TRVN - Earnings call transcript Q4 2021

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Operator

Greetings, and welcome to the Trevena Fourth Quarter and Full Year 2021 Earnings Conference Call. Currently, all participants are on listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Barry Shin, Senior Vice President and Chief Financial Officer. ahead. go Please

Barry Shin

welcome, our and Commercial me are Demitrack. today and Good and everyone. CEO; Bourdow, Mark Officer, President Chief Chief Patty Carrie our morning, Medical With Drake, Officer; our

was a indicated whom severe alternative and is for enough approved As require adults OLINVYK by FDA IV XXXX, in acute in of management inadequate. for an treatments the the to are and August pain analgesic reminder, opioid

olinvyk.com. information now information, federal safety warning those the also are an statements all accomplishment. forward-looking We including on in to statements Carrie? statements securities XXXX are of obligation of turn our prescribing important filings The with over I’ll our subject business and and within these available to covered to box Carrie the undertake to We’ll These meaning making be business, risks full the overview and call for no related uncertainties the SEC. recent update including today. our beyond law.

Carrie Bourdow

morning, for Barry. progress Trevena. you, a joining and growth and of was XXXX Good year Thank today. for us everyone, thanks

have for clinical to the we’ve OLINVYK to potential in this OLINVYK. a has year in our of pandemic, during navigating drive from product We’ve experienced core been lessons OLINVYK the OLINVYK our in us enabled the for our that more refine commercial we launched strategy adding learned although customers grown While our rapid XXXX. changing launch the hospital And launch novel environment adoption of of to time the were confidence challenges, our database also past markets.

important depression, this later a further subjects providers that IV expecting from clinical makers. in year cognitive positive now and formulary nausea, to only and in not respiratory release also studies press study in morphine. And this in top decision vomiting, other that function, complex areas may demonstrate but we matter versus all you ongoing As our outcomes, healthcare may physiology in two line in data respiratory seen have we’re data new have morning,

We continue well. as novel I’ll highlight. our to advance pipelines Two programs

SXP to modulator, began novel patients. indication our development we TRVXXX, in X clinical Phase the For receptor diabetic neuropathic pain support

complete the in this expect second We half year. X to of Phase

team For COVID University from year. add TRVXXX, they hospitalized data has patients Vanderbilt NIH this Center Medical sides active currently studied expect to by top continued and patients, mid led the this in enroll being and study line

NIH the trial now internationally, will the Importantly, coming U.S. the the team expanded patients enrolling begin in and has outside months.

disease utility this important believe patients, in TRVXXX certainly other acute study as non-COVID respiratory study acute injury lung of be COVID for areas we support also the syndrome. will such the While may distress or

earlier their Lastly, announced recently announced for our submission we of we by partner on able completing to value China, the Nhwa, this financing unlock Building immediate NDA the progress, significant and in OLINVYK. were today.

by million, receive This will backed asset balance sales. up OLINVYK our We cap U.S. $XX and sheet royalty reflected price. in the transaction our an clearly provides share value ex-U.S. a and on not was very that for small to royalty strengthens

our U.S. about the launch more OLINVYK me to Patty call turn Patty? to Let activities. now over talk

Patricia Drake

pandemic. drug importantly, Thanks, Carrie, our least early not to year foundation commercial are many doubt which There us everyone some that three of with our strategy in I’ll launch launch. you indicators global navigating and one adoption of accelerate working. made the we’ve that progress a And no key support that I’ll strategy There today. is demonstrate it’s share even to greater for drive of Today, with challenges, walk has hello actions middle the the OLINVYK. through joining a is to come in OLINVYK that experience novel the of the launch you

are and customer-facing we’re access. our broadening team, our are evolving market focusing core on We patients, we

each of on more me Let detail provide these.

We onset this elderly, are cohort fortunate expanding patients we research is and First, statement. core analgesic in States. tolerability core stacking, data very OLINVYK’s world with that clinical United on impaired. and due based like the a suggests is real This growing profile, to terms safety very treat no well-characterized mainly predictable renally to action, of patients, for is of evidence broad And the metabolites, of attributes of no OLINVYK a our a dataset in indication to and believe have particularly obese option profile. thus a dose patients, active compelling difficult rapid our large on of focusing a and

agents. critical to have out on value ability So this sales in organization. are is commercial taken choices providers execution. open received OLINVYK they focus tolerability the since have The of evolved a that likely action they’ve the who had, care OLINVYK greatly and burn and sales most in the heart beyond colorectal, we shifting made who strategic switched surgeries. of to unit success physicians focus. already our that profile of population team help the purely other our that We’ve a customer-facing lack of their burn, feedback we’ve can in healthcare next setting includes The the segment due This to where contract patients to team we with to strategy

sales Trevena force, achieved We now by execution team. to key our are benefits a account further advancing and have management a speed logistical and to the strengthen of market ready contract

to sales leaders and management this outstanding lead with experience We burn in pain team. two have

managers existing We also experienced relationships the with have market. in hospital key account

strong for team and ultimate We our with success productivity this increase will OLINVYK. XX-person momentum are confident

market our broadened we Finally, access.

meaningful as and physicians, from top Now interest that we time utilization to OLINVYK have it’s down drive the awareness well. from

implement and group year. in expertise These some we overall for difficult currently organizations these of Last the in we customers. is clinical our look XX in ongoing, team was field hospitals of an emergence are OLINVYK formulary formulary over they This the with non-formulary forward need when education, with health our delays COVID, and due reviews, XXX we’re for use to an and overall largest meetings Market the interest economic OLINVYK saw soon. demonstrates importantly, year But catalyst their utilization OLINVYK, in-service target absence XXX President well into acceptance. both clinical held and an being past educational to demonstrating purchasing depth to systems as signal to medical formularies requests order of we’re outcomes. Contract Our for accounts, to Access and ability with that substantial presenting our in-service as activities hospital are And slowdown non-formulary met conversations. partnering excellent data and with OLINVYK us. these have trainings interest healthcare formulary certainly important value patient cost the the negotiations with organizations. see still even and or to use OLINVYK and over for discussions this savings in has it’s added proceed organizations improve that setting. area. asked the after membership beginning over And proposition. These for historically is we’re Vice And in But to in of evaluations hospital

We in are review various accounts. also at or stages of institutions over formulary XXX

individuals core actions broadening a We’re customer-facing the excited changing talented confident of continue well you and customers. by will is year for early the of these dedicated We’ll strategy environment our to continue market organization with our our OLINVYK. patient, focusing update we’re the evolving new build execution access aligned This progresses. the as and team to on the of success indicators about momentum from of three

our turn call me Let on Mark to an for the over update clinical program.

Mark Demitrack

our build our you, on several clinical on Patty. I’d like of highlighting begin OLINVYK studies by Thank peer-reviewed of to strong that scientific literature. our progress legacy

that design. important thresholds. Using validated administered lower group from results function morning, to doses are led morphine’s OLINVYK depression study I’m data top and well by University on respiratory OLINVYK different of this Dr. morphine. at for pain First, pleased versus in team of Dahan’s report relief, significant compare IV line Dahan’s crossover pain effect several Albert a or at the reasons. showed oliceridine equal Medical used Dahan positive IV statistically of levels Dr. to Center. morphine respiratory levels respiratory These and Dr. Leiden two methodologies physiology demonstrated either

is clear adverse that related respiratory it use. opioid the depression most serious First, event is to

even So a potentially profile. reducing of potential event, OLINVYK’s modestly, fatal is aspect this significant

impact healthy our higher are the additional of known depression, risk use results morphine. those setting. these overweight the in And of of a data conducted function a at people elderly study to population more in IV OLINVYK be respiratory the these operative finally, post who extends with on observations potentially with and respiratory of volunteers. study findings believe medications Overall, favorable of this young evidence Second, to replicated supporting subset people, previous very in opioid the compared provide we

with will team scientific results depression respiratory patients we serious wider to study, Dr. look threatening to community in the As in Dahan’s submitted future. this continue to OLINVYK. with fatal opioids, publication treated see life him to these all forward working the and may near and with for occur analyze or reported

study Another of broad study higher of effects and outcomes, including cognitive reaction the aimed potential IV time, a performance, on order underway motor is morphine OLINVYK expect conducted memory for and array data is this Center at comparing already executive attention, study to in year. This be by function. Research. of this partnership And from Drug reported middle being initial the Human we Netherlands-based with the

several project recruitment from Vanderbilt depression, respiratory data, by the Medical Department. exciting top OLINVYK turn major XXXX. sites Recently, in VOLITION the from like to saw continue study coming pipeline, Outcomes known XX cognitive expect builds I’d expand catalysts with also that the in to study patients in vomiting, led data we also this developments active led and by plans line this In hospitals is has study ongoing in TRVXXX in important in in our University half in at half of the This COVID nausea which expect the U.S. OLINVYK’s study This namely, the have outcomes well proceeding funded the earlier Cleveland we’ll second has up of and Enrollment top in NIH the outcomes three and to function. patient on the open international and is year. active the data we begun some enrolling to line this our has study second coming second participating profile Center important trial, evaluating Research progress study year in enrollment been The as Clinic’s setting, patients, months. the XXXX post-operative U.S. on of and trial, begun now to currently study, clinical

this REMAP-CAP data the to result accomplishments study. focus elected part expansion locations, This acute these of insights global this our due over opportunity in study study to efficient need to a of we have lung help the If results our year, most and possible. active to participation with discontinue the may beyond other COVID-XX allocated inform manner their us of broader international the positive, provide resources ongoing the TRVXXX of to respiratory acute understanding allow treat support our to injury As significant infection well active team or whether these have are will past will to from forms for distress. even in applications study alone to

we of and start class, pain. for We development profile its the in in TRVXXX’s believe at for unique our it this being X modulator our is the of peripheral absence SXP profile. cohorts studied Phase we the year. Finally, study TRVXXX, currently initiated in levels pharmacologic differentiates neuropathic animal this the available our program of a half treatments treatment selectivity, going The selective subtype completed to from of both year, enrollment this diabetic enrollment well. second data reduce and circulating in Phase suggesting few safety potentially of first of improved program And effects have study the X because to expect of lymphocytes,

to to over for we before our financials Let me call Barry? now Barry open Q&A. up the discuss it turn

Barry Shin

Thanks, Mark.

While year. adjustments, the we $XXX,XXX sales usage continue and ASCs effectively to and at no in hospitals the see we reported fourth OLINVYK quarter net with for

net was for compared the $XX to million $XX.X loss last quarter the year. for same period million Our

$XX.X costs million These net launch. were loss the our year For equivalent. $XX.X finished associated $XX.X million, OLINVYK due mainly the full in was to year cash million XXXX, changes and XXXX. We with our for with compared to

in mainly based royalty. as ex-U.S. well net receive OLINVYK our the limited and highly In flexible, a million other small-cap remainder is a milestones, addition, on million $XX U.S. China dilution. a with today, upfront financing announced of on future Nhwa, royalty and based and as first we on on Repayment sale. from royalty $XX commercial of all We’ll that sale

We’ll the welcome investor in now Carrie to pleased open R-Bridge affiliate markets, potential of happy in an recognize Operator? an CBC question. understanding OLINVYK China. of of We’re closing we’re remark. provide R-Bridge for very Healthcare as Trevena. a has that global Afterwards to Fund, deep some the and Group able will healthcare we’re call

Operator

first Fitzgerald. question Instructions] [Operator Brandon Cantor Folkes with you. is from Our Thank

is line open. Your

Brandon Folkes

congratulations just good sales timeline think taking seem you. And frame my quarter? was Hi, data, Thank then what the generating you thanks on but of do for OLINVYK decision do pretty excluding questions makers OLINVYK’s you Maybe this just morning. can adjustments, then the firstly, and secondly, help some maybe to the we’ve be not announcement And lastly, here? pull-through. seen the review What are revenue us missing you China? in that in

Carrie Bourdow

Thank Brandon. you, it. Great. I appreciate

me on let turn ask revenue the and adjustments. and on it timeline Mark review to data, actually I’ll start close So then with the over Barry question I’ll and the the to

we’re in time China, It’s for announced anticipating But it So with quite product our the like you China, over U.S., will at where OLINVYK review And somewhere a be done look some that like the Nhwa, actual the XXXX. Mark not of not timing. in the standard FDA a how frequently, if not partner half in it’s meeting you’re can provide second in triggers. there. that’s of the they’ve

this So OLINVYK, the spoken data this is respiratory have think generating as we’re announced formulary decision makers, with the new data we’re received. far we to well for that’s anticipating very already then We’ve as data and now. going And what right be morning. physiology that we new

part science with be course, of data dossier. as We’ll back We’re out already the liaison, the part anything to meetings. around review and it made add I timing? formulary that that Mark, want or train starting meetings around of publications putting then the of dossier. at to our data go be scientific to we’ll and the comment hospital that medical And will you Nhwa

Mark Demitrack

Yeah, sure.

U.S., on first the and to series from of initial in review a point. filing Just period a XX of build company at questions of there – general round upon the is the timing initial receives then China, a months different that typically review, of

opportunity So interactive the it’s substance as in months. on U.S. it a an second again, in U.S., occurs respond slightly six those round company in that typically the different from to the to the ongoing scheduling And review the controlled an is the generally order way review, not of has of There’s then is concurrent questions. with shorter then here a

the anticipation, we what be the has their all in specific not Carrie year of again, regulatory was although told, as partner process, So latter our half saying, announced a timing, next from judging know of would reasonable projection.

Carrie Bourdow

the And be? Barry, about to little and want Great, may thank you you. talk a comment bit your adjustments

Barry Shin

discounts. disclose Sounds to and the I good. adjustments versus We that actual Thanks, But Brandon. can say figures. very related were don’t accruals small gross sales

in I first we Did prevalent all we think your out quarter. but the the Omicron we’ve that into questions, on abating the that first that continued they Brandon? as fourth think headwinds witnessed here, quarter are answer that quarter the close

Brandon Folkes

everyone. very Thank Did. much, you

Carrie Bourdow

Thank you.

Operator

Securities. with Jim Butler Our next JMP comes from question

open. is line Your

Jason Butler

taking Hi, thanks the for questions.

on you used Just more going depend I quarters, can institutions drug, been institutions couple being for users Can on of dynamics. maybe a in the to Are you of more and you seeing positive use one, of guess you’ve seeing least I institution. it the at the the trends? products commercial used? be the drug where in are But it’s guess speak another to where based where one

Carrie Bourdow

Hi. Jason. Yes,

It’s been looking are, one then I’ll and lot the in heard that’s and talk we’re because start why who you’ve field for. I’ll to with So about out of Patty things ask a jumped use sort it, of customers, and launch, she’s sort right Patty we’re that expands talking the instance, then on opportunities physician how that one into and starts physician about for around on specialty colorectal, early expanded talking about the she’s seeing institutions groups. in of other the in that we excited

In think at I good So of a we sign. that’s a things. look – really term couple

at you’re we look look As rates. but describing, customers, at new also we reorder

color provide customers? that that to Patty, you’re area. with And from trends want having the in so seeing positive any conversations we’re you

Patricia Drake

Yeah, Carrie. thanks,

product. rapid they’re us I as is for specialty of setting, an burn really giving renal that appreciate I these example, they in the for then feel in as and in healthcare appreciation the in, efficiencies. by ASC getting much other type. product with they more onset well they’re no that have severe or And feedback Obviously, the they really the But so different specialty are adjustment. institution that the patients interesting pain. types And an either PACU attributes the efficacy experience find their think what different space, sharing very have the providers,

very, very And absolutely. by early our well adopters, so received

Jason Butler

benefit of respiratory just then and get would color remind then on just defined you’re respiratory just you study? And Thanks. And not meaningful, the you’re great. you you respiratory here, physician speak the the depression a as to what study I measured study. would how how study? depression any magnitude depression view on see? but And of respiratory you measuring more couple in lastly, disclosing data physiology us compares in that Okay, any Can kind just what a this in how to can want outcome to then

Carrie Bourdow

Yeah. questions, off. let I’ll you Great Mark. kick

Mark Demitrack

in Jason, gas depression subject this the respiratory having we concentrated study, of COX. breathe the experimentally induce by So,

So it’s manner. ISO hypercapnic done an with at

increase the to COXlevels. So gradually the gas we adjust

of that way Now, a of of essentially the centers is brain. impact that the in is, the control the direct respiratory manipulating

measure to the reduce doses or this occasions. administer ventilatory different morphine impact different on crossover drive. rise a being COX, IV at measure do rate. of measured of ventilation that of human you as as rate in COX we two blood, As the minute in OLINVYK, inhibit in ventilatory drug two go the or a will of doses case, We And levels particular then drug we respiratory separate a and that manner in up that amount

study level difference levels that subject. a we this at the because is in OLINVYK. equivalent in to by analgesia, threshold a influence impact the testing has And see analgesia the of in pain statistically there’s over so reduced also what OLINVYK morphine time of responses of significant much established we’ve relative

of the not can of the we site in match consequence plasma the effect. So analgesic concentration but only effect also drug, circulating clinical

So drug of respiration measuring regulatory way for on the impact the of brain. direct a it’s most in the the centers really

a look setting, can’t patient you what kind clinical Now for obviously, setting, in process. in do that we of a

in and the are the early did have we’re aftermath levels, respiratory clinical that those to What are being Then look same granular contemporaneous kind take it’s somebody and used. or like end-tidal to surgery very indices showed of that more meaningful indicators in downstream increased way rate. of the more of for inhale compromise was COX our that things and those outcome Clinic. a of can’t indicators gains we study Cleveland studies You studies, artificially And in them induce respiration. levels the COX looking generation in And relative – clinically we in or meaningful economically an measured at. doing with morphine we’re the SPOX are that that respiratory

Carrie Bourdow

respiratory think affairs add, ways Let this is perspective they’ll you this, obese purest a medical depression. really I the question thing the that and the methodology, second measure was for important I is elderly us to done right? in that what that And tell perspective, VRH from why, is So call from asking talk commercial we said, is, so to a another think then when of me you’re and Jason, subjects. just anesthesiologists, you model, Mark as this one

studies, that higher same – morphine. versus our seen in magnitude OLINVYK IV other what’s risk we’ve that considered and subjects, what seeing we’re So

patient this another seeing now healthy seeing we’ve So indicator elderly obese what in normal that been population. this in or populations, in we’re it’s subjects

they’re this really think our insightful for be I about when team to it’s medical So data. out science talking going

Jason Butler

Okay, you. color. appreciate great. Thank I the

Carrie Bourdow

you. Yeah, thank

Operator

Our next Wainwright. question Tsao from Douglas comes H.C. with

open. is line Your

Douglas Tsao

good morning. the taking Hi, for questions. Thanks

wins. release where and the obviously, Just XX that or be I disrupted year of at And year. you I in press with the the sort end know, XX think the making COVID to you’ve the were accounts of finished you that progress formulary indicated wanted you

that that another reopening some how out some – of sort might be far AX just significant to knock that perspective seemed Thank of you have sort on wood XXX of way. you. [ph] of things facing you sort the doesn’t accounts given hit on But you we’re think targeted today. realities maybe or where cause Your when

Carrie Bourdow

Yeah, great Doug. thanks, It’s a question.

shortages, – reps have present they’d some of they one things And Patty the is were of What extent and go committees data and liaisons to outcomes. talked as that used that get and COVID, meeting together, would the about a going have were or their would think dynamic the you frankly, medical science With to in to formulary for has despite things have the all they’d meetings disrupted, staffing so committee about nurses I let so formulary that see the throughout to think things they’d me the we in would, standard changed, said, sort trying issues, on year. hospitals. patient is that headspace physicians

on seeing starting are we’re interested still meetings get what physicians to happening But track. delay, is so getting using in OLINVYK. back still that And now is formulary are what’s they’re

And use what approaching selected committee seeing of areas. we’re in non-formulary formulary they’re their sort so is with

are time, these arena physicians population.” are meetings. it’s we’ve in for and really, I’ve as in educational reps And getting that’s in hospital surgeons where past. invited getting seen our train in Patty the colorectal from a then us the use patient what it let been referenced, long fairly approved. saying, our nurses So And in to “Hey, different And

happened. guidance about in want reorder Does So what Doug? Does you that helpful, that guidance a out more provide it on me talk months. before there’ll months But on other things things of the new customers I are give be opening few formularies. we can you see earlier, up as to a how sense rates provide of like I’ll heard

Douglas Tsao

Yes, that’s helpful.

Carrie Bourdow

you. thank Yeah,

Douglas Tsao

do just interest in how sort XXX, you’re XXX, direct then indications? level waiting data know sort what I in curious pursuing COVID, your I’m a for be path. if in terms X getting study? it do and quickly XXX, data quickly or a Phase ACTIV you And think Thank curious significant other XXX the of – you you. benefit How in after you we to of And and X mean, in be of what if from study of study But Phase can what that is it how will would a I quickly XXX, you look the just study, And think both that? patient sort shows show? obviously, shows would I’m

Carrie Bourdow

great question. Yeah,

start So to and XXX, color. I’ll with ask additional XXX, provide any I’ll Mark then

So map or on we’re acute respiratory out to syndrome starting XXX, already market opportunities and distress injury. the lung non-COVID-related acute

Some rare areas, of looks extent, potentially of relatively like, involves data which host and the interesting just of could pulmonary the we right? actually on internally. the whole is like, And starting depending conversations that to some disease some that anti-infective us, to to right, So depends, more move a about we’ve space, think what quickly. we’re areas really talked areas, what of that a it’s data some in of looks it the that about,

comments about you want Mark, In we’ll terms after would look we setting sense this, X, closer bit proof-of-concept it – more Phase what bit data. around to again, might proof-of-concept any make. you’ve of additional over me get see talk And you as have date But like. as intent of and you a could, about end turn that to bit as little we the Phase our to let study if quickly the heard our that we and be a a little see XXX, a after, talk us little into X Phase move to

Mark Demitrack

of what modulating the just literature, infectious constantly in saying. clear, system non-infectious the ongoing there’s the lung look data of acute response Carrie Yeah, injury, in acute literature, importance X the in at to underscoring if on It’s particular, sort inflammatory injury. and renin-angiotensin you emerging system angiotensin the to scientific lung build was the that receptor, and

that’s sort is said, only to infectious a a insult outside lung. literature. Carrie population that but we in constantly not the of from role results as of into a comorbidities it. And the echo its Carrie rare And the target broader promise with of variety illness, And for COVID, options, inspecting potential arena targets insight about disease other some XXX. the give impact So there’s the should the clearly that’s study, acute of what believe that are that COVID. XXX of in that are thinking an of we’re the given potential undergone saying variety also interest considerable. Obviously, us understanding I And on continue just that about to with

pleased be We’re far proof-of-concept that insight study, initial with the in progress with study. our the to in sufficient as so X we’re Phase and soon for prepare have making as understanding cohorts And proceeding we that. the we’ll

to in more So come on months. that the coming

Carrie Bourdow

Yeah, Phase was the expect X to what That’s, – year. and of your end program think, complete have we this question, part the you of I the by I think asked.

Douglas Tsao

Okay, great.

Carrie Bourdow

Great. Thank you.

Operator

Thank you.

Oppenheimer. Our next Jones question with from Jeff comes

line is Your open.

Jeff Jones

and the guys, very multiple today. Thank you much on for the announcements taking congratulations Thank question, you.

I’ll folks any have that I this provide there a sort questions, Is battery around for think the around And detail commercial that around of any can enrolling? REMAP-CAP for for detail Have of that definition of million of good the stop guess morning. asking a moment? $XX And the started detail the program? final actually job just done tranche? milestone also financing financing or I pretty there you announced one

Carrie Bourdow

Yeah, great. But had adding ongoing. for Jeff. the not they and XXX, patients. begun had yet TRVXXX study not is started started for enrolling patients overarching REMAP-CAP that Thanks. Thanks, had

then FDA NIH the controlled, with in acceleration and for. sites going ACTIV expanding sort different. the to NIH focus studies, the study that And our were international so is placebo that would sort efforts of us study, more of of there. now is – of the ACTIV The to And on the allow into it’s typical the NIH studies honestly, NIH more be looking sort coupled

terms us supply, in just for the study. of sense of we’re it for sort And paying with So them. not made to partner

We’re paying but for not are international we providing expansion, the drug.

And there sense. financing any so the make want Barry, efforts the focusing our you and on comments made to lot milestone? a of

Barry Shin

absolutely that stock I’m us, even that meaningful covenants. upfront from not comments thrilled million the can against to million And into Jeff. of built a compare price $XX royalties, you amount you be see very a financial $XX when our Thanks, no Yeah. on my make for to it enterprise to I’d is was flexible the able like value, financing, and very based the repayment clearly deal. our perspective, announce lot on

our think So again, solid balance it’s a very addition to I sheet.

asked about specifically the You milestones.

respect that on the receive or front, with filed That a $XX amount. first and CTRs. can sale China, on one it’s or progress, at So we’ll partnering then financing haven’t of to that. be pretty we’re in combination, milestones, that the commercial we transaction of commercial accounts it’s or with front, an both looking it’s news say of a the yet we to But And milestones can one on financing a million commercial straightforward. million the agreement and either the receive respect sales or commercial it financing combination transaction I of upfront a net with $XX

a of model So does I hope you as this little out. bit color look to that provide

Jeff Jones

on you’re are rates I if what reorder color end there’s what you’re year. Barry. appreciate of provide last And the or Thanks. providing that QX versus guess into QX year? end the end of the know we just but I question of effectively into at the color sort, any any not the the is, I that, things you’re seeing versus in Yeah, since you QX, seeing can of

Carrie Bourdow

want do continue? to Barry, you

Barry Shin

want I continue? do to And Carrie,

Carrie Bourdow

Yeah.

Barry Shin

Yeah, mentioned, are out QX headwinds continued QX. saw QX. abating as we they as that close year believe into we But we the we last of in that

hope here. So impact that see we we go but in QX, we as will expect – normalize XXXX that of we into the things

Carrie Bourdow

customer And wins, rates, be to And reorder around. those mentioned be formulary things out soon. the waiting here earlier, reporting here I we things then rates, that we’ll relatively are we providing information XQ additional expect Jeff, a that But like before things we’re few quarter. as close on

Jeff Jones

Okay, appreciate guys. Thanks, it.

Carrie Bourdow

you. Thank

Operator

Carrie no to you. I’d for the Thank back And remarks. this at over call turn time. like Bourdow to questions showing I’m further closing

Carrie Bourdow

the well positioned accelerate your in made all And the for made heard unique to the needed, that you that where XXXX commercial presented pandemic pipeline. call, strategy excited for our I’m Thank data launch in OLINVYK, the activities, and Patty we you our challenges performance success, to thanks. the Great, we’re on we’ve OLINVYK outlined adjustments advancements questions. new clinical we’ll our about while for have U.S. important and as

hear, Thank multiple I updates can appreciate catalysts have to the morning. look you up. you forward with as throughout year. I additional providing So coming everyone. time this we the you,

Operator

you This for participating. conference Thank concludes call. today’s

now may disconnect. You

Trevena (TRVN) 31 Mar 222021 Q4 Earnings call transcript