Good afternoon and thank you for joining us today. My name is Dan Shubillard, Chief Financial Officer of Lens Therapeutics. We are joined today by A.S. Kimmel-Pennett, our President and Chief Executive Officer, Sean Olson, our Chief Commercial Officer, and Dr. Mark Lodrich, our Chief Medical Officer. Before we begin, I would like to remind you that this call will contain forward-looking statements regarding lenses future expectations plans prospects corporate strategy regulatory and commercial plans and expectations cash runway projections and performance actual results may differ materially from those indicated by these forward looking statements as a result of various important factors and risks including those discussed discussed in our filings with the SEC, which can also be found on our website. In addition, any forward-looking statements represent only our views as of the date of this webcast and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. The company encourages you to consult the risk factors contained in our SEC filings for additional detail, including in our first quarter 2026 form 10Q, which is being filed With that, I'll now turn the call over to Abe.

Hi, Dan. Good afternoon, everyone. In Q1, our performance was consistent with the expectations we outlined in our last call. We delivered approximately 25,000 paid and filled prescriptions, bringing total monthly units sold since launch to roughly 46,000, and generated 1.9 million in net revenue, including 1.7 million in price sales. New-based adoption has continued to grow, but not yet at the pace we are aiming for. And I want to address that directly. We've done the work to understand the dynamics, we've identified what needs to change, and we're executing on those changes now. But continuously those confluence are the strong fundamentals underlying their top-line number, and the strength, and if I agree, we are building around this. Our product clearly works in the real world, This is reinforced by consistent feedback from both doctors and patients, underscoring what real-world efficacy is living up to expectations. We have built a growing maze of prescribing positions with over 10,000 unique prescribers through the first quarter and new prescribers writing for the first time every day. That was seeing a very clear co-activity signal emerge within our prescriber days. At the same approximate stage of launch, around 46,000 code scripts, this is generating roughly 70% more scripts to describe it and viewing, a fountain that falls through across all our describing desks. In other words, we're reaching the same level of double volume with fewer prescribers because physicians who adopt this are describing it more consistently. This is an example of the encouraging dynamics that we are experiencing as we build a truly new category. Early adoption builds more gradually, but as prescribing habits develop, they drive consistent updates. In addition, we continue to see promising patient adoption and persistence. Once patients move from a sample to patient in the product, many stay on therapy, which which we have seen reflected in early retail behavior and, importantly, in purchasing patents. For over two-thirds of our e-pharmacy volume is now coming from three-month prescriptions, a meaningful increase in our e-pharmacy consumer purchasing behavior from Q4 to Q1. This diet is what we want to see from a sampling-led launch. where patients try to work first, convert after experiencing the benefit, and then continue use. Stated together, this gives us confidence that we're building the category on a durable foundation, and we view these metrics as important early in the latest, which will scale over time. At the same time, as we've noted during our last call, building a battery will take time, particularly as describing habits and patient behavior continue to evolve. Through Q1, the pace of new patients' tasks and routine ECP describing was more gradual than we expected to be. We are razor-focused on improving that over the coming months and will hold ourselves accountable to demonstrating these upcoming quarters. As we have several months into our launch, we believe we have identified the key barriers to adoption. Over recent months, we have focused on these areas in depth, including through extensive work with advisory boards and direct engagement with both physicians and patients to better understand how to improve both the prescribing process and the patient experience. There are two primary areas where we seek clear opportunities to drive adoption. First, on the physician side, this is well understood. End awareness is extremely high among ECPs, and this is recognized as back in class. However, it is not yet being brought up proactively enough in the patient composition. This requires an important behavioral shift as physicians learn to incorporate a new type treatment into a routine exam flow. It has not historically included the integration of a novel pharmaceutical option for the treatment of presbyopia. Second, on a consumer side, the path from awareness to prescription and alternately to purchase is naturally a multi-step one. Surveys and direct feedback have highlighted where the patient's journey can be further improved to support conversion. Based on these insights, we are sharpening execution and have already taken target actions to accelerate adoption. Again, on the position side, we are finding how Viz is to produce the exam room to make it simpler and more natural to bring it to our position. One example is a renewed focus on contact lens patients, where Viz provides a clear an immediate value to that practice, and helping patients stay in their lenses longer. This serves as a practical entry point that corresponds to a significant part of their patient and revenue base. We're highlighting ECP's success stories from leaders to illustrate how this has been integrated into practice specifically for these patients as examples of real-world wins. This helps physicians better understand and use this more consistently to add real value and from there expand usage more broadly across the European population. Importantly, as I've mentioned, these requirements are informed by direct work with advisory boards and testing panels for physicians, where we have incorporated real-world feedback on what works and how to improve both the EZP conversation and patient experience. On the patient side, we are evolving how patients get started on therapy, but introduced tools, including a simple QR-based getting started with this experience video, that clearly explains how to use the product and what to expect, helping patients complete the initial trial and transition more confidently to ongoing use. Additional materials to support this effort are finalized and will be rolled out shortly. In addition, and when we're permitted, we're enabling physicians to sell this directly to patients in their practices. This can simplify access and reduce friction in the conversion progress. early feedback on this approach has been encouraging, while we remain mindful that it is not available on all markets. Taking together these actions are designed to increase both how often this is introduced in the exam room, and a conversion from trial to ongoing use. Shortly, Sean will go into more detail on how we are executing ahead of these priorities. In parallel, as we scale the product, we are also continuing to improve the overall user experience. We are positioning to an FDA-approved large-scale manufacturing process that will further improve our direct front customers. This also allows for a tighter formulation specification and enhanced vial format, which we expect will further improve both ease of use and comfort upon installation. These are natural advancements as we move from initial porch to broader scale that are part of our ongoing focus on optimizing the patient experience. Our attention now is on execution against the key drivers that are highlighted today. We expect that these actions will drive meaningful and measurable progress in ECB and consumer adoption as we advance through the year. To the public activity works in a large and underpenetrated market, we continue to see strong validation from both patients and physicians on the value it brings. At the same time, we're building a new category, where both describing habits and patient behavior will need to evolve. Importantly, we have a solid and actionable understanding on how we can influence that evolution to accelerate adoption. We've already begun to act on these insights and initiatives. Met these actions continue to roll out across the field and the patient journey, but focused on demonstrating meaningful and sustained strict growth over the coming months and course. Lastly, in parallel with seeing strong momentum outside the US, that are recent near-be-in and UK submissions, as well as meaningful inbound partnering interests from key markets including Europe and Latin America. Combined with our existing partnerships across China, Southeast Asia, Canada, and the Middle East, we believe we're building a strong foundation for global expansion. With that, I'll hand it over to Sean, who's going to more detail on how we're executing against the priorities. Thank you, Ace.

Good afternoon, everyone. As I've outlined, we're in the early stages of building a new category, and our focus is on translating strong product performance and early adoption signals into consistent and conscalable growth. From a commercial perspective, we're encouraged by what we're seeing in the field. High-care professionals prescribing this are seeing it works in their practices, and that confidence is translating into repeat prescribing behavior. We're seeing a growing number of physicians not only prescribe this, but write it multiple In fact, approximately 60% of prescribing ECTs have now written VIZ multiple times, which we view as a strong signal of confidence and early hazard formation. ECT awareness and interest is high. Understanding of the product is strong, and consumer interest and awareness is grown. What we're focused on now is how we translate that interest into consistent prescribing behavior and consumer adoption. and importantly, doing so in a way that shows tangible progress and new script growth in this early phase of the launch. Focusing on our eye care professional strategy, we continue to see strong engagement and voucher among physicians. Just a few months through the launch, aided awareness is in the I-90s and unaided awareness is over 80%, which tells us that it is already well-known in the eye care community for the treatment of presidioa. We are also seeing that physicians clearly understand the product. They consistently describe VIV as differentiated, pupil-selective, and ciliary-scarrowing, while delivering a 10-hour duration. That level of clarity is important because it helps address the major barrier of being compared to previous products in this category, where our focus now is translating that understanding into consistent behavior. This is about helping physicians bring Viz into the patient conversation more naturally and more frequently, and integrating it into their standard high-examable flow. We're also seeing this translate into prescribing behavior. As Dave mentioned, at a comparable stage of launch, Viz is generating significantly higher scripts per prescriber than what was observed with you. And importantly, we see that pattern consistently across the prescriber base. What that looks like in practice is that once physicians begin to prescribe viz and integrate it into their workflows, into their workflow, they tend to prescribe it more frequently compared to what we saw with BUE at a similar stage. This is not limited to a small group of high volume writers, but something we're seeing more broadly across the prescriber base. This ties directly to how we have designed the launch. With sampling, patients experience the product first and physicians utilize these experiences to build an understanding and confidence in this. That creates a more natural fit in the practice for prescriptions are written with greater confidence and consistency. And we see this as an early indicator of how adoption can continue to build over time. Having been working through this in the field, this also helps clarify where we should focus the further accelerated options. One of the areas we're seeing the strongest early traction is in contact lens patients. This is a well-known challenge for eye care professionals. The contact lens population peaks in the 30- to 39-year-old age range. And as this group ages, up to 71% of patients drop out of contact lenses after the age of 50, often reluctantly, with presbyopia being a key driver. This is not just a clinical issue, but a core contributor to practice revenue where contact lenses and related services play a significant role. What we're hearing from physicians is that that VIV provides a very practical solution to that problem. As one physician put it, this is a way to keep my patients in contact lenses and improve their experience at the same time. This is a clear example of where ETPs can benefit for their patients and in their practice through the regular adoption and prescription of VIV as a patient satisfaction and retention strategy. That ability to both improve patient outcomes and support the practice makes it a highly relevant and actionable use case. Importantly, this is not just anecdotal. Our most recent consumer survey showed that approximately 50% of Viz users reported they used contact lenses as their primary form of distance vision correction, reinforcing that this is both a meaningful and scalable opportunity to drive adoption. Turning to our consumer strategy, we are encouraged by the early momentum we are seeing, But most importantly, this is where we see key opportunity to improve conversion and scale adoption. Patients are interested in the product, and we're seeing strong engagement across our channels. What we are focused on now is improving how patients move from awareness to prescription and ultimately to purchase. The journey in a new category for a prescription drug is naturally more complex. A patient sees an ad, learns about the product, schedules an appointment, receives a sample, and then decides whether to move forward with a prescription. Each step creates an opportunity to either progress or drop off. And our focus is on making that process simpler, clearer, and more intuitive. We are already seeing encouraging signals. Our direct consumer campaign is driving strong engagement with significant increases in website traffic and early indications that patients are entering the phone. We are also seeing that when patients convert, they're engaging in a more committed way. In our e-pharmacy channel, which represents more than half of our prescriptions, over two-thirds of the volume is now coming through three-month prescriptions, which is a strong signal of intense and early persistence. At the same time, we're actively refining our approach to improved conversion. On the messaging side, we have shifted to a direct problem-solution consumer value proposition centered around tired of reading glasses, which directly connects with the everyday experience of presiovia and physician's viz as a simple alternative. We are also improving how patients get started on therapy. This includes stronger expectations setting around how the product works, clear dosing instructions, and what to expect in the first few days. We have also prepared simple onboarding tools such as QR-based resources that guide patients through the initial experience and help them transition from trial to ongoing usage. In addition, we are continuing to expand and refine our media approach. This includes testing additional channels such as linear television and select markets while actively optimizing our creative and media mix based on real-time performance data to ensure we're driving the most effective engagement. We're also seeing increased interest from physicians in directly selling this to patients from their practices where permitted. This approach is currently being implemented in select markets and structured in a way that maintains our expected economics, while giving practices the additional flexibility to serve the patients. We believe this could also offer a significant benefit of convenience for the patient, but it needs the ECT visit with products in hand, reducing the hurdle of pharmacy abandonment. Finally, these efforts are supported by the expansion of our field organization, which will be fully deployed by the end of this quarter. This increases the reach of our field sales team to approximately 15,000 targeted eye care professionals, allowing us to respond to inbound demand from physicians outside our initial target group and to build higher frequency territories. The combination of increased reach and frequency is critical to reinforcing both physician behavior and patient conversion. Together, these actions are focused on increasing the number of patients who move from initial interest to trial and from trial to ongoing usage. Overall, we are encouraged by what we are seeing in the early stages of the launch. We have strong physician engagement, bigger patient interest, and a growing set of levers to drive adoption. At the same time, our focus now is on translating new actions into meaningful and sustained MRX script growth over the coming months and quarters. We believe we have the right elements in place, and our priority is executing ends down with discipline and to build momentum from here. With that, I'll turn the call over to Dan to walk you through our financial results.

Thank you, Sean. As both Abe and Sean have stated, we are encouraged by the performance of this in the hands of patients and ECTs as we build the present-day opium market. The early signs of broad ECT uptake are there, as evidenced by the over 10,000 prescribers in the first two quarters of launch, a figure higher than any recent launch in ophthalmology at this stage. Additionally, consumers are emerging with positive real-world experience every day as product awareness deepens and our early launch efforts begin to take hold. Our first quarter results were highlighted by the approximately 25,000 paid-in-toed prescriptions of Viz, which was a 19% increase compared to Q4, resulting in approximately $1.7 million in net product revenues. Our units continue to be driven by both a combination of new patient prescriptions and increasingly bimonthly refill units, including both single-monthly packs and three-month orders, which are available through our e-pharmacy. While it is early at this stage of launch to be declarative about projecting annual refill rates, we are encouraged by what we are seeing in the initial trend. In Q1, and consistent with last quarter, we noted blended gross net discounts across our distribution channels of less than 10%, resulting in approximately $67 in net revenue per monthly pack of VIVs. Additional blended costs of the respective distribution channels of approximately $7 per unit were incurred at flow into operating expenses within SG&A, resulting in a net tax per unit of $60 per pack. That is unchanged from last quarter and in line with our longstanding expectations. Additionally, we recognize license revenue in Q1 of $250,000 from the distribution agreement signed in January with Monatus, our ex-U.S. distribution partner in the Middle East region. As I discussed on our Q4 call, there is significant effort underway with our existing ex-US commercial partnerships as we advance towards multiple additional regulatory approvals for this and we remain focused on the continued expansion of our global network of commercial alliances. We look forward to reporting additional progress in the months and quarters ahead. Turning now to operating expenses, our cost of sales in the first quarter told $1.1 million and was comprised primarily of two non-recurring events, resulting in charges to cost of sales in the period that were unrelated to product sales. The first was a period cost coming from out-of-specification temperature excursion of inventory while in transit from our manufacturer. We expect recovery from this product loss from our insurance provider in the second quarter. In addition, we incurred a one-time charge for packaging supplies associated with the previously mentioned FDA-approved manufacturing process improvement and transition. Direct product cost of sales related to our Q1 product sales were immaterial, and we anticipate VIZ to trend to an approximately 90% direct product gross margin over time. Total SG&A expenses increased to $45 million in Q1-2026 for approximately $40.7 million net of non-cash stock-based compensation. This was a 13% quarter-over-quarter increase from Q4 and was driven by our planned DTC launch investment. It's consistent with last quarter, approximately 80% of our SG&A was driven by sales and marketing, with the remaining representing general and administrative expenses. Of note, we anticipate that our Q1-2026 OPEX, SG&A, and the resulting cash burn is higher than our growth forward quarterly loan rate over the balance of 2026. Soal research and development expenses were zero in Q1, which is consistent with last quarter. Finally, our net loss per share, both basically diluted, was $1.32 per share in the first quarter of 2026 on a net loss of $41.5 million. We ended Q1-2026 with approximately $258.4 million in cash, cash equivalents, and marketable securities, and our Q1-2026 net cash burn of approximately $34 million was consistent with Q4 and in line with our budget. As we discussed on our recent year-end call, our current sales course expansion is in our 2026 operating plan, and we will continue to target an allocation of approximately 80% of our SG&A to sales and marketing. In summary, we enter the second quarter of 2026 at an important point in the launch with a clear operational plan, a strong cash position, and conviction that the actions underway will translate into meaningful growth. With that, I'll turn the call back over to Abe.

Thanks, Dan. To conclude, I'm incredibly proud of the land theme and the progress we have made for the first two calls of our launch. We are seeing what we hope to see, a project really works encouraging daily signs of patient persistence and a growing base of describing physicians. At the same time, we are under no illusions about where we need to go. While building a completely new category takes time, enacting changes in both describing Having habits and patient behaviour is crucial, and we have progressed from diagnosing the early adoption dynamics to actively addressing them. We are committed to demonstrating clear and measurable progress for the coming quarters and moving forward to reporting back from that. Our focus now is on accelerating new patient adoption through disciplined executioner fields and continued investment behind the pedigree. We believe we are in the early stages of building what can become a significant and durable market, thus to continue to execute our priorities, translating this into meaningful and sustained script growth. We look forward to updating you on that progress as we move through the year. And with that, I'd like to open up the call for questions.

At this time, if you would like to ask a question, simply press star 1 on your telephone keypad. To withdraw your question, press star 1 again. And our first question comes on the line of Stacy Q with T.D. Cohen. Please go ahead.

Hey, thanks for taking our questions, and we appreciate the details of this launch discussion. So we have a few follow-ups. First, it's still early days with linear TV, and, of course, the first steps of the Salesforce expansion, just help us understand, are you able to go into additional detail on encouraging fines beyond the current prescription trajectory? Are you able to identify a specific type of practice? Does prescribing VIZ multiple times? That's the first question. And then on the second question, we do appreciate that three-month metric from the e-pharmacy. It's very interesting. We wanted to confirm for the next early earnings call, will we be getting specifics on refill dynamics? So that's the second question. Now, the third, we're just trying to understand how we should be thinking about sampling and competitive dynamics. Ten points, UVEZI, they've now launched. Just help us understand what type of counter detailing we might be seeing in real time. Do we also expect samplings from both UVEZI and QOC? And then last, on FIS safety, this may be contextualized what we're seeing in the FAERS database for the launch. now that business has been on the market for over six months. What are your views on business safety profile? And maybe, Sean, if you could share perspectives from the patients and prescribers. Thanks so much.

Great set of questions there. Sean will actually start giving it up and give some insights in the signs that we're seeing on our DPC and when it did the impact. Obviously, let me address the repo one first before we then go into samples and the VPC impact. Clearly, that's a key step that we've been very clear on from the beginning. We will start to share in the second half of this year. And just to repeat what we said earlier, the reason that we've always focused on the second out of the year is that we really want to see those cohorts of patients that we can look at that equal step on the trial a little over time. Again, if you think about Q4, so first order of orange patients, but obviously order that first script in Q4 and might have refilled in Q4, We're also seeing that, as we've mentioned, it's time to move over to the three-pack, and logically, for the three-pack, you're going to be back for a reorder in at least three months. So, we feel it's important to see that patient behavior, to draw a little bit more, which is why we've always indicated that we'll start sharing the three-fill data in the second half of this year. So I'll hand you over to Sean to talk about the BTC impact and samples of what we're seeing competition do.

And then Mark will address your safety question. So safety is a great question about the BTC. So what I can say so far, the early indicators are strong. So the engagement of the ads are high. We look at the click-through rates. We look at the cost per thousand impressions. questions, and we're seeing the numbers that we want to see there, and our website traffic is up significantly. You know, we see people up to 10 times what we used to see on our website traffic. The consumer awareness itself is building. We are hearing that Sarasota Parker is resonating very well, and we have a broad digital reach ongoing. That being said, awareness is still early overall, so we still have more to do on driving greater consumer awareness, but we've seen an encouraging response from that low base and more patients entering that funnel. So, what we're seeing is we're having great success on platforms like YouTube, we're seeing ad recall and ad awareness lists rather than benchmarks, and we're seeing a similar ad recall list on Pinterest as well. So, this category is naturally slower to convert because of all the steps required to get to the prescription. but we continue to monitor this and actively optimize our campaign to ensure we have the best media that's out there and refine that creative testing repeated as i said in the earlier opening remarks we leaned in more to the problem solution marketing of tired of readers you know here's a solution which is this so our focus right now is that strong conversion improvement, and we expect to have stronger impact over time, because PTC typically takes a few quarters to mature. Thanks, Sean. And your next question was around the... Okay, there are four questions in there. The next question there was around the competitive environment. So, we continue to see this as a category of 1.5, differentiated by its unique MOA. That being said, the market can definitely support local entrants. There's a large unmet need, and, you know, other people out there speaking on the benefits of eye drops and presbyopia is an overall benefit to the category. This is a product where trials are very easy. So, our sampling strategy wants the patient to try the product. So, we know in head-to-head, if you were to try the different products, our product stands alone in terms of 10-hour and that broad patient population. And we feel very strong about our efficacy. We know that the Firefox didn't really satisfy the market, and this is clearly differentiated with our long duration, broader efficacy, different MOA, and only people selected my odds. So that real-world experience is reinforcing that generation, and competition helps build that awareness. But our focus remains execution-driven on driving this.

Thanks, Sean. Before we put the mark, just two quick additions to that. So your question on if the competition is close, and you've asked, are they sampling? Yes, maybe not as far as we are, but there's definitely samples that they're putting in the market. And then maybe the underlying part of your question is, for sure, if we were to stop sampling, which we're not intending to do, he would see anorexism come up. But I think we'd also start to see that you see with us all with good beauty. So from the beginning, sample has been a core part of our strategy. We continue to do that, and as I mentioned earlier, we're actually seeing that behavior that we want to see in good and well sampling. You sample, you like it, you convert to buy any products, and you're more sticky than if your order is basically a sample. So with that, let me add it over to Mark to talk a little bit more about the Stacey profile and what we've learned today.

Thank you, Stacey, for your question, and it's one we're happy to get into because our data is genuinely one of the strongest parts of the biz story so far. Six months in, we've shipped approximately 46,000 boxes. That's roughly 1.2 million doses in addition to widespread sampling on top of that. So we've created some very broad use of this. What we're seeing in the real world is fully consistent with the label. The non-serious AEs being reported are mostly transient and in line with what we saw in the clinical program. On the retinal side, it is important to start with a natural background rate. In the total population, this is about 27 per 100,000, with risk increasing with age and level of myopia. So, considering the background incident rate and the significant use of VIS thus far, zero retinal detachments and only two retinal tears is much lower than what you would expect. Importantly, both retinal tears occurred in patients with pre-existing retinal risk factors, meaning they carried elevated risk independent of any treatment. Our retina experts have reviewed both cases and assessed them as likely non-causal. Honestly, again, given the number of patients now on VIS and the background rate of around 27 per 100,000, you would expect to see more of events than this. We believe that two cases at this level of exposure isn't just signal, but really just non-causal background incidents. I know everyone is looking at what VUETI saw, so let's talk about VUETI for a moment. At what we believe is a comparable exposure to where we are today, VUETI had about 34 retinal events on the books. 22 of them were detachments. We believe that this shows what we've said all along. Aseclidine is a different molecule than the other two other meiotics on the market, with a different mechanism of action, and we're seeing a really different safety story play out in the real world. Viz is the only pupil-selected meiotic. It doesn't significantly engage the ciliary body, and ciliary body engagement is the pathway most associated with retinal traction risk in this class. Across thousands of medical discussions we've had with eye care professionals, the ECP community clearly understands that mechanistic difference, and they consistently associate this with a lower perceived retinal risk profile than other meiotics for presbyopia. As exposure continues to grow, what matters is that the retina-related AE rate stays below background and that we don't see a mechanistic signal. To date, that's exactly what we're seeing. The product is safe, the data supports it, and we'll continue to be transparent as the real-world experience builds. Thank you.

Thanks so much. And to just add on to a little bit to the last part of that question that you had, Stacy, on what's the perspectives from the ECTs and the patients, well, I can tell you about the field of YP. The doctors clearly understand that it's likely to be people selective. They completely understand that because of, one, the MOA that's in the PI that directly states it. Then, two, when people use this product, we continue to figure out that benefit to distance vision, which is avoiding that ciliary muscle, that's why they're doing that benefit to distance vision as well. So, the doctor and EPP community completely understands and aligns to the unique nature that is only available through a cyclidine. And from the consumer standpoint, the other focus really is on that. When I think of consumers, it's making sure we set that right expectations to the skin on installation or redness that's on installation and is transient over time. And that's where we're putting a lot of work into getting started videos and QR codes, as well as training the doctors to set that right expectation for the patient.

Next question comes from the line. Okay, your next question comes from the line of you, Gail Nakamovic with Citi. Please go ahead.

Hey, guys. Thanks for all the detail. Appreciate all the color as you move through the first few quarters of the launch. You mentioned that the prescribers are not proactively talking enough about Viz and their initial patient convos. I'm wondering if you could just sort of expand a little bit more on that. I know you mentioned, Ethan, Sean, that contact lens wearers was an area of focus. I'm just wondering if there are other categories or other aspects of a patient's profile that would be good, you know, natural hooks in order to, you know, introduce this concept in the course of an initial patient conversation. And then I know earlier before the launch you talked about, you know, average utilization somewhere in the five months of the year range, you know, which varies depending upon you know heavy users versus light users i'm just wondering if you believe that that's still a valid assumption or if you if you think that needs to be adjusted thank you thank you all so starting with the prescribers focus on how often they bring up this so we need them bringing up biz more often in their standard exam another standard exam is pretty quick right You go through an eye exam in 20 minutes, and they have a regimen that they follow.

And once you get into almost like a muscle memory, you consistently do the same thing, unless the patient proactively brings up this. So we need to help them change how they run through that standard process. And so what we did and what we're doing to do that is, you know, we actually worked a lot on our message sharpening. So we're making it easier for the doctor to bring it up quickly. And part of that is video and QR code. Now they don't have to spend as much time walking the patient through expectation setting, as well as how to use the drop, how to put in an eyedrop. So we've moved that over to a digital video format. That way the doctor can bring it up easier and quickly in their natural eye exam. So this product still has broad adoption. But in our research, what we've seen so far of consumers is 50% almost of our patients that are on Viz use contact lenses as their primary vision correction. And that's a natural benefit for both the patient and the practice. So, that's why we're focusing on leaning heavier into the contact lens strategy right now. They create that muscle memory for the doctor. It's clear physician value and it's a clearly identical patient. And by doing that, we can help create that cycle of I can always bring up this and I can do it quickly. So that's really where we're focused in terms of making sure the prescribers bring it up more often.

Thanks, Sean. Two other parts of my question. Beyond company lenders, like Sean mentioned, it's an important group. It's 10 plus million people. They're very valuable one. We're seeing the groups that we've mentioned before. So without too much detail, it's the people that I've had LASIK before, the people that are striving for an active lifestyle. We're also seeing great success in ametrobes, so people that have never been through it, obstetrics that come in, people that have said no, we can't press the object. So all those categories play. The company is one that we can very easily help the doctor understand what the value is for the patient and for them. And then on the refill rate, yes, we've all spoken about, you know, the product refills here, and you can see our commentary on confidence in light of what we started. Thank you.

Next question comes from the line of Iren Aminsk with Piper Sandler. Please go ahead.

Yeah, hi, guys. Thanks for taking my question. Maybe let's start. You talked about going to physician offices directly to sell this in select markets. And you maybe just talked about how this might impact your margins because there would be an economic incentive to physicians. So I was just wondering how the math will work for both the company and for physicians. And I guess what target markets are you expecting to reach out to and how many of these are in your top 1,000 ETP prescribers?

Thank you. So, we think, so this is Sean, and I'll cover a key aspect of this on-direct model and explain how that functions can operate. So, for optometrists, generally, in about half of the markets in the U.S., half of the states, optometrists are able to sell prescription drugs out of their practice. So, where it's allowed, you know, we offer the opportunity. for doctors to buy the box directly from Lens, that box ships to the doctor's office. From that point on, they're able to prescribe it and sell it to the patient. From an economic standpoint, you should think of this as the same economics to Lens as a product that flows through e-pharmacy or a product that flows through the retail chain. So target markets are those ones, and specifically where this is an optional average, and which goes back to about 25 of the 50 states.

Yeah, I think the only thing I would add to that is the revenue transaction is, when we talk about gross finance and that kind of net price to the company of $60 net cash per monthly unit, you can roughly estimate that from a modeling standpoint. So I wouldn't differentiate it from a channel perspective. It's just different kind of methods of selling direct and avoiding some of those costs of the wholesaler or the other distribution costs. Otherwise, very high-quality revenue transactions are a direct transaction between us and the dock. So, in short, no meaningful difference in net economics to the company.

And then maybe if I could have one more question. I think at the end of March, the company stated that emerging presbyotes were identified kind of as early adopters, and you wanted to expand beyond this group. Can you maybe talk about those efforts in terms of expanding beyond, you know, the emerging presbyotes to a broader group, you know, over the last six weeks or so?

Thank you very much, Ted. But maybe you referred to it that in the last poll, indeed, we said that not so much from a consumer point of view, but from an ACP point of view, their initial focus on where this product, patient type, for whom this product would work well, was, we saw, you know, somewhat limited to early PSBO. So that was a carry-over, frankly, what we believe while we hear from the U.E.S. launch. We could say have that limited efficacy, they really focused on this for early emerging hematophagic patients, as we go. We clearly work in a much broader population, that's part of what that sharpening and messaging is to continue for Salesforce to remind the doctors that while that is a appropriate category, it's just a fraction of the patient population that you can use this product in. So again, that's part of where the messaging has changed.

And so, practically what that has mean is actually move that knowledge to the doctors. We actually developed an additional ease for the field that they're out there using. They typically focus on that broad inclusion of our study trial where it showed that we worked just as well in both moderate and advanced pregnancy as well. Practically also what it means is we've updated some email campaigns and posts that are targeted ACGs that bring in peer-to-peer statements of other doctors sharing their successes that they've had with biz in non-early credit deals to help bring that across from a peer-to-peer view as well as in the advertising deal.

Your next question comes from the line of Mark Bidman with Lyrinc Partners. Please go ahead.

Hi, everyone. This is Alyssa on for Mark. Thank you for all the detail on the update. Just a few questions from us. Could you give a little bit more color on the ECP direct sales initiative? I mean, it's maybe they could order directly from Lens, but would that be timed shipments or would it be at will ordering as they deplete their inventory? And also, could you discuss the network TV, the consumer advertising and what markets exactly you're launching that in in the pilot period? Thank you very much.

This is Sean again. So, there's a little bit more color on the EPP direct sales initiative. So, these are engagement that we enter into with the doctor. We have a contract between us and them that outlines the rules and the model itself. It is at will ordering, so they have to order a case of product at a time, and then we ship it to them directly. At that time, you know, they're charged and we collect payment ahead of us shipping the product out to them. so it really is a very simple model we enter a contract with the doctor we send the doctor an invoice for at least one case at a time they pay the invoice for the case we ship it directly to that doctor and from there they can then you know prescribe and sell the product to the patient in their market so at will under a contract and then in terms of our network TV. So, we've just started to do network TV in select key markets. There are a few different markets across the U.S. that we're doing this in, and we're doing it to make sure we can see what the signal is in those markets. We're running later TV. We're still only a few weeks into it, so it's too early to provide any details on that list.

Great. Thank you.

And your next question comes from the line of Lakelyn Hanbury-Brown with William Blair please go ahead thanks for the questions um maybe on the direct ETP sales approach you should reread from that that you're maybe seeing some abandonment obviously between writing scripts and patients actually filling it and then this is uh yeah obviously going to sort of hopefully reduce that issue or is this maybe also you know obviously to get the decisions incentivized and make it top of mind for them uh if they're sitting in the office every day and then maybe a second one Sean I know you mentioned the change

in the certainly the name of the DTC campaign wondering how much more of the sort of actual content of that has changed with this new sort of problem solution approach that you're taking thanks a lot that I appreciate the questions so the direct ECP program but that initiative was came out of just pure ECP demand as well as consumer convenience I want to make sure that process as easy as possible it did come out of an abandonment issue it truly was something that the doctors have been reflecting for a while and we now get infrastructure in place to support in terms of the content of the gtc so the tired of reading glasses and then the solution of this is was a change to bring a direct alignment between those that are in readers and frustrated as a solution to that. It doesn't result in an overall change of any core creative. The creative itself still stands strong. SJB continues to test well. It's more about creating that direct connection right off the bat when people see the ad. So, that's the only reason for that change. When you think of that lead into these contact lens patients, those are the people in reading glasses. When you think of those basic patients, those are the ones in reading glasses. So, just bringing a tighter connection on the value proposition of this so maybe one other just on the direct ATP do you have the clauses in those contracts to ensure that they charge a certain price or is there a sort of ceiling or for to what they can charge in there yeah so the way this is structured to make sure that we're staying up right way so we have the price that we sell it to the doctor and then you know the doctor can set their own final price to the patient However, with the guardrails we have in place, it is very clear on the materials that for $79 you can buy it from e-farmacy, you know, if you go to an X-Card at $79, we have the retail structure in the background. So those know around the actual pricing pressures, we'll hone in that price for it.

And our final question comes from the line of Matthew Culfield with H.C. Wainwright. Please go ahead.

Hi. Thank you, guys. Regarding the refills, any further observations on switching from the one-month to the three-month dynamics, and is that something that could have greater clarity during second half 26? And then just additionally, with the R&D dropping to zero for the quarter, is that drop anticipated to remain for the foreseeable future, keeping the R&D at zero, and the OpEx essentially just concentrating on SG&A for the launch moving forward? Thanks a lot.

So on the refills, yes, we see patients move, you know, like, for example, if somebody ordered a one-pack first and then, if they like it, they move to a three-pack and they continue to do that. So that dynamic is an important one and one that we highlighted. and if you look at the ePrimacy site, which is the growing place that you can get, the feedback of that channel represents a more national majority of our volume, you see that that feedback now rises about two-thirds of the volume that we sell through ePrimacy. So, definitely an important factor of what we're selling. And going back to what we said earlier, we do anticipate that as we move into the second half of the year, we'll be able to give a little bit more color on some actual districts around that retail behavior. And on the R&D then?

Yeah, Matt, I'll take that question on the R&D spend. So I think the short answer is yes, you should expect R&D to be substantially zero. And we kind of singled over the course of 2025, a shift in the capital allocation of the company with the completion of the clarity studies in early last year and moving towards personal. So you would have seen R&D be effectively zero in Q4 and again in Q1, and that's actually the expectation for the foreseeable future.

Got it. Thanks, guys. Congrats on the progress.

And that concludes our Q&A session. as I'm showing no further questions in queue. Thank you for your participation and we will now conclude today's conference call. You may now disconnect.