Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $12.7 million, a significant increase from $5.2 million in Q2 2024, primarily driven by an $8 million milestone payment from Torii and net YCANT revenue of $4.5 million [22][24] - GAAP net income for Q2 2025 was $200,000 or $0.02 per share, compared to a net loss of $17.2 million or $3.7 per share in Q2 2024 [24] - Non-GAAP net income for Q2 2025 was $2.4 million or $0.25 per share, compared to a net loss of $14.4 million or $3.11 per share in Q2 2024 [24][26] Business Line Data and Key Metrics Changes - The YCANT business reported a record 13,434 dispensed applicator units in Q2 2025, representing a sequential growth of 32.8% over the prior quarter [6][22] - Net YCANT revenue in Q2 2025 was $4.5 million, reflecting shipments to distribution partners, offset by standard gross to net adjustments [22][23] Market Data and Key Metrics Changes - The company is experiencing strong demand for YCANT, particularly in territories with high prevalence of molluscum contagiosum and robust medical and pharmacy benefit coverage [8][12] - Over 1.6 million patients in Japan contract molluscum annually, representing a significant market opportunity for YCANT [19] Company Strategy and Development Direction - The company is focused on expanding its commercial strategy for YCANT, targeting high-value territories and enhancing relationships with healthcare professionals [10][12] - An amended agreement with Torii Pharmaceutical is expected to provide up to $18 million in non-dilutive capital in 2025, strengthening the company's balance sheet [14][15] - The company plans to initiate a global Phase III program for YCANT for the treatment of common warts, with the first patient expected to be dosed in the U.S. in 2025 [18][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong and sustainable growth driven by YCANT's unique product attributes and the relationships built with the medical community [28] - The company anticipates continued growth in the second half of 2025, supported by the ongoing expansion of its sales force and improved access to YCANT [28][44] Other Important Information - The company executed a reverse stock split at a ratio of one for ten shares, impacting the share price [24] - As of June 30, 2025, the company had cash and cash equivalents of $15.4 million, which may not be sufficient to fund operations for the next year without additional capital [26] Q&A Session Summary Question: Expansion of the sales force and reasons for increased YCANT adoption - Management expects to add 5 to 10 more sales representatives in the near term, attributing success to the tenacity of sales reps and strong support from the medical community [32][34] Question: Growth expectations for Q3 and patient access updates - Management noted that molluscum is often diagnosed year-round, and they are seeing increased adoption among pediatricians and dermatologists [43][44] Question: Increase in receivables and gross to net (GTN) changes - The increase in receivables is partly due to collection terms of sixty days, and management has not changed the WACC since launch [47][51]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported total revenues of $3,400,000, primarily from WICANT, with gross product margins around 88% [16][17] - The GAAP net loss was $9,700,000 or $0.10 per share, a significant improvement from a net loss of $20,300,000 or $0.44 per share in Q1 2024 [17] - Non-GAAP net loss for Q1 2025 was $7,800,000 or $0.08 per share, compared to $17,800,000 or $0.38 per share in the same period last year [17][18] Business Line Data and Key Metrics Changes - WICANT's dispensed applicator units increased by 16.7% over Q4 2024, surpassing 10,000 units for the first time since its launch [6][7] - Collaboration revenues totaled $17,000 in Q1 2025, related to the supply of applicators to Torii Pharmaceutical [16] Market Data and Key Metrics Changes - The company is focusing on territories with high prevalence of molluscum and has established strong insurance coverage, leading to improved sales force productivity [8][9] - The company is expanding its distribution network by adding local independent pharmacies alongside national specialty pharmacy partners [9] Company Strategy and Development Direction - The company is executing a focused commercialization strategy aimed at driving demand for WICANT, which is expected to become the standard of care for molluscum contagiosum [19] - The clinical pipeline includes advancing the phase three program for WICANT in treating common warts and the development of BP315 for basal cell carcinoma [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing positive feedback from healthcare professionals and improved patient access [19] - The company is exploring opportunities to strengthen its balance sheet while advancing commercial and clinical development efforts [18] Other Important Information - The company appointed Dr. Noah Rosenberg as Chief Medical Officer and Dr. Gavin Corcoran to the Board of Directors, enhancing its leadership team [13][14] Q&A Session Summary Question: Discussion on targeting pediatricians and summer demand - Management noted an increasing number of pediatricians prescribing WICANT, with marketing efforts aimed at building awareness for the treatment [22][25] Question: Conversion time between accounts receivable and revenue - The company offers sixty-day payment terms to distributors, expecting stabilization in cash conversion as inventory levels normalize [31][32] Question: Overall TAM for molluscum and coverage split - Management indicated a significant percentage of pediatric patients are covered under Medicaid, while dermatologists have a higher percentage of commercial pay [36] Question: Trends in reordering and applicators per patient - The company is seeing solid growth in customer retention and reordering, indicating positive clinician experiences with the product [42][43]