Michael Gesser: Yes thank you, Ron. Net global INBRIJA revenue was up 6.7% in Q3 over Q3 2022 and 12.3% over year-to-date September to prior year-to-date September. SG&A was essentially flat the same quarter last year and $12.5 million or 15.6% below year-to-date September to prior year to year-to-date September showing our continued commitment to lower our operating expenses. Q3 2023 cash was $600,000 behind the Q3 2022 ending balance the same period as we work towards cash flow neutral for the company. In addition to our U.S. revenue we reported $1.4 million in INBRIJA ex-U.S. sales, $2.5 million in AMPYRA royalties for a total of $3.9 million in additional U.S. revenue for the third quarter. As Ron noted we are reiterating our financial guidance for 2023.
We expect INBRIJA US net revenue of between $34 million and $38 million. We expect AMPYRA U.S. net revenue of between $65 million and $70 million. Adjusted operating expense guidance is expected to be between $93 million and $98 million. And our ending cash balance is expected to be between $39 million and $42 million. And now I’ll turn the call back over to Ron.
Ron Cohen: Thanks Mike. So to summarize our priorities for building shareholder value first on INBRIJA, as we noted, we have seen sales increase this year with a 15% increase for the first three quarters over the first three quarters of last year and we believe that our commercial programs are having a desired impact. And we seen this especially in the 38% increase in INBRIJA new prescription request for the first three quarters of this year versus the first three quarters of last year and we believe that’s going to be a leading indicator for future growth of the brand. We’re continuing to maintain the equilibrium as we’ve discussed with a flattening of the attrition curve and we’ve also been exercising a fiscal discipline.
Last quarter, we adjusted our guidance on OpEx for the year downward to 93 million to 98 million from the original 93 to 103 million and we’re continuing to work to implement additional efficiencies to lower operating expenses further. Very importantly, we are continuing to have open communications with the quarter’s convertible debt holders so that we can arrive at collaborative approaches to servicing the company’s debt, which is due at the end of next year. And as you might well expect, we expect these conversations to increase in depth and frequency. Finally, with respect to our ARCUS inhaled technology, our team has shown the ability to create shelf-stable mRNA formulations as well as various proteins, peptides, in addition to small molecules using the inhalable powder technology.
We are continuing to evaluate collaborations with other companies for creating important new inhaled therapies. With that, we will open the call to questions. Tierney?
A – Tierney Saccavino: Thank you. We have a few write-in questions here. Here is the first one. When can we expect the company to be cash flow positive?
Ron Cohen: Well, we typically, and again, will this year, we typically give our projections for the year at the year-end call. So, that will be after the end of this year when we’ve got our budgets complete and we have our projections complete. So, we’ll be updating you all at that call.
Tierney Saccavino: Thank you. The second question is, what measures are being taken to better forecast and improve performance? In what way is management being held accountable?
Ron Cohen: So, in terms of projections, I’m assuming that the questioner is referring more to INBRIJA because I’ll just remind people that we have had an excellent, a really outstanding record of accurately projecting AMPYRA ever since, I would say, the first year or two after launch. And launch was in 2010. So, we’ve been very consistently on target with our projections for AMPYRA. The difficulty, but with INBRIJA, that has not been the case in the last few years. And the difficulty there, which I think we’ve discussed at some prior calls, is that having — we launched into an extremely aberrant set of circumstances, mainly the pandemic. And that throws a monkey wrench into the usual metrics because you have a situation where for the first two, three years, we had patients not seeing their doctors, doctors not actually being in the office, people switching to video.
