Financial Data and Key Metrics Changes - For Q2 2025, the company generated total revenue of $1.7 million, consisting of $1.6 million in net product sales from Zunveil and $81,000 in licensing revenue from CMS [13] - Total costs and expenses for the quarter were $7.4 million, leading to an operating loss of $5.7 million compared to a loss of $2.4 million in Q2 2024 [14] - The net loss for Q2 2025 was $10.5 million or $0.65 per share, compared to a net loss of $2.1 million or $0.35 per share in the same quarter last year [15] Business Line Data and Key Metrics Changes - The commercial launch of Zunveil has seen prescriptions written in over 300 nursing homes, with 65% of these facilities placing repeat orders, indicating strong product trial [6][18] - The company reported approximately $2 million in net product revenues for Zunveil since its launch [13] Market Data and Key Metrics Changes - The company engaged with over 3,700 healthcare providers (HCPs) in the long-term care market during the quarter [6] - By the end of Q2, Zunveil had been ordered in over 300 long-term care homes, with 90% of orders filled despite increased prior authorization hurdles [20] Company Strategy and Development Direction - The company is focused on expanding Zunveil's presence in the long-term care market and optimizing its commercial strategy to enhance engagement with prescribers [27] - The company plans to advance its sublingual formulation and conduct a comparative pharmacokinetic study, with an IND submission anticipated in 2026 [7][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the initial traction of Zunveil and the potential for scalable growth in the coming quarters [13][17] - The company remains committed to disciplined expense management and anticipates full-year operating expenses in the range of $34 million to $38 million [16] Other Important Information - The company has made significant progress with its first ex-US partner, CMS Pharmaceuticals, which is on track to file in four additional countries by 2025 [11] - The company is well-capitalized with approximately $39.4 million in unrestricted cash as of June 30, 2025 [15] Q&A Session Summary Question: Can you characterize the typical profile of a repeat prescriber of Zunveil? - The company has identified high-volume nursing home facilities with a significant number of Alzheimer's patients as key targets for repeat prescriptions [31] Question: What is the expected state of contracting by the end of the year? - The company expects to have at least one more large national plan contracted by the end of the year, in addition to the existing contract [33] Question: Can you provide insights on prior authorization challenges? - The company has seen an increase in prior authorizations but reports that 90% of orders are being filled, albeit with some delays [39] Question: What is the anticipated monthly net revenue run rate for Q3? - The company anticipates a range of $5.75 to $6.25 million for the monthly net revenue run rate [41] Question: When should the second $3 million tranche from CMS be expected? - The company expects to receive the tranche in the last quarter of this year based on current progress [52] Question: Do you see any changes to the expected hockey stick-shaped revenue curve? - The company maintains its expectations for a hockey stick-shaped revenue curve, with significant growth anticipated in late 2026 and early 2027 [56]