OPTN - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the OptiNose’s Q4 2020 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to hand the call over to Jonathan Neely, Vice President of Investor Relations. Please go ahead.

Jonathan Neely

Good morning, and thank you for joining us today as we review OptiNose’s fourth quarter and full-year 2020 performance, and our plans for the remainder of the year ahead. our Ramy Miller; Officer, Mahmoud; our Keith by Chief President Vic today CFO, Officer, Operating our Goldan. joined CEO, our Peter and Clavelli; I’m Chief Commercial be presented Investors the this be optinose.com section. will that our website, slides call The can viewed on in on

this statements identified start, during that historical are would hereby are forward-looking our I include statements. will we to remind not call Before that forward-looking as you like discussions conference statements. All facts

could cause subject from to risks that differ such and Forward-looking results statements materially actual uncertainties those statements. are to by indicated

Additional SEC information Form Forward-Looking OptiNose’s is cautionary available sec.gov website and section regarding our Statements these under on in the statements elsewhere XX-K factors at at their that Factors and note optinose.com. on Risk and discussed and forward-looking was section filed website the and with the today

call reliance any You forward-looking date call only are statements. to as on of this revise undertake update indicated no and statements. obligation we these The this any place not original conference to statements during in such speak or or cautioned the statement, of earlier date undue forward-looking of

I will over now We prepared then that, and will turn to make a Peter? With session. the remarks, move call Miller. to question-and-answer Peter we now will

Peter Miller

not as expected they progress clinical very team predicted full-year commercial Though year everybody. Not strong this appreciate towards our X. XXXX us us by sure Thanks, development Slide Jonathan began, and face any of good delivered. strong morning, pandemic reflect proud Starting headwinds, results. significant have we morning. were start of results our begin the pandemic would the our We the the reviewing XXXX continued on and you I’m of in related objectives. joining I’d to of at when our growth like as the

to adverse on XHANCE the have by $XX.X and For XHANCE useful year revenues each to for of XX%. prescriptions XHANCE some The new increased the increased pandemic million, increased business. XX% impacts versus XX% XXXX our prescriptions had It’s these total results. two ability net full to XXXX, context by environment grow

in First, orders and going Difficulty] discomfort with of to And broadly patient to offices. second, into visits suppressed territory constrained to to due our XXXX program retired with sales in new representatives pandemic. ability in of This meet also person not a our that our be allowing to the revenue been in a patient physician was prescription [Technical and were was and to stay-at-home X% XX%. volume the managers offices since lacked expect offices, total program targeted with due of per put growth Not we physicians XXXX. patient more medical was has category prescriptions the growth pandemic. XX% growth was due that to of our XX% any growth to largely prescription revenue prescription assistance achieving decline consistent place in-person that Thus, due against declined category early temporary levels in a

with In were respect to we disciplined expenses. addition, our

This costs. $XXX we chronic a trial guidance and just XXXX, our range million had compared represents inclusive of increase expense, sinusitis aligned full has year of full operating clinical XXXX. to with year For last X%

key in into X. I today’s moment, like detail go Turning takeaways a highlight to to We’ll Slide would but presentation. five more from

pandemic-related the alluded market to. quarter, challenges, of fourth First, I another already despite of high XHANCE new continuation in prescriptions all-time achieved the

of from fourth up quarter XX%. It’s and quarter quarter NRx of third compared over XXXX. are as fourth – market fourth NRx to XX% increased XXXX X% of increased decreased market quarter XX% to prescriptions XXXX XXXX note New worthy to sorry,

financial performance with pandemic, full-year the XXXX of effects our company COVID-XX our for Second, after making certain aligned guidance. was adjustments the

new the environment representatives initial were of limited the five drive performance. dive initial and business pandemic. believe quarter late in providing XXXX. opportunities shock XXXX, growth continue with to continue important with are in-person We supporting and the physicians. to quarter moment to factors highlight that ahead. grow in are second further third second course reduced performance these in full that to new XXXX. surged XXXX. lens patients XXXX take to quarter as the will importantly, and early pandemic XXXX the to The visits number meet of prescription year not deaths in here. into then the first as infections to of in first wave fuels limited There effects speaking I’ll physician environment there And revenue that the sales year to strengthen of for we in followed will XXXX confidence our the the ability improvement year data attributable Fourth, again. I growth effects related growth to projections the in to will that some softening and the begin and and ability drive in in a We confidence summarized market by revenue environment. the reports on an the of in were XHANCE Broadly in offices our fact the guidance coronavirus company able our diagnostic we this hope quarter Third, that third-party was to prescriptions multiple

volumes to We in both XXXX. in and XXXX. throughout patient healthcare to support two XHANCE prescriptions these strong those in As provide growth we think the improve factors offices our expect offices access to alone

reach as business is chronic polyps, to after impact for partnership opportunity success get partnership environment Fourth to an more to on quarter fail encouragingly, serves been and that there’s plays with our recognition fourth Since leaves XHANCE believe and of physician where places, this significant ease in of improves. as visits. we our potential more the about Kaleo our able increasing to reach of signs try societies XXXX, the a specialty patients customers, vaccination in rhinosinusitis as launch distinct optimistic in pandemic access patients Early role the from nasal and has important their conventional benefit targets. Third, nasal of very Kaleo ability their limited leaders XHANCE has thought with been and many pandemic resuming they steroid not has make sprays. by us with progress office comfortable and both there Kaleo’s treatment

publication inadequately providers journal nasal by a with of XHANCE at of recent encourages author, Carolina lead American Rhinology of Chief in Society, University steroid peer-reviewed Allergy from conventional example, in Rhinologic chronic consider Brent the the Forum rhinosinusitis the Senior, For controlled Hill nasal who remain prescribing North International the healthcare to Chapel polyps, and patients of Rhinology at Dr. sprays.

of We expect because program. the nasal Allergy, net revenue last per available made potential Immunology the also full program chronic that as year XHANCE inflammation of the Society and it to XXXX growing is American centric medical have we Asthma, average to recognition broader think inadequate response and polyps the American an assistance of this clear Rhinologic we XHANCE, Additionally, prescription, XHANCE both the offers sinusitis for several not recognition it therapy XXXX, alluded expert medical compliant reflects including societies, maximizing adoption And product appreciation – patient also materials role kind XHANCE revenue the nasal of as and College differentiated for treatment. of growing role we that year’s stronger with by do of important this to to year I to specialty expect treating field for fifth, the to and compared the not support sprays. have earlier, from benefit option making compared standard to patients with illustrating

pivotal countries of is decreased presentation pandemic-related slowed trials. many clinical patient today’s in for that least instead takeaway This we in for is patients temporary results is two the data site end chronic our previously major Finally, half treatment be sinusitis evaluating from to delayed enrollment our that expect trials by by the research during guided. reason last including XHANCE XXXX end closures at from and trials our flows first one of expect being in our XXXX, now top-line top-line Note available the the issues, of the XXXX. two of we of with one XXXX

XHANCE chronic opportunities additional the a We this ever patient partnerships, approval for target population the our data for are and for expansion the multifold to primary U.S. XHANCE lead company, the XX and could you approved million value first ex-U.S. be sinusitis. driving significant As treatment of of believe patients, from of suffer care could aware, drug promoted who potential

quarter XX,XXX compared of since in highest Turning XXXX, Slide of X% were third for XX% to X. compared XXXX In quarter prescriptions quarterly XXXX, new of the there a a prescriptions XHANCE, fourth launch. the of to and number new XHANCE new quarter the to prescriptions fourth for increase

quarter. fourth XXXX, of growth setting While third the to trend and pandemic in quarter our in interrupted record prescription new returned highs we second

environment, market As to prescription our The that to leverage lead marketplace. was pandemic the strong XHANCE new total goal the of with We during growth previously the factors prescription the anticipate growth constrained the unmet new in return by mentioned, prescriptions still XXXX. XXXX. is the and for the down magnitude year patient of which rates we reminder XXXX high substantially need refill full satisfaction half will of for when to high overall in a even improve growth of continued result high related to expect was XXXX, second from the course the

two in QX growth continued prescriptions business slowed XXXX quarter-over-quarter fourth refill Slide during that XX,XXX now to and in the approximately peak pandemic of months. XHANCE into slower X. Refill the thirds prescriptions of and of new the subsequent to flow Turning year-over-year Note business. increase in the the temporarily compromise quarter to

new of impact period. approximately represents same fourth environment, XXXX prescriptions, fourth of as of this quarter see prescriptions prescriptions new growth quarter in the market in the we a Pulling washing However, the which XX% and time number over total XXXX returned growth. This the declined XX,XXX. out XX% refill was to the XHANCE over together,

Turning to Slide X.

on discussed earnings managers. our defined market prescriptions steroid share targeted proportion XXXX call, we by that by XX,XXX physicians our intranasal historically approximately a as all written were the quarter we’ve territory of of As third

gives called-on in universe up approximately to Our territory were co-promotion us of with that reach potential physicians to managers. Kaleo own not our XXXX the

we are change, to significant taking physician update that audience opportunity we share. used target the to the market Given track

Going intranasal forward, for third-party that share. approximately target data, This of our market steroid spray and physicians all on write we ENT on audience physicians includes based include calculation prescriptions. will allergy specialist target audience XX,XXX

offices been audience increase our current addition, this specialty with Slide to called-on primary have numbers in displayed market by care continued Note X share expanded historical territory fourth on that like on In of of disruption all mentioned XHANCE during Kaleo’s previously sales managers representatives. the offices target quarter to based our X.X% to universe. fourth restated physician physicians and includes quarter is doctor’s fourth manager quarter XXXX XXXX patient despite period. in both and in X.X% through the pandemic XXXX earned from access of and increased territory increased to flow

depth XHANCE X. have to Turning through physicians, measured Slide Breadth whole. the number continue to patients a by and prescriptions quarter also prescribing XXXX is filling and fourth grow who the as of of total physician

patient of XHANCE breadth prescription XXXX. physicians Regarding quarter at and approximately fourth compared increase in X,XXX one to had fill quarter fourth XXXX, XX% least a of

number segment. filled who X,XXX this Regarding by more of is with fourth in the than in patients than increasing depth, number growing prescriptions physicians, XHANCE with more to XX now XXXX, XX% quarter of of that physicians the from had fourth XXXX even quarter by faster quarter a

encouraging and Keith than markers driving promotional closing While uptake In comments turn from pandemic. the the first regarding the increasing in depth regarding few I growth a is focus and trend depth corporate continuing Keith? breadth both guidance. fourth is growth drove remarks, important but believe XXXX to for moments, call some breadth We during that growth both CFO, provide Goldan see results this over our will and objective. to efforts and and depth perspectives of continue our against product quarter increasing I’ll breadth more

Keith Goldan

Thank for thanks to this and you, us Peter joining everybody morning.

to Turning XX. Slide

of OptiNose revenue As $XX.X million fourth the net we XXXX. in reported, recognized XHANCE of quarter

quarter, the average number that is the XHANCE net dividing in per the noted revenue of by on one prior of track quarter. metrics prescription, is that we As which by net revenue dispense estimated XHANCE prescriptions calculated for calls,

believe revenues useful per generated a prescription. to continue the We this metric to is evaluate net

not does the we that prescription However, you that XHANCE. change data on unit preferred also available that reflect revenue the paid in parties of we price is Based network, receive that an variability a XXXX third net purchased of individual for remind this metric to subject data pharmacy is average for prescription our from from $XXX. XHANCE on quarter and per fourth was necessarily

was full a per For decrease the of assist to be This co-pay average the full year quarter not such XXXX, that early patients surgeries X% they’re was that year-over-year number can is program pandemic. the as not and or to initiative the stages of an the severely helping $XXX. elective compared XHANCE attributed in net XXXX largely average is year options decrease in $XXX, XXXX, of revenue available. limited of other – second important treatment the prescription When during were of simply

was same did moving XHANCE initiative our sales, prescription this or and The between I’m defined to XXXX the $X.X primarily clinical These increased or were growth with practices, million annualization expenses R&D X% in fees, net operating rates While is and we initiative supporting XXXX of full year XHANCE customer’s overhead. – driven April assist in trials. can sorry, most compared share conduct just expansion plus in of by the net operating revenue sales, a driven offset – increase, result pandemic. this XHANCE from full leverage the the generate increased expense not research disruption to the $XXX did XX. to our commercial XX% increased by was largely by prescription SG&A per increased The unprecedented in new $X.X ongoing general slide development revenues and support in XX%. response increase and higher increased primarily drove the full force. nearly increased termination a projection operating research by delays to paid XXXX as and and illustrates administrative XHANCE infrastructure million expenses as that full $XXX to these increase. year volumes full compared increase of in general to revenue as two growth in XXXX. particular PPNs while XXXX COVID-XX CS net expenses increase year of total in XXXX. year XHANCE amid expenses development net one of year disparity reductions factor increased our million associated in administrative our of from XXXX. million expenses XXXX corporate and and sales of expense X% XXXX the period, our revenues by expenses

Moving announced full first to we XXXX year and financial today, slide XX. guidance. our quarter

several revenue full to accelerate that year expect XHANCE XXXX. we for revenues million have to we Earlier, First, Peter net described XXXX. believe exceed in $XX potential the net growth factors XHANCE

pre-pandemic revenue guidance to we’re the uncertainty start However, return floor to of providing reflect for the year a regarding norms. business conditions to

per QX for reported last the revenue we is for as revenue net revenues be quarter prescription we of XXXX will pattern in part as first full decrease sequential year. of anticipate year and fourth revenue net revenues primary decrease expectation the XXXX our that million. XHANCE Second, XXXX, that $XXX. effect to This net first on the XXXX of driver $XX.X XHANCE quarter $XXX of XHANCE our reflects same quarter average expectation this will between XHANCE XXXX for compared calendar

revenue XHANCE per XHANCE prescription for quarter. we to the substantially Third, of year we we’ve we well. in believe common prescription expect by first revenue and highlighted that years, seen two over industry per quarters net our last three are effects net the prior as in improve for remaining treatments is chronic cadence the XXXX that for driven as

the pandemic our deductions changes full response XHANCE XHANCE to generally Year. program expect not access, in occur substantial termination terms overall delay January, to of per repeat prescription, factors to is to relates increase will whose resets prescriptions year important not and results. or consistent the program have factor we contributing with in our and increase gross to year revenue year market a in revenue earlier, drives New co-pay patient XXXX deductible to prescription year that to to changed full patients, major of full patient to net that XXXX XXXX. refill insurance decrease XXXX. assistance rebates, support expected net to XXXX XXXX. relative fourth, first that by result is to similar levels this is this coverage is per which note do discussed the we influence What the factor respect with The the of insurance expect as compared is second loss its experienced assist net compared

to operating Moving expenses. on

XXXX as total Our with distribution increased These includes are associated expect our volumes, stock-based we million to excluding completion I’ll from the million, over in range operating to conduct for discuss trials of partners increases preferred turn which is well sinusitis stock-based the $XXX million to linked enrollment. in for million Ramy initial programs. $XXX full $XXX chronic expected XHANCE guidance to development commercial our key expenses, to as towards range XXXX, development prescription pharmacy initiatives. operating year $XXX we of approximately the fees be that paid network the the expenses other fees to total of $XX and include million. of to push be as from compensation clinical to and compensation. now call

Ramy Mahmoud

you, thank Keith. Great.

Turning to slide believe three chronic potential our significant of is growth driver reasons. sinusitis a we program XX. for

for U.S. First, XX% disease no over high prevalence, approved is morbidity high chronic treatments. sinusitis population drug of there a the which adult are and affecting

of and productivity, and in direct patients have Second, according life work society high treatments XXXX of of healthcare economics in up levels of despite chronic billion a study loss measured limitations to left $XX over $XX by suffering healthcare to current of suffering investing the as costs rhinosinusitis. quality billion lost

product. creating greatly chronic whom polyps audience, to not larger X.X than who patients, treated a we number expanded patients CS people, X.X from nasal by promotion could business for new and recognized potential also universe this our for million target physicians, promotionally from Within can of more million many to believe the physician we only affects alone, benefit for current is but ask Third, indication much triple of patients. specialty the may approximately sinusitis

physicians outside million to physicians to people suffering current as increasing million potential our have little seven belief a patients. their from XX seek a tried to this care it specialty patient believe X.X the already evidence are longer much addition, those We disease. been In approximately no goes can such options or regular new chronic suggests that an due lapsed is often symptoms for XX six has pool, sinusitis an that million no offer there additional audience of million as for Furthermore, that patients that incremental beyond treat further approximately what and million. from

patient suggests believe negative than effect on global visit sites primary that create the CS of which in access had on in that infrastructure one we today development the a top-line offer previously with and more XX. regarding of to many forward ongoing to be of significant sufferers these research second result Our partnership. CS pivotal a this this is in the when leverage as our ability to a promotion successful able announced not updates at sustained consumer-directed regarding by close trial, million chronic can end this this sinusitis. to treatment increased a results that care slide and and countries. is trials slower We we capital non-dilutive half lastly, results of existing from data, our first market that of we of facilitate XX potential for can would that and we pandemic, the expectation that if data. prescription it we moving option activated until through expected communicated and potential enrolled to program indication, to new providing top-line look of for XXXX. be year the of XXXX, is the many business approved via regarding commercial trial expect has are the

recruitment local on and teams new regulatory is places the development changes risk have in acknowledged through the pandemic in year. performed to to continued trial supporting related and by course regulatory the created and conditions evolved We environment clinical sites, identifying the as situations of that they there and opening where sites admirably influence worldwide. Our permitted local COVID-XX COVID-XX trial

remain by one achievable. However, from this we this believe objective of on top-line end producing focused least at XXXX we is data trial the year and

four. both sinus both the for program reminder, trials numerically, nasal nasal diagnosed measure for produced as symptom a improvements reported similar. One reminder, symptom with week measure week our without in groups at XHANCE, rhinosinusitis, as cavities at from endpoints. a treatment co-primary have a of of open-label As patient And Also measuring relief the polyps a relief the is development XX. baseline a effect were patients of other data, with those both is for symptom and chronic polyps. inside

our could I’d our has OPN-XXX. in pandemic like product have to the also improve XX. few comments to development for utility about make to gears, that We potential Moving next a and slide changing product preparedness pandemic. the candidate current believe OPN-XXX

proprietary have help any demonstrated spectrum not smell developing system with device prevent virus be virus. the sick yet symptoms, As to have antiseptic a reminder, we the not a COVID-XX with of This to who part, symptoms. delivery testing of is becoming count. coronavirus and variant. do to disease infected broad spread early intended symptoms formulation to our in yet formulation progression reduction other OPN-XXX in that do to highest nasal candidate, the cavity, exhalation that someone antiseptic an where sense in who person from of uses against to reported a deep the thoroughly SARS-CoV-X virus the we or reported reduce is to reduce including people having the people, intended an four-log effective the coat virus from with vitro and performed against candidate Previously, exposed affected kills

with load single human change proof-of-concept randomized after against formulation. dose to COVID-XX. today, adults results OPN-XXX broad produce conduct initial were we data. study that were pilot previous knowledge, viruses on found with will in with a to announced support expected we trial The moving adaptive but a that we These viral study activity multiple ahead. to in based addition, evaluate other OPN-XXX clinical be In necessary will

of viral by quantitative potential transcription reduction load culture. in in Assessments infectious the viral as useful transmission this is is The start and disease will quarter study XXXX. therapeutics ability is intranasal in indicator in believe within We at April in are of we second viral include a and by high in patients top-line disease. expected both a number the the to of study load determined measuring high diagnosed of reduction for to virus COVID-XX of we short therefore suggests risk remains with to reverse duration. PCR of reduce a expect or of particles, progression viral reduce and development results Evidence exposure to the priority.

or for Accordingly, committed closing call initial organizational focus partnerships, development easy the year As vaccines remains will like I’d building influenza excited Moreover, of to turn to and we others OPN-XXX, stages by ENT back a a are on by by the now to addition are pandemic as and need potential that development over a OPN-XXX. that important, plan, allergy Peter? are to value the within been we growing could remarks. remains that support use is a as today pandemic supplemented coronavirus the future threat. therapeutics prescription company. that potential of a to anticipate pandemics. expensive other important for but COVID-XX has just XHANCE, the our less coronavirus outpatient to and program supporting be and mutate. make leading on be agnostic the range extremely is of operating to therapeutic knows arsenal OPN-XXX capital reminder, and since our sources the simple this such to of current and and breakout virus further continues of Peter everyone therapeutic grants, expense an third COVID-XX for but we a XXXX believe as

Peter Miller

thanks, Ramy.

of slide what that view. assume to improvement immediately and business same to We The to before business In to include have team norms XXXX compared we vaccines. tried has produced pre-pandemic a unique are that can present conditions reiterate the to pandemic and of moment with have we incredibly the At moving for in conditions, balanced growth our that XXXX. Turning to business. I’ll improving results, that am time, increase the us factors of not our the lifetime. global in substantial to there take return the I our Q&A, of challenges while most presented proud outlook a XXXX, faced optimistic XX. will potential are are several a availability the effort in that

laser clear are revenue chronic on and updates that, on forward for open to focused Q&A. We We XHANCE And in we’ll XXXX. objectives, progress call growth for very our our sinusitis. with two in trials providing of look completion now the up

Operator

Thank And from comes first Randall question Capital RBC our you. [Operator Markets. Instructions] from Stanicky

line open. is Your

Steve Daddeo

Steve our on how guys, you? Randall. for This Great Thanks is for are taking questions here.

confidence, was a then and you maybe some enrollment for over on that little appreciate that a status just are achieve it’s to gave you be that can they’re kind modeling I’m you any substantial and at bit least as an on $XX of what from some got maybe, when have expecting CS tailwinds color XXXX, if to just updates million Just upside trials, and was maybe, provide the kind looking but two guys enrolled. able the But million $XX questions. still streak a where growth you’re to to than of fully secondly, me, realize of going providing there. at the on And I’ll you’ve you’re desk the floor can what curious both fronts. to I of [ph] and less add guy pretty XXXX.

Peter Miller

revenue let to then Yes. remains Keith relevant Steve, thanks of the pandemic. concept We very our much and for the just question. uncertainty is still And of or decided to handle approach that you Ramy, the floor I’ll one with and for because the of some second that I’ll reason take the first a the one. guidance the

relative the concept to the approach So, of that a floor. was

what’s $XX of in market the the impact we million – environment an environment we market assumed that have currently. of have obviously, So, understanding current the about is that

of the half of is also to XQ market and year, what our obviously, to physician patient some volumes, offices. terms reasonably pre-pandemic expect relative seen impact then affects be patient has It returning and back two improvement the It ability environment normally we impacts. in because the norms of the those We expect affects the offices. access through market volumes to to for

floor market our because I’m around ability describing what’s this million. the embedded environment, $XX to assumptions that’s the in So, achieve of

could Now, way, dramatic what $XX trend. XXXX about by create for that And think we couple have million an should the of us that say acceleration our I that market I the also really a we optimism our do growth, we of is not two as drivers a ability now. mentioned floor, creates acceleration. as we assume ability an of to is to relative right prescriptions, our that described, driving new possibility prescription clearly think which obviously there real things I have accelerate acceleration to drive we in And are do our assume focus

The And is what with. calling that step I everyone of first in Kaleo And this we importantly, more paradigm. familiar playing expect at as societies the as in medical that we’re paradigm There’s remarks, already is role been step XXXX. as and have second then very recognition introduced step some we as an in of a looked important XHANCE care paradigm. care think a increasing I the my concept is, recognition care mentioned community that treatment frankly,

or add $XX Keith, on know don’t you with I if have the – to anything that, relative So million. to

Keith Goldan

Peter. No,

comment I’ll the CS. of of summarized question second to on part the with pretty timing you well. think Steve’s it respect I

the kind patient to I Slide think, back weeks. XX randomization compile of Steve, journey XX trial – If a it lay you go was out like we where looks in visits what the from to,

setting – first the year-end, kind expect can if to expectation announcing if So, be around enrolling of we’re last now, we’re the the middle top-line us of up data back by of you having could you visit patient year.

So, have expect that expectation all it’s definitive probably visit first – to right once to data. we to top-line can say going us to now, out report but that that the patient set of that expect last more on you have we when

Peter Miller

enrollment, trial additional gone to able helpful do. sites, will you, can we’re to tried you some to to I in and not predict Steve, – know it’s to great lengths that able to I engage patient if add have we’ve but be don’t even we that we’ve which countries tell

not So able previously, to of a divert vaccinating care beginning are clinics diverted countries a are that COVID able to enroll, be to resources were lot lot resources. of previously were to Commonwealth because

expect are we on projecting an the first uptake top-line the so as we able guided. report enrollment as and in to and we of half So, Keith was year complete about. the talking to as goes be

Steve Daddeo

appreciate guys. Great color. the

Operator

Thank you.

Gary from from comes question Capital next Our Nachman BMO Markets.

open. is line Your

Gary Nachman

Hi, morning. guys. Good

most has in follow-up. target other of X.X% your First, used And been had currently I Ramy, trial concerns CS think the for of gains pandemic. I of coming Rx think quality data share fourth clinical are through one category, the where then currently at being quarter? a from, out off the sites, what just of reasonable and you of for physicians is declining that that any the you’re in of and off and you’ve label, target what face that then now do a your been portion with the the the of coming adapting

Peter Miller

Vic I’ll question address Chief your Clavelli, take then Officer, our your can the for thanks Commercial Ramy question. on share, question. second let Gary, and

Vic Clavelli

the that prescribing in Gary, just customers saw second is new of the from grow question. even the key think front driver Peter share But is the described two head ability to potential more reflects as the difficulty point to the getting increasing the growing to thanks that prescribers. news pandemic existing into prescribers I Peter. success, biggest pandemic. year, we we in the expect And and year. of I you really as made we we into areas. the that bring believe depth the from kind point frankly, continue our come lift. franchise of of One that we growth marketing the to was as can people of mean, saw reach build for on our I breath, last gain Sure, do And new we our we last is think And share XXXX. that during

Peter Miller

Gary’s also CS question versus about Vic, can proportion prescriptions are you of on perhaps that NP. comment the for

Vic Clavelli

Yes.

of We business that’s for polyps. nasal coded lot a that continue specifically our A times, nasal aren’t prescriptions third I are think the represent, overall polyps to about specifically coded. prescriptions see of and that,

I patients from focus the up chronic that prescriptions business of that have note I polyp rhinitis or those we pursuing. Obviously, do pick but on do nasal – are mutation. we’re so allergic should explicitly We And that indication. polyps, news rhinosinusitis, an we either indication that’s not mean not outside proactively nasal see

Peter Miller

of that the the but the value allergy only, the a currently reasonably understood, number is not I quality. question Gary, potentially treated emphasize drive emphasize to Ramy, in think I we continue is it you provide relative I think, to that’s And but real increasing want turn that indication it expansion want to ability way, by ENT but well-known, well this to audience double know the reasonably of anti-allergy greatest to segment, CF the physician it CS the in treating benefit the know value still on to broader is business. significantly the the business indication the Gary’s on I I’ll to I being will segment. patients the to

Ramy Mahmoud

right. you. Thank All

which for the last skeptical received I’m patients are one and incentives CS underlies maneuvers product. accurate strong I complete data it’s prescribing I the bit on don’t Gary, know have about available. sure which exactly this its versus NP, I’m that reporting sort little a data whether that for high-quality of that personally completed of the the But diagnosis So the all is that prescription. the diagnostic of also we comment are not kind best about

of the of category. skeptical So, categorization I accuracy about a in to diagnosis the little this think reason bit be there’s

in EMA, a issued about adaptation of were a There to manage question data and in ask trials. question, on regulatory other was new who lot were environment. to quality to changes make authorities, a unable was other visits. it’s It’s COVID good the required. the of lot appropriate how There FDA Your patients, guidance

– changes. those extremely of careful kinds of been have been about our implementation has We team just clinical

ourselves the sensitive all data effective trial to not positive but trial at quality this should the product on focused fact the in very have just end fact of the that the for this the highly to best the We’re positive about about that’s disease. trial, coming opportunity giving it’s a and a in. completing is And be we’re

it. So, we’re very to sensitive

measures in on quality of the the changed of many assure right are try despite trial data and of to have and ensure pressures the patients continued place sites non-patients. the kind to We to enrolled some sort be

Peter Miller

the to will and one on potential relative the I work and about this range. care not believer and continue strongly suggests calling in give Gary, historically, the And want that that guidance allergy we’ve confidence listeners segment segment already project asked the to just we believe that that very for in ENT number that and in you to share to that share, confidence share, the going expansion peak achieved currently product have refreshed relative we with for this that we’re the to in alone add the way, is physicians specifically we’re share XX% remind on. product we’re we’ve before But why achieving primary I done of in that I market, – talk is, of us the to all of even believe year. comment by XX% the to and again, the this we

excess very achieved shares that someone of the access efficacy market So, turn in into once and coverage of we we product, our that understanding XX%. understanding strong. really is

remind ability confident specific this to not as for very build I in wanted just our business. we’re year. a I substantial to We guidance giving said, So, well, remain

Gary Nachman

And own just helpful. an versus reps many audience Kaleo how follow-up, sales from that’s allergy. going us XX,XXX that Kaleo quick of and increase just after in then audience. coming how physician your many the And how Thanks. have target to remind have that just one the all and ENT much XX,XXX, that’s you Okay, target is from reps,

Peter Miller

let Yes, Vic. Vic go that. ahead. take Vic, I’ll

Vic Clavelli

Yes. to Thanks we mean, another so about up Kaleo have that, for Gary. on I X,XXX targets. calling additional

that’s that the to the revised of the for using included from comes grow basically so us the number. our X,XXX those of the universe And as to that the INFS. are learned and and expansion of rest business rest our opportunities And that allergy well. focus in there are ENT targets is number We’ve

denominator, new we a will, us segment. expanded we the move gives So, if of you representation think can in how this broadly it better

as bit you you perhaps, the beyond know, little question asked, So, Gary. a

reach, but can half effort is coming reach of targets as from half increases other of against who do simply as the productively to believe we we the like reach not our activity that roughly, targets, them. So Kaleo frequency often we don’t would we

the about extend benefit of and chance And relationship teams with size. breadth the so gives that the engagement depth us roughly to same sales to a use our their our of are the customers.

Kaleo and We about as well. a in OptiNose the a people have sales within we XXX have team XXX the about team

Peter Miller

to Gary, just it’s And make clear. sure really

primary X,XXX like a X,XXX XX,XXX, in our X,XXX lighting that with overlapped about are XXX they’re call largely has very not universe. on that specialists but answer my the targeting with primary physicians, can ENT they seeing reps, think and our I and care. so some roughly XXX Kaleo physicians, reps – are well. XX,XXX care allergy – our about that not in

Gary Nachman

you. That’s helpful. Thank Okay, guys.

Operator

Thank you.

from Cantor comes Fitzgerald. from question next Brandon Our Folkes

Your line is open.

Brandon Folkes

heard I half environment. starting I this kind and or we’re given exit to the about I just a Hi, to implying the talk as about XQ guidance with thinking the strong of year. and that envision it yes, there – seems be thanks just seeing that appreciate improvements, we what you that want ramp guidance. on XXXX commentary here some appreciate what questions, well heard of you but and second sure, assuming the Yes. we for properly, make I XQ year taking just just Maybe, my comment about current in the can maybe, well, to

growth exiting We’re solid well. rate as a pretty

net a per I It talk price we And want So, seems then secondly, more of can little just to XQ. XQ, just to from ahead come the ourselves get script? there. about down bit

secondly, about you’re your any XQ, think just at we we we in – remind should can terms Is how can you. a small there and Thank for dynamic one, in in consider channel you maybe, the So with to – of dilution there think Kaleo? should you XXXX inventory that Kaleo the about going net then realize? us price and of going per to is should script and with be what

Peter Miller

Keith, of take I’ll those. you let all three

Keith Goldan

about at of summarized We exiting he last spoke to floor assumptions end to definitely his us QX to the the kind velocity, because year. think this And and lasted with summarize the the year in comments of the what QX, think about the to – what thinking. year. I part late So, close $XX an the respect our the first Peter this year I second first guidance of drove or potential guide into that the of million velocity upsides, virus expected – for drove question and what to the those the around surge

offices. our but first received that the seeing abilities reps’ going of effect obviously physician today, were the into to a, adverse to our we to significant We’re that see the part access respect with patient assumptions drove b, our those a this are offices year, and volume going assumptions that’s –

able job percentage or in the their large I We customers. see of move of access think that our see the easing face-to-face remains limitations a they are daily we in but field basis, getting phenomenal the to that they’re those easing we as reps terms target a are fact doing interactions that not a throughout on the year.

impacts in year, net last a those range maximums heard offer buy years, that $XXX $XXX the patients of – those today a plan, out segment reset, deductibles bifurcated have and that accelerate expense, be with in Kaleo of and it believe net In Kaleo. that we of of patients our per average as increase really high an in the revenue way. on. segments for And we first similar the my per remarks, progress as to the progress high discussed, PPO then coverage Kaleo, coverage – us patients quarter is quarter we we buy or prescription, kind that generous lower year that the uptick year, we our in throughout contribute that call just less of have getting that see plan for the to enables a and those would traditional was that that’s whether average expect to larger now And throughout not different out the we prescription. then an largely down it we’ve different prescription effort the the Vic physicians the contribution in Brandon. saw negative program we’re to revenue and meet do to net or net begin pocket much positively they’re that the have we pay are our a a, to to to the one; coupon pocket today out-of-pocket as year, year, net tie we work, have per got you, In good down it a for from In to average the the our as of and beginning a don’t as are they by year pretty the driven prescription. of affects to two similar have revenue commercial the coupon beginning deductibles, patients we deductible other at that prescription, deductibles. We a of kind average as per revenue out-of-pocket So, we calling Again, commercial customers velocity expenses. model year. throughout the I’ll program. you definitely our we in first per on, good

we’re them It’s can generated per we kill prescriptions model, breadth segment targets, us targets that has So, a it’s eat XHANCE on and to prescription to physician. you Kaleo an volume. we’re link those have ability basis. one on identify very you to – tell; clearly them a additional the will, Kaleo a think what if paying paying easy drive we directly on given

on and those our gets on for physicians do segment not two, on, physician in call calls we a calling reps So, Kaleo a physician. on, that. that that also in have that where write script. remunerated we Kaleo they’re calling

frequency or those like we’re a Vic model. on getting As said it’s I’m depth almost CSO additional reach; additional sorry, – additional earlier, targets there

We’re paying activity. for

So, position we’re paying detail. a for second

quality for reps CSO deep – than on pay these a Kaleo many typical contract. calling would the These the in relationships have typical these many high I physicians much, for on years reps second would physicians that to what rate we agreed-upon market relationship. an CSO. for many instances of CSO we relationships with have that the a based very we’re for But much have type would We a quality getting was, and is been detail those of is deeper say from Kaleo see expect

Peter Miller

to our question circle per the just impact all revenue the prescription. net of and Brandon, your average way back sort to And on

talked marketing what a of The is second piece about just expense. Keith

we at So, prescription, that for the the a it fee just going to arrangement are affect doesn’t not paying ASP even be type and fee show that the per material our up CSO to we’re where paying first segment Keith described, it’s or all, average...

Keith Goldan

Correct.

Peter Miller

Yes.

remain guided very And a XXXX. more lot we so confident we XXXX and – that prescription we’ve just as the net look average like XXXX revenue will

Brandon Folkes

the that there’s awareness see these Thank be out able physicians do Should squeeze on come promote you you. think the helpful. just to quite usage? when about going call – one very positive? I comment they’re data to year, of That’s get in an the Okay. off-label this their data? Granted, it trying but more when and off-label, that going it prescribing now just yes, CS increase not we obviously one to but right concept comes out this trial to And be you might us? that enough community appreciate Can I is in color. awareness an hug

Peter Miller

you take let that. I’ll Vic,

Vic Clavelli

Happy comment Yes. to on that.

expect of there into to But no we approved attention that the are won’t the promoting to drugs the into will point, Certainly, of has obviously, with publicly will, subset if it confidence be to an your there point, drug use. as will CRS. polyps We awareness and that treating new So, aware this soon given be expect add in that nasal they’re be as data be and their as we space, to coming it. use public for they’re out of physicians this community, patients there you increasing would think going that is anti-inflammatory and available. we are rhinosinusitis it that data aware already an goes if a becomes data chronic your already occurs increased awareness patient.

Brandon Folkes

much. Thanks right. very All

Vic Clavelli

Sure.

Operator

you. Thank

David question Piper next Sandler. Amsellem from from comes Our

open. Your line is

David Amsellem

Thanks.

overall expansion ask guess, uncharted Do data. territory not that To to on you of words? with number symptoms, the opportunity go you that a the hypothetical is endpoint. terms a which in a and show that and kind other expansion sort sales of, headcounts, how that terms in loan we with placebo you still extent, CS of objective thanks. measure, in I significant to trial of about that results terms to randomized of here, terms larger of would wanted on envision of do the go regarding that’s in the force how think expansion, co-promotion in that partner but results, should big the you you then sales one. So, of here still scenario, the – the extent you extent envision that force versus in number do two, of the kind benefit that extent a XHANCE find much don’t

Peter Miller

commentary a of that necessary of in sort the right we’ve and start And to David’s have scan. has how understand this. we the what’s that disease, think, enough design Ramy obviously, to The we that team measure on lot sinuses, thickening I you Maybe, were improve getting criteria of sure were work we can hypothetical. evidence we population mentioned population. mucosal and have the we add can if trial define objective right of some I’ll color to we already make have David, first And Ramy, sort done did the evidence the

to I territory, I’m think on that the give reiterate, which implicit improvement with We is always about trials I studied we really what’s to because that of there. good look – that likely have to with the chronic you though to the rhinosinusitis label question really feel symptoms. CS did trial, know point want in improvement population ability So, the pretty question, unchartered are to it caveat patients, in we’re a evidence an that who while the never make polyps, that in without – but our going obviously, just population trials just studying outcome. we the your good I’ll large Relative at it’s in is your have is necessarily and see have pretty David, our really we we success open symptoms. going

show scenario, we relative this symptoms question in think improvement would still benefit chronic hypothetical broad in first your to So, to be product the the that a because sinusitis for in business, population. there’s ever

So, there’s we fact whether value be to that not not product is purely we point turn I’ll that a the The symptoms. but benefit in in all. on into a at that population there that show fair a to product clear, is make approved which CS no first the is will label we the emphasize ability or amount, could

an symptom that. a based it’s not the on get improvement, there while of able all, be is only indication certainly clear we So, to was potential at whether would that

expect start positive of therefore both in of to the sort same I’ll by So, lead have we that outcomes that then endpoints. expansion kind that describing if and we could

Ramy, I I’ll additional color David’s any second there question. take before let So, and stop you add

Ramy Mahmoud

if which David, and full procedure – have two value space we’ve passed step, the sort first then we P this are the CT mentioned positive scan they’re symptoms the are in of possibility step-down But symptoms before. data. So a and the we that co-primary trials. is contemplate as to chosen the design the positive, endpoints as on designed gets the in did There means of trial

positive measure. we will conceivable it’s even that up they that have could of CT to basis would or FDA. scan uncertain positive that on for have to not symptoms don’t FDA in out result of if an an we That’s on trials approval take is the it that something turn with So, of the indication. that basis be type whether trials of

any aware confirmed efficacy how given Peter other the population. can’t in I has to direct But of as medicine use the reasonable come of the of on that medical it’s sort and trial guess so help for other could not and this kind product treatment to suspect that sort desire to be out. adoption substantial I basis think of product regulatory for the for And adoption kind of And in we’re evidence-based practice, that that of there evidence. large quality guidelines said, of that might that sort practice support had potential places that

Peter Miller

historically what while not that’s know take hypothetical, think I’ll being sort – emphasize David, the really So and of if partner going on probability is second get but Vic product roughly care of in refreshed just the Clavelli broader universe XX,XXX primary interested and that of again, we your opportunity in of expansion there is product, partnered primary the this providers research question full to sort value a the reasonable a I to done on care I’m CS the of we’ve indication, providers. is

in are treated substantial in that there done historically, population probably the research So, a very we just who that we’ve and being market offices. is patients that’s currently just the really refreshed opportunity physician and

concept put So, million address that together of a to roughly are the lapsed. idea being who when campaign direct-to-consumer you people, the XX me with

So available. the reminder, options the that given suffering. chronic million of million primary up potentially, simple. million They’ve believe care, the rhinosinusitis, And very physician the up X in have work just relative to no is sort of university. it’s greatest in are we’ve to done will million, CS the roughly actively very to have that treated lever that the think people indication the XX – lapsed direct-to-consumer. ENT But XX allergy expansion in they’re while are we that million are the as a this X messaging being enable from universe care who longer X.X roughly it’s from of from is our indication because clear not We patients patients

this to want partners is way, you the we be the a primary I to and and by going that the because just in So, of space. all the really together but I’ll – on this care very say to an opportunity to the of emergence think by start put in disease the I’ll and out care, put emphasize number paradigm treatment say do attractive intranasal you substantial this experts thing what of we step-care says, that’s in the believe the specifically with algorithm continuing on space, last to is now spray. clear I step we’re of mean an idea will that guidance if

disease, care for going doctor XHANCE you of option to potentially, surgery primary gives fail the more intranasal into a on If with potentially And an be because help specialist. or types invasive the primary should to Delivery the XHANCE trying System of referring spray things of considered. before and it in a is opportunity that greatest care, other Exhalation before

to that to adopted, emergence of going paradigm we’re is get the very and opportunity continue we which we’re makes the it’s seeing substantial. already broader going to it, continue and broader think believe again, So, –

And I would want of learned to of go in to now, to most be in our primary do to would in But XXX a do kind to strategy that strategy able physicians clear, – I’m So give physicians part to your not enough or anything to add would think make DTC where the sales We’ve necessarily numbers, a between, question, of smart do would to to not how reps, expensive David, we target think with the out specific and going we be primary the today about in digital And we or – sense. others. doesn’t targeted additional the XX,XXX, in we answering go-to-alone we very go-to-alone Keith would to be if broadcast. somewhere make the but me. our care XX,XXX strategy, with mean DTC. excuse the broad a go lot gate we give segment – that to sense go-to-alone are not scenario, go-to-alone coverage in we are interesting

Keith Goldan

patients a add with first thing physicians that only primary think great I the I’ll care that’s summary. we mean, the stop know for is are I CRS.

so they And important. having going know reaching patient think they research product help that we is know that this interested do a population. very can And from are to we our be in them

to going how make their sufficient into that ones volumes these as aware to patients find and have and the them confident we’re of integrate practice. So, it

David Amsellem

Okay. helpful. guys. That’s Thanks,

Operator

you. Thank

comes next and Yordanov from Company. question from Our Georgi Cowen

open. is line Your

Georgi Yordanov

changed? patients? you few. I thank you has do questions. where related about first, is Hey, with coverage for And I have assistance and is percentage average market and for just multiple managed fail And of you can the that requirements, program to research, intranasal simple patient out steroids, two current need the on I step how care these And can talk cost patients what to what stand that, therapies do pocket taking XHANCE? therapies? our of failure patients of a guess guess, to or it based describe you the your fail just

Peter Miller

let Vic, all those. take I’ll you

Vic Clavelli

I’m that. happy Yes. to do

going with start today. coverage your I’m Georgi, we questions to have about commercial coverage XX% about So the

in seeing management improve of with the really We’re And pleased payers, are that fact, of fact, terms formularies the coverage. their have improve ability the their their and added XHANCE expenses frankly, benefit into in who patients, in to these too.

opportunity which able thoughtful then about a continue solutions they’re later creating that for an even patients and And be or referred what to to though on see are pressure solutions, XHANCE we other payers therapeutic more add As well. to formulary. expensive as surgical line,

pleased So, coverage. with formulary we’re really that

is subsequent insurance a no the for effect, prescription $XX. prescriptions for in around traditionally, we in, patient a And to have what program have second they patient. the we had changes the first from payment prescription in patient prescription is, the co-pay changed question first $XX had second commercial was or for Your commercially and that coverage. $X And covered is we we if and $X, fact what now the $XX affordability prescription they uncovered, received if is all

to jump the the you the if prescription. important Instead to pay that prescription prescriptions them just getting of as going second effectively sure to two percentage first $XX move about effectively as that. paid easier for patient. found And $X $XX, subsequent in and think they So, prescription if changed now that it that their prescription to for after many One, that’s makes we’re And they it’s profitable it $XX frankly, can of prescriptions lives our from we from pool that first of reasons. for for and the $XX that we uncovered, the for commercial for refills. co-pay are $XX

You I’m I question a on that. reminder sorry. had use and third could there

Peter Miller

in. I’ll jump

the $XX pay patients in describing X% product. pick was our the $XX I out And on pocket. balance $X of the this the the which majority in huge XX% roughly population, think have to a average was $XX pay we to pay product, of for in the approaching patients in it the of X% and commercial of or lot out the nationally commercial pocket data is about of

indicative the efficacy believers, really way, interesting, group the prior step So writing way, segment. backend, And authorizations, believe of therapy easy not prescriptions. substantial in write a of do good it’s point by it’s of if is they high a believer actually We – I’ll asked it by you’ve the and of because any the that say have coverage our among product segment required do any also required. terms And the that a of make very market is that’s access have. last the on prescribing do they our product And to research lot it’s only number that’s coverage. everything the it’s the in the access, to we our interesting degree, dabbler on reasonably we

of coverage. believing them segment, So, but we group believes that in be learn get Interestingly the coverage one is be we in to that have be our that not fact may our if good, it that hard is the it’s were understand key to coverage would arguably would the group the good. things group dabbler

efficacy a In addition market the belief I this to continue we and to the good We of the in to product reason a high have to continue the just access program. of coverage. really having you convince business of product XX% will, the the confidence in have XX% works share have more to dabblers do and is just for if

let I’ll finish. Vic, So you

Vic Clavelli

part, inhaled stepped asked through that as visibility, coverage Georgi, commercial like. Yes. about vast Thanks. access looks The And you do and that majority we of the steroid. for thanks that, is what Peter. the nasal have last the

physician or use a about either So, the there’s nasal used steroids XX%. been history some steroid that’s of or documents inhaled and inhaled nasal an

code. a a the that’s diagnosis payers XX%, So – they for are are asking

get most inhaled have that for they they show to that want before to they’ve polyps. to nasal part, But they So, know the used it’s XHANCE. steroid

Georgi Yordanov

really quick growth a expect guess guess And to or in levels. Thank the do very revenue kind guess XXXX so the I helpful. you but just pandemic, net the over much. alluded I if That’s ignore we per XXXX to on that, the of Rx, and you increase Rx I revenue levels per net XXXX just

Keith Goldan

as Georgi, not being So what growth to the like. specific we’re looks

a fact XXXX, repeating the in recall, certainly all you we expect partners, the is small question. if don’t I the year or revenue the goes think, XXX. a average returning channel of full that We but of program. out – about termination to for net XXXX that assist We those to the don’t think year don’t price X.X%. Obviously, to retain we that. achieved of I prescription did levels be take increase lot the of this not

XXXX So, it should from tailwinds us XXX. some give the certainly of level

Peter Miller

good we tailwind, and receiving impact we script – changes profitability per benefits that and mentioned last the prescribing we add in I’ll are going some program thing are those because co-pay is pretty confidence, that have not volume. Keith, convicted, we’re our in or assistance the also to it’s that’s

Georgi Yordanov

That’s great. so much, Thank really you helpful.

Operator

question Steinberg from Thank Jefferies. last comes David you. And our from

Your open. is line

David Steinberg

and Thanks good morning.

wrote. You target by of who showed prescriptions prescribers us doctors breakdown of slides Peter, some many universe and how with

now questions some behavior, market had additional been years. the I in on about for so the have And prescribing physician since products three particularly

about prescription. once, And need some XX,XXX script? perhaps like be are what physician least first then it that of looks show Have The is them made physicians targeting. data before on of that does physicians it a actually, been actually you’ve waiting have of you importantly, many the one been more how the third half be would targeting calls and XX,XXX question typically in call write of at a them terms them? still all called Secondly, written or to the to

written efficacy, the called it’s curious, talked yet? been on three the half don’t about why reasons them the coverage of some good single believe doctors Thanks. most just you’ve that prescription a on do – have given after the you really the don’t coverage. why they in it’s of them other not for three any reasons why there of them that realize not And you’ve years, So have years, are mean, I script? don’t market what know but or still of the half is written yet

Peter Miller

Vic Clavelli, you those. take

Vic Clavelli

Okay.

great. Sounds

or need called the second and XX at them We able them we target not prescribing reaching the we So, to their we’re on, last seven and enough. of XX% became been first And a year. them try question to them non-personal more support to we least the their that they really XX% we impact them. more do question, between to know your least is like once. pre-pandemic reach once all reach have to to We to reach reach in of certainly, reach obviously, obviously challenging begin But potential. with times be at that to about them able do prescribing we with promotion. before – you able reach all worlds believe your to physicians. would over are And

and try angles obviously, them from managers number our them volume. do way grow we through prescription our to a territory reach different of is effective that So, most reaching

using. holding they And the barriers growth they’re changed things. is comfortable for that’s authorized. that if is we in of get second to they preferred – sure making need that’s can prescribing to question XX in it underlying causing really inflammation really behavior. And giving fact, solve need secondly, and that Underneath have we that by you will, that a pre-service take that to physicians there’s it’s network a those process from what from that prescription times they it need the are us the seven developed. your that it the does to it the out understand of you underlying prescription is that’s treatment of them part back site pharmacy inflammation – focus patient. begin disease once get fact of the first, has their And it topical that solutions getting problem the characterized post-surgical other get our etiology we of can to in a XXXX, key some very write two They really understand need a when an is, so they reach they – the move we you the before And And comfortable it. we’ve it nasal need really, polyps. to two use by to is that

nasal out who So, identifying to for we surgical treatment. status polyp their diagnosis. patients, are were based audience those expand have broader nasal appropriate don’t of patients to patients on polyp of a many formal a And

target we’re Kaleo’s those enabled reach. to on about helping course, And that’s symptomatically. allowing then XX,XXX the the were so recognize that to that XX,XXX of the And that calling from incremental today universe ones plus about we us clinicians launched us expand

we the doctors. doctors the growing activate confident are in is, to we continue that we seeing continue you our And the do breadth And a growth fact, the consistent that depth. more it fact it, you have delivering pandemic. got new of both the expanding have second still us And activate still look part that physicians number And of prescriptions more we will – makes those into So, from we those that’s part of why we’re or adding Clearly, that’s in the at those of can in our that if a are to ability we to factors franchise? fact, activated? getting grow doctors. metrics, that tougher

Peter Miller

That’s who it makes doctors, the hard three yes. to physicians, market was it’s to physicians, to know pandemic about year dabbler the in to – I point now to a going know is easier make get pandemic these environment, environment and years, the product. get who But the us that, in just

pandemic to universe called-on believers. dabbler to So, in to harder get relative easy environment. get to doctors. It’s It’s the these frankly, to a

not one in and be going So, to pandemic our three reach believe with because to but writing, real as expect. yes, back in get way. all we’re as physicians we things year years, really to eases, ability do constraints, to able get that our moving, we ability while hopefully, to again, see the get the the volume we market we doctor’s

last segment from is people believer to excess the we As I up mentioned view doctors earlier to segment. I’ll that expand going These our in have this make share. point is this will dabbler David it to are that we of a you segment segment XX% true. writing believer move that and in into if are able frequently The be very and

do to created of I gears able to have through the in got payers we in because sand any to world think some and product work work good I through and confident that they’re going that today’s frankly sand is that be we remain coverage, real the have and sand. just

David Steinberg

just two Peter And then quick Vic. and Right. very helpful, follow-ups. That’s

do think you’re over you’re a last the over I at? last refills, or in that’ll looking bringing assets. mentioned times And few at on you know refills year, check think and then out that other you are you’ve where at I top First, four considering where

doctors. the So, your your bag business sales thinking people product have What’s current about in the development? another to detail

Peter Miller

of be four. We the we out? When we that just was from way, patients that and for in rate on we the somewhat well. one to called that We, predict, continue top where of On good Yes. could doctors, did approaching are explorer the feeding And remain to over very say we hurt and well. we’ve still now works of refills, reason, product really It pleased patients, product. to surprisingly up with reach put because XXXX. get have not But way, you’ll – our works, the how got back it’s think pandemic. into patients another thousand to ability a this who by to principally, refill, continue move And David, program, program program. taking by feedback feedback I product using think very recall well really that the we the data on patient it’s works from the room I the to doctors. product on hard it the XX% to XX% are there’s It’s refill but

So, we as feel single to more get I have a of to the that no very organization expansion we leverage team. product, out of we relative there’s continue we believe sales have to refill. it’s built; company, product the a clear terrific

XX And no in months, and longer so there. to certainly company stop next to XX the of sort months be our aspiration a I’ll single is product

Operator

conclude our call I’d remarks. question-and-answer today’s the does any And And Miller back session over that conference. for turn to Thank to you. like closing Peter for

Peter Miller

and you understand where and both that revenue just in put our We I growing to continue that’s focus, are we got all in for us. to strong our trials. completing thank an environment, actually XHANCE results joining up we

appreciate that on call. focused for laser We’re we you and joining the us

the end much. will Thanks we that, with very So call.

Operator

for day. today’s this gentlemen, and a Thank conference you have wonderful may and call. concludes your you Ladies disconnect. Everyone, participation now

OptiNose (OPTN) 3 Mar 212020 Q4 Earnings call transcript