Q2 2026 Lenz Therapeutics Inc Earnings Call

August 11, 2026

Speaker #1: Good afternoon, ladies and gentlemen, and welcome to the LENZ Therapeutics Q2 2026 financial results conference call. At this time, all participants are in listen-only mode.

Operator: Good afternoon, ladies and gentlemen, and welcome to the LENZ Therapeutics second quarter 2026 financial results conference call. At this time, all participants are in listen-only mode. Following prepared remarks from management, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this call is being recorded. At this time, I would like to turn the call over to Dan Chevallard, Chief Financial Officer. Please go ahead.

Speaker #1: Following prepared remarks from management, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this call is being recorded.

Speaker #1: At this time, I would like to turn the call over to Dan Chevillard, Chief Financial Officer. Please go ahead.

Speaker #2: Thank you. Good afternoon, and thank you for joining us today. My name is Dan Chevillard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Eve Skimel-Penick, our President and Chief Executive Officer; Sean Olson, our Chief Commercial Officer; and Dr. Mark Odrich, our Chief Medical Officer.

Dan Chevallard: Thank you. Good afternoon, and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Abe Skilpadic, our President and Chief Executive Officer, Shawn Olsson, our Chief Commercial Officer, and Dr. Marc Odrich, our Chief Medical Officer. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash run rate projections, and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the Security and Exchange Commission, and which can also be found on our website.

Dan Chevallard: Thank you. Good afternoon, and thank you for joining us today. My name is Dan Chevallard, Chief Financial Officer of LENZ Therapeutics. We are joined today by Eef Schimmelpennink, our President and Chief Executive Officer, Shawn Olsson, our Chief Commercial Officer, and Dr. Marc Odrich, our Chief Medical Officer. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash run rate projections, and performance. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the Security and Exchange Commission, and which can also be found on our website.

Speaker #2: Before we begin, I would like to remind you that this call will contain forward-looking statements regarding LENZ's future expectations, plans, prospects, corporate strategy, regulatory and commercial plans and expectations, cash-one rate, cash-runway projections, and performance.

Speaker #2: Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors and risks, including those discussed in our filings with the Securities and Exchange Commission, which can also be found on our website.

Speaker #2: In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date.

Dan Chevallard: In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including our second quarter 2026 Form 10-Q, which is being filed today. With that, I will now turn the call over to Abe.

Speaker #2: We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail including our Q2 2026 Form 10-Q, which is being filed today.

Speaker #2: With that, I will now turn the call over to Ave.

Speaker #3: Thank you, Dan. Good afternoon, everyone. We are now several quarters into the launch and have a clear view of how adoption is developing. Today, I want to share the progress we're seeing from the latest data, telling us how those insights are shaping our priorities for the second half of the year.

Abe Skilpadic: Thank you, Dan, and good afternoon, everyone. We are now several quarters into the launch and have a clear view of how adoption is developing. Today, I want to share the progress we are seeing, what the latest data are telling us, and how those insights are shaping our priorities for the H2 of the year. Q2 reflected continued, though modest, growth. Encouragingly, in July, as we launched telehealth and expanded our existing tired-of-reading-glasses campaign on national TV, we saw a significant increase in new patient starts and over 45% growth in month-over-month total prescriptions. We recognize that one month does not establish a trend, but these early results are consistent with the direction we hope to see. We have consistently stated the H2 of the year will provide our first opportunity to assess and discuss patient persistence.

Eef Schimmelpennink: Thank you, Dan, and good afternoon, everyone. We are now several quarters into the launch and have a clear view of how adoption is developing. Today, I want to share the progress we are seeing, what the latest data are telling us, and how those insights are shaping our priorities for the H2 of the year. Q2 reflected continued, though modest, growth. Encouragingly, in July, as we launched telehealth and expanded our existing tired-of-reading-glasses campaign on national TV, we saw a significant increase in new patient starts and over 45% growth in month-over-month total prescriptions. We recognize that one month does not establish a trend, but these early results are consistent with the direction we hope to see. We have consistently stated the H2 of the year will provide our first opportunity to assess and discuss patient persistence.

Speaker #3: Q2 reflected continued, though modest, growth. Encouragingly, in July, as we launched telehealth and expanded our existing reading glasses campaign with national TV, we saw a significant increase in new patient starts and over 45% growth in month-over-month total prescriptions.

Speaker #3: We recognize that one month does not establish a trend, but these early results are consistent with the direction we hope to see. We have consistently set that the second half of the year will provide our first opportunity to assess and discuss patient persistence.

Speaker #3: Now, several quarters into the launch, we have sufficient data to begin doing that. Now, what we're seeing is encouraging. Since launch, more than 60% of e-pharmacy patients who have purchased this have purchased more than one monthly pack.

Abe Skilpadic: Now, several quarters into launch, we have sufficient data to begin doing that. What we are seeing is encouraging. Since launch, more than 60% of e-pharmacy patients who have purchased VIZZ have purchased more than one monthly pack, either as part of their initial order or through a subsequent purchase. It is important to note that the e-pharmacy is our dominant sales channel and the channel where we have access to detailed patient-level data. Now, looking at the more mature quarterly patient cohorts within that 60% provides a promising view of repeat purchasing and refill behavior. Among patients who first purchased VIZZ in Q4 2025 and Q1 2026, our first two quarters of the launch, purchasing behavior is tracking towards an average annualized purchase rate of 5 monthly packs, and our Q2 cohort is showing a very similar pattern, although it is not yet mature enough for the same analysis.

Eef Schimmelpennink: Now, several quarters into launch, we have sufficient data to begin doing that. What we are seeing is encouraging. Since launch, more than 60% of e-pharmacy patients who have purchased VIZZ have purchased more than one monthly pack, either as part of their initial order or through a subsequent purchase. It is important to note that the e-pharmacy is our dominant sales channel and the channel where we have access to detailed patient-level data. Now, looking at the more mature quarterly patient cohorts within that 60% provides a promising view of repeat purchasing and refill behavior. Among patients who first purchased VIZZ in Q4 2025 and Q1 2026, our first two quarters of the launch, purchasing behavior is tracking towards an average annualized purchase rate of 5 monthly packs, and our Q2 cohort is showing a very similar pattern, although it is not yet mature enough for the same analysis.

Speaker #3: Here is part of their initial order or through a subsequent purchase. It's important to note that the e-pharmacy is a dominant sales channel and the channel where we have access to detailed patient-level data.

Speaker #3: Now, looking at the more mature quarterly patient cohorts within that 60% provides a promising refill behavior. Among patients who first purchased this, in Q4 2025 and Q1 2026, our first two quarters of the launch purchasing behavior is tracking towards an average analyzed purchase rate of five monthly packs.

Speaker #3: And our Q2 cohort is showing a very similar pattern, though it's not yet mature enough for the same analysis. These are important proof points.

Abe Skilpadic: These are important proof points. Persistence is essential to building a durable patient base, and the behavior we are seeing reinforces our confidence that patients who experience the benefit of this are choosing to continue using it. It also reinforces the commercial objective in front of us. We need to continue bringing more new patients into the category and making it easier for them to move from awareness to evaluation to treatment, and ultimately, to continued use. That focus has shaped our work since the last call. We have concentrated on broadening consumer awareness, making this easier to introduce during routine patient conversations, ensuring patients are well-educated, and simplifying the path from initial interest to treatment. Our most recent initiatives were designed around those priorities. Telehealth gives consumers a convenient path to evaluation by an independent, licensed eye care professional and, if appropriate, a prescription with home delivery.

Eef Schimmelpennink: These are important proof points. Persistence is essential to building a durable patient base, and the behavior we are seeing reinforces our confidence that patients who experience the benefit of this are choosing to continue using it. It also reinforces the commercial objective in front of us. We need to continue bringing more new patients into the category and making it easier for them to move from awareness to evaluation to treatment, and ultimately, to continued use. That focus has shaped our work since the last call. We have concentrated on broadening consumer awareness, making this easier to introduce during routine patient conversations, ensuring patients are well-educated, and simplifying the path from initial interest to treatment. Our most recent initiatives were designed around those priorities. Telehealth gives consumers a convenient path to evaluation by an independent, licensed eye care professional and, if appropriate, a prescription with home delivery.

Speaker #3: Persistence is essential to building a durable patient base and a behavior we're seeing reinforces our confidence that patients who experience the benefit of this are choosing to continue using it.

Speaker #3: It also reinforces the commercial objective in front of us. We need to continue bringing more new patients into the category and making it easier for them to move from awareness to evaluation to treatment and ultimately to continue use.

Speaker #3: That focus has shaped our work since the last call. We have concentrated on broadening consumer awareness, making this easier to introduce during routine patient conversations, ensuring patients are well educated, and simplifying the path from initial interest to treatment.

Speaker #3: Our most recent initiatives were designed around those priorities. Telehealth provides consumers with a convenient path to evaluation by an independent, licensed eye care professional and, if appropriate, a prescription with home delivery.

Speaker #3: Expanding our existing campaign to national TV allows us to reach a broader group of consumers with a clear message about an alternative to reading glasses.

Abe Skilpadic: Expanding our existing campaign to national TV allows us to reach a broader group of consumers with a clear message about an alternative to reading glasses. Together, these initiatives create a more direct connection between consumer interest, clinical evaluation, and access to treatment. While the July data are undoubtedly encouraging, our focus now is on translating these signals into sustained growth. Our investments to date have helped establish this, build broad awareness among ECPs, expand consumer demand generation, and put more convenient access pathways in place. We will use Q3 to further understand which activities are producing the greatest impacts and where we can make the patient journey even simpler. As we assess the performance of our commercial initiatives, use those learnings to inform both the mix and the level of investment for the next phase of the launch.

Eef Schimmelpennink: Expanding our existing campaign to national TV allows us to reach a broader group of consumers with a clear message about an alternative to reading glasses. Together, these initiatives create a more direct connection between consumer interest, clinical evaluation, and access to treatment. While the July data are undoubtedly encouraging, our focus now is on translating these signals into sustained growth. Our investments to date have helped establish this, build broad awareness among ECPs, expand consumer demand generation, and put more convenient access pathways in place. We will use Q3 to further understand which activities are producing the greatest impacts and where we can make the patient journey even simpler. As we assess the performance of our commercial initiatives, use those learnings to inform both the mix and the level of investment for the next phase of the launch.

Speaker #3: Together, these initiatives create a more direct connection between consumer interests, clinical evaluation, and access to treatment. Well, the July date are undoubtedly encouraging our focus now is on translating these signals into sustained growth.

Speaker #3: Our investments to date have helped establish this though broad awareness among ECPs expand consumer demand generation and put more convenient access pathways in place.

Speaker #3: We will use Q3 to further understand which activities are producing the greatest impact and where we can make the patient journey even simpler. As we assess the performance of our commercial initiatives, we will use those learnings to inform both the mix and the level of investment for the next phase of the launch.

Speaker #3: Going forward, we will be even more disciplined in how we allocate capital, concentrating resources on the activities we believe have the greatest potential to drive durable patient growth and aligning our overall commercial investment with the scale and needs of the business.

Abe Skilpadic: Going forward, we will be even more disciplined in how we allocate capital, concentrating resources on the activities we believe have the greatest potential to drive durable patient growth and aligning our overall commercial investment with the scale and needs of the business. In parallel, we will continue to make progress expanding this globally. Our partnerships now span more than 20 countries across Greater China, Southeast Asia, Canada, the Middle East, and Oceania. During the quarter, we entered into our fifth international commercial partnership covering Australia and New Zealand. We also have nine regulatory submissions under review, with additional submissions expected by year-end. Together, these efforts are establishing the foundation for this as a global brand. In conclusion, as we enter the H2 of the year, we have a clear picture of how this opportunity can build.

Eef Schimmelpennink: Going forward, we will be even more disciplined in how we allocate capital, concentrating resources on the activities we believe have the greatest potential to drive durable patient growth and aligning our overall commercial investment with the scale and needs of the business. In parallel, we will continue to make progress expanding this globally. Our partnerships now span more than 20 countries across Greater China, Southeast Asia, Canada, the Middle East, and Oceania. During the quarter, we entered into our fifth international commercial partnership covering Australia and New Zealand. We also have nine regulatory submissions under review, with additional submissions expected by year-end. Together, these efforts are establishing the foundation for this as a global brand. In conclusion, as we enter the H2 of the year, we have a clear picture of how this opportunity can build.

Speaker #3: In parallel, we continue to make progress expanding this globally. Our partnerships now span more than 20 countries across Greater China, Southeast Asia, Canada, the Middle East, and Oceania.

Speaker #3: During the quarter, we entered into our fifth international commercial partnership, covering Australia and New Zealand. We also have nine regulatory submissions under review, with additional submissions expected by year-end.

Speaker #3: Together, these efforts are establishing the foundation for this as a global brand. In conclusion, as we enter the second half of the year, we have a clear picture of how this opportunity can build.

Speaker #3: Patient persistence, reflected in both multifactor purchasing and the refill patterns emerging in our more mature cohorts, provides meaningful evidence that patients who experience this see lasting value and choose to continue using it.

Abe Skilpadic: Patient persistence reflectively involves multi-pack purchasing and the refill patterns emerging in our more mature cohorts provides meaningful evidence that patients who experience this see lasting value and choose to continue using it. July provided an encouraging early indication that our actions to broaden consumer awareness and simplify access are beginning to translate into stronger new patient activity. We clearly understand our path forward. Build on these signals, stay focused on execution, and invest with discipline behind the activities that drive durable growth. We remain confident in the value this delivers and in the significant unmet need it addresses. Our job now is to translate that value into sustained patient growth with urgency and discipline. With that, I will hand it over to Shawn, who will provide more detail on our commercial execution.

Eef Schimmelpennink: Patient persistence reflectively involves multi-pack purchasing and the refill patterns emerging in our more mature cohorts provides meaningful evidence that patients who experience this see lasting value and choose to continue using it. July provided an encouraging early indication that our actions to broaden consumer awareness and simplify access are beginning to translate into stronger new patient activity. We clearly understand our path forward. Build on these signals, stay focused on execution, and invest with discipline behind the activities that drive durable growth. We remain confident in the value this delivers and in the significant unmet need it addresses. Our job now is to translate that value into sustained patient growth with urgency and discipline. With that, I will hand it over to Shawn, who will provide more detail on our commercial execution.

Speaker #3: July provided an encouraging early indication that our actions to broaden consumer awareness and simplify access are beginning to translate into stronger new patient activity.

Speaker #3: We clearly understand our path forward: build on these signals, stay focused on execution, and invest with discipline behind the activities that drive durable growth.

Speaker #3: Remain confident in the value of this delivers and in the significant unmet need it addresses. Our job now is to translate that value into sustained patient growth with urgency and discipline.

Speaker #3: With that, I'll hand it over to Sean. We'll provide more detail on our commercial execution.

Speaker #2: Thank you, Eve. Good afternoon, everyone. Building on Ace Commons, I'd like to spend a few minutes on our commercial strategy and the actions we're taking to support the next phase of launch.

Shawn Olsson: Thank you, Ace. Good afternoon, everyone. Building on Ace's comments, I would like to spend a few minutes on our commercial strategy and the actions we are taking to support the next phase of launch. First, I want to reinforce what we believe is one of the most important indicators we have seen since launch, our early refill trends. While we are still in the early stages of commercialization, the persistence we are observing gives us a product foundation to build upon as we continue to focus on driving new patient starts. With that foundation in place, our focus is squarely on expanding awareness and ease of access for new patient starts. In July, we began our national TV advertising campaign to broaden patient awareness, and we partnered with our e-pharmacy provider to launch its telehealth prescribing option to ease patient access.

Shawn Olsson: Thank you, Eef. Good afternoon, everyone. Building on Eef's comments, I would like to spend a few minutes on our commercial strategy and the actions we are taking to support the next phase of launch. First, I want to reinforce what we believe is one of the most important indicators we have seen since launch, our early refill trends. While we are still in the early stages of commercialization, the persistence we are observing gives us a product foundation to build upon as we continue to focus on driving new patient starts. With that foundation in place, our focus is squarely on expanding awareness and ease of access for new patient starts. In July, we began our national TV advertising campaign to broaden patient awareness, and we partnered with our e-pharmacy provider to launch its telehealth prescribing option to ease patient access.

Speaker #2: First, I want to reinforce what we believe is one of the most important indicators we've seen since launch: our early refill trends. While we're still in the early stages of commercialization, the persistence we're observing gives us a product foundation to build upon as we continue to focus on driving new patient starts.

Speaker #2: With that foundation in place, our focus is squarely on expanding awareness and ease of access for new patient starts. In July, we began our national TV advertising campaign to broaden patient awareness, and we partnered with our e-pharmacy provider to launch a telehealth prescribing option to ease patient access.

Speaker #2: As we evaluated the patient journey to access this, it became increasingly clear that the journey is more involved than most consumer products. A patient may first see an advertisement, decide to learn more, schedule an appointment, be evaluated by an eye care professional, receive a sample, and then ultimately decide whether to begin prescription therapy.

Shawn Olsson: As we evaluated the patient journey to access VIZZ, it became increasingly clear that the journey is more involved than most consumer products. A patient may first see an advertisement, decide to learn more, schedule an appointment, be evaluated by an Eye Care Professional, receive a sample, and then ultimately decide whether to begin prescription therapy. At each step along that journey, there is an opportunity for patients to delay or discontinue the process. Our objective has been to simplify that experience wherever possible while maintaining an appropriate standard of clinical care. That is why I believe our telehealth initiative is an important strategic addition to our commercial model. The telehealth channel provides interested consumers a convenient pathway to be evaluated by an independent, licensed Eye Care Professional at the moment of product interest. Let us take a moment to map out the patient journey to VIZZ through the telehealth channel.

Speaker #2: At each step along that journey, there's an opportunity for patients to delay or discontinue the process. Our objective has been to simplify that experience wherever possible, while maintaining an appropriate standard of clinical care.

Speaker #2: That is why I believe our telehealth initiative is an important strategic addition to our commercial model. The telehealth channel provides interested consumers a convenient pathway to be evaluated by an independent, licensed eye care professional at the moment of product interest.

Speaker #2: Let's take a moment to map out the patient journey through the telehealth channel. For example, a patient is watching TV and sees a commercial promoting this.

Shawn Olsson: For example, a patient is watching TV and sees a commercial promoting VIZZ and then visits VIZZ.com to learn more. After exploring the site, they see real patient videos and now have decided they want to try VIZZ and click on the Order VIZZ Now button. This brings them to our telehealth partner's website where they start the telehealth process. As I walk you through the telehealth process, there are 2 key components. One, the medical screener for telehealth eligibility, which was developed by ECPs. And two, the subsequent telehealth evaluation, also performed by independent ECPs. So continuing that journey, once on the telehealth site, the patient fills out a survey on their current vision symptoms and medical history, which will confirm their potential eligibility for VIZZ through telehealth. This eligibility must be met to proceed with the telehealth assessment.

Speaker #2: And then visits this.com to learn more. After exploring the site, they see real patient videos and now have decided they want to try this and click on the "Order This Now" button.

Speaker #2: This brings them to our telehealth partner's website, where they start the telehealth process. Now, as I walk you through this telehealth process, there are two key components.

Speaker #2: First, the medical screener for telehealth eligibility was developed by ECPs. Second, the subsequent telehealth evaluation was also performed by independent ECPs. Continuing that journey—once on the telehealth site—the patient fills out a survey on their current vision symptoms and medical history, which will confirm their potential eligibility for this service through telehealth.

Speaker #2: This eligibility must be met to proceed with the telehealth assessment. In the case they are eligible to proceed, they are then evaluated by independent, licensed eye care professionals to determine whether this is an appropriate treatment option.

Shawn Olsson: In the case they are eligible to proceed, they are then evaluated by independent licensed eye care professionals to determine whether VIZZ is an an appropriate treatment option. If approved, their prescription is sent to the e-pharmacy partner, and VIZZ is shipped directly to the patient's home. We launched this initiative concurrently with our national television campaign, which is intended to expand consumer awareness and ultimately drive adoption of this. Together, these initiatives are designed to create a more seamless path from consumer awareness to treatment initiation. While still early, we have been encouraged by the initial level of consumer engagement, which we believe is reflected in the increase in new patient starts we observed during July. At the same time, our understanding of the eye care professional channel continues to evolve.

Speaker #2: If approved, their prescription is sent to the e-pharmacy partner and shipped directly to the patient's home. We launched this initiative concurrently with our national television campaign, which is intended to expand consumer awareness and ultimately drive adoption of this.

Speaker #2: Together, these initiatives are designed to create a more seamless path from consumer awareness to treatment initiation. While still early, we have encouraged by the initial level of consumer engagement, which we believe is reflected in the increase in new patient starts, we observed during July.

Speaker #2: At the same time, our understanding of the eye care professional channel continues to evolve. As we shared on our previous call, aided awareness of this among eye care professionals remains in the high 90% range.

Shawn Olsson: As we shared on our previous call, aided awareness of VIZZ among eye care professionals remains in the high 90% range, while unaided awareness exceeds 80%. Those metrics tell us that VIZZ is well-recognized within the eye care community as a treatment option for presbyopia, and we believe we have successfully achieved our primary awareness objectives with ECPs. However, ECP awareness alone has not consistently translated into recurring prescribing behavior. While over 13,000 physicians have prescribed VIZZ and over 75% of them have prescribed multiple times, we see that VIZZ discussion is often being consumer-initiated. As a result, we have increasingly focused our commercial investment on stimulating consumer demand with the expectation that informed patients requesting VIZZ by name will serve as an important catalyst for future continued prescription growth. Overall, we are encouraged by our recent progress.

Speaker #2: While unaided awareness exceeds 80%, those metrics tell us that this is well recognized within the eye care community as a treatment option for presbyopia. We believe we have successfully achieved our primary awareness objectives with ECPs.

Speaker #2: However, ECP awareness alone has not consistently translated into recurring prescribing behavior. While over 13,000 physicians have prescribed this, and over 75% of them have prescribed multiple times, we see that this discussion is often being consumer-initiated.

Speaker #2: As a result, we have increasingly focused our commercial investment on stimulating consumer demand, with the expectation that informed patients requesting this by name will serve as an important catalyst for future, continued prescription growth.

Speaker #2: Overall, we are encouraged by our recent progress. The combination of positive early patient persistence, expanded access through telehealth, and growing consumer awareness provides a foundation for the next phase of this commercial growth.

Shawn Olsson: The combination of positive early patient persistence, expanded access through telehealth, and growing consumer awareness provides a foundation for the next phase of VIZZ's commercial growth. With that, I'll turn the call over to Dan to review our financial results.

Speaker #2: With that, I'll turn the call over to Dan to review our financial results.

Speaker #3: Thank you, Sean. As both Ace and Sean have discussed, we have kicked off the second half of 2026 with the July launch of telehealth and our nationwide TV advertising campaign.

Dan Chevallard: Thank you, Shawn. As both Abe and Shawn have discussed, we have kicked off the H2 of 2026 with the July launch of telehealth and our nationwide TV advertising campaign. These strategic initiatives were purposely designed to drive broad consumer awareness and address the key hurdles to product access by providing consumers with a safe and convenient way to be evaluated by an independent licensed eye care professional online and directly integrated into our e-pharmacy fulfillment for home delivery. As has been mentioned, we are encouraged by the change in our recent script trends, suggesting an over 45% increase in July scripts compared to June. Reflecting on Q2, we recorded total revenues of $5.5 million, including over $1.7 million in product revenue on approximately 27,000 monthly packs sold, a 9% increase over Q1, and $3.8 million in license revenue from our ex-US global partnership agreements.

Dan Chevallard: Thank you, Shawn. As both Eef and Shawn have discussed, we have kicked off the H2 of 2026 with the July launch of telehealth and our nationwide TV advertising campaign. These strategic initiatives were purposely designed to drive broad consumer awareness and address the key hurdles to product access by providing consumers with a safe and convenient way to be evaluated by an independent licensed eye care professional online and directly integrated into our e-pharmacy fulfillment for home delivery. As has been mentioned, we are encouraged by the change in our recent script trends, suggesting an over 45% increase in July scripts compared to June. Reflecting on Q2, we recorded total revenues of $5.5 million, including over $1.7 million in product revenue on approximately 27,000 monthly packs sold, a 9% increase over Q1, and $3.8 million in license revenue from our ex-US global partnership agreements.

Speaker #3: These strategic initiatives were purposely designed to drive broad consumer awareness and address the key hurdles to product access by providing consumers with a safe and convenient way to be evaluated by an independent, licensed eye care professional online, and directly integrated into our e-pharmacy fulfillment for home deliveries.

Speaker #3: As has been mentioned, we are encouraged by the change in our recent script trends suggesting an over 45% increase in July scripts compared to June.

Speaker #3: Reflecting on Q2, we recorded total revenues of $5.5 million, including over $1.7 million in product revenue on approximately 27,000 monthly packs sold—a 9% increase over Q1—and $3.8 million in license revenue from our ex-US global partnership agreements.

Speaker #3: Q2 license revenue included the first regulatory milestone payment under our license agreement with TAYA, upon submission of its new drug submission to Health Canada, in addition to the first sub-license milestone payment in conjunction with the asset purchase agreement between Everest Medicine and Corx Health for the rights to this in Greater China.

Dan Chevallard: Q2 license revenue included the first regulatory milestone payment under our license agreement with Théa upon submission of its New Drug Submission to Health Canada. In addition to the first sublicense milestone payment in conjunction with the asset purchase agreement between Everest Medicines and Corxel Pharmaceuticals for the rights to VIZZ in Greater China. I will provide a further update on our global commercialization efforts for VIZZ in a moment. Turning now to operating expenses, our cost of sales on Q2 product revenue totaled $0.3 million, and we continue to anticipate VIZZ to trend to an approximately 90% direct product gross margin over time. Total SG&A expenses decreased to $39.4 million in Q2, or approximately $34.9 million adjusted to exclude non-cash stock-based compensation. On an adjusted basis, this was a 14% quarter-over-quarter decline from Q1, which was in line with our expectations given our Q1 DTC launch investment.

Speaker #3: I will provide a further update on our global commercialization efforts for this in a moment. Turning now to operating expenses, our cost of sales on second quarter product revenue totaled $0.3 million and we continue to anticipate this to trend to an approximately 90% direct product gross margin over time.

Speaker #3: Total SG&A expenses decreased to $39.4 million in the second quarter or approximately $34.9 million adjusted to exclude non-cash stock-based compensation. On an adjusted basis, this was a 14% quarter over quarter decline from Q1, which was in line with our expectations given our Q1 DTC launch investment.

Speaker #3: Consistent with prior quarters, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses. Total research and development expenses remained zero in the second quarter of 2026, consistent with recent prior quarters.

Dan Chevallard: Consistent with prior quarters, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses. Total research and development expenses remained zero in Q2 of 2026, consistent with recent prior quarters. Our Q2 net loss per share, both basic and diluted, was $1.02 per share in the quarter on a net loss of $31.9 million, and we ended Q2 with approximately $220 million in cash equivalents, and marketable securities. Looking ahead, we will be deliberate in our capital allocation, directing our investments towards the initiatives with the greatest potential to drive new patient adoption. We believe this disciplined approach positions us to build a durable, consumer-driven franchise while maintaining a strong financial foundation.

Speaker #3: Our Q2 net loss per share, both basic and diluted, was $1.02 per share in the quarter on a net loss of $31.9 million and we ended the second quarter with approximately $220 million in cash, cash equivalents, and marketable securities.

Speaker #3: Looking ahead, we will be deliberate in our capital allocation, directing our investments towards the initiatives with the greatest potential to drive new patient adoption.

Speaker #3: We believe this disciplined approach positioned us positions us to build a durable consumer-driven franchise while maintaining a strong financial foundation. Before I hand the call back over to Ace, I wanted to take a moment to provide an update on our global licensing and commercialization efforts.

Dan Chevallard: Before I hand the call back over to Abe, I wanted to take a moment to provide an update on our global licensing and commercialization efforts. As we have discussed on previous calls, we see VIZZ as a global product, and with a worldwide population of over 1.8 billion adults with presbyopia, we view the opportunity to expand our commercial footprint as an important and promising one. In Q2, we signed a commercialization agreement with Arrotex Pharmaceuticals, a leading Australian pharmaceutical company and Australia's largest supplier of medicines by prescription volume. This is our fifth ex-US commercialization partnership for VIZZ, which now, including Oceania, spans Greater China, Southeast Asia, Canada, and the Middle East region. We currently have nine regulatory submissions under review, and we anticipate multiple additional submissions and potential ex-US regulatory approvals by the end of this year.

Dan Chevallard: Before I hand the call back over to Eef, I wanted to take a moment to provide an update on our global licensing and commercialization efforts. As we have discussed on previous calls, we see VIZZ as a global product, and with a worldwide population of over 1.8 billion adults with presbyopia, we view the opportunity to expand our commercial footprint as an important and promising one. In Q2, we signed a commercialization agreement with Arrotex Pharmaceuticals, a leading Australian pharmaceutical company and Australia's largest supplier of medicines by prescription volume. This is our fifth ex-US commercialization partnership for VIZZ, which now, including Oceania, spans Greater China, Southeast Asia, Canada, and the Middle East region. We currently have nine regulatory submissions under review, and we anticipate multiple additional submissions and potential ex-US regulatory approvals by the end of this year.

Speaker #3: As we have discussed on previous calls, we see this as a global product, and with a worldwide population of over 1.8 billion adults with presbyopia, we view the opportunity to expand our commercial footprint as an important and promising one.

Speaker #3: In Q2, we signed a commercialization agreement with Aerotex Pharmaceuticals, a leading Australian pharmaceutical company and Australia's largest supplier of medicines by prescription volume. This is our fifth ex-US commercialization partnership for this which now including Oceanus spans Greater China, Southeast Asia, Canada, and the Middle East region.

Speaker #3: We currently have nine regulatory submissions under review and we anticipate multiple additional submissions and potential ex-US regulatory approvals by the end of this year.

Speaker #3: We remain focused on further expanding our global network in additional strategic geographies and we look forward to reporting additional progress in the months and the quarters ahead.

Dan Chevallard: We remain focused on further expanding our global network in additional strategic geographies, and we look forward to reporting additional progress in the months and the quarters ahead. With that, I'll turn the call back over.

Speaker #3: With that, I'll turn the call back over to Ace.

Speaker #4: Thanks, Dan. To close, I'm proud of the LENZ team and the work behind the progress we discussed today. We now have meaningful evidence that patients who experience this see value and choose to continue using it.

Abe Skilpadic: Thanks, Dan. To close, I'm proud of the LENZ team and the work behind the progress we discussed today. We now have meaningful evidence that patients who experience VIZZ see value and choose to continue using it. We've also begun to see encouraging new patient activity as we broaden awareness and simplify access. Our priorities for the H2 are clear. We will build on these signals, stay focused on sustained patient growth, and align our investments with the initiatives producing the strongest results, remain confident in the opportunity with VIZZ, and committed to pursuing it with urgency and discipline. With that, I'd like to open the call for questions.

Eef Schimmelpennink: Thanks, Dan. To close, I'm proud of the LENZ team and the work behind the progress we discussed today. We now have meaningful evidence that patients who experience VIZZ see value and choose to continue using it. We've also begun to see encouraging new patient activity as we broaden awareness and simplify access. Our priorities for the H2 are clear. We will build on these signals, stay focused on sustained patient growth, and align our investments with the initiatives producing the strongest results, remain confident in the opportunity with VIZZ, and committed to pursuing it with urgency and discipline. With that, I'd like to open the call for questions.

Speaker #4: We've also forgot to see encouraging new patient activity as we broaden awareness and simplify access. Our priorities for the second half are clear. We'll build on these signals stay focused on sustained patient growth and align our investments with the initiatives producing the strongest results.

Speaker #4: We remain confident in the opportunity for this and committed to pursuing it with urgency and discipline. And with that, I'd like to open the call for questions.

Speaker #1: We will now begin the question-and-answer session. To ask a question, you will need to press 'star' then the number one on your telephone keypad.

Operator: We will now begin the question and answer session. To ask the question, you will need to press star then the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Stacy Ku with TD Cowen. Your line is open.

Speaker #1: If you would like to withdraw your question, press star one again. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Stacey Koo with TD Cowen.

Speaker #1: Your line is open.

Stacy Ku: Hey, good afternoon, guys, and thanks so much for taking our questions. We have a couple. First is on the refill dynamics. We're appreciative of you giving us this level of detail, but maybe put it in the context of other presbyopia eye drop products. What strategies is the team employing to keep these patients? That's the first. Then second, as we think about the telehealth launch, maybe speak to the level of comfort around VIZZ safety profile. That's the second. Then last, I know it's still early days, but when would you expect to see nationwide TV advertising drive prescription growth? As a reminder, just help us understand where you're prioritizing investment when it comes to commercial strategies that are working. Thanks so much.

Speaker #2: Hey, good afternoon, guys, and thanks so much for taking our questions. So, we have a couple. First is on the refill dynamics, where we appreciate you giving us this level of detail, but maybe you could put it in the context of other presbyopia eye drop products.

Speaker #2: What strategies is the team employing to keep these patients? So that's the first. And then second, as we think about the telehealth launch, maybe speak to the level of comfort around visit safety profile.

Speaker #2: That's the second. And then last, I know it's still early days, but when would you expect to see nationwide TV advertising drive prescription growth?

Speaker #2: And as a reminder, just help us understand where you're prioritizing investment when it comes to commercial strategies that are working. Thanks so much.

Speaker #4: Great. Thank you, Stacey. This is Sean. So first on the refill dynamics, as well as the strategies we're taking to make sure that we continue to see those strong refill dynamics.

Shawn Olsson: Great. Thank you, Stacy. This is Shawn. First on the refill dynamics, as well as the strategies we are taking to make sure that we continue to see those strong refill dynamics. When we think of the refill dynamics, what we focused on is our e-pharmacy channel, because that is where we can see that patient-level data. We also look at the cohorts that are the most mature. That would be people that bought for the first time in Q4 of 2025 and Q1 in 2026. What is great to see is of those cohorts, 60% of those e-pharmacy patients have purchased more than one monthly pack. That includes patients who purchased multiple packs on their initial order, as well as patients who return for subsequent purchases.

Speaker #4: So when you think of the refill dynamics, what we focused on is our e-pharmacy channel because that's where we can see that patient-level data.

Speaker #4: And we also look at the cohosts that are the most mature. So that would be people that bought for the first time in Q4 of '25, in Q1 in 2026.

Speaker #4: And what's great to see is, of those cohorts, 60% of those e-pharmacy patients have purchased more than one monthly pack. That includes patients who purchased multiple packs on their initial order as well as patients who returned for subsequent purchases.

Speaker #4: The other thing that's important to understand is we focus on the e-pharmacy channel not only because we can see the data at the patient level, but it's also our dominant sales channel as well.

Shawn Olsson: The other thing that is important to understand is we focus on the e-pharmacy channel not only because we can see the data at the patient level, but it is also our dominant sales channel as well. What is great when we are looking at this data is if we look at that Q4 cohort, we are seeing on average, they have now already purchased slightly more than 5 packs, and they have not come up on a year yet. That Q1 cohort is trending to 5 as well. The Q2 cohort, not yet mature enough, but we are still seeing that similar early pattern, which is great. Now, when we think of our product, this was really important because it means we have a presbyopia product out there that works and people want to continue to refill.

Speaker #4: What's great when we're looking at this data is, if we look at that Q4 cohort, we're sitting on average—they've now already purchased slightly more than five packs.

Speaker #4: And they haven't come up on a year yet. And that Q1 cohort is trending to five as well. The Q2 cohort, Q2 cohort, not yet mature enough, but we're still seeing that similar early pattern, which is great.

Speaker #4: Now, when we think of our product, this was really important because it means we have a presbyopia product out there that works and people want to continue to refill.

Speaker #4: Obviously, some of their early launches in this space, they were able to get early uptake, but that refill wasn't there. This, we feel, really speaks to the durability of our product.

Shawn Olsson: Obviously, some of their early launches in this space, they are able to get early uptake, but that refill was not there. This, we feel, really speaks to the durability of our product. In terms of the strategy that we are employing to make sure that we continue to see high refill rates, I think the number one thing you really need is an eye drop that works. We are excited that we have an eye drop that works for 10 hours. In addition to that, the e-pharmacy channel allows that option to buy 3 months at a time at a discounted rate. Then as we have launched this telehealth channel, that also enables the opportunity to buy 3 months at a time, enter into an auto-renew cycle, and get that long duration at a discounted rate. That is what is going on with the refill dynamics.

Speaker #4: In terms of the strategy that we're employing to make sure that we continue to see high refill rates, I think the number one thing we really need is an eye drop that works.

Speaker #4: And we're excited that we have an eye drop that works for 10 hours. In addition to that, the e-pharmacy channel allows that option to buy three months at a time at a discounted rate.

Speaker #4: And then, as we've launched this telehealth channel, that also enables the opportunity to buy three months at a time, enter into an auto-renew cycle, and—.

Speaker #4: You get that long duration at a discounted rate. So that's what's going on with the refill dynamics. In terms of telehealth and the comfort with safety, what's great about the telehealth channel is that we have great safeguards around that channel in general.

Shawn Olsson: In terms of telehealth and the comfort with safety, what is great about the telehealth channel is that we have great safeguards around that channel in general. The telehealth patients are screened for appropriateness by fully licensed eye care physicians. They have to have no history of retinal complications and be an appropriate candidate for VIZZ and have a recent retinal exam within the past 24 months. Then after that, still an independent eye care physician evaluates that patient history and suitability prior to prescribing VIZZ, or if they feel it is necessary, they will actually recommend a visit to a doctor in person if they do not qualify for telehealth. In terms of the TV channel, our TV campaign, that went live 6 July. We are already seeing lifts from that national TV campaign, which is great to see. We will expect to continue that on because of that lift we have seen.

Speaker #4: The telehealth patients are screened for appropriateness by fully licensed eye care physicians. They have to have no history of retinal complications. And be an appropriate candidate for this.

Speaker #4: And have a recent retinal exam within the past 24 months. And then after that, still an independent eye care physician evaluates that patient history and suitability prior to prescribing this, or if they feel it's necessary, they'll actually recommend a visit to a doctor in person if they don't qualify for telehealth.

Speaker #4: In terms of the TV channel, our TV campaign that went live July 6th—we're already seeing lift from that national TV campaign, which is great to see.

Speaker #4: And we'll expect to continue that on because of that lift we've seen. We've seen it in the access to the telehealth channel, because that is what announced telehealth, but we also see the lift in the other channels as well.

Shawn Olsson: We have seen it in the access to the telehealth channel because that is what announced telehealth, but we also see the lift in the other channels as well.

Abe Skilpadic: There are two other minor questions or questions in there, Stacy, I have to answer those. How do we compare against other presbyopia drops? Frankly, we appear to see a lot of traction with the current ones on market. You compare us to Vuity. Interestingly, we are now actually selling more on a weekly or monthly basis than Vuity. Importantly, if you compare the Vuity refill rate at that peak, it was about 10%, 12%. We are tracking at that 42% for those people that refill that become users of VIZZ that we have always spoke about. So we are very pleased to see that. Then the last question, how do we expect to adapt? Like I mentioned in my remarks, the commercial investments that we have made so far have been appropriate. They really helped establish this, build broad brand awareness among ECPs, truly expanded the consumer demand generation.

Eef Schimmelpennink: There are two other minor questions or questions in there, Stacy, I have to answer those. How do we compare against other presbyopia drops? Frankly, we appear to see a lot of traction with the current ones on market. You compare us to Vuity. Interestingly, we are now actually selling more on a weekly or monthly basis than Vuity. Importantly, if you compare the Vuity refill rate at that peak, it was about 10%, 12%. We are tracking at that 42% for those people that refill that become users of VIZZ that we have always spoke about. So we are very pleased to see that. Then the last question, how do we expect to adapt? Like I mentioned in my remarks, the commercial investments that we have made so far have been appropriate. They really helped establish this, build broad brand awareness among ECPs, truly expanded the consumer demand generation.

Speaker #3: But to my question—the question is that Stacey happened to answer those—how do we compare against other presbyopia drops? Frankly, we don't see, or haven't seen, a lot of traction with the current ones on the market.

Speaker #3: And if you compare us to Vuity, interestingly, we’re not actually selling more on a weekly or monthly basis than Vuity. And importantly, if you compare the Vuity refill rate at that peak, it was about 10 to 12%.

Speaker #3: We're tracking at that 42% for those people that refill, that become users of this, that we've always spoken about. So, we're very pleased to see that.

Speaker #3: And then the last question: How do we expect to adapt? Like I mentioned in my remarks, the commercial investments that we've made so far have been appropriate.

Speaker #3: They've really helped establish this, built broad brand awareness among CCTs, truly expanded the consumer demand generation, and with telehealth, we've now had numerous access pathways in place.

Abe Skilpadic: With the telehealth, we now have numerous access pathways in place. What we are doing now as we move through Q3, we are really assessing the performance of each of those initiatives, generating the data that will allow us to continue to adapt both the mix as well as the level of investments that we feel we need for this next phase in the launch. Obviously concentrating resources where we believe we have the greatest potential to drive durable growth. All of that is based on, obviously, the confidence we have in the value and the opportunity of this, while also remaining very disciplined in how we allocate capital as a company.

Eef Schimmelpennink: With the telehealth, we now have numerous access pathways in place. What we are doing now as we move through Q3, we are really assessing the performance of each of those initiatives, generating the data that will allow us to continue to adapt both the mix as well as the level of investments that we feel we need for this next phase in the launch. Obviously concentrating resources where we believe we have the greatest potential to drive durable growth. All of that is based on, obviously, the confidence we have in the value and the opportunity of this, while also remaining very disciplined in how we allocate capital as a company.

Speaker #3: What we're doing now is remove through Q3, but we're really assessing the performance of each of those initiatives and generating the data that will allow us to continue to adapt both the mix and the level of investments that we feel we need for this next phase in the launch.

Speaker #3: And, obviously, concentrating resources where we believe we have the greatest potential to drive durable growth. All of that is based on the confidence we have in the value and the opportunity of this, while also remaining very disciplined in how we allocate capital as a company.

Stacy Ku: Incredibly helpful. Thank you.

Speaker #1: Incredibly helpful. Thank you.

Operator: Your next question comes from the line of Yigal Nochomovitz with Citi. Your line is open.

Speaker #2: Your next question comes from the line of legal, Niko Movitz with Citi. Your line is open.

Yigal Nochomovitz: Hey, guys. Great, thank you for taking the questions. I also have a few here. Just first off, could you just remind us, you said e-pharmacy is the majority of the revenue base, but if you could quantify or just give a little more direction on that comment. With regard to the retail, obviously you have the visibility in the e-pharmacy, but in retail, I guess, are you saying that you just don't have the data, so therefore you can't track the refill dynamics and the persistence, or is there a different conclusion as far as the persistence in the retail side of the business? If you could just comment a little bit on the disciplined spend. Where are you going to invest more or where are you going to decelerate versus accelerate? Thank you.

Speaker #5: Hey guys, great. Thank you for taking the questions to us. I have a few here. So just first off, could you just remind us, you said e-pharmacy is the majority of the revenue base, but if you could quantify or just give a little more direction on that comment.

Speaker #5: And then, with regard to the retail side—so, obviously, you have the visibility in e-pharmacy, but in retail, I guess, are you saying that you just don't have the data, so therefore you can't track the refill dynamics and persistence? Or is there a different conclusion as far as the persistence on the retail side of the business?

Speaker #5: And then, if you could just comment a little bit on the discipline spend—where are you going to invest more, or where are you going to decelerate versus accelerate?

Speaker #5: Thank you.

Shawn Olsson: Yigal, thank you for the question. The e-pharmacy is the predominant avenue of where most of our scripts go through. Ultimately, we see a little over 60% of our scripts are going through that e-pharmacy channel. Again, we have the most access to that data, so we do a lot of our analytics off of it. In terms of the retail channel, I think as many investors have seen, the retail pickup of VIZZ, whether it be through Symphony Health or IQVIA, has been fairly poor and limited. Unfortunately, because of that, we can't do a good assessment off of that data set.

Speaker #4: So you all, thank you for the question. So yeah, so the e-pharmacy is the predominant avenue of where most of our strips go through.

Speaker #4: And ultimately, we see a little over 60% of our strips are going through that e-pharmacy channel. And again, we have the most access to that data, so we do a lot of our analytics off of it.

Speaker #4: In terms of the retail channel, I think, as many investors have seen, the retail pickup of this—whether it be through Symphony or IQVIA—has been fairly poor and limited.

Speaker #4: And unfortunately, because of that, we can't do a good assessment off of that data set.

Abe Skilpadic: Thanks, Shawn. To your question as where we will adjust. Going back to what I just mentioned earlier as well, it really will be driven by the data that we will generate in Q3, and that will inform what's this next phase. I think it's fair to say that the principle is clear. We will align our commercial investments with demonstrated performance, what's truly driving scripts, and the scale and needs of the business will be appropriate for what we're building. We'll keep you all informed, as appropriate, and once we've made any more final decisions.

Eef Schimmelpennink: Thanks, Shawn. To your question as where we will adjust. Going back to what I just mentioned earlier as well, it really will be driven by the data that we will generate in Q3, and that will inform what's this next phase. I think it's fair to say that the principle is clear. We will align our commercial investments with demonstrated performance, what's truly driving scripts, and the scale and needs of the business will be appropriate for what we're building. We'll keep you all informed, as appropriate, and once we've made any more final decisions.

Speaker #3: Thanks, Sean. Two questions. When will we adjust—going back to what I just mentioned earlier as well—it will be driven by the data that we'll generate in Q3.

Speaker #3: And that will inform us in this next phase. I think it's fair to say that the principle is clear: we will align our commercial investments with demonstrated performance, focus on what's truly driving scripts, and ensure the scale and needs of the business are appropriate for what we're building.

Speaker #3: We'll keep you all informed as appropriate and what we've made any more final decisions.

Yigal Nochomovitz: Okay, thanks, Ed. I just had one quick follow-up, which was more of just a technical thing. The revenue was USD 1.7 in this quarter as well as last quarter, but you had 2,000 more packs. It was a 9% increase Q over Q. Can you just clarify the dynamics there regarding the volumes and price equation? Thanks.

Yigal Nochomovitz: Okay, thanks, Eef. I just had one quick follow-up, which was more of just a technical thing. The revenue was USD 1.7 in this quarter as well as last quarter, but you had 2,000 more packs. It was a 9% increase Q over Q. Can you just clarify the dynamics there regarding the volumes and price equation? Thanks.

Speaker #5: Okay, thanks, Ed. I just had one quick follow-up, which is more of just a technical thing. So the revenue was $1.7 million in this quarter as well as last quarter.

Speaker #5: But you had 2,000 more packs, so it was a 9% increase quarter over quarter. Can you just clarify the dynamics there regarding the volume-price equation?

Speaker #5: Thanks.

Dan Chevallard: Sure. Thanks, Yigal. This is Dan. The 9% is a volume-based metric on units that shipped. Gross-to-net, in general, was the same. Also, what was in Q2 would have included and will continue to include periodically revenues ex-US. I think overall, you will find that the revenue per unit is similar. There will be some fluctuation quarter to quarter, but the 9% is on an absolute volume basis of units that shipped in the second quarter compared to the first quarter.

Speaker #6: Sure. Yeah, thanks to you all. This is Dan. So, the 9% is a volume-based metric on units that shipped. Gross/net, in general, was the same.

Speaker #6: If you also—what was in Q2 would have included, and will continue to include periodically, revenues ex-U.S. So I think overall you'll find that the revenue per unit is similar.

Speaker #6: There will be some fluctuation quarter to quarter, but the 9% is on an absolute volume basis of units that shipped in the second quarter compared to the first quarter.

Yigal Nochomovitz: Okay. Thank you.

Speaker #5: Okay. Thank you.

Operator: Your next question comes from the line of Marc Goodman with Leerink Partners. Your line is open.

Speaker #2: Your next question comes from the line of Mark Goodman with Learning Partners. Your line is open.

[Analyst] (Leerink Partners): Yeah. Hi, everyone. This is Alyssa on for Marc. Thank you for taking our questions. I have two. Regarding the telehealth platform, can you comment on what proportion of online form submissions ultimately result in a scheduled visit with a provider versus an asynchronous prescription? How long does that screening questionnaire take to just submit? Secondly, can you comment on the patient mix and if it has evolved since the launch of the nationwide DTC campaign? Thank you.

Alyssa Larios: Yeah. Hi, everyone. This is Alyssa on for Marc. Thank you for taking our questions. I have two. Regarding the telehealth platform, can you comment on what proportion of online form submissions ultimately result in a scheduled visit with a provider versus an asynchronous prescription? How long does that screening questionnaire take to just submit? Secondly, can you comment on the patient mix and if it has evolved since the launch of the nationwide DTC campaign? Thank you.

Speaker #1: Yeah, hi everyone. This is Alyssa on from Mark. Thank you for taking our questions. I have two. So, regarding the telehealth platform, can you comment on what proportion of online form submissions ultimately result in a scheduled visit with a provider versus an asynchronous prescription?

Speaker #1: And how long does that screening questionnaire take to just submit? And then secondly, can you comment on the patient mix and if it's evolved since the launch of the nationwide DTC campaign?

Speaker #1: Thank you.

Shawn Olsson: Hi, Alyssa. This is Shawn again. Thanks for your question. Yeah. With the telehealth platform, what is great is we want to see volumes going through it, that is number one, but we also want to see that it is screening out patients, both through the screening process, but also that after the patient does make the telehealth, some people are then actually informed they need to go to a doctor and do not proceed with the telehealth because that is a functioning system. We are seeing that some patients are being screened out in both the screener as well as during the telehealth visit. We have not broken out those numbers publicly, but it is good to see that. In terms of filling out the survey, it really only takes a few minutes to fill out the survey. It is not an overcomplicated process.

Speaker #4: Hi, Melissa. This is Sean again. Thanks for your question. So yeah, so with the telehealth platform, what is great is we want to see volumes going through it.

Speaker #4: That's number one. But we also want to see that it is screening outpatients, both through the screening process, but also that after the patient does make the telehealth appointment, some people are then actually informed they need to go to a doctor and don't proceed with the telehealth because that's a functioning system.

Speaker #4: So we are seeing that some patients are being screened out in both the screener as well as during the telehealth visit. We haven't broken out those numbers publicly.

Speaker #4: But it is good to see that. In terms of filling out the survey, really only takes a few minutes to fill out the survey.

Speaker #4: So it's not an overcomplicated process. And again, that was developed by ECPs to make sure it had the right screening criteria. In terms of the mix, pre and post-TB, really not a big change there in terms of mix.

Shawn Olsson: Again, that was developed by ECPs to make sure it had the right screening criteria. In terms of the mix, pre and post TV, really not a big change there in terms of mix. Overall, in general, it is about 60% women and 40% men purchasing the product. Also, again, we are seeing a slightly higher interest in that 45 to 55 age group, and it kind of steps down over 65. So no big change in mix of the patient profile.

Speaker #4: Overall, in general, it's about 60% women and 40% men purchasing the products. And also again, we're seeing a slightly higher interest in that 45 to 55 age group.

Speaker #4: And it kind of steps down over 65, so no big change in mix of the patient profile.

[Analyst] (Leerink Partners): Great. Thank you.

Alyssa Larios: Great. Thank you.

Speaker #1: Great. Thank you.

Operator: Your next question comes from the line of Lachlan Hanbury-Brown with William Blair. Your line is open.

Speaker #2: Your next question comes from the line of Lachlan Hanbury Brown with William Blair. Your line is open.

Lachlan Hanbury-Brown: Hey, guys. Thanks for the question. Maybe just one on the telehealth to start. Can you just talk about the early adoption there? You talked about the good script trends we are seeing in July being up about 45%. I mean, is that primarily being driven by incremental scripts going through telehealth, or is that maybe only part of it and some of it is being driven by maybe the DTC or TV campaign driving people into the doctor? Then the second question on the stat on average refills of five packs per year. Just wanted to confirm, is that just among the 60% that do refill? Related, could you maybe break out the number that fill a three-pack to start with versus who place the second order?

Speaker #3: Hey guys, thanks for the question. Maybe just one on the telehealth to start. Can you just talk about the sort of early adoption there? You talked about the good script trends we're seeing in July, being up about 45%.

Speaker #3: I mean, is that primarily being driven by, sort of, incremental scripts going through telehealth, or is that maybe only part of it and some of it's being driven by, maybe, the DTC or TV campaign driving people into the doctor?

Speaker #3: And then the second question, on the stat on average refills of five packs per year, just wanted to confirm that that is that just among the 60% that do refill?

Speaker #3: And related, could you maybe break out the number that fill a three-pack to start with, versus who sort of place the second order?

Abe Skilpadic: Hi, Lachlan. Happy to take the first question. Just to make sure that we got the question right, I think your question was, is the growth that we saw month-over-month, June to July, driven by telehealth? Is it maybe impacting the other channels? The good thing here is that we see that actually the combination with the TV, the national TV campaign, drove all channels up. Telehealth definitely has a significant part of the increase, but it did not come at the expense of the other channels. So we see good and encouraging growth in the other channels as well. Again, all channels up in July versus June.

Eef Schimmelpennink: Hi, Lachlan. Happy to take the first question. Just to make sure that we got the question right, I think your question was, is the growth that we saw month-over-month, June to July, driven by telehealth? Is it maybe impacting the other channels? The good thing here is that we see that actually the combination with the TV, the national TV campaign, drove all channels up. Telehealth definitely has a significant part of the increase, but it did not come at the expense of the other channels. So we see good and encouraging growth in the other channels as well. Again, all channels up in July versus June.

Speaker #5: Hi, Lachlan. Happy to take the first question. Just to make sure that we got the question right—I think your question was: Is the growth that we saw month-over-month, June to July, driven by telehealth, and is it maybe impacting the other channels?

Speaker #5: The good thing here is that we see that, actually, the combination with the TB—the national TB campaign—drove all channels up. So, telehealth definitely has a significant part of the increase.

Speaker #5: But it didn't come at the expense of the other channels. So we see good and encouraging growth in the other channels as well. So again, all July, versus June.

Shawn Olsson: Then in terms of your question on the five packs per year. So the five packs per year, yes. So that is for the 60% of patients in e-pharmacy that have purchased multiple times or multiple monthly packs. So that is how it is calculated. That leaves the other 40% at that single purchase. You can back into the full math off of that. In terms of those that buy one pack or three-packs for their first pack, again, we tend to see people move along that path. We have seen people start with a one-pack and then move to a three-pack. We have not broken out that first start of one-pack versus three-pack.

Speaker #5: Yeah. And then, in terms of your question on the five packs per year—so the five packs per year, yes, that is for the 60% of patients in e-pharmacy that have purchased multiple times, or multiple monthly packs. Right?

Speaker #5: So that's how it's calculated. That leaves the other 40% at that single purchase. You can back into the full math off of that. In terms of those that buy one pack or three packs for their first pack, again, we tend to see people move along that path.

Speaker #5: We've seen people start with a one pack and then move to three pack. We haven't broken out that first start of one pack versus three pack.

Lachlan Hanbury-Brown: Got it. Thanks.

Speaker #3: Got it. Thanks.

Operator: Okay, and that concludes our question and answer session, as I am showing no further questions. Thank you for your participation, and we will now conclude today's conference call. You may now disconnect.

Speaker #2: Okay, that concludes our question and answer session. As I am showing no further questions, thank you for your participation. We will now conclude today's conference call.