- Earnings call transcript Q3 2022

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Operator

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

As a reminder, today's conference call is being recorded. And now, I would like to turn the conference over to Impel's Chief Financial and Business Officer, Dr. Leaman. John ahead. go Please

John Leaman

and everyone. Chris, good you, morning, Thank

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

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

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

you on slide may If are by our telephone, listening our click on that call to choosing synchronized your here a page link listen. on this webcast access website the you deck says to

two, that to statements. the remind subject will With Adrian? turn the forward-looking in the company call to to like may I the during will results forward-looking differ that making uncertainties call, to cause slide Adams. forward-looking that Adrian you be over I'd actual risks from Moving statements are discussed that, the to results statements. and

Adrian Adams

and we good quarter and John, you slide pleased, call today's year-to-date on next the three. you The seen update our and corporate always, everyone, us. in slide, I number you, Thank am all for as and commercial for agenda on have to thank made progress joining morning, XXXX. three can be

in addition XXXX. data ongoing During this covering for Trudhesa, year-to-date quarter call, we prescription to third and for will provide market update patient the access a prescriber, and dynamic performance

of let's I up clinical for update overall an financial with forward commercial a to the before development review will turn performance on our and With then for performance for slide Trudhesa. said, market then this business call outlook an valued in four autism. number begin our present treatment questions. and to . your addition status the opening going We INPXXX will opportunity the with providing briefly the review summary to

The in slide, in expansion two trajectory quarter Trudhesa consistent professionals from growth increase XX% this and to from of sales on late see can prescriptions. the has footprint three positive July. we sales a force XX our launch quarter quarter-over-quarter prescriptions completed sustained total with you As XX as continued comes to in

are that total have with migraine, with who to clear this prescriptions cumulative predictable, delighted pain people We reached for can unmet need that with delivered close launch highlighting that now well-tolerated Trudhesa. be since a consistent growth profile persists XX,XXX, relief, and need the patients

direct that nTRx number in an to week X,XXX now per slide, relating that consistently see numbers prescribers, October. our We weekly and direction. a average performance also X,XXX to Trudhesa of next new Turning positive increased all our for refill high Symphony lead field to with to to is pleased close result expansion this per the slide starts force performance from August inflection five. in week indicators all patient new rates, believe We're a in in of average moving

market you right-hand Trudhesa is among over launch the prescribers. note now within the sales Please product. the this branded clear share six, just market take number of the into signs related X% early at refer now the of chart, of closer to acute a side On months to This where look XX will we impact will encouraging our expansion. slide the that force

signaling growth product acceleration. New increased quarter, XX% significant versus by the a second prescriptions, the key to continued

we to the October side Rxs note, as from saw slide, On moved normalized September of fourth we sizable the right-hand quarter of also the year. into in jump this will another new you

just mind, seven. deployed. number slide the to from With number expansion Importantly, sales these clear in reps this slide, our productivity force gains refer beyond the please next of go

time, In XXXX. territories. the of At XX% territories all prescription territory compared two approach same XX%, our in our growth surged we by amplified peer-to-peer field. expansion increased saw The you our see, second force new prescriptions significant resulted after have was and new hitting reach after the monthly that opportunities. in only complete, to segments an allowed month again seen average and original second higher territories sizes As and acceleration normalized XX our existing education efficiency increases greater the both expansion sales quarter XX on of the September, will new frequency expansion smaller to leading new for the from totals targeted our months across and across patient target

highlight sustained our We in the price prescriptions to Please the to prescribers On a refer percentage next three to retention to second quarters, weeks the consistent impressive continues, of a since increasing Trudhesa. nine. this crossed would XX% number now prescription, loyal This sales XX% sales months relief asset. without sustainable supports slide, unique progress Trudhesa now in X% have we to new prescribing this comparing of or from comes smooth other growth strong prescribing I new slide our net XX% of And XXXX, another reaching slide, professionals respectively. versus Trudhesa for X,XXX eight August months. reimbursed longer value XX% is with health product This most now experience launch. first that also of by is and eight. lapsed, We're patients. the the in that in over an when rapid, and note and our they evolution consistent three view rate force close meaning our launch delighted driven post execution, benchmarks previous it generating Turning increase gone have like importantly, slide believe prescribers that this and pain number to care now October, to worthy The and XX for only than since October space. compared have expansion prescribers

patient since high, that signals This using impressive, patients right-hand the rate high believe, with occasional slide. more launch. XX% satisfaction than the and of consistent is Trudhesa remained and Trudhesa averaging to are side migraine. severe both we Moving this refill for The again, reflects has and

with to XX. use, directly our to XX% some When XX%. previous now patient satisfaction product with surveyed XX% those of slide, scores we previous or previous data of research from agreed between at therapy, III better reported consistent Turning very XXX rapid and belief When consistent confidence more data patients from as migraine hours, are share we of qualitative tolerated, the and the study. like migraine. convenient, from pain These two current Indeed, seen key during benefits, next slide such collected patients. would ease clinical importantly, that onset, improving on for received are feedback STOP and have that Trudhesa the tolerability patients pivotal high I number the Phase working is and to XX% relief our Trudhesa strongly our in effective results potential agreed compared compared in in Trudhesa the rooted to therapy. changing their more Trudhesa to a is to faster lives suffering

despite slide we growth opportunity We for in for that in specifically therapy. search and Nurtec of and options migraine, some Trudhesa high have number to data off that light shared, a Please switch Ubrelvy point XX% those for drop Symphony and the away just from around percentage and patients from suffering of at to patients patient continued the physicians of more XX. in have significant new maintained very view. or efficacy comes are still refer into data now continues show gepants

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

the common attacks, XXXX. for you can does physicians call John? slide, to that I right-hand draw now board pool efficacy therapy represent side previous therapy, increasingly to are turn a in results from specific will the replacing previous our patients, an at we over Looking broad whether Trudhesa. while of see financial used most for Trudhesa the addition the of gepants that, a third believe review are John quarter of With with filling the

John Leaman

XXXX next specialty clinical third $X.X same The quarter period closed, in third increase an development Phase of results of period million net our $XX.X million partially administrative reduction primarily Trudhesa financial began was the support October in On in quarter XXXX. versus September slide, number to development in increase Trudhesa, compares expenses slide of for clinical in marketing same and ramp-up our to you spend XXXX. INPXXX. million, $X.X for pharmacies in the for for see Adrian. $X.X of the of for and ahead of activity of XXXX the million the was to revenue study shipments commercial the $X.X product was The third The general third expenses SG&A Initial will you, decrease III the XXXX Selling, to the XXXX. by were million for quarter for versus of for same offset was spending and expenses, due the XXXX. of as of the Thank million XXXX XX, which due launch. the commercial Research quarter for launch. Trudhesa primarily $XX.X period the were

Turning now slide XX. to

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

over additional of cash cash call now of back remarks. would some With equivalents like $XX.X closing to turn company Adrian? XXXX, million. and XX, As to Adrian make to September I had the the that,

Adrian Adams

Thank you, John.

approximately and is and of episodes the safety According desperately caregivers INPXXX. treatment of children of XXX,XXX aggression with the need of make product acute developing large opportunity autism slide grow XX, agitation Before tolerability disorder the remarks number autism. needed. timing and ASD on a ASP we million impact need some closing, on is and families the continues or in is effective their and and profiles The treatment increases. This background aggression. this to all episodes unmet favorable to This with over on display I for with research, incidence to provides opportunity the projected agitation children, for did or autism opportunity. are are our unmet The slide, spectrum as options annually want significant few XXX market market next a INPXXX, the

pharmacodynamic XX%. who milligram, In spray to of study Impel powder slide administered effect administered effect similar with those you a of olanzapine compared and the and , space. levels specifically placebo. IM. plasma but Turning for levels and two units as XXX, plasma pod Phase CALM rapid exposure multiple is IM INPXXX. INPXXX, to INPXXX an specializing phase scale designed evaluate complete treatment INPXXX of to at five as Impel Approximately doses XX treated a crossover designed the as to that, an aware, two-period to after pilot further INPXXX with initiated double-blind execute being drivers of be demonstrated call Impel milligram of all peak well nTRx first of within single who ASD feasibility key the formulation behavioral will study similar study the against now the safety experiencing minutes patients This compared will this to as to a levels dose turn a five basis, or study expects number with results acute with evaluate Full placebo INPXXX intramuscular was a agitation phase to safety quarter-over-quarter six agitation. of to quarter third today. utilizing milligram currently of at reduction in and our ASD measure patients quarter Impel to value final summarizes compare to a nasal IM. is faster formulation a are With proof-of-concept which and I are our growth to administration. not at would injection agitation to consisting or upper are be the safety from continues of nasal study XXXX. Phase administered INPXXX XX enrollment. proprietary demonstrated XXXX. The absorption being device observing in XX, our treatments inpatient with on XX XX. well to the or IIa reach efficacy dose-for-dose tolerated dose onset our of be Pharmaceuticals INPXXX pilot like adolescence olanzapine and two-way, of final aggression greater expected We for may slide, recently XXX slide in study, XX Ib dry CALM clinical the versus was enrolled. milligram for levels. placebo prior

year group. one a over Our drawn has XX% and share prescriber of that just acute to by market our the within into increased depth branded launch, base we have X%

Importantly, the and is XX% with new territories. showing and both force increase new expansion seen we results existing our field rapid made across investment prescriptions a efficiencies in in

distribution are way. access, designed Our QuickStart while thoughtful us adjustments strategic meaningful program managed in contracting net the coming network and to over These and adjustments novel measured to make to value-added our position evolving quarters. and ensure price patient our a

And front, And and with INPXXX XXX the trusted to study and call increasing this agitation. with you. can the currently will treatment value finally, for development a are on continued you give children progress instructions? as-needed and your in opportunities coping potential addition on questions. children the we adolescents of CALM to we now number the spectrum we time. are please looking our On major over valued for with pleased assessing financing to on strategic for Thank have and a and the line a disciplined of impact open families in shareholder execution, at whole focus the Operator, autism

Operator

Yes. Thank Instructions] [Operator of Our first from Ken will Cowen. Cacciatore come question you.

Your line is open.

Ken Cacciatore

our a and Trudhesa me going a to write XX, with really fascinating the is with more have Adrian want simultaneous John. available They to as certainly, about clinician we question. us. they when more real add-on. It's speak for rescue often desire consultants, they slide talk to you what and to tell as is gepants. have What's Hi. the Thanks this it back

able evolution elaborate then of that, wondering, like you in And showing very This Rx. to a is, per care another written simultaneous or be one, be And which formulary value the also, on then managed see of of slide just helpful. willingness bit degradation about you just did can with time sit think, can you're I little where that. kind first the a So a is talk the you on we the to two, brand?

address supporting it of is that here -- is of force if that it as Thanks could the well. that is if you much. wondering push Just new more so sampling, sales kind kind

Adrian Adams

you the thank address your for much first Ken, Okay. I'll very point. questions.

you're I absolutely think correct.

in data of mean, physicians what and product to in that this indeed, churn business experience that but get who particular, efficacy fell efficacy use tolerability, need alongside all one post-gepants we I source with patients review only this we for this think as I being the profile marketplace profile, we've gepants given this not gepants, those in been and of anticipate its products continually is is in with would the and that and of and over the is given the failures. of but well. market, that and Ubrelvy very who and is given see, to used we extra predicted points high product Nurtec is being this used encouraged tolerability Trudhesa. start What very level

as gepants used the of ahead In see addition, being starting to are well. increasingly we product

into this relation perspective the to Trudhesa. a evolving So in profile opportunity just with puts

that you're and marketplace. physicians we pleased feedback the within in Len please. both your comment feedback and for managed very relation to next the on that totally line quantitative I'm ask in to from those qualitative that it's point On Len? with going care and getting I'm are prescription, getting a to value So from

Leonard Paolillo

use their the other to of therapy. therefore, not as or is talk Board that to a on needed of rescue ability you it's on base Ken, the and Ubrelvy Trudhesa silent medications. as practice, have managed branded as are that's When of you to most silent the plans toolbox Adrian. Trudhesa when restricting most contracts rather using best a called it on our have, Nurtec patient are approach Thanks, with care and, clinicians the added

KOL depending As you ensure that very said, at some But addressing support that have to Trudhesa to good do need. had gepants any Adrian on see to I prior getting dynamic. where patients we've date, the think local in a patients what we access level, to utilization patient they a management what have issues

The On new the hit drug in patients designed programs QX. significantly I quickly. of you a the for really proportion versus higher as that piece, of smooth prescribing experience QuickStart QX And think it. patients net on get on prescriptions to of blend kind price was are

So a wait writes we a for and the writes Tuesday, example, on plan for prescription -- physician if physician prescription to to complete and adjudicate. for a that PA

Sometimes patient. that's the just too long for

the sure patient if and they So they that the we need. get relief a will make to QuickStart abandon often prescription ship doesn't

led higher that of of QX. sales utilization So QuickStart a expansion blend higher because the patients new of force in to

Ken Cacciatore

Great. much. Thanks so

Adrian Adams

Ken. you, Thank

Operator

from Our Instructions] will [Operator you. come next [indiscernible] Securities. question of Thank Wedbush

Unidentified Participant

what is Laura terms how here? was could of I drivers related big next as third those Wedbush. envision wondering refill this on in for if rates the from This into expectations what some might everyone. And heading the to inflection quarter? And are of do are XXXX Chico the for Hi, change? comment of are during [indiscernible] your impacting on refill to you this, prescribing? And drivers you what kind rates

Adrian Adams

you Thank question. the very Yes. for much

that into one high think I first from we're now been as one launch, pleased and of almost I think to we've the things kind been at the of month very with, of we has the XX% consistently rent that refill right launch, year the XX% mentioned, level.

see because indirect very clearly, manifestation high direct an And of of a measure very we patient a rate. clearly, refill -- stage satisfaction. at of that's is you XX% looks recent around one of benchmarks level. product the a within the most quarter, if to that this think if I And clearly, compare launch, So most kind sorry, data this that always kind at important a as being

is of study. with our So III way, clear consistent totally the that results Phase -- and by the

and refill more we I as time. that be it's used, more be clearly, good think the overall product maintained us. is think clearly, going over and able to rate and efficacy tolerability marketplace. of surprise forward, not I established that to given very within that the course moving is to gets And that anticipate the to certainly So the profile, But a see

that. being see comment rock as going your that Len part again, solid So And your to we I'm of forward. moving on second ask to question, on the --

Leonard Paolillo

Sure.

In terms to just forward, our going force of is catalysts starting expansion really and show benefits. the field inflections

in it really sit in reps heard November, talk was still, as months new have rapid impact. about, Adrian you here about the a As two But territory. pretty we only

activities get as the booked reach their continuing and of their they like the very non-personal those large be on think are We dividends, to coupled to quarters. in to in as continuing that And refill anticipate coming DTC are appointments investment what going well expand frequency, little targeted as to so more all further rate. HCP awareness-generating and work depth comment we the pay with a

as said, leading drug, refill. we change relief any to seen steady to have not to continue are per Adrian PODS We've continue getting that good As even refill throughout using in us patients to that that prescription we'll believe expect do to XXXX, increased and approximately stay X%. rates

Adrian Adams

think and be you, But this commented there think And this. second would third clearly, very initial the we half anticipated a I expansion obviously, Len fourth And sales quarter that Len. period. of kind on of the Thank important we year the launch of of I force. always again, the kind of, the anticipated

I are not of a but is pleased dynamics number the the not of direct the patient creates It very new only very for moving platform we clearly, the with where think, from and into growth. this the a that, -- strong XXXX. only prescribers as increase, creates result platform it expansion that the obviously, marketplace fact the So we're in that, increasing very, also

Unidentified Participant

Great. Thank you.

Operator

would further like Instructions] no conference queue. for questions to I I Thank in back you. am to seeing the turn Adrian Adams remarks. closing [Operator now the

Adrian Adams

value progress everyone, of year create you Thank and to Okay. joining forward as on Well, and was care so this the pleasure us. continue the a to we for server. all shareholders thank for our you much. look have we throughout very remainder this updating call, professionals patients, It continued much, you health you to we

Operator

all concludes participating. for This call. today's you conference Thank

You disconnect, may day. a pleasant and now have

Impel Pharmaceuticals (IMPL) 14 Nov 222022 Q3 Earnings call transcript