Adam Waldman: Sure. Yes. So those are the factors. I would also say it’s important to understand that there is a time lag from the hub to the infusion, right? So there is time that goes on from when a patient comes into our hub and when a patient gets infusion. There’s also — you mentioned compliance but there are also — we know that there are some patients that go into the hub that actually never get to an infusion. So those are the factors in addition to the ones that you mentioned. Yes, that’s all I can think of. Does that answer your question, Roger?
Roger Song: No, that’s great. Okay. Final question, a quick one. Mike, you have the guidance for 4Q and the overall year for 2023. Maybe when you will provide the 2024 revenue guidance? And how should we think about the trajectory from 2023 to 2024?
Michael Weiss: Yes. Thanks, Roger. So yes, we have not given any guidance on ’24 yet. We’re still getting our feet wet here and trying to work on how do we produce guidance. So still early days for us in that standpoint. But our goal would be to again, to the extent possible, to try to get some guidance out as early as possible next year. Again, to avoid people trying to guess what it’s going to look like. So we are trying to close the information gap. So again, people don’t use sources of information that we don’t believe as reliable as what — at least what we hope we’re seeing and looking at is creating the forecast. So yes. So hopefully, we can get something out early next year and give some guidance to get people on the right track.
Operator: Our next question is from Mayank Mamtani with B. Riley Securities.
Mayank Mamtani: Team, congrats also on strong execution. So maybe just continuing on Roger’s sort of follow-up questions on understanding prescription volume to revenues. So Adam, when you refer prescription volume, for example, if you have 2 loading doses, is that basically 1 prescription volume? And then the 24-week return patient, is that sort of another prescription number that basically, just from a process standpoint, is that how it works? And then sorry if I missed that, did you say the number for your new patient share info within the anti-CD20 class? It looks like you have some mature data now to be able to say what your market share is for new patients?
Adam Waldman: Yes. Mayank, just to be clear, the only number we’re reporting is new prescriptions and they’re not separate scripts. So we’re not reporting week 24 scripts. We’re not reporting day 15 scripts. The numbers we’re giving you are new scripts for new patients coming into our hub.
Mayank Mamtani: Super helpful. And then on the new –.
Adam Waldman: Yes, the market share, yes, I think we’re just taking the calculation of 40,000 patients in the year. Approximately it’s about 10,000 a quarter. And if you get 900 new into the hub. And again, we’re basing that just on folks coming into our hub. That gives you a good sense of the share of the anti-CD20 market that we’re getting.
Mayank Mamtani: Got it. And then your point on the hub to infusion time and percent rate conversion to infusion, like this trend wise, how is that evolving? If you could comment on that. And I don’t know if you commented on gross to net, if you could comment on that, too.
Adam Waldman: Sure. So as I mentioned in the prepared remarks, we are seeing improvements in time to — from hub to infusion, which we would expect as insurance coverage gets better. So that’s good that we’re seeing that and we’re doing everything we can to decrease that time as much as possible. There are some things that we can control and there are certainly some things that are outside of our control. But we think that that’s an important thing to focus on and we are seeing improvements in that area. As far as the gross to net question, yes, I think what we said was in the first quarter, it was 77%. And in Q2, we said it was in line with that. And I think it’s a good number to use from a modeling perspective across the year but we’re not going to update the gross demand on a quarterly basis.
Mayank Mamtani: Understood. And final question about your sort of guidance, thinking you would give a little bit more color on new versus prior anti-CD20 switch, how should we think about that? And then also baking in the return patients, the 24 week return patients, could you just maybe comment on how to think about 4Q and into first half given what you’re seeing?
Adam Waldman: Sure. I think I covered the distribution of patients. I’ll give a couple of things to think about with regards to revenue from week 24 infusions. So just a couple of things to think about. One is that and you mentioned this, a patient that starts therapy is going to get that initial loading dose or 150 milligrams followed by 450 milligrams. So that’s 4 vials, right? The vials are 150 milligrams each, so that’s 4 vials. A patient coming back for week 24 is getting 3 vials, right? So that’s a 25% reduction if — when that patient comes back and just from a revenue standpoint. The other thing that’s important to think about just in terms of revenue from repeat versus new is you have to take into account that not everyone will return from week 1 to week 24.
We still know what that — obviously, it’s still way too early for us to tell you what we think that, that will be for Briumvi. But we do know that looking at other IV CD20s, that they lose about 15% of patients from drug initiation to their 6-month dosing. And then that drop-off rate seems to decrease at a slower rate from there, right? With the average duration for an IV CD20 seems to be about 5 years and growing. But they do lose about 15%, is our understanding of the data, about 15% from the first infusions to the second infusion, which is the largest drop off. And then as I mentioned, it’s sort of even drop from there. So those are 2 things to think about when you’re thinking about return revenue. Hopefully, that answers the question.
Operator: Our next question is from Eric Joseph with JPMorgan.
Eric Joseph: I appreciate the guidance that you guys laid out for the fourth quarter and full year. Can you talk a little bit about your internal targets, I guess, to delivering on that expectation. I’m wondering sort of if the charge is to add new centers or expand share within existing centers or perhaps even lean a little bit more to this CD20 switch opportunity that is a bit surprising. And maybe just one follow-up to that — to your last comment, Adam, on repeat for week 24 infusion expectations, that 15% drop off, that’s kind of a hard final number? Or is that — or is it just sort of a time shifted, where you might sort of catch the patient but not quite exactly on a 24-week schedule?
