BTAI - Earnings call transcript Q1 2022 | BioXcel Therapeutics, Inc.

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Operator

Good morning and welcome to the BioXcel Therapeutics first quarter 2022 financial results conference call. At this time, all participants are in a listen-only mode. If during the conference you require operator assistance, please press star, zero on your telephone keypad. After the presentation, there will be a question and answer session.

If you would like to register a question, you may press star, one on your telephone keypad.

and certain may in asked financial be statements to everyone, and/or conference are performance remind future subject that to answers given risks of to the matters the today’s discussed call forward-looking events company. Just and/or related future uncertainties to questions these results Actual in differ from materially statements. could anticipated those forward-looking factors may affect company’s filings public recent U.S. that results the Risk with most are detailed the in XX, Commission, Exchange which the BioXcel’s annual which Form at on found for December in will its www.sec.gov, including report year quarterly Form XX-K www.BioXceltherapeutics.com ended ended quarter report XXXX. Securities the March XXXX update on be can on and or for XX, XX-Q be

today’s recorded. As a being is conference reminder,

call Richard Officer; Joining is Wiley, the Dr. Oncology. Chief Officer; us pleasure ahead. to on Scientific Rob Officer call Dr. Please Therapeutics. Medical Officer; Frank the of Dr. to Chief go today’s Officer Officer; Chief and Chief Yocca, Steinhart, Vince Matt my are of now of Commercial Vimal O’Neill, Chief BioXcel Executive over Risinger, Dr. Medical Financial It Neuroscience; Chief Dr. Mehta, turn CEO Mehta,

Vimal Mehta

Thank you joining BioXcel’s call for for performance thank Operator. and discuss highlights of to the everyone and business quarter XXXX. you financial first today our Welcome

in severe acute Bipolar associated orally or IGALMI, of approval an As been with develop FDA film already Therapeutics artificial transformational transformative company disorders last or you adults. or utilizing for our for by immune-oncology. is to our of has sublingual agitation II know, I treatment first year approved month BioXcel mild, intelligence medicines and approaches a company biopharmaceutical moderate dissolving It in highlighted neuroscience the the schizophrenia

and to up to for new commercial are caregivers. this option deliver gearing We launch treatment patients

and progress team preparing deployment force our made for has tremendous U.S. finalized pricing broad national access. sales for have market of Our the

commercial discuss more Matt Commercial activities will key Chief Our Officer, in Wiley detail shortly.

X.X FDA approval or with approval trials discovery drug to validates progressed treatment and IGALMI’s in for disorder-related to BioXcel’s adjunctive treatment with which patients disorders, of strong foundation with years. human including development and or an bipolar important continued under major BXCLXXX agitation, an This associated approval also MDDs. offering in other living depressive evaluation platform, AI-enabled lays just neuropsychiatric for Alzheimer’s, option schizophrenia Beyond of treatment a disorders, the first agitation from the

As such, growing expansion XXX and with portfolio franchise, three extending strategy includes expansion, we to [indiscernible]. continue settings indication make progress medical for our pillar geographic which our our reach, the

a our strategy, view First, within indication as pipeline part expansion we of product. as a XXX

of Alzheimer’s TRANQUILTY for TRANQUILITY announced well agitation treatment with trial last acute dosing advancing in disease patient Our patients program our the is first week. with X in

TRANQUILITY FDA-approved innovative with fourth an position an the per agitation to second patient with in supplemental our top next episodes quarter for rapidly the the may no XXX estimated data year. expected therapies. X there U.S., We indication option early - This designed strategy have along of NDA and year SNDA. XXX initiated line enrolment for in of despite half enroll the the or million in helping XXXX We Alzheimer’s disease-related patients effective an year franchise which treatment are for believe provide is

that common have prescriptions disorder in limitations I therapy our clinical a the advanced pivotal and of efficacy, indication and option our clinical XXX our strategy, over received could in XX and program. type expansion dose major and confidence antidepressant the regards program potential tolerability patients. of we have We for we incomplete data in U.S. multiple approximately high our and remains onset designation dosing With MDD the treatment us slow treatment regimens in positive responses, clinical effective believe Current year, for suggest be XX microgram these million XX ascending have trial. action depressive to giving a and adjunctive with cases an Phase own include safety have data treatment FDA, most depression XXX initiated breakthrough of TRANQUILITY filled robust Further, XXX million from annually,

to second expansion treatment with this U.S. geographical submit year. regard II of strategy, to or Second we in a authorization or in our associated for are to opportunity disorder well agitation with Agency BXCLXXX market capture II European bipolar the to marketing quarter for application of poised plan adults We schizophrenia the outside the acute Medical of

exploring are expected cases with is estimated to million also disease prevalence by have Alzheimer’s fastest X.X XXXX. strategies which market Japan, We an in in the entry growing

can final XXX medical strategy want to of expanding strategic Our our ultimately regardless is This third patients pillar be the land is to setting. accessible and be we XXX and offered. expand settings where treatment and

We new continue expand opportunities to with including MDD indications, TRANQUILITY and these additional our programs.

beginning we franchise XXX of agitation XXX, Beyond strategically our are agitation chronic dementia. with augmenting for related to the treatment

serotonergic XXX, affecting owned target in cerebral important recently for Shifting antagonist we for formation wholly the our an franchise, translation the a and of OnkosXcel Therapeutics. is cortex. Formulation selective underway signaling immune-oncology to announced subsidiary, the work GPCR

and aggressive of We which developed and promising of prostate advanced administered for business our our clinical IO clinical business we systemic immune-oncology being an forms flexibility allows expect leading activator structure of cancer innate while this treatment continue is solid BXCLXXX, tumors. of to immunity the candidate development for financial further strategic the advance for orally

either BXCLXXX February, in data our trial Following positive past Phase phenotype. in carcinoma we adenocarcinoma II with Phase with this - patients SCNC, announced II or cell combination neuroendocrine continued mCRPC Keytruda small for

second half year. cohort We expect this enrollment to XX SCNC complete in of the our patient in

We expansion combination adenocarcinoma BXCLXXX-Keytruda trial evaluating patient therapy. have randomized our versus the monotherapy in also BXCLXXX first enrolled

Therapeutics year. provide of the the second will updates subsidiary additional We half this in OnkosXcel about

for milestones Qatar efforts BXCLXXX cash development our strengthened our April, on we along our and such continue of IGALMI Oaktree executing extend AI-enabled of and Authority. in confident In into and with additional our key Lastly strategic company. our we our vision XXXX commercial the With financing to strategic summary, a and across ability $XXX programs. support neuroscience with realizing commercial financing our announced activities priorities. execution pleased expansion Full will are immune-oncology with our incredibly neuroscience and leading million clinical, cash we runway Capital in Investment remain position, with becoming regulatory for clinical and progress

to like call turn would will Matt I over to update. Now the commercial Matt? Wiley, a who give

Matt Wiley

readiness, access Thanks discuss IGALMI like morning focus decision team market pricing. first everyone. good however, and our Vimal sales would Today launch on commercial to I’ll on of and the I our deployment activities; including

spanned for and settings, evaluated and We quantitative both and pair to This potential eight multiple qualitative have measured conducting indications. research and our decision. over clear-eyed types months approach treatment taken determining a cost acquisition process the IGALMI, wholesale to shape

XX% both We final of trials, this decision dosage patients subject for With also to at research clear dosing we strengths. IGALMI pricing across considered evidence-based objectives. comprehensive arrived the and additional clinical mind, of with our was volume two approximately our all in which our stakeholders in

market First, is want to we ensure is a patients accessible as believe possible. it the disruptive as many IGALMI and and we into entrant to agitation important

disease-related major provides profitable Second, future and want IGALMI that adjust we settings. point flexibility price for to build disorder The setting and to across for are groundwork we the a depressive with to indications, treatment Alzheimer’s robust agitation today foundation a business. lay potential XXX including shows research the sustainable

The be the acquisition carton. strengths. evolving microgram cost are pair rapidly dynamics. packaged XXX per into IGALMI’S XX-count We $XXX very pouches wholesale outcome this will per IGALMI foil across of considering doses pleased and dosage XXX of XX will film with and be heat-sealed microgram films

discussions WAC interested IDNs already access establish with team average is the formulary and finalization GPOs, price months. can more to contract Our critical take engaged and hospital proposition. which enable move on with target scientific IGALMI’s us is these a substantive stakeholders. six and exchange to value closer also in will milestone process market negotiations to coordinate navigating hospital This systems IGALMI’s XX

are there stated build presents to each agitation we opportunity in and commercial of presents which Approximately hospital million setting, the bipolar schizophrenia As focused and year. episodes have institutional a market a approximately XX way previous beachhead. this two-thirds in calls,

agitation XX% of institutions This academic the defined and States psychiatric have includes are We the United in medical X,XXX identified hospitals. representing targeting and market. community about centers, centers,

eight training an Our with years be team XX industry hospital the XX talented accounts launches target of and years to highly institutional each. average stakeholder experience, This swiftly pedigree product a in undergoing is The of setting, of hospital allow over which to and is access us of an successfully leverage relationships formulary this team will process. team will the shortly. average sales completed navigate

the start XXXX. initial making will in will impact and half demand demand this in further of expect amplify XXXX second We that team

penetration we We believe launch have are impact. excited and sales market and earnest our considerable built efforts long in field that commercial conditions patient for to term

a financial give Richard, I’ll the call to Rich? turn over who will Now update.

Richard Steinhart

Research net for of Thank the to to were you $XX.X $XX.X the compare review costs period to the costs The the net administrative the period financial General our million in million first increased primarily U.S. the of $XX.X Therapeutics $XX.X million in loss IGALMI Matt. XXXX in personnel a of loss to costs XXXX. TRANQUILITY commercial company’s attributable $XX.X XXXX readiness for and the of same the and quarter expenses clinical to million same to compared program. related will and primarily I $XX.X XXXX quarter the quarter related launch million in XXXX. development for first first for were for for same efforts BioXcel now expenses for XXXX. of to increase was first The compared a XXXX results. quarter were due reported period million

million totaled of million the date, million year. the As milestone receive $XX expected down financing quarter to equivalents of announced This has approximately met royalty excludes second of to agreement strategic financing cash and company be the drawn million. To the from April. in in and has $XX drawn is which XX, of loan cash the $XXX this the March XXXX, contributions $XXX

back turn the Now I’d like to Vimal. call to

Vimal Mehta

Richard. call you now open to the for We would Operator? Thank questions. like

Operator

Bank with [Operator Please your questions. coming instructions] Harrison of is the proceed Our Greg from of America. with line question first

Greg Harrison

for morning guys. good questions. Hey, Thanks taking the

little might think, some than Is price you announced, around your On any anticipated. market additional color could what assumptions a price at on you the have it’s this can there point? be I give penetration lower,

Vimal Mehta

is pass will this onto great a Vimal. question. That’s I Greg, morning it Good Matt.

Matt Wiley

that and between what we wanted told us the that means price deeply reasonable want to a access, ensure profit. We is the gives research point appropriate certainly us of could us penetrate strike access point gives price market profitability. balance us and market so would see, at put hospitals to really consistent a is--that the and the with the Yes, does the a

It in the more decision. into what than make our over did dosed There well, we clinical of have one were look things that we that indications considered took a so that lightly. thinking so clinical XX% at the we was we potential, the the to as be have indications. no one was We price found obviously. not to as lot well all that harm Now was trials that fact as done to about of of months. and last also once, and downstream for of eight consider been that our great good things that to part had trials is did we in research the We in we those future in went research and sure future were flexibility needs our script, patients saw that our

Greg Harrison

a it, helpful. Got lot. that’s Thanks

Operator

Thank you.

is Howerton coming from question. your question Please with proceed Chris next Our Jefferies. with

Chris Howerton

appreciate for much question typical it. on us so taking to the you Thanks morning. I pricing, remind really can guess respect up Greg’s dosing maybe questions, the what good with following what that be around our Would that a the receive would question setting? could be it one. film, one in patient multiple clinical be utilization, expectations be would or films, it might Hi,

Matt Wiley

what would to we the we expect dosing in we is Sure have see of XXX, see We more in in observe, were so patients. in that happens did group in to saw to our clinic. we and Chris. XXXµg those than re-dosing the about the the something a we’ll same would clinical In the trials, re-dosed, see expect little patients bit did XX% additional but setting but the hospital

Chris Howerton

then, of now the be I maybe that about just Thanks as guys agitation a and Then our you through for now you was Thanks. rationale, clarification. what on thinking recall because to that dose--can it us follow-up, you expectations recently. program, as the and the the us process, a can remind Alzheimer’s the then just XXµg awesome. quarter, the newer seem to was give addition dosing I’ll relatively just trade what the I you should walk launch Okay, what guys for guess maybe in clarify third between

Matt Wiley

On key drive hospital, not ongoing, sales are we’re as activities July, is load and now contract far force identify trade, so away. the and the the between third ready that our we’ll to is in then when GPO trade launch, we we for the July, that talk that’s committee about undertake The stakeholders quarter about which deployment in that P&T for have so demand. build trade stakeholders negotiation, interest process, and we to talking will

Vimal Mehta

second your dose was no added. two only and is Regarding XXµg. we thing question, The Chris, selected new had doses, that XXµg

we As we dependent be and that XX, XX, the and not team variability XX. or assumptions. the we add anything change somewhere any and you we had only to XX, using was tested do between to to seen to and Rob, after expected dose XX that? did want efficacy, know, you whether did reason wanted the XXµg, it We responses tolerability XX was. safety the powering need The it variability the and Rob see will check

Rob Risinger

exactly as not XXµg a It XX result, trials expected all of Alzheimer’s. dose powering fell the for response so we the changing and and the variability we No, in between behaved by our of are, we as essentially confirmed and XX XX, measures.

forward, those do example, need not enrolment, increase in we to so track. the on we’re Moving for studies,

Vimal Mehta

just we we just confirmed needed it was up, a forward. and XX So Chris, confirmation to what and are see, to marching wrap

the first and moving been the that trial has lot of I As so at today pace. update patients more patient XX% is dosed. you saw, a have been have got been screened, the fast patients dosed almost a

Chris Howerton

Excellent.

the really Okay, you July, strategic mentioned, for how the Matt, one very in if plans a much. can taking Actually, you better day there you get appreciate to well as commercial questions. you is sneak to really I closer to guys thank market? as I do trade maybe any us in, see you launch understand the

Vimal Mehta

will Chris, commercial the for time sense that make plan have we in It will to it frame, a the at fall time. commercial day. day

Chris Howerton

awesome. you. Okay, Thank

Operator

you. Thank

Our Robyn is from proceed next with coming with Please question. question Securities. Truist Karnauskas your

Robyn Karnauskas

taking for question. a Hi my guess thanks guys, I few.

anti-psychotics? On me sense to concern, you give are price was point of being a previous reasonable by the third The know of How the sampling? differ COGS? want Second, profit. there price, question the assumptions had on the investors with does you you any a anti-psychotics. I have lot Can mentioned expensive that is too versus street actually, other this you price from

Vimal Mehta

What was one? the last

Robyn Karnauskas

are doctors the giving going Are used launch free in you purchases what some for dynamics launch? July? so and sampling, you when going see are you or to you Are get using a to out be samples immediately potentially that it, so stocking to

Vimal Mehta

Let first me profitability. your about question address

such normally is point product. GTN expect for We where is any at price will see you not we profitability to going a be--the because different than good kind be of

whatever net on Our have range, clarify the or gross in to wanted that CNC from perspective give. I some is--cost high, different is don’t expect except anything more just a point that not or to small discount profitability. regular molecule it’s so that less like we we

about is anti-psychotic question costs. second Your

I thinking bundle analysis. in that setting, it’s think be an about of so. a payment sensitivity paid as did the will payment, it’s institutional broad be you a should this is part and IGALMI bundle that, that We very price way

goal million indications, I and will into that we this bipolar is access in setting, have a two institutional broad of was that kinds other maximum was which IGALMI. the factors Some up and can, institutional and In which were is the the where can of What institutions, sensitivity I provides a priced of the key for There terms to sensitivity to and penetration, of patients the institutions profitability--broad adoption IGALMI, mean with in in price and episodes, are the and of those taken bipolar less, get the as of or account price them is by treated the be much came for we today. which to higher. coverage are lot patients II these our episodes, schizophrenia current allow two-thirds big hospitals, the as coverage setting. XX pricing price so

into for the done we lot have work we’ll bring we There some work continue need flexibility will million more and very is a considering. market XXX as marketplace which forward, agitation, know. product related indications, what is Matt do a pass large it our sampling the to I be regarding we episodes, you Alzheimer’s with Going for as onto physicians. that the future to with

Matt Wiley

institutions, community hospitals done have do traditionally the in in sampling not or institutions. and we not a launch Robyn, program is locations sampling to so into setting

Robyn Karnauskas

conflicting when a and you sort two said--you statements. of follow-up, as Great, just said

you in Then take would this be the really have. launch, and setting? into you we about the--this the in current - did expect in situations we indications talked for declines point, of good on have discounting we you’re discounts mention you should Thanks. did what account you is dementia? if potential discounting in flexibility but when factoring is How additional price that about really successful, and price this model--you other You Should model in what but any top COGS, about should you price? be indications

Vimal Mehta

want on cost progress, strategies all we we are add to optimal so to we given marketplace. so for is with I type what COGS, molecule the big in business, of be yet through haven’t as would be working and you what pretty will of gross we what will are in with because normal much robust - terms that pricing, say institutions. indicated, small will a as what the is overall--our not Matt, that the specific course these institutional looking items much to pretty needed I more any I for it’s developing setting net rebates do that, be in mentioned we line something? of of the

Matt Wiley

covers downstream to as to leave what we’ll of think think it we today. I IGALMI about additional how lot where acceptable flexibility it. so pretty what we there on market and indications, much I is price, is we learn find points mean, downstream markets, those the and price that’s were that a wanted views that

Robyn Karnauskas

Okay, great. Thank you.

Operator

you. Thank

coming Kulkarni Our with your proceed next from Sumant is question Canaccord. Please with question.

Sumant Kulkarni

my Good on then a a morning, couple data. and thanks here, on I one for questions. have few pricing taking

priced approved the you’re per of the re-treatment in agitation, Now that in you episode? have do the for updates treatments any number for year not patient per and on same indication necessarily Alzheimer’s access,

Matt Wiley

any provided very these question. and price as we and we guidance at in penetrate haven’t good markets We the We we point large underserved, the so on opportunity that’s market, deeply the if view a penetration announced believe markets. to into those today have

Sumant Kulkarni

On the specific setting in was used the this in the that price, exact latest royalties milestones and your or agreement? was price financing

Vimal Mehta

No.

Sumant Kulkarni

Could that? that provide Was would of could provide it. sort color you you be any color any helpful. around or higher, around Got it

Vimal Mehta

around haven’t is the these we extensive very We what agreements for provided anything obviously topic but discussions setting the are of the WAC the confidential, pricing, because had price. opportunity

Sumant Kulkarni

how it. range success payors arrive at your relative Got that Then this for or to of the you pricing broad versus would potential of made ensure for hospitals from pushback contribution you indications weigh access pricing decision?

Matt Wiley

a are There things to consider. couple

about so one access actually could familiar want consideration, into the specifically the between physicians we the price future to balance into account is experience the of those certainly get all translate have, the as we net come and hospital the in with so and were institutional expect restrictions of price. taken it’s downstream a really will in we hospital settings. That’s might but setting, things As to so have systems ensure to and have think or experience or to good there the price, type those psychiatrists we that the to to want clinical product we their indications, utilization many

hospital so have good as just the we patients We metrics serve system them profitability with also downstream. well as access really can not continue but to indications serve future our good in today

Sumant Kulkarni

it, the question, agitation expect see trial? XXµg on in Alzheimer’s dose could when the last the Got and then to we my data

Vimal Mehta

presentation a We in would part expect or publication. be our that in a this future will conference of

Sumant Kulkarni

you. Thank

Operator

Thank you.

Partners. Guggenheim question question. next Our Yatin proceed the with line of with from Suneja Please your is coming

Yatin Suneja

you Can per Hey guys, for a two how episodes many these year per are you couple talk questions about from me. modeling patient? indications

Matt Wiley

million We in in the modeling does and at the have span guided that the setting, institutional it out. always million or the that severity XX so institutional are is how community XX and setting, we agitation episodes,

Yatin Suneja

us the each these for Okay. DRG what indications? to institutions you average is Can to also confirm of reimbursement

Matt Wiley

really reimbursement depends on DRG the hospital.

imprudent bookends hospitals larger. the give may for have smaller academic because institutions between have vastly It something may it reimbursement a community to be the Your different is lower It’s rate; different. settings. so there me would you

Yatin Suneja

know, a you’d get if the hundreds? to drug Just what more it maybe whatever the might apply to in to you are out there. towards the reasons little how be bit DRG be IGALMI? the the give it to willing or quota, trying of, Is believe much is the Okay, sense some of percentage a to you help institution thousands that in of percentage would your and apply would budget an of comes of their

Matt Wiley

in be the DRG the specifically Sure, you thinking range. should four-digit about

Yatin Suneja

Got it, great.

Operator

you. Thank

is from proceed UBS. line next your with with Our Colin question. of question the coming Please Bristow

Colin Bristow

you just the to helpful, and and plan kind progress. of--you institutions would resources, ultimately payors helpful. Then similar pricing, and good the to to timing financial both it operation on how led discussions and all heard there? pushback become just in a lower prior responses. do cash specific there flow is Hey, then provide we would XXX what perspective, congrats before, question my I’m guess on you from either perspective, you guide just be quite can you’ve to market strategy a alluded final you and confused the us on positive on your ballpark also guess what perspective? another IGALMI when patients based number launch, operational of I Any I’ve the thanks. OnkosXcel, there on walk I any somewhat will - again a the split this one is know structure, here curious just is Anything I treated Then be human? with guess can price? share but morning, through I’m help the significantly on I a that from were

Matt Wiley

higher institution, pricing, the price, to an price range hospital and lower the more the we and on of profitability. we into to moved tested start net - higher found is and us research the What did and we like we obviously our so it’s net Okay, then to qualitative quant, almost all price. hospital the the fewer the XXX the access, equalizer the gives restrictions balance the so right restrictions, good between access,

Colin Bristow

Okay, XXX? great. the structure Thanks. on Then maybe operational in

Vimal Mehta

In immunotherapy of believe, choices, that what operating is the XXX we terms are advanced, same it’s strategic building its internally, was of little immunity, most combined have that two of formal one XXX, it’s focus we’ve mechanism can believe overall and structuring already journal. on the like we already units It’s of innate so because and the team choices, are we OnkosXcel just the of overall published plan, mission and focused bit very level or to we the that our unique on what with a that business been, we immune-oncology that in do and is Colin, a proven asset, more be will that OnkosXcel. continue did the

evolve, But have signals much half. second in and already so will safety more updates changes. now we seeing the the We optimized nothing efficacy provide as things tumors, in are overall cold

Colin Bristow

with do thoughts current see us help you to or helpful. be Okay, and then Are get confident with there. would there there need we can indication expanded you the to out an just just label? on the IGALMI, Any profitability metrics achieve

Vimal Mehta

when any provided will haven’t we the achieved. Colin, right now in profitability terms be metrics of

As you IGALMI. know, there is for no precedent commercial

on metrics in launch be couple it one be and thing the But and a about these more do on done, provide how to it work, as we we able should coverage, profitability. progressing, provides for agitation so the the be we things. is pricing are providing what to quarters clarity launch continue maximum of patients, that that of following happen the We the us next lot episodes there have know, will those guidance the will learning we broad we among

Colin Bristow

one off. point How this last there? one third our using be help data? with party Actually, great. jump Okay, I’ll view before of from Any trackable

Matt Wiley

to we’ll shipped hospitals good leverage quarter. any can be be directly giving you that observe be data as will drug syndicated our and progress, The there but to such, updates each won’t

Colin Bristow

you very guys. much, thank Great,

Operator

you. Thank

your Our coming Corinne next question Goldman with with Please Jenkins line question. of is proceed Sachs. from the

Corinne Jenkins

not a good you’ve but nets everybody. point that us be with you’re expect that you be recognizing setting morning gross similar I the Can general in to that just of what gross to going industry here will would this disclosing specific range to see to again respect just industry? mentioned Hey, with know standard. IGALMI net, they be in to won’t to line you but a more for

Matt Wiley

can I see if your me Let answer question.

The and they place. fairly gross the and gives are setting, we that good than payors’ bit are perhaps value us in some to have a ways it, hospital in how retail. setting more expectations to negotiations a I Here’s that this are puts a believe little a the contracting or in price we would frame conservative is the gross our than community different hospital net retail for point in like so drugs favorable net

Corinne Jenkins

or as an price to ranges reflect the that price expect to market? is to different different to have the obviously two shift the dose across across--or doses and different Okay, the particular there then Alzheimer’s seeing we’re you’ll across doses same same trial, opportunity the dose dosages particular flexibility price the setting, in in same different always that but this should we given be use

Matt Wiley

a it going so way. think tied necessarily on microgram, be and about that we But we’re flexibility as pursuing, price There is depending should to certainly there mentioned. is the also we brand, to indications we’re point per not flexibility you how in

Corinne Jenkins

helpful. that’s you. Thank Okay,

Operator

you. Thank

next Our is your question. proceed Please of with coming line with from Anita Dushyanth Berenberg. question the

Anita Dushyanth

between XXXµg, and the to Thanks per stocked as wanted questions. higher other? projections, you do Hi, internal dose good your XXX one hospitals doses, know for just be than morning. the I by taking two my think might

Matt Wiley

decision have important to pricing out is when way. they in That a strictly patient can a dose specifically it’s because the how dependent think want very for as appropriate did on consideration market. they we That’s that this that not the and the on it be providers it the we to used that was want the this gets the approached use and to ensure restrictions why dose that’s work, in price administer. dependent pricing going flat We

Anita Dushyanth

follow-up Okay, you can and might thank then I when this a reimbursement there be established? timeline a be--when had you, expect reimbursement. Is to the just we on

Matt Wiley

six on six formulary takes about Sure, so frame typically and running good those GPO when that’s are to consider average to the committee you to months. XX months in process take modeling. contracts a time nine parallel, - for so The P&T

Anita Dushyanth

you, one, it, the in you sorry updates missed the plan the have thank financial year I resources? some providing would later then operational how and you to and Great, if last be OnkosXcel, about for

Vimal Mehta

provide we half. plan - right That’s to second update an in the

Anita Dushyanth

That you. will all. be thank Okay,

Vimal Mehta

you Anita. Thank

Operator

you. Thank

We to of closing back have any Mehta like pass question remarks. the or to the reached additional end I’d answer and for session, so our floor Dr.

Vimal Mehta

everyone day. updating We many connecting the in to a our on you coming continued forward Have and you look with us you Thank today. joining great of for weeks progress.

Operator

this may again, at Once thank participation and and Ladies disconnect today’s we teleconference. lines time. does you you this gentlemen, your for conclude your

BioXcel Therapeutics (BTAI) 9 May 222022 Q1 Earnings call transcript