Q4 2019 Earnings Call
We're in for your 2019 results conference call.
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No again the conference over to your speaker today I listened way.
Some way senior Vice President of Investor Relations and corporate communications. Thank you and please go ahead ma'am.
Thank you good morning, and welcome to there's a fourth quarter and full year 2019 financial results and corporate update conference call. A press release of the company's fourth quarter 2019 results was issued earlier this morning and can be found on our website.
Joining today by palliative, Chairman and CEO and buried Deutsche CFO, Paul will provide opening remarks, and Barry will review the financial results. Then we will open the lines for questions.
Before we would get I would like to remind you that this call will contain forward looking statements that concerns AEROSURF future expectations plans prospects clinical approvals commercialization corporate strategy on performance, which constitute forward looking statements for the purposes of the safe Harbor provision under the private Securities Litigation Reform Act of 19 nineties.
Right.
Actual results may differ materially from those indicated by these forward looking statements as a result, the various important factors, including those discussed in our filings with the FCC.
In addition, any forward looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date.
Typically disclaim any obligations to update such statements, we now turn the call over to Paul.
Thanks Nelson.
Good morning, everyone.
Oh 2019 was a transformative year for zero.
We had a number of major accomplishments and milestones of which the most significant achievement was the FDA approval of our first product GE bulk the first and only approved liquid stable good gone for rescue.
Severe hypoglycemia into presentations.
The Gibault Prefilled syringe, and the GE volte capable pen auto injector.
It's important to note that both presentations were approved in September.
With the Chivo Prefilled syringe, selling now and the Jeep hyper pen coming available in July.
Since our September 10th approval and throughout the fourth quarter. The focus of our commercial team has been on the critical foundational elements needed for successful launches of both the Prefilled syringe and the Hypo Pat.
First getting the Salesforce hired and trained which we completed in mid November.
Second executing all of our wholesaler agreements to enable distribution of Gibault PFS now and hyper pen in July.
Third verifying Gibault, prefilled syringe and hyper pen availability in retail computer systems.
Fourth confirming that Gibault PFS in hyper Pan are in physicians electronic health record systems.
As well as establishing cerus within the endocrinology offices.
And fifth securing and executing on national payer contracts for both Gibault PFS and Hypo Pat.
In addition, we have distributed in the fourth quarter and to date over 5000 sample units to endocrinology offices for patients who are not yet covered by insurance or may not have insurance at all so that that physician can meet their needs.
Essentially.
The fourth quarter was all about making sure that GE vote.
Prefilled syringe was made available accessible prescribed bubble and deliverable as well as reimbursable for patients.
You will note in our financial results that we also saw some modest early prescribing and unit sales and we know that most of the sample units got into the hands of patients.
By way of an update at the end of February we had over 65% of commercial lives covered without restrictions.
Which is excellent so far this number should continue to increase as more payers come onboard.
Since the introduction of new gone products, both us and Lilly last July we've seen an approximate 25% to 30% increase in prescriptions year over year and an increase in the number of units dispensed prescription from approximately 1.4 for the like legacy mix kits to 2.2.
For GE, both through the end of February and even as many as 2.7 units per prescription in a given week.
This points to a very underserved market.
You might remember on previous calls our analysis suggests fewer than one in five patients that would benefit from having gone actually habit today.
[noise] adoption of the new products, including Jeep Oak has been seamless has not been seamless however, decades long prescribing habits and payer processes still result in some prescriptions for GE, both being rejected at the payer level or incorrectly adjudicated.
And we've had several reports of pharmacy switching GE wrote prescriptions to immediately available glucagon kits, which are already on their shelves rather than orderings evoking stocking stocking it in pharmacies.
So what are we doing about that.
We're working closely with the payer plans to ensure their systems in their processes are set up correctly to ensure that covered gibault prescription flows through the system properly, we're working with doctors offices to change their standing orders.
From legacy kits to Gibault PFS, we're working with local pharmacy, so they know and understand the benefit of GE vote versus the legacy kit and to encourage them to fill prescriptions as written we're also planning to implement a non dispensing hub in an effort to ensure that prescriptions written this evoke are also filled as tivo.
This should be up and running in the second quarter.
Having worked through all of these processes and hurdles when the hyper pen launches, which is once again expected in July it will launch into a fast growing glucagon market.
With much better formulary status than the PFS had at its launch a few months ago with many of the aforementioned issues resolved.
Turning to our pipeline in November we submitted our.
Marketing authorization application to the E U four already views gone for rescue.
Assuming a typical M. A review timeline, we could have a C. H M. P. Opinion later this year or early next year.
We also have to ongoing phase two ready to use Google programs exercise induced hyperglycemia and post very Africa, where I see media.
That will have topline results from the outpatient portions of each study in the first half of this year.
Recall that we reported positive results from the in clinic portion of each study a few months ago.
In the outpatient if the outpatient data is positive we will take data to the FDA for discussion of a potential regulatory and clinical path forward.
Our goal would these glucagon programs is to advance of at least one program that will ultimately get us a non rescue indication for our liquid stable group gone to the market.
Now beyond ready to use glucagons, our zerust all formulations of diazo, Pam and Pramlintide insulin will also have clinical study results in the first half of 2020.
If we see positive results, we will assess the next steps and discuss clinical and regulatory path forward with the FDA late in 2020.
Once again 2020 is an important year for zeros with several catalysts for creating shareholder value.
We must continue to execute commercially on the launches of Gibault PFS of hyper pen by driving awareness and prescriptions and we will determine which of our clinical and preclinical program should move forward based on study results and regulatory pathways.
I'll now turn the call over to very who will review our financial results for the fourth quarter and full year 2019 Barry.
Thanks, Paul.
We generated total revenue of $1.9 million for the fourth quarter of 2019.
And $2.7 million for the full year 2019.
Net sales of GE vote, PFS were $1.6 million for both the fourth quarter and full year 2019, as we launch Chivo PFS in November of the fourth quarter.
The $1.6 million exceeded analysts' consensus estimate of $600000.
Net sales represent gross product sales less estimated allowances for our co pay assistance program from pay discounts payer rebates and Chargebacks distributor service fees and product returns.
We took a conservative approach in accordance with GAAP to estimating our potential returns.
We recorded a returns reserve above the level indicated by the return history of comparable products to address the factors associated with the initial stocking amendment inventory for launch this being our first product launch the launch taking place late in the year.
And our main focus in the fourth quarter being on securing formulary coverage.
Grant and other income was zero point $2 million for the fourth quarter and $1.1 million for the full year 2019.
In 2018 grants and other income was zero point $8 million for the fourth quarter and $2.4 million for the full year.
Total operating expenses were 33.1 million for the fourth quarter of 2019, and 123.5 million for the full year 2019.
Compared to $21.1 million and $61.8 million for the fourth quarter and full year 2018, respectively.
R&D expenses for the three months and full year ended December 31st 2019 were $12.4 million and $60.4 million, respectively, compared to $12.4 million and $40.7 million for the same periods in 2018.
The annual increase was driven by manufacturing cost for GE vote prior to commercialization.
Increased expenses associated with clinical and preclinical trials.
And increases in compensation and other personnel costs.
Partially offset by reduction and professional fees related to our GE Voca and da in 2018.
Selling general and administrative expenses were $20.6 million and $63.1 million for the three months and full year ended December 31st 2019, respectively, compared to $8.7 million and $21.1 million for the same periods in 2018.
These increases were primarily driven by increased selling and marketing expenses related to the launch of GE vote.
Increased compensation and other personnel costs, excluding costs related to the addition of 59 sales representatives and increased legal and administrative costs.
Net loss for the three months ended December 31 2019.
Was $33.1 million or $1.23 per share.
Compared to $20.4 million or 98 cents per share for the same period in 2018.
For the full year 2019, net loss was $125.6 million or $4.81 per share.
Compared to $60.1 million or $4.99 per share for the full year 2018.
As of December 30, Onest 2019, we held $88.8 million in cash cash equivalents and investments.
We recently added $39.9 million the balance sheet and they February 2020 equity offerings.
Total current shares outstanding after the February 2020, offering our $37.57 million.
We believe that we have sufficient cash to fund our operations and capital expenditures for at least the next 12 months not not including additional debt capacity from our SVB, Oxford facility based on achievement of certain revenue milestones.
Revenue from GE vote will determine when we will when we will be cash flow breakeven.
Now, we'll turn the call back to Paul.
Thanks, Thanks Barry.
Before we open the line for questions I'd like to address the impact of the Corona virus on our business in particular.
Ill start by saying that we have no business or exposure in China.
Neither are.
Hi, nor any components are coming from affected countries.
Importantly, we have four to five months of finished goods on hand, we have four to five months of work in process, which means product currently being manufactured.
And then additional six to nine months of components and CPI on hand.
So we feel good about where we stand from a supply chain perspective at minimum we have commercial supply for the balance of 2020.
In addition, the external components of the Hypo pen are manufactured in Taiwan with the cartridge made in the U.S. and final assembly in the U.S. and to date there'd been no work interruptions in our manufacturing for the hyper pen in Taiwan.
We see the only possible impacted the Corona virus is the degree to which commercial operations could be impacted in the us the potential need to reduce domestic travel or otherwise curtail salesforce movement in and out of medical facilities.
Being that our reps are in cars by themselves most of the time and calling on endocrinology office is only at this time, we don't see this as an issue for us.
However, we're monitoring the situation closely.
In summary, we believe the fundamentals of our enterprise are very sound, we have approved products capable of generating revenue.
In the field, calling on doctors patient educators and engaging with the diabetes community every day.
We are growing Gibault prefilled syringe scripts in the in a growing market.
We are growing gibault units sold and units per prescription we have set several data read outs upcoming in the first half of this year. We're on track for July launch of the Gibault Hypo pen, we have no supply chain issues and importantly, we have cash.
With that operator, if you would please open the line for question.
Thank you and as a reminder to ask a question do we need to press star one of your telephone.
To withdraw your question. Please press the pound key please stand by what we can probably Q and a roster.
And our first question comes from the line of Ami Fadia.
With SVB Leerink your line is now.
Hi, good morning, Thanks for taking my questions.
Well, let's see I wanted to see if you could give us some additional saturday around.
Some of the factors that's my.
Impact.
The prescription the weekly prescription data that we are seeing and you mentioned something about samples that have been distributed in the China to date as well as.
Some prescriptions that are not being filled as written can you elaborate on that and help us understand how that might be impacting this prescription levels.
Hi, Ami.
Good questions I appreciate it.
Let me take the sample one first.
When I say when I say sample it so it's a complete unit prefilled syringe.
And we distributed through the fourth quarter and to date through February just over 5000 sample units.
The reason we did that is until such time, which I think now is getting to be that time, we have over 65% of commercial lives covered at this point.
But up until now we thought it was important that physicians have access to Gibault PFS.
And that they'd be able to provided to patients either their insurance wasn't yet covering it we weren't on formulary, yet or patients who don't have insurance.
We do know that a few of the sample units were reserved in some of the endocrinology offices, we know that a couple of them have actually been used by endocrinology fee staff to rescue patients in their office.
So which is a good thing, but the vast majority of those 5000 got to patients. So that does impact our number of prescriptions. Those 5000 patients don't have a prescription so we understand that but we thought it was in the best interest of our business and the goodwill that we get from the endocrinology community and.
From the diabetes community.
As far as the prescriptions that aren't being filled as written.
There is early on we did we did see it I think we saw in one of the recent weeks a little bit of an increase in the legacy mix kits that GE case.
And we're finding that when patients in some situations and it's more anecdotal than anything else, but in some situations when patients are presenting a gibault prescription.
Pharmacy level and they havent stocked it on their shelves, they're actively working to convert that prescription to the Lilly GE GE Kay.
And that's a process that we it's unfortunate, but we just have to work through that and our reps are calling on pharmacies as well as physicians every single day.
Making sure that.
Pharmacists know about Gibault and can find it in their computer system.
And make sure they have it on the shelf.
Okay. If I could just following up on the two other questions.
Firstly, what can you do why do we still have such a big proportion off the population filling the only kits is it.
Not close.
Many of you are and better products, becoming available or is it that some of these scripts are just automatically being refilled.
Yes, the down a conversation, but the physician.
Yeah, there is a.
A couple different things going on in there and you kind of hit it on the head towards the ended the year. There's a lot of prescriptions to just get automatically refill because people spending accounts et cetera before the end of the year.
And in a lot of the physician office systems. The patients have a renewable prescription that just happens automatically and what we've got to do is office by office, we've got to get them to change those standing orders so to speak in their computer systems. So that's a process that we're going through.
And the other thing that's happening and I think it's not necessarily a bad thing.
Physicians are hearing from both Lilly and cerus about glucagon and their remembering to prescribed glucagon for more and more of their patients.
But they don't always remember the name Gevo or the name vaccine for that matter.
I think that remember lilly's product better because its lily.
But overtime the Bill Bill remember the brand names better.
And we're working with every physician office to make sure that everybody in the office not just the physician.
Those the name Tivo.
That takes time, so that that though that is some of what's going on.
On it.
Last question and then I'll stop there just with regards to the dies upon.
Can you help us understand what.
Data that we should be looking for and what the development pod after that would look like.
If it's successful.
Yes so.
Thanks the.
The Diazepam study is a phase one be and what we're looking for is we're doing a weight based.
Hosting this time around.
We're looking for an onset of action similar to the reference product, which is the rectal suppository.
We're looking for peak blood levels that are similar and we're looking for a longer.
Tale of the drug staying around a little bit longer. The reason being is we do want to have a product that has impact on the ongoing seizure, but most products are not going to actually stop procedure that is in progress. What we really want to do is prevent follow on seizures and that's why we're looking for that kind of a drug profile.
We saw that in the first phase one study.
With everybody getting same dose.
But it wasn't as closely aligned to the reference product it was very positive, but not where we'd like to see it.
In the weight based dosing, we think we're going to get a little bit better occur.
And once we have that then it's a matter of going to the FDA with a proposed forward looking plan.
Our proposal would be for safety study only given that theres a ton of efficacy information and data already available about diazo Pam used in this way.
And we'll see what the FDA says if they if they will allow that shortened.
Clinical path forward or if it will require something more.
Okay.
Thank you.
And our next question comes from the line of Randall Stanicky with RBC capital markets. Your line is now.
Great. Thanks, Paul just given start on the auto injector given that.
That July timing is important given back to school and also in that it represents a catalyst for the stock what's your confidence in.
Hitting that July timing, that's the number one excuse me and then number two how are you going to approach this launch any change in.
You're thinking relative to.
The Prefilled syringe or you just think about more DTC in the insurance coverage I would assume should be Siem and then finally, just a follow on to one of the prior questions what percent of Docs, who received samples have written scripts. Thanks.
So let me take the July question first.
We remain confident that we can hit that time timing.
As I've said previously all of the components.
Our being men have been being manufactured in Taiwan During January and February I think the last component was in the process of being manufactured.
Molded so to speak in the first part of February.
They are in the process of of assembling the what they call sub assemblies.
And those are being tested during March.
And then it's a matter of making the sub assemblies and shipping them to Florida for final Assembly.
And that should happen in May early June.
And we're still on that we're still on that timing.
As far as launch approach.
I think the most important thing for our launch of the Hypo Penn is we will have had.
Six or eight calls on every physician that's actually available that we can see.
We will be on will begin wholesaler systems will be in the retailer systems.
We will be already in all of the managed care formulary is so the ability to talk to a physician get them to prescribe the auto injector inhabit be immediately available in reimbursed is going to be dramatically different than what we've experienced with the prefilled syringe prefilled syringes kind of Ben.
The.
The lead in cutting down cutting the pass through the forest here little bit.
Through the jungle.
So we think we think a lot of those things are going to already be behind us.
In terms of the percent of physicians, who got samples who've actually written a prescription I don't have that at my fingertips I would say.
Basic and probably a significant percentage of physicians, who get a sample have have eventually written a prescription.
Trends going to follow up to 65% unrestricted coverage, where do you think you can get that too by the end of the year.
65% is really good in terms of unrestricted.
I think if you add in.
Medicare and Medicaid.
As they come online we can get too.
In terms of.
Total commercial total insurance.
75% to 80% would be excellent in in the pharmaceutical business period. There are there some percentage of people who are going to restrict.
Access no matter, what and keep in mind. The primary restriction is a prior authorization that the physician office has to fill out. It's a piece of paper is the paperwork that basically says the patient has gotten a the previous of previously available Lilly GK kit the mix kit.
It's not appropriate for the patient and now they need GE vote or.
The vaccine for that matter for eventually the auto injectors. So the degree to which physician offices are willing to do that paperwork.
Makes it a little bit easier.
But it isn't in normally difficult process and I think we're seeing about.
Half of those prior authorizations going through in under 48 hours. So it's not it's not horrible and we the reps are talking to all the offices about.
Hello.
Making sure that they're doing those in that they're getting through.
Your previous question by the way Mary Beth just handed me a note.
68% of physicians, who got samples have said they've they've prescribed gibault.
That's helpful. Thanks, very much yes, and as of March six just fireeye.
We're already at 70% of commercial covered lives.
So I was just handed an uptake.
Real time too.
Thank you and our next question comes from the line of David Amsellem with Piper Sandler. Your line is now open.
So thanks have a few questions.
First can you walk us through your.
Your thinking on the mix between Prefilled syringe and type of 10, one type of tenders in the market. I mean, do you expect theres going to be an audience for the prefilled syringe product when will that the meaningful part of the next one type of 10.
Its launch that's number one number two.
You talk about Medicare part D access and what your overall target is for.
For access there.
But there is a lag time between commercial access in part D., but just help us understand your thinking regarding carowinds part D wins as the year progresses, and then just steady state.
And then lastly.
Gross to net what are your thoughts on steady state gross to net how should we thinking about that thanks.
Thanks, David.
Let me take the Medicare question first in terms of Medicare we're already at about 27%.
Preferred.
We've had some we've had some really early.
In mind that the Medicare process is a little bit different these days than it used to be used to be you had to get your company approved on the national formulary than you had to get the product on the national formulary before any of the downstream providers would cover you.
These days you don't necessarily need to do that if you can get some of the downstream providers to add due to the to their provider formulary. There was a lot of other providers that are followers. So once it's on one of the Big Formulary then you get a lot of people who will follow on.
And we've had a few wins early on so we're already getting some traction in Medicare.
As far as the pre the ratio Prefilled syringe versus HEICO pen.
We're seeing we're seeing that there are there is a reasonable reasonable percentage of the population that actually prefers a needle that they're used to needles, there's still using needles for their insulin and they like to see that the needle go in the it gives them confidence it's.
Deal to shirts.
We also have an it's interesting we were just in San Diego with our.
Key holders the online influencers and several of them indicated that they actually prefer the prefilled syringe, two who our parents of.
Young children with diabetes actually prefer the Prefilled syringe.
In conversation. So I think there will be a percentage will it be 80, 2070, 30, I don't know yet I don't think any of us know yet that will that will shake out in the.
Over time.
I don't think it'll I'll tell you might based on the market research, we've had historically and what we're seeing in what we're hearing I don't think it'd be more than probably 60, 40 70 30 between the PFS in the.
The hypo Pan the hypo pen, taking the larger percentage.
And gross to net.
I'll turn it over to Barry for that answer, Yes, Hey, David.
Yes, so gross to net as I mentioned in my opening remarks includes your traditional.
Types of deductions and I think as we your question was on a steady state basis.
We will certainly envision the returns reserves that we took.
You are going way down.
Again, the number of factors related to our launch and that being our first launch why we took a conservative.
Yes.
Conservative approach the returns reserve so moving forward I anticipate that coming down quite a bit but everything else should be sort of normal industry types of discounts in terms of prompt pay wholesaler fees.
Yes.
Your government related Medicare et cetera.
And.
And co pay type of.
Yes, and David the there are some onetimers in the wholesaler fees that we won't experience again.
Couple of the wholesalers charges slotting fees Thats, a onetime thing so it'll settle back in the biggest thing is that the reserve for the potential returns of stocking merchandise in the initial stages that'll come way down so.
Okay. That's helpful. And then I just wanted to ask a quick follow up on them on the Medicare part D question is.
It should we think about.
65% or more.
Access that you cited with commercial I mean is that reasonable target or reasonable floor for for part D access overtime.
Yes over the course of a year to 18 months probably.
Not in the near term, it's going to take time.
Okay, Great. That's helpful. Thank you.
Thank you.
Next question comes from the line of Difei Yang with Mizuho Securities. Your line is now open.
Hi, good money and thanks for taking my question.
Just a couple questions. The first one is related to you. If you would help us to understand the back to school phenomenon. It was it was mainly driven by type one patients are primarily.
Younger age patients or do you foresee that to change as more off the tied to get I'm sorry.
And then number two easily.
Related to descend post do you plan to evolve more samples on the 5000 is down its all you are planning to keep out.
Yes, good question.
We have as as of the end of the first quarter, we will cut back fairly dramatically on samples.
We want to have a period of time, when we can see the effective sampling and historically sampling in just about any therapeutic category has been positive impact on prescriptions.
Well, we'll cut back to only.
A small percentage of that.
Maybe 10% ish of what we've done historically.
So.
But over time, we'll monitor those physicians, who have gotten samples and if it has a positive impact on their prescribing than we'll we'll look at other ways of continuing that program.
In a modest fashion, but we're going to cut back pretty aggressively in the second quarter.
The back to school phenomenon.
During the months of August and September.
Prescribing for Glucagons is 40% higher than it then during any other period in the year, 30% to 40% higher.
So it is a real phenomenon and it it is both type one and type too.
With these new products, especially GE vote.
And especially the hypo Pan.
We think it's going to expand into more of the type two.
And go and.
Our product goes down to two years old so.
It can go younger as well, but is a real phenomenon.
And the other thing too.
In terms of the samples going back to that for a second.
Samples have created a lot better access to normally hard to see physicians as well so that should benefit us down the road also.
Okay, great. Thank you for taking my questions.
Thank you.
And our last question comes from the line of David Steinberg with Jefferies. Your line is now open.
Okay. Thanks.
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Marketing.
Yes.
In the doctors.
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What's the number one.
Okay.
We need.
Thanks.
What's the biggest.
Sure.
To that.
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Yes.
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Secondly, an advertising I think you've started social media campaign, and some DTC advertising could you give us a little more color.
The DTC effort and finally.
Yes, I believe you said you think that hypo kind of we'll have some sort of sexual dysfunction.
How steep do you see that curve once the hype of Penn is in the market. This summer. Thanks.
Thanks, David.
Let me take those one at a time in terms of the reps in the field.
I think physicians and staff, especially the educators and the offices are.
Our most excited about the fact that somebody's talking about glucagon again, because getting getting more patients to actually have gone handy just in case. They have an issue is critically important.
And for US the convenience factor and the confidence that people have that they can actually most importantly, self administer the mix kits almost exclusively require of caregiver or us a bystander.
Gibault Prefilled syringe is it's a two step process you pull up the cap and give yourself a shot.
And even when we talk to patients and we talk to the key holders this past week.
Self administration and earlier use of gone not waiting till you're passing out is a tremendous upside.
In terms of pushback I think the number one thing that we're seeing is prior authorizations.
Physicians are.
Inundated these days with prior authorizations there are people in these offices, that's pretty much their job is to just do prior authorizations and the way we refer to it is when we go into the office and we get that pushed back what it sounds like is we don't want to do prior authorizations, what they are really saying is we're already.
He doing a pile of them.
We're already doing them for Lilly because they have insulin et cetera, and why should we add little bitty zerust to our pile I mean, that's that's real life and we're working through that and we know when when we get done talking about Gibault PFS. We we have a good good argument as to why they should add us to their pile and.
And they are.
In terms of the counter detail. The good news is Lilly isn't really talking about GE vocabulary much.
They're talking about their own product and they're talking about why people should have glucagons, which is good for both of us.
Actually they were talking about us it would probably be helpful. At this point.
But we and we're not talking a lot about them. The counter detail is pretty much in their positioning their position that positioning their product as the needle free.
And for people, who don't like needles are there.
They are sick and tired of needles for their insulin.
Nasal sounds really good.
So that that makes sense.
And for physicians and it gives them an option that gives them more things to offer patients. So overtime I think one of things were going to see is the physicians are going to present patients with the various different options and theyre going to choose for themselves.
In terms of social media, we were just with all of the online Influencers are a big percentage of them.
This past week in San Diego, They continue to talk about.
Gee vote.
They were in our San Diego facility in our labs.
So we continue to engage with them.
Social media in terms of search.
Facebook type stuff et cetera is up and running.
We are getting a lot of hits to our web site.
In DTC.
We had running for three weeks in January we stopped it for a couple of weeks to evaluate where we were getting.
Up uplift.
Getting people going to the website et cetera, we assess the various markets that we were doing DTC in.
We adjusted those markets to 15 or 20 that we know.
We're getting some impact and then we restarted it in mid February.
It will run through at least April and then we'll take another look.
Look at how it's doing and optimize further.
And the inflection or the hypo pen.
I I wish I wish I could give you a good sense of how big an inflection we think thats going to be we think it will be important.
One we will be launching in July in front of that back to school period.
Oh.
Hopefully we get the same kind of reaction that Lilly got when they launch during that period.
Okay.
Thank you.
This concludes today's question and answer session I would now like to turn the call back to Paul Edict for closing remarks.
Thank you thanks, everybody for the questions. Thanks, everybody for joining US today. We appreciate your time. We appreciate your interest in contributed in Zerust and I have a great day.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.
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