Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $17.6 million, a 21% increase from $14.9 million in Q3 2024, driven by the successful launch of Emrosi [13][18] - Gross margin decreased to 67.4% in Q3 2025 from 69.4% in Q3 2024, but showed steady improvement from 63.5% in Q1 to 67.1% in Q2 [14][15] - GAAP net loss was $2.3 million, or $0.09 per share, compared to a loss of $2.4 million, or $0.12 per share, in the same period last year [15] - EBITDA improved from a loss of $1 million in Q3 2024 to a loss of $500,000 in Q3 2025, while adjusted EBITDA was positive at $1.7 million [16] Business Line Data and Key Metrics Changes - Emrosi contributed $4.9 million in Q3 2025, a 75% increase compared to Q2 2025, with total prescriptions growing approximately 146% [5][6] - Legacy products, including Qbrexa, Accutane, and Amzeeq, saw a 16% year-over-year decline in revenue due to generic competition impacting Accutane [5] - Amzeeq's total prescription growth indicates strong commercial execution, with a one-to-one ratio of refills to new prescriptions [8][9] Market Data and Key Metrics Changes - Over $100 million of the $187 million commercial lives currently have access to Amzeeq, with successful contracting with two of the three largest GPOs [7] - The number of unique prescribers for Emrosi increased by approximately 50% to over 2,700, demonstrating substantial progress in product adoption [9] Company Strategy and Development Direction - The company aims to position Emrosi as the standard of care for rosacea treatment, targeting peak annual net sales of over $200 million in the U.S. and over $300 million globally [18] - Focus on disciplined expense management and margin expansion to improve profitability and sustain revenue growth [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustainable EBITDA positivity in Q4 2025, indicating a transformational year for the company [18] - Positive physician feedback on Emrosi suggests strong initial adoption and potential for continued growth [8][50] Other Important Information - The company is actively participating in key dermatology medical conferences to build awareness and momentum for Emrosi [9][10] - The copay assistance program is currently bridging the gap until broader health plan formulary adoption occurs [7] Q&A Session Summary Question: Usage of patient assistance program for Amzeeq - Management noted that the copay assistance program will see reduced reliance as reimbursement improves, with significant gains expected in 2026 [22][23] Question: Focus on breadth vs. depth of prescribers - The strategy involves both expanding the number of prescribers and increasing the volume of prescriptions from existing prescribers, with expectations for a snowball effect as confidence builds [25][26] Question: Revenue per script fluctuations - Management acknowledged variability in gross to net revenue due to early-stage dynamics and expected improvements with the addition of the third GPO in early 2026 [33][34] Question: Launch curve perspective - All indicators suggest a positive and potentially accelerating launch curve, with expectations for increased new prescriptions and refills [40][41] Question: Accutane's performance amidst generic competition - Management indicated that Accutane appears stable, with a recent uptick in performance, although competition remains a factor [42] Question: Retention rate of prescribers - No specific retention data was provided, but management noted ongoing trial and adoption among new prescribers [46][50] Question: Qbrexa's growth management - Qbrexa is expected to maintain single-digit growth year-over-year, with effective management of the overlap with Amzeeq [51]