Better Therapeutics, Inc. (NASDAQ:BTTX) Q3 2023 Earnings Call Transcript

Diane Gomez-Thinnes: Sure. As a reminder, in prior call, we did set our wholesale acquisition cost or our list price at $750 for a 90-day treatment for one cycle treatment of AspyreRx. As you heard from our prepared remarks today and had previously announced, we do have a self-pay option that is available for patients if they are not covered by their insurer. And so, that price is $65 for a one 90-day treatment period. And feedback from providers has actually been complimentary on this price point, recognizing, what has been central to our mission here at Better Therapeutics, which is about providing AspyreRx at an affordable price with a commitment to ensure the broadest access for new innovation. And so that is the price that we’ve set from the self-pay option. And I do think that it’s important to note here that, while we are not yet aware of what payers will set for their copay, we do expect that this is a reasonable assumption for a copay for a tier 2 drug.

Rahul Rakhit: Got it. I really appreciate that color. Thanks. And Diane, well, I have you, you mentioned that you’ve gone into deeper conversations with certain payers around coverage. Could you may be outlined for us the remaining steps in this process that need to happen for you guys to get to the point of a coverage decision from where you are currently?

Diane Gomez-Thinnes: Yes, go ahead, Frank. You want to start?

Frank Karbe: No, you go, Diane.

Diane Gomez-Thinnes: Okay. Great question, Raul. And I’ll start by saying that, getting to pay your coverage, it is a process and it does involve multiple tests and takes time. And each payer has their own process, but we continue to be encouraged by the fact that the front ends of our funnel, meaning that, the total number of payers that we’re engaging with in discussions continues to grow pretty steadily here. And what we see is that when we have the opportunity to review AspyreRx and the clinical data – as I mentioned, we’re being successful in getting to some of these key decision makers, we have success in advancing those conversations. Payers find AspyreRx compelling for several of the reasons previously outlined related to the data, the quality of data that we’ve generated.

But that said, the PDT category as a whole is still very novel. And while payers recognize that prescription digital therapeutics are here and offer a long-term proposition, there are some that are more willing than others to be a leader in that innovation and jump right in. So for us, we continue to be really encouraged by advancing these reviews with additional broader team members as the payers working to figure out how to operationalize and we’re really engaged with them on thinking through all of that.

Frank Karbe: I might just add, you’ve seen the slide that we presented this morning that gives you sort of a summary of the funnel. And as Diane said, I mean, we’re encouraged by the front end of the funnel continuing to grow, meaning, we are continuing to engage with more and more payers, and we’re encouraged by how these discussions have progressed over the last few months. And as you can see, a number of payers have now progressed to sort of the later stages in the process and some are approaching the final steps, which is why we’re confident that we’ll be able to announce the first agreement this quarter.

Rahul Rakhit: That’s helpful as well. I appreciate that. And then I guess there’s one more for me if I can. I don’t know if we’ve spoken about this yet, but the recent PDURS guidance from the FDA, how is that, if at all, kind of impacted your conversations with potential partners? And are you also just seeing generally greater urgency from some of the pharma players in this space to create these partnerships, now that they’ve seen this guidance from the FDA? Thanks for taking questions.