Alexander Nowak: Okay. Perfect. And then just last question is just the next steps on NEW DAY. Expected time line for readout now that you had the last patient enrolled?
Richard Eiswirth: Yes. So the last patient was enrolled in early June, so we would expect last patient last visit in December of 2024, and then some early readouts in the first quarter of 2025.
Alexander Nowak: Excellent. All right. Well, congrats on all the progress here. Thanks for the update.
Richard Eiswirth: Thanks, Alex. We appreciate it.
Operator: Our next question comes from James Molloy with Alliance Global Partners.
James Molloy: On YUTIQ, you guys, I apologize if I missed it earlier in the call. Had some trouble logging in. Did you break out what of the U.S. sales, the $11.85 million U.S. sales? What was YUTIQ? What was ILUVIEN?
Richard Eiswirth: Yes. It was roughly about $3 million of that was a pickup from YUTIQ.
James Molloy: Okay. Great. And then it was mentioned earlier, the sort of the turnover related to the acquisition of the reps, how many reps you guys have currently? Can you walk — can you expand on that a little bit? How was — maybe I misunderstood what that meant. Were the reps leaving? Or can you walk me through that, please?
Richard Eiswirth: Yes. So well, Jim, as of today, we have — we expanded from — we had 29 territories historically at Alimera supporting ILUVIEN. We’ve expanded to 35 territories, so now we have 35 territories across 6 regions supporting both products. And all 35 of those reps are cross-trained on both products as of — and out in the field as of July 24. The turnover that we referenced was, as you know, there were — there was 1 geographic attribute product approved earlier this year, 1 just recently approved last week, and those 2 companies have been building their commercial teams. We lost a few reps to those entrants into the market in the first half of the year, and I made the decision to sort of leave those open because we were looking at some of the team from EyePoint that have been supporting YUTIQ. We wanted to bring the expertise on board, and so we left those roles open until the close of the transaction.
James Molloy: Excellent. Congrats, too, on getting the EBITDA positive and income from ops, just take out a couple of the noncash things positive in the quarter. Long had been a goal. I saw too that the COGS came down pretty good, at least in the quarter. Is that sort of — is that related in any way to YUTIQ? Or it’s just sort of fluctuations that kind of happen quarter-to-quarter?
Russell Skibsted: I was going to say it’s due to just natural fluctuation quarter-to-quarter.
Richard Eiswirth: Yes. Yes. I was going to say, Jim, you got fluctuation quarter-to-quarter based on the extent it goes to the distributor partners. So where we sell to our partners in France or Italy or Spain, since we have a lesser share of the revenue, the COGS looks higher in those quarters. And as we said, we had some shipments that were deferred into the second half of the year to those partners.
James Molloy: Okay. Great. Understood. And maybe last question on the , bringing the debt up by about $20 million or so from the first quarter and tripling it from last year, what’s the thinking on bringing in debt versus equity? I know we certainly got a lower cost of capital at risk and goes bankrupt from too much liquidity.
Richard Eiswirth: Yes. So I mean, if you — as we’ve said, we’re very excited about the leverage that this transaction creates for us. We’ve given guidance in the last 2 calls that we are pretty comfortable, we’re very comfortable with more than $100 million in revenue next year and $20 million in EBITDA. So $20 million in EBITDA generates a substantial amount of cash for us, and as that continues to grow, we think we’ll be in a position to service that debt as it starts to amortize.
