Financial Data and Key Metrics Changes - In Q1 2025, total revenues were reported at $3.4 million, primarily from WICANT sales, reflecting a significant increase in demand [6][16] - The GAAP net loss for Q1 2025 was $9.7 million, or $0.10 per share, a reduction from a net loss of $20.3 million, or $0.44 per share in Q1 2024 [17] - Non-GAAP net loss for Q1 2025 was $7.8 million, or $0.08 per share, compared to a loss of $17.8 million, or $0.38 per share in the same period last year [17] 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] - Gross product margins for Q1 2025 were approximately 88%, with product revenue costs amounting to $400,000, including $47,000 in obsolete inventory costs [16][17] - Research and development expenses decreased to $2.3 million in Q1 2025, down from $4.9 million in Q1 2024, primarily due to reduced clinical trial expenses [17] Market Data and Key Metrics Changes - The company is focusing on territories with high prevalence of molluscum contagiosum 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, which has shown promising results [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 continuing to advance its 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] - As of March 31, 2025, the company had cash and cash equivalents of $29.6 million, which may not be sufficient for one year of operations unless certain milestone payments are received [17][18] Q&A Session Summary Question: Could you discuss your success in targeting pediatricians and the current split of pediatric dermatologists versus pediatricians writing WICANT? - Management noted an increasing number of pediatricians prescribing WICANT, with strong advocacy from dermatologists as well [21][23] Question: What preparations are ongoing to capture potential summer patient demand for WICANT? - Management indicated marketing efforts are in place to build awareness of molluscum contagiosum and the availability of WICANT, anticipating a potential seasonal uptick in demand [24][25] Question: How is the conversion time between accounts receivable and top-line revenue for WICANT trending? - Management stated that with normalized inventory levels and smaller, more frequent orders, they expect stabilization in cash conversion from receivables [30][31] Question: What is the current split between commercial and Medicaid coverage for molluscum? - Management indicated a higher percentage of pediatric patients are covered under Medicaid, while dermatology patients tend to have more commercial coverage [36][37] Question: What trends are being observed in reordering and the number of applicators per patient? - Management reported solid growth and retention in customer reorders, indicating positive clinician experiences with the product [42][43]

Financial Data and Key Metrics Changes - The company reported cash and cash equivalents of $46 million at the end of the previous year [6] - A financing round in November raised $42 million, solidifying the company's balance sheet [7][33] - Cost reductions were implemented, resulting in a decrease of more than half in expenses [10] - The company achieved a quarter-over-quarter growth of 12% in Q4 of the previous year and 16% in Q1 of the current year based on dispensed applicators [11][33] Business Line Data and Key Metrics Changes - The FDA-approved product, Wycanth, targets a market of approximately 6 million patients, predominantly children [5] - The company is expanding its market penetration with additional indications for common warts, potentially reaching an additional 20 million patients [5] - The company has a robust pipeline, including a phase three program for basal cell carcinoma, addressing an additional 3.6 million patients [5] Market Data and Key Metrics Changes - The company has expanded its target population to include pediatricians, in addition to dermatologists, to better address the 6 million target patient population [24] - The covered lives for the product have increased to approximately 225 million as of Q1 [24] Company Strategy and Development Direction - The company is focused on a new commercial strategy for Wycanth, emphasizing HCP-administered products [6] - The management team has been restructured to enhance execution and operational focus [8] - The company aims to drive sales through a tactical sales team that targets pediatricians and primary care practitioners [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of building brand awareness for Wycanth and the operational efficiency achieved through cost reductions [9][10] - The company is optimistic about its growth trajectory, citing a robust pipeline and minimal cash needs to support ongoing programs [33] Other Important Information - The company has a strong intellectual property portfolio with patents extending into the 1940s [6] - The product Wycanth is the only FDA-approved treatment for molluscum, addressing a significantly underserved patient population [19][18] Q&A Session Summary Question: What feedback is being received from pediatricians regarding treatment versus referrals? - Feedback has been mixed, with a notable increase in pediatricians treating patients directly, especially with the introduction of specialty pharmacy distribution [35][36] Question: Is there a benefit if pediatricians are less willing to treat but still pre-educate parents? - Yes, many pediatricians are now sending patients to dermatologists with a diagnosis, which facilitates quicker treatment [37][38] Question: How far along is the company in specialty pharmacy distribution and reimbursement coverage? - More than half of the business is now through specialty pharmacy, with the sales team effectively addressing insurance plan needs [40] Question: What is the commercial overlap for the common warts indication? - The same call points will be targeted, including primary care, pediatricians, and dermatologists, facilitating a seamless integration into existing relationships [41] Question: What is the competitive landscape for common warts treatment? - Current treatments are limited to liquid nitrogen or curettage, presenting a robust opportunity for the company's product [42] Question: What proportion of physicians are still comfortable with compounded products? - There has been a shift towards acceptance of the FDA-approved product as insurance coverage improves, particularly among younger clinicians [44]