TTNP - Earnings call transcript Q2 2019 | Titan Pharmaceuticals, Inc.

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Operator

Thank you for holding, and welcome to the Titan Pharmaceuticals Second Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. There will be a question-and-answer session following today's remarks. Please be advised that this call is being taped at the company’s request, and will be archived on the company’s website starting later today.

At this time, I would like to turn the call over to Sunil Bhonsle, President and CEO of Titan Pharmaceuticals. sir. ahead go Please

Sunil Bhonsle

XXXX and Titan all financial Pharmaceutical's the June results Keith, on an Welcome business. our and joining to for XX, ending quarter the call second to thank you, provide for update you us. operational and Thank to review

found we wanted a release press be you titanpharma.com. and issued today provides to Before of at that quarterly the our can the filed begin, SEC our Form on and I summary results report XX-Q inform website we on with the earlier

leave Joining me Crowley, Dr. today. us and Chairman; Executive on Finance. a the from and Brian Titan, medical DeVarney President President Vice call Dane unfortunately Marc are today Kate cannot Chief Vice and on Dr. Executive join Rubin, Officer; of Commercial our is Hallberg, short

into the will Jennifer company, of statements. Jennifer? details on results cautions forward-looking the Kiernan update an and regarding we Before get provide the review required the financial

Jennifer Kiernan

product that you, Securities Sunil. discussed of to, XXE statements statements include, facts. XXXX limited want everyone XXXX. than to the XXA today, the relating remind Thank certain Securities and I of information the contain of Such within forward-looking will Section other other Section are meaning programs statements not to are be Act Exchange historical may of but and development not historical of Act commercialization our any that and any matters statements that

production patent strategic and intellectual approval negatively our operating the current affect candidates; property involve management's to matters; could business, process; the those materially financial results could statements and to uncertainties include relating Factors and our risks differ and and that expectations, uncertainties, Probuphine; stock of that relationships. actual drug Such regulatory cause the of testing, risks marketing and and agreements conditions results, price. from development commercialization

as changes to in our or We statements any any expressly or circumstances on change expectations any events, reflect such any in to statement by obligation revisions or release to any updates based law. or which disclaim any required herein except forward-looking undertaking publicly conditions contained is

And now to Sunil. you back

Sunil Bhonsle

you, Thank Jennifer.

with then Executive As updates questions. Dr. close I financial will before your call Rubin, the always we summarize Marc recap will with overview by a start and Hallberg. the followed the Chairman, Crowley commercial results will opening from call brief from Brian an Dane our for

So let's started. get Marc?

Marc Rubin

Thank everyone. you much hello very and Sunil

work to thank today. want I the impact Since have for we that the have been maximize you always, us our know resources call, limited As disposal. steadily, our all joining efficiently you continued at to last to work that

of establish We place put and many focused have expertise while that programs build our in a capabilities. are grow and the required to team the and commercial successfully continuing addiction, of to deep people in relationships with field key

laying foundation progress a with company the made in proud successfully stage from We development a important to ultimately and full potentials. have the establishing are transition to groundwork company into commercial

will accomplishments the of Some included Dane in key these moment. these a are on all-inclusive. elaborate some not and of have

adding that key process payers. product medical refined to working number significantly prescription been with time to the our of marketing coverage the the with We've insurance pharmacy expanded relationships by players We've specialty expand of the distribution benefit. with shortening delivery. from plans the Probuphine goal cover under and we've strategy. But third-party our our network national streamlined validated strong and segmentation and We

of education of those programs. we've Probuphine, most implementing would number who whom populations certified their other appropriate. very, very especially been And Probuphine regulatory company for which and long-acting been like the growing patient be new providers, and health targeting providing words for include supportive of care rolling patients whose program any treatment company. new to providers, maintenance commercial those and are is products compliance course, out doctor state-of-the-art important We've been a a We've

second While Dane of really providers -- establishing agreements providers, our during on with these been the I we elaborate are to am and was focus about and progress resources. more this will initiatives service appropriate report take surface see the has and earlier shortly, that despite on limitations implementation quarter the to but on about happy them starting watching tangible part real XXXX, root. our identifying the capital focusing begin important to

has the approval milestone largest second market established -- of the major the approved the a market UL that the has the Sixmo, Commission's brand approval now occurred was second name which in U.S. and European the is is of Another Probuphine and in been quarter EU the third after in the in for buprenorphine course which this of product as the Europe which global key product. in world

market in of to growing over European years. cohort addition deaths have represents a an The users. opioid Opioid-related in segment the five long-term aging increased last Europe

be believe received well EU's that only market. the dependence, So opioid as for months this we in first substitution and six will Sixmo treatment

prepares of year. as Europe to We've shipment launch Sixmo's it progressive expect this for Molteni, end across been the product we by working commercial and Molteni initiate to with

place this quarters. With meaningful contingent importantly contingent and and is sufficient next taking the to We -- hope access capital. on in Titan able to progressively success now and hold, commercial few right foundation over be to demonstrate enable poised the to

brief stop the for a to going commercial call Dane? am with there turn and over that to update. Dane I And

Dane Hallberg

everybody, and much, Hello Thank good very to you you speak with again. Marc. once

Accredo specialty of the of three mentioned, significantly quarter to a with executing and second since we start purchase by Scripts. expanded leading Pharmacy Marc announced the with agreement a we product As Express In May, access agreements subsidiary Probuphine, pharmacies. treatment with Specialty supply

program. largest management with one an opioid pharmacies U.S. the was specialty advanced award-winning of Accredo

that in the death So with announced to Southside strong June, services we Pharmacy states has among pharmacy we Texas and in of are agreement those partner in a number the a them. pleased are reporting with highest Also Specialty opioid-related California who U.S. presence

services largest U.S. of a one we business early the Caremark, CVS July, distribution agreement and pharmaceutical in the subsidiary Health Finally, CVS of specialty product in and management announced a with prescription

focuses that with accomplished on our was quarter the AppianRx second was minimal and the by pleased hub into disruption central specialty during to services was This of AppianRx the to the services. this hub followed switching the supply to additional integrating chain. I am One pharmacies say

We role care the a prescription as from AppianRx up three what among prescribing little have established weeks specialty plays within where time decreased months quarter a now to insurers two product central from This delivery health to XXXX has bit in a today. and fourth providers was typically process pharmacies. model the to

long-term Probuphine and continue commenced we Stability the coming to months. this the to theme addition we features prior also In during have our received brand treatment Into expand of coverage, will in the campaign, highlighting news unique Step media, Probuphine the new

awareness, Probuphine our second wider distribution streamline began the quarter, obtain our our successful. process have distribution networks, we During coverage see efforts to indications and that all to expand increase been

segmentation, year. clinicians when had prescribers prescribing to that of the the the for One correct decision the could we not the previous continue primary to channel healthcare very economics an practice very right the health and to the OUD medication active training I'm so are have Probuphine. identify we increase where number patient remainder the Certifying we right will driver was to train and happy providers success that during right certify. the of providers populations have are and success key strategic important care report of

enormous a transition that I amount of believe mentioning it to Titan expertise functioning commercial an effort took it's and to fully worth organization.

direct of it's seven I team have all just four to progress and important with reports: consultant, of business myself resources sales development to and very and one reimbursement made territory highlight core fair VP limited we managers. marketing one think and composed these consultant, that financial date a one

hurdles the in at our we key strategically turning believe can geographies Additionally, and presence solid and the of the past. barriers proper significant of are point we financial we Probuphine and a channels where with can expect team utilization resources, without I uptake grow now where and

of remainder through Moving the XXXX.

ambitious want We health to significantly marketing the We initiatives. grow Probuphine-friendly number care expanding training of certified goals. by have and our providers some

progress the keep We coming of over informed you our quarters. will

Titan's Brian? turn over Brian now will discuss call I to results. the financial to

Brian Crowley

the the few note of in details to the available are rounded provide I'm all was will financial been about just have today press release Please results I with highlight Thank provided that our At time, and A in you, filed numbers SEC. our a Dane. are therefore XX-Q items. Form summary and this approximate.

to For of which property Braeburn This to related $X.X of reported revenues, which XXXX, and period related of license primarily the from sale in sales product revenues revenues to included were -- the intellectual $X.X European revenues from program. the and $X.X million of royalties. of million return the intellectually we second Molteni product quarter the license $X.X earned rights and in same XXXX, million compared with development of grant our million nalmefene

in were of The expenses of expenses with operating second due operating increase and goods million, SG&A expenses Probuphine, expenses cost XXXX. of fees travel, quarter primarily quarter XXXX of services. million higher in quarter Second same in expenses consisted the $X.X which and employees, expenses The primarily SG&A consulting primarily was $X.X to million XXXX $X.X facility, R&D compared The sold. of and $X.X million to and other is in in increase SG&A goods expenses. the operating increase sold outside professional in additional cost related commercialization and related resulted to

per net $X.XX common XXXX Net quarter or second million in the with or compared shareholders same $X.XX loss to $X.X XXXX. in in share the quarter a of loss million of $X.X applicable was share per

and In and at XXXX that October our million August proceeds to cash placement. $X.X we XXXX. XXXX, operations registered from our equivalents combined are of We direct XX, our sufficient received concurrent offering through these net of private proceeds fund of planned million believe with June $X.X net cash

will pass I Sunil. to the back call Sunil? Now,

Sunil Bhonsle

you, Thank Brian.

beginning this hub of specialty of the in network. the the and our quarter AppianRx second particularly the the expansion of many to into first Probuphine we announced year, ordering was our new pharmacy focus quarter mentioned process Dane of As on execute the the initiatives during integration

period, quarter. reported pleased we maintain am onboarding product during disruptions in Titan previous were what the with I and consistent this able to revenue that minimize

And the funds we continue fully near-term will the proud the to our require of are accomplishments. of We progress. time, we're at our same additional in cognizant

Our year, on continue from the treatment. maintenance current of now recent have our active top offering prescribers of this healthcare increasing our number by priority focus Probuphine To already proceeds who meet to using the Probuphine patients goal undergoing of the on is will we providers end drive product sales. to

potential access with et cetera. opportunities the use outreach offer like into And continue and arrangements partnering specific further identifying treatment. practitioners to and will can both nurse residential market suited our we long-acting like VA for or through rural these regions that best on product patients clinics the co-promotion physician We segments physicians, seek assistants expand areas of training provide centers, to meaningful treatment will

positive are confident Probuphine with streamlined can fully mentioned And distribution Dane The resources, operational early success. necessary to success signs and indicators. access, we achieve a of process commercial broadened access patient are the

would are NIDA grant progressing the like IV schedule are remain Probuphine phase on we to implant continues requirement. of and by process development work Lastly, the the in the initiating for required I that funded nalmefene also studies for the to the on mention that is and early-stage grant

We are also which prophylaxis, projects third early of feasibility those malaria and neuropathic couple ProNeura other a in progressing parties funded as have well. by are pain and

prepared This concludes remarks for our today.

Titan the their to to we call from Keith, hard take the continued to questions like the at dedication. thank team ready I open for and Board staff questions, and work are call our Before participants. I'd

Operator

you. Yes. Thank

the the begin Jason now And comes first We question-and-answer with session Group. McCarthy question [Operator Instructions] Maxim will from

Jason McCarthy

Thanks the question. guys. for Hey, taking

Sunil Bhonsle

Hi, Jason.

Jason McCarthy

and the Scripts you Express the you quarter of Caremark. touched agreements subsidiary including with the CVS those key announced Pharmacy one with the that Southside several last call So Specialty with over on

the like to impact really if Titan us have bit So for this means could more on color kind can see this of I'd you for a what what give and tangible relaunch?

Sunil Bhonsle

have take Jason doesn't explain ability why the is specialty this previously to access But clearly sort the the some that of of those around address pharmacies things a between and that these third-party the But process smoothly of make time. specialty that it. Dane pharmacies long specifics be issues of a the Sure. Dane was lacking all let allows a was too the three me can have I'll the physicians, address handled past. sure to process wide payer And one both

Dane Hallberg

to. Sure. I'd glad be

you thank So Sunil.

that there's is coverage. correctly and that in omitted, nothing that get a a do pharmacies and is they insurance and single that contracts ensure prescription out, to We is to payers. our I a to and to we I'll send specialty then a bit. and from provided into verification So hub, services have with specialty the when in do ensure what filled they out won't And application but office one pharmacy. the preliminary comes physician's benefit But patient

coverage, a we the don't we time If the have meaning, with have delay, have the that specialty contracts delay. a that pharmacies adequate now large payers, it's

if contract that they are prescription. example, and UnitedHealthcare in and the a our prescription. were result a don't patients for and clinician have UnitedHealthcare, then to specialty So, it's the fulfill And that pharmacies denied the is notifying a unable delay

we plus was saw prescriptions in real denial an extremely what rate. earlier coming and So high

So the physician form being the with months experience clinician later three and filled Probuphine five-page then for a application most essentially out back-office and and denied. was part paper-based

experience. So it bad was a very

have Houston at errors that fully electronic and network. patient It hub, Now is And a benefits that now our reduces the we verify team services omissions. a AppianRx distribution electronically we portal have also an office. comprehensive digitized with

it to -- made now. get make this possible get only the didn't We've we not easier drug. to it So easier

in comprehensive we're built-out fully streamlined network. with position distribution Now a a and

with Does sense? in this our out make the being much chance your to answer funding have Now prescriptions Does will approved. we're of greater to and a position sales question? a drive which marketing adequate build in awareness

Jason McCarthy

Yes. lot of It makes sense. a

Dane Hallberg

Yeah.

Okay.

Jason McCarthy

helpful. very That's

the one been set market seeing bit give just similar more OUD Europe Has and from actually you question a on EU approval in EMA over could lot the how has been the a differs the epidemic? of a focus now partner crisis. there, a more opioid with because then it So color and of U.S. kind on commercial U.S. us up

Sunil Bhonsle

long prescription and are But buprenorphine Sure are what substitution X.X introduced awareness for methadone-oriented. decade in years have the predominantly X.X Europe needs the in of of started to five increasing one this managed, million, question the treatments countries the that in very available primarily European people the last of they course, to opiates years, Europe. million dynamics market and opioids being with so in heroin use of been Jason. a a few number mean, The I in over have sense also that been several numbers about last affected. has quite deaths the good the of into illicit see The along increases been time therapy of be past has really and used.

major a It of countries has an starting created to that pay environment attention are something where to. is the lot this

That's the second poised buprenorphine to much products. grow. U.S. it's but the So market, a market to very for second largest only

and One point systems a treatments in that centralized of funded our the speaking with the available characteristics maintenance and patients. Molteni been long is methadone patient partner the have population, X they because a alternative of buprenorphine to these typically for on clinics out is of time large for very patient through valuable number so large a less on by that, makes similar which or healthcare treatment, population there, Probuphine milligrams

way the about excited with attention quite timely the getting from and patient the it's the is Probuphine. feel Molteni fits so they and programs is And communities. the medical approval the And of population

that. are excited about so, And they

course, reimbursement central can the in the all it's thing, used is and country while by of actual approved, is is country. pricing been approval countries be EU and One

And process -- to so process. they pricing the a part Molteni now, first it's that started for the apply requirements. of by six-month-plus has is And expect the typically local

they that on start next major can end regions. the in by time some sales this early and countries they should the first year pricing the approvals some those of year So see actual

developed here speak. to of are And the training look wheel we that. programs related our EU that don't Molteni And needed reinvent so good progress and have supporting there. forward They the currently certainly the to to have things sort like the some to status That's market. been and as with mostly experience we

Jason McCarthy

on All you much right. very and Thank congratulations the progress.

Sunil Bhonsle

Jason. you, Thank

Operator

Thank Haynor you. Alliance And the Partners. with Ben next Global question comes from

Ben Haynor

gentlemen. afternoon, the Good questions. Thanks for taking

me… for off First

Sunil Bhonsle

are How you?

Ben Haynor

Doing great.

Yourself?

Sunil Bhonsle

Yes. Very good.

Ben Haynor

Excellent.

I June be early I so think June. if So integrated. correctly, should or that say to Accredo of or And were I guess, was that or AppianRx scheduled – kind I and it know I recall

would really AppianRx sounds the if on And did. that to it then CVS and and place. Southside platform curious get took Caremark It you how Just rolling? like start able quickly

Dane Hallberg

Ben. time it think. It's does and good connect systems this correct. to get these excellent. I all is once Because to APIs We've take question, really signed, sure Yes, got integrate, an to implement. make that Yes, you electronic a It's agreements the is flow hub.

So they it have the should with CVS was get to got specialty in June mid-June with And this month, Accredo. towards everything it we pharmacies, bulk. system. of end that able in maybe we they going then, were -- the should These late be do be we go buy they the finally that grow been in be And to And end business. done. to they we and out But we'll go need stock to ready the then everything locations place with and have that's that going month this of feel do CVS. there's a will by the

Ben Haynor

that the Southside or way is And CVS, same different? as is

Dane Hallberg

Yes.

Southside -- actually yes.

Southside owned Frazier by Appian. Healthcare owns which is

They So of, localized in kind various player niche rate key and have states. high overdose pharmacy, a opioid of death. a specialty they're

And large, covered. market the very so, a say, we've of XX% got

And key earnings covered where handle space. there's the not going smaller our pharmacies can specialty the we've or that's be pharmacies to in legacy that players big three by --

I part. so, go, we've fantastic for and most ready lineup and we're got So the to think network a

Ben Haynor

one of ultimately requirements. have authorization opening the similar states Got And That's door your something removed injections, that it I the occur for like that then up it. you prior to helpful. with lessened definitely or competitors' noticed Could with looks several see Probuphine? depo

Dane Hallberg

-- Sunil to up you. take this. you Yeah. it’s I can Or

Sunil Bhonsle

right Go Dane. Sorry ahead.

Dane Hallberg

are we seeing with that Actually Probuphine.

long-acting the also from class the we where see this. opened look benefiting we generally for at up it long-acting, when they've we in So that are

got with to out And a strategy all states of XX% strategy and the seeing the in coverage excellent segmentation fall it's in strategic Medicaid point within several within we're patients that Medicaid Medicaid. contracting states. space. We've OUD that So implemented important

And the is to key obviously. so and having approved drug able adequate being coverage get

I and now, we're with few think with really blocks. very so And for and success set really comprehensive poised up coverage

So what have. pleased we with we're

Ben Haynor

to being right It like cusp really you're able drive sounds of on the everything.

Dane Hallberg

Yeah. The we're growth. everything be key with that's steady aiming is It's growth, in now for here be to going going was place. tangible the financing. that And what to steady proper

Ben Haynor

just And have ones. kind I then of Great. housekeeping two

release you million so split problem. First the press off, correct? that it'd marketing, of And that instead be sounds $X.X least like It I'm about then, sales a to Is no were and in the quarter. SG&A. minute, reading takes to if off me if at

And then where the missed you terms in of other that. if sorry housekeeping had are is one I I prescribers? at I'm

Sunil Bhonsle

Brian the No, the Sure. the its selling without million I'll the address question so... $X.X old and that to SG&A so the or no, speak have around Ben. G&A, break-up expenses,

Ben Haynor

Yeah.

way I yeah, the think $X.X those that here don't similar statement? exactly looks have -- be have and -- to it But million know they I I and worded the it marketing. it $X.X a million, me sales of believe there guess in fair way as marketing expenses and QX. on that I if was sales it the it question whole terms. -- considered that QX was. was -- it was out aspect were I the the like text of was considered don't similar know broken million be were Would text in the it is would $X.X of what bigger in they kind just to looking wanted I -- you But you some as the

Sunil Bhonsle

want you address that? Brian, to

Brian Crowley

no as marketing in year, QX at was sales that That would marketing the fair, of X.X and looking and expenses. quarter. because you're in virtually But last for basically the be sales there

Okay?

Ben Haynor

Sure.

Brian Crowley

Okay, yeah.

Ben Haynor

the then prescribers, number of that? Got have it. if you And

Sunil Bhonsle

to like don't progress. sure a make these the see of a kind information say, of will they're the are show would and trending. place things stage. some obviously start large how systems But collect to we this that providing give how here's we have to prescriptions I'm hey, We we numbers having and right quarter, database that guidance Not and at report on starting to in had us the worthwhile previously, yet

to... So it's still too early

Ben Haynor

okay. So,

tuned. stay So

Sunil Bhonsle

Yeah. feel that's of was right it I it's if early. giving too And worth a I three weeks' little doesn't mean information, though. you

Ben Haynor

It's all right.

Dane Hallberg

Ben, add to this that. I'd is to like Dane.

the or look prescribe But go there these key X MAT that only street fall wave practices you train physicians is and know on illegal the drugs. practitioners And the nurse into clinicians. So physicians -- throughout at syrup. your we've to the usage for this. being drive the can a they of private of XX% country, levels experienced film. lot think cash can of diverted if And I PA or thousands is that And that practice or film that of up with economics you we

I These folks So really that providers, us clinicians and are we folks the bodies are where just incentivized measured nurse and a the the we are effectiveness. a step on really practitioners write physicians, by and practice key and are segmentation, back, in as can took driving day by that are indicated, sole these where healthcare efforts which see Pas, where force, channels prescriptions. they our the they key our showed how economics focusing many the

for And we're have long-acting Probuphine I it's not So the treatments. all opioid we've combat the were that We the clinicians previously to going practices original our explored in of fit practice arsenal out And and have a spent those back. private resources to we're OUD step guess segmentation they because areas that so economics. the on belt just value and or that, that on into go us the spending focus taken at for and ineffective. But to dollars, that time dent a make that addiction. adjusted millions of tool

I a think very steady to you're growth. going see give solid And quarter on clinicians So you right we're focused the now. us

Ben Haynor

Thanks for a That's had color very helpful. lot, this That Okay. gentlemen. is all I afternoon.

Sunil Bhonsle

Thank you, Ben.

Marc Rubin

Ben. you, Thank

Operator

from Research. And Small comes with the John Cap next you. question Vandermosten Zacks Thank

Sunil Bhonsle

Hi, John.

John Vandermosten

I – this maybe wanted see between I Hi, and going we the that was wasn't Marc, I that down my also And some Sunil for sure understand they of be Dan represented, will quarter. then out to might and we and to how royalties with me could But questions. broken you that? revenues. we're sure would maybe start Canadian when Brian. see how taking revenues. quite product Thanks help be and but represented

Sunil Bhonsle

Sure.

payment in of that. Canada, clearly what terms we In receive from royalty the would sales a is

would launch as reported the royalties they the be away. But in So in setting. so they numbers right growth, year royalties that, The reported treatment based of report The seeing would And which quarter gotten by is last and they're patients to clearly that even the time on Otherwise to of they're periodically to in have health which back the the very it now seeing themselves strictly some Probuphine. takes reported Canada, establish growth generate being presence have acceptance fourth provincial like product not a started and in important. Probuphine. on. they payers – new really of put be care that recently upon large the third-party it's systems coverage we

this product. So are seeing see the reimbursements in They're more in expect that we as well. second to usage starting see And will acceptance of Canada they of half I starting meaningful. real start the some of year, Probuphine to are

in just with I little will royalties. – too but receiving the when as the it's launch, royalties, it a start we be early seeing think reported

John Vandermosten

revenues at product there are itself you? And any they associated when with from receive product all the Okay.

Sunil Bhonsle

year of last product have that using. end Yes, product did them there the that's are. the and And been at we they provide to

John D. Vandermosten

for in many And there product prescriptions I provided down in repeat that the revenue sense how get to before were could may see. maybe of but statistic of I first-time and a the you how prescriptions that if you quarter? terms break have second wanted think I Okay. me. many

Sunil Bhonsle

detail indicate included that not properly to We now there once collected of any it's that tracking We're so now. – data of being before. that and at starting of accurately systems some this the just stage that the just were not do have again to to

at just would be second a at best. this stage would So quarter for anything estimate provide really we the

of speak let's accurate said and difference. consciously we have what AppianRx have versus we prior wait so the can a put which was we just makes that big system a we And going what in to rely place So till what provide information inherited – to matter it's with we that. upon have now in

John Vandermosten

implant would some third fourth in I And by this now? me I'm guess patients Okay. a assumption, there but probably if tell and if under incorrect are or

Sunil Bhonsle

the that, There very me amongst point very repeat data high and much out indicated in inner prevalent are. satisfaction that Probuphine And is the patients I Clearly, frequent. of tell clinical a is, it. have into and go patients talked repeat studies treatments that usage clearly, know treatment wanted to have continue what of XX%-plus do patients. of a study. can't that we second also quite so. you about percentage from studies but Doctors been And let rate our clinical

treatment fourth it, well. have into and cycles, as gone they as third mentioned well. sales reps And Our

John Vandermosten

delay, Okay. as your revenues, during the guess quarter? a second partners, any in recognition transitioned I there was of you to And the

Sunil Bhonsle

sure the the on. that, and we channels, each revenue it sales, partners, mean, reflects that standards, specialty it and quarter, revenue. recognition, the continuing I clearly, of And that, make usage portion principles the pharmacy And have where reassess is on. The accounting following so through to distribution recognize

it We did setting? the that for We've during that particular I is is only... principle, revenues what prior in quarter. adjusted again, this shown else as that's think, anything Brian, done And the that clearly, quarter.

Brian Crowley

No.

it, you think revenue the taking into factors various recognize you The just, so And It's Sunil. we mentioned. account. shipments. got evaluate I

Sunil Bhonsle

Yeah.

John Vandermosten

Okay.

Sunil Bhonsle

point that again highlight the can key I'll things I or of one I'll out again. think

quarter one had Probuphine practice numerous of The being were prior been. things getting second was way where changed, in the the

who reeducate only all you not have systems also meant, right. to have But do the That using work healthcare were this. to the providers,

been process of months few a of all this pieces certain are And so, making functioning. that, everyone it's

minimal, this – somewhat So to I in process. am that was the I disruption clear me

changes For to that on, company, been the else accomplish these commercial a everyone here. is going able a that job many the with has and tremendous And small team. team logistics

are our reflects prior the similar quarter. think, it in, I And revenues to

of the all should growth information. that we can to, we rely think capture I really And Now, see some be upon. able

John Vandermosten

guess Okay. at And grant … revenues, I looking

Sunil Bhonsle

Yeah.

John Vandermosten

that, …is grant I said recognized? early think all call the And before. I that And work you kind as in think, of proceeded as the has expected, there. revenues, the explained was to me that it

And in Or that on be a consistent it little bit recognition, basis. they'd second the be remember just that's It at during later? going a slower of I regular was how a least caught period up, to quarter. recognized, time, was

Sunil Bhonsle

yes. Absolutely,

John Vandermosten

they of up. they're trying grant there, these to I pretty Because think, revenue. understand, of I'm some much show just the It's when cadence fixed.

of... kind that's So

Sunil Bhonsle

absolutely it Yeah. And work was A of large on. really upon of quarters', many periodicity quarters earlier the the the varies, the couple first activities amount done grant. of in correct. based That going is of are how

saw recognized. you so being And amounts higher

the that work used of are that actual be and studies some these some being of Some of money. going -- able to studies won't on. non-clinical recognize that completed, study Until now of in fruits that, grant is we

it will -- But we as all schedule-wise, much it very comes are on schedule.

we so to these recognize of just periodicities. And expect revenues, different all

John Vandermosten

Thank that questions. my taken you I Okay. appreciate you, Sunil.

Sunil Bhonsle

Thank John. No much. you problem, very

Operator

for to call questions, And I to that's the at present. any the over we for turn Sunil you. the all comments. Bhonsle, time Thank closing have would like

Sunil Bhonsle

for Thank participating you, all Thank Thank call. Keith. in you. you, this

Probuphine. appreciate ongoing we as with we your As progress programs, ProNeura other to And look And reporting forward support. forward. continued we our truly always, move product

have day. great you. a And Thank

Operator

today's you Thank for conference attending presentation. now has you. concluded. The Thank

lines. may disconnect your You now

Titan Pharmaceuticals (TTNP) 14 Aug 192019 Q2 Earnings call transcript