Cara Therapeutics, Inc. (NASDAQ:CARA) Q2 2023 Earnings Call Transcript

Scott Terrillion: Yes. So we’ll be providing — as you said, we’ll be providing comments during the 60-day period. We will engage with CMS to provide more information. We would not expect to get anything back from them before the rule. They’re in a comment period. They have rules they have to follow. We wouldn’t expect there’d be any information back directly to us or certainly publicly before that November rule came out.

Chi Fong: Okay. Maybe just one last one for me. Can you talk about — remind us sort of the connection between the manufacturing supply revenue on KORSUVA and the — the revenue recognitions of IV KORSUVA. It looks like — it looks — the manufacturing supply revenue looks a little light this quarter. And the sequential increase in the revenue. So is it just the nature of lumpiness? Or does it like sort of like — is there any way a leading indicator of how much IV KORSUVA, Vifor will order from Cara?

Ryan Maynard: Chi, this is Ryan. Thanks for your question. I would start by saying that they’re really disconnected in the short term. The commercial supply revenue is basically us shipping vials to Vifor based on the release from quality, because we’re basically — we’re acting as the — manufacturing CRO for Vifor. And as we get vials released from quality, we ship them immediately to Vifor under a PO. So there’s no connection to short-term demand. And as you know, the IV KORSUVA revenue is based on shipments from Vifor to the wholesalers, and that’s how we recognize revenue. So you’re correct in the sense that the shipment of commercial supply revenue was down from the prior quarter, but that was simply based on the QA releases we get from our provider.

Operator: Thank you. I would now like to turn the conference back to Christopher Posner for closing remarks. Sir?

Christopher Posner: Thank you, Latif. Well, thanks, everyone, for joining us today, and I just wish everybody a great afternoon. With that, I’ll end the call.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.