Impel Pharmaceuticals Inc.

Good morning, ladies and gentlemen, and welcome to the Impel Pharmaceuticals First Quarter 2022 Earnings Corporate Update Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. Instructions on how to participate will be given at that time. If anyone requires operator assistance during today's call, please press star zero on your telephone. As a reminder, today's conference call is being recorded. Now, I would like to turn the call over to MPEL's Chief Financial and Business Officer, Mr. John Lehman. Please go ahead.

Thank you, Rain, and good morning, everyone. We are delighted that you could join us today for MPEL Pharmaceuticals' quarterly earnings conference call, during which we will review our first quarter 2022 commercial and 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 Paloua, our 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.mpelfarma.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 that says, click here to listen. Moving to slide two, forward-looking statements, I would also like to remind you that during this 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 Adams.

Adrian? Thank you, John, and good morning, everyone. Thank you all for joining us. I'm both pleased and indeed excited to update you on the commercial and corporate progress we have made since our fourth quarter and full year 2021 earnings call in March of this year. With that, please refer to our next slide, slide number three. As many of you know, the migraine market is large and dynamic and continues to deliver robust growth year to date. Despite this, there remains clear unmet need for patients. migraine patients who need predictable, consistent, and well-tolerated pain relief. This remains the opportunity for Impel, and more specifically, with Trudesa. As you can see on this slide, the strong launch trajectory has continued with sustained cumulative growth in total prescriptions that we have seen not only through quarter one, but also into the early part of quarter two. At the end of April, cumulative prescriptions reached 16,750. This is close to four times the exit point at the end of 2021. Additionally, our acute number branded NTRX share among writers of Trudessa has doubled since the end of 2021 to approximately 5% at the end of April. This, just seven months into the launch of Trudessa. Turning now to slide number four. I wanted to take this opportunity to remind you of our focused and disciplined commercial and targeted strategy with Tradesa. You have heard me mention before that we are laser focused on 8,000 target positions. This group being made up of around 5,500 neurologists and 2,500 high prescribing primary care physicians. To further support this strategy, you can see on this slide that over 70% of all GPAMP prescriptions written since their respective launches have come from just 8,000 physicians. And, important as it relates to our targeted strategy, 70% of those physicians are neurologists and 22% are primary care physicians. Our 60-person sales force is exclusively focused on key neurologists and headache specialists, And as you can see, a large majority of our targets are within this high prescribing universe, a focused, disciplined approach that makes sense when you follow these data. Now, as you also know, a fundamental and critical success driver for all pharmaceutical products is broad and competitive managed care coverage. As you can see on our next slide, slide number five, we have made excellent progress on the market access front. Based on the quality and timely work of our market access and medical science liaison teams, both pre-launch and in the immediate post-launch periods, we were quickly able to secure contracts covering approximately 80% of commercial lives. This platform, together with continued expansion of downstream coverage policies, is allowing our innovative access program to ADESA Direct, to ship patients from the bridge program we have had in place since launch to reimbursed therapy. We are pleased to report that the percent of prescription shipments that have been reimbursed grew to 51% in the first quarter of 2022, which, as you know, has been a historically volatile period for patient reimbursement. We anticipate seeing continued improvement in these metrics, particularly as we move through the late second and early third quarter of this year. Please now refer to our next slide, slide number six. On this slide, you can see that the average number of prescriptions per week is showing steady and pleasing month-over-month evolution. You will note that April showed a temporary slowdown. However, Tradesa Growth outpaced the overall migraine market and the acute G-pans, which in April declined by 13% and 14% respectively. Importantly, we are delighted to show that traditional prescription momentum has increased heading into May, with prescriptions reaching over 1,100 in just the first week of May. Based on internal pharmacy data for this past week, we remain confident that this performance trajectory will continue based on the growth we are seeing in both new and refill prescriptions. Turning now to our growing prescriber base, which is illustrated in our next slide, slide number seven. We're not only pleased with our ability to add new prescribers, but also the consistent activation of our high volume super targets and targets. In just the first four months of 2022, we have nearly doubled our total prescribers and increased our super target and target groups by 66% and 138% respectively. As you can also observe on this chart, we're also seeing an increase in non-target prescribing. But this does not reflect a deviation from our targeted strategy. In fact, at least 40% of the non-target prescribers are in the same account as a target or super-target position. Our field team is highly experienced and understand the importance of working the entire office. The other important and indeed pleasing performance trend we are seeing is continued and growing depth of prescribing once an account is activated. This is clearly another indirect measure of the growing acceptance of Tradesa in key influencer physicians' migraine treatment armamentarium. Please now refer to our next slide, slide number eight. On this slide, we are showing important data on the refill rates with Tradesa. rates which have remained consistently around the 65% mark. This high refill rate is an incorrect reflection of patient satisfaction with Tradesa, and is higher and more consistent than what you would see with other competitive products at this stage in their launch. The consistency of this data when looking at patient surveys and our own efficacy data from our Phase III, Stop III, or I study gives us confidence that this will continue. This is very encouraging data, and I will reference these strong refill rates again towards the end of my remarks. Turning now to slide number nine, I would like to reemphasize some important market dynamics that we believe support our commercialization strategy with Tradesa and reinforce our optimism with the product. I've discussed in previous calls the incredible churn over we see maintained in the GMAT market. The data from Symfony continues to show that approximately 60% of patients initiated on GPAMs either drop off or switch away from these products at some point in therapy, in our opinion, to find better, more consistent, and predictable efficacy. To put this Symfony data in perspective, and using UBrelv as an example, Of the approximately 210,000 patients put on the product in the January of 2021 to February of 2022 time period, around 130,000 or 62% of these patients either dropped off the product or switched to another product. This continued turnover represents a significant opportunity for Tradesa. This chart also shows that in addition to serving as the acute medication for patients on a preventative or as the next step after failing a triptan, 35% to 45% of trudescent patients had a GPAT as their most recent therapy. We believe that we are capitalizing on the turnover we see in the market by serving as the efficacious product patients can trust when they need to get back to their daily lives. I would like to remind you again of the strong refill rate we are consistently seeing with trudescent. I would emphasize that many of the patients that start on Tradesa stay on Tradesa. Turning now to the final slide in this section, slide number 10. I would like to further illustrate our progress in establishing Tradesa as an important option to either replace or complement GPANs. Over the past four weeks, Tradesa has captured 9% of the poor stricter market amongst Tradesa prescribers. This has remained consistent even as we have continued to increase our overall prescriber base. In addition, when looking at the top 100 prescribers of Tredesa, those that have been adopted earlier and had time to expand their prescribing, the share of the post-trip-time market increases to 15%, again, data that has remained consistent. This consistency reinforces that as prescribers fit Tredesa into their treatment algorithm, we capture, maintain, and grow prescribing. With that, I'll now turn the call over to John to review our financial results for the first quarter of 2022. John?