Mayank Mamtani: Good morning team. Thanks for taking our questions and congrats also on the progress. So, maybe just at a higher level, if you could kind of talk about the distribution network and maybe specifically the prescription trends that you may have visibility from the institutional buyer versus the direct purchase by clinics and what sort of revenue recognition mix exist, given patient support programs may apply more to one channel versus the other. And if you could comment on how that trend may evolve over the course of the year. Then I have a follow-up.
Mike Weiss: Go ahead, Adam.
Adam Waldman: Yes, Mike, if I understood the question, we have addition – I mean, the way we set this up was to make sure that we’re meeting customers where they want to be. We have a – we are selling at all the major distributors for BRIUMVI, and we also have our own direct distribution program. I’m not going to get into the percentages of each at this point, but that’s the general layout of our distribution program.
Mayank Mamtani: Okay. And how you expect to see this evolve through the course of the year? Are there – with academic centers coming on board and also the impact of J-Code and are you able to comment on how this mix may evolve through 2023 and beyond?
Adam Waldman: Yes, I think we’ve been consistent in saying that we do believe this launch will gradually accelerate as some of these operational challenges alleviate throughout the year. The J-Code is one very good news that we got the J-Code that will become effective on July 1st. As I mentioned in the prepared remarks, we’ll continue to see formulary wins at major academic centers. So, that will continue to increase our academic prescribing. So, we do expect an acceleration in the second half of the year as these operational hurdles continue to alleviate. And yes, I hope that answers your question.
Mayank Mamtani: Yes, no, thank you. And just …
Mike Weiss: Yes. I could add, if you want, I’ll add on top of that a little bit ahead. I mean, I think – as I think Adam mentioned in his prepared remarks, I mean, we’ve had a really nice distribution between community and academic, probably slightly skewed toward the community side, which, again, getting back to the cautionary notes on IMS and Symphony, the community’s more likely to use the direct channel, which does not get captured. So, that’s one portion of the distribution. I think to Adam’s point, as we knock down these hurdles, each side will open up a little bit more, right? So, the community side, the J-Code is probably more of a problem than formula access because they’re smaller and they do their own formulary, and they don’t have a big bureaucracy.
On the academic side, it’s going to be the formulary which will open up more access to a lot more academic centers. My guess is, if I had to guess, my guess is the blend later in the year probably goes back toward the academic side. But again, it’s hard to really know at this point. We’re seeing great demand from both sides, and we know that there’s a lot of pent-up potential from both sides. So, I’m looking forward to seeing how that all plays out myself, actually.
