IMPL - Earnings call transcript Q2 2022 | Impel Pharmaceuticals Inc

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Operator

Good morning, ladies and gentlemen and welcome to Impel Pharmaceuticals’ Second Quarter 2022 Earnings and Business Update Conference Call. At this time, all participants are in a listen-only mode. Later on this call the question-and-answer session will be conducted and instructions on how to participate will be given at that time.

As a reminder, today's conference call is being recorded.

Now I would like to turn the conference over to Impel’s Chief Financial and Business Officer, Dr. begin. may you Leaman, John

John Leaman

Thank you, morning, and good everyone. Kevin

results, could today call business for are and review delighted Pharmaceuticals’ update. us you that financial commercial XXXX conference We Impel providing join quarterly second quarter well as as our general to earnings

Board our Joining the Chief this Commercial Chairman Impel Officer; Executive from is Adrian Officer. Chief me Impel’s and Adams, morning of and Len Paolillo,

this accompany morning, that begin, can we remind have our I'd conference presentation slide we at call Before viewed everyone to which www.impelpharma.com. be our like a at to website

you listening results to the telephone, that the that making may With page are deck X, would call Adrian I Slide turn link a the that remind you are on to will uncertainties Adams. may slide differ advance webcast our over to says, in If forward-looking this to statements. I forward-looking will forward-looking click to cause call discussed your from statements synchronized to be that during choosing risks on results like you the and Adrian? call, here subject actual on that, company the our to by website, statements. Please access listen. the

Adrian Adams

The thank and quarter earnings the call I to X. all update for made our Slide our Number first Thank commercial call we've agenda since next year. Good today's seen morning, on you and pleased in and you, John. of everyone for us. on both can joining you slide, am excited corporate be this progress May

the quarter access, business to a in reimbursement, and covering market year-to-date prescription positive call, performance second this XXXX. in update addition provide of During and momentum source Trudhesa will ongoing we for

review. said, opportunity you briefly summary and answering status presenting INPXXX some from performance overall our all. before an questions Number this with review provide development performance for turn and our market the year-to-date X to to then then let's outlook Slide a financial and treatment the autism With quarter begin clinical will of We update on commercial and second and

also this we cumulative year months As strong to of continued growth the acute total continued see branded that for trajectory the of of The only trend in to May. threshold, early this over consistent, quarter and and through reaching XX% softness into that people quarter-over-quarter persists consistent from unmet with seen quarter of the first period in XX,XXX sustained upward comes that well three. but quarter need relief. April positive you XX% prescriptions trajectory prescriptions despite growth. part the on of clear prescriptions, launch patients two, has market can prescriptions quarter past a delighted straight who Trudhesa two also increase in slide, three this need year not at We're a saw quarter whole migraine, across patients pain This with of XX,XXX predictable, tolerated with highlights marking end the share and the July, in one the

not Number to quarter see average for momentum. as only to Symphony this bodes second have for We continued entered had we're weekly as numbers to now three. slide, have believe well we our inflection into that next moved but nTRx half Slide anticipated Trudhesa have our Turning and May, an in X, we delighted accelerate, our

well-balanced prescribers are force prescribing With the amongst acute a our part the chart, in large with months will we after to extremely current only expanding activity to branded within is on continue depth of Number to migraine, X. you the Please Trudhesa high the commercialization. our whilst and prescriber maintaining dynamic a among This already refer Slide sales see the base we're specialists note This writers. right upward approach continued, disciplined, market. existing of of that the neurologists approaching focused and as and generating headache side effort of key hand pleased among to trend as as On X% market market. share reflects execute targeted nine now

left the XXXX almost have this prescribers to another prescriber gone of we've Month-by-month, new launch without is the strong for increase importantly our longer base existing the continuing also can Both October higher have than lapsed, hand provides overall to importantly, by utilization of Trudhesa. is chart, of and Trudhesa number satisfied the more the rapid, consistent you half of the the end prescribers June. new meaning relief in XX growth the addition the consistent It was than the base new XXXX, reaching that worthy to note XXX prescriber growth this accelerated prescribing X.X% at that smooth most weeks quarter that us HCPs they find and and see new prescribers We significantly existing in in prescription. indicating patients second only believe with sales pain second continued this loyal side Trudhesa quarter for the since eight a patients. the On confidence of prescribing base XXXX. to than writers experience of and consistent of the in execution, new from or prescribers continued X% and sustained existing are before, provides of

pleased of is access generating on our And reimbursed in previous heights, far have new our view contracts so we X, XX% we stated in This respectively. XX% consistent third report XX% as achieving engine. see market and calls, secure of to growth a so rapidly the XX% to quarter that commercial has cover we sustainable next approximately launch. percent and value shipments slide, first and prescription second As are reached the in soon supports a Slide strong reimbursement Trudhesa after that the Number seen that Trudhesa quarters compared can lives, of progress the position you

in being pleased support XXXX. down have steady co-pay in published. quarter improvements reimbursed are see believe beginning net gross improvement three reflect The the to the is to prescriptions as we come continue policies saw half meaningful throughout requirements of second and also what of we We pair the improvements in a with

satisfaction significant patient are to Moving to of and high for rate migraine. more than and launch. signals right our the for that patients to believe net impressive, combination and high at severe evolving rate level remained value refill strong using This the XX% is occasional refill reflects and the of slide a Trudhesa side leads since we this consistent both The XX% hand creation. opportunity price has

efficacy. persistency refill -- for increasingly the value are brings Trudhesa powerful rate view examples and persistent physicians patients We migraine, of those to from have still reimburses as new that high maintained and suffering options search despite of in the patients. We

continued XX%, opportunity or the view. away Turning next slide, from now patients drop comes specifically, therapy. Symphony to switch Ubrelvy Gepants to at show continues of Nurtec into significant Number Trudhesa of Slide and and off percentage growth more our around a data X, for high some.in

consistently products, large in Given contention opportunity they're migraine the this the that this tolerability for for Gepants up market with it these reason a churn pool the acute treatments. over churn Trudhesa. in This efficacy finding sustained, is looking with We're is primary maximizing our continued and prescribers over that the eligible not consistent patients. of of opens rapid, are

is third Insights, report of which while therapy. believe Looking Gepants tolerability trends Trudhesa. prescribers some This provide additional share patients, of organization, to of broad or of are continued these most of on previous the expansion Starting next predicts recent market addition represents attacks, to to in party pool with efficacy draw the were and six slide, respondents a at quantitative next filling contrast are same that Trudhesa. XX% specific a and rates, time X. collected the at side in the that confidence well-respected represents we hand see brands our views refill our efficacy for Spherix replacing the stands Please of most are that and can an Trudhesa. expected for totality Trudhesa grow our to growth share Trudhesa with no previous or current appears period. can This Trudhesa. increase see established growth does XX% are we this data Number data used to a bottom the either common and Whether are projected the the and Linking now number by desire slide, from patients right the they significant to slide, Slide from more you their therapy qualitative void in Global surveyed see a to within with like to you months. indicate that prospects more over finding the I'd refer prescribing that minimal chart seeing research physicians

In million. expect will go our is but the our peak potential currently few in important Slide to and slide on Referring share Trudhesa migraine it $XXX highly data and review, behind respondents note among patients, context, concentrated commercial now is market in Focusing strategy. of Number months, to of at force current to patients, to XX% represent to the six XX, the X% approximately commercial just use this X.X% remains Volume prescribers. driving market final relatively that of market TRx their in peak. X% their rise of revenue within that

these concentrated target from XX% a and of prescriber physicians. come promotion In highly for focused, allows fact, physicians, XX% all representing sales base XX,XXX our prescriptions of -- only in base

our expand early team for Given approximately we in sales representatives XXX discussed to to plans XXXX. the Trudhesa, sales potential previously

decision the the which disciplined should our note by course, target It team to sales list, opportunity prescription neurologist while broad we call that is overall in is existing considering over example, for super will representatives with now we committed the and targets. professionals interesting reaching within our sales headache second force, momentum strategy, the supporting both the of However, person our cover now invest led branded coverage on XX% into over XXXX. that maintained by for within we've market to to quarter XX to end have our sales expanded the now value This is specialists the I note acute and It results when sales acute July. continued us generated XX% to is provides to review that, and important market. and turn to focused that of growth, efficient With approximately the team of more to close our our high market. the see remain of we Biohaven. flexibility to to migraine targeted XX% deployed the This payer by person we contribute us branded John can our by access our XX% financial targets John. remarkably of accelerate XXX efficiency XX the XX investment to greater or churn expand opportunity the

John Leaman

our see will you results second Thank you financial next our Number Adrian. slide, Slide XXXX. of for On the XX quarter

launch. net ahead began by compares to same up the marketing product September in quarter million, Research for XXXX for XXXX. INPXXX. activities the revenue and second slide, with X.X of specialty were offset last quarter. Number spending an was Initial of first support the general, in primarily of of the XXXX the which pharmacies quarter up Our ramp million, clinical from million now for for XX. due The X October and the was SG&A development commercial our launch. partially the XXXX. Selling, Trudhesa The was development This and expenses Trudhesa for in and to SG&A clinical quarter commercial of million the second versus in study X.X decrease to for as million refer the in to was of XXXX and the of STOP expenses was expenses to reduction closed. for spend XXXX were next Slide the the Trudhesa sales X.X million administration, Please period XXX Phase period increase due increase of same X X XX.X shipments primarily

of reported in loss or XX.X Impel the per a XXXX. first common $X.XX per million, million, same or net XX.X the compared XXXX of loss common period of $X.XX share For quarter to a for net share

into resources like turn financial had cash Adrian. believes would make additional back the and equivalents to million, As fund over company company which With operations XX.X of the I to remarks. that, XXXX. will XXXX, some provide XX, call of to to Adrian the sufficient and cash June closing

Adrian Adams

John. you, Thank

need of increases. display the unmet episodes with order developing did The and The million annually a as few I unwanted This opportunity. the on daily the Number gain, families, clinicians options their and needed. to XX is desperately opportunity to the aggression. lead market make of safety incidence caregivers side closing, with while autism are a profiles for the Slide in is we medication. impact on and with background XXX,XXX low aggression Autism large continues remarks market on for projected dynamic PRN is INPXXX, next even Currently, and healthcare treatment This that treatments percentage episodes and is children, or options significant weight PRN favorable agitation acute some are with the are a of of According our agitation This Disorder Spectrum require ASD research, injection episodes Before slide, or INPXXX. over extremely tolerability professional. need unmet grow like to and moderate opportunity timings and approximately a XXX adjusting to autism. reflected children product can ASD medications provides effects effective administered of the severe by treated in want

to upper this drug a after drug proprietary single from our second. The the device device push designed a POD olanzapine absorption nasal seen the is nose formulation fraction pump dry now The of administered into XX, powder a as gently preloaded space. slide administered single operated in designed that Turning and rapid to Slide INPXXX to with administration. a nasal INPXXX is administer a is for the of of be formulation a spray on button specifically Number the with

Phase patient minutes confident Phase POD liquid XX basis, or injection placebo. greater demonstrated of evaluate and This CALM Number INPXXX XX, expects continued first is further drivers in of As of is Xb final IM levels launch. will that six mg of by nine just The nTRx half study intended either to peak Pharmaceuticals group an plasma expected dose of to for provide managed that both in opportunity reach with increased increase dose administered was study phase a levels. levels inpatient execute safety that, are base INPXXX results in exposure experiencing X Impel growth and that the complete slide, will and mg Earlier against and by an and patients of not concept levels pilot phase powered pilot guidance our measure and nTRx a and value IM. or versus INPXXX. pharmacodynamic scales XX%. sales tolerated clinical required, are treatment IM. nTRx device within with with two our of four provided to the olanzapine is sales between fair intramuscular demonstrated in the rationale Approximately agitation Slide the placebo aggression treatment period the ASD XXX continues a INPXXX first of in the well patients doses at force year, This we is to range. like that mg, to was way, blind this effect and share X Impel the two or prior rates all on consisting remain mg, of similar to with device, end along reduction which be ASD of access XXXX. coordination in with XX,XXX Trudhesa INPXXX of professionals will our to X% units These months prescribing XX safety per by XX administration first quarter INPXXX the grew feasibility growth July. well In plasma being and XX,XXX guidance for Xa in effects compared our refill recently caregiver. enrolled. agitation be This study. observing the depth in XX XX faster study placebo a currently of us with to Trudhesa’s study study of call to today. the turn Impel to approaching treated acute a a of agitation. of With adolescents after to the strong XXXX, for to our specializing as XXX safety XX% key by who dose and XX%, has has as prescriber but the at compared initiated evaluate summarizes breathing I care to to dose similar our Impel and XXXX. Impel multiple accomplishments quarter-over-quarter as efficacy CALM would behavioral our the bringing double compared INPXXX we onset utilizing crossover enrollment. proof

you on We now for INPXXX are the children at pleased impact the value have with the of both with Thank a the line instructions? questions. you. potential I families and will CALM up can Operator, home major study and XXX open please to use. the your initiation give to

Operator

Instructions]. [Operator

First from Ken Cacciatore Cowen. with question comes

open. Your is line

Ken Cacciatore

Hey, this here guys. launch. good on Good morning, initial progress

wondering seemed Ubrelvy net Just RX. the to ultimate value Nurtec to the I a around looked past, value to if to speak and you the to they know, were and we've for could XXX companies. in it be XXX,

refinement to [indiscernible] the you good to we're Thanks be a context from also out? felt nuance you or are able wondering speak getting just the of then around to a this much. the it's adding you able type And you've to execute folks anyone who around sales getting hire help great phase? the been you're Biohaven, hear so lastly, just for to you any Just patient access access, attracting, are little you just on them bit maybe next folks you're you'd we're prescriptions? to their been to of any seeing has force, from on need ultimately fairly we get ability to if that the think then could or patient nice lawn make have progress able And for top chair, to about where comment, just changes seamless are

Adrian Adams

on will to the two latter I comment first. then ask Len the I'll take Yeah, and

we've know, pleased One we of end by pleased very XX% put we the did during get in quarter we very, been we with showed the share build as In perspective, very, from were commercial as program. last a two very we've level. slides an quickly call, lines able I access the in very, today, as just with three the were again, three rates. I mentioned moved very XXXX. as companies strong an been we into to able obviously a you Like is to of lot we reimbursement think bridge our months, think of points. place, to particular very year And

seeing similar got kind perspective, a be to no that coverage very of from Gepants failure. we've a are on market issues very, imposed access We the and

So from with an very at are where this in time. access pleased very, perspective, I think we're particular we point

of I half well -- for the bodes think the second this it in year.

on it's question. force, think I I very think good sales a

if I think the anticipated would invest we that again, of consistently we -- the the have the made, we saw size and that force delighted to of good year beginning that that we back into but going opportunity strong and I that next doubling are momentum key points sales by opportunity.

the think the into that I in and investing of size reflective clearly, opportunity. increase belief by is So XX%

initial we as I Now it have you key the indeed to awards very in variety sales previous brought targeted have people have is track like on in recruit your also when in particular. that sure point. people operating want absolutely of and from some organizations. the from that just make the the we've search initial lot we etc. bring record, But of are been you precedents winners for of space Board migraine think a clearly, recruiting you experience a XX Biohaven, And the the the in professionals, and wide highly approach neurology able been and to terms criteria with a I very players to but think strong imagine, into we've strict as from new fundamental might with very not with you XX, And when in organization bring a you

pleased they and position we of of opportunity, So, they we're a dollars, the to the well attract hundreds that who people again I for chase hundreds know were very, actually applied think representatives you so chase very able incentive best. the

maybe momentum in some value may you believe of on well well. XXXX. half could the we add the all thoughts So of as bodes address first for second And points John and this Len. Len

Leonard S. Paolillo

Sure, sure. Thanks, Adrian.

So curve, what second to have XXXX XX% continue a the of end movement approximately at would in which per us as or of the to by Obviously, Ken lot Nurtec of you margin the XXX year. which be the there's we follow is we expected. script half about mentioned, going a

big and As seen, Adrian then the under we've mirrors written mentioned, get XX% policies markets, finalize management our have contract the manifest [ph] or plans. two plans usually requiring to itself a we're Caremark Gepants And starting begun downstream been and beginning which in failure downstream of lives that in that commercial that very utilization the competitors coverage of as see their And are timeframe. Edna in June-July one with just in the pleased the policies is the like and triptans. we've the those clients their to

Ken Cacciatore

you. Thank

Adrian Adams

you Thank Ken.

Operator

One next question. moment for our

Our Hickman with from Eddie Guggenheim next comes Partners. question

open. is line Your

Eddie Hickman

Thanks. manage, Good that new script morning and much think range, do the reps guys. these XX,XXX scripts wide. is to range pretty guidance XX,XXX congrats XX,XXX on you like How progress

a Thanks. the So if script half guidance reach could of you the end happen range? versus to what second in just bit upper the needs to lower on wondering comment that

Adrian Adams

range second of we clearly obviously reiterate that this XXXX being think did of clearly, I is think the moving that is guidance the in there. a opportunity story. think Again, your I and that up very have at range we Then guidance much to point, mentioned I always half --

person we I joining as lot that XX did force I reference did by in the of July. of get increase think, I make we company. sales we to think interest anticipated, a end the completed

to key we're and XX, that see signals during new particularly starting going But that's really August just that believe new patients of from for through level. aspects and and September good prescription to prescriber productivity actually a on the to new not the selling into come cycle. additional level, productivity we the So to already is the going start that come

to only be progress we very October, think from what -- bit range. back, of able in productivity standing just obviously the not where just precise But with that going to that where I little encouraged into more September, XX. a going end as seeing, terms was seeing we're but we're to we're be initial on we're So we're

tuned. stay So

well I range. that, and think again, against feel we're just our executing about we plan confident

Eddie Hickman

Thanks.

Operator

for question. moment one next our And

question Our Chico comes Laura with Wedbush. from next

open. is line line Laura, Your question. your ask you open, is your can

If your line please is unmute go We muted, the ahead you move line? or… could and on will

Adrian Adams

Laura think having I Yeah, obviously connectivity is issues, issues. some

should we move So on.

Operator

the that saw And actually the last that in question I was queue.

So I'm going to turn the call Adams. back over to the CEO, Adrian

Adrian Adams

thank Alright. on the look We throughout value Well, and next continued clearly morning. much. very this to continue thank you us and you look you forward And for to as this joining you very, forward the for of generating very you create were the progress confident shareholders half updating serve. our course, year momentum all Thank to healthcare very we that patients, We we much. in professionals, of our we're call. second

Operator

this presentation. today's Ladies and concludes gentlemen,

day. wonderful a have and disconnect now may You

Impel Pharmaceuticals (IMPL) 15 Aug 222022 Q2 Earnings call transcript