OptiNose, Inc. (NASDAQ:OPTN) Q2 2023 Earnings Call Transcript

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Ramy Mahmoud: No, I guess I’d just like to reiterate that we feel like we have pretty good coverage today for XHANCE. And as we have said before, there’s a meaningful part of that coverage that does involve prior authorizations, which frequently are restricted to the indication out to the FDA-approved indications, which today, of course, is just nasal polyps. As Paul said, in future, that same coverage wouldn’t be inclusive of the new indication of chronic sinusitis. We have engaged in conversations with payers through the first part of this year, we’re being very transparent. And at least going into 2024, we expect our coverage to be quite similar to the way it is today. And did we answer your questions? Do you have any additional questions?

Unidentified Analyst: Yes, that was super helpful. If I could just sneak one separate question in. Can you provide any additional color on the launch preparedness you’re doing ahead of the label expansion?

Ramy Mahmoud: We are actively engaged in preparation for the launch, as you might expect. Paul, would you like to make any comments?

Paul Spence: Yes, sure. Skyler. So we we’re focused on many things as we prepare for the launch. One is that we’re taking a fresh product positioning approach and messaging so that we can fully seize the first and only positioning a new indication of XHANCE that will enable that launch and that rapid uptake. But we’re also ensuring scalability of our pharmacy distribution infrastructure. That’s both within the retail setting as well as with the pharmacy network. We continue to look at and evaluate our payer and affordability programs. So, as Ramy said, we can make sure the appropriate patients can get access to XHANCE at launch. We’re also refining our health care provider targeting for both our direct selling and nonpersonal promotion to access the larger opportunity while assuring overall efficiency within our model and our P&L.

And then lastly, we continue to evaluate efficient options for accessing the CS opportunity outside of our current HCP promotion audience. So, these are just several things that we have as we’re continuing to launch plan and get ready for launch that we think will put us in a position to be ready.

Ramy Mahmoud: If I can just add a couple of comments. The first is, as we’ve said before, it is our current intent that the operating expenses associated with the launch as we go into 2024 will be similar to the operating expenses we have today. So, they may not be precisely the same, but we don’t expect them to materially increase in association with the launch because we’re launching largely to the same audience with a similar footprint to what we have today. Second comment I’ll make is that as I mentioned earlier, we are actively pursuing as part of our planning for the launch, the possibility of a primary care partner who can expand our reach into the primary care space and allow us to access the incremental opportunity associated with that. Did you have any additional questions? .

Unidentified Analyst: No, that’s great. Thanks so much for all the color.

Operator: Thank you. [Operator Instructions] All right. I don’t see any further questions. I will pass it back to Dr. Ramy Mahmoud for final remarks.

Ramy Mahmoud: Okay. Well, I’d like to thank everyone for joining us this morning. Hopefully, you’ve heard our enthusiasm over the potential associated with our upcoming approval date in December. And the fact that we’re pleased with the execution so far this year against our 2023 strategy, reducing expenses while stabilizing and potentially even growing a little bit our underlying product demand. We look forward to filling you in on our results third quarter and hope we’ll continue to perform exactly as expected.

Operator: Thank you all for participating in today’s conference. This does conclude the program and you may now disconnect.

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