OYST - Earnings call transcript Q3 2021 | Oyster Point Pharma, Inc.

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Operator

Good evening. And welcome to Oyster Point Pharma's Third Quarter 2021 Earnings Conference Call. My name is Jeff, and I will be the operator today. After the company’s formal remarks, there will be a question-and-answer session. At this time, I would like to turn the call over to Mr. Pharma's Officer. Point Oyster Lochner, Chief Financial Daniel Please go ahead.

Daniel Lochner

we to Point for our Pharma evening, This X everyone. highlights. quarter third Oyster welcome And evening, XXXX. and XX, call Good quarter third financial release recent the earnings ending September a results issued press months business containing the conference

the section In addition, the our available after www.oysterpointrx.com. close the and our SEC today on that are News XX-Q our Form press Investors website under of at release with was & market filed

Joining Point are and us Officer. Dr. Jeffrey Chief Executive our call on today John Commercial Nau, Officer Pharma; Chief President of Snisarenko, Oyster and

Following Dr. will questions. we Nau, remarks, Mr. and prepared the for my open line Snisarenko,

regarding will and making may differ TYRVAYA. future forward-looking or risks, statements potential today, potential involve statements relating known of call financial status achievements and we such the our and During success results implied and potential to be unknown for Point and and Oyster our results actual to expressed by that plans statements. Pharma's including other uncertainties materially forward-looking results, performance statements operations regarding our commercializing future factors future from These events, cause

for see XX, President Dr. Pharma. Nau, with I Point will SEC. Jeffrey as XXXX, Chief now of the description factors, a year these call Form the ended XX-K annual report quarterly filed our June XX, the over December and quarters please for of to on report XX-Q XXXX, XX For ended and XX, the September our Executive March turn on Form Oyster and Officer

Jeffrey Nau

quarter on highlights. discuss and joining and everyone, evening, to for XXXX Dan. third financial today call business results us Thank you, recent our our you Good thank

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call. to our As our John and introduction payer includes we details around Oyster share in have adoption previously of highlighted, organizations. progress promoting payers commercial accelerated later Point will payer strategy through more early top the TYRVAYA with the

will the Oyster As of started for attending number go have until Point as well. will we Pharma meetings major ophthalmology in X. New this week, at X of November launch be meeting. that American November at we on Oyster through XXXX. abstracts are Later the to will Ophthalmology This Academy month, in accepted that Oyster that are presented Meeting the for X American meeting Academy XXXX Optometry remainder this at an of additional this a held TYRVAYA, accepted Orleans X important has that and XXXX XX attend XXth. presented Point are there of the Meeting abstracts November Point Boston will be

for to in for symptoms the of and like nasal treatment Commercial and bringing building turn goal Oyster Pharma Oyster Snisarenko, our a eye the Officer, of to launch the ongoing our transformative a spray Point QX remains focus to and on Point's commercial signs and into of vision of as innovative XXXX. best-in-class TYRVAYA John ophthalmology primary patients to efforts Our treatments call ophthalmic I dry company. over company disease discuss Chief would disease

John Snisarenko

Thank you, Jeff.

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initial the extensive DTC social are we efforts. launch, digital, During with and and coverage, good phase search. will broaden media once our we And have leveraging more of we payer reach DTP

Jeff American with major Academy Optometry mentioned, attending XXXX. are commercial in being Oyster attend there we number Point care which of attending This eye optometrists with are week, the exhibit, introduce meetings are important have Boston. for we had our As for a the of is And held first interactions TYRVAYA. remainder to to of Meeting, that many

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Officer of convenient Improvement the I the back tear broad common third Lochner, turn basal have call Financial cough, Oyster in discuss spares route profile had TYRVAYA And BID majority form spray. nose surface. and will ocular in of production demonstrated the Chief irritation. As and the side Dan of delivered clinical patients. nasal a effects financial results. TYRVAYA administration disease nasal to throat included safety Point's over was the population in most a of quarter the and well-tolerated spray, studies sneezing, dosing the to eye we dry our now a a in in

Daniel Lochner

provide a Oyster now Thank third Pharma's John. financial will I results. of Point quarter overview brief you,

filed Additional found was SEC can as about well our financial XX-Quarter third in quarter results that quarterly this detail as our Form the evening. be with our

to availability amendment to a into with month, $XX credit entered our label last waive and As second requirements reminder, million XXXX agreement certain waiver we of to of the required a tranche permit August funding. OrbiMed the

these received proceeds afternoon, tranche. have second As from we of the this

Point Oyster the a million to XXXX. $XX.X for of same XXXX reported third net loss in period the compared For of Pharma million, quarter a loss $XX.X of net

NDA higher to expenses to cash Based filing in as $X.X administrative of this compared As primarily payroll due third our $XX.X spray was for expenses well commercial fund in million of $X.X plan, of the sufficient by cash to Total well costs increase anticipation as XXXX related as expenses to third the $X.X a at of the we XX-Q same business to XXXX third the XXXX. lower in million, will nasal compared and quarter of December XXXX. which equivalents equivalents million and count the fourth million quarter expenses the quarter The expenses stock-based the of general same by for cash of $XXX.X XX were period company's compared inclusive driven million, development the our available were head Selling, least XXXX. XX, of believe for decrease September XXXX. the U.S. were XXXX million of and $XXX.X of launch compared higher in expenses by incurred $X.X an period million, operations evening. of additional cash inventory research company significant the in filing XXXX current for be was million as for to $X.X compensation driven of XXXX, CMC XX, on million The increase included the as $XX.X December the planning XXXX. and the preparation in quarter company's from of to of TYRVAYA months pre-approval in related quarter third planned

the quarter costs of of to third medical amount increase incurred related the The during quarter expenses addition, also compared information $X.X to In the company XXXX higher $X.X facilities of XXXX. administrative affairs legal, million and technology an third and accounting, incurred general company other of in costs. million in the

dry to our optometry TYRVAYA our and the Now with ECP as offices to turn order reach is At broad achieve the TYRVAYA end we will to commercial the national goal both experience opportunity launch the financial coverage of start and patient total nasal beginning ophthalmology their to outlook. We in in eye QX addressable anticipate of plans make large disease spray. determinations market 'XX. at

coverage eligible we while provide commercial in As patient assistance commercial to payer to determinations. we coverage gaining XXXX, programs builds access will throughout patients TYRVAYA assist await such

to we During to new XXXX, positioning place years biopharmaceutical to as out full strategy achieve in become this time, branded gross pharmaceutical. normalized its to 'XX the this not and and be on pressure expected grows QX net, TYRVAYA can our volume though, dynamic will other dissimilar believe potential. strategically subside a companies launching more Over

over that partial turn the as open to the the addition for force gross With will would to net back line TYRVAYA. mentioned, field our ECPs, overview of with engages to call our For will to considerations that have note they only a QX now I the questions. I to 'XXin financials, market quarter operator

Operator

question our Cacciatore Ken [Operator and comes Instructions] Cowen Company. Thank from And from first you.

Your line now open. is

Ken Cacciatore

of Hey, questions. guys. Couple

talk $XX wondering, it million they around Just then of dry been experienced the reps was Some Dan, about are And a is X great want sense that support in $XX exiting to But want Maybe be give critical talk sounds you then in of would you've the going would general be characterize about a back-half about able would ophthalmology? very Are commentary the million lastly how to patient you don't give weighted first like And maybe share It around bit if in little months. us of be pacing. expectations to eye sense? coverage to you you as system XXXX, helpful? clearly bit revenue. Would view success revenues. little X decisions. or would obviously, hire? just what to that all a to

to little ease that But bit that works, others to co-pay here any we hear understanding the be maybe to it So there you're around that so examples much. that implement and trying web How what wonderful a degree did best would page at go here. practices it. look saw that a Maybe could take more assistance. was about. nuance the of -- you Thanks to

John Snisarenko

right Thank These one, been find I'll X for I mindset. so address it question. front the Ken. eye over to back were the of the have and care And commercial close Great, you as field, competitive both previous much eye as hand medical of eye reps to we we've past. as to the XX%-XX% first I'll third are to of our as your their trained has questions. In regards working that would then device that experience, the representatives you. in hired and our well now environments population in are trying rep had well pharmaceutical. say, and the in And and

did announce for they we not force field so is commercially it program. sorry. force they go to year national program, how our is regards literally ago last but based motivated a tenured into the sales I'm patients a last we that that on that So In will patient -- feel we will are our have week, couple product a work and bridge eligible field meeting insured. quite covered, are days quite support the insured If

gets for that that prescription So that they sure prescription. insured -- is their in will pay get making low until they as TYRVAYA will for And filled be patient plan. $XX as we that until

as patients. for insured the eligible are will out-of-pocket covered, co-pay and patients little For be those that as $X

will the that receive enrolled they are does works make the And it sure services Team if a with the our is if them script actually patient practitioner then or text site and go hub they that filled the into the work appropriate all that, they how away our the for scenes right TYRVAYA in to are that is spot out-of-pocket co-pay So savings behind on they patient. program. that enrolls

practice And mentioned as previous we took at the landscape, of see you our well. in ophthalmology what some both works what did we've to best ophthalmology best think from well outside look of of seen. as I experiences. We the aspects really

a is well. patients and patients -- there's paperwork. for so as a thing. and streamlined experience more actually of and Technology easier faxing So It It's physicians really an lot that automation it's more hopefully electronic. is not the key

space. other from So we've migraine we the comprehensive perspective. we've products one Xiidra We've we well that ophthalmic looked of support and kind that most And what from feel with will the worked taken our examples at launch. hope programs TYRVAYA for also patient packaged services of

Ken Cacciatore

before degree you turn wondering here over it's setting this what John, expectations just in population. I just about was and it and to patient D to kind Part of Dan, Great. our important

John Snisarenko

important. Part that almost is commercially before you look patient and if remainder We've the Medicare population D, XX% cadence, on so then are It very -- insured, mentioned and are so and cash are the XX% at forth.

We've is mid-June in contracting eventually year important So is payers. with following dialogue We D period. closing for us get started know time already always for the listings. cycle the it to Medicare

perspective, interactions interactions So route XXXX. and the a a and we date, interest them cycle in we've commercial contracting administration, interested lot had excited missed XXXX, pre-approval that. specifically the hopefully different and that good and of now a about start insurance MOA we're payers expanding very of have to From which been in in meeting starting MedD listed the the payers and And contracting To approved, again we've differentiation, setting we're that in. very with had we are to date. many we'll with be but for dialogue

to the commercial quarters to approximately quickly get of launch, can. post with now covered. months So try have XX% We're meeting as XX we're listed over hoping as couple lives we we TYRVAYA of them really next

Daniel Lochner

very themselves. the side, not is Yes. with And we're with revenue the TYRVAYA also patients then get the ECPs thinking but just early We're on at on on. way focused about trying it the to really experience

share strategic of NRx there's TRx. that driving and well so based mind of really -- and as voice of which And focus, is share off as

cover course, which then national seeing the QX positive and those that of coverage targets in course, dynamics that launch. really refills a 'XX. cover their of is into quarter XX,XXX and course really the did patient dynamic can we assistant kind or But at has determinations, get first earlier once will anticipate looking those begin we're we're on at through are gross as payer period temporary really as other from so have there really that place take on currently then the that when And out, to net. is through. believe we that seeing part course QX commercial to is really twice to itself. product, the product start the gross is of targeting. our time partly talk to benefit of kind But is able at change really of in through the to will as coverage a filled on NRx, which ECPs the of they start coverage in seeing pull And to later through QX on touch a in in will ensure and TRx play. time quarters, has the programs then consequence And the that once then to we And come course trying well of the to patients those get about to the can payers that consequence the ratios terms patients. of be pull quarters. those will would force physician And you them impact over a really pull that, to of Then, the they that net, which that our get product, sequential or the offices, of that And starts sales walk start of as be of persistence basis of the as NRx, you really then,

Ken Cacciatore

watch to launch. Excited much. so Thanks. Thanks

Operator

from Piper And you. comes Thank Catanzaro Joe question Sandler. next from our

open. Your line is now

Joe Catanzaro

couple taking from for Maybe much. quick ones so my Thanks X me. questions. Thanks of just Great.

have other those guys believe who a sort have if prevalent like patients So failed. if Restasis and Xiidra. they've and of those tried any other the have to pool emphasized there's all options who tried and have options And I'm patients abandoned exhausted of wondering way patients And you lead on get they options, back how of their And is easy office? returning have wondering know quick level physician? into days, frequently them force to a follow-up. just are to sense the physicians. you How it engagement having it's is around with that in-person a if sales your early I but the Thanks.

John Snisarenko

they because pool regards lists patients the bring Thanks, $X And patients and for that over that already. and on the to to heard diseases week tried something different new what different have they have a see physicians from our had is eye exams want the action they're abandoned on. to and And know past. we anti-inflammatories Joe. patients of on I back as In waiting we've our pool of prevalent years, regularly and get recall try approach a that TYRVAYA and the to they ones it's in -- in treatments and million. to interactions have they TYRVAYA ophthalmic this come They of that examinations that so their a that to is approximately try initial in their do mode

try and therapies. initially a back failed able some have kind perspective target get of we'll perspective the their be do And track from have direct-to-patient a their to tried partnership digital and demographic to these office that get providers patients, digital eye do from exams. them of patients into with we them go to well to that As

of these to these to office their there's our it's days. few to direct interest that question accepting we a combination eye have right on back a hope wouldn't X after to your We reps. their first There's We I In in normalcy these for appointments do say to X lot launch. able exams. are in see offices cover in post-pandemic, that the offices very the now robust a to -- but majority with been So interactions. trying sense those We patients get the also months, and engagements And of the now. of next of get rep get patients regards the interactions there. have and quite physicians targets found a in-person

the to end the of hoping to at in introduce hit those least we're So least tiers top year, TYRVAYA. physicians by the at once on

goal that is So year. our for this

one, we're hit on ambitious perspective but it's track a call all. from them to So an

Joe Catanzaro

Okay, again. questions. perfect. my That’s for Congrats taking helpful. Thanks

Operator

you. thank question JPMorgan. next Anupam And And from our comes from Rama

is line Your open. now

Anupam Rama

Hey Thanks question. for taking my guys.

Thanks have been I in reimbursed think correctly In heard product? XX talked indications pre-approvals gotten for step those commercial you've of -- if I XX% lives. or like there be covers anything payers some payer that discussions, you from which your discussions, edits the much. there any so that before may get

John Snisarenko

Thanks, Anupam. Yeah.

the our the business with So despite of are payers pre-approval exchanges information exchange medical of side side. these definitely with along the

presenting XX approximately of to commercial those And we payers that P&T is to our prior approval. cover lives of part covered XX% it committees. So

that's Now so in that on. contracting and about we we do when the and have come start approval, talking

listings We artificial have do onto possible of should goal incumbent products. prior a our tears try before is Our artificial some through the payers step with authorizations best to without prescription. patients get edits tears know that going majority the any

the that level on contracting we feel stakes quarters. over happen that make of we couple So to step the new playing going the edits we're discussions come table that and and incumbent come. as the for a have sure that's want will to that any to when be do as we next don't do well field, we But all products products ourselves are

Anupam Rama

Thanks so much for taking our question.

Operator

LifeSci Thank Patrick Dolezal Capital. you. [Operator Instructions] And question our comes from from next

open. now line Your is

Cory Jubinville

is on This Patrick. Thanks our calls. Cory for Hi. taking for

clinical relevant to follow-up, without able you have how that on X? And you the to symptomatic data improvements of ONSET-X historical And and that any that you the also, the to materials, market desire are don't attain on physician data therapeutics how is of start, on label? there study given DTC observed the are if precedent And symptomatic label mind. label? section to I of this symptomatic a in broadly materials both? So some exclusive Is note eventually the that on

John Snisarenko

second want to me the want Or do Jeff, do one? you you -- take to

Jeffrey Nau

TYRVAYA. second just bolster label. about around Sure. for do is of we've the And plan that is nasal delivery think the of there broad is I'll Jeff. This the these to since the programs, start we the something talked the utility take part of question that think is I this

We are continuing to do development.

you to China. China, to in We've approval in also work attain continue partner Stage know, where do as keratopathy to in X with on we we'll So development continue engaged some neurotrophic patients. a clinical

always the that to is that that label. statement. would What the possibility and able incredibly additional So were it's to that say the continue symptoms that important clinical I we obtain we think we indication label and signs expand to there's will data add

so important us. that's for And

data label to as bring world. product. just patient other stress that This populations. look And are into disease As developing talk although will the primary will let in talking consistently about first efficacy is there, I'll to eye to co-primary And we that the little and our in section. that. on But continuing or that dry we more we on parts we additional to able a additional landed And are trials clinicians. to FDA that of move the there bit we John indications I think have that we be expand indication. the would endpoints use stated We from we when the do be has develop we before, other be would will liked clinical information this

the disease world dry endpoints is you in requirements. other As different of of and differently with different handled many know, eye parts

amount and a including one expect, China John our bring the to data And be will of first able we as will bit information clinical the move to used to we back data set about to how we're marketplace. so the that able expand into those that agency. that areas, continue we other the then in being be little talk will

John Snisarenko

signs consistent label. Thanks, ophthalmology, have detailing all both symptoms that very care that's that Yeah. communicating our to the In pleased very, eye we regards indication. are and optometry data And we with Jeff. and be community we the will in

that trial to publishing going and eye prescribers. be very will to data to that. hand clinical also be physicians able and So so can the we from have be able information those to the ONSET-X shortly be We're ONSET-X access will they to available care

around we to population. patient direct-to-patient promoting be asked data also really will the You

relief. think these from want perspective, to I patients a patient get

the TYRVAYA going with symptoms dry be the eyes your route more and a expect really eye, direct and of a lot treats of for get we're as go can Please approach, they So checked is very signs suffering more what it in and position eye TYRVAYA. on novel will and patients and dry to new MOA, administration.

into patient's get that had the to quarter. So we're not promotion in the we data with upcoming planned going

Cory Jubinville

one Got follow it. Thanks. just up. And

So some we've seen lackluster launches more well some eye recent really times. as great ones in dry as

best of needle you you it what address plan launch? mode it marketing? adoption? dry you moves think your mechanism? experience sense, and the to A really So these Is labeling? commercialization Is general a The aspects to in hear patient as here do key on in how drugs? differentiated drug eye to a thoughts Just on move curious

John Snisarenko

Yeah. No, point. great

all above. of think I it's the

have experience And We ones segments. of physicians try stellar product. levers one with we most to one the patients try think the to product get do -- of each experience and I in and be for those job get with to each those important for and one a have the is to of

that out-of-pocket is reasonable able And patient so a the prescription to provide that key. with -- being

bridge we get trial So quickly. our co-pay our program key initial be going savings programs are to feel and very to

years, earlier. been number to in very that feel regards -- voice care managers very we on a sensitive targeting prescriber that aspects that of the have territory XX% -- feel very base We're eye well. that the We calling this share of of We practitioners. are competitive is the are have mentioned promotionally launches we've the done And I some segment. of of observed over the the

our to market as direct-to-patient in insurance do listings up see DTP. get that this on respond advertising, because So going ramp to commercial we investment investment we is and direct-to-consumer, DTC does

of hopefully, And the going what's a in launch is these combination provide to we're for them So of us. going levers. invest all stellar to

Cory Jubinville

Excellent. questions. taking our thanks Congrats. And for

Operator

now Nau Dr. over for would to call like back Thank to the you. closing I turn Jeffrey remarks.

Jeffrey Nau

operator. today. of Thank joining call to And you, for all you the thanks

eye the is nasal to of disease that to providers eye opening for dry As we mentioned U.S. treatment announce are of and the now spray pleased extremely I symptoms in signs TYRVAYA indicated my the available remarks, in care

transformative on primary care innovative want into and Meeting, to Oyster We a remains joining thank In bringing nasal Orleans seeing regarding a Academy TYRVAYA to and Pharma closing, for our continue everybody evening. we best-in-class to building the vision and goal. community I will focus us spray. ophthalmic great everyone have American treatments the New disease company interface patients Point to tonight to and ophthalmology Our at Ophthalmology forward look where eye of with week next in

Operator

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

You disconnect. may now

Oyster Point Pharma (OYST) 7 Nov 212021 Q3 Earnings call transcript