Aclaris Therapeutics (ACRS) 12 Mar 182017 Q4 Earnings call transcript

Company Profile

Participants

Kamil Jackson	Chief Legal Officer
Neal Walker	President and CEO
Chris Powala	Chief Regulatory Officer and Chief Development Officer
Stuart Shanler	Chief Scientific Officer
Frank Ruffo	CFO
Brett Fair	Chief Commercial Officer
Louise Chen	Cantor Fitzgerald
Adnan Butt	Guggenheim Securities
Donald Ellis	JMP Securities
Tim Lugo	William Blair
Seamus Fernandez	Leerink Partners
Liav Abraham	Citi

Call transcript

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Operator

Good day, ladies and gentlemen, and welcome to the Q4 2017 Aclaris Therapeutics Inc. Earnings Conference Call. At this time, all participants are in a listen-only-mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. the to turn Legal Jackson, now Officer. would conference Kamil over Chief I go Please ahead.

Kamil Jackson

I'm Chief its Kamil Aclaris. Candice. ended you, Thank Ali-Jackson, results. that fourth and today XXXX announcing financial Please Legal earlier Aclaris release issued press quarter year note for Officer

you not www.aclaristx.com. at those the it, find yet you website of For posted of in our seen will release the who have Investors section

Dr. Regulatory Neal Chris me Development Walker, Fair, and Officer; today for Officer. Joining Shanler, Officer; Chief the and Commercial Chief Officer; our Stuart Powala, Dr. are our Scientific Frank and call Officer; Executive Brett Chief Chief Chief President our our Ruffo, Financial

begin position, Aclaris' future that the federal future plans the we to company's meaning for prepared we business like and of the objectives call would remind various and operation statements strategy, about Before results you forward-looking within of and laws. financial remarks, make our operations I statements during considered are securities this

to website of XX, filings page of other Aclaris Aclaris' the XXXX These for the the Information at Investors annual upon Financial involve December are are results forward-looking expectations uncertainties later from report SEC of and Factors differ could described www.aclaristx.com. section documents and the today; cause and Financial the statements. risks in sections risks, makes assumptions time on year Results to from with of ended time. circumstances, Form Management's are those current and materially These Aclaris' available Our Analysis changes to XX-K in actual of the SEC be in Condition Risk such and that statements based reflected under filed Operations Discussion that with

forward-looking be we on no of report our account read be all is with President the the reports of new for information may over in today, filed update of filings. investors encourage other those Form to this that on our our to CEO Neal? website. as call call A webcast. the be to the provide Investors link is December ended Walker, factors to or may call XX-K set in we XX, Aclaris. and undertake later SEC provided Neal and SEC We we advised this of posted forth any today's make now recorded XXXX obligation All Additional today. annual also webcast the year statements is information, events, I'll these Please turn being on to section otherwise. future conference of sections Dr. call on and the and

Neal Walker

Kamil. you, it will us address our will brief and all you clinical pre-commercial on I off Fair, Then everyone, who a Chief Brett programs to will Commercial joining hand thank highlights. Office, our Thank other ESKATA Hello, planning for this start and I activities. development business our update morning. with

Stuart Shanler, XXXX will after Chief timelines, Officer which review and Frank our results CFO, development will and our the Next financial Scientific plans review our Ruffo, guidance. clinical

be available lines remarks, Chris also up Chief Regulatory call. during our Officer, Development the portion questions. Following and question-and-answer to our the Powala, the take will of prepared we open will your

the advance employees, committed to we across whose ability like made efforts our our continued Before talking about to talented programs. first begin company, progress steadily acknowledge and the drive I’d we’ve our

talented are new drug discovery have working and now During an ESKATA. efforts, XXX earliest to to honor the of folks day. commercialization and company. committed on XXXX, over alongside many We our to It’s these everything work every we development members from welcomed the team who employees,

accomplishments, innovative without none do of as to continue our have talk the dedication for entire would goals, about and unwavering We while to possible truly we team the patients. be I’m develop with you one of ambitious we who the gets what new our therapies

some of of December, overview Seborrheic the raised an upcoming treatment to accomplishments turn topical, FDA non-invasive for Keratoses first beyond. milestones the and recent of In ESKATA highlight will keratoses. key for Raised is seborrheic treatment in approved our only FDA-approved I our or XXXX and Now ESKATA and the SKs.

common of look dermatology follow-up data clinical of the to We we official trials level phase second two have in results reporting second to excitement pivotal the forward from generated around quarter XXXX. positive XX% three high twice We January, phase for more weekly ESKATA the a look topical and trials In regimen imminently. we plan half X solution of in warts. to AXXX detail and in community advance cover topline will X Fair of the later the Brett treatment months the And in XXXX. to of launch announced forward our in this call.

Over the also or we advanced last areata, our JAK vitiligo. inhibitor Kinase in alopecia and androgenetic programs year, Janus alopecia

detail regard in trials through timeline multiple development later the call continue early With immunology have the pipeline, and to to will We mid-XXXX. section. JAK our inhibitors our portfolio quarter inhibitor, advance second our the and of ongoing selective more portfolio of programs inhibitors. and we our readouts expect of in starting review development during in ITK clinical the our stage MK-X Stu

Our continues drug Louis and has the lead inhibitors. and on also the kinase of side to pre-clinical on of in the management business. side operation discovery small grow team The both its to in scientists world-class of St. the researchers formerly team molecule service Confluence continued based development of

Brett Officer, the potential variety Chief on an are a excited provide and Brett? activities. of assets our towards update therapeutic assets these We will Commercial advancing about Fair, to commercial our areas. in our I turn remain now who will indications rapidly and over the of clinic lead it

Brett Fair

for Thank team. was our commercial you, a productive XXXX Neal. very year

successful gaining a additional launch for well and from We position refine to insights for finalize insights ESKATA HCPs to invest the patients X,XXX These market to in HCP us as the research, to X,XXX enabled in have continued and our over laying as critical XXXX. date. pricing campaigns groundwork consumer

to team training, dermatology. field within of people, leading, presence dermatology sales sales, them and bill relevant are all successfully buy This key over We experience, we bill has of regional Our our established the six and of teams. our previous has a level successful or Over XX% operations space, high experience Aclaris XXXX, awareness, In performers field and of strengthening to a and as positioning launch. the organizations. the dermatology commercial supported company in innovative XX in Aclaris directly organization for XX organization. corporate biopharmaceutical bringing of positions XX% conferences. specialists a generated Further experience well more sales expanded and as five dermatology XX sales team buy trade, managers years onboarded our we’ve our and deep we

such meeting the generated account also level a SK face dermatology Dermatology Annual had and for patients’ regarding largest Academy neck. presence ESKATA We for high We cosmetically the of level and as removal, of high the particularly preorders. in a year, at recent American Conference, a awareness generating pay willingness of located strong leads sensitive areas XXXX awareness, the lesions to of

reception Our with attended attending. well was over HCPs XXX ESKATA launch

eager at account activities translating pleased visible to response Our the branding excited practices. about product into ESKATA and We regarding XXX were the received are received we with highly meetings. incorporate it leads. Dermatologists their these ESKATA and into very were well over

and official to launch remain leading date, programs we’ve this our bureau of assistant bureau dermatology our launch second ESKATA ESKATA an successfully April. we built important of well offices. ESKATA are launch we turn of very our market programs, preparation including speaker believe successfully year, of we component dermatology. ESKATA considering regional the builds is has scheduling strategy, positioned peer-to-peer experience over In currently an adoption physician and excitement of will many in team activities excellence, training key our launch look relations with the ESKATA drive and trained ESKATA. We development sales clinical overall speaker are update XX nurse Stu? program a Stuart scheduling our the an of around to pipeline. centers team professional in Shanler, Peer-to-peer pleased of we the and comprised our speaker successful for have very speakers the establishing To implementing quarter practitioner, the speaker the of programs. scheduled month approach and national and generated in early initiative depth Ahead are summary, speaker thought who Our and a a Dr. readiness our of successful activities now bureau We launch. another in provide Scientific solid call to this year pleased high will forward on the Chief with in-service for team. Officer, I foundation level ESKATA launch and implementing leaders over

Stuart Shanler

Thanks Brett.

analyzed WART common clinically two trial the common clinical XXX treatment Firstly warts; of coming met an XXX trial of clinical regarding in anticipate investigational the secondary all primary, treatment significant A-XXX trials XX% from to phase A-XXX the for WART-XXX post-treatment each We XX% follow-up of drug warts. the three date our reported in topical common completion for positive of topical solutions that’s the exploratory month, warts. of achieving WART XX% and A-XXX and clearance new of January label open solution, XXXX, X of we of portion and weeks. statistically trials results endpoints

meeting of an phase clinical initiate trials to scheduled XXXX. of plan the for second the phase X have and two half with we end in FDA X We mid-XXXX

It for two trials with trial, completing pharmacokinetics, include X is is the then inhibitor of receive are clinical of label topline during a ongoing XXXX. the evaluate that which extension which with at the half randomized, our ATI-XXX Turning formerly pharmacodynamics, XX all a of clinical patients ATI-XXXXX safety of will portion to day patients the patients JAK investigational expected trial United phase drug. XX This double-blind, Areata. AA. being within placebo-controlled and After the and is placebo will conducted of topical first in Alopecia enter treatment centers trial and trial to States now open in ATI-XXX, Topical program; six-month our AA-XXX data a Topical, is compared

is that without XX trial Sydney of a mid-XXXX. Areata. patients being qualitative This at Our data for on label ATI-XXX are in will AA Melbourne, open of regrowth effect eyebrows up treatment of centers phase ATI-XXX is topical expected AU investigational the two in conducted Alopecia trial in topline ATB-XXX evaluate and clinical the of the X Australia trial to and

effect on treatment will the on topical scalp of the trial phase Our a of being controlled, trial AA AA. to ATI-XXX regrowth up of two data topical randomized is of AA-XXX are in by that evaluated XXXX. United hair concentrations the investigational This of is trial with and expected XXX for in centers ATI-XXX a trial year-end double-blinded parallel patients vehicle the group, States response conducted the at XX dose X within

the evaluate topical XXXX. of treatment on are label will open half the expected of patients XXX X of that’s up effect data ongoing phase skin vitiligo. in the ATI-XXX trial with in VITI an topical of the topical clinical facial and is re-pigmentation for trial This first of Our toXX facial VITI XXX ATI-XXX trial vitiligo

topical AGA-XXX anticipated alopecia, label a in patter AGA in begin and phase data topical and X the trial this open hair of the on hair first of clinical that’s of as is is this of of trial XX trial half This trial androgenetic ATI-XXX known in up are AGA, loss, will also regrowth of expected effect first evaluate with planned year. the for the treatment male/female Our the to XXXX. half ATI-XXX to patients

overall is randomized, an of JAK groups controlled first treatment of AUAT-XXX dose oral of the program, for parallel trial mid-XXXX. in and to and a the JAK ATI-XXX Data anticipated are begin inhibitor this XXXX. response in Oral double-blinded our inhibitor half phase formally that’s X vehicle ATI-XXXXX, is AA expected Regarding

on our application are we or for stage assets, to inhibitor to ATI-XXX, early drug track an Turning new in file mid-XXXX. our investigational oral IND MKX immunology

also soft INDs for by We JAK XXXX. JAK expect inhibitor ITK to both and year-end programs or find

trials and who of can for that pipeline. overview financial both to turn continue will updates year. multiple we look providing With Frank? results to an Frank planned to you see, we forward As and the advance provide Ruffo, our I’ll the programs as and we have the over ongoing call

Frank Ruffo

Stu. Good Thanks morning.

guidance XXXX press today’s in financial tables fiscal be information, found XXXX through results As that can and I walk please financial reference release.

sufficient XX, to or December financing XXXX, cash, marketable giving the in of As operating transactions of we our development securities second of new had effect cash potential equivalents believe current is without activities roughly activities. business which in XXXX half million fund $XXX and we to

million full million our for were the XXXX, full of of XXXX. total operating expenses year to year XX.X XX.X For compared the

to of Our XXXX $XX million, for year. million versus burn XXXX was for quarter million quarter-over-quarter XX.X operating our the $XX.X compared XXXX. were for the of fourth XXXX third total net fourth quarter million On quarter XX.X cash the prior XX.X operating in a of expenses basis, for million and the

Our XX.X recent XX.X was million loss the quarter million $XX.X burn fourth for quarter operating quarter Net for for million. to XXXX. the in XXXX, most cash compared the of was same

loss by X.X the the in X.X $X.X This of related in compared wart common to and year million development for of expenses net compensation increased to due increase quarter million to increased prior pre-clinical personnel trials, million R&D the primarily XXXX JAK XX.X result increase XXXX, the million related to Our fourth $X stock-based expenses and including portfolio our the headcount. expenses our related increase million to was clinical inhibitor a of for expenses XX.X full a a million was compared year. XXXX. in

XXXX for to stage and programs. due expenses due increased activities $X.X in a that expenses We early X.X quarter-over-quarter ESKATA expenses of including the ESKATA also same offset the to administrative in quarter-over-quarter a of $X.X General by was million drug increase in our launch pre-commercial fourth expenses million and X.X attributable million million incurred to to other period the expenses compared to of completion in administrative The $X.X fourth XXXX increase due costs related discovery and primarily comp and X commercial personnel of incurred headcount. and a related increase increased phase XXXX. clinical including increases in XXXX. stock-based quarter NBA to trials our for the were were quarter a for of the cost These million medical affair increase in

R&D non-cash our stock range compensation excluding million XX based of Now we when turning to million be XX XX expenses XX XXXX to XXXX financial in expense. anticipate outlook; the estimated million to million or to

XX We based range expect million when stock XXXX expenses to our million XX excluding be estimated million of in compensation XX or to that SG&A million the non-cash XX expense. to

common material XX, be December of back about to outstanding, full equity, for average I’ll stock roughly million. Neal assuming expect remarks. would XX.X had and As some we XXXX no the closing shares count of our million to weighted XXXX we over of turn XX year issuances that call With share

Neal Walker

pivotal out for stage Aclaris, in Frank. build been we you, XXXX and year has experienced Thank a highly a biopharmaceutical commercial to transition as a continue team to company.

small on with robust dermatology forward We the stage ESKATA, and physician In portfolio have offices on molecule focused foundation call XXXX, a engine. therapeutics JAK please and building a a and and inhibitor launch for immunology can clinical you look to on cash deep immunology as of pipeline. pipeline, questions. also paid discovery we our in delivering this a procedure performed [Ieala],

Operator

[Operator Louise Cantor. Instructions] And from is question our of Chen first

open. line now Your is

Louise Chen

twice often of here market? patients competitive any how question curious is week a was an week treated last a and do for? talk recognize What with have markets? compare first should about it, market on OTC ATI-XXX, for your question pipeline about in Thanks. could to you if then with are treated your product compete Also XXXX? you this I have just they the you guidance How wart how long this you’ll will once there So the revenues opportunity product? are think who respect and in product, vitiligo and on just And these you some ESKATA, and and we on do If how to when how not, for revenues versus is?

Neal Walker

Neal. is This

it Brett right So performance on be guidance, revenue the guidance now. and off hand we front we providing that but walk can for providing Brett to that indicators aren’t through, I’ll will key

Brett Fair

Thanks Neal.

is for for from sure year clinically Once providing can the that with integrated volume and onboard ’XX. accounts that guidance set so about accounts performance a not we’re product indicators terms there, great those the it’s up and business it’s this them why and the accounts the and get getting [indiscernible] making key year, perspective. in of So we that’s wired trained this a and foundation lay are really turn also getting for of we the reason they up sound, part

being those about disciplined up pretty setting We’re thoughtful accounts. of each and

training will important year be be physicians will adoption important, this for So us. account

I programs, running of be number think important. speaker programs we’re will the

Frank Ruffo

revenue Louise, this ship Frank, be our distributor we’ll to there, recognizing out revenue recent recognizing ESKATA. product into according pronouncements on is we revenues And the when most for

will right be So those recognized up front.

Neal Walker

back Neal, stage your it’s question. development Louise, to Hey

than that demonstrated, when as of close with at in the have entire people you market for have a is So many are to applications And traditionally with warts market. genital times over really than we this and just have The historically wart therapeutics. treat easier even have remember over have a most versus wart as the week. is gone isn’t profile only usage look on XX% a and the to where for market, to it’s And multiple because easier common Rx warts. OTC a fact space to the you a product, compliance, patients people the first it a reminder, week which been once so the twice weeks there. think to what good so we actually more the achieve week, two-times bit the those enhances we a there could clearance a warts. that And months, targeted once and that just essentially general, is and approved day wart product OTC difficult product administration X would a the there it OTC little relates to wart it’s rather comparison common XX Common not be treat usually represents products and an warts rates week reason it’s

and to out you edit our go to or to happening lot; the with white reimbursement an headwinds, all philosophy of it’s very prior authorize script area particularly where consistent profile of obviously a will space of strong really can step the want three-month be where with data, two is the and which with difficult and next it’s week kind a again even within So the we this so, or after drive be profile when basically really, like the profile. over treatments it we’ll better data months, that see reporting the follow-up we XX a you going

think about be more we’ll it’s So lot and I that, that excited talking about. we’re something a

of psoriasis. is market On prevalence where on treatment opportunity, pretty X% is vitiligo, feel front out it’s the prevalence there area couple a we’re here. approved a nothing think par on recognize There I as the at the with something something is It’s basis. about. and which is will really X% We people of again interesting really positioned for vitiligo well another and other be excited competitors. more to there companies that’s topicals, are global this vitiligo, value there in looking This

a on with XXX that have drive, with more than selectivity and JAK X targets right to the the really X/X We or assay. that hit mechanism head compound able JAK

On which some MK-X both the efficacy, that can anti-ILX on have MAP to basically was top a target the at And toxicity the side. know terms an transient overcome a inhibitor it the beta, limitations. one downstream we derm an that further PXX and the the effect work of and the And because a of this as also with inhibitor to it’s only indications But those and kinase indications, issues. overcome In funnel. and was Confluence works of working ATI-XXX, we at two able MKX host some anti-TNF developed actually the with non-derm we’re in as it’s PXX downstream, there’s then of and that just kinase, MAP guys Tachyphylaxis. you reminder limitations major

as gangrenosum, in looking pyoderma we’ll things like psoriasis, indications We’re and at things certainly and like arthritis, well. hidradenitis, non-derm that, at look adjacencies then psoriatic

Operator

our Guggenheim Butt And is question Adnan from Securities. with next

Your line open. is now

Adnan Butt

first the ask alopecia Let be the study, me expectation. what on should

would For of sign the we on, instance, or kind the activity? activity PK time for for to gauge eyebrow not study expect wait or at of that’s going any study this should

Neal Walker

I’ll question. handle that This is Neal,

necessarily the design early certainly meaningful clinically expectation original We the XX hair signs. think but the wouldn’t expect to I a the is study. at that So, primarily It expect see study. would was growth, is we of day looking biomarker

see growth be treatment of You sort could short period. that very stubbly a kind over would that of of a little exciting hair and particularly

design that for to actually patients look that in have them off decided since label the we’ll would And and also involve report expansion. I a will biomarkers data. to that extend at look rolling extension, vehicle alter and in on we to on when that open called And the So we to originally we we slightly in six-month study there. XX just when that XX had drug out will four patients label that eight open patients the taking day

Adnan Butt

eyebrow clarifying. is for So the what’s you’re that’s growth, for study, there right, the expectation Neal

Neal Walker

Exactly.

we’re look three six for meaningful So six different. hair a looking compared the looking eyebrow growth. from to designed We months’ eyebrow want to clinically qualitative is a and study, and That’s little baseline pictures bit growth. then at and the full them basically as month points at and time

Adnan Butt

attributes. earlier clarified on the mentioned of one some inhibitor; pipeline, just MK-X its And stage you XXX you

I in high to So fairly to make markets where at And you the served existing that this you is. well a to then with level. it the mentioned drugs, pre-clinical wanted expect expand market XXX do how ask testing itself to differentiate are exactly secondly,

Neal Walker

are through to get at IND of going moment the in and terms process in the first in we stage part to of GMT manufacturing the on the XXXX. track an So we’re

the In products be differentiating, versus that anti-TNF potentially that an beta great you oral terms have injectable the a an the on are differentiator of fact would or currently anti-ILX market.

seen. we up nicely and and of we’ll think mode got remains studies, it get able there. clinical prove to but both to on We would it’s efficacy robust going I when that differentiate in clinic, the to in out think have the safety I to very we So a effect be to see we’ll administration think stack that be on just

Adnan Butt

launch. sampling pre-orders think more And seen program already. had the one ESKATA, I I I just sneak in if on I heard some you’ve a it of expected earlier can that mentioned

from in to where growth? set expectations should revenues see the some year So that we

Neal Walker

accounts the single at I second XXX come just we the an in not dock in and when an important have distinction, from quarter launching XXX a office. look that’s and think because pre-orders it’s We’re account

As where mentioned these of previous a of the that factors the are in calls seeing lot combining. one roll-up have in is phenomenon kind I you’re macro in of dermatology dermatology offices

excited cases a these of So offices but lot represent we’re accounts is of XXX multiple account. in about what sometimes, upwards one within

So in indicators obviously performance kind the of quarter providing sequence August. and revenues the second we’ll be as key quarter of we report out second

Operator

from Ellis Our with next question is Donald JMP Securities.

Your line is now open.

Donald Ellis

Could more initiative you about early the wholesaler. you’re revenue use give us like some details some about the information more It the going experience recognition? and sounds maybe to

So you’re as and and the the going ship is. shifts then pull-through that the wholesaler, wholesaler to to the position to revenue in where record quarter

So will lumpiness the little in see recognition? we initially a revenue

Frank Ruffo

the that to and hand question Brett. it part I’ll off of first take

there So bit lumpiness. Neal Upfront may a as have mentioned be revenue far orders. these we’ll recognition, as of little as we’ll have,

wholesale shift, we the shift necessarily when when positions revenue will recognize the We to in wholesale. these in to not ships often. We the

decrement when some we clearer, to be cost don’t be a be we’ll We there. in be the the (inaudible). revenue we’ll that but recognize So will gross a will lot distributor to clear again so ship have have one extent, to expect revenue engrossed our some to to at upfront, in

Donald Ellis

what can your plans you’ve of the DTC? of what going you the And I be a price, questions, give of a for and to might couple range kind follow-up then price be us finalized have is

Brett Fair

questions. rest Hey, of Don, answer I’ll the Brett, its the

per it really skew, XX, $XXX think the minimum practice. that XXX% of order will $XXXX case the from So of up, is market practice of office per priced we’ve in about price, most up to The case. we vary a still market a so terms

price and it that advantage take that. I think opportunity we’ll than we’ll of an to see higher

that’s So fees. the price

In terms on our touch experience and early will of DTC briefly.

these ways. terms that is, our advisory of in to thinking speaker group of have influencers. of advised in in a there bureau early really accounts are we are and they year. Many Either of us throughout capacity, in experience a Boards the important So ad participated the regional people initiative, number

of to we some And people scattered ahead these kind else, want with Well of have key experience because of just them offices everybody product the influencers. regional early of nationally. the

experience teaching are patients. to their about them the initiative sensitive so to our guiding in for perfectly right product they areas are special. for go opportunity with the reps guiding we the the so early experience clinical of lesions it’s practices. an it, and have be cosmetically on gate, And apply to them have how proposition they there we want high those the So lesions that the three integration make is, to in to patient, to Basically thinking sure them four try set in a our positioning platform that is right something to to the and there, who value it because out first with product up

set And the of we’ll and internally So gather take it in the rub meetings. we’ll to feedback guide patients. their them then sale and some our in product apply to also for to then national the expectations clinical integration now and teach and that them we’ll

be setting us centers internally, our good up of those that from of kind feedback will for it’s launch for it’s early this crew. efforts we once influencing So good and that also supporting and getting excellence

quarter. with And the that get adoption product. account be make at disciplined partnering we launched, want than the engage we’ll consumers. the thoughtful good open enough dermatologist come patient they very will activate bringing integrating that the of significantly account the past along. We consumer. fourth not start down. about they’re been adoption kind We’ve then them, feel currently. that We and even a in clinically follow turn then know very we opportunity know that we’re educating that drive sure that process. they’re to patients that’s place The willingness able will are to have So they to Once each on going be the asking ESKATA, for behind year, similar to reps specifically tremendous thinking this account but process over will once pay up, them to It with that a that we is

at level looking a adoption have back year the of of driven October now account really have. be towards a we once the we’re that corporate and or that by number So half with right X will timeframe maybe we

Operator

from And is next Lugo our Blair. question with Tim William

Your now open. is line

Tim Lugo

in follow-up the a early around occurring now, maybe these of is product start part got do on campaign? or that’s your to touching regional yet to the speak. right as believe in but or occur that XXXX wholesaler QX, you up be that could leaders in excellence the XXXX going launch; the will bump rev-racking up we the your setting something Just DTC a you DTC there setting revenues since in And feathers wholesaler, these of up to leading

Frank Ruffo

I had bit to little first most weeks a Do the two to By in we of to demand part, weeks’ we would. the kind inventory adequate our that a meet well stocked. that of will point they’ll any of four inventory take felt for up with in campaign. if going But up may DTC be two to campaign? to And for worth of should I’ll inventory. Clearly kind think be ramp have there’s of stock be push distributor/wholesaler order between think we I wholesaler three our part that pretty DTC that. anywhere that to

Brett Fair

as like come continue terms plastic specialties, we’ll to we of in and throughout dermatology, some to excellence, of surgeons centers cascade mind looking looking of up things some in we’ll to And those the set year Tim then those and of others. the the within excellence of dermatology establish of be start centers outside

Tim Lugo

to number discuss word And to X upcoming a phase the the need be is best of in some question for phase and phase that year of the do What discussion for X outcome right or Is the What it the the to good the is agency. like That looked X you market treated is? earlier doesn’t the to me. warts a market assigning maybe program phase the value much now yet. in seems think and missing? X

Neal Walker

of or always treat of So best in the warts. number terms the least the is smallest to outcome

tremendous. you used outcome you adjudication treated where target that primary would as got you be if endpoint, So the and that one that of an wart

and warts agency we I to design in early we obviously hit think study from treating all fashion. on and across the way endpoints that the multiple feedback the the take was

that of all I favorable likely is more to warts. multiple So treat range a have than and we think outcome

In what missing. terms the markets of

the it’s I of have think – work if at to progression kind think patient start the of the funnel will. you understand at I you of top the looking and

indication. million And XX well market. first population prevalent general available and mentioned at robust there context. on before have with The you And the in that treatment is you at compare the prior the think I extremely RX just you snap to that efficacy represents or eight either don’t warts XX% likely XX% anything the warts, US what for this just count wart on and see don’t the over that market on addressing category. to common for actually when are the It in this patients think of as off. total to would general there’s it’s those of warts. market. approved again, a common go it’s is side moment, be pricing, with only So it, that, general more out the that missing of as wart I you RX flexibility It understand launch the warts sets People over gives more to for as counter, people no treatment I have when weeks just that XX the was only

go the a treatments day. of months talking the a day, weeks, times weeks, that times over multiple times three XX XX day, then and counter two about side a on treatment, You’re

with burden you XXXX and burdened that’s for data. and we the treatment even look have the but XXXX on So the dermatitis it at greater, so a it’s par and study, treatment of patient, I’m from sure is when atopic actually cost

the we’re think kind of our doing on to the market what educate that’s is I the best And challenge opportunities. opportunity with wide-space market So there. sometimes

Operator

Seamus And Partners. from is our with question next Leerink Fernandez

Your line open. now is

Seamus Fernandez

you not opportunities talk in given from Just aesthetic med-derm and so synergy like to Neal access first, additional products about questions, bit or players with other three the medical markets. see seeing quick we’re also little you the that the a of pullback whether product an can assets marketed ESKATA

those to second the and has focused data on late topical is the can but timeframe. the what the how everybody in additional in see know should looks better second when this of and is about timing The of chronic eyebrow Can I which to works been results how the quarter JAK likely of sets? think efficacy risk understand us we – treatment you vitiligo, deliver study how kind data clinical the us help the question more with might apart in and is, And from success sort you lastly, going market. just help of just timing understand and be we’re to actually then

Neal Walker

with It’s So before a you the first medical And of diversify or medical practices on phenomenon of of to in between such their consolidating. whether practice. the of in revenue different right that’s of its generating a combo combining see as are dermatologist on areas now these mentioned I going surgery, lot a are of as opportunities. is lot a and synergy or derm or number kind aesthetic both question one to And interest, interesting, products. they aesthetic

in the effect that target is distinct that on forces that would would think very I very past So you sales distinct offices. have

I in of But have get a change overlap. the one-to-one call synergy that will When overtime. think it that some can’t you will points out future. be that you similar

we’re self. of to opportunities companies you and value of like them. access always time we’ll our creates ways are marketed kind out kind have what declaring with there to now interesting some that at where BD look course the interesting and infrastructure commercial to opportunities It’s we’re nice built. of On you said med-derm, looking we’ve on companies’ of an shareholder active We given product, for the at front, know what look maximize always a leverage

vitiligo. to it question hand a front inhibitor maybe your and JAK talk about high the them it works I’ll to how On at level about in it Stu. off

basically have then bit So the to production just a have about vitiligo. talk the Stu and off to up until wait immune you in you One that’s breaking maybe shut more a it bit little main be arised function actually you and re-pigmentation and that inflammation have the a little stimulate there’s the is I’ll off evident. melanocyte that. to off the then hand detail shut to clinically to And tag, to pigment to have of things two in you auto have it do occurs. And

Stuart Shanler

on much head. pretty hit it the Neal Yes,

We have causing disruption to inflammation pigment the down is that the of shut the the melanocytes, cells. that’s

similar actually alopecia its gama seen very largely to pathway. driven and mechanism areata So that it’s an a (inaudible) in

use JAK and we down are by see of the same inhibitors. we that alopecia the those areata the regulated type in see biomarkers of So

the opportunity would there, treat topically target easy the is opportunity and is the topically. because the to at superficial junction which relative the to (inaudible) Now is to [label] alopecia some superficial actually for very epidermal disorders, a because cells pigment the drug the fairly of access

we think the mechanism there making to opportunity suppress generated (inaudible). to drug there’s affect melanocytes topical inflammation that allow a that So will and suppress pathway, applying the and and big inflammatory primarily interfering repopulate the by a to try gama

Neal Walker

This Seamus. is Neal again

in PKPD to inhibitor the out eyebrow correct looking we’re So topical so the the the it relative kind on study at work, end and sequences. for the of of result XXX the of of then eyebrow the are other on second JAK question timing patient patch year areata. how the to you back-part second biomarker your then alopecia study for the the of reporting quarter and study, last study topical to quarter That’s kind some

Operator

Abraham of question Citi. is next our And Liav from

line Your open. is now

Liav Abraham

your with quick targeting meeting Just is up. I on that then color in I you FDA for Any very just a phase timelines a X X. you that questions; And appreciate the on the a from phase second couple like program commentary trial. the phase be provide program trial X X on on design can question the that what eyebrow perspective. coming the would when similar design look warts will of to the trial you’re phase assume Any read-out? recent helpful, have and

thus is Given provide seeing open-label trial, that can any anecdotal there that’s that commentary you’re on trial an what that in you far?

Neal Walker

It’s Neal.

the X end designed and to we some understand they phase consort that So be looking a designed course guidance to what last just of study – on X meeting, our tele-con endpoints the in we kind guidance. phase of had trying the with we for of with agency terms of might of

So endpoints we’ll the question similar asked to earlier, that we looking at look basically just be obviously messaging were accomplished. to that we the

month phase back And X follow-up. week be that it’s multiple the treating and So warts post year XX finish. take a going treatment then at in phase And quick the that’s about those relatively at of should of intend three meeting. to we’ll what at study, the clearance probably terms then off and the to but They’re months we’ll we see looking think to to X it start last be the in we would to. in kick XX looking we and part a guide enrollers from

back would year, in back this we part XXXX. starting So in anticipate data part have of of the and we’d the

the beginning. we announce excited a said full the consistently we about course, from We as data dataset. program of study the do eyebrow the get we’ll topical remain when On

Operator

showing Neal any to I’m further back the like walker And further turn no questions. for I would remarks. call now to

Neal Walker

the everybody to for call. want I joining thank Well

lead excited really to. about We’re where will XXXX

meeting meetings, we international the and our the key excited We’re biggest the one the very papered space, of pipeline. launch And that reception the we through emboldened about our the kind seen about AD and we there. build it’s in left few which very is by the already ESKATA we’ve also town, excited had of we’re Hungarian have

the our as the in the everybody multiple for have Thanks year. throughout year, timeframe we We And continue for August read-outs joining we to pipeline first on ESKATA. the will look report out reporting call. through forward revenue we our

Operator

today’s you conference. Ladies in and gentlemen, thank for participating

day. disconnect. Everyone have You great a now may

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