Impel Pharmaceuticals Inc.

Good morning, ladies and gentlemen, and welcome to Impel's NeuroPharmacist fourth quarter and full year 2021 earnings and corporate update conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions on how to participate will be given at that time. If anyone should require operator assistance during the call today, please press star 1 on your telephone. As a reminder, today's conference is being recorded. I would now like to turn the conference over to MPEL's Chief Financial and Business Officer, John Lehman.

Thank you, Norma, and good morning, everyone. We are delighted that you could join us today for MPEL's Neuropharma's Quarterly Earnings Conference Call, during which we will review our fourth quarter and full year 2021 financial results, as well as providing a general corporate update. Joining me from MPEL this morning is Adrian Adams, MPEL's Chairman of the Board and Chief Executive Officer, and Lynn Paluo, Chief Commercial Officer. Before we begin, I'd like to remind everyone that we have a slide presentation to accompany our conference call this morning, which can be viewed at our website at www.impelnp.com. If you are listening to this call on your telephone, you may access a synchronized slide deck on our website by choosing the link on our webcast page. To go to slide two, I would like to remind you that during the call, the company will be making forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements. With that, I will turn the call over to Adrian. Adrian?

Thank you, John. Good morning, everyone, and thank you for joining us. I'm both pleased and indeed excited to update you on the progress we have made since our quarter three earnings call and the corporate update we provided in January of this year. On this next slide, slide number three, I would like to begin by reminding everyone of not only the size of the market opportunity for Tredesa, but also the significant unmet need migraine patients continue to have from an efficacy perspective. As many of you know, the migraine market has grown tremendously over the past three years, and most of this growth has come from the post-tryptan market fueled by the new GPAN entrance. Much of this prescription growth is also being driven by the neurologist community. The significant investment made by these companies has awakened a market that suffered from a lack of innovation. However, you will know that while patients and physicians are eager to try something new, they are still searching for efficacy. This is evidenced by data from Symfony that shows that as many as 57% of NERDEC and 66% of Uralbic patients either discontinue or switch away from these products. This churn of the data This has been consistent for the past year and further illustrates the opportunity for Tradesa given the product's predictable and consistent efficacy profile. I would now like to turn to our next slide, slide number four. As covered in our January press release, the fourth quarter launch of Tradesa exceeded our expectations. With cumulative total prescriptions of over 4,200, a solid foundation was set for continued growth and momentum. in 2022. You may recall that we launched with a targeted strategy, deploying a 60-person sales team against 8,000 targets made up of approximately 5,500 neurologists and 2,500 high-value primary care physicians. These 8,000 targets account for around 35% of the total migraine market and 60% of all acute branded prescriptions. Within these 8,000 targets, we identified 2,000 super targets with whom we've been focused a sizable proportion of our promotional effort. Within this group, we see consistent new-to-brand share evolution with Tradesa, reaching 3.1% in just the third month of launch. When looking at the early adopters of Tradesa, you can see the depth of prescribing that pushes their share of Tradesa to over 10%, of their new-to-brand prescriptions. Turning now to market access progress on slide number five, we were delighted to end 2021 having already signed contracts that cover approximately 80% of the commercial lives in the United States. Importantly, these contracts not only reflect our gross-to-net discipline, but allow access to Tradesa after failure of one or two generic triptans, a comparable position to our GPAN competitors. Now, pulling these contracts through to align policies in downstream clients is the key to net price evolution. We have seen considerable progress on this front. Key payers like ESI, Cigna, and Prime have dramatically improved their coverage of Tradesa when comparing the first fill for a patient in 2021 with a first fill in January of 2022. We are confident and the continuation of these trends across major payers in the quarters to come. On our next slide, slide number six, we would like to share the continued strong growth in traditional prescriptions we have seen so far within this current quarter. This momentum being delivered in the face of disruption due to the December holidays and the short but severe Omicron wave. With three weeks of data left to report in the first quarter, we have nearly tripled our total prescriptions versus our first quarter of launch, further solidifying our foundation for 2022. We are pleased that this prescriber-based withdresser continues to expand across all segments, as shown on the next slide, slide number seven. These data show that our super targets account for 60% of our prescribers and 85% of our prescription volumes. You will note from this slide that when a prescriber is activated, they quickly build depth, prescribing Travesa for multiple patients. In fact, there are already as many physicians who have prescribed in excess of 11 prescriptions as there are with physicians who have prescribed just one in these early days. As you would expect, we have begun to expand reach to our total target group with a view to expanding the number of prescribers in this critical cohort. This depth of prescribing metric is further illustrated and reinforced on slide number eight. On this chart, you will note that the total prescription share evolution among our growing base of prescribers has continued to expand, reaching almost 5% by the end of February. Please now refer to our next slide, slide number nine. We're often asked how many patients responding to Trudessa, and early signs, while not surprising, given the product's efficacy and tolerability profile, are very positive. We deployed a survey to 200 Trudessa patients, and the feedback confirms the efficacy benefits of Trudessa, but also delivering DHE to the upper nasal space by our proprietary pod technology. When comparing the efficacy of Trudessa to the previous aborted medication, 61% said it worked faster, and 58% said it had better overall efficacy during a migraine attack. This lines up nicely with the refill rates we are consistently seeing with Tredesa of 63% launched to date. This compares very favorably with refill rates seen with competitive products, giving us confidence that we can expect to see a robust refill and persistency rate going forward. On our next slide, slide number 10, I would like to share interesting and important data on where Tradesa is being used in physicians' armamentarium. As shown on this slide, analysis of symphony data confirms that Tradesa is being used in a broad pool of patients. Most often, patients are switched from a previous therapy, but as expected, there are instances where Tradesa is added on to either a preventative or even as a complement to another aborted treatment. Clearly, the search for efficacy is a challenge for many patients, despite new advances. 30 to 40% of true death patients have been either switched from or added to GPAMs, while the remainder come from other classes, most commonly triptans. These data are extremely encouraging, and we expect to continue to draw patients from multiple sources, particularly when one considers the high turnover in the GPAM market, as mentioned earlier. Trudessa appears to be filling this market efficacy gap for thousands of patients. Turning now to slide number 11, this slide further illustrates the large momentum we are seeing with Trudessa. Over the past four weeks, Trudessa has captured 10% of the post-Tritzer market amongst Trudessa prescribers. This is very encouraging considering we are adding new prescribers every week, and it often takes time to establish depth of prescribing. When looking at the top 100 prescribers of Tradesa, those that have adopted earlier and had time to expand their prescribing, the share of the forced trip to market jumps to 17%. With that, I will now turn the call over to John to review our financial results for the fourth quarter and full year 2021. John?