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- **Q3 Growth Records**: $119M revenue, 147% YoY growth, 103,000 bottles dispensed, and 20,000+ prescribers highlight XDEMVY's market dominance.
- **Pipeline Momentum**: Phase II for ocular rosacea (TP-04) and Lyme disease prevention (TP-05) on track, with global expansion plans.
- **Sustainability Signals**: 10% weekly refills, 44.7% gross-to-net discount stability, and DTC campaign ROI exceeding expectations.
- **Strategic Focus**: Scaling commercial engine for 25M+ DB sufferers, with 1.6% penetration to date.

**【CEO Summary Section】**
- XDEMVY achieved $119 million in net revenue and 103,000 bottles dispensed in Q3, up 147% year-over-year. Over 20,000 doctors have prescribed XDEMVY, with weekly prescribers increasing by 20% and multiple-times-a-week prescribers up 30%.
- XDEMVY is becoming a standard treatment for Demodex blepharitis (DB), with doctors expanding use across conditions like dry eye, cataracts, and contact lens intolerance. Patient-driven demand via DTC campaigns is driving new prescriptions.
- Pipeline progress includes Phase II for ocular rosacea (TP-04) and Lyme disease prevention (TP-05), with global expansion plans for Europe and Japan.

**【CCO Financial & Commercial Update】**
- Q3 gross-to-net discount was 44.7%, stable vs. Q2, driven by Medicare dynamics. Refill rates reached 10% weekly and 15-20% annually, aligning with long-term expectations.
- Direct-to-consumer (DTC) campaign delivered 90% increase in website visits and 42% rise in unaided brand awareness, with positive ROI exceeding expectations.
- Commercial engine is scaling with 400,000+ patients treated, but only 1.6% of the 25 million estimated DB sufferers, indicating significant growth potential.

**【CFO Financial Commentary】**
- Q4 net product sales guidance: $140-145 million (annualized $440-445 million). Gross-to-net discount expected to remain 43-45% due to Medicare mix.
- Operating expenses for 2025 will reach the top of the $70-80 million DTC spend range. Ocular rosacea Phase II costs ($7-10 million) and Lyme disease Phase IIb decisions will shape 2026 OpEx.

**【Q&A Highlights】**
- **Prescribing Patterns**: Doctors are integrating XDEMVY into routine care for multiple conditions, citing DB's impact on surgical outcomes and visual fluctuations.
- **Refill Dynamics**: 10% weekly refills and 15-20% annualized rates align with expectations, driven by chronic disease management education.
- **Pipeline Clarity**: TP-04 Phase II for ocular rosacea will measure telangiectasia and erythema reduction, leveraging TP-04's proven efficacy in papulopustular rosacea.
- **Market Segmentation**: Optometrists (65% of scripts) focus on in-clinic medical management, while ophthalmologists target cataract patients with DB comorbidities.


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