Botanix Pharmaceuticals Limited

ASX:BOT

Botanix Pharmaceuticals Limited

ASX:BOT
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Forum Topics BOT BOT 4C

Pinned straw:
mikebrisy
Added a month ago

$BOT announced their 4C this morning

ASX Announcement

Their Headlines

• First Sofdra™ prescriptions were issued in December as part of the Patient Experience Program, with 100% refill follow up in January, proving up the telehealth and closed fulfilment systems

• Full commercial launch of Sofdra with the field sales force is now underway to be followed by the expanded digital program

• All sales professionals who will drive adoption of Sofdra in dermatology offices are now trained and certified and will be in the field next week

• The Patient Experience Program was successfully completed and was highly rated by participants, providing useful refinements of the telemedicine communication and fulfilment systems

• Botanix has now finalised contractual terms with all of the key US commercial payers (insurers) which reflect the target financial and patient access restrictions previously communicated

• Botanix has also completed all of the requirements for US government payer programs, with the consequence that from March 2025, Sofdra will be available for an additional ~80 million lives

• Q1 CY2025 will represent the first commercial quarter of revenue from Sofdra with full field and digital launch deployed and Q2 CY2025 is expected to reflect a significant ramp in revenue following that launch

• Cash position of A$48.36 million at December 2024 quarter end, with no debt


My Assessment

It is definitely worth reading the full release, as it is packed with insights from the Patient Experience Program.

Overall, it looks like everything progressed well, proving up the telehealth channel including prescription, fulfillment, Even the first patients from the December have received their refills in January, with no payor issues.

So the online DTC channel is now going live to the wider cohort of prioritised potential patients, as planned,

The sales force of 27 is trained, and gets unleashed on dermatologists next week. So that will be the second leg of the strategy underway. (It sounds like they've been able to recruit a high quality sales force!)

The release is careful to avoid any quantification of patient numbers or scripts, but it sounds like a more complete update will be provided in a few weeks time at the HY Report.

"Botanix will be providing guidance to the market in relation to leading indicators that will be reported, in our half yearly update in February, which will enable shareholders and stakeholders to follow the development of the Sofdra opportunity from quarter to quarter, as sales increase."

Overall - from my reading - everything seems to be going to plan.

Disc: Held in RL and SM
Arizona
Added a month ago

@mikebrisy What is your reading of:

"Botanix has also completed all of the requirements for US government payer programs, with the consequence that from March 2025, Sofdra will be available for an additional ~80 million lives".

Do the US Gov payer programs cover those folks that don't have insurance?

I don't recall seeing reference to this previously.

Is this 80 million commercial lives that were not previously taken into account in BOTs TAM figures?



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mikebrisy
Added a month ago

@Arizona I haven't reconciled this back to other charts (will do so next week).

US Government Payor Programs are Medicare, Medicaid and Veterans Health, being the big ones. There are some others as well.

TBH, I'd hadn't been paying attention to this detail and I'd thought these were already covered. It is very common in the US health system for private payors to lead, and then for the public programs to follow, once good coverage is established.

Basically, there is now more than sufficient payor coverage in the US. It is now all about scripts and refills. That's what I'll be focused on over the coming quarters.

19
Arizona
Added a month ago

@mikebrisy In the email to shareholders out this morning, its worded slightly differently.

"In addition, Sofdra will be government reimbursed for approximately 80 million government insured lives beginning in March 2025."

The way I read it, this is additional to what has previously been communicated to shareholders. I could be wrong.

Email to shareholders:

On behalf of the Botanix (ASX:BOT) Board of Directors, I am pleased to release the Quarterly Activity Report and Appendix 4C Quarterly Cash Flow report for the period ended 31 December 2024. At quarter end, Botanix held A$48.36 million cash with no debt.

The December quarter represented an important milestone for Botanix with first prescriptions for Sofdra being issued as part of the Patient Experience Program. Successful clearance of relevant payer requirements and frictionless buy down of the patients’ monthly copay (or gap payment), also meant that 100% of patients received their refills in January, proving up the telehealth and closed fulfilment system. Prescriptions were handled as negotiated, meaning that no additional requirements were imposed for insurance approval.

Botanix completed its arrangements with payers, which reflect the target financial and patient access compliance previously discussed with them and as communicated to shareholders. Botanix currently has 167 million commercial lives covered for the full launch of Sofdra this quarter. In addition, Sofdra will be government reimbursed for approximately 80 million government insured lives beginning in March 2025.

The Company’s 27 territory managers (sales professionals) include some of the most credentialed individuals in the dermatology industry, with 79 ‘President Club’ wins (top 10% of sales professionals annually) between them. Extensive training has now been completed and certified at the Company’s first national sales meeting concluded on 30 January. Botanix’s highly motivated sales representatives will begin calling on dermatologists next week, as part of the full commercial launch of Sofdra. They will be equipped with interactive tablet-based explainers and supported by the new full product website and telehealth and patient facing pharmacy portal.

The Sofdra Patient Experience Program has now ended, and first users have provided actionable feedback regarding the telemedicine and fulfillment experience that Botanix has used to refine its processes. Surveys of these users reported significant overall satisfaction. Amongst other questions focused on procedural elements of the Program, patients reported that:

  • 87% rated the telemedicine experience as “better or much better” compared to 13% who were neutral; and
  • 93% rated the home delivery of Sofdra as preferable to picking it up themselves at the pharmacy.

Q1 2025 activity, growth and revenue ramp

Following modest first revenues from Sofdra produced by the Patient Experience Program in December, Botanix expects that Q1 CY2025 will represent the first commercial revenue quarter. We expect that Q2 CY2025 will reflect a significant ramp on the Q1 revenue run rate, with the full deployment of both direct and digital sales channels. Botanix will be providing guidance to the market in relation to leading indicators that will be reported, in our half yearly update in February, which will enable shareholders and stakeholders to follow the development of the Sofdramarket from quarter to quarter as sales increase.


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