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| Statement |
|---|
| As John indicated, the third quarter was our second full quarter of FUROSCIX's commercial availability, and we are pleased with our progress |
| FUROSCIX is meeting the needs of heart failure patients, suffering from fluid overload, we believe specialists are quickly gaining comfort prescribing it |
| Overall, I'm pleased with our progress and believe that we can build upon our current momentum and look forward to a successful 2024 |
| We remain very pleased with the trajectory of our FUROSCIX launch and the meaningful progress that we are making with large payers, and that should only add to our momentum as more heart failure patients gain affordable access to FUROSCIX |
| We anticipate that the fill rate will continue to increase as FUROSCIX is expected to become better positioned on more health plan formularies, lowering patients out of pocket costs, and providing quicker coverage decisions |
| Overall, we are very pleased with our continued progress and the path that we are on |
| We believe that an auto-injector, if successfully developed and approved, would reduce manufacturing costs compared to the current non-body infuser and confer environmental advantages |
| October was a really strong month for us and November is off to a really good start |
| Our results continue to be very encouraging in Q3 |
| So that's working very well |
| So I think we're being successful in converting those doctors who have wrote one or two into doctors or their nurse practitioners who are starting to adopt the product |
| If we are successful, Class 4 will represent a meaningful expansion of our market opportunity to enable FUROSCIX to be prescribed to the most severe heart failure patients |
| John Tucker I think -- Chase, I think what we saw and what we're continuing to see is that, offices are getting more used to filling out the start form and whatever information they need plus our specialty pharmacy is doing a better job at finding patients |
| During the third quarter, the average number of doses per prescription filled was 5.6, which remains higher than our long-term expectations |
| That's a good thing |
| This brings our current field sales force to 66 territories and we anticipate seeing the positive impact of these additions beginning in the fourth quarter |
| Demand has continued to grow, reflected in our key indicators, including number of prescriptions, number of total prescribers, and doses filled per prescription |
| We anticipate that this could positively impact FUROSCIX co-pays as early as the fourth quarter |
| In August, we announced favorable Type C meeting feedback from the FDA regarding the potential expansion of the FUROSCIX indication to allow for use in New York Heart Association Class 4 heart failure patients |
| As we open more new accounts, the execution of in-services remains fundamental to FUROSCIX success |
| In the third quarter, we reported net revenue of $3.8 million, representing a sequential increase of 138% from $1.6 million for the second quarter of 2023 |
| In response to positive demand trends, we added an additional 12 sales territories towards the end of the third quarter |
| But I do think what drove it, the increase in Q3 for Doctors offices and especially pharmacy really finding the best ways to engage with these patients and we've done market research about that, about how best to engage with these patients |
| At the same time, we are excited about our lifecycle initiatives after having productive discussions with the FDA and look forward to providing more updates in 2024 |
| With fluid overload being one of the most common complications in CKD, which worsens with disease progression, we believe FUROSCIX to be beneficial for patients with CKD who have worsening symptoms due to fluid overload and are not responding to oral diuretics |
| Also as of November 1, FUROSCIX has added on Formulary as a preferred brand with one of the largest government retiree payer formularies, increasing the number of lives with preferred access to FUROSCIX by an additional 1.1 million lives |
| So what we do think, it wasn't really that meaningful in this quarter, but moving forward and especially in the next year will be very meaningful |
| Shifting now to payers, we continue to have productive discussions with commercial, Medicare Part D, and Medicaid payers in a continuing effort to make FUROSCIX broadly available to patients at the most favorable terms possible |
| Thank you again and have a good evening |
| So we're really seeing a lot of that this quarter and I think they'll be able to pull them through this quarter as well |
| Statement |
|---|
| Our gross and net discount from launch to the end of Q3 is running at approximately 21%, down from 23% through the end of Q2 |
| So, I think it might come down a little bit over time |
| We reported a net loss of $15.6 million for the third quarter of 2023 compared to $10.2 million for the third quarter of 2022 |
| We think it may continue to increase incrementally in the short run, but we also think it'll moderate down back into the four to five dose range as quantity limits or utilization management are required by some of the payers |
| John Tucker I think that's one thing, Doug, that we've heard a little bit more than we maybe initially anticipated |
| Jones is going to get in trouble with Thanksgiving |
| We're just seeing doctors be a little more aggressive treating patients than we originally have anticipated |
| There are some prescriptions that get canceled for various reasons, including unreachable patients who are hard to contact, have been hospitalized, or a small number that are now deceased |
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