Q3 2022 Revance Therapeutics Inc Earnings Call
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Welcome to the revamped therapeutics third quarter 2022 financial results and corporate update conference call.
At this time all participants are in a listen only mode.
Following managements prepared remarks, we will hold a Q&A session.
To ask a question during the session you will need to press star one one on your telephone.
As a reminder, this call is being recorded today Tuesday November eight 2022.
I would now like to turn the conference call over to Jessica <unk> head of Investor Relations and ESG for Revamps. Please go ahead.
Thank you Daniel joining us on the call today from revamped our Chief Executive Officer, Mark Foley President and.
And Chief Financial Officer, Toby Schilke, Inc.
This conference call management will make forward looking statements, including statements related to our regulatory submissions and approvals.
Preferences and behavior, the benefits to us practices and consumers of our products 2022 guidance cash flow breakeven future capital expenditures and capital allocation plans, our ability to draw on our debt our ability to effectively compete a blockbuster and growth potential.
Why a manufacturer and a doctor by the impact of economic headwinds on our business and consumers and our strategy of cloud operations and commercialization plans and timing.
Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties.
Factors that could cause results to be different from these statements include factors. The company describes in the section titled Risk factors in our quarterly report on Form 10-Q filed with the SEC today November eight 2022.
<unk> undertakes no duty or obligation to update any forward looking statements as a result of new information future events or changes in its expectations.
I will turn the call over to Mark Foley, Chief Executive Officer of Romance Mark.
Thank you Jessica and good afternoon, everyone and thank you for joining our third quarter 2022 financial results Conference call.
The third quarter of this year marked an inflection point for the company given the FDA approval of Jakafi.
First and only long acting peptide formulated neuromodulator glabella lines.
Difficult milestone positions revamps as the innovation leader in facial Injectables.
Enable us to realize our blockbuster potential in the U S. Aesthetics market. We're also providing the foundation for SPL a submission for cervical dystonia.
First therapeutic indication.
Further <unk> approval, we closed the $230 million follow on offering, which bolstered bolstered our balance sheet and positions us to launch sacrifice from a position of strength.
The third quarter was also strong from a commercial standpoint, as we delivered record revenue of $26 1 million representing.
Representing a 43% year over year increase despite broader economic factors, our solid performance in the quarter reflected our continued market share growth and the successful launch of our <unk> density, which Justin will cover later in the call.
<unk> continues to be very strong as evidenced by the over $1 1 billion impressions from earned media post approval along with countless inquiries, we continue to receive from injectors and consumers Dr.
<unk> 24 week median duration unique peptide formulation and strong value proposition have all been highlighted as key drivers of interest.
We're very encouraged by this high level of engagement and support which we believe will bode well for the product uptake and adoption upon launch.
Progress has also made on our supply chain as we prepare to bring <unk> to market.
We recently filed and received the Fda's acceptance of our prior approval supplement for Pis for our dual source fill finish contract manufacturer <unk> Biopharma, our RG based in San Diego, California.
Archie as already in the process of building inventory and we anticipate the fda's approval of that site in 2023.
Recall that we have wholly owned FDA approved manufacturing facility in Newark, California that produces both drug substance and drug product and we've been building inventory at that site in advance of approval.
So between Newark existing inventory production capacity and <unk> anticipated approval. We believe we are well positioned to execute on our launch strategy.
Additionally to support our longer term production needs, we have an agreement in place with an additional contract manufacturer fly authorization services of new England, or <unk>, which will meaningfully enhance our capacity.
And as our CMO has come online and as our volume increases we expect <unk> cost of goods to decrease over time.
Beyond <unk>, we have long talked about <unk>, a compelling opportunity in therapeutics, beginning with cervical dystonia.
<unk> is a painful and disabling condition that affects the muscles in the neck and our phase III clinical trial <unk> demonstrated that it was effective and generally safe and well tolerated and reducing the signs and symptoms of cervical dystonia, while providing a median duration of effect of 20% to 24 weeks.
<unk> modulators are the standard of care for treating cervical dystonia patients yet re treatment is not allowed by payers prior to week 12.
In fact, a published peer reviewed article in the journal of Neurology titled and International Survey of patients with cervical Dystonia reported results from a survey of over 1000 patients in 38 countries, which revealed that 88% of patients experienced septum reemergence between treatment sessions.
And notably the main time to the reemergence of symptoms was about $10 five weeks as a result patients who have symptom recurrence prior to week 12 have to manage without treatment effect.
Based on the current treatment landscape <unk> differentiated clinical profile and potential to provide significant pharmacokinetic benefits could represent an important advance and care for patients providers and payers.
We look forward to bringing <unk> to the CD market and to providing patients with a compelling option.
Following the approval of <unk> for total dollar lines, we worked hard to finalize and submit our SPL law for cervical dystonia.
Our submission is supported by data from our Aspen Phase III clinical development program, which included the Aspen <unk> and Aspen OLS studies.
We are anticipating a <unk> date in 2023, and if approved we look forward to launching <unk> into the nearly $1 billion U S muscle movement disorder market, which includes both cervical dystonia and spasticity.
Category also represents the largest single opportunity within the therapeutic neuromodulator market followed by migraine.
The total U S market size for therapeutic Neuromodulators sits at about $2 3 billion.
Insured Jakafi is our innovation foundation across the Statics therapeutics aligned for a tremendous value to be unlocked over time.
Before I turn the call over to Duston I would like to welcome David Hollander as Chief Medical Officer, overseeing clinical development data Science Medical Affairs scientific innovation, Pharmacovigilance and regulatory Affairs Dave.
David is a proven executive with broad operational experience and someone who have familiarity with both toxins anesthetics.
David will be a strong contributor as we set our eyes on <unk> commercial launch our international regulatory strategy and timing and our Therapeutics program. Following our <unk> filing for cervical dystonia he.
He will also play an important role in guiding our biosimilar to Botox program.
With that I'll turn the call over to Duston, who will cover our performance in the third quarter Justin.
Thank you Mark I'm very proud of our team for achieving our key priority of getting <unk> approved in addition to driving top line growth of our <unk> portfolio in the third quarter, we expanded our aesthetic accounts across products and services to over 4500 increased account productivity and broad IHA route density market.
In parallel with preparing for the highly anticipated launch of <unk>.
Our focused efforts resulted in $26 $1 million in <unk> sales, representing a 43% year over year increase on a sequential basis sales were particularly strong as well up 2%.
From Q2, despite the impact of traditional seasonality.
Call that Q3, and Q1 are typically slower quarters and as a result, our normally down from the prior quarter.
Put that all in the context. These are solid results continue to demonstrate our ability to gain share despite broader economic headwinds and seasonality.
We introduced our ACI route density in August and as part of that conducted multiple training and education programs with top injectors achieving nationwide reach.
And with our targeted sales and marketing initiatives, we saw healthy uptick supported by consistent and positive feedback from both consumers and injectors. We're very pleased to see that the launch is off to a good start at the product's unique rheological properties are being embraced across a number of aesthetic practices.
Overall, the IHA collection, which includes our 234, Andrew density has proven to be a valuable and differentiated product lines and with our partnership with <unk> SA, we anticipate expanding our indications across our existing portfolio as well as introducing new HLA formulations to meet the evolving needs of consumer.
And providers. Additionally.
Additionally, with the IHA collection, we have built a solid foundation of elite practice partners and a proven 100, plus sales force is ready to launch <unk>.
And looking at our innovative aesthetics portfolio, which includes <unk> <unk> and <unk>. We believe we have a differentiated and compelling suite of products and services that could counter some of the bundling programs of our larger competitors.
We remain bullish on our long term growth potential of the $3 $2 billion U S facial injectables market, and importantly, where we fit into this opportunity.
First while we cannot predict the impact of current economic environment. This market has historically been resilient even during the severe <unk> <unk> financial crisis Neuromodulator sales worldwide declined in the low single digits and dermal fillers in the low double digits before demonstrating a V shaped recovery.
Second we believe we are uniquely positioned for growth given our proven and resilient business model that is guided by our prestige strategy, our focus on innovation and our measured approach to commercial launch. This is evidenced by our solid commercial track record over the past two plus years since launching <unk> without the benefit of a neuromodulator.
And despite macro level impacts, including a challenging COVID-19 pandemic.
And particularly we believe our strategy has the potential to insulate us from current economic headwinds to date, we have not yet seen an impact on facial injectable volumes in the accounts that we're calling on supporting our belief that the consumers in our target segment are amongst the most resilient with discretionary spending.
And finally, we're looking to disrupt the market with the launch of our highly anticipated neuromodulator.
Very encouraged by the excitement for <unk>, given us confidence that the disruptive innovations like ours will have a meaningful impact in the market.
With that said, let me turn to our launch preparations for <unk> as we've previously noted we plan to initiate preview our early experience program with a select group of practice partners prior to broad commercial launch we're looking forward to kicking off this program in December at a national headquarters and expect it to run through Q1 of 2023.
Following this we plan to offer <unk> to our existing elite practice partners over.
Over the past few months, we've hosted our <unk> launch meeting with our full commercial team trained our faculty for preview and enrolled our preview accounts for the upcoming live training sessions.
As a reminder, we are taking a thoughtful approach to launching gasify that is consistent with our strategy for the purpose of preview as not to validate the duration of Jakafi. As this has been demonstrated in our phase III <unk> program.
Are their previous focused on educating injectors on <unk> innovative formulation, while gaining valuable clinical clinical insight to real world applications for optimizing aesthetic outcomes.
In addition, preview allows us to provide practices with all the necessary tools and training to help them seamlessly integrate this new category category of neuromodulator alongside the rest of the revamped aesthetics portfolio.
We believe our holistic approach to preview was set the right foundation for commercial launch and shared sacrifice long term success.
Turning to <unk>, we continue to make progress on adding new accounts building practice loyalty and customer membership capabilities and migrating legacy hip and knee customers to the open platform.
Gross processing volume of <unk> for Q3 was $164 million up 24, 8% year over year on a trailing 12 month basis <unk> totaled over $630 million at the end of the quarter.
In summary, I'm very pleased with our execution in the third quarter setting us up for the significant growth opportunities ahead and.
In the fourth quarter, our focus is to drive deeper penetration of the RJ collection as well as executing our preview program.
As we move from preview to broader commercial launch we will offer a variety of live and virtual training options centered on our two key initiatives optimizing aesthetic outcomes and practice integration, which is novel Neuromodulator.
With that I'll turn the call over to Toby to cover our third quarter financials.
Thank you Dustin total revenue for the third quarter of 2022 increased 46, 9% from the same period in 2000 $21 million to $29 million pre.
Primarily driven by increased sales of the IHA collection.
Revenue in the third quarter included $26 $1 million of product revenue $2 million of service revenue and approximately $1 million of collaboration revenue.
Turning to our operating expenses, we continue to execute on our corporate priority of disciplined capital allocation.
GAAP operating expenses for the third quarter were $106 5 million.
Compared to $92 5 million for the same period last year, excluding depreciation amortization and stock based compensation, our non-GAAP operating expenses were $72 3 million a two.
<unk> increase over the same period last year due to higher SG&A expenses related to the <unk> collection of dermal fillers and expenses related to the commercialization of that supply.
Recall, according to GAAP, but we have been expensing manufacturing costs related to that supply as an R&D cost until the product is approved.
Following our approval in September we began capitalizing the new the.
Newark manufacturing costs for the three months ended September 32022 manufacturing and quality expenses decreased compared to the same period in 2021, primarily due to the capitalization of densify inventory costs on the condensed consolidated balance sheet.
As a result of the ramp up in <unk> commercial investments post approval and the pull forward of our preview program to December we expect operating expenses to be on the upper end of our previously announced GAAP and non-GAAP guidance ranges of 375 million to 400 million.
And $260 million to $280 million respectively.
Turning to our balance sheet, we were very pleased to have enhanced our cash position on the heels of the FDA approval with the successful offering of an upsized $230 million follow on offering.
The offering of nine 2 million shares of our common stock raise $215 9 million in net proceeds.
We view the strong demand for our stock even under uncertain economic times as a reflection of investors' conviction in our growth story that is grounded by gas supplies innovation in both aesthetic and therapeutic applications.
We plan to use the proceeds with continued focus on disciplined capital allocation to principally fund the commercialization of gas supply the commercial growth of RH, a collection and opal and to begin the advancement of our therapeutics program.
Our total cash cash equivalents and short term investments as of September 32022 were $378 $6 million with our cash balance to $100 million of additional notes available for issuance through experience capital.
Anticipated revenues and expenditures, we believe we will be able to fully fund our U S aesthetic portfolio, which includes <unk> <unk> and <unk> to cash flow breakeven.
Subsequent to the quarter, we received a milestone payment of $7 million before foreign withholding taxes related to the FDA approval of <unk> from <unk> pharma.
Finally, we advanced the shares of common stock outstanding as of October 31, 2022 were approximately $82 3 million with $90 3 million fully diluted shares excluding the impact of convertible debt.
And with that I'll turn the call back over to Mark.
Thank you Tobey.
To conclude I'm incredibly proud of the entire <unk> organization for delivering on <unk> FDA approval. In addition to securing a great label and a great name that will enhance our launch.
Additionally, I continue to be impressed with our ongoing commercial execution that led to excellent results for the third quarter.
Look forward to our continued momentum, including the commercialization of <unk> and our potential label expansion for cervical dystonia.
I remain convinced that we have the right people and strategy in place to leverage our innovative products and drive sustainable revenue growth.
Thank you all for participating on today's call and I look forward to updating you on our progress with that I will now open the call up for questions operator.
As a reminder to ask a question you will need to press star one on your telephone.
In the interest of time, we ask that you. Please limit yourself to one question and one follow up.
Please standby, while we compile the Q&A roster.
Okay.
And our first question comes from Chris <unk> with Goldman Sachs. Your line is now open.
Great. Thank you very much very helpful on the update and good to hear about so much of the progress that you're making.
I think a lot of us are kind of understand what the tone and pace of a recovery could look like.
I think you've framed well and consistently how resilient the aesthetics markets are during more challenging economic times, but.
Maybe you can help us a little bit with the historical recovery from the recession was there.
An element of procedure volumes of trading up trading down what drove those V shaped recoveries and if we had to reflect about on the forward here thinking about.
2009, and using that as a proxy should we expect similar patterns or are you seeing something thats distinctly different particularly with the prestige segment that youre targeting primarily that could affect the shape and the trajectory of that recovery. Thank you.
Yeah, Chris This is mark so if you look at the downturn in the 2008 2009 financial crisis clearly there was a reduction in the number of procedures that was influenced by consumers not being willing to spend in that environment. Whats challenge right. Now is there is no doubt that there are macro economic factors in fact.
Affecting the consumer but as we stated in our prepared remarks, we're just not seeing those right now in the accounts that were calling on so it's hard for us to speculate.
What a potential rebound might look like given that right now we're not seeing an impact in today's market now that's not to say we wouldn't experience some of that going forward, but I think it has to do with again, we've got innovative products that we're bringing into the market. We're still in our launch phase across all of our different products and services platforms and.
Our prestige strategy, we're really targeting those higher end.
Accounts, where the customers that go there are less likely to be going there for discounting and couponing and more because they've made a commitment and a decision that this was a practice so.
It's really hard for us today to speculate on what.
Potential recovery might look like given that we're not seeing an impact in the accounts that we're currently calling on.
Next question.
Thank you and our next question comes from.
Ken Cacciatore with Cowen Your line is now open.
Hey team congratulations on continuing to move everything forward. Just wondering I know you are taking a very very peaceful approach to this launch and there's a lot going on but the way that you're looking to train the clinicians and then broaden that I just wanted to ask specifically on that can you give us a sense of how many clinicians will be trained when we enter 2023.
We're just starting in December I think you talked about at what point, we're going to be transitioning from more of this.
Personal kind of in house training to broadening to the next level of clinicians when that might occur.
And then also just give a sense of when we may be substantially through the initial Florida 4500 accounts that you have when should we think that the tax of five launches kind of fully moving forward. Thanks. So much.
Yes, Thanks, Ken.
<unk> tried to be pretty consistent in our commentary around our launch plans for <unk> and were.
Following the same plan that we did with <unk>, where we start in a very controlled limited launch initially and then we expanded broader commercial launch and in prior commentary. We've said that we would use basically Q4 and Q1 is that early limited launch and then by Q2, we would go to full commercial launch.
In Toby's comments, we talked about pulling in.
The preview part of our launch from the beginning of Q1 to the beginning of December . So we're very much on track we've trained.
This positions that will be part of the faculty for the preview launch program.
That group that will be coming on in early December as part of that pre launch will be in the low hundreds number that group will get experience with the product again in a much more controlled environment and setting in all of those folks will come through our national training centers, we think that thats going to be the best way as part of this early phase of the <unk> launch.
As we move forward, we will offer a variety of different training options to those accounts that we bring on as part of the full commercial launch some of that will be there'll be natural trading options there'll be virtual training options and there will be an officer in practice training options very similar again to what we did with RH a collection, but we think in there.
This first phase, it's very important that we have a much more controlled setting so that we can optimize for Oregon.
Clinical outcomes and practice integration as we move forward. So it's a little premature to look at what the introduction into accounts post Q2 looks like but we do plan to obviously work very closely with those accounts that we have an existing relationship with.
So it's.
Preview running starting in early December running through Q1 full commercial launch in Q2, and we will update you obviously as we have more feedback from that section.
Thanks, so much.
Thanks, guys.
Thank you.
And our next question comes from.
David <unk> with Piper Sandler Your line is now open.
Hey, Thanks, So just a couple.
So first on.
The sales force sizing can you just remind us.
When.
Or I guess if.
You have an expansion of head count.
The cards and talk about some of the criteria for expanding the sales force over time.
And ultimately targeting.
A greater number of practices. So that's number one and then secondly.
Do you think about the launch Pradaxa side.
US understand how you're thinking about direct to consumer initiatives.
Not just in 2023, but but longer term I know you have a methodical strategy that you've laid out.
In a more fulsome launch in the second quarter getting doctors trained.
But at what point do you really go full bore on DTC efforts.
Regarding jakafi. Thanks.
Thanks, David maybe I'll take the second one around DTC, and then turn it over to Dustin to talk about sales force it.
<unk> and sizing criteria that type of stuff. So from a DTC perspective, we've long talked about our prestige strategy really focused at the account level. So we believe that everything that we're doing is focused on the account the education training and part of our belief there is that they are best positioned to inform that.
Which discussion with the customer and so a lot of our tools early on will be focused at the practice level to provide them. The information that they can then share with their customers about alternative choices that they might want to make and again. They are also the ones that are going to be making the ultimate pricing decisions around how do they think they should prices in the market.
So as a new product in the market, we will certainly surround the launch with awareness efforts, but in today's environment, you can be a lot more judicious with social.
Media and different digital approaches to create that brand visibility, but our strategy does not rely on a big DTC consumer activation strategy certainly not at this initial phase because it's going to be much more driven we believe at the account level because of the win win the product offers over time will have to assess sort of how much.
Spend on the marketing side makes sense, but in this early phase we will certainly support the launch with again marketing spend in digital social media, but it will be much more focused at the account level and then we'll continue to assess that as we move forward. Just maybe you want to hit on the sales side of things, Yes sure. Thanks, Marc I think David we've talked briefly.
About this previously in terms of how we look at what's the right time, knowing that you will need to expand the sales force at some point.
If you look at the strategy that we've had it is trying to drive as much deep penetration through relationships value of our products and services with the least amount of accounts.
To continue to grow meaning we don't have aspirations to go out to call on all of those 40000 accounts in this space, we've talked around trying to get to that 10 to 15000 account base over time will really allow you to unlock the value for both our <unk> taxi. So now that you have had a sales force of a little over 100 focus with <unk>.
One product, adding in another product and you go through the analysis on the productivity of number of accounts that can call on as well as just kind of overall <unk>.
Ranges for revenue for that and so we are in that process currently and when we're looking at kind of at the right time to expand which would likely be in 2023.
With that expansion it wouldn't be to the point of where you are going to be rep per rep for those other kind of competitive benchmarks because they are calling on that 40000 accounts. So it will be measured and have a next phase of growth here.
In 2023.
Okay. Thank you.
Great. Thanks, David Thanks, David.
Thank you.
Our next question comes from.
Stacy <unk> with Stifel. Your line is now open.
Hi, This is stacy calling for Annabel congratulations on the great quarter and thanks for taking our question.
I wanted to know what kind of metrics, you'll be sharing with the launch of Jakafi.
It will not be a launch to the broad population. Initially so that number of accounts may not matter.
Year, maybe be telling us more about the penetration in sharp PS accounts and reordering rates or how many accounts trained vials sold.
Just how should we think about the metrics here.
Yeah. Thanks, Stacy if you look at what we've been doing with <unk>, we've talked about the number of accounts that we've been onboarding.
On a quarterly basis. So this last quarter over 4500 accounts and then obviously on the revenue side I think it's a little premature to talk about what.
Different metrics that we will report on we want to make sure that we're putting metrics out there we have a lot of confidence in that they're not just sort of.
An anomaly and that theyre going to represent the.
The best way to look at the business going forward. So we'll be thoughtful about what we share obviously, we're going to have a lot of information as we get into this previous day. So we'll try and share things that we believe to be useful and helpful and indicative of the trends that we're seeing in the market, but I think it's a little early to make any commitments in terms of what exactly that would be.
That makes sense. Thank you that was very helpful.
Thanks, Dave.
Thank you.
And our next question comes from.
Terence Flynn with Morgan Stanley . Your line is now open.
Hi, This is Jasmine philosophe for Terence.
Thank you for taking my questions just two for me.
Are you guys planning to provide revenue guidance for 2023 in conjunction with <unk> earnings and then.
Any preliminary thoughts you can share regarding the expense outlook for next year is <unk> a good baseline to think about the run rate next year. Thank you.
Yes, Justin this is mark I'll take the first one and then hand it until we have for the second one on the expense outlook in terms of revenue guidance for 2023, I think it is going to be premature as we're just now launching <unk> into the marketplace and we'll want to get some feedback from the market in terms of.
How that launch is going and how we should be thinking about it now that we partner with our filler platform says 23 is probably a little bit premature hopefully by the time, we get to the end of 'twenty three we will have enough.
Familiarity with sort of the product and how it's performing in the market where as we look at 24 that that would be a time when probably better for us to be looking at getting some form of revenue guidance and then Toby.
You hit on the expense side, yes, if you look at our trailing 12 months.
non-GAAP Opex, we were at about $257 million when we provided our guidance at the upper end of the $260 million to $280 million for the full year 2022. So.
I wouldn't.
I would take all that into consideration when you start to model out 2022. When you think about 2023, you can think about our commentary on field force expansion and continued investment in <unk>, we haven't we haven't given guidance yet on 2023, and we typically do that.
In early.
2023.
Thank you.
Yeah.
Thank you.
Our next question comes from.
Rohit Boston.
With Needham <unk> Company. Your line is now open.
Hi, This is Robert on for Serge Thanks for taking our questions just.
Just a couple from me in terms of pricing protected by in the aesthetics and therapeutics categories, how will the pricing from two category differ and how do you plan to maximize shareholder value.
And then can you just sharing feedback on what you've seen on the physician's willingness to go in for in person training.
Training for Ductless Jakafi are you seeing that a virtual format is preferred.
Yes, so on the pricing side of it since theres price linkage between aesthetic and therapeutic there will be alignment between the price that we charged in the aesthetic market and what we charge ultimately in the therapeutic market.
Since we are launching an aesthetic we will start to develop a baseline of pricing.
And that will have some read through into the therapeutic side and so as we get into the marketplace.
That will be how we.
Informing the overall therapeutic pricing.
And then on the second question.
Yes, I can take that in terms of the willingness to train and educate live versus virtually I think we've shown with IHA we posted.
Probably more than two dozen live trainings here at our office with our objection studio as well as romance you live and then supported virtual follow ons to that where you get different education components and we'll be doing the same thing for <unk>. So we don't think it's in or it's really in and about having those options, but I will say that.
Coming to Nashville for <unk>.
The live part was not a rate limiter for us choosing the appropriate folks that we want to put into a preview program.
Think as part of the reason we were able to move up the preview program through early December versus early in Q1 is that and reaching out to a lot of these accounts. We found that there was strong interest in actually participating in an in person sessions. So well have a lot more flexibility as we move through preview to offer virtual sessions and in <unk>.
<unk> that we've been very pleased with.
<unk> of this group to want to travel to Nashville for the <unk> program.
Thank you.
Thank you.
As a reminder to ask a question you will need to press star one one on your telephone.
Our next question comes from <unk> Prasad with Barclays. Your line is now open.
Hi, This is <unk> on for <unk>. Thanks for taking my question. Just wondering if you could provide a bit more color on when we can expect to hear more updates on the progress of additional jakafi indications for both the aesthetics and therapeutics, but outside of cervical dystonia. Thank you.
From the indication side as you mentioned you had cervical dystonia, we filed the BLA for that we've also on the therapeutic side completed in that.
<unk> phase III program for upper limb spasticity and.
As a reminder, when we received the CRM, we implemented some austerity measures. So we stopped enrolling additional clinical programs are initiating additional clinical program. So part of our Strat planning for 2023, we're looking at what additional therapeutic programs or are we going to lean in in 2023, we'll have a little bit more color on.
That at the beginning of 'twenty, three but when we start to provide operating expense guidance for the for the full year and then on the aesthetic side, we've already done in phase two.
Studies in lateral canthal lines and four headlines in upper face. So there is phase II data that's already out there and we will continue to evaluate the timing and whether or not we want to move forward with phase III programs in additional aesthetic indications, so thats a TBD as well.
Thanks, so much.
Great. Thank you.
Thank you.
That concludes our Q&A session and today's conference call.
Thank you for your participation you may disconnect at this time.
Goodbye.
The conference will begin shortly.
Raise your hand during Q&A you can dial one one.
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