Impel Pharmaceuticals Inc. (NASDAQ:IMPL) Q4 2022 Earnings Call Transcript

Adrian Adams: Yes. And Eddie, to your point on the what-if scenarios, what happens if things weren’t quite as well as we anticipated, first of all, we don’t anticipate that. But clearly, I think what we’ve demonstrated over the course of time is that a key part of our targeted focus and investments in this marketplace is discipline. Commercial and financial discipline, all with a focus on execution. So in the event, what we consider to be the unlikely event that we start to see a lack of kind of feedback from our productivity. Then clearly, we will take the necessary actions at that particular point in time, I think. But we’re not anticipating that. I think if one looks at the growth within the overall marketplace which has been consistently double digit for many, many years and is projected to continue in that way.

As we look at the dynamics in this market, where all of the growth is being driven by the non-triptan segment of the market and that’s the market in which we are operating, that, together with the kind of continued churn over in the — with the gepants which leads to that strong source of business that we are starting to see, all give us kind of optimism in relation to the execution moving forward. But again, one of the things that’s always been a core philosophy, from my perspective, a business philosophy, is for every dollar that we spend, we want to be able to monitor and see the impact of that spend. And clearly, I think the way in which we had a handle on all the different parameters of the P&L means that we can react accordingly, both on the upside and on the downside in the event that we need to.

So — and that’s part of obviously running a business in a disciplined way. But the excellent questions. Thank you very much for that, Eddie.

Eddie Hickman: Great. And maybe one quick follow-up, Len. If you — like I’m looking at the sort of unit of like around 6 per month. Do you expect that to be flat over this year? Or is that — should that number change? Like our patients getting around 6 units per prescription? Or is that number going to shift over the year as well?

Leonard Paolillo: No, you should expect that to stay consistent at 6 to 6.2.

Operator: Our next question comes from the line of Laura Chico with Wedbush.

Laura Chico: I guess following up on the last question. Adrian, I’m wondering if you could comment a little bit further on cash runway? And what are kind of the current strategies to extend that? And then you also mentioned the Spherix data on peak share estimates. I’m wondering if you could comment as to kind of your expectations? And what is the level of revenue needed for breakeven?

Adrian Adams: On the cash runway, I think as we’ve articulated and what’s clear is that we finished the year with $60.7 million cash equivalents. So that, as we mentioned in our press release this morning, gets us into the third quarter of this year. So clearly, I think we are looking and have ongoing discussions in relation to financing strategies that will allow us to enhance that cash runway moving forward. So we’ve got activities going on in the background in relation to that. And clearly, I think that will be important as we build and continue to invest into this opportunity moving forward, I think, as it relates to breakeven, I think, Rajiv, maybe you can just make some comments on that.

Rajiv Amin: Sure. Sure, Adrian. So in terms of getting to a breakeven point, I think we need to be at a range of around $100 million to $120 million in revenue — net revenue.