then, results

Julia, will all answering questions. your us away. please by Finally, it take of up wrap

Julia Strandberg

moving our underscore commercial events. by few Thanks, momentum Corey. I'd market highlighting a like to

First, demand. our progress let's expanding about talk

our the more newly streamlining for also workflows Epic. This into includes gaining via future for fueled coming as includes, demand through our is optimization both, PDT customers, clinicians. prescriptions by we're seeing engagement creating growing in opportunities It board. addiction customers clinicians as codes. EMRs on (ph) reimbursement are clinics, access. health We We where large and believe with integration We existing our via systems progress see well product like granted [seats] from new

year, and for cover talk access our focused Second, Indiana, with announced we PDTs reSET-O station. Medicaid for patients year Ohio, Massachusetts to growing to our in this Oklahoma Michigan our about Last initiated states. the reSET-O. and providing Already progress let's Kentucky addressing addiction in of the state list by on recovery by and and becoming reSET first to reSET we all epidemic access worsening followed states

number I'm of All pleased of coverage our is a PDTs. of references with there Delaware, New access for legislation provide Michigan, or proposed share Minnesota York Kentucky, also to and states PDT. these states like passed supporting to growing

have lead level. the We talk federal bicameral activities would it introduce of by the Act impact creates let's It is category XXXX products for a about in and because Medicare. the Prescription commercial Pear mandate benefit Digital significant If a payers. also it enacted, Medicaid Medicare, bipartisan, convened on to Therapeutics coverage would a Third, sponsor bill our our at March. under to access

product built HCPCS has products. National its HCPCS criteria. new finally, for therapies treat clear codes. pathway specifically stated behavioral effort only which a using provides mentions simple to establish and digital has management. payers. to these code coding. continued remain Control across major and FDA-cleared be code FDA-cleared and And contingency Drug tools these digital Additionally, Effective can and The deliver all available believe X, commercial three We worked to build PDTs CMS to reSET make only our PDTs CMS made addiction the of through prescription House fitting cover options a code Strategy, consistent released April that we reSET-O White the mainstream our

to medical impact on number pharmacy the payers Now and equipment there increases who is are of ultimately our an benefit. cover patients. benefit option This be through PDTs able for durable PDTs to reimbursed optionality type or

Yuri, who walk Now for our will data the the through three over to turn of products. call commercial I'll continuum you of all

Yuri Maricich

Julia. Thank you,

types data and of these value stakeholders. supported clinicians evidence of real that this are has world controlled with on world forward Investor look into a at enables a our will robust will show progress data. The believe June key and PDTs data, host topline including Pear we clinical body walk by and real data to And now growing Our payers. deep I our economic Day our accelerated trials, randomized the of X. taking evidence, through summary combination and to health dive to we

for disorder our Let's reSET, ReSET or stimulants, product substance is SUD. cannabis treat related start alcohol, use SUD to with indicated with and to cocaine. patients

that Top two abstinence rates results SUD For successful have reSET, for doubled trial line of we SUD reSET X,XXX patients. controlled more the than in randomized trials from showed pivotal patients.

first reSET. We expect the for real to world soon and outcomes data publish clinical engagement

that world has for publication. to real accepted We share health for reSET proud are our first also economic been data

six-month announce this our Investor results Day. to data prior of to expect We

or Now to reSET-O combination assisted OUD. is product in let's opioid our with medication treat move reSET-O. use indicated to use therapy disorder for

patients three XX-months. with evaluate Methadone. randomized weeks. used retained with US. who outcomes. reSET-O product in Furthermore, real in These clinical found over association at outcomes reSET-O reSET-O broadly successful We two to prescribed XX These reSET-O more with controlled world analysis XX% XXX buprenorphine patients, than out demonstrate readily X,XXX in including plus patients between OUD positive with reSET-O manuscripts, studies have We a trials one use with and and data plus these of OUD that published is each by the patients peer-reviewed across are results two treatment and clinical

results journal. today is economic peer-reviewed known publication publications been Outcomes of for study the a health XX-month for new Health Conference in for six-months world Economics on Annual has and Professional presented reSET-O, being at prior data Research accepted ISPOR. building This encouraging nine-months, have We and that Society at as also real

The Here and we study followed with effect we publication. for more XX-months upon among sharing XXX which with a of showed durable treatment importance emergency least visits than savings of sustained data, hospitalization forward at reductions initiation cost of patients look findings reSET-O. inpatient OUD other after to and

respectively, treated data Our for durable costly and evidence but savings we the realize payers which cost many serve. are term are only their weeks, the to while who in are access savings denying SUD and reSET to business of reSET for treatments, more OUD failing need communities and suggests also reSET-O the of meaningful clinical are cost to are also the they eager not the suggests patients with not and reducing long providing consequences addiction, share that coming with those effective to reSET-O outcomes

patients severity symptoms insomnia published, has XX-months. more depression in X,XXX Somryst rigorous evaluated or consistent in A evaluation than demonstrated compared X,XXX which to insomnia, was durable to and on trials. been recently completed XX patients ongoing reduction insomnia effect across clinical outcomes real chronic of Finally, and than showed a clinical Data up more when world anxiety, studies.

improvements meaningful of in Somryst as insomnia insomnia, XXX services economic data real XX-month present reductions at was health patients real These will tomorrow. care We XX-months. the chronic world a data use ISPOR with for as symptoms, treatment show, with through in world associated cohort clinically of Somryst with well health and

be full journal. tomorrow presented ISPOR Additional a and analysis for the results, peer-reviewed including at savings cost the in results been have publication accepted of will

demonstrated And our [indiscernible] a grow. patient, Chris. Our X. Investor to data. because hand every for data that, health dive as with deeper PDTs data, With our real it RCT on Day continue at real off products clinical world economic June work, world and data Stay will treated by data I sets to tuned

Chris Guiffre

Yuri. and quarter. Yuri the creating from some value highlights Thanks, shared Corey, Julia

and up reported was for forward. open financial the most four the over XXX% and growth importance operating metrics. I'll we progress metrics. We prior now going of Because our and fulfillment Then, X ASP. about metrics, Now, all Two, QX, we'll selling talk by $X.X on of of roughly Three, results up average operating times updates prescriptions; them driven total guidance One, provide This in million will or year. and payment price rate; these of four quarterly last the QX in revenue call quarter of rate; operating Q&A. important four

earnings the section You which filed in tonight. definitions XX-Q, in will release can for see our our and of be metrics the these MD&A

Now four let's through of each the metrics. walk

more we XXXX. than the of feel good First, about total prescriptions in X,XXX start We rest line year had solid with prescriptions. in of expectations. to Because QX, the the our total

also QX, XX% That rate, fulfillment we our rate about feel fulfillment fulfillment Second, rest rate. the XXXX. good another In with is a expectations. to line in reason of had

Third, payment in payments the of rate. prescriptions XX% received QX. We filled for

progress. forecast rate operating which range forecasting as we previously adding is covered fulfilled prescriptions an we into however, reflects as for the actual commercial because We it a a rate. to metric at We fulfilled payment payment this importance used quarterly in XX% rate, of prescriptions its year paid to lives updates XX%. and of for to proxy our guidance the metrics are which be for prescriptions. payment and rate Payment convert rate for We metrics provide

ASP. Finally,

full forecast $X,XXX. commercial QX we in ASP a prescription another model going useful We in important of in metrics is metrics operating per in provide updates paid estimating ASP guidance four to ASP be operating which quarterly will our these and see understanding growth. range future $X,XXX. was revenue year to Our and $X,XXX forward. product as for We

a and So how making understand they I'll spend sure you another. relate to one minute

prescriptions times total prescriptions. equals First, Again, equals rate times prescriptions. fulfillment fulfillment total rate prescriptions fulfilled fulfilled

Second, fulfilled prescriptions paid prescriptions. equals rate times payment

balance short-term revenue of say prescriptions. that you Fulfilled And think we me and into who an total net results of payment prescriptions million to third, had paid should which, investments That prescriptions on our indicator on $XXX.X product growth. model revenue those paid too. us again we XX, equals GAAP cash trying once financial course, cash, note, which XXXX. March Let the the same product is to will take rate equivalents is times well not as to of ASP of potential help sheet. revenue, Further times are

higher charges expenses with equity than were to investments is to grants. due for $XX.X the category first associated expected in million annual the Our stock quarter, compensation PDT build operating infrastructure and primarily which

quarters We quarterly that, open of questions. the call decline the in for for year. With expect expenses Justin, let's three a remaining small this


of [Operator from And from thank Instructions] America. And Cherny first you. Michael question comes our Bank

Your line now is open.

Michael Cherny

physician opportunities would as what learn your rate? you how your cetera? the of like if don't some playing you and Good just a channels, payment are or on organizations where for continue focus we to marketing you've afternoon, Doximity, bit Medscape, know PDTs I'd little best returns et likes is a fulfillment of and the about seeing thank And had, know think but more the you're the bit do Cory have successful been in, you wants working most a what more spend? the continue spend? about love far. question to to evolution know with of little increasing Are I anyone where to in jump Maybe, like if you both detail this of as the that the to business I on to you you and so more terms work about for the

Corey McCann

much question. Michael, for thank appreciate We so your you in. you dialing

think of which called again, of same up these PearCreate them software company infrastructure, about of is at all our really, the PDTs world has use working deepest medical to across most and really all treatment and both a PDTs the we build something a we we As Pear are in the is pipeline to to see mainstream PDTs and to PearConnect house roll we applied same infrastructure. business, is build conditions. those the where a ultimately What

are we really, they to I are believe mentioned is, clinician came that and mean what codes, many, opportunities a dashboard. engagement back-end scale the see. where CPT there about able opportunity is to quite the clinician might the online Those of PDTs see cross what think which that our high with by of our prescribing. for before we As economies of And see if clinicians in cross tremendous are infrastructure, rates detail engagement patients we not that that inherent today, all we we rates

as perspective like scale behavioral and to spend all depression, across we able our to and of reduce articulated, previously mental that the assets patient next major is from end, to the develop multiple that as marketing well includes continue out disorder. portfolio efficiencies a build and stop unit see so, as And pipeline And products. we as we're and use ability alcohol ultimately, to really, spend things health marketing per is what

Michael Cherny

of to they state important How Got that your about present looking your I world think data partners does the how how approach expansion? on as of supporting partners, it. Helpful. the to communicated quickly terms to get further evidence a guess And then -- through the you most, guess? I this who real Pear data, milestones in couple data, quick your for clearly, is

Corey McCann

Mike, state Thanks, fundamental as both create commercial really able payers. real view well Economic our we're payers we've for payers. pillar for that And we as Data question. that value certainly Also, as Health World of the to seen a

saw seen data nine-month We believe data for milestone receptive We data come that are highly to is continued first which within as audience this reSET-O six-month for and XX-months really receptivity space. set important we've our that our released data. reSET-O that really a we we through the an were and

our so of a saying, very And data that's long-winded of way collection. one our fundamental advantages is

patient us data will outcomes, covered will and per economic order this for access data published outcome continue it's commercial and health patient rolls data and that outcome claims really the up We patients. to its data to reported market the data help clinician additional is level open to at to lives continue in data unit at this and on collect up and bring additional reported that treated level, push

Michael Cherny

so you much. Thank Awesome.

Corey McCann

Mike. Thanks,


from comes question next our Charles And you. Rhyee thank And from Cowen.

open. now is line Your

Charles Rhyee

the Oklahoma for which with questions. to Michigan signed. I that have you the obviously, you Great, talk wanted about, and agreement thanks taking

last talked as quarter about You well.

kind I available of perspective with only the full you're how talk way formula the these the coverage, when I of on sort you understand -- about you're to in seeing now, think, is covered. these they coverage get the and from it buy a is other having Can other kind of uptake Medicaid prescriptions states you to one as Massachusetts states, in you so make the versus works the licenses full where right because where about and states. I physicians. states? those a for maybe are is bulk in to getting far terms it Massachusetts difference understand talk in models you get that that the And that patients Thanks. just access want to process of state

Corey McCann

Oklahoma Ohio, majority for have provide thanks And given in state arrangements the and The is those question. the where subset to reSET the that number access has patients arrangements including point excited access we different the a of out, Massachusetts. to rightly all a Medicaid Kentucky, different Massachusetts first And taken. state Indiana, in fact the you Charles, steps reSET-O. Michigan, state. Massachusetts have as of patients a We're in about states of with of very forward state and

order also to the is large access educating agnostic of sale, our PDTs, type our modeling the forward, tried understand help that's groups large pull number software operate access something under that very you mechanics rightfully why goal material to through providers our given is point we'll systems rate them to understand is health to as payment where as means I but think resembles enterprise think that forward. agreements. of our of of then focusing revenue in the an really of simplify we're to on access benefits it something believe we've is by very And and these a continue in agreement, of to different prescribing really these and both generation what move PDTs the agreements business, here, I we of which and going as out, well to much prescribing that as types to we

Charles Rhyee

with Yeah. I'd and guess how their Yuri from seeing trying a Are their push have way and they're get move certainly, Massachusetts coverage. that I they what Is when is, value that, a versus my population for what other then given give doesn't world the broader namely, at to all access their costs, I access is the in to And difference focus it outcomes, material you're you to terms is you imagine brought the really get just right, to in and question broad state I in I'm seeing in gave because do subsets the about you reiteration, -- you patient these if not, of a the Corey, talked I is guidance the has? point? more positive, other close doing, studies. appreciate it's guys the are matter what states way we guess to already guess in seeing the to real maybe see evidence you like,

Corey McCann

what think on speak individual bit to determining of Charles, to access positions little the state or individual a I of in payers the their beyond I speculate today scope probably it's status. can

as very continue this do us seen is said, think I very which clinical based story it's as to think data. world in that And you've about to fair a quarter-over-quarter. real deeply

the each real demonstrate our adds to and value I economic health mentioned, As to look efficacious particularly, allows our payers. ultimately to patient continue who utilizes to us the in effective products of of world patients dossier subsets at, data, and

generate So apt help just think base. that many particular opportunity projects the curve is have more bend additional an the and into become us radiate in world state influence what where then demonstrate we're one, health cost to arrangements to which I broadly the outcomes, those but to demonstration these real you projects, not we economic made of able that really

Charles Rhyee

follow-up Chris. That's helpful. one And just maybe for

said just payment times rate delta? rate, affect gives could from that times you that revenue. be approximation the found What fulfillment different that What and ASP formula? revenue You of take would obviously, net be that, we would net good a

Chris Guiffre


revenue calculating up. important point get of GAAP. back course, looking and as number number that net revenue. could get net under us recognition And what part, of And is an is the of of between out, revenue in of are together non-GAAP revenue discuss an I multiplying we one, ASC But there GAAP number category won't gross quarter. a I multiplying of you those main The of one financial revenue policy see difference provide is under actually four think you drivers, here, estimating of forward-looking about revenue. the things you which those you set other don't together biggest some metrics, defer requires are the XXX they to if of When to adjustments, by there earn that between them two, delta So our we then because estimate is each you just us measures. bit would reports the four any and sort

Charles Rhyee

Great, that's that. Appreciate helpful.

Chris Guiffre

Charles. Thanks,


you. next thank And our Neena comes Bitritto-Garg And Citi. from question from

Your line is now open.

Neena Bitritto-Garg

moving Hey wondering to or there question. X,XXX could events more forward a to as quarter? get the the of scripts, think thanks little demand year? you like rest should you talk the my that the the during Thanks. was just aware of And were for about that be if of I taking sort we metrics about what kind of cadence the really one-time any kind strength guys, we scripts bit drove think of through anything of

Corey McCann

And Neena, Chief volume question. our to thank you speak little and a Commercial Strandberg, more your bit generation. to I'd like over us for to turn to it demand Officer Julia about

Julia Strandberg

Thanks, Corey.

are certainly So maturing. as our I mentioned, demand efforts

when expansion two as seeing that large ways, about our year, multiple through with as well focus and existing are customers bringing board. integration our is clinics from scripts think span potential health our Interstate new as on well scale so and we We as the on states. in customer large addiction And more strong

[Machealth engaging in large as in Oklahoma. third access and within states, both multiple and system, is locations systems. where where then large in there spoke engaging disease are with we And multiple created Soonercare] Second we've multiple earlier those and (ph) already deeply states is, states health

we and simplifying demand is optimizing or fueled use growth fueled our and to make clinicians. that So, that continue ease progress is in progress integration our with largely of by and

state of as a further of clinicians have CPT layer on And opportunities Epic. growing So as is that we reimbursed then, value to be course, current for body is is It evidence data into emphasize future and to that integration our PDTs. continue and through suggests like EMRs code. that

within to further continuing to locations, create to on prescribing, current expand So new grow behaviors. evidence continue prescribing that layering for garnering pathways access optimization support and customers, customers, in key data

Neena Bitritto-Garg

helpful. Thank you. Got it. That's


question you. next Nephron Eric Percher, comes our Research. Thank from And

open. now is line Your

Eric Percher

payment that rate And of related simply and more just payment ASP, guidance, health then dynamics I down the you rate you. metric verse guidance coverage? Is the the over Thank the The question two? year increases XX%, course type you given of it coverage have are addiction suggests the now the with What on with the do year. those of to mentioned, that over at expect operating commercial. that comes underneath new also system, state metrics.

Corey McCann

to for one? Eric, the Chris, be Thanks you that speak question. to would willing

Chris Guiffre

Sure thanks.

going second am since and do take I and to about ASP off I Eric, try knock first. before is payment everyone. this question So new that, rate your But to

indulge If got just want just that you'll me, has this some sure how I to everyone make do multiplication to works.

So, have by assume have we have XX% XXX would total multiply looking paid rate, a is Then that total have revenue ASPs rate, we means, estimate forward. paid that prescriptions prescriptions. and that to a we payment of make product XX% prescriptions means that prescriptions. you XX fulfilled fulfillment XX we rough the It

sort Payment that talk rate of set, billed to is of sure prescriptions about foundation just make is payment So the are rate. percentage paid. let's that that

plus organization powerful. up health traditional on and tried which have some with plus of be that good And state seen high number doing the number economic clinical to real So data, data. that situation the of hopefully as body us with for is that we've world these think us of scripts I talk one, also the provide Number RCT is the state, forecast way world a heard, or that are we payment heard is states, both addition we data, in over the to this Obviously, with call, mentioned, a agreements allow the continue largest highlight Julia too, found success been economic They the typically, you've their those the prepaid. certain drive access the a end of a can most to products. it rate do that in to it range be doctors have which to then the in evidence they of to a payers, number which world can we remarkable is we way have have and real payment real the launch That rate traditional commercial you scripts. of for third-party we these there progress payment the payers in of we buy rate we Corey prepay that up drive since health through scripts this middle we ways. took with in but And scripts fact we can quite of data with But that had from patients. quite driving part to because a we've about. mechanisms,

want I sense payment before explanation to ASP. So sure make rate to the makes I jump

Eric Percher

you. I'm with you. Thank

Chris Guiffre


So it ASP larger discounts let's it to we ASP when drives function give up. and to a talk about truly and ASP of is do leverage, need that, rebates, drives ASP. we down, when don't need

with commercial to I well though want should enhance data, million on end ASP in we enhancing power, help deals which as hit economic need the be to bigger because pricing QX that this continuing $XX course world bit both we're focused is products, for revenue go by to of thing would we you would another guidance way, a Even ASP As doing potential the year. the ASP know, we and real our of to goes those if Put at current of things of we the forecast, that SaaS, do down the to achieve it year, To year, means positively for larger reiterate, which $X,XXX we that features over would we ASP. see product this we range our help? consistent the ASP a forecasted deals up is deals good push $X,XXX and expect think as help increasing impacted down that larger by think does expect deals to size our our high for negatively additional generate to slightly of to as you additional down us our that ASP, that's why and course ASP have guidance. our will be see health data drive

Chris Guiffre

quarterly? Yeah, give you appreciate or but lives, you follow-up, withdrawing we rate, covered have One not you which the are now will it are Chris. payment saying math, is, annually,

Corey McCann

to that Corey? take want You

Corey McCann

for So covered is we metric. is the rate, payment a metrics are withdrawing lives actual rate proxy lives, covered payment

we going the unlock reporting proxy can metric though, as the Technology that begin I'll metric, have as know be on about lives MMIT to in know what at to we we MMIT we'll we Insight let the opposed We conference sounded the confirm Pear. proxy is are not actual approximately true reported number. forward Since share as So to week you really high has the metric and covered matters what thought because the million MMIT's Asembia actual today. or I last metric, covered that reporting Managed asked XX lives. it that. potential number Markets no Pear of Since revenue we attempted longer

payers put don't important we us lives. think covered on just we us it's whole in just the business, covered sign have of with lives covered lives now complicated we Moreover, a to DME signed payers. is don't tricky a adding if I thing covered covered got when know we formulary typically that lives a But know contract. more under calculating without having and pharmacy contract note that we're lives

that of from the covered we not metric I you to decisions, we we to important to going try lives so that our millions continue proxy do were very payment for lives announcing rate are we to I press covered is permitted XXs accurate decision of to metric, from sum future and we've coverage you believe can't But disclosing started lives, attempt that every all think covered payers as actual to promise to out put continue a releases learn last. metric, instead, up, coverage and that and well will maybe growth. to on many you will We prohibit companies know going reports decisions so. when will on guess report provide we're of but is us revenue zero which the serves coverage

that to will think we the I to thing over on Pear's payment last rate, going are the say rate we significantly that if to up that is, revenue satisfied time full fair say maybe potential. understand we're need progress we unlock it making but get I'd payment we're is with

Eric Percher

go. going was And was so I that where to

should you rate products, products? be payment be given your understanding mature is So always where what introducing feel additional for

Corey McCann

All right.

like be you, But I a want to smidge to I to the dissatisfying speculate. answer I'd I don't it great it's think a question. think just may way because

expect confident But saw will accurately the to is at answer be XXXX, we to get about that. we I in you year and there that could question bottom all this hope push XX%, we lands intend guidance out the range quarter, and we we be do way north came able of where of to think the this certainly our are only that year. for in range of way but do believe we'll in provided mature your calendar that, we for the I we say and it this putting the when that the of XX% course the year won't it up we over number to

Eric Percher

All the right, for thank you detail.

Corey McCann

My pleasure. Thanks, Eric.


And thank Keay comes from you. next from And Chardan. question Nakae our

now line is open. Your

Keay Nakae

sequentially cost on but sales Yeah, of thanks, Keay decline small did script. slightly from Chardan. know a higher much I it's see we number,

some with out to rewards So there's help into put model kind this forward. this what so of us perspective all said, know we I

Corey McCann

that would taking question. the Keay, thanks Chris, mind one? you for

Chris Guiffre

Sure. Hi, Keay.

I think for there enough to on you small notable have that is you're modest but this right, highlight We call. it's nothing number. did a improvements,

our of think of early but you're this in anything an can up the a see we're in and over driver still because and I is these maturation in important say to point improvement. going time, to that slight this launches segments, products little bounce to that down that I don't have market I of relatively you bit

Keay Nakae

going Okay. specific we think line $XX do item And about then specifically in just forward? that going R&D. How maybe million forward, for OpEx

Corey McCann

admit. didn't saying please? to it again, sorry, you I mind have that, I'm Would I hear quite

Keay Nakae

our R&D think about how OpEx, we going forward? that within do expense

Corey McCann

understand I'm Sure. the initially. I question didn't sorry,

So careful we what settings overall now. additional drive the is product do process previously we to provide be not, let's what to also But and our money raise through process, as sub-optimal setting through the conditions in think onto we it PearCreate use cash candidates provide are, in call in don't are right and development to you have stewards regulatory the to aspirations and significant know, being it, of that, said we have guidance segments. market, what expense public by while we say happy this I'd public I therefore

continue think do because So we're the move candidates line to goal is our I expect balance an trying we to way fervor should and a think in forward, for this cautious pipeline see environment is for with what that to endeavor FDA. our very more managing burn now, us the we with in cash but of important that across getting

Keay Nakae

I'm finally, how recent telehealth to of is prescriptions? help this some side, to activity just on in then on there. going terms you've Okay, the margin the wondering great. much adding announced And

Corey McCann


place i.e. to uniquely provide showed is mortar chain prescription where face-to-face therapeutics won't telemedicine this for the digital thing think firm And I not both of sort said, encounters think That in us inherent as one we probably as guidance. there brick of attributes is any address system. they're suited the if that, that, is that COVID does well I pandemic telemedicine is of and think issues unique I be a able one supply our encounters. healthcare the

And patients telemedicine really which and visit as in so, whereas the give a PDTs a between remote currently asynchronous synchronous. once once month, them many and care and opposed to visits nicely telemedicine telemedicine, see is are quarter, those remote fit a both gaps able

to there way hand. remote So opportunity a we of that's able be may believe But telemedicine hand that do forms project to we of access different that and for sort is winded what the of sort saying PDTs won't exactly go tremendous contributions the long in provide.

Keay Nakae

Thanks. Okay.

Corey McCann

your for questions. you Thank


And thank next Suisse. our comes you. And from from question Frommer Judah Credit

now line is Your open.

Judah Frommer

just early ramping reSET what kind on for question. how first prescriber those any there any docs may channels? profiles of telehealth patients Thanks the utilize services? Yeah. on you like, make and follow-up in about are patient the and the learnings the Spanish-language Maybe taking and in think differently the and versions look to of Hi reSET-O, it guys. Does

Corey McCann

question. Judah, thank you the for

seeing utilization. English think utilization Spanish-language not and I the differences what characterize fundamental preliminarily, the would between as I we're

seeing what seeing across are principal be with geographic is to that really, on across this socioeconomic the extend boundaries care ethnic to of part we're as think value point And proposition. able is high health frankly value data to resonates and payers payers criteria. to able are support the strengths therapeutics we able is be collect and strongly a agenda equity well I racial that as to the boundaries, proposition across able to payer prescription digital boundaries, operate across boundaries. of And a we and as tremendous provider one of be toward that hunger and is providers on to inclusion both

Judah Frommer

there duration you That's missed And XX-month we data them and this of as for helpful. about that and more is of on or Okay. of provide is but durability kind with payers to I like and effect kind longer your just can for really then, toward just if thinking is data how Are data apologies that [indiscernible]? conversations in for there coming terms get better Somryst, reSET-O we'll any eventually they'd to products, color benchmarks this, is out? of see it for that look they're XX-month

Corey McCann

Chief this of And Officer, the question. I'd tag in we can who Judah, the the thank further. Yuri, real speak Medical certainly you in our a to to for bit health data. love believe world economic power

Yuri Maricich

what And had this we does on many for we the the And they horizon that, sooner our seeing the the see Corey. I And to payers, we're is thanks question so that's Thanks, question. the But data previously years. realizes for that cost added more a persist? two, of a then also is, the reSET-O, maybe durability. is with or a is nine-month time from want couple savings think mean I for Right? bit or data. value payers little Yeah. discussions but published important, six-month

now data data in XX-month I month XX the where nicely. think is really this the and so fit And

So -- ER from a months, perspective, get be visits continues very looking they in return that data and nine we've at. and of they're particularly quickly, persists with based our patient type already we the and reduced what typically economic that six published on horizons health durable to reduced time around but see the then at

provide to their see we then do do forward this so, to to And patient only think for are this specific they them I continue data, doing but really allow peers. to nice populations then not as what's to their how on this national a relative is, and

Judah Frommer

Got it. Thank you.

Corey McCann

Judah, if Yuri just piece. briefly very on maybe I And to add comments and can

we'll this Just and on our real trailer, X, other more data as releasing data speaking some information as world and a be health well economic we'll Day be that brief about our June at of event. Investor

Judah Frommer

Great. Corey. Thanks,

Corey McCann

Judah. Thanks,


from question Thibault our And from Thank Marie next BTIG. you. comes

Your open. is line now

Marie Thibault

issues. see had saw the or for of Certainly, kind sitting throughout throughout disconnection a Hi, and quarter? I detail looks basic with could your phone the Thanks prescription trends good and throughout to evening any any but if the volumes of rate where here on hear ramping quarter or just any in trends you Wanted guidance terms congrats and run get exited strong I a I on QX. start me of of kind to question some quarter to would QX? love us, reasonable you sort

Chris Guiffre

But me strong to do of Marie, to the think you we it, your report I we rest guidance on we'd that, the but keep what confident like hate disappoint. is the I that and I provide you guidance with my quarter questions. I into can for the when And on had, provided it toes appreciate very you we into want think I love And always what guidance. read you to are in year. acknowledging the the read

So today. it do the to think scope of not put guidance but have of we trending beyond I'm any what prepared I there, intra-quarter out providing quarter end would or is

Marie Thibault

one on had hear ask in I lot highlights is any pain of Chris, pipeline. milestones I on sort you. us? could a question pipeline any Certainly, your fair to going are two update for products, the Okay, on try. collaboration, the development to candidate. I like MDD, if so of Thank or brief wanted if terms that enough. there SoftBank there will things your there, of on the you AUD, hit

Corey McCann

the thanks for again I'd Yuri. in tag Marie, question. love And to

Yuri Maricich

Yeah. Thanks much, so Corey.

driven So as which by Corey earlier, pipeline, on our PearCreate. highlighted is

Corp treatment is our in mentioned, designed received is develop is PDT of a treatment XX for to have the by acute that, patients what that pleased chronic candidate thing to the generates to earlier, the pipeline that for suited and Pear-XXX, services Japanese you the million and treatment of as commercial sleep-wake that these in for targeting is SoftBank our on because part these commercial of scale. development PearConnect which people's Also, with believe technologies late the point designation QX and from March do use for market just PearCreate we candidates referenced more really were able opioids. that major that, highlight At via currently And assets the a And assets candidates, that platform for treatment FDA disorders we the developed within believe dashboard the when executed scale. about STEP we want the the we're FDA well between we category the development to markets. our with XXXX this product commercialize our but as choose the strategy acquired to pain that as we program own And safer assets and you disorder we those one in alcohol of for I our begets then breakthrough candidate Corey of Chris PDT for international it know, about than as at draw left for was this agreement designation platform is therapeutics to depressive therapeutics digital talked three disorder delivery think timelines product not time, two validated to that use and there to pain. a I are in exciting neurology or of of attention also clinically around these the just digital the announced share there.

appreciate So We're we looking to more the sharing question. as progress. really forward

Marie Thibault

Very good. Thanks much. so

Corey McCann

Thanks, Marie.


further call the turn Dr. closing to like questions. showing now I'm no I remarks. Thank over would to back McCann for You. And

Corey McCann

the questions payment also the and growing commercial medicine products. thank fulfillment volume, grew Eastern rate, quarter, X well mainstream of June In critical our our look as and parallel, Thanks XX:XX our discovery, first to march you, base launches, AM value In the call rate revenue. demonstrating at highlighted as we the evidence significantly we we for everyone the and on Justin. we commercial Day building making Today, Correspondingly, Investor script first forward PearConnect. to hosting PDT Time. grew commercial our virtual We infrastructure by toward development and PearCreate continue we ASP. as

about the provide event in Thanks the for more will days. details coming We your time.

please As of Corporate Communications always Meara questions. if Murphy, you our reach out have to any Head


joining. for you Thank call. today's concludes That