Q3 2021 PLx Pharma Inc Earnings Call
Good day, ladies and gentlemen, and thank you for attending my welcome to the <unk> Pharma third quarter 2021 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question during that session you will need to press star one on your.
Your telephone please be advised that today's conference is being recorded if you require any further assistance. Please press star zero I would now like to hand, the conference over to your Speaker, Lisa Wilson Investor Relations. Please go ahead.
Thank you Carmen and welcome to deal at farm. The Q3 2021 earnings result.
This is Lisa Wilson Investor Relations for Pls.
With me on today's call are Natasha Giordano, President and Chief Executive Officer, and Reno O'connor, Chief Financial Officer of Pls.
You can also access the webcast of this call junior investors section of the Pls website Pls pharma dot com.
Before we get started I would like to remind everyone that any statements made on today's conference call that express a belief expectation projection forecast anticipation or intent regarding future events and the company's future performance may be considered forward looking statements as defined by the private Securities Litigation Reform Act.
Forward looking statements are based on information available to <unk> management as of today.
Involve risks and uncertainties, including those noted in our press release issued this morning, and our filings with the SEC.
Forward looking statements are not guarantees of future performance.
As a result.
May differ materially from those projected in the forward looking statements.
<unk>, specifically disclaims any intent or obligation to update these forward looking statements, except as required by law.
The archived webcast will be available for 30 days on our website <unk> dot com for the benefit of those who maybe listening to the replay or archived webcast. This call was held and recorded on November 12 2021.
Since then.
<unk> may have made.
Related to the top discussed so please reference the company's most recent press releases and S&P cloud.
And with that I'll turn the call over to feel like the CEO Natasha Giordano.
Thank you Lisa good morning, everyone and thank you for joining us today.
We are incredibly proud to successfully completed the initial phase of the vascular launch achieving wide trade adoption and placement of vascular on shelf and more than 30000 stores nationwide as well as product availability on major e-commerce sites.
This level of extensive distribution is simply outstanding even in the face of global supply chain challenges and labor shortages in the market. Our seasoned management team was able to successfully bring <unk> to market and make it available to consumers wherever whenever.
And however, they shop.
This has been an important part of our strategy as consumers shopping behavior has changed since Covid online shopping has remained strong supported by convenient retail services, such as buy online and pickup in store and curbside pickup consumers have also been consolidating shopping trips, making less free.
<unk> purchases, but stocking up and purchasing larger baskets in store.
By design, our prominently placed product displays are grabbing the attention of the consumer while in the store. This further highlights the importance of our retail partnerships to promote <unk>.
Digital sales are expanding as many e-commerce sites have pivoted from being simply a search engine to our marketplace retail sales platform. Our vast <unk> enhanced content is available on major e-commerce sites.
Before I provide further information on market feedback and the next phase of the vascular launch I will first turn the call over to our CFO and head of manufacturing and supply chain, Rita O'connor, who will share our third quarter results, including key drivers of our sales performance reader.
Natasha and good morning, everyone. Today, I will provide some perspective on our third quarter results, including key drivers of our performance.
To begin we recorded our first and first sales of <unk> in the third quarter, reflecting initial stock orders of the product cost across top tier U S drug food and mass retail channels.
Our phase one commercial plan for <unk> is well underway. We are so proud of the team's execution in achieving such extensive product distribution, including a more than 30000 U S retail stores and e-commerce sites.
Many retailers are stocking all three skus two skus of the 81 milligram dose and one SKU of the 325 milligram dose as well as prominently placed in displays elsewhere in the store.
On its own this level of trade distribution and support is impressive, but given the ongoing global supply chain and labor challenges and shifts in consumer shopping behavior. This is an important early success factor for us and a testament to the resilience and determination of our seasoned management team.
As a reminder, we account for revenue in accordance with ASC 606, which basically means that we will recognize revenue when product is received by the retailer.
We will also record reductions to gross revenue, including provisions for retailer promotional programs product returns prompt pay discounts and coupon redemptions by consumers.
Total net sales in the third quarter were $6 $6 million, reflecting those initial product shipments to retailers netted by the variance various allowances I just mentioned.
Net sales were led by <unk> 81 milligram dose, both the 30% and 12 count Skus, which represent nearly two thirds of the total net sales in the quarter.
Early data at retail shows consumption is building with the weekly performance growing double digits. The past few weeks for both 81 milligram or 325 milligram doses.
As we completed the initial distribution phase of our <unk> launch plan. We are now moving into phase II, which focuses on plants sales acceleration activities in the fourth quarter and into 2022.
Natasha will elaborate on these activities in a moment.
As typical with our previous experience with Mega brand launches, we expect our trade partners to work down their initial stock inventory of <unk> by year end, driven by growing consumer demand and several planned promotional activities over the next several weeks.
Then typically after the holiday rush retailers begin to meaningfully reorder product early in 2022 as they shift focused in the new year to in store promotional activities centered around heart health month in February.
Moving to cost of sales and gross margin.
As we have said previously our cost of sales includes actual cost paid to our contract manufacturing packagers.
Costs associated with inbound outbound shipping order processing, plus handling and storage fees at our distribution center in the Midwest.
Royalty payments to the University of Texas are also in cost of sales.
This resulted in a gross margin of 41% for the third quarter currently the product margin to the 325 milligram dose is lower than the 81 milligram dose because it's consists of proportionately higher raw materials and smaller batch sizes. Although they both have the same list price of the 81 milligram 30 count bottle.
We see an opportunity to improve our blended product margin when we expand our manufacturing capacity.
Provide much larger batch sizes, particularly for $3 25 milligram with expected completion in late 'twenty two.
We also expect as the product launch accelerates the consumers will trade up to the late larger 81 milligram 30 count size from the lower margin <unk> count trial pack.
Moving onto operating expenses, our third quarter research and development expenses increased 29% to $1 6 million.
Reflecting pre commercial manufacturing related activities for <unk>.
Both periods also included spending for vascular clinical trials 21 spending was on the 81 milligram clinical trial, which Natasha will discuss in further detail in 2020 included 325 milligram Bioequivalence study.
Our R&D expense for the remainder of 'twenty, one and 'twenty. Two we'll continue to include investments in feasibility work to support expanding manufacturing capacity as well as further development of products using our patent protected <unk> technology.
Selling marketing and administrative expenses in the quarter totaled approximately $11 million compared to $2 million in the prior year period, primarily due to the extensive vascular launch activities underway.
Our cardiovascular specialty field force was deployed in July this fully integrated team is focused on building awareness.
And driving <unk> adoption nationwide.
And the end of August we launched our first National media TV campaign to generate awareness of <unk>, among health care professionals and consumers.
<unk> trial, and motivate consumers to ask their doctors about <unk>.
The success of this campaign means that our message is resonating and driving base awareness among our target audience.
Early feedback from consumers and healthcare professionals is very positive.
Through the end of October our television campaign has delivered more than 175 million impressions, reaching 65% of our target audience or nearly 10 million consumers with high frequency.
Our TV campaign will continue throughout the fourth quarter with the goal of reaching nearly 90% of our target consumer by the end of the year.
Feedback from our field force indicates our commercials are driving patients to ask their doctor about the new form of aspirin. They saw advertised on TV and as expected television advertising is also having a halo effect and strong impact and driving traffic to <unk> website, where the buy now click ratio.
Is very high.
In all we expect total operating expenses in the fourth quarter of 'twenty, one to be between 20 and $23 million for the quarter as we rollout roll out the next phase of the Basel our launch plan.
On a GAAP basis, we reported net loss of $21 6 million or <unk> 80 per basic and diluted share in the third quarter compared to a net loss of $3 6 million or <unk> 40 per basic and diluted share in the prior year period.
Our GAAP reported net loss includes a noncash loss of $11 8 million.
Or <unk> 43 per share related to the change in the fair value of our warrant liability due to the fluctuation of the company's stock price.
On an adjusted non-GAAP basis, our net loss per basic and diluted share.
Was <unk> 37, compared to adjusted non-GAAP net loss of 36 per share in the prior year period.
You may have noticed that we added a reg G table in our financial statements to reconcile the GAAP EPS to an adjusted non-GAAP number.
This addition was to provide investors and analysts with useful measures of operating result, unaffected by the impact of the volatility of the noncash change in fair value of the warrant liability preferred stock dividends and beneficial conversion feature.
Adjusted non-GAAP net loss and adjusted non-GAAP net loss per share should be considered in addition to but not in lieu of net loss or net loss per share reported under GAAP.
Turning now to some balance sheet items, we ended the quarter with a sequentially higher cash balance of $82 6 million.
Compared to $80 million as of June 30.
Primarily due to net proceeds of $7 $7 million from the issuance of our common stock under our equity distribution agreement or ATM and cash received from warrant exercises of $3 8 million, coupled with cash receipts of $3 $3 million from the initial sales of <unk> and we continue to have no debt on our back.
Once sheet in summary, our third quarter performance demonstrates our agility and focused execution of the initial phase of launch plan. Our team is on track and poised to enter the next phase of our launch and drive further brand awareness and market penetration with that I'll turn the call back over to Natasha.
Natasha. Thank you Reeta, we continue to receive overwhelming positive feedback from consumers as evidenced by increasing consumer purchases week over week for both 81 milligrams and 325 milligrams as well as by some online reviews to highlight a few of these reviews.
We've seen this invention is long overdue I highly recommend it so far the best low dose aspirin on the market.
Easy to swallow and provides fast relief for my minor arthritis pain.
We are also experiencing a high degree of interest from the health care professional regarding a new formulation in the aspirin category with bioequivalence to immediate release aspirin physicians have made reference to a patient or even themselves cannot tolerate aspirin and that they are interested in hearing about a new form of aspirin.
Theyre also relieved that vascular is available over the counter thus avoiding the managed care process.
Professionals are also pleased that the capsules are easier to swallow for their patients who often have issues swallowing pills.
We've already seen that the TV commercial is reaching not only consumers, but also encouraging physicians to ask for more information about this new innovative aspirin therapy or.
Our cardiovascular field force is building awareness by gaining access to our targeted health care professionals in large group practices affiliated with the top 100 heart and stroke hospitals in the country. The majority of the calls are being made in person averaging eight calls per day in fact and their short duration of being.
In the field they have already reached 83% of the top targeted hcp's.
And they have expressed a very positive response to vas alone in the second phase of our launch strategy, we intend to expand the reach of targeted cardiologist to include their referral network accessing them, an alternative sites of care and continuing to distribute samples and coupons to all appropriate.
The aspirin therapy patients.
We're also excited to see that <unk> is now listed on electronic medical record EMR platforms to help facilitate the process for HCP to recommend vascular for their secondary prevention patients along with their other prescribed medications we.
We continue our commitment to advancing the science surrounding aspirin therapy in partnership with our esteemed scientific Advisory Board and further expanding our medical communication through publications medical conferences, continuing medical education and promotional events we've implemented.
Broad and deep outreach campaign for health care professionals, including retail and hospital based pharmacist with email alerts and education kids with information and coupon incentives.
Our publication plan includes our recently conducted study led by doctors, Frankie and NGL Luo from the University of Florida, which was a randomized open label crossover pharmacokinetic and Pharmacodynamic study.
The preliminary results showed vascular 81 milligram provided fast and reliable absorption after a single dose and the data was included in a virtual poster presentation last week during the Transcatheter cardiovascular therapeutics meeting for TCT of the cardiovascular Research Foundation.
In Orlando, Florida.
This was the first study to investigate the PK and PD parameters of the 81 milligram dose of <unk> and as expected. The results were consistent with previous findings from published Pharmacologic studies with <unk> 325 milligrams were excited that these findings provide additional clinical information about our <unk>.
D. A approved vascular liquid filled aspirin capsule beyond the first studies that supported the approval of <unk> 81 milligram <unk> $3 25 milligram.
Additionally, at TCT, our live broadcast interview with World renowned intervention cardiologist, Dr. Gibson and Dr. <unk> was held to further discuss the vascular scientific data presented at the conference to the Cardiology community. The interview is currently posted on.
Clinical trial results Dot org.
I'd like to take a moment to adjust the recent confusion in the media regarding the U S. Preventative services task force or U S. P. S. T. F recommended guidelines on the use of aspirin in primary prevention of cardiovascular disease.
The draft recommendations issued by the U S. PSTN pertained to the use of aspirin for the prevention of a first cardiovascular event and do not pertain to those who have already had a cardiovascular event such as a heart attack or clot related to stroke and are taking aspirin based on their doctor's recommendation.
<unk>.
As a reminder, <unk> targeted population is those patients with a history of cardiovascular disease, and who are already on a physician prescribed aspirin therapy to help prevent another heart attack or clot related stroke.
As cardiologist continue to recommend aspirin for their secondary prevention patients.
<unk> is a new option with its unique delivery system designed to help protect the stomach.
Several years ago, the American College of Cardiology, and the American Heart Association updated their recommendations to limit the use of aspirin in patients without established cardiovascular disease.
Their recommendations, which are closely followed by cardiologists.
State that Aspen is an established and foundational practice for the secondary prevention of a heart attack or clot related stroke.
<unk> of people take aspirin daily as part of the physician prescribed aspirin therapy plan following a heart attack or caught related stroke. In addition, many patients with a history of gastrointestinal issues reported discontinuing aspirin therapy against medical advice because of stomach issues.
<unk> delivers aspen differently from plain and enteric coated aspirin products. The special complex inside the capsule allows for targeted release of aspirin limiting its direct contact with the stomach fazalullah delivers fast reliable absorption for pain relief.
The lifesaving benefits of aspirin.
And then in an attempt to clarify the confusion cardiovascular thought leaders got together and held a virtual town Hall meeting on October 29th titled should you stop or start aspirin ask your doctor as a public health service for patients to help clarify the continued.
Critical role of aspirin in the secondary prevention of cardiovascular disease.
They also stress the importance of asking you a position on whether to stop or start aspirin therapy.
This town Hall meeting is also posted on clinical trials results Dot org.
Last quarter, we announced our plans to develop the <unk> drug delivery platform technology and now we're laser focused on the next phase of the vascular launch we strongly believe in the value of our <unk> drug delivery platform, which may be applicable to many other active pharmaceutical ingredients.
As we progress in the launch of <unk> and SaaS product candidates for our <unk> platform. You will see we are now describing <unk> as a drug delivery platform technology company that represents our evolution and our ongoing growth plans. So stay tuned for more information on.
And that next year.
As you know the <unk> management team has launched several well known products such as mucin ex lipitor neuron, Tim Zantac, Clarityn and Zertec just to name a few this management team knows how to build Mega brands.
<unk> is on a mission to making <unk>, a household name and providing the much needed benefit of aspirin to millions of patients with that I will open the call for questions. Operator. Please go ahead with the instructions.
Secondly, MSR reminder, to ask a question simply press star one on your telephone to withdraw your question press the pound or hash key.
First question is from Leland <unk> with Oppenheimer. Your question. Please.
Good morning, Thank you for taking my questions and congratulations on the great.
Gross out of the gate.
That's what we're launching.
Well I want to see.
We could kind of have you help us think about just Q4.
Given the initial stocking obviously robust sales in Q3 and now as that inventory is worked down and Reorders may not occur.
Interest until perhaps after the new year, we also of course will be.
The USPS TF recommendations come through at the beginning of the fourth quarter as well.
Which may have had potentially some impact on.
Sales of Ashford in general if you could maybe help us think about without giving guidance of course.
How we should.
Think about the <unk>.
Members in Q4.
Versus Q3.
Sure.
Lantus reader.
As you know with our typical experience with initial stock and so as you said, it's quite extensive distribution not only were on shelves with all three facings or all three skus on shelf. We also had tens of thousands of displays out there.
In other places in the store so.
As we've experienced in the past whenever you launch and especially in OTC brand getting it on shelf is the most important.
So as we're seeing this rollout so that was phase one and now we're entering into phase two in terms of significant promotional activities in the fourth quarter. So we're going to have a lot of those activities through the holiday Rush and then we anticipate much larger reorders in the first quarter than in the fourth.
As you can imagine the retailers are all stocked and ready to go for the holiday season. So once it turns of the new year. They are really going to start thinking about their health and in particular heart health is centered in February. So I would really look to more of the next phase of Reorders in the first quarter than than the fourth quarter.
Does that help.
Are you able at this point to comment on any level of reordering the classrooms.
Dave.
We really it's too early to tell we have feel that we have strong consumption data and I think I mentioned that the last couple of weeks, where Britain growing double digits, which is fantastic. So no.
Right now we're getting into the end of the year, they're going to watch their inventory levels and really start to plan the reorders.
Okay. That's helpful. And then just my last question on the on the margin gross margins.
You had 41% how should we think about that.
Potentially improving through 'twenty two.
With scale and also as you look to further optimize.
The manufacturing part.
Yes, great question your meaningful improvement.
Yes, we're hoping that it's meaningful improvement the $3 25.
It's a much lower margin for obvious reasons, it's four times the fill and we have much smaller batch sizes. However, we're working with our partner Thermo Fisher scientific in Cincinnati to expand capacity and first up will be $3 25 were make.
Investing in quite a bit of equipment in their plants. So that we can prove the capacity and the throughput on 325. So I would look to that may be one year post launch Leland so to improve that we also had some as you can imagine some initial things, it's not running as efficiently as it would be.
But now I think we're back up on the line and working towards improving those margins.
Terrific, Thanks, very much and again glad to hear on the older problems.
Leland Leland.
Our next question comes from Elliot Wilbur with Raymond James Your question. Please.
Thanks, Good morning break one of my Cardinal rules have been an analyst never to congratulate management teams on doing what they're supposed to be doing in terms of deliveries.
But.
I think congratulations are in order in terms of initial revenue recognition I know, there's a lot of heavy lifting and blood sweat, maybe even a few tears that but.
But were shed before we got to this point so congratulations.
First question is actually for reader, just I want to follow up on.
The earlier question on gross margin and just think about the trends as you move to ultimately where we expect you will be sort of at peak just trying to ascertain how important.
It is in terms of improving the margin profile on the $3 25 versus all the other things that.
Are impacting.
Margin right now in terms of the couponing and initial promotions and gross to net and just overall volumes I mean, I would guess the optimizing the $3 25 formulation is probably relatively small in the grand scheme of things, but maybe I am not correct and that fact, and then follow up for you really.
You mentioned a couple of times some of the metrics that you're tracking is showing double digit growth. Just curious are those third party metrics.
Or.
Well to us on the outside or is that more just direct feedback coming from the retailers.
I'll take that last question first yes, thats actually direct feedback from our retailers. So we get some performance from some of the top retailers. So.
That's where used to be able to plan inventories with them. So that metric is there and unfortunately, no youre not able to buy that same data. So you'll have to wait for me to share it with.
And getting back to the gross margin. So yes. So obviously there is two parts to gross margin one is the cost of sales which will improve.
Hopefully significantly one year post launch for all the reasons I mentioned the other one is one that you mentioned as well as the gross to nets. So as you can imagine with any launch we have a significant increase in couponing, we actually record estimated coupon redemptions when they're dropped so we have Cooper.
Ponds going out to the health care professionals, we have them on our website, we actually had them on our displays and really to drive trial for <unk>. So it's an important.
Adam to have so that they can.
Try our product so yes. So in the initial one there is more gross to nets and you would imagine so that is also impacting gross margin and we hope to improve both of those lines. As we proceed and really increase our revenue as well as some these promotional activities take take.
Holt.
Okay. Thanks.
A question for for for both of you in.
And then we have not figured this out yet myself. So hopefully you guys have an answer for this but as your CSO is out engaging.
Kols and targeted physicians and obviously, they're seeing patients.
I presume that a lot of.
Initial.
There's a war activity.
Could in fact show up on a prescription pad at some point, there's obviously a lot of prescriptions raft aspirin, even though it's an over the counter product and I'm just trying to think about.
Sort of using some of that data is volatile as it may be kind of in the short term in terms of thinking about sort of.
An initial.
<unk>.
It seems like once a patient presents a position and ultimately comes away with a prescription or prescriptions.
<unk> may be on the pad and maybe fill in the back of the pharmacy versus going out the front door not sure. If I have that correct, but just curious to get your thoughts on that that idea.
Yes.
I'll take that Elliot.
One of the things that we talked about a few more.
<unk> ago is the fact that <unk> is now on every electronic medical record platforms. So it's on all the databases that makes it easier for healthcare professionals, whether it's a physician or nurse practitioner IPA.
To find <unk> in that and that dropdown list. So that when it goes and gets E scribed to the pharmacy. The pharmacy, we will see it but the patient also we'll have it in hand, and Thats designed to make it easier for the consumer to get to the shelf the lion's share of our business is.
Going to be from in front of the store and yes, there potentially will be.
Some are axes, adjudicated, but I wouldn't count on that as directional for how how we're doing in the launch our consumption data.
True data of product coming off of south of being purchased by by consumers.
And that's where we're seeing the growth week on week. So what's what's important here is that after two five months of being in the market. We are really confident as we've built these brands before on exactly where we are we are where we should be we're continuing all the activities.
At both <unk> and I mentioned.
Few moments ago that will accelerate that near term growth in that near term sale.
Okay. Thanks, and then last question for you.
So just going back to your earlier comments on the USPS.
Good.
<unk> lines and just some of the noise that has been created in the wake of that obviously a lot of noise in financial markets, but there does seem to be some impact in terms of.
In terms of trends I mean, it looks like utilization is actually kind of dipped about 5% in the wake of the.
The guidelines.
Actually it seems like maybe more of an opportunity for you than than otherwise, but just sort of curious what you heard in terms of.
Potentially patients.
Coming off therapy or or.
Doctors, maybe stepping back there a.
A little bit doesn't seem likely I thought the guidance guideline frankly, we're pretty clear years ago, but there does seem to be sort of a world rewards impact and just wondering if you see this as kind of a window, where an opening to really sort of get out there at a point in time when there is a lot of noise and confusion in the marketplace.
Yes, it absolutely is an opportunity to once again confirm our commercial strategy I mean, Aspen is foundational. It's on every guideline. There is no debate in the cardiology community about how important aspirin is in secondary prevention.
In a patient who has had a heart attack or an invasive procedure of vascular disease or stroke and so there is an opportunity as we talk to as a company from multiple touch points with.
With the cardiology community and the thought leaders.
Theyre actually upset because patients that require aspirin for the rest of their lives are confused and potentially taking themselves off of Aspen. Those patients are put at much more significant risk of having a heart attack.
30% risk increase and when you stop and aspirin product and Thats why the cardiology community is coming together in different programs like the town Hall that was held by Dr. Gibson and Dr. Angelo and a few others.
<unk>.
A lot of data out there supporting aspirin and its use.
An important therapy for these patients so yes, it's an opportunity and I think for our shareholders and the investor community. It confirms our strategy and it confirms the opportunity that we have to grow we have over 40 million people in this country that could use a new form of aspirin and.
That's where our focus lies and that's where all of our tactics are focused.
<unk> in the HCP space, the consumer space and in our partnerships with.
With retailers.
Alright. Our next question comes I'm, sorry, if you have a question at this time.
Simply press Star one on your telephone to get in the queue.
Okay.
Our next question is from Jason Butler with JMP Securities. Your question. Please.
Hi, Thanks for taking the question, let me add my congrats on a great start to the launch.
Just starting off I guess in terms of the physician feedback you are hearing.
Can you talk a little bit more about the.
Real World evidence that physicians are directing patients to try about lore, how that process is working in terms of the patient actually finding their way to the product and then on the consumer feedback are you hearing anything on <unk>.
Cost or price that reaffirms that you've got the pricing of the product.
Right out of the gate.
Yeah, I'll take the consumer first.
We are seeing reviews online that really are growing and an important for us.
We as a company because we've launched so many big brands understand how important it is to listen to the market and to listen to our research and what we're hearing is yes, the prices premium over over the other aspirants in the category.
Really what's important is that it's a new form of aspirin theres been no innovation in this category in decades. The market is is very needy for a new form of aspirin and not only in terms of the Gi benefit, but also because of the entire coated aspirin product.
Which has been dominating the market for years now.
Erratic absorption by the Fda's on words, and if you think about this particular patient the secondary prevention patient that patient needs platelet inhibition on a consistent and predictable and reliable way and that's what <unk> delivers as we describe our.
Our published clinical studies and the studies that we continue.
Two to invest in the consumer feedback is really very interesting to us what we've learned is that when the consumer and the health care professional understand the benefit behind Fazalullah. Then then the price becomes understandable and and and respected.
As far as the HCP.
Is concerned.
Frankly, the cardiologists have always just assume that aspirin is doing its job. They know it's important it's onboard for these this group of patients.
So when we talk to them about a new form of aspirin, they're very interested in how it works how does the technology work and so a lot of our education a lot of our communication not only medical communication, but also the consumer communication is all about the mechanism of delivery, which by the way is the reason.
Why as an over the counter product vascular has 58 global patents and composition of matter methods to make and methods to treat.
So we are exactly where we want to be in terms of two five months into this launch.
We know all the markers of building a successful brand and all of those markers are signaling well, we continue to listen to the feedback and.
Coming from both the doctors the HCP as a pharmacist and and the consumer and we're incorporating that into our activities as a small company, we're able to do that we're flexible we're agile we have the means and the resources and we are applying our learnings as we speak into the tactics over these next few weeks.
That's helpful. Thanks, and thanks for taking the questions.
Thank you Jason.
Thank you.
We'll turn the call back to Natasha for her final remarks.
Thank you Carmen.
Thank you for your time this morning and closing this deal ex management team, we know how to launch products and we're executing our launch strategy and plan with our proven blueprint for building a successful brand looking forward to our next update have a great day.
Thank you and with that we and our program for today, we thank you for participating and you may now disconnect.
[music].
Sure.
Yes.
[music].
Yes.
[music].
Okay.
Okay.
Yes.
[music].
Yes.
Yes.
[music].
Yes.
[music].
Yes.
[music].
Yes.
[music].
No.
Okay.
Okay.
Yes.
Yes.
Yes.
Okay.
Okay.
Yes.
Sure.
Yes.
Okay.
Yes.
[music].
Yes.
Yes.
Okay.
Okay.
[music].
Okay.
Yes.
Yes.
[music].
[music].