Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the BioXcel Therapeutics First Quarter 2023 Financial Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

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

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

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

Vimal Mehta

XXXX today highlights. our Biocell a you, Therapeutics' you for to up for Thank joining momentous Quarter performance and thank be year Welcome, BixelDeapeutics. to discuss operator. is shaping financial call and everyone, First This business

corporate continues Our advancing our objectives success trajectory. on an in exciting

leading agitation are neuroscience towards and are a maturing solidifying nascent organization, position advancing AI-enabled a track to We on We well of leading business a the in company. our vision commercial as pipeline transformative and becoming critical innovator we value-creating our milestones. as market believe our realizing

for BioXcel's I have future. today truly never promising am excited been I more than

highlight me let progress upcoming Now commercial and milestones. clinical our

integrated quarter, and for agitation team execute mine, schizophrenia already deployed bipolar traction. only and approved the of for encouraging continue market with are On moderate With in fully X the adults. now iGaming commercial of forms acute front, on full seeing our disorders our for we to commercial launch we severe treatment associated

call, we continuing for like opening a Regal. a earnings emphasize this indication to more market new that agitation of nearly wins. number formulary significant Igal our doubled have are represent a to for in I innovation This example, since would first is market than because our last addressable we For opportunity decade. build the

recently July. approval it the performance have we of of on the last than is our launch I'm celebrated several and While achieved of April to sharing Igalmi's strong will X anecdote proud I utility in later inspirational year still trade we real-world the call. Egalmiis the date XXXX, anniversary since this less be FDA demonstrating.

data There market to These remains are On program, the clinical excited expansion. readouts are potential we our an neuropsychiatric readouts in front, for disease. key enable Similar priority overall our significant U.S. the other outside year underserved. across episodes large data the agitation for X education The estimated these million are expected disorder, schizophrenia and and track in bipolar BXCLXXX. geographies each lead and very market exists U.S. X across on underdiagnosed indication, conditions Alzheimer's occurring market XXX

bipolar every disorder in in into looking the year. setting, to with occur an potentially Starting where XX the episodes are estimated at-home million agitation U.S. schizophrenia, we expand

design. study BXCLXXX SERD important of pivotal from X setting top data Our month. in this Part is X-part study a anticipate We program this investigating X announcing through line the

We this study the part also to X forward look quarter. initiating of

is up are a one agitation Parel, into no continues large therapies, market to Alzheimer's long-term patients reasons approved estimated in we episodes in top Tant very move for report disease, the underserved advance, care U.S., advancing to an Turning program to to to In on are enrollment agitation the line million June. with TrincoX. for episode annually occur the our XXX of data -- and track primary facility.

dementia patients facility. moderate to in Here, in we care severe are long-term with XXX investigating

XXX adjunctive trial this treatment action ascending represents Ib results complete Outside characterized therapeutic We from BXCLXXX's potential. dose forward novel of over opportunity as of treatment depressive has Phase antidepressant We fill slow line in It major month. a U.S. mechanism for full unlocking towards action Currently There treatment by multiple for a an strides our disorder. this available response. in top are we of and prescription onset agitation, significant believe a to potential are other look making the sharing neuropsychiatric million and annually market depression as options chronic are in conditions. use

to remain our subsidiaries excited Onco We about potential. Xcel Therapeutics. Turning

combination immuno-oncology the FDA FDA. in a population expect is small entire potential tariff. This our our need new the as There as XXX,XXX This neuroendocrine the are patients U.S. expected We initiate year this for XX,XXX continue BXCLXXX serve second SCLC. could with with for this of prostate KEYTRUDA discussions pending an cell progressing options trial, and no and treatment prostate to approximately strategic In to patient are half approved business year, evaluating estimated monotherapy SCNC explore cancer as this for randomized clinical C. trial our we with to advance pipeline. there IIb registration Phase options in study of cancer

quarter development. will have laid meet the to continue foundation confident very for a expectations high I'm solid and forth To have ourselves. many we productive we a close, for we had have set near-term exciting

on call details that, some this readout provide to Risinger X to With additional data now Rob over would the I our like Rob? upcoming quarter. turn to

Rob Risinger

pipeline a indeed clinical This neuroscience time Vamil. you, very our is BioXcel Therapeutics. at exciting for Thank

are therapeutic across setting novel help X of need. this BXCLXXX institutional outside These We the potentially of expand significant additional expecting the into asset readouts unmet near-term and areas data will program.

me briefly their summarize clinical Let important significance. milestones, these and relevance

safety study in disorder both study announce to and efficacy for a We our XX-microgram this X This I SERENITY bipolar information will are and month. dose. schizophrenia on report data part from of track line top

study, Dose maintaining a a our chose this with in margin we experience lower Phase Ib dose the dose of while purpose the by for establish of help was Given safety to at-home informed efficacy. selection our margin trial. XX-microgram use a greater

setting, and where in reached of Serenity which yet rapid requiring episodes of greater their XX-microgram X and power magnitude emergency patients the the PEC SERENITY study, to in single stages the X with arrest of PECtotalscore from the are have placebo earliest designed at an its in have of the for home. becoming not home to magnitude a This II a separate at better. is contrast onset acuity. X X, XX% emergency or total dose action, Part In agitation in for goal alpha we improvements scores Patients Our agitated considering point by or were of treatment. with X.XX aware require

dose trial broader potential expected in For home we Data and a for intended maximize the margin verification is with use. use, this the month. SERENITY cleaning safety II for readout progress to powered community have of

Part of quarter X initiate a is of XX-microgram to designed our the if safety expected study dose, this second required SERENITY plus home. dose evaluate a is at X to and

these for primary period. is Evaluation verification for dose. of measures and Let we PEC The evaluating Pittsburgh measures statistical Improvement, for One, residential Alzheimer's-related underway. across as living endpoint assisted the Impression the well tranquility agitation acute in as In Calmness the first endpoint me in scale. the total hours turn over primary efficacy of observation settings. treatment X-month Clinical process after data Global The treatment XX-microgram confirmatory scores observed X which X, as in facilities is now XXX the is include Tranquility baseline agitation X dose cleaning to Tranquility and Agitation a change significance Scale Confirmatory the the and and

June. We top to expect in from data pivotal this announce line trial

be with program, in Lastly, assess days to norepinephrine dosing with our Phase lays volunteers healthy antidepressant. Ib of inhibitors, with combination month. accelerating first X top antidepressants announce proof-of-concept for the via dose in medical for chronic in test and full expansion response initiation will treatment potential across a into designed readouts inform multiple to agitation trial and dosing. an expect neuropsychiatric plans results require BXCLXXX combination this summarize, other This which or SSRIs serotonin study intended of to tolerability line we this patients BXCLXXX weeks, illnesses, the separate to announcing unlock demonstrating data by next further in reuptake BXCLXXX settings to was Esener, To selection. key BXCLXXX, trial, dosing for treat foundation over for variety selective potential the potential additional Phase chronic daily or We MDD evaluated additional order respectively, with X ascending MDD II the to dose in for of conditions. safety in of its In serotonin ability anticipate and therapeutic asset's to several of indications

call to of the overview progress. for Matt? over Matt Let now an turn our me commercial

Matt Wiley

Thank good and morning, you, Rob, everyone.

the agitation build the metrics we commercial underscore our and market. Before commercial to specific positive the as into Game's want I quarter, treatment dive organization to continues reception shape for

upon market building and deployment full a second start last first field very to launch our a we've early and XX-person access functions. and of had foundation, productive across quarter the strong December our sales, quarter force the marketing Following

While in commercial for we're of still recently force, the is relatively hospital launch, our early deployed momentum the field our X/X building. particularly

prospects available progress is on team very is quickly Agomi in success. confident our to are for about We and diligently possible. enthusiastic ensure shelves our The working as as and to hospital patients

that XXX game's for over formulary Integrated IDM the X Network doubled months this to or great has reported unlocked over than date. more wins Along Target equates with achieving the formulary number million progress XX,XXX of been made approvals market addressable more wins, have We ago. which adoption, with $XX just Delivery than to beds,

beds. secured scheduled universe. committees XX,XXX approvals, IDNs target XXX our in these field votes target of teams covering hospital combined have the IBN for and Beyond XX% for resulted approximately formulary efforts of P&T another represents This our

confidence this with approval market to together, that's in our We're represents of XX% reinforces Taken nearly rate opportunity This million $XXX our Agalmi's customers. boats. hospital pleased scheduled current perceived vote. of additional approximately an to our value in

expect year. votes formulary this the later a to meaningful standard we in uptick time Given lines, process see in

provider more of analyzed believe hospital real-world have have that growing and interest reordered, which our Agalmi. Digomi To hospitals top than additional recently on accounts observed We of demonstrates care all the this, we also adoption. provide we utility health value ordering benchmark color in to half

over each target of that use. per our share of estimate over market episodes represents X% early treated an XXX This time Our in first hospitals months of X that agitation over episodes period. X,XXX short year, we in adopting and implied have manage institutions each the

corporate on Slide presentation, this on provided this was company's case study our in morning have our We which XX website. posted uptake

message. sales increase Our broader of on the deepening team and over driving integrated amplify of hospitals focus with reached targeted Agomi XX% to X,XXX demand. has continues further and team awareness commercial our The advocacy

and our Late This the health is program systems in hospital designed several quarter, trial hospitals observed we and since early with experience interactions successfully determination. nearly already facilitate website then value to XXX free the shipped. and have and with Game ordering deployed having first program to orders game support early

We de expect demand novo accelerate institutions and Agomi help nationwide. this for will

efforts customer educating marketing Additional in XX bolstered peer-to-peer nearly so health have include providers. over X,XXX XXXX, speaker engagement care far programs and

generated comprehensive over the which XX% half media represents million Our XX impressions blitz first quarter-over-quarter first quarter, has increase. a in

voting We formulary drive as pull-through expect these a meaningful the efforts volume marketing move in and and acceleration throughout year. increased sales will enhanced we demand

all uptick early growing in summary, half the and second are revenue to indicators In tracking well point XXXX. of

our to pleased building forward patients We these and reach unlock for to further and to with progress upon are generate need. leveraging we and additional in efforts look opportunity demand date game as incredibly

Richard, the financial Rich? over to who I'll first now results. call will discuss quarter turn

Richard Steinhart

to $XXX,XXX review you, for financial approximately now will prior the XXXX quarter. our quarter Thank first similar was I Net results. the quarter, Matt. revenue

uptick We believe to the we in year to of will notable more we revenue accrue the as a continue approvals. half second formulary expect see in

of expenses costs of for quarter commercialization XXXX access compared period administrative same associated expenses United XXXX Increased in to in for in of expenses million $XX.X quarter development the were same multiple period to the eGame and related personnel, primarily first million were were clinical $XX.X were and attributable $XX.X million and to upcoming for the as $XX.X with for X general CMC readouts. compared and Sales, primarily costs to to marketing our the increased the expenses attributable XXXX. XXXX. The data States. first Research million the market trials sales,

same into net had a XXXX. Therapeutics the $XX.X $XXX.X equivalents in first Investment believe our the of Qatar El execution The million loss a March as cash result financing -- XXXX period Oaktree strategic $XX.X million full compared and XX, to game totaled BioXcel a and we that quarter loss of will XXXX. with runway of cash for Cash in revenues net Authority of of million and of XXXX.

Thank you.

turn to like to I'd the Now, back call Vimal.

Vimal Mehta

Thank Richard. you,

related many SCP X the the The few Before having that drug anecdotes more highly the and on this described benefit minutes customer their for worked last briefly I turning week and to organization. was to and real-world to bed, like to patients These patients be were cooperative. patient dressed Q&A, danger Egan examples of me jumping bad caregivers. who by uncontrollable hospital to And themselves on offered was taking a close off recent The took highlight Galmed and sales The profound demonstrate the staff. would was to agitated patient all. were that unsolicited in a much back appears sitting fabulously feedback gaming, and for XX the under psychiatrist a patient. our fully

Another gale name. have by its requesting hospital in they and informed multiple that us coming patients

at definitely she use as to One clear taking of conversations. these home. patients her here Egalet caregivers after get firm, able was hold to to that described and And wanted by Egoli

aware, investigation at-home are BXCLXXX under for currently use. you As is

constantly is a it both the not institutional strategy. to further providing utility and our ratifying also such are need positive changes receiving supports of be those which anecdotal us only real-world first-hand we in are creating We accounts motivating. these continues setting, feedback, also expansion game for that assures in but Having

make As societal beginning an change. are we you know, to important

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

Operator

from Instructions] you. Thank the of [Operator questions Truist Our with come Karnauskas Robyn first line Securities.

Robyn Karnauskas

main have and X one one I So follow-ups. then

regulatory you regard successful PET to bar change we SVX, for the terms thank the in of Vol? to what be with powering, but score expect So the for giving can considered for in

Rob Risinger

total magnitude score I there's be could of PEC in confusion So over approvable authorities. the which considered appreciate change regulatory by that

So large. The magnitude be to clear. have I'll not be does

for use. drug As regulators, any it's for approval, hopefully, always, safety bar to for the allows is Safety for the critical that at-home approve use. at-home FDA

margin look or move way lower Flonase enabling Claritin to were example, increased doses treatments really was for for over-the-counter drugs of but So the all approved, even safety not or older only to Tylenol, nonprescription these at use. the like

an for approval, demonstrating strategy approval built used next treat low SERENITY it routinely this up and So at to moment, a a potentially upon upon to XXX at-home emergency regulatory our overall to setting the initial to ICU drug the back moving our in has trial, use. This been in discrete gaining microgram agitation order designed enable XXX in I, doses. room expand for and is safety potentially exposure

significance course, approved been have marginal bar. with significance, versus of placebo regulatory drugs of is, doses statistical achieving low Although the

is pivotal this. XX-microgram Serenity of to So answer prior to placebo group schizophrenia. trials. X tested in and mean a We engineered achieve trial your our study question, to versus X dose X We initiating observed this difference point greater hours. the the in statistical a basis a power dose-ranging data assumptions, of baseline initial alpha the set on powering NXXX separation XX% X.XX time points score. provides through was with an where our across in an This multiple from change detect X from to or placebo peptotal for

which of meaning assigned randomized XX% to after reestimate. X:X not estimate, patients power interim -- increase at a necessary. drug, were a XXX Therefore, total placebo. blinded concluded that X, a placebo. confirm size to conducted sample subjects size we provides a versus XXX detect ratio, was signed with XX% significant to XXX in difference This enrolled So Serenity sample

Robyn Karnauskas

There's a lot color. of

You a my bunch answered follow-ups. actually of

thank much. So it. you very Appreciate

Operator

Our next the from of America. Harrison come with Bank Greg questions line of

Mary Kate

if looking you also strategy Kate how compared ongoing Greg. institutional Maybe at-home approved, the here, Mary on setting for I the at is are guess, This commercialization potential looking setting? at for the to the setting,

Matt Wiley

Yes.

reaction scenarios going great on market, and of it's out. as potential least XX,XXX-foot data to at that So the we provide more a question. color deployment a view read We're market

say get the that. to very a building So nice that now we're to momentum stay on community. bridge and to Suffice tuned

instances patients as of this home. think asked a we have mentioned, the country had if -- have had and game already case several we've Vimal across a I therapy where who've received at could they

So we into be our strong that bridge very and will believe accelerate that, that will market. uptake

Mary Kate

the Then another discuss looking anecdotal here. we'll I Great. And if more, could. with Maybe just just feedback. setting one at

enroll could receiving X As patients TRANQUILITY the from for in comment the Alzhimers? on caregivers and XXX trial, for interest physicians you you're you

Rob Risinger

At approved we're this use, home there interest. for also say and nursing use point, Alzheimer's. we're for can setting, in example, not a is not approved I in for

However, studying are this. we

family to and encourage tuned. I So members stay patients

to for extremely We post you data FDA this designation are And have the to development know, haste going as fast the present breakthrough track. fast. we and

to So we shortly hope to top we line investors. meet with after FDA the describe probably the results

Operator

Bristow Our the with next UBS. come line questions of Colin from

Colin Bristow

we the investors follow-on in a of versus wins then cetera, flat formulary outreach, just performance? And the is what we've I see terms correlation sales been in that. And sort is any you're that the as repeat between of then of institutional improving have terms of up disconnect from give guess metrics essentially et getting to performance? the follow-up and these this, I one to metrics and do metrics sales you just getting start the sort between when orders? these a can to And main

Matt Wiley

Sure.

versus address the wins of revenue gating a that on the be metrics. is Revenue a about especially the in be we I'll So focus early revenue I indicator. indicator. mean, can is launch. lagging the question leading obtaining formulary that that Revenue because -- can disjointed, is metrics

And of that the so now. that seeing think you're phenomenon I

see year... And ordering we expect units, and may before should in through out in patterns. revenue we this later work It inventory that order time, inflection the hospitals predict it a over to we they before, As I said significant reorder, smooth those as cannot to. and expect

Colin Bristow

any there? you then And can on the orders, repeat color give

Matt Wiley

Yes.

to indication ordering seeing had that and out. at months drug. of a hospitals you're Slide the point with a they perform would have corporate ordered least we But posted that experience for analysis had the to the that there had give pretty That to begun morning. we way ramp X that that XX have good to seeing this in is what in I we're the is inflection. that deck you some have nice The really So you will

fact, into In I agitation that impact we average penetration on X.X% to, annual or market. think, get

a expected way that's So of I ordering We've half reordered. launch. useful the fairly will over time. observed I that, place hospitals do, mean of they our we've as we're think hospitals if the that's and maybe And have in as pull ordered predicting first -- ramp. have new one early remember, -- -- calculation they they order, online including those we the their had we

have that them patients we trial fact, And pretty hospitals in in repeat orders. so to impressed expect And this performance. with they're we've in its seen their as hospital,

Colin Bristow

more great. focus Okay, sales the at as Alzheimer's much sort the similar And lag expect I you'll because then, be which look you performance? a just of forward we established so do correlation point, that launch, these and we the everyone, metrics should rapid Or is think uptake... and to greater of a between expect

Matt Wiley

Colin. a that's is So we great this And I that. a question, wouldn't traditional mean expect no, therapy. Rx

you expect be the the department of bipolar a episodes wind with to to of experience being same bridge would lot we dementia from gala markets. retail schizophrenia in up that traditional And million ramps community, hospital to see type XXX in in emergency in in the see is we're the where to build going that XX% able Alzheimer's dementia Remember, experience going fact, So to those in very the patients. of even important. Alzheimer's have

with go back similar to it a expect the out their the build have community been game, physicians. that So in leverage we and who those request for treated request from and patients

Colin Bristow

So a guys. that's really helpful. lot, Thanks

Operator

Goldman of come Jenkins the Our from line next with questions Sachs. Karin

Unidentified Analyst

[ph] on Palak I questions. Karen. have couple for of a This is

dose? how be use in revenue should Serenity should any doctors the then lower about? setting. dose they to to we there expect room do determine the Are emergency post implications thinking the choose So X, you to And

Rob Risinger

given for in use. are hospital be So being the XXX or doses at-home labeled room is tested approved dose XXX XX-microgram micrograms, dose setting. again doses, hours emergency and half and X which the may The first after the

Vimal Mehta

differential is price our this is no the I or And on based currently, same. Vimal. XXX it's whether is that add WAC there dose, can XXX,

Unidentified Analyst

in the as you do other tolerable view my Trunity the rate study? could population? And within what risk was, question you contextualize And helpful. of That's this falls a

Rob Risinger

all itself So multiple risk, the falls. we agitation population is know these comorbidities, anti-hypertensives, especially at that with risk elderly, is Obviously, are -- fall. hypertension reasons why on a and patients patients factor for

is hips with good or don't not the I thing. bones. is. know and a like so falls It a And that broken worse, -- never consequence, single consequence arms fall and

And so monitoring we'll this. be

data package are In fact, results. safety regulatory the our top part monitoring see line as we of presenting of this data this, on you in be as and we'll and part our will this

Operator

Our Suneja come Yatin from line next questions Guggenheim with of the Partners.

Yatin Suneja

A question X. on tranquility the

study negotiation what curious study, the us think articulate come the X day X-month I at are? what or the is of when and X, but endpoint So were did least you Just help understand months. filing discussions you in X Could colasudies. the designing What enough? forth you requirements, the would and or X need be maybe up X open out X And needed us is regulatory of the you at read with the you FDA how label? with -- back sort the then up primary to come was for how with tranquility in terms of do did

Rob Risinger

Sure.

with That's whenever consultation demonstrate for single questions that's not you'll why of FDA. okay, was dose X but if double-blind, So It fact, their the for it again. months. continued we episode, got blind. how placebo-controlled we only a in breakthrough, one is, a may used. efficacy that And studies double to one demonstrate over of And able it these be need to and period in designed efficacy is you're period

it's weight double-blind efficacy data, we're episode that describe of whenever but is safety arises. So FDA not just describe a agitation primary, to for able thus, first that is able in although the efficacy placebo-controlled the to X-month And dose, label. period we're puts as the and lot open used not an

be that that presenting is We've the agreed plan, been with data and analysis we'll to FDA. is the that on So them. agreed

Yatin Suneja

more MDD question study. regarding adjunctive have. One I is This the it. Got

Phase I actually in healthy is volunteer. the So

to that proof this at for like like what you inform curious would Just concept how least in the could of see volunteer MDD readout...

Rob Risinger

Yes.

and The true. basis. daily healthy study is principally a of doses tolerability daily taken it's and twice is So explore it to designed on volunteers, or safety in

escalates dose acceptably with norepinephrine day. The starting a to tolerated considered combination highest inhibitor care tested greater doses standard up regimen low serotonin is then and a or So twice reuptake dose, frequency it with a of and to SNRI. in

in So development terms advisers have we'll data the describe we that data have in after hand, plans we our depression depression. and various do developing of who in will review that for options

this we're standard accelerant patients care, those XXX's capacity time, as and the choose of SNRIs. response to development We to at So more to antidepressant considering rapidly test accelerate of an remission, SS with we into first detailed advisers literally after codified we've have These response plans of be or treatment. and the our so and in strategy. and month the will this reviewed data, especially may

Operator

Our next with Suvannavejh of questions Graig the Mizuho. come from line

Unidentified Analyst

[ph] Greg. on is Richard for This

for they so is looking seen the that same since at-home looking me SerenitX, [indiscernible]? is Specifically, FDA the in you're questions from the about are X you what efficacy in far, worried so And what as for? have setting,

Rob Risinger

that about believe have adequate know don't is I the worried We anything. data. we FDA

so to the data FDA. that literally And taking we're

Vimal Mehta

that, add to So Richard. just to

As used broadly is Rob patients itinity that can purpose mentioned, that home. be the it at for

maintaining the the safety dose, was goal as margin. maintaining as margin efficacious while to test well our efficacy the So

to couple And will with agreed was we a is FDA this dose we trial the well XX-megabit of weeks, want dose in the the a Rob have So said, that data very test. as readout. and selected engineered

-- and are the can take study -- take and up a is part second will X with part at start dose can it of to we also a which patient getting So story. safety gearing home, dose the XX of be we megabit given the

it's with very and thought we So about readouts. very are out, upcoming it's data agreed engineered. well excited It's the FDA,

Unidentified Analyst

is questions about And now. you, commercial maths asked uptick think on been the what you Okay. one have about I for think

to also metric But you can I sales does so -- correlate force that now? think your And uptick? do how And is expect when mentioned that what uptake patenting you've from we a of see XX%.

Matt Wiley

Yes.

we dollarized question. And morning. provided -- can as with potential the it's been market penetrate what's So already Richard, we this scheduled year. well already upon voted so We we metrics did why what's great dollarized that's as into this the that

will and of expect the votes the We the that we'll pick field. and impact process happen of to most are in QX of half additional boats the scheduled, over XX year QX in the up those and reps that additional back

would similar we that's I that million as I happens. about see uptake unlocked either unlock. to how $XXX in surrogate And requisite et curve down the positive XX cetera, that So would we take in a that as to expect have Slide curves. that all good have the their drug uptake they in knock to or votes we use Once and systems,

Vimal Mehta

which is very current is XX% for And wins, like approval really said, Richard, I our that exciting. would to add Matt what formulary this is -- Vimal. rate

more very excited that second in in So we and a next formulary have are we quarter will lot wins half.

Operator

come next Sumant line the from Our Kulkarni of Genuity. with questions Canaccord

Sumant Kulkarni

serenity. around all Actually

in version called product meeting the decimated you dogs So advisory avenue to of Taleo FDA context, Zoetis at-home how use gel, per first use at-home tuned expect one, the committee that approved for in in a noise an for important fact an is for the mill XXXX, Atomera. the at be and company in oromucosal a tenth and XX can megagrams

Rob Risinger

in that bipolar a is, approved humans point gel and schizophrenia Well, and out is horses, for now agitated. have cats. And are fact, film that with sublingual who approved we dogs same I'll it for

development confidence great program. in So we have our

Sumant Kulkarni

study but And statistically otherwise the and Phase when the would significance it. where efficacy, is dose significant safe. in a rent, results for scenario did announced July for XX how score Ib/II XXXX. I'm the XX-microgram then you micrograms have a Got approach asking not you hit because strength the not does

Rob Risinger

are X end And single closely a in Part the remain So X where from regulatory safety the blinded, of initiating overall monitoring second for single the the the dose, Part Part we of both say, have will allow dose. that entail X part X we we been and dose and at the we day, study. just submission I'll although

Sumant Kulkarni

question And quick IDN the of the and kind of step bulk happen? the one. votes What commercial year a

Matt Wiley

voting That dependent it to We're when depends. mean the be their they our put I schedule on schedule going vote. on to is engagement happen them now. seeing

In a fact, Friday. system, and approve vote well-known small relatively system we system, a had just well-known on us but

nice And week. And was see so a this every add. we happening that

cadence of been we to so to continue those launched, should the Remember, of more We've with beds vote scheduled the and ratably XX% have that those targeted are IDN of since and And improve. the take XX,XXX see IDNs more we place. already. we've to or expect votes engaging

the we of online so even more those And we throughout come year. move as should see

Operator

next questions Wainwright. come with of from Ram the Our Selvaraju line H.C.

Ram Selvaraju

First of commercial metrics might of to changes? should we second Or expect respect maintain ask to just to question I same the report wanted reporting is going be, And you numbers changes all, if forward? specific expect those if what you so, types the forward? And going of with expect just OncoSxel. to if what

of the of other possible and updated spinout timing equivalent us give Just thoughts transaction? regarding any strategy or there type your potential

Matt Wiley

today IBM we metrics formulary out year So process approvals of that should dollar we day of what reporting process. in difference and opportunity what been the the IDN on. same we those impact only market and And positive We've X, impact, do beds so can assuming and Ram, dollarized last today. boats report actually those see able we on metrics. last hospitals beds expect reported over be commercial now. you value to on can process quarters and we've between formulary to The X And consistent in that is that since

will else that's So the change. consistent. Everything stay only

Vimal Mehta

Good morning, is Vimal. Ram. This

as includes XL, explore partnering. potential financing That our as strategic well to ONCOS Regarding continue options. we

So position on active are we to looking once have forward an to direction process, update we're do. confirmed and it's going a providing an we which like

Operator

Thank closing further are you. no to would like over this There now questions hand for back Mehta the Dr. I remarks. call at to time. any

Vimal Mehta

us. if a out have free Thank reach you, to us, questions, please to And everyone, feel you great day. have joining any and for

Operator

Thank you. conference. This does conclude today's

your may day. for disconnect you at participation, and great this have Thank lines time. your a You

BioXcel Therapeutics (BTAI) 8 May 232023 Q1 Earnings call transcript