Q4 2021 Oyster Point Pharma Inc Earnings Call
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Good evening and welcome to Oyster point Pharma fourth quarter 2021 earnings Conference call. My name is Valerie and I'll be your operator today.
After the company's formal remarks, there'll be a question and answer session. At this time I'd like to turn the call over to Mr. Daniel Lochner Oyster point Pharma Chief Financial Officer. Please go ahead.
Good evening, everyone and welcome to Oyster point Pharma fourth quarter earnings conference call for the three months ended December 31 2021.
The evening, we issued a press release containing our fourth quarter and full year ended December 31, 2021 financial results and recent business highlights. In addition, our earnings press release, and our Form 10-K , which were filed with the FCC. After the close of market today are available on our website under the Investor News.
<unk> at Www Dot Oyster point Rx Dot com.
Joining us on our call today are Dr. Jeffrey now President and Chief Executive Officer of Oyster point Pharma and Johnson as Aramco, Chief Commercial officer falling Doctor now Mr. Schnitzer Rinko in my prepared remarks, we will open up the line for questions during.
During the call today, we will be making forward looking statements regarding potential future events, including statements regarding oyster point pharma as potential future financial status and results of operations and our plans and potential for success relating to commercialize into your buy at east.
These forward looking statements involve known and unknown risks uncertainties and other factors that may cause our actual results to differ materially from any future results performance or achievements expressed or implied by such statements for a description of these factors. Please see our annual report on Form 10-K for the year ended December .
31, 2021 filed with the SEC after the close of market today.
I'll now turn the call over to Dr. Jeffrey now President and Chief Executive Officer of Oyster point pharma.
Thank you Dan Good evening, everyone and thank you for joining us on our call today to discuss our fourth quarter 2021 financial results and recent business highlights.
This is a particularly exciting time for Oyster point. This is our very first earnings call, where we are pleased to be reporting partial revenues from the commercial launch of turbine nasal spray for the treatment of the signs and symptoms of dry eye disease in the United States marketplace.
You will learn more about how we are delivering these encouraging commercial results on the launch of <unk> nasal spray, but first let me provide the company's 2021 business highlights.
<unk> of 2021, we received FDA approval of <unk> nasal spray for the treatment of the signs and symptoms of dry eye disease.
Dry eye disease is a chronic condition that impacts an estimated 38 million people in the U S and is growing and prevalent.
The dry eye market is now being introduced to the first nasally delivered pharmaceutical dry eye therapy, and we believe that given the high level of patient and physician satisfaction. We are seeing in the field with tier buyer that significant growth remains ahead.
You'll be hearing more shortly from Johnson as Ranco, our chief commercial officer about the details of the launch of <unk> nasal spray, but I'm happy to state that we had a great partial fourth quarter commercial performance in 2021.
We're happy to report that to you by a nasal spray had a net product revenue of $1 2 million in Q4 of 2021.
In addition, we recognized $5 4 million from our license agreement with <unk> Pharmaceuticals. We are now entering 2022, having demonstrated the ability to achieve the successful commercialization of tier buyer as well as drive strong execution across multiple areas of our business, including our exclusive license agreement with <unk>.
To develop and commercialize <unk> in greater China, securing non dilutive funding and pursuing additional treatment advancement in the clinic as well as in the R&D laboratory for patients with ophthalmic diseases.
This week, we publicly announced an early commercial win with one of the largest commercial payers. Our press release from Tuesday announced that tier by a nasal spray is now covered by express scripts effective on February 19.
This is a fantastic accomplishment for our market access team and achieving the addition of 26 million covered lives and more importantly, this early in our first full quarter since launch.
Patients are increasingly gaining access to tier buyer in the U S for a disease state that up until 2021, we believe experienced very little innovation for the current large unmet need in dry eye disease.
<unk> is a first in class cholinergic agonist nasal spray with its highly differentiated from the other pharmaceutical products in the dry eye space and includes the following potential advantages if youre buying a nasal spray has a differentiated mechanism of action is as.
It is believed activate the trigeminal parasympathetic pathway by in the nose, resulting in increased production of basal tear film as a treatment for dry eye disease legal tear film is responsible for lubricating nursing and protecting the cornea.
<unk> is the only ocular surface sparing pharmaceutical therapy for dry eye patients for those patients with a compromise ocular surface, increasing tier production without the burden of administering a topical medication may provide a welcome message to treat their disease for.
For the first time dry eye disease patients have an FDA approved pharmaceutical treatment options that is not administered as a topical eye drop to an already irritated ocular surface.
Although we are focused on the critical launch of <unk> nasal spray and continue to execute plans for the lifecycle development of the tier via franchise. Our R&D team remains committed to multiple exciting pipeline projects aimed at bringing additional innovative therapies to address diseases like neurotrophic, keratopathy and severe allergic or vernal care.
Conjunctivitis in 2022, we will continue to advance our enriched tear film gene therapy platform as well as our research and development collaboration with companies like adaptive phase therapeutics.
We remain excited about the ongoing olympias phase II study of Oc <unk> nasal spray in stage one the retrofit keratopathy, we're expecting a readout in the second half of this year NK.
<unk> is a disease that is currently under diagnosed or misdiagnose and many patients with ocular surface disease, we feel that stage, one retrofit keratopathy could represent a meaningful indication for Oc <unk> nasal spray.
Our vision and focus is clear the world needs, an innovative leader that can bring innovative and transformative ophthalmic disease treatments and we aim to be that leader. We believe that we are building oyster point into a best in class eye care company.
I'd now like to turn the call over to Johnson, <unk> Ranco, Oyster Point's, Chief commercial officer, and discuss our ongoing commercial launch of <unk> nasal spray for the treatment of the signs and symptoms of dry eye disease.
Thank you Jeff as we have previously communicated the dry disease segment is a large market with over 17 million people diagnosed in the United States alone.
Only a small proportion of these patients approximately $2 million are currently being treated with a branded therapeutic.
And over 7 million people diagnosed with dry eye disease have tried and abandoned the other available options.
We believe that is hereby nasal spray as a new treatment option for the large patient population that exists in the dry eye disease marketplace, including the refractory patients as well as those who are newly diagnosed.
As Jeff highlighted previously we are incredibly excited to have initiated the U S launch of tier by a nasal spray on November one.
We are pleased to report that as of the quarter ending December 31, 2021 data indicates that approximately 5500 prescriptions for <unk> have been filled written by over 900 unique prescribers.
These encouraging metrics were achieved in less than nine weeks from the launch including holiday periods.
In this short time to buy is quickly establishing itself in the market as an exciting new option for dry eye patients.
Regarding market access a core part of our commercial strategy is to promote accelerated payer adoption of tier buyer to the top payer organizations. Our market access team has done a great job in securing coverage for <unk> by Atwood Express scripts national preferred basic and high performance formulary effective February 19th.
With this latest formulary addition, we now have coverage for a total of 43% of U S. Commercial lives for an aggregate total of approximately 84 million lives.
We are incredibly pleased with this level of coverage. So early in our launch and we look forward to further growing our market access coverage in 2022.
Oyster point remains very committed to offering comprehensive patient services that help provide access to tier buyer for appropriate patients.
We have launched a comprehensive set of technology, driven patient services offerings aimed at enabling patients to successfully navigate the patient journey and procure turbines.
Our patient support program is called <unk> and for more information on this program and how to enroll please visit the website share via Dash Pro Dot com.
We have been quite diligent with the sizing of our field force, which enables us to target 20750, eyecare practitioners, covering both optometrists and ophthalmologists and representing approximately 94% of the dry eye prescriptions in the market today.
US and our efforts to achieve the full commercial potential up to your buyer.
In the first nine weeks of launch our sales force was able to introduce <unk> to more than 50% of the targeted prescriber base.
On the marketing side, we are leveraging the latest technology, including statistic heated analytics in person as well as virtual detailing best in class digital and social media efforts and partners as well as utilizing digital online pharmacy to enhance communication and delivery of <unk> to patients we.
We will continue to adopt our latest media and technology, driven marketing approaches to maximize your bias share of voice and impact in the market.
Our focus continues to be on broad eye care provider and patient education, and marketing efforts with targeted direct to patient digital campaigns, leveraging <unk> differentiated MLA and nasal spray route of administration to drive a positive patient marketing experience.
I am so proud of our commercial team's collective efforts. During this early phase of our launch, especially in these challenging times with the pandemic.
I will now turn the call back over to Dan Lochner, Oyster Point's, Chief financial officer to discuss our fourth quarter financial results.
Thank you John I will now provide a brief overview of oyster point pharma fourth quarter financial results additional detail about our fourth quarter as well as our annual financial results can be found in our Form 10-K that was filed with the SEC. This evening.
For the fourth quarter of 2021, Oyster point pharma reported a net loss of $42 1 million compared to a net loss of $22 2 million for the same period in 2020.
As of December 31, 2021, cash and cash equivalents were $193 4 million compared to $192 6 million as of December 31, 2020 based.
Based on our current business plan, we believe the company's available cash and cash equivalents will be sufficient to fund the company's planned operation for at least 12 months from our 10-K filing this evening.
Net product revenues for the fourth quarter of 2021 were approximately $1 2 million. Following the FDA approval of <unk> nasal spray on October 15, 2021, and our subsequent commercial launch in the U S. In November 2021, approximately half of the turbine net product revenue was.
<unk> two channel building by distributors upon launch of the product. In addition, pursuant to our license agreement with <unk>. The company also recognized $5 4 million in milestone and license revenue following the FDA approval up to your buying vehicles, which includes the noncash consideration of using senior.
Common shares the company did not generate any revenues during the third three months ended December 31 2020.
Cost of product revenue for the three months ended December 31, 2021 was $1 5 million and consisted mainly of third party manufacturing costs, which included pre approval cost reserves for inventory obsolescence and damaged goods and product royalty expense related to Pfizer the cost of product revenue.
Included a reserve for inventory obsolescence of <unk> 9 million.
The inventory manufactured prior to FDA approval of <unk> nasal spray was charged to R&D expense and as a result, the company expects the unit cost of product revenue will be lower until the company fully utilizes the product that was manufactured pre FDA approval. The company started expensing preapproval inventory in <unk>.
'twenty and recorded in R&D expense of approximately $4 3 million for pre approval inventory. During the year ended December 31, 2021, the company anticipate selling the remaining preapproval inventory by the end of 2022.
The company's sales and marketing expense increased by 21 8 million. During the three months ended December 31, 2021 compared to the same period in 2020. The increase was primarily due to higher payroll related expenses of $11 7 million inclusive of sales commission expense as well.
As an increase in stock based compensation expense of <unk> 5 billion, both of which were primarily driven by Onboarding a commercial field force in the second half of 2021. The company also incurred higher marketing market access commercial and other expenses up $10 1 million in anticipation of and in <unk>.
Connection with the U S launch of <unk> nasal spray.
The company's general and administrative expenses increased by $6 2 million. During the three months ended December 31, 2021 compared to the same period in 2020.
Increase is primarily due to higher G&A expense of $3 8 million related to accounting consulting legal and other professional expenses incurred in connection with the credit agreement as well as the company's transition from a clinical stage to a commercial stage company.
The company also incurred higher payroll related expenses of $2 $4 million, including recruiting expense due to an increase in head count to support and ongoing efforts to commercialize tier by it.
The company's research and development expenses decreased by $6 2 million. During the three months ended December 31, 2021 compared to the same period in 2020.
The company's decrease in R&D expense is primarily due to the company received an FDA approval up to your buying nasal spray in October 2021 to.
The company expense inventory prior to receiving FDA approval and expense of approximately $3 5 million as R&D. During the three months ended December 31, 2020. The company also incurred a fee of $2 9 million in connection with the new drug application submitted to the FDA in December 2020.
The company incurred.
<unk> expense of $2 $6 million during the three months ended December 31, 2021, primarily primarily related to the credit agreement with orbit.
Interest expense included contractual interest of $1 7 million as well as noncash expense of <unk> 9 million related to the amortization of loan commitment fees and accretion of other long term debt related cost.
The company had no interest expense during the three months ended December 31 2020.
Now as we turn to our outlook for 2022, our goal is to continue to achieve broad ECP and patient experience with tier by including both optometry and ophthalmology offices in order to reach the total addressable market opportunity of tier by a nasal spray we.
We anticipate the three large national commercial plan will make their coverage determination by the mid point of the year.
While we await such coverage determination, we will continue to provide patient assistant program to support eligible commercial patients and gaining access to <unk>.
With that overview of our financials I will now turn the call back over to the operator to open up the line for questions.
Thank you as a reminder to ask a question you will need to press star one on your telephone to us.
Your question. Please press the pound key.
Please standby, while we compile the Q&A roster.
Our first question comes from the line of Ken Cacciatore with Cowen Your line is open.
Hey team it looks like a really good and clean initial launch I was wondering if you'd want to help us a little bit with maybe the revenue pacing I know consensus I believe is around 30% and I know theres only a few of us analysts that are formally.
Involved in the consensus, but I think it's around $30 million. So I was wondering if you can just kind of hold hands with that number how we should be thinking about it and then also we've been doing clinician checks and getting very good feedback, but I guess you could help us as you would have a better sense of the early retention metrics maybe the.
Be able to definitively let us know how youre seeing some of the.
Retention numbers in patients returning so this is my first to them and ask one more if I could though could you talk John a little bit about.
Any refinements or learnings of your patient support system, obviously early days, but wondering if youre already tweaking it a bit anything that seems to be working very well or you've needed to change and with that I'll go back in the queue. Thanks, so much.
Great. Thanks, Ken for the question.
Very thoughtful so maybe what we could do is we'll just take those in order. So I will turn it over to Dan just talked about the.
The numbers for the year and then we'll go into retention and have a discussion about.
John's experience with the.
The bridge programs and the different patient services.
Yes, Great Hi, Ken I would say on revenues.
We haven't really provided official revenue guidance I would say.
We think about it very operationally focused in terms of our sales reps are out in the field.
Great job and I would say the focus very early on and throughout 2022 will really be about growing that eye care practitioner account and we have goals internally for what we expect to achieve on a.
Weekly and monthly basis, and so I think it really starts with.
Getting those ecp's onboard on a monthly sequential basis, and then starting to look at what they are.
Bright pattern is on an indirect basis per month, and then what we then start observing on that pull through on refill rates and so to kind of wrap that all up you see it sequentially building through the quarters for the entire year as we start working through that total target.
Population that you've identified which is roughly 20750 <unk> targets.
It'd be great to have John speak about how we're really going after that target base and how thats been building through.
The quarters and I think what Youll see at least for Q4, we've hit about 1900 of those ECP.
In respect to the 20750, and we will continue to really work through that.
That population of ECP, and really build that in Rx and refill rates the Trs and then.
Really playing out on revenue.
Other dynamic of course is always on gross to net.
And while we're not providing official guidance on gross to net because our focus really is on that volume and share component throughout 2022, I would say there is that first half component related to the majority of patients in the first half expect them to be on that bridge program, which has a discrete.
Impact of gross to net and then with our guidance.
Which is focusing on coverage determinations for the big three pbms by the midpoint of the year that transition from bridge over to commercial insurance will have a positive benefit discretely on that line.
In relation to gross to net which would kind of tie out to your question on kind of how revenues would flow from a price and volume perspective through the year.
Yes. Thank you Dan This is John how can you.
You asked a question around retention rates in refill rates.
We've been very very pleased to date with <unk>.
The metrics, we have been seeing in that space even patients that.
<unk> been prescribed in early November we started seeing early refill rates I could quote if you looked at our blended refill rates with retail pharmacy, and our digital online pharmacy.
Everything around 64, 65%. So we're very pleased with patients that are coming back and getting the retails.
We're getting very very nice position as well as patient feedback.
And we're hoping to continue that trend throughout 2022.
I think part of that as well as your third part of your question around patient support programs.
Out of the gate wanted to really employ a lot of technology around our patient services two turbines.
So.
We're trying to make it very easy for that patient to navigate that journey through the prior off and benefits investigations.
To get them to enroll into the program.
QR codes and the offices online as.
As well as other digital means so because of that we've been getting very very good high enrollment rates and good fill rates that come through that program. So in terms of tweaking, we're continuing to put up more patient materials too.
Surround sound the patient with different ways to enroll into the program, but overall, we're very very pleased with how the program has been going.
If the patient is deemed insured, but not covered they automatically pumped into a bridge program it to appropriate patients and they were able to get that script filled and get to experience. What's your bias. So we will keep monitoring the patients versus program, but so far we've been very very pleased.
Great. Thanks, so much I appreciate it.
One thing I will add on.
Ken.
Tom comment there is.
As we think about tier buyer as a product when we think about the current marketplace and what it offers to patients from an immuno modulator perspective patients.
Patients will go on a course of immuno modulator, if they're not happy with the outcome at the end of that course, there. They are transitioning off and they are likely either going on to another product or another device or another modality, but very rarely are they coming back. So we see a very low number of patients.
Come back to the original therapy.
The one thing to really keep in mind with PURA Vida is it works so quickly to provide the patient relief and it has such a differentiated mechanism of action that we are excited to look forward into the future to see how patients interact with the product it's going to be a very different interaction.
Then you would see within immuno modulator, because I do think not only will we have.
I'll, let refill rates, but we will have people coming back to the product in those later years. So we're excited about that and then I'll just throw one comment out there for my team back at the office.
Our patient services program is.
Bar, none one of the best I've ever seen it is it is going very well.
In the field and so kudos to the team for putting together such a great program.
Great. Thanks, so much.
Thank you.
Question comes from Joe <unk> with Piper Sandler Your line is open.
Hey, guys. Thanks, so much for taking my questions and congrats on the progress here. So maybe just a follow up I think Dan you mentioned you guys had some some internal benchmarks I'm sure on a bunch of things, but I'm wondering if you could maybe help put into context. The early penetration in terms of the number of unique prescribers, you've seen relative to your target ECP pool.
And where your early expectations were there and then I'm wondering what aspect and maybe it's something you just alluded to Jeff what aspect of the product profile do you see is resonating the most and how do you go about fully leveraging that.
Thanks, and maybe have a follow up as well.
Yes, maybe I'll start with it.
Ryan.
As you saw it in the in the press release, we had achieved 1900 unique writer.
<unk> in the quarter.
Which is just under about 10% of the targets that we're going after with our sales force of 162 sales reps and so I think we had great progress in the quarter.
Just just under about nine weeks and so as we look at benchmarks of Pryor.
Therapies that have come to market more recently.
We are in a great place.
We had expected us to land.
Of course, we also understood that this is a new way of treating dry eye disease. So really.
Communicating the benefits with the nasal spray and so I think we're quite pleased with where we landed and continue.
Continue to work toward that 21000 target count as we progress throughout the year.
And maybe what al.
Add on to the.
The second part of the question. There is some of the things that are resonating I think one of the things that's really been exciting about the launch of this product.
Patient feedback has been really great and so we've been excited to not only hear stories from the field.
See posts on.
Social media patients going out on their own and talking about the product and just really it's a great.
Product to launch where youre, having that patient feedback come back to the teams.
And to those folks that have put much hard work into getting the product out there into the marketplace because it's really why we do this.
And it really drives the team so I think one of the things that we hear.
It's something that's really encouraging.
The patient, stating that they really like the profile.
The way of making their ICL and differentiated in the way that able to be used. So we do hear stories back of people, who are unable to deliver a topical eye drop and this is another option for them because maybe they don't have the dexterity or they or their elderly and theyre, just not able to put a drop into their <unk> and so they are able to use.
<unk> nasal spray.
And the other thing that we hear in the field often as the physicians are not getting patients calling back and complaining and so that's also really important for us but again, we're very early in the launch. So we have many patients that haven't been on the product for more than a few months. So we're excited to see how the long term feedback yet but.
For the moment, we're really encouraged by the feedback or sometimes lack of negative feedback coming back from the patients.
Great and then maybe you can just squeeze in a quick follow up I think you said you guys have maybe covered about 50% of your target Ecp's can you maybe speak to what percent of those have been given a sample and how soon after sampling are you seeing ecp's write a script.
Thanks.
Yes, no. Thank you Joe Great question part of our our strategy is really to introduce to your buyer.
The office practice with the prescriber base the technicians.
The staff that are involved with training the patients and so on.
Prior to actually sampling because we want to make sure that the products taken appropriately and the patient gets the best possible experience to Ken with the nasal spray. So we've handed out quite a few sample is probably over 100000 samples.
Since launch, but we want to make sure that we hand them out appropriately and.
That installation with that office has actually taken place before that trampling.
<unk>.
That's worked well for us because we've seen.
A higher proportion of patients that tried to sample see if it works for them.
Before getting into our.
Our patient hub and actually getting the prescription filled so that that kind of connection has been very very positive with that.
With that approach.
Yeah.
Okay. That's helpful. Thanks again for taking my question.
Thank you. Our next question comes from Patrick Dolezal with lifestyle capital. Your line is open.
Hi, Thanks for taking the questions.
I'm just curious how the availability of generic cyclosporin has impacted discussion with payers if at all.
Were there any modifications to your negotiations with express scripts as that approval chemical what I'm. Just curious if you expect any impacts going forward as you onboard other payors and then I have a follow up as well.
Yeah, Patrick Thanks for your question.
We've seen kind of early mixed reactions from the payer community on how to manage the generic entry of cyclosporin.
And with with the early.
Listing with ESI theyre actually covering.
Tier VI across their formularies with only a traditional step sort of an artificial tears. So that's what I mean by mix. Some of the payers are kind of waiting until more than one generic comes out and take a look at the dry eye space or they are not really managing the drive space has closely.
And others are going to evolve a little quicker so where.
We're able to.
Modify our approach we are ready for a generic to be on the market or not with and that's the way our negotiations are going with the major pbms and our goal is to get access for <unk>.
On a level playing field with the branded therapeutics.
And our differentiation along with our.
The strategic contracting will help us to get there.
And one other comment Patrick if you will know.
Generic entry into the marketplace doesn't change the diet dynamic that exists where patient cycle off many of these drugs, whether it be for lack of a factor of side effects or whatnot, and so that certainly will not change.
So we were planning on generic entry coming I think we've been planning for a long time, but it's been always in the back of our minds and throw the team is ready.
Okay.
That's helpful. Thanks.
As it relates to just drug launch surrogates, there's not a ton in the dry eye space really but.
Obviously, we do have an eye drops just curious to hear any similarities and differences that that might be worth pointing out and just if you could comment on the rollouts coverage I'm driving drug adoption in the dry eye space generally that'd be helpful.
Curious if there's a tipping point, where you feel that.
The amount of coverage really will drive adoption, 50% thats a bit more.
Love to hear your thoughts there. Thanks.
Yeah, Patrick in regards to the <unk> launch we did see very quick uptake plug this was back in 2016.
They had very early access to the commercial insurers.
And then you launch with 280 plus reps.
We're very pleased with the number of reps, we have and the trajectory we're seeing with <unk>.
We're on track in regards to the payer negotiations and in fact, the ESI listing was an early listing for us so.
We will get to that point that we are expecting in terms of.
Broad base of.
Writers.
Professionals prescribing Tobias.
We just won't be out of the gate as quickly as you saw with with the <unk> launch I can tell you versus the latest two launches we're very pleased with how our trajectories going versus versus kind of the more recent entries.
But it was it was a different space back in 2016 less managed and also.
Second entry at the time after Restasis.
Definitely makes sense, thanks for taking the questions.
Thank you. Our next question comes from Chris <unk> with Jpmorgan. Your line is open.
Great. Thanks for taking the questions. So first one for me is.
Just wanted to get a bit more details on the express scripts contract.
So.
Really just thinking about what's the mix between preferred and non preferred coverage.
Within those 26 million lives.
Jed estimated and within the express scripts plan are there is there potential for.
Additional pickup of patience and.
Contracting that would either add additional patients or.
Move more patients towards preferred access.
When talking about that kind of mix the mix of customers.
What kind of what type of co pay should we be thinking about for most of these patients.
Thanks.
I have a couple of follow ups after that.
Chris Thanks.
In regards to ESI.
Weather.
Preferred or not preferred in terms of access.
Whether you are lifted preferred and non preferred the key criterias you have to have tried and failed on an artificial tears for all of the branded products here. So as you mentioned in the last part of your question. The out of pocket is a difference between the tier three and the tier two and pretty appropriate patients commercial patients we definitely.
Buy down that out of pocket to be very competitive with the leading branded product out there. So we feel.
Our 26 million lives that are covered are on a level playing field with regards to the leaders out there and and.
Those are the majority of the larger plans within ESI, but we will continue to to work with signing on some of the downstream plants at ESI covers sorry.
Sorry, that's our sense.
Covers as well and through ESI. So.
The <unk> for US is not a disadvantage we feel we're going to be very competitive with the two major brand leaders out there.
Great. That's helpful. And then you kind of touched on the refill rates and also.
Maybe you could just discuss your confidence in being able to hit that commercial coverage for Cvs Caremark and United Health by the Middle of this year then.
Aside from maybe overall script trends any other.
API that we should be watching for to watch.
The coming weeks and quarters.
Yeah, no Chris in regards to the refill rates, we've been very pleased with the kind of 60% 65% rate of resource we've been seeing.
We felt that based on the product profile as well as the services, we offer to make sure that.
Both the prescriber base as well as the patients are supported through through the clinical experience with <unk>.
In regards to some of the other pbms were in the middle of negotiations with them. We are still on track to have coverage determinations by mid year.
And we are.
Ready to.
Negotiate weather.
They're going to be managing the generic space or not.
We are we still going to be very very competitive.
To be able to get <unk> listed and get the majority of those commercial lives covered by mid year of 'twenty two.
Perfect I appreciate the questions.
Thank you and I'm currently showing no further questions at this time I would like to hand, the conference back over to stood up to now for any closing comments.
Thank you operator, and thanks to everyone for joining the call with US today as I mentioned in my opening remarks, we are extremely pleased to announce it to you by a nasal spray indicated for the treatment of the signs and symptoms of dry eye disease.
Currently in its first full quarter of launch for patients in eyecare providers in the U S. We're extremely excited for the potential significant growth that remains ahead.
Our vision and focus on bringing innovative and transformative ophthalmic disease treatments to patients and building Oyster point pharma into a best in class Ikea Company remains our primary goal as a company in closing I want to thank everybody for joining us Tonight and have a great evening.
Ladies and gentlemen. This concludes today's conference call. Thank you for your participation you may now disconnect everyone have a wonderful day.
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