Oyster Point Pharma, Inc.

And welcome to Oyster Point Pharma's third quarter 2021 earnings conference call. My name is Jeff, and I'll be the operator today. After the company's formal remarks, there will be a question and answer session. At this time, I would like to turn the call over to Mr. Daniel Lochner, Oyster Point Pharma's chief financial officer. Please go ahead.

Good evening, everyone, and welcome to the Oyster Point Pharma Third Quarter Earnings Conference Call for the three-month ending September 30, 2021. This evening, we issued a press release containing our third quarter financial results and recent business highlights. In addition, our press release and our Form 10-Q that was filed with the SEC after the close of market today are available on our website under the Investor News section, at www.oysterpointrx.com. Joining us on our call today are Dr. Jeffrey Now, President and Chief Executive Officer of Oyster Point Pharma, and John Snizerenko, Chief Commercial Officer. Following Dr. Now, Mr. Snizerenko, and my prepared remarks, we will open the line for questions. During the call today, we will be making forward-looking statements regarding potential future events, including statements regarding Oyster Point Farms' potential future financial status and results of operations, and our plans and potential for success relating to commercializing deer bias. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from our future results, performance, and achievements expressed or implied by such statements. For description of these factors, please see our quarterly report on Form 10-Q for the quarters into September 30th, June 30th, and March 31st, 2021, and our annual report on Form 10-K for the year into December 31st, 2020, as filed with the SEC. I will now turn the call over to Dr. Jeffrey Naum, President and Chief Executive Officer of Wichita Point Pharma.

Thank you, Dan. Good evening, everyone, and thank you for joining us on our call today. to discuss our third quarter 2021 financial results and recent business highlights. As you may have seen in our Q3 earnings press release, we have achieved several important milestones during this quarter, the most important of which is the October 15th FDA approval of tear via nasal spray for the treatment of the signs and symptoms of dry eye disease. Tear via nasal spray is the first and only nasal spray and the first and only cholinergic agonist indicated for the treatment of the signs and symptoms of dry eye disease. The onboarding of our field force was completed during Q3 and we are proud to have one of the leading US eye care focused field forces in the industry. Last week we hosted our national sales meeting and had the opportunity to gather our talented group of territory representatives to prepare for our launch. I couldn't be more excited and impressed by the caliber of the field force that we have assembled here at Oyster Point Pharma This is a team that is motivated to make this launch a success. Following our national sales meeting, we are now pleased to announce that as of this past Monday, we have initiated the US launch of TearBio Nasal Spray for the treatment of the signs and symptoms of dry eye disease. This is an exciting time for patients and their eye care providers to have a new option to address the signs and symptoms of dry eye disease. TearBio's nasal spray differentiated mechanism of action is believed to activate the trigeminal parasympathetic pathway, resulting in increased production of basal tear film as a treatment for dry eye disease. Basal tear film is responsible for lubricating, nourishing, and protecting the cornea. Oyster Point sales teams are launching tear via nasal spray during a season when the signs and symptoms of dry eye disease can be further exacerbated by cold weather or living and working in dry environments. We look forward to supporting patients and allowing them to experience Tiravaya nasal spray when they may need it the most. As we have previously highlighted, our commercial strategy includes promoting accelerated payer adoption through early introduction of OysterPoint and Tiravaya to the top payer organizations. John will share more details around our progress with payers later in the call. As we launched here, there are a number of major ophthalmology meetings that are important for Oyster Point to attend for the remainder of 2021. This week, we are attending the 2021 American Academy of Ophthalmology meeting in Boston that started on November 3rd and will go until November 6th. Oyster Point Pharma will have three accepted abstracts presented at this meeting. Later this month is the 2021 American Academy of Ophthalmology meeting that will be held in New Orleans November 12th through the 15th. OysterPoint has an additional three accepted abstracts that will be presented at this meeting as well. Our vision and focus on bringing innovative and transformative ophthalmic disease treatment to patients and building OysterPoint Pharma into a best-in-class ophthalmology company remains our primary goal as a company. I would like to turn the call over to John Cizarenko, OysterPoint's Chief Commercial Officer, to discuss our ongoing efforts for the commercial launch of PureBio nasal spray for the treatment of signs and symptoms of dry eye disease in Q4 of 2021.

Thank you, Jeff. As we have previously communicated, the dry eye disease segment is a large market with over 17 million people diagnosed in the United States alone. Only a small proportion of these patients, approximately 2 million, are currently being treated with a branded therapeutic. Over 7 million people diagnosed with dry eye disease have tried and abandoned the currently available options. We purposefully designed our trials to target a broad subject population to achieve clinical study results in subjects reflective of dry eye disease patients visiting an eye care practitioner. We also allowed trial subjects to utilize artificial tears, as we believed this would occur once Tervaya nasal spray entered the commercial marketplace. As a result, we believe our trial designs should allow the clinical trial experience of Tervaya nasal spray to translate into clinical practice and enable access to a potentially larger addressable patient population. Tervaya nasal spray will be a new treatment option for the large refractory patient population that exists in the dry eye disease marketplace, as well as those patients who are newly diagnosed. As Jeff highlighted previously, we are incredibly excited to have initiated the U.S. launch of Tervaya nasal spray on November 1st. Last week we hosted our national sales meeting where our sales representatives received the last phase of their extensive training and are now fully prepared to call on the eye care practitioner and pharmacy communities. They are currently detailing TIRVIA to customers. We have previously highlighted our commercial strategy that includes promoting accelerated payer adoption through the early introduction of OysterPoint and TIRVIA to the top payer organizations. We recognize the importance of developing strong market access in the dry eye marketplace. We have continued our dialogue with payers throughout Q3 via the process of pre-approval information exchange. To date, Oyster Point has had pre-approval interactions with 16 payers, representing approximately 77% of commercial lives. And we will continue to meet with many of the key payers in the upcoming quarters, now that Turbaya Nasal Spray is approved. We remain extremely focused on obtaining the best possible positioning for TIRVIA nasal spray. Our pricing strategy has been to reflect the value of the product and to be competitively priced with the existing chronic dry eye disease therapeutic leaders. TIRVIA has been launched with a list price of $592.29 per package, which reflects the value it brings to patients, including the demonstrated reduction in the signs and symptoms of dry eye disease. Oyster Point is very committed to supporting the dry eye disease community by supporting access to medication for appropriate patients. We have launched a comprehensive set of patient services offerings to ensure patients can successfully navigate the patient journey and procure Tervaya upon a prescription being written by their eye care practitioner. Our patient support program is called Team Tervaya, and for more information on this program and how to enroll, please visit the website tirvaya-pro.com. Our drug distribution strategy includes both wholesalers distributing to retail pharmacies broadly across the United States and a digital pharmacy partner which provides electronic prescribing and automatic enrollment in the patient savings program for eligible commercially insured patients without the need of a patient assistance offering. Patients with commercial insurance who have enrolled in our savings program can receive Tervaya for as little as $0 out of pocket. I would like to emphasize that as of November 3rd, Tervaya is available in the Wholesaler Distribution Channel for distribution to pharmacies. Tervaya nasal spray is available in a carton containing two nasal spray bottles. Each bottle consists of a white nasal pump and a blue dust cover, delivering 0.03 milligrams varenicline per spray, which equals 0.05 ml. Each bottle delivers one spray in each nostril twice daily for 15 days. Two nasal spray bottles will be supplied in each carton, containing 60 sprays per bottle, equivalent to 30 days' supply, with one spray in each nostril twice daily. Trivia nasal spray samples are also now available as a single multi-dose nasal spray bottle. Each bottle delivers one spray in each nostril twice daily for 15 days. This sample is a critical part of our patient and eye care provider experience and will allow appropriate patients to start treatment immediately. We've been quite diligent with the sizing of our field for us. With our field force, we're able to target 20,750 eye care practitioners, covering both optometrists and ophthalmologists, which represent approximately 94% of dry eye disease prescriptions in the market today, helping us in our efforts to achieve the full commercial potential of Turbaya. The sizing of the field force was informed by our collective experience with how to most efficiently cover the territorial map of the United States while providing our representative with well-constructed territories to drive motivation so we can achieve success together. To put this into perspective, Oyster Point Pharma now has a leading front-of-the-eye commercial operation. With our launch now underway, our focus is on broad eye care professional and patient education and marketing, with targeted direct-to-patient digital campaigns leveraging Tervaya's new MOA and nasal spray route of administration. During the initial phase of launch, we are leveraging digital, social media, and search. And once we have good payer coverage, we will broaden our reach with more extensive DTP and DTC efforts. As Jeff mentioned, there are a number of major eye care meetings that are important for us to attend for the remainder of 2021. This week, we are attending the American Academy of Optometry meeting, which is being held in Boston. And with our first commercial exhibit, we have had many interactions with attending optometrists to introduce TIRVIA. Next week at the American Academy of Ophthalmology meeting in New Orleans, Oyster Point plans to have substantial commercial presence, including a TIRVIA symposium. We believe that with our label, our clinical data, and the new approach to treating dry eye disease, TIRVIA's nasal spray has a very compelling therapeutic profile, including the following. and UMOA that is believed to stimulate the body's own ability to produce natural tears and restore tear foam homeostasis. As a nasal spray, the route of administration spares the ocular surface. Tervaya had a well-tolerated safety profile in clinical studies, and the most common side effects of Tervaya included sneezing, cough, throat, and nose irritations. Improvement in basal tear production was demonstrated in the majority and in the broad population of dry eye patients, and we have a convenient BID dosing delivered in the form of a nasal spray. I will now turn the call back over to Dan Lochner, Oyster Point's Chief Financial Officer, to discuss our third quarter financial results.

Thank you, John. I will now provide a brief overview of Oyster Point Pharma's third quarter financial results. Additional detail about our third quarter, as well as our quarterly financial results, can be found in our Form 10-Q that was filed with the SEC this evening. As a reminder, last month we entered into a waiver and amendment to our August 2021 credit agreement with OrbiMED to waive certain label requirements required to permit the availability of the second $50 million tranche of funding. As of this afternoon, we have received these proceeds from the second tranche. For the third quarter of 2021, Oyster Point Farmer reported a net loss of $17.7 million compared to a net loss of $16.3 million for the same period in 2020. As of September 30, 2021, cash and cash equivalents were $184.2 million compared to $192.6 million as of December 31, 2020. Based on our current business plan, we believe the company's available cash and cash equivalents will be sufficient to fund the company's planned operations for at least 12 months from our 10 filing this evening. Total research and development expenses for the third quarter of 2021 were $6.2 million compared to $8.2 million for the same period in 2020. The decrease was primarily driven by lower CMC expenses incurred by the company in the third quarter of 2021 compared to the third quarter of 2020. which included significant pre-approval inventory costs, as well as expenses related to the preparation of the NDA filing in December 2020. Selling general and administrative expenses for the third quarter of 2021 were $28.5 million compared to $8.1 million for the same period in 2020. The increase was driven by higher payroll-related expenses of $11.2 million, inclusive of an increase in stock-based compensation of $0.8 million due to the additional headcount as well as higher commercial planning expenses of $5.2 million in anticipation of a U.S. launch of Tear Via Nasal Spray in the fourth quarter of 2021. In addition, the company incurred higher other general and administrative expenses of $3.1 million related to accounting, legal, facilities, and information technology costs. The company also incurred an increase in medical affairs costs in the amount of $.9 million during the third quarter of 2021 compared to the third quarter of 2020. Now, as we turn to our financial outlook at launch, our goal is to achieve broad ECP and patient experience with T-REVIA in both the optometry and ophthalmology offices in order to reach the total addressable dry eye disease market opportunity of T-REVIA nasal spray. We anticipate the large national commercial plans will start to make their coverage determinations beginning at the end of Q2-22. As commercial payer coverage builds throughout 2022, we will provide patient assistance programs to assist eligible commercial patients in gaining access to T-REVIA while we await such coverage determinations. During Q4-21 and 2022, this strategy can be expected to place pressure on or gross the net not dissimilar to other biopharmaceutical companies launching a new branded pharmaceutical. Over time, though, we believe this dynamic will subside and become more normalized in the out years as volume grows, strategically positioning Tier VIA to achieve its full potential. For Q421, in addition to the gross net considerations mentioned, I would note that as our field force engages with ECPs, they will only have a partial quarter to market Tier VIA. With that overview of our financials, I will now turn the call back over to the operator to open up the line for questions.

Thank you. As a reminder, to ask a question, you'll need to press star 1 on your telephone. To withdraw your question, press the pound key. Please stand by. We compile the Q&A roster. And once again, that is star 1. And our first question comes from Ken Cacciatore from Cowan & Company. Your line is now open. Hey, guys.

A couple questions. Just wondering, how would you characterize the reps that you've been able to hire? Are they very experienced in dry eye or general ophthalmology? And then, Dan, that was great commentary about pacing. Would you want to give a little bit of sense? You know, some of us are around $35 million to $40 million in revenue. It sounds like, obviously, it would be back half-weighted around coverage decisions. But maybe just give a little bit of a sense what you all would view as success if you don't want to talk about revenues. Maybe talk about share expectations exiting 2022 would be helpful. And then lastly, the patient support system clearly is going to be critical in the first six to nine months. So understanding that we could go to the webpage and take a look at it, but maybe a little bit more nuanced around co-pay assistance, how it works, to what degree – the ease here. Maybe, you know, was there any examples or best practices that you saw that others did that you're trying to implement here that would be wonderful to hear about? Thanks so much.

Great, Ken. Thank you so much for your question. I'll address the first and third one, the two commercial questions, and then I'll hand that over to you. In regards to our representatives that we've hired and trained and are now in the field, You know, we were trying to find the right mindset. These are reps that have been working in competitive environments in their past, and I would say close to 40%, 45% of our rep population has had previous eye care experience, both front of the eye as well as back of the eye and medical device as well as pharmaceutical. So we feel we have quite a tenured field force and quite a motivated field force based on our national sales meeting last year, last year, last week, I'm sorry. In regards to the patient support program, so we did announce literally a couple of days ago that how it will work is that for eligible patients that are commercially insured, if they are insured but the product is not covered, they will go into our bridge program. So they will pay as low as $10 for that prescription, and we will be making sure that that prescription is filled for that patient until they get in, until Terbiah gets insured in their plan. For patients that are insured and covered, the copay will be as low as $0 out of pocket for those eligible patients. So how it works is that if they go into our Team Terbiah site or if the practitioner actually enrolls them on the spot they will receive a text right away that they are enrolled and they are in that savings program and then our patient services hub does behind the scenes all the the work to make sure that that script is filled with the appropriate copay out-of-pocket for the patient I think you mentioned you know best practice from our previous experiences you know we did look at the landscape both in ophthalmology as well as outside of ophthalmology to see you know what really works well and we took some of the best aspects of what we've seen so it's really automation is a key thing technology so that patients and physicians there's not a lot of faxing and paperwork it actually is more electronic it's more streamlined and hopefully an easier experience for the patients as well so we've taken Examples from the migraine space, we've also looked at what worked well with Zydra and other ophthalmic products from that perspective. And we feel we've packaged kind of one of the most comprehensive patient services programs that we hope will support your value for our launch.

Right. John, before you turn it over to Dan, I was just wondering about Part D and just kind of setting our expectations and to what degree it's important here in this patient population.

It is very important. We've mentioned before that if you look at the patient populations, 40% are commercially insured, 40% are Medicare Part D, and then the remainder are cash and Medicaid and so on and so forth. So it is important for us to eventually get Medicare D listings. We've already started dialogue with payers. We know the contracting cycle for Medicare. for the following year is always closing in the mid-June time period, so we missed the Medi contracting for 2022, but we are starting that dialogue and we'll start that contracting cycle to be listed hopefully in 2023. From a commercial insurance perspective, we've had many interactions with payers in a pre-approval setting to date, and now that we're approved, we're meeting with them again and expanding that. To date, we've had very good interactions and a lot of interest in specifically the differentiation, the different MOA and route of administration, which payers have been very excited about and interested in. So now we're meeting with them over the next couple of quarters to try to get Turvaya listed really as quickly as we can. We're hoping 12 months post-launch, we have approximately 80% of commercial lives covered.

Yeah, and then on the revenue side, the way we're thinking about it is very early on, you know, we're focused on really trying to get the experience at Tier VIA with not just the ECPs but also with patients themselves. And so that's strategic focus, which is really based off of driving share of mind and share of voice as well as NRX and TRX. And so in the first quarter out, which will be Q4 as well as, you know, partly in Q1, we're really trying to cover those 20,750 targets that our ECPs or our sales force is really targeting. And that will take time to really get into those physician offices, talk about the product, cover them once or twice, and then really start seeing the pull through in terms of the patients and then We would anticipate that to be kind of on a sequential basis as you walk through the quarters. And then, of course, once you start seeing the NRX, then start seeing the refills pull through and the ratios of NRX, the TRX, will change over time as that persistence starts to pull through. Then, of course, the other dynamic that we did touch on that is really a consequence of payer coverage is the gross to net, which is really a consequence of the period of coverage at launch, and then, of course, when we believe those national commercial payers will begin to have their coverage determinations, which we're currently looking at the later part of Q2-22. And that, of course, as they come on, has a positive impact to the gross net. But in those earlier quarters, there is that patient assistant programs in place to really ensure that that patients can get on product, they can get filled, and are able to really benefit from the product itself. But that, of course, has that kind of temporary dynamic at play. Okay, thanks so much.

Excited to watch the launch. Thanks. Thank you. And our next question comes from Joe Catanzaro from Piper Sandler. Your line is now open.

Great. Thanks so much. Thanks for taking my questions. Maybe just two couple quick ones from me. So you guys have emphasized sort of the prevalent pool of patients who have tried other options and failed. And I'm wondering if there's any way to have a lead on those patients who have tried and abandoned other options like Restasis and Zydra. And, you know, if those patients believe they've exhausted all options, How frequently are they returning to their physician? How easy is it to get them back into the office? And just a quick follow-up. I know it's early days, but I'm wondering if you have a sense around the level of in-person engagement that your sales force is having with physicians. Thanks.

Thanks, Joe. In regards to the prevalent patients and the ones that have abandoned treatments over the years, we see that pool is approximately 7 million patients. And they do come in regularly to get their eye exams and, you know, ophthalmic examinations for diseases and so on. And I know what we've heard from our physicians is that they have a pool of patients that they're waiting to try something new on. And in our initial interactions this week already, they have lists of patients that they want to recall and bring back to try Tervion because it's a different mode of action and a different approach to the anti-inflammatories that it's tried in their past. As well, from a direct-to-patient perspective, we do have some partnership with digital providers that do track these kind of patients, the demographic of patients that have tried and failed therapies and will be able to target them from a digital perspective initially to try to get them to go back into their office and get their eye exams. So it's a combination of direct, you know, rep engagement with these physicians that have these patients in their offices and also trying to get these patients to get back to the office for their eye exams. In regards to your question on in-person interactions, you know, we found that now I wouldn't say post-pandemic, but there's a sense of normalcy now. We do see quite a few offices accepting reps, and we are able to get those appointments, and the interactions have been very robust in the first three days. There's a lot of interest there. We hope to cover the majority of our targets in the next two months, right after launch. So by the end of the year, we're hoping to at least hit on those positions in the top tiers. at least once to introduce Chirbaya. So that is our goal for this year. So it's an ambitious one, but we're on track from a call perspective to hit them all.

Okay, perfect. That's helpful. Congrats again, and thanks for taking my question.

And thank you. And our next question comes from Anupam Rama from J.P. Morgan. The line is now open.

Hey, guys. Hey, guys. Thanks so much for taking the question. I think if I heard correctly, in your payer discussions, you've gotten some pre-approvals from 15 payers, which covers 75% of commercial lives. In those discussions, have there been any indications that there may be step edits or anything like that before you get, you know, reimbursed for the product? Thanks so much. Thanks, Anupam.

Yeah, to describe our pre-approval information exchange, these exchanges are definitely with the medical side of the payers along with the business side. So part of it was presenting to P&T committees, and we covered those 16 payers that cover approximately 77% of commercial lives prior to our approval. Now that we do have approval, that's when we come in and start talking about the contracting and so on. Our goal is to get the best possible listings without any step edits through our, you know, incumbent products. We know the majority of payers do have some prior authorizations, you know, with artificial tiers that patients should try artificial tiers before going onto a prescription. So we feel that's going to be table stakes for all the products that are incumbent as well as ourselves and any new products that come. But we do want to make sure that we're on a level playing field and we don't have the step edits when we do come to the contracting discussions that will happen over the next couple of quarters.

Thanks so much for taking our question.

Thank you. And if you have a question, that is star one. And our next question comes from Patrick Dozel from LifeSci Capital. Your line is now open.

Hi, this is Cory on for Patrick. Thanks for taking our calls. So to start, how broadly are you able to market some of the symptomatic improvements you observed in onset one and two? Is this exclusive to physician materials, DTC materials, both? And on that note, is there any desire to eventually attain that symptomatic data on the clinical study section of the label? And also, how relevant are that symptomatic data on label, you know, given the historical precedent of therapeutics without that on the label? And I have a follow-up, if you don't mind.

Jeff, do you want to take the second one?

Sure. This is Jeff. I'll take the second part of the question just around the plan to bolster the label. And I think this is something that we've talked about since the start of these programs is we do think that there's broad utility for the nasal delivery of TIRVIA. We are continuing to do development. So as you know, we continue to work on neurotrophic keratopathy in stage one patients. We've also engaged with a partner in China where we'll continue to do some clinical development to obtain approval in China. So there's always the possibility that we will continue to expand the label and add additional clinical data to the label. What I would say is that we think that it's incredibly important that we were able to obtain that signs and symptoms indication statement, and so that's important for us. As we stated before, the FDA has consistently landed on primary or co-primary endpoints in the efficacy section, and although we would have liked that in there, We do think that we will be able to use that information from our clinical trials when we are talking to clinicians. And I'll let John talk a little bit more about that. But I would just stress that, you know, we are continuing to develop this product. This is the first indication. We look to bring on additional indications and expand the label to other patient populations. And there will be additional dry eye disease data that we will be developing as we move into other parts of the world. As many of you know, dry eye disease is handled differently in other parts of the world with different endpoints and different requirements. And so we expect as we move into those other areas, including China being the first one, that we will continue to expand our data set and the amount of clinical information that we're able to then bring back to the agency. John will talk a little bit about how that data will be able to be used in the marketplace.

Yeah, thanks, Jeff. In regards to detailing the eye care community, both ophthalmology and ophthalmology, we are very, very pleased that we have signs and symptoms in our label, and we will be communicating all the data that's consistent with that indication. So the physicians will be able to have access to that. We're also going to be – publishing that data very shortly and it will be available so we can be able to hand the clinical trial information from onset one and onset two to those eye care prescribers. You also asked around direct to patient, will we be really promoting data to the patient population? I think from a patient perspective, these patients want to get relief, so we're really going to position Tervaya more as treats the signs and symptoms of dry eye and is a very novel approach in UMOA, route of administration, you know, please go in and get your eyes checked for dry eye, and it'll be a lot more direct on the, you know, on the suffering patients and what they can expect with Turbaya. So we're not going to get into data with the patient's promotion that we have planned in the upcoming quarter.

Got it. Thanks. And just one follow-up. So we've seen some really great dry eye launches as well as some more lackluster ones in recent times. So in a general sense, what do you think really moves the needle in a dry eye drug launch? Is it labeling? Is it marketing? The patient experience on drugs? The differentiated mechanism? Just curious to hear your thoughts here as you move on to commercialization mode and, you know, how you plan to best address these key aspects of adoption.

Yeah, no, great points. I think it's all of the above. We have to do a stellar job in each one of those levers, each one of those segments. And I think one of the most important ones is for physicians to try and get experience with the product and for patients to try and get experience with the product. And so being able to provide that patient that prescription with a reasonable out-of-pocket is key. So we feel our bridge program and our co-pay savings programs are going to be key to get initial trial very quickly. We have, we feel very competitive share of voice in regards to the number of territory managers that are calling on the eye care practitioners. We're targeting 94% of the prescriber base that I mentioned earlier. And, you know, over the years we've observed that some of the aspects of the launches that have been done very well. We feel this is a very promotionally sensitive segment, so our investment as we get commercial insurance listings in consumer direct-to-patient advertising is going to ramp up because we do see that this market does respond to investment on DTC and DTP. So we're going to invest in all of these levers, and hopefully the combination of them is what's going to – provide a stellar launch for us.

Excellent. Congrats, and thanks again for taking our questions.

Thank you. I would now like to turn the call back over to Dr. Jeffrey now for closing remarks.

Thank you, operator, and thanks to all of you for joining the call today. As I mentioned in my opening remarks, we are extremely pleased to announce that TIRVIA nasal spray, indicated for the treatment of the signs and symptoms of dry eye disease, is now available to eye care providers in the U.S. Our vision and focus on bringing innovative and transformative ophthalmic disease treatments to patients and building OysterPoint Pharma into a best-in-class ophthalmology company remains our primary goal. We look forward to seeing everyone next week in New Orleans at the American Academy of Ophthalmology meeting, where we will continue to interface with the eye care community regarding tear-by and nasal spray. In closing, I want to thank everybody for joining us tonight and to have a great evening.

This concludes today's conference call. Thank you for participating. You may now disconnect.