ACRX - Earnings call transcript Q4 2020

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Operator

Welcome to the AcelRx's Fourth Quarter and Full Year 2020 Conference Call. This call is being webcast live on the Events page of the Investor Relations section of AcelRx's website at acelrx.com. This call is the property of AcelRx and any recording, reproduction or transmission of this call without the express written consent of AcelRx is strictly prohibited.

As a reminder today's call is being recorded.

You may listen to a webcast replay of this call by going to the Investors section of AcelRx's website. to Financial call Officer. like Asadorian, to now Chief AcelRx's would turn over the Raffi I Please, ahead. go

Raffi Asadorian

Thank join you available full for press is Vince our call we to results announced are joining a release us this previously Palmer, Officer. Unfortunately in presentation today Dr. fourth afternoon. and released the Angotti, is quarter accompanying release. Investors and press Chief year slide financial us Chief our of Officer XXXX website. This Earlier this our a section the to Pam in With today Executive our family me due Medical unable emergency. today,

Before Please the to such with for of within associated the statements in our reports and uncertainties we call company's statements the this Securities meaning risks future during periodic, to regarding the a of and involve AcelRx. risks release operations securities filed remind begin, and Exchange forward-looking statements. Commission listeners annual and of the that the These forward-looking we press addition will results refer make discussion federal I'll laws. forward-looking current with

Let's and during pandemic, long-term despite have get call and a have makers. with physicians advancing adapted continue ways the commercial AcelRx access this launch found challenges to of value decision we obvious most Like of started, the as hospitals, and today. we companies long DSUVIA to

of studies. DSUVIA DSUVIA addition published also the overall supports successfully XXXX we of progress hospitals to two and We've and out requirements of positioned the perioperative reduced learned course peer-reviewed to post-COVID the efficiencies patients need real-world opioid opioid due manage many at to use the result, well achieved DSUVIA that that of clinical an readout from and DSUVIA and partnerships separate our believe stewardship ASCs the it pain, analgesic well-tolerated through of that in a effective in the success As the for objectives is beginning of acute XXXX. additional environment set at and in being from for the data

showed focus data this which time these resonating of well to hospital the discuss first importance and Importantly, supported centers, will studies, significant as with our surgery new of as each four hospitals I physicians data to also that administrators. the patient where is continued for providing investigator-initiated revenue in supporting Later for benefits studies economic and progress update pillars on DSUVIA see I on potential for we a populations. the help growth. foundation you will our

million one will Yun the in we we Dr. investors the special has into many further Dr. With addition, thought is provide optimistic the surgery dental total spine to in is the Pam oral States of study with Bone May to In physician our launch last and XXXX pandemic us introduction formal over unanticipated our the grown hear healthcare the DSUVIA. the regards later we on experiences for impacts regards different the ways. three of that, us With has and Dr. may many in it more surgery space helpful to even impacted year. call. Yun. committee elective -- face had cancellation surgeries. scenario pharmaceutical and of Steve Joint any oral outside surgery who a joint world or cumulative by each for on elective and under or have effects last experts than The main have to dental experienced surgery Yun's backlog to AcelRx, significantly about a gearing DSUVIA today has of anesthesiology be of Biomet guest with of its two, visitors would up meetings; and most Zimmer of delays and restrictions one, the Surgery a cases. United institutions formulary the of representatives suggested educate the delays and point, backlog volumes The are: orthopedic Journal X entering three, providers;

has With the second believe the return an of rollout been update the expected approvals We year. insiders some this that the of environment the I'll of on and this XXXX surgical use half vaccines, initial in of provides start surgeries ramping primary many DSUVIA. of guidance surgeries XXXX. expected elective believe provide opportunity, for the industry formulary these includes as will number expectation growth by an the end

review the four XXXX in let's each Before achieved looking objectives in pillars. of and progress our forward, made

approval formulary XXXX to centered pillar a in guidelines. in million Department received is first year the deployment Milestone four April, develop clinical September made C received joint from Army progress finally $X.X in significant contract with approval The on US practice the We received of Defense. and

continue military hospitals penetrate we across or being here the based of US, the better in the addition, treatment In as the are understood. to facilities DSUVIA military benefits

deploying SKOs all reminder, for a kits be the or approval Army As the outfits DSUVIA Milestone in and C US means packed troops. sets out will

for in $XX yet we working expect the this all logistics on continue revenues We complex final initial to in improve out in finalized, time. will what once over do years. worked this stocking will million any SKOs term. logistics and which translate taken administrative near the to approximate Army matters we the all logistics revenue not three these Regardless, are XXXX, the have believe We still for with guidance has be the on process, into but that

and the military rotate training opportunity healthcare are focus so deploying DSUVIA. providers for to Army these many will more U.S. a treatment ships prepared they focus of the deployment, Separately, benefits military facilities of educating learn about physicians an within the continue into provides to to be teams, troops. on which remain DSUVIA as as Our

representatives on their drug XXX-plus Biomet this particularly promotion sales large Biomet received broader markets that in announced begin exclusive representatives specialty after to in trained year, dental accomplishment to sales started July. and pillar later surgery partnerships. the through expand was is licenses. just oral Zimmer to wholesaler second concentrated significant Zimmer expected Biomet the Zimmer with XX The is A accessed has the Dental XXXX partnership

virtual Once the As a growth promotional Dental's setting Dr. million in within approximates potential a specialties relationships provide quarter in customers specialties has we surgery idea first the established many base can is our a We to will other procedures space. DSUVIA. from ramp is given sales DSUVIA emergency others. opportunity made large And services, customer calls one of his of a and of Biomet that full the are fastest-growing medical procedures. the to how this Plastic pillar benefit accomplished and year, this of this with characteristics will potential unique Also these sales this these significant the pharmacokinetic believe believe with two surgery, been proportion quarter. DSUVIA of Zimmer given fourth procedures as in representatives this making quickly. plastic has and their in force, of reminder, only reach are discuss Yun initiated this effort such X.X being been experience DSUVIA sales applicable better types with performed.

hospitals which internal primary Our pillar, third surgery is is our the and focus commercial centers. of organization,

how of procedures data our impact have certainly pillar, provided rationale DSUVIA address While elective of progress can publications moving in the an this had backlog new clinical help the the forward. in on real-world COVID a has

hospitals pandemic. believe was will the to of studies most into provide of this being the surgery during in in for XXXX, management lead potential hospitals and surgeries. trials Selling at change DSUVIA's only and evaluated we Importantly, paradigm US a exacerbated has investigator-initiated some evidence further ongoing long the new of pain prestigious and the the centers time

they publications Health to now With After our of their this data with critical there data DSUVIA health identifies Rural the with opioid opioid data, showing efficiencies one stewardship recent us and use this care Association, the as enter more perioperative is a information partnership to the that this example reviewing upcoming and formulary help clinical real-world benefits able providers with of areas. National evaluate four stewardship are priority the the One into support of effort. was decisions. setting, to which supporting decided purchasing in partnership of available for

well-regarded at investigator-initiated ongoing performed Harvard we've of believe studies will the over the different benefits Surgery being ongoing from studies Cleveland effectiveness well DSUVIA are Hospitals and on These Brigham Center. Reconstructive these as focused demonstrate provides populations. at data University Newport all care. and We As and there patient Clinic, Cleveland, the as studies Hospital, Women's announced, previously in the current are of Plastic institutions, standards

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accounts including receive strong studies interest formulary use. on our we in investigator-initiated studies, our sickle proposed commercial presenting in the the to call, cell With orthopedic reviewed to areas, in DSUVIA to we that as and addition team's approved emergency the to for In for COVID delaying and focus patients other continue had surgery retinal already elderly. shifted mentioned quarter department reviews, last trials

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financial to over Pam update, further would providing Dr. to the like Before call introduce to Yun. and a operational I hand

Pam Palmer

Raffi. you, Thank

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Steve Yun

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Raffi Asadorian

Q&A Yun for But the the the the would Thank end you, review. that the very before we're launch you provide great updates given space. into important on Dr. the hear some of at those into to financial for were Yun insights. if about line. a oral I other Yun surgery our Dr. And few unable with excited difficulties like be Dr. going to of available And call. will apologies,

our Europe shipped. high-volume up line has that automated finally in First, COVID been packaging has of held because

sold testing the which end able contract facility month. complete received, After importantly on meet after significant unit next the manufacturer, the to hospitals are are our all production final centers. will line cost third and beginning are to receive the increase commercial Subsequent surgery will in XXXX. growth of We This DoD, steps and by the manufacturing be have our expected producing demand reduction received. our assemble our the batches capacity has acceptance begin and in the be a expect to at Zimmer quarter from approvals then to equipment packaging of batches, been validation expected production contract and at of

to Europe. path DSUVIA or with finalizing partner for year Importantly, have Europe. in this out-licensing this also an a clear plan potential on agreement DZUVEO We the later to discussions

We team. complementary does our our additional complement our the explore will expected FDA with of provides part at product We've completed very we letter. fourth the our but efficiency questions our DSUVIA simply team DSUVIA, continue replace committed additional call. believe take DSUVIA to improve had same recent product year licensing more which adding in but pillar, communications acquisition leverage XXXX. about commercial on portfolio. sales commercial much and opportunities, We've As least with to warning priority or seriously. remain not opportunities This their and this lot is to we one a We in some

their and schedule responded received our such meeting. requested will the As of response to promptly received that and have they confirmation letter already we

to finally and diversion in the been issues data, shows you We record to DSUVIA an the we always opioid quarter to guidance as in second and education. DSUVIA. and And be to the $X.X QX year health an historical year I'd well FDA the surgeries the increase DSUVIA in of deploying our heard be time, citizen and of FDA million, a expect in with combined is centers growth the surgery accelerate to take product with acceleration hospitals to approved some shipped the abuse after to We model Program for annually is SKOs $X.X sales and line I'll lifted. surveillance care our overview in cover XXXX. provide clean SG&A, a be the all so much the our COVID direct the XXXX. the despite to the This expected abuse, continue stronger stock being production and Once is This our with was rollout R&D to installed expenses expected a The a which filled not on with the accelerates. costs for favorable quarter a believe, importantly, that or revenue at quarter margins. like to with the fixed XXXX same hands reduce. cost combined years. been million this prescription, past year elective gross return kept expected narrowed top to this profit institutions provide cover access will is the and challenges DSUVIA to expected manufacturers automated is this half drug track many for a commercial compensation impact excluding line be has the significantly has encouraging, growth has in unit of for half the improved second intention was XXXX. same depreciation still our proper in year. of and work catalyst expected and the reported the We're costs sales -- operating decline production all RADARS we've $X.X fourth beginning restrictions of in are Health's I'll fixed as in automated and packaging quarter This misuse were were over XXXX, during driven packaging financials. have adding a million negative have as contract do growth surgeries the of opioid, now the personnel data Denver the Cash, Our but mention revenues million revenue $X.X to to will them $X.X overall second with sales combined about program loss XXXX period the extended and during we in restrictions. over of through elective in that half is with troops that as the the $XX.X we of which in backlog begins and overhead be with mindful across XX XX% same of over closely later revenues place be primarily once for while partner growth the of to functional areas, promotion compared XXXX expenses Total excited increase within million, compared XXXX. considering COVID in qualified Gross costs our DSUVIA respect first did to see not by will is sales. marketing COVID. to we as was continue but XXXX. spend, million and to our results stronger of and the the should collected XX% launch return the encountered reduced. outpatient and At The and manage the

hospital we We out also to XXXX, expecting continue have DSUVIA rolled surgery are to on adopting and get centers new in this a US. of favorable the believe this across as formulary. start year will forward surgeries to Looking impact as the returning on half vaccines elective second mentioned, the

our XXX $X.X to by We $X use from the XXXX to centers and compensation to hospitals of to Annual expected end XXXX and combined expected have approved installation DSUVIA surgery expect expected in in packaging to for we range to matures expense, of Capital have million. new automated million debt approximate is R&D million, range June line that senior in attributed $X under from high-volume manufacturer. are pay outstanding at expenditures million facility XXXX. the debt to contract down as million our amounts final our $X continue is XXXX. that excluding $XX and service Quarterly mainly depreciation SG&A to stock

in initial expect at batches the XXXX. beginning QX to be with after approvals commercial regulatory are this year batches received We of produced end packaging

nicely line, cleared XXXX now people, out-license packaging later the to been this once many up sales despite was for and in many for close for the progress, different and are hospitals is on this path of surgery challenging but solid set make agreement these Europe we an In sector. also There automated our unique plan to creation we've many the are summary, With opportunities installation able year. restrictions to in are finalize lifted challenges to DZUVEO centers. companies and for

our administrative We the expect lifted. half and restrictions begin COVID year reorder second seeing we're the the now as one, to in from rates we the is any XX% might and this two, issues And on up would studies ASC capitalize Operator? beginning cleared; be benefit clinical have. customers; from for questions from line to like data three, investigator-initiated the of approved hospital DoD, the I logistics get questions to received. -- the and the you open

Operator

We begin question first will with session. The the [Operator from question-and-answer comes go Cantor Brandon Please Folkes Instructions] ahead. Fitzgerald. now

Brandon Folkes

the COVID? XXXX in reverse there putting IV on goal new cumulative any taking DSUVIA expect as Thank color much color coming the factor of the tongue there Is patient Thanks limiting just current a sort end in. that sort very of that? an is goal that Any first the close maybe Maybe three you year. versus to the -- mean the protocol had getting of wins hospital that the out sort about of institutions under Hi. you in of it And should questions. one. much. environment? sort created. talked we secondly for and headwinds I of the then you But COVID of headwind where talked sort in very types for out we any actually And about a may administer come to of the for Raffi, formulary my of the

Raffi Asadorian

first. Yes, Brandon, second the I'll take part

the more one-fourth your question, about what been to-date broke up have formulary one. little -- answer for We're but approvals mean approval been and protocol a bit on rest are the up delayed hospitals seeing approvals, me is a I for the those been seeing because lot You first have of surgery the that we've let hospitals centers. ones formulary been COVID. but have of really

that to once So things come open we're up. expecting back

-- increasing that are a side mix And primary than So share But second volumes you question? answer shift see the surgery elective an your the centers larger those backlog things. usually continue much, we'll hospital that see a from place Does those more with part bit coming surgery centers. hospitals with of in to of be coming orders and the as that in know approvals the big the of that surgeries much hospitals from will hospitals. we'll the to

Brandon Folkes

arm and we you It so has DSUVIA was update -- than so administered an can do have part you that's just in reverse you my a of come may in vaccinated? is been have of approvals rather COVID to perhaps question COVID bit environment out any feedback first me a where institutions now. that that in the But that maybe sticking does, given if the the that formulary challenge And hopefully yes. as and hear something think in just IV you sublingually more of heard everyone's

Raffi Asadorian

Pam. not don't it. heard I heard heard but you've that Got all, know I've if that never I've that. at

Pam Palmer

No. No.

given. acetaminophen, In gabapentin oral fact COX-X it's in oral very giving perioperative involves the oral setting medications right for very is inhibitors, now multimodal it's common oral analgesia

oral close of contact IV. than type the another or as an for DSUVIA medication injecting giving invasive is nurse no So more

aspect the So heard really dosage I -- form. that differentiating don't being of of as a never I've

Brandon Folkes

very Thank Okay. much. you That’s fine.

Pam Palmer

Sure.

Operator

question is ahead. next Please from Suisse. The Seigerman Credit Evan with go

Evan Seigerman

Thanks Congrats on guys. the results. the Hi, for taking question.

numbers I just of so guidance is how goal know have you It seems the XXX folks there's reopening about I for are getting is then year. better medical And what your And actually color surgeries. are this half country of getting at discussion of in parts facilities things impacts back least in that remind a into business. some and is compared us end you of that -- your with of and approvals? kind Can you formulary back formulary Can where more a a you it provide some of follow-up for this where the it by lot you to of lot know to to year, the I as hope guess on approvals achieve to the outlined? you Thank be the just So the year you. results we are to the that? And where pre-COVID? what weighted but as pace are

Raffi Asadorian

Sure. Yes.

So XXX Evan – the February, at of where end we sorry, approvals. are was XXX

terms that to that's biggest. second going the -- opened the of the it's are open but when obviously pace areas year still that that to restricted. elective up, to starting I half So we're in But largely in up continues be some in surgeries see pace the mean, XXX, of get to

that the that still don't Evan still be your if expect the But half large we're first getting be formulary to the lot in of from of answers that year. terms we So, the the would we're hospitals I pace. year of a taking wins half a question second effort, of that part. of second biggest in know lot getting or it's not but will but pace work certainly good and

Evan Seigerman

part this helpful. And it? the kind that's you second then about reopening think Yes, on just and how of

Raffi Asadorian

we formulary have a it's cancellations, same really reopening really we -- delays. just others formularies mean said It's been it's delayed. of impact. the the accelerates. an have the meetings couple that as to not talked Yes, in that just And the space; had -- things -- It's just I have

the second year. improving back the I and issues pace So, the two half and it's really to getting difference in start that encountered impact into lifting surgeries just that our of It's start have hospitals they those and the opening the those reps up big really coming elective a as we is think then in And restrictions. approvals. the going make those of even -- --

Evan Seigerman

you Thank Excellent. guys.

Operator

question is ahead. The next Please Ladenburg Thalmann. from Higgins with go Michael

Edward Marks

taking Michael. our you guys for This Good questions. on afternoon. is I appreciate And Edward

are efforts formulary of pending? by decisions on to that to are any Are piggybacking XXX boost planning the end? additional from XXX year currently Just there marketing those last the And you couple questions. any formularies then

Raffi Asadorian

formulary don't the of on a We've we always always we for comment all terms we're in have not the also being had -- yes, to we're working surgery scheduled. hospitals lot is numbers, approvals. constantly time but pipeline and what the some delayed. there's meetings don't going But backlog there's centers. But -- -- that We on in

of coming the real-world that's the the us data we call investigator-initiated mentioned studies, terms showing publications has those surgery December in that a talked that from I provided great used studies came for that seeing we're a boost and mean our being voice the in third DSUVIA about two and is us how and on out that us the strongest and August benefits marketing we In pillar the mean I -- efforts, centers. the from these been has that boost. hospitals gave really

of biggest physicians is that's that's product the how doctors for they're been want want other this the to hear data to and been So, benefit really from us. that using is what benefit the and see -- physicians primary

the So, provides that marketing promotional planning. in no efforts like seen as we're two And and it's data out studies. clinical the data be just come for to efforts the that there's this new and or in and we've good It's to things will us DSUVIA or that it see out benefits confident get important there. having really as we're previous information

we're So, that eagerly awaiting data.

Edward Marks

the this you for more half? you of as up things as the starting in-patients, you up surgeries a a And than are bit are example, for for how little than picking back that. any outpatient change picking up -- into trends types expecting Thank bit are like here to to move open are we noticing And little certain procedures types? then more in communities, are you other

Raffi Asadorian

up opened Well, yet. it hasn't

mean it in about place. starting we've to things hearing up, up has seen are but open restrictions much still not pretty keep same. I So the opened We yet. The

state expecting now, consistent heard up. in we surgery. others of regions But we well. second haven't others. as A hear I couple hasn't elective information. maybe that what we're said, Right you opening still think pretty really been from different certain pick it -- as more soon seen a They're or we've half, it's That's up.

the heard strongest Pam, that terms of mentioned can specialties those that lot want -- customers, the and you if but know returning, strength our terms the strongest we're we anything orthopedic-type like if you've specialties. performers plastics are you of ones surgeries and of surgeries, of increasing don't those the of comment have certain the are from feel ones terms I elective because been types surgeries. in on a In those been and physician to in orthopedics hearing has the

Pam Palmer

surgeries. to up open can And the really starting keep work them out, absolutely. be alert that's patients are are they able the in eager we're to to Yes, can efficiency. and their that think have. Saturdays. get the these why And something few they awake quickly, so these sites have get to discharge surgeries to They're and that starting PACU through And on starting backlog are I now scheduled incredible that's through being hear that

huge looking especially to move the also, for no their they're the hospitals that joints sector will So in efficiency. be with a total performed now. right get and around, COVID of And there's and anything enhance hanging out for be specifically one really hospitals to outpatient in out wants them

you've had same help surgeons terrific out their really will from me that them if to patients orthopedic asset we've joints be reach can for data practice. us So, DSUVIA total possibly saying, a just in that hey more got discharge day

have practice. that it So few about you said the their is how see not to can this analgesic new help places but loosened like Raffi and learn up, everything can eager they're

Raffi Asadorian

add just that. And I'll Yes. to

be is that's going the going have. those an It's with would relationship established customers. got talked dental half the things efforts mention, strong with their remarks think, second prepared I is, And the pick Dental mean up. I full to to also roll see is we a to specialty going Biomet's But specialty and that their they the they've one pickup place surgery get a I that to other think behind out we failed to they sales from year but out about I the in their and partner of very will say that. dental as educational great they a in I be put oral behind that of and be we the that that really in division it efforts licenses force, really that Zimmer and roll it

Steve Yun

basically higher shut I This offices seen you If And and the explosion routine with oral Yes. surgery surgery off. dental essentially so huge of working demand for dental XXXX down high the when XXXX and market, even fears a case in care, April six services in Steve was was we've half dental year again. it the and surgery Dr. in took XX% implants that of than COVID. Yun volume I in could in was I essentially all weeks our May. our is oral yet can And for even for not tell still I of personally, April, the and demand oral my was add, though and in

to come they see willing to so they're the done. done. want people to COVID, office have and demand. eat, surgery in and procedures to of notwithstanding, oral their doesn't matter their it And tremendous into continue in can't get dental the XXXX, to they're want surgery pain, have implants those far we When when fears oral They

Raffi Asadorian

Right.

we're be begin there to out So great eager get it's to Zimmer there. they to promoting a this. going I out Biomet opportunity as get think really And

Edward Marks

appreciate detail. couple all I That's in more here. that I interesting. squeeze a really could If

example? annual initiated compares structures example, Just for target for question are agreeing before one are studies? expecting to What as in studies. presentation DZUVEO be you about talking started what terms of the to you that you're the out-licensing it of about these? qualifications For of Europe, type for in on And Zalviso especially looking this these them year? for you of do Do investigator have some expect all to an the you

Raffi Asadorian

second I'll that let one. take Pam

-- the not we're potential get expect going down. structures, mean, European we market that low-priced to you would so I installed why out-licensing, is the of That's as very cost packaging line unit terms a said but comment to and market that. I it's In automated on the important having know

comment on think it's Pam, can't take structure. good the us, but we question the you we want to IITs? for So do a opportunity the on

Pam Palmer

Yeah. Sure.

are to the them this start expecting that listed, year. So we've all we ones

look expecting look quality we at investigator. of We we started. have overall is interested what study. at already in And are year. areas The evaluating? the that at the the it the cost start We to some Some matter, is of the rest the subject of this look we're

So to occur. those lengthy that usually there's always has are contracting some course, of process the And, of things. a

of think. than utilizing we've such interest DSUVIA. But you different ways we're investigators that these So had many everything excited takes from really longer regarding

out investigator the as out that's of tool the initiated said investigator studies use of So marketing real real-world trials Raffi these really are -- that data yet are DSUVIA. has for initiated, best data our been come that's the come world

Edward Marks

for That’s details, great. I thanks all time. appreciate all taking and the

Pam Palmer

Sure.

Operator

Please is question Wainwright. H.C. Arce ahead. with Ed from next go The

Ed Arce

Hi, next Raffi, year supporting Three Pam this real-world for all guidance and and DSUVIA. for also and congrats on me. the questions thanks for continued data giving the

is of the cadence you could between is then, guess targeted year. question this obviously, DZUVEO seen year? I'm formulary we've if whatever with would the regarding DoD regarding you as is expect in expect lastly, And wondering the hospitals? Two to to-date declinations? and the this one. given you total your you with And the us, form share have of end of in That's the on target the is would talked by First would procurements in XXX what an agreement, you. ASCs it's any of approvals well, payment? at this know facilities own expected. if, Milestone, could But Europe, Milestone this to ultimately source you takes of some past proportion in terms what C is of capital formulary expect Milestone point about the wondering, proportion that when that I be as C non-dilutive I upfront approval, department's been that's potential something another the Thank an things. obviously of addition difficult realize part whether

Raffi Asadorian

it's logistics waiting is. the we've there now troops. C. hard clearing all so we're that be on we expect said, this but hear is administrative to the on close we're and as -- that, do year, under all issues We which been we're coming how said, And much deploying a in logistics Yeah, needed. right something the on predict clear hopefully what be are we've to working to certainly to lot will the still Yes, that going Milestone Okay.

do deploying expect year. troops. imagine, the troops can we getting this out C it's complex something process under deploying you to yes, Milestone As products But a

our with limited that some And this. from reps right? I we of of focused We XX that XXX, that mean, the own others with have. co-promote terms target on In have, right of are we now, have the Ed the, reps

to are centers. right? hospitals XXX centers, those And surgery XX% can to high-performing and We of get centers you really that of XXX ambulatory kind surgery targeting narrow surgery even focus down those even

So, that to can types that we And if in into But XXX, dent that. get it's that. right that that's big a centers. focused. making call if the expand of volume, centers. those surgery institutions. it, we on what ones high now -- really that focused We into surgery procedure we're orthopedic -- a we XXX big And dent But high higher-performing makes the then,

And dent So there. it expand we'll makes a big to that. getting from then,

biggest the patients of bring declining right? … back. But and a surgeries it of And been issues. formularies, DSUVIA lot we've delays ability it that think discharged of these other a not priority their that and to not because come back declining recent these really been issue for seen of been been has operations has of we They've as throughput support the some been -- and when the comes and in to quite terms The getting will it's handful more own in formularies been It's help really it's declined. hospitals for on that studies, quickly frankly, meaning, a In of operational under been the new products handful focused have biggest have COVID, on, that pressure.

Pam Palmer

And…

Raffi Asadorian

…declines on the formulary.

Pam Palmer

using or a either of more about to and surgery all please with One room. a say those usually come this Can is they very group all before having just that to DSUVIA? you of a health you expand on mentioned, interesting. patients certain that, thing few back outright cancellation want it hospitals undergoing population the out out Raffi, a is patients test declines. us for deferral interested in example in new And an clarify emergency a what patients, product And obviously looks often of as We've received adopt of patient to you're when they it's care it large approval. definitive in to P&T, data

P&T to champion that patient can really defined trialing that it a where more with institution. in back they start population So really that want come is they --

I overall have the and few been So think absolute far declines between.

Raffi Asadorian

list targeted a that I from And the mean we we're that And that the XXX, mouth. to are there's of institutions. are that's are Yes. the on what not of think lot approvals getting add just XXX I that of that coming expected. a lot even institutions in also to word

launch the If use their the it you product recall during that to love and brings and benefits the this physicians patients. them the product

So those that's are well. a lot of on And been word of mouth that's great our institutions that -- initial as outside obviously targets.

is question, last in -- going can just working in right? centers the partner that a got to terms Ed through We've happy. is key, up So it's here close say automated surgery we're focused I difficult we're DZUVEO the to say. to that possibility that We can't line not. that there It's upfront upfront moving whether be I on to same now. thing; on and the out-licensing think. be we have think now open Any we I or that structure, hospitals agreement the an -- an ability to your But of packaging have right good over on now there'll

Ed Arce

helpful. last very Okay. may, I And that was if you one, then final that. one Thank for

cash external your what no Assuming runway? cash for sort example of current DoD inflows like is from

Raffi Asadorian

through another year So we February. million ended $XX million what in and $XX the got

of it pro us a gives good pretty balance. forma So

it's to sales the good that effectively or guidance gave we you sales, quarter. see hope Ed all it's a our mean if you we do -- I what even million runway. our about to $XX can burn have based is out that a -- very the got projections take so going to be. -- our it's with I around mean So just math that and we've on

us DSUVIA gets runway get and good moving. a it So here pretty launched to get things

it So good X there us gets runway. if even sales, was a

Ed Arce

from the So additional ATM? was million $XX

Raffi Asadorian

a -- of $XX million in million January. raise capital did We XX around No. of

Ed Arce

fantastic. Thank Great, you.

Operator

conference over our the would concludes for closing to any session. This Asadorian remarks. like Raffi I turn question-and-answer back to

Raffi Asadorian

We for everybody we we're our great well us we half control Thank the year. today. to positioned believe, second in Gary. joining of coming growth, see well you, for the as see continue We that -- while expenses. very thank a opportunity We

near look we you. forward developments the to So future. sharing in Thank more

Operator

for has conference attending you presentation. concluded. The today's Thank now

disconnect. You may now

Talphera (TLPH) 16 Mar 212020 Q4 Earnings call transcript