Financial Data and Key Metrics Changes - The net loss for Q2 2023 was $7.6 million, an improvement from $9.9 million in Q2 2022, resulting in a loss per share of $0.24 compared to $0.41 last year [16][17] - Cash and cash equivalents decreased to $6.2 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 $4.2 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 $1,500 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]
Better Therapeutics(BTTX) - 2023 Q2 - Earnings Call Transcript