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Better Therapeutics(BTTX) - 2023 Q2 - Earnings Call Transcript
BTTXBetter Therapeutics(BTTX)2023-08-10 02:34
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Financial Data and Key Metrics Changes - The net loss for Q2 2023 was 7.6million,animprovementfrom7.6 million, an improvement from 9.9 million in Q2 2022, resulting in a loss per share of 0.24comparedto0.24 compared to 0.41 last year [16][17] - Cash and cash equivalents decreased to 6.2millionasofJune30,2023,downfrom6.2 million as of June 30, 2023, down from 15.7 million at the end of 2022, but pro forma cash after recent financings was 12.9 million [40][128] - Operating expenses were reduced significantly, with R&D expenses at 2.2 million compared to 4.2millioninthesameperiodlastyear[37]BusinessLineDataandKeyMetricsChanges−AspyreRxispositionedtotreatthemajorityofthe29millionadultsdiagnosedwithType2diabetesintheU.S.[5]−Thecompanyisfocusingonacashpayoptionforpatientswithinsuranceclaimrejections,aimingtokeepout−of−pocketcostslow[4]MarketDataandKeyMetricsChanges−Over724.2 million in the same period last year [37] Business Line Data and Key Metrics Changes - AspyreRx is positioned to treat the majority of the 29 million adults diagnosed with Type 2 diabetes in the U.S. [5] - The company is focusing on a cash pay option for patients with insurance claim rejections, aiming to keep out-of-pocket costs low [4] Market Data and Key Metrics Changes - Over 72% of payers find AspyreRx valuable, with 64% anticipating coverage, indicating strong market interest [2] - The company is targeting five to six priority geographies for initial market penetration based on data analysis [118] Company Strategy and Development Direction - The company aims to commercialize AspyreRx in Q4 2023, with plans to broaden payer coverage and secure federal supply schedule access [21][128] - The strategy includes obtaining breakthrough device designation for NAFLD and NASH by the end of 2023 [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving commercial traction through provider, payer, and patient adoption of AspyreRx [18] - The FDA authorization has resolved regulatory risks and is expected to facilitate broader payer discussions [18][59] Other Important Information - The wholesale acquisition cost for AspyreRx is set at 750 for a 90-day treatment, with a total expected cost of 1,500forasix−monthtreatment[112][113]−Thecompanyhascompletedapproximately901,500 for a six-month treatment [112][113] - The company has completed approximately 90% enrollment in its real-world evidence studies, on track for completion by the end of Q3 2023 [108] Q&A Session Summary Question: What will operating expenses look like post-commercialization? - Management indicated that operating expenses are expected to remain flat initially, with potential increases depending on commercial traction [70] Question: How many patients will be enrolled in the real-world evidence study? - Approximately 1,000 patients are expected to be enrolled, with interim data anticipated by the end of the year [51] Question: What is the expected cash pay price for AspyreRx? - The cash pay price is not finalized, but providers suggest a reasonable range of 25 to $50 per month for out-of-pocket costs [53][75] Question: How are early discussions with payers going post-authorization? - Management reported encouraging feedback from payers regarding the trial design and clinical data, with ongoing discussions about value-based agreements [82][84]