@Tom73 Not sure if you managed to watch the webinar, they said in there regarding the cap raise, they have had a launch in the past that went well and the product responded really well to marketing and promotion they feel this is the same which is why the pulled the pin on more $$$ to up the advertising / sales staff + the numbers they are already doing without digital are much better than they anticipated. Take it with a grain of salt though I guess because of course that's what they would say anyway but the numbers support the statement.

Bit annoyed I didn't take a screen capture of it to rewatch it and fully digest it as they don't seem to have uploaded it anywhere.

I logged a couple of questions for the upcoming interview with Matt Callahan with the only things I can think of that could cause us issue (apart from Uncle Donny going rogue and doing something worse than he has already, or RFK Jr decimating the health care system)

• insurance companies become unsettled with the cost due to overwhelming success ( I don't think this is a big chance considering the size of the US health insurance market which looks to be about 1.6Trillion, even doing 1B annual sales makes Sofdra only 0.000625% of the total market) But feel its worthwhile asking if there is a point at which the insurers might say hey guys we didn't think the bill would be this large for the sweat medicine..
• potential supply issue due to components unavailable because of tariff related issues (sounds like this is already being sorted with a second supplier being set up)
• Should ask him how many shares he picked up at the CR (what a steal at 33c..)

The only other thing about the launch so far is I feel like with the dermatologists the strategy for them would be to do a few prescriptions and see personally how it works for their patients before they start to use it more frequently, a mini trial per dermatologist of sorts assuming they feel some sort of duty of care and don't just start to flog it willy nilly. E.g they are currently giving out Qbrexza or glyco for underarm HH, This might get used for people who aren't happy with those initially and after some success it then becomes the first line of treatment option for them. I guess what I am getting at is that for the average dermatologist there will be some time for them to ramp up after their first prescriptions. On the other hand maybe the care factor is small and if the rep says this is the go to stuff now they just rip in and use it.

Hay @Schwerms I did watch the webinar and topped up my position because of it. Would love to re-watch if anyone finds an online copy, there is always more to be gleaned or verified.

Good questions in Slido, I have added some to possibly get more information for the numbers you projected on patient rates.

@Tom73 as luck would have it, I recorded the audio of the $BOT webinar last week, and you should be able to access it via the following link:

$BOT Webinar

Let me know if you have any issues with access, Because $BOT presentations are not yet getting picked up in my transcripts feed, I tend to record their presentations so that I can refer back to them.

I have a couple of comments on the analysis presented by @Schwerms. First up. I totally agree with you that it is too early to predict with any confidence the path Sodra sales will take. However, the initial 9 weeks of sales data certainly exceeds my expectations, and we are running towards the higher of the various scenarios I have published here. As management make clear in the webinar, the product seems to be very amenable to sales and marketing effort - hence the logic of their acceleration.

So, IMO, your scenario of FY26 revenue of US$206m with an exit annual run rate of US$334m is plausible, however, it is one of a very wide range of potential outcomes. And, importantly, you've highlighted that a runrate of US$334m represents only 1.7% of the patient population who are seeking treatment for PAH.

If the product is getting such early traction with the key prescribing community of dermatologists, and high refills at this stage indicate that patients are perceiving benefits, then the early indications are very promising indeed.

As I've written before, I have now been lurking for a few months on some of the PAH sufferers online forums. And it is clear that a lot of sufferers are either untreated or dissatisfied with their treatment, consistent with the market research $BOT have presented to us before. It will therefore be interesting to see how the new patient trajectory evolves in coming weeks, as $BOT starts to implement and then optimise the online DTC channel.

While it is early days, there is a lot to be optimistic about.

S-Curve

Pharmaceutical products typically follow an s-curve for adoption. $BOT management have said that dermatological products typically achieve peak sales in 36 months. And of course @Schwerms US$334m run rate at end of FY26 is only 16-17 months into the s-curve. From indepedent research I have found that topical formulations, with low barriers to adoption can achieve peak sales in 24-36 momths, based on the narrower prescribing base of certified dermatologists.

But if we assume that year 3 is the peak year, then what is typically seen is that months 0-6 represent early adoption after launch, and that the s-curve continues to accelerate through months 6-18, with the rate of climb then moderatating through months 18-36, largely flattening off completely in the last 6 month.

If that is what we see for SOFDRA, then @Schwerms's modelled scenario is very achievable, and we as looking at a product with peak US sales in the ballpark of $400-500m in FY27 or FY28.

The Prescriber Base

The next thing I want to understand is the presciber base, and hopefully that is something we can get some further clarity on in the SM meeting next week.

According to the Journal of the American Academy of Dermatology, there are 3.66 registered dermatologist/100,000 people in the US in 2023, growing at a annual rate of 1.6%. Based on that analysis, in 2025 there are more than 12,500 registered dermatologists.

However, in September 2024, CEO Howie said that in the sales and marketing strategy they were targeting 4,500 prescribing dermatologists. What I am interested to understand is whether $BOT have identified that as the subset of the population who treat PAH or whether that was the targeted based in the initial prioitised markets, from where they are expanding.

This is relevant because $BOT have made clear that in March they had 1,052 individual prescribers in that month, and have achieved over 1,500 unique prescribers since launch.

So is it 1,500 of 4,500 or 1,500 or 12,500?

If it is the latter, then the acceleration phase of the S-curve has a long way to run. If the former, not so much.

But of course, even if it is the former, then this is still a reasonable headroom to grow weekly new patient adds, and that is before we see the benefit of the DTC campaign kicking in.

My Conclusions

It is early days, but I am definitely becoming more optimistic about this product, and am increasingly seeing execution risks in the rear-view mirror.

If I have any surprise, it is in the muted market response. These are not hard numbers to crunch, And even if all there is to this company is peak sales of $350m in FY27 at a reasonable margin, discounted back to today, then we're still being offered great value. The market has a different view.

Disc: Held in PL and SM

@mikebrisy, Regarding the dermatologist base I picked up on an old video last night where Howie or Matt said that 4500 of the total dermatologists write the bulk of the prescriptions which is where the target number comes from. The only thing with the lack of share price movement I can pinpoint is the stigma from the early failures and the lack of excitement round the treatment.

Seneca were on the equity mates podcast and they were sort of laughing about it as a condition and while they said if they matched the Japan success off ecclock it would do well the Seneca guy still didn't make any noise about the refill strategy which is the a key part with the 11 refill potential vs industry standard of <2>

Hopefully this becomes abundantly clear to the market in the next 1-2 quarterlies as it would be nice to start getting some decent traction. Thanks for the recording that is most appreciated!

Thanks @mikebrisy the recoding works, very much appreciated (added to an already very long list)

@Schwerms You're welcome! Yes, that makes sense.

Eventually, the market will pay attention to the real numbers. Strong revenue numbers with a blow-away half-on-half comparison won't be evident until 1H FY26, as 2HFY25 and FY25 will still be very modest, and the financials will appear ugly because of the cost base.

But by that time (i.e., 1H FY26) we will have a LOT more data on the s-curve, especially if management keep feeding us patient and prescriber adds at the weekly or monthly level. Of course, there is every chance it starts picking up more anayst coverage before then, so the cat might get out of the bag!

$BOT has become >10% of my RL ASX portfolio, but as I get to see more of the shape of the s-curve, I might be prepared to go bigger, particularly if the market stays asleep on this.

So I could not be more happy for the market to delay its excitement about this one. (Maybe I should stop posting so much here as well!)

-----

While I am in print, you also addressed my question about whether there is a "bolus effect" from pent up demand. Inevitably, I think there must be. First we have the patients registered in the patient experience program, as well as the database of 18,000 from the IHhS. Secondly, any given dermatologist will have patients who are seeking treatment, or are dissatistied with an existing treatment and are agitating for better. Many of those conversations over the initial weeks if not months will be "...ah well, there is a new product you might try instead. I've only prescribed it to a few patients but we would try that ..." I imagine that "backlog" could take 3-6 months to work its way through, and it is a pattern you see with treatments for chronic conditions.

What's clear to me from the online communities, is that many sufferers are quite depairing of getting any help. And so, if the product starts to get a reputation as being effective that might activate the large majority of the people with the condition who are suffering but don't believe they can do much about it. I've always wondered why Qbrexa didn't really take off. But maybe brand and effective marketing is important here.

So, I am being a little more circumspect about updating my growth scenarios off the early data as there are several dynamics at play, and it is just oo early to tell:

• Time for reps. to reach a physician in a territory
• Time for physican to decide to prescribe (some need more than one visit)
• Flow of patients through the door once the physican starts prescribing
• Backlog of candidates historically seeking treatments, and swtiching from a prior treatment
• Flow of new patients
• Expansion of territories, inclding as new territories are added (rince, repeat above)
• Patients being reached via online ads, and going to see a physician requesting Sofdra (i.e., chosing not to use telehealth channel)
• Telehealth channel initiatiation, ramp-up, optimisation

Each of these "drivers" plays out over several weeks to a few months, prescriber by prescriber, and so it is hard to know what factors are dominant in the 9-weeks of data we've seen and how they will play out.

I don't think the pent up "bolus" effect here is as strong as we've seen for DAYBUE at $NEU/$ACAD, for example. It was a much stronger effect there because of there being no pre-existing alternative treatment and the fact that there are strong established relationships between patients/carers and the specialist physicians in the Centres of Excellence. DAYBUE has pre-conditions for a much stronger "bolus" IMO. So, I think it will be there for Sofdra, but I don't think it is a dominant driver.

All nice in theory, but the bottom line is that we just need time to see more data. But I reckon management will have a much better view, because they know this market and have access to the physician - by physician data in real time. For example, they already have two more bars on the bar chart!

@Schwerms Interesting that the fellas from Seneca were laughing at the condition. I have come across this a few times. It's interesting in that, perhaps that is how the condition and by extension the product and the company, gets viewed more broadly. It is not treating cancer/life saving, as such.

I wonder if the fact that its not a "serious condition", works against the company being taken seriously by investors and thus holds the SP back to some extent.

@Arizona I think so.. But they won't be laughing when they see the refills working and big profits (hopefully) but yea it's not as exciting as telix or mesoblast etc. When I tell people I usually say to them now don't laugh this is a serious debilitating condition.. sweaty armpits. It really is though when you read about the suffering in those Facebook groups..

@Schwerms and @Arizona my family takes this business very seriously. I've showed them how much money it made for us last year, and they know it is no laughing matter.

Initially there were raised eyebrows when I said I was investing in "sweaty armpits" and a few of my mates have had a dig and a snigger.

I know PAH is a different and smaller market, but my AI BA reminds me that the global antiperspirant market is worth over US$30bn p.a.. It's a serious business that meets real needs. And as you say, when you read the stories on the Facebook groups, any decent person has to feel for the plight of sufferers.

But as ever, yes, the profits will eventually do the talking. So far, the thesis is panning out nicely. Long may it continue.

@mikebrisy I think people don't account for the antiperspirant market size either when looking at the current PAHH TAM $$ as I think the really strong HH type anti persirants fall under the typical anti persirants market not the specific HH market ( glycol / qbrexza / Botox / iontopirosis etc)

So when Matt talks about 30% market share for a new drug regardless of how good it is they look at the $$ for current HH TAM and go well it's not that much of a market but a lot of those really strong Anti persirants they talk about in the private HH groups are costing people over $60 per month which could actually work out to be costing more than sofdra.so if insurance allows its probably an easy switch as it could work out to the cost of a derm visit for 1 years supply or a $60 telehealth.

Google AI says the US HH market was only $500m in 2022 but including anti persirants as you note above it's a huge market.

@Schwerms I was just making the point that the general challenge of managing sweat is a big business globally, I wasn't seeking to link Sofdra or $BOT to the global antiperspirant market. What I meant to say is that sweating is a natural condition, but is something around which we have certain social conditioning and stigmas which creates the need for products and, therefore, the business opportunity. And, as with other things, conditions with stigmas or social awkwardness associated with them can lead to laughter and ridicule. That's also not unusual - in fact it is a human mechanism for dealing with the awkwardness.

PAH is a specific problem where the physiological mechanisms of sweating operate abnormally, i.e., unrelated to the normal condition of assisting cooling. And so it is a small niche of the market arising from perspiration.

However you slice or dice it, there is a real market here, with profits to be make by firms that can meet customer needs. Business pure and simple.

The only laughing I'll be doing is ... all the way to the bank. But surely wouldn't that be the response of any serious investor?

Apologies in advance for the length of his post but the below is NotebookLM's Transcript of the MP3 @mikebrisy posted.

I've only glanced through it but seems accurate enough to be useful. Enjoy...

Here is a transcript of the investor call based on the provided sources, identifying speakers and highlighting sentiment as requested:

Haley: company. We'll also host a short Q&A towards the end of the session. You're welcome to submit your questions via the written facility at the bottom of your screen and we'll endeavor to get to as many as possible. Please welcome our speakers.

Vince Celito (Executive Chairman): Thank you, Haley. Good afternoon, everyone, and thank you for joining us here today. As Haley mentioned, I'm Vince Celito, the executive chairman here at Botanics Pharmaceutical. I'm joined to my right here by Dr. Hen McGibb, our CEO and Matt Callahan, our executive director and founder. So today we're going to share with you uh the slide presentation. Yesterday uh Botanics went into trading halt where we secured commitments for $40 million uh largely from institutional investors to accelerate the software launch. The purpose of this presentation today then is to share uh the data that we shared with them on our first quarter performance and then we've allocated some time at the end of the presentation here for Q&A uh for all of you. uh the entire deck is available online and I would also ask um that you uh refer to our important notices and disclaimers that are presented in the deck. So with that uh let's get started with the presentation today. So those of you that are not that familiar with Botanics, let us provide a short introduction to you as to the company and uh our recently drug soft. So, Botanics Pharmaceuticals is a company that focuses on dermatologic treatments mainly in the area of common skin diseases such as excessive sweating, which we're going to talk about here today. One of the unique things about Botanics is its world-class team that we've assembled. The US-based team has launched more than 30 drugs in the area of dermatology. This is unprecedented from any company that exists exists today uh in the US. selling dermatology prescription medications. We're going to focus on one of those medications and that product is Softra which was recently launched and is the first and only new chemical entity to treat primary axillary hyperhydrosis. Uh that is excessive sweating under the underarms. Our commercial team that is our field forces just recently launched this drug in February uh followed by our digital launch which just occurred this last March. So the information that we'll share with you today will be about those first quarter results. We're not going to only share with you the results, but we're going to talk about the very unique platform which our product sits on top of and how we have validated that platform through our first quarter launch of soft. So, uh with that, I'm going to turn it over to Matt, which will talk just a little bit about uh the disease and the market opportunity.

Matt Callahan (Executive Director and Founder): Great. Thanks, Vincent. Hi, everyone. Sorry, it's a bit dark here in the room. You barely see us. that we are here. Um so just to kind of recap for the for the new folks um just very quickly a couple of slides about what it is that we do uh and then we'll jump into uh discussion on on data as well. So uh obviously we're focused in uh a particular dermatological condition called hyperhydrosis uh which is sweating basically when you're not hot. So an over stimulation of the nervous system uh which manifests itself in excessive sweating in various parts of the body. We're focused on underarm or auxiliary hyperhydrosis as our primary target. Now, unfortunately, this patient population does not have many solutions um before softra came along. Uh and they mostly coped by, you know, lifestyle adjustments. So, you know, changing clothes, uh wearing darker clothes, you know, putting pads under their arms, those sorts of things. Unfortunately, because the therapeutic options were not very good. Uh so, for us, the therapeutic option that we're now providing to patients uh we've seen in the very short period of 9 weeks or so since our launch is actually now providing the solution and as we'll talk about throughout the presentation the feedback that we're getting from uh the patients usage is very positive as well. So if we think about kind of the the total addressable market uh in this particular case it's a pretty large market it's probably the third largest dermatological condition um behind acne and dermatitis there's about 10 million patients in the US who have this condition ition. Of those, about 3.7 million have been into the doctor's office in the last 12 months and received a diagnosis of of primary auxiliary hypohdyosis. Uh the broader market, the other 6.3 million uh to make up that total number of 10. Uh most of those patients know that they have some sort of problem. They may not yet know that it's called hyperhydrosis. They just know that they excessively sweat. Uh but indeed, many of them have had diagnoses for hyperhydrosis. just not in the last 12 months. And so really what we're trying to do as a company is is kind of address each of those bubbles or those circles uh with a different sales or commercial approach. Uh one of which uh is in the black there focusing on those patients who are currently in the dermatologist office and how we'll talk a little bit about our success so far in in targeting that 3.7 million uh with the salesforce. Uh the blue bubble there, that other 6.3 million that are in that bucket. They're the folks that we'll largely try and address through our digital program that's only recently just rolled out and we're beginning to see uh some progress with that as well. Again, very early but very promising uh in terms of where we're heading. So, with that brief introduction for the folks who haven't heard the story uh before u I'm going to throw uh over to our CEO Howie McG just to kind of talk us through the summary of where we are and we'll talk a bit more about the cap raising as well.

Howie McGibb (CEO): Yeah, thank you very much, Matt. Thank you for those who've been on the journey with us through uh acquiring the product, getting the product approved, and ultimately launching it. So, we're very excited to share these data. So, nine weeks into launch, our new patient arrivals are now trending to more than 2,000 per month. Now, that that's important to us because we we see uh the analyst forecast for next year reaching 144,000 150,000 prescriptions for the year. And and in their forecast equates to about hund00 million sales. Uh if if we take that 2,000 new patients a month and they get six fills, we're able to achieve that forecast with the current run rate that we have. Uh so so we'll look to grow that uh new patient arrival rate as our focus for from now until the end of the next fiscal year. We also look forward to taking advantage of the refill rate that I'll speak to later in the presentation as well as the potential digital upside and our refills are trending at about 100% month-to-month validating the platform. A very high satisfaction in metrics with both patients and physicians that includes ship times, the efficiency of the teleaalth and the fulfillment program and their overall uh experience with it. Revenue growth reflects expanding new patient arrivals, individual prescribers and strong refill rates. So set another way, since digital only kicked off about three weeks ago, the vast majority of the new patient arrivals I will show you came as a direct result of the fields and as I said earlier we're excited to see what digital is going to do now that it's fully underway. So as I said earlier we have some positive uh patient prescriber feedback and Matt why don't you talk to some of the uh quotes that you collected from the field force and physicians.

Matt Callahan: Yeah so again early in the launch itself but uh the feedback from physicians has been overwhelmingly positive. One of the key things if you're a dermatologist when a new drug comes into the market is can your patient actually access the drug. Right? So that's not simply a matter of having a dermatologist prescribe or write the drug, but whether the insurance system and those obstacles allow the patient to actually get hold of the drug without paying for it themselves. And so you won't go through all the comments in the slide here, but the summary here is that a the patient is able to get the product and that's a big element for the physician. Secondly, the feedback from patients is very positive in terms of the efficacy of the product. You know, reducing sweating in in one example here from kind of a nine out of a 10 to one out of 10. Uh and then from a side effect profile, a very benign side effect profile, we've not seen anything feedback uh from physicians or patients that's concerning. Uh and indeed, if you read Reddit and those sorts of online uh sources of reporting around our product. It's also overwhelmingly positive in terms of its impact. So again, early days in terms of the feedback, but very positive from both physicians and from patients who are using the product. So let's jump into the data. Uh we're speaking about new patient arrivals here. We're excited with what we see from, you know, multiple perspectives. If you look all the way to the left, that was the very first week of of launch with our sales representative. So they they came to Phoenix for a for a launch meeting. They left on Friday. They were out in the field speaking to physicians that Monday. And in the first week generated 171 new patients. It's important to us because it tells us that this physician base is is easily activated. They're promotionally responsive. They don't necessarily need to hear the message six or seven times in order to act. They're more than willing to to try the product. And and so far they've had good experience with it. As those sales representatives expand to other physicians the following week, we get continued writing from the prior physicians and then writing from new physicians. And you can see that week-over-week growth here uh with with a dip from time to time. We can equate that typically with an activity or or some kind of event like a dermatology conference is expected uh ultimately, you know, culminating in the final day of week of almost 600 new patient arrivals. And again, I'll say that that that's almost, you know, 2400 patient per month run rate. And if you hold that run rate flat and they get six fills, we're well on our way to what the analysts have us forming for next year. And on the right, you can see the month over month. On the next slide, we'll talk about individual prescribers. So these are each week looking at how many physicians send a patient or wrote a prescription to send or software. And again, you can see the promotional responsiveness in week one uh culminating to 417 individual prescribers writing softra in the final data week shown here. You know, to put that in perspective, in our experience, we we've seen billion dollar products uh be written by 2,000 physicians per week. So, we're very encouraged to see that after just nine weeks, we're up to over 400 and so far over 1,500 unique prescribers or individual prescribers have written prescription for software. One of the more most exciting uh and encouraging statistics that we we have here is the refill rate. And what this means is in any any given month, how many patients or what percentage of patients that were eligible for a refill not only received that rate but keep it on time. So you might look at at January and say why wasn't that 100%. Means that there were a few patients outside of a timeline. It's something we watch very closely to ensure continuity of care for our patients and you know as a result adjust as appropriate. So our subscription business model is now now validated exceeds the industry standard of total sales rotation which is about 1.8. Uh we're we're looking to not exceed that. to maximize the amount of refills that a patient gets. Ultimately, it's it's it's best for the patient regard to their care and and certainly is beneficial to them. This provides a a multiplier effect to compound prescription growth. And finally, our monthly gross revenue is accelerating from launch as you would expect. So, it mirrors the growth of the prescriptions as well as the unique prescribers. And we will be watching our gross revenue in increase month over month. Just to keep in mind, the Phil Force launched in February of 2025. Digital media roll out just started a couple of weeks ago and we're very excited to see the compounded effect that digital campaign will produce in addition to the stellar job that the reps are already doing. So, let's talk about what we will do with the the funds that we've raised. And again, a special thanks to our our our supporters this time but also throughout the journey. We're going to expand the field. So, we've shown great promotional sensitivity to the product. These physicians are easily activated. We're going to add six more territories to our regions to existing regions. Each of these territories are are unique territories. They're they're not covering any physicians that are already covered by our sales professionals. So, so they'll be expanding to large group of prescribers that we anticipate will be just as easily activated, emotionally sensitive as the others. You can certainly add more. It's justified based on uh the opportunity, but we've been very diligent in and in and being efficient along the way to ensure that we crawl before we walk. But we do see this opportunity here. We we want to make sure we maximize it and and put the dollars where the promotional responsiveness is. Let's talk about the other buckets that we're targeting to acceler great future growth. We want to be prepared to expand digital. Let's talk about that for just a second. After three weeks, we're very happy with the amount of impressions or sets of eyeballs that are on the content that we're putting out in a very targeted fashion, millions of and and that is culminating in and hundreds of thousands of website visits software.com where where patients then click on a link to see a tele medicine provider and then ultimately fill out a questionnaire so that they can be diagnosed and if appropriate prescribed software to send our X. So, so we're currently optimizing each uh section of that funnel. I want to be prepared that once we're happy with that optimization, we can expand that medical meetings and conferences. Now, this is something that we did not intend on attending a great deal of at the beginning because we weren't looking for broad awareness of product. We found two things. First of all, it's very promotional responsive number one. And second, we can uh couple the awareness of the product with the awareness of the need to send it or send the prescription to Send RX and those physicians will do just that. Another phenomenon that we see at the conference is that they do talk to each other, teach each other uh what their uh best practices are. We wanted to make sure we have uh the the ability to take part in those functions. manufacturing and inventory. You know, at this point in the company's growth, as we enter the ASX 300, as we understand what the potential of the product is, it's it's our responsibility to ensure that the supply chain is secure, we initi want to initiate secondary suppliers, increase our safety stock levels, but this ultimately drives down the cost. Uh so, just to be clear, we're not getting in the manufacturing business. These are third parties, but they do incur cost with regard to uh tech transfer and validation and other things that need to occur in order to manufacture a pharmacy. And then finally, platform expansion. We want to make sure that as we grow uh this platform we've created has has the capacity to provide the same level of concier service to local patients and and physicians uh and and and meet that throughput.

Vince Celito: Yes. So In summary here, you've heard us often speak of the software commercial successes are three pillars for success. And one, it's the very large and engaged patient population that is here. And I think in the data that we've shared with you here this morning, you could see that very large 3.7 million patients that are seeking treatment today in the dermatologist office that our field force is engaging in. The data shows a very highly engaged not only physician population but patient population in the prescription growth that you're seeing very early on in the launch year. And then secondly, the 6.3 million patients that sit outside of that uh dermatologist office that make up the 10 million axillary hyperhydrosis patients for us to provide frictionless access through tele medicine and our tele medicine platform is proving to give those patients immediately and comfortable access online. uh right in the comfort of their own home if they wish, but more importantly to rapidly convert that tele medicine visit to a prescription utilizing uh our tele medicine platform and how the how send and the tele medicine platform are uniquely linked together. And then just lastly to quickly ship that product right to the patients home so they can enjoy the benefits of Sustra quickly. But more importantly, you're seeing through the refill data that we've shared here here today to ensure that the patient gets every refill that is appropriately written for them. And you can see in the month of March that 100% of those patients receive their refill. So we're very pleased with the three pillars of success that we're seeing here today. I think you uh agree that the results that we've shared with you today um strongly support uh continued growth for sure in the future here. So uh with that uh I'm going to stop here and uh we're going to take some questions that uh I think Matt has been gathering uh throughout the uh the video conference here. So, we have time for a few of them. Um so, Matt uh why don't you uh why don't you kick it off here with some questions from the audience.

Matt Callahan: Sure thing. Um so, maybe just kind of go through as quickly as we can to get as many of these answered as possible. Maybe I'll start with you Howie. Just more of a technical question I think here from uh one of the the guests, an anonymous attendee actually. Um so, first question is are there concerns from prescribers or patients uh around the efficacy of soft drug over the long term. So are we seeing any growing tolerance on the drug?

Howie McGibb: No, we we haven't seen that. In fact, they've they've told us that one of the reasons they know anecdotally the reasons they know that it seems to be working is when they stop using it, the symptoms come back. So we don't anticipate that. Uh but we do anticipate continuing to help these patients grow up their needs. throughout their lives as appropriate.

Matt Callahan: Thanks Aaron. Um so a few questions here um from Dave and and a couple of other participants on the call. So uh why raise capital now? Uh and then what was it that kind of drove uh the decision making around uh the expansion uh right now? So maybe I'll take the first part of that and Vince um you don't mind taking kind of the second part. So um obviously we had said to the market that we would look at the performance and then start to make some adjustments in terms of spend uh in June at the end of June uh once we've had an opportunity to to see the launch roll out. I think what's uh struck us and really changed our approach to this is the response that we've had in the first nine weeks of launch. Um so we didn't kind of expect to be on the the runway uh or the run rate uh for what the analysts said that we were going to do next year. So notice how he's mentioned a couple of times uh having generated more than two 2,000 prescriptions in a month of new uh patients arrivals um which is now compounding on the other patients that we already have in the funnel um we see a very straight flat path uh to doing next year's numbers today um and that wasn't expected. So yes it's possibly one of the hor hor most horrible markets I've recently experienced you know even with co um and yes It's not something that we wanted to do as as shareholders uh from a dilution perspective or from a timing perspective but it was the decision that we had to make in the interest of the company because the opportunity is there and with launches you need to act early uh to back the things that are working to continue that growth particularly in circumstances I think where you have a subscription model where every prescription or new patient that you get in now really adds to that overall return. So um again you know we'll talk a little bit about kind of the the people that participated in uh in the raising as well. Um this was all almost entirely inside institutions that are existing holders. Um we were overrun. This all happened over the weekend. Uh and so the support that we've had has been absolutely fantastic because I think people realize um that this is one of those times where you just have to bite the bullet and keep going. Uh and we've been able to do that very successfully really in the last 24 hours. But maybe Vince, do you want to talk a little bit about kind of launch curves and and kind of what you see and why act in those circumstances as well.

Vince Celito: Yeah, I I think the best illustration of that is the slide that Howie shared uh when we talked about the number of new patients. So he shared the data of there was 171 patients that were written in the first week. And you know we look at that and say uh it's a it's a new rep introducing themselves, they're introducing a new drug and they're introducing a new company. And we generated 171 uh new patients in that in that very first week. So we got excited about that. But what we saw each week after that that just continued to grow a a very steep curve to the point now we're over 500 new patients every single week, thus showing high promotional responsiveness. And so we go back to our own database of of the 30 drugs that we've launched in the past and we look at this and we go, boy, this is this is pretty good. Uh this is highly responsive to what we're seeing. And I think the last data point that we had is that uh in a recent company we had we had a drug that looked a lot like this, had a sales potential a lot like this and we saw this same side of the quick uptake in the beginning. Uh and we went back to the markets, raised more capital uh and we decided to fuel that promotional responsiveness uh get behind that drug and we got an exceptional result in how we finished the year with that. So we really believe that uh if you have a highly promotional drug and it's highly sensitive to promotion that the more that you could pull forward to Matt's example that he just gave us here. Um those patients because of the number of refills we're we're getting, the closer we can pull that that curve to to us, the greater the slope of the line is in the end. So thus time to move is right now.

Matt Callahan: All right. Thanks, Vince. Um couple of questions here from from Lewis and and uh and Michael uh focused on, you know, what's the magic around the 2,000 uh patients per month? Um Do you want to maybe talk to that how in terms of you know why that's important in terms of I guess 26 numbers and and forecast from analysts?

Howie McGibb: You bet yeah and that we have given guidance here uh the analysts do make forecasts and there's are around 144,000 150,000 prescriptions uh for next year. And when we look at that and I'll say this again 2,000 patients a month getting six fills gets us to their forecast. That's the run rate that we're on right now with just the sales reps. What's exciting about that and then in the future is digital hasn't kicked in yet. We'll we'll start to see the results and the benefits of of digital. We want to be ready to increase the support there when when appropriate and and and certainly given the refill rates that we have seen so far there there's nothing to indicate that that should drop off over time. So there's not only the fact that we're early on the run rate to hit those numbers. It's 54,000 subscriptions, there's the the potential for other areas to add to that, right? Uh there's a few questions here just as a follow on to that, Howie. Um One of which is, you know, it seems the analysts have forecasts that are built around patients getting six refills and you kind of indicated that you you'll make those numbers for next year based on that assessment. But is there any reason why patients wouldn't get all 11 rebuilds?

Howie McGibb: Yeah, we just you know as as as I said and and will say that's a focus for us. Uh number one because continuity of care and the focus on the patients one of the most important things that we do uh and secondarily the numbers just show us that once that patient is in the system uh we have the ability to ensure that continued care. So the reflow rate I should stay fairly consistent.

Matt Callahan: Great. So maybe just a follow on here as well from Mark, which is what happens at the end of a year or or 12 prescriptions. What happens to that patient?

Howie McGibb: Yeah, it's general practice for mostarmacies in the United States, but backs the physician u a reminder that the patient's out of fills or has a prescription that that is expiring and needs a new prescription. A sum call, but in in our instance, Send RX calls each physician physician office uh with with more than a month's time left. Sure, ample time to allow that physician to send along a new prescription. And it's pretty common practice. And what we find based on the data and what we've heard, uh the vast majority of of dermatologists will will send that new prescription in that manner from from the doctor's office.

Matt Callahan: Right. Thank you. Maybe while we're on kind of the pharmacist as well, a couple of questions. here in relation to how cash flows. Uh so you know when do the payers um pay the pharmacy and when is the the pharmacy pay the tanics? Do you want maybe

Howie McGibb: Yeah. No, you bet. One of one of the things we do keep gas set aside for is working capital. Uh and and that's because it's not a retail business in the sense that you know you're paying as soon as you have the prescription out or deliver the prescription. It does take uh it could take you know 30 to 45 days for the to pay the pharmacy and the pharmacy from 7 to 14 days to pay us depending on what the cycle is. So, you know, 45 to 60 day gap from from the time to dispense it to payment. That's not atypical in the industry.

Matt Callahan: Right. Thank you. Um we've got a number of questions here from Lewis. Yes, Lewis, I'm seeing your questions, but I've got about a thousand of them here. Um so asking if the the share price will uh will peak above 40. I can't answer that. question obviously um but uh you know obviously from where we were trading before these data were in the market um and then the obviously the extra push that we have from the capital that we've just raised our hope is we'll get back there and beyond but you can't quote me on that um so one of the one of the questions we have here is in relation to to patient side effects um and reports uh have we seen any maybe maybe I'll take that one from a regulatory perspective so we we have a legal obligation to uh report FDA uh serious adverse events is kind of the technical term that they use and a couple of other terms. So no, we haven't had an obligation to do that as yet. Um we hope that obviously doesn't arise. We know from the clinical studies that the the side effect profile kind of goes down over time as the patients use the product. That was demonstrated by the dropout rate in the in the long-term safety extension and indeed the clinical study. So good um feedback so far and again that comes with a kit of you know patients need to read prescribing information and obviously use the drug accordingly. Um I've got a few questions here maybe Vince and how you want to take this one as well which is around the platform. So is the is the platform capable of being used by other people is one of the questions and then secondly question is can it be used for other things? So

Howie McGibb: maybe I'll start the first part of that V and you can speak to uh other things it might be be used for you know with with regard to the platform we we we put this together with with uh existing third party uh partners. Um it's it's it's it's new parts of it have been done before done before by us. So so set another way uh we we have had pharmacy partners in the past. Uh we have used tele medicine in the past and we've h have data links in the past. We've never had all of that together. Uh so so so what that means for us is upscript for instance shares data in real time with send RX and they're able to navigate insurance clearance very quickly as a result number one. Number two, we get all the data from Send RX on a very very frequent basis and that allows us to understand the life of a prescription and patient prescriber you know down to where the dollar which payer the dollars are coming from how it's paid what what doctor wrote the prescription and when. And that wealth of data allows us first to measure appropriately, respond appropriately, but most of all serve our customers, our patients and our our physicians.

Vince Celito: Yeah. And as you think about uh the platform here and what we look to build, I mean, it's really twofold here for us here at Botanics is one, we're looking for pharmaceutical drugs in the area of dermatology that serve unique needs, uh unmet patient needs. and soft clearly represents uh one of those those drugs with long patent life uh behind it. So we're fulfilling what we're looking for as we think about medications to to serve patients. Uh but additionally the platform we're trying to solve a a real problem here for for patients to increase compliance to make sure they get every one of their their prescriptions because the dropout rate is is is high as it relates to to patient refill. So you can imagine um that there are either new chemical entities like software that are on the marketplace that could fit very nicely on that or medications in the dermatology space that are underperforming today. Meaning the number of refills that a patient is getting they're just it's it's dropping off because the platform which it's sitting upon is just not serving the patient properly. So uh we look at a a host of potential medications that could sit right on top of the platform. So one of the most important things about this past quarter for us as we think about this question and the platform is the platform is working. We built it, how we've tested it in the past, key learnings that we brought to this thing and refined it. The it's ready now um for us and we're not going to rush to to place something on top of it, but we've validated that it's working.

Howie McGibb: Any product that uh was following the industry standard of fills for instance at 1.8 could immediately be approved upon simply by having it go through believe that's better for the patients and certainly our thanks we got time for a few more so I'll just keep rolling here maybe it's a follow on for you um Vince off the back of that platform expansion and and general usage so a number of questions here about you know with the launch of of software now in the market um you know have we had inbound interest companies in relation to either licensing software or doing something from a corporate perspective.

Vince Celito: Yeah. Uh yes. So I think the the first question is yes um to that. I mean obviously we have something very new and novel and unique here as a as a new chemical entity and and a first and only within its class. So there was a lot of interest um as we were approaching our approval. Obviously now that we've launched and and we're commercially viable here there's been continued interest not only from uh larger partners within the United States but uh people that sit outside the United States that would like to license the the entity. Um and we're being very careful about these discussions. Obviously we've launched in the in the largest market in the world that is the the United States where um you can be paid and uh access is good uh to these medications. So we'll be selective on who uh we license to in those territories that we license. into but uh I would say that the interest has been very high and encouraging as all eyes are watching the performance of of botanics and software in the US.

Matt Callahan: Um so a number of questions here including from Rob H. Hey Rob. Um in relation to tariffs um so maybe do you want to if you can bear to talk about tariffs impact on botanics and kind of thoughts as things evolve here to the extent that you can.

Howie McGibb: You bet. Uh So, so, so keep in mind that the the guidance we've received in our belief is the the the tariff is not on it's not on the the list price of soft drink. So, so on the larger end it would be a 25% tariff coming in from Canada uh on on the cost of goods and value of the product. That said, the majority of the value of that product is is API. comes into Canada from. So on the low end of that, it's really just 25% of the cost it took to manufacture or put the ingredients together and put in the bottle. So So we believe for us that's between four and $15 per bottle on on the worst case scenario. So though we rather not pay that, it's not something we consider passing on or consider significant. to the business, but it's asking him for us,

Matt Callahan: right? Um, so a question here from one of our long-term supporters actually, Mr. B. Um, it's in relation to kind of the roll out of the digital program. So, how you mentioned that's a few weeks old. Um, and the comment here is that's kind of where the blue sky potential uh may be with that tally health and and digital. Do you want to talk maybe about the the initial roll out and go to see?

Howie McGibb: Yeah. So, so you know, as we discussed earlier, uh it's it's two and a half or 3 weeks old at this point and we're always careful not to make decisions on on just a few data points since it's the reason we do wait you know at least two months from what the reps did to to move toward a decision here that said early indicators of that we're getting millions of impressions hundreds of thousands of of software.com visits uh and those individuals are clicking on see tele medicine provider. The most encouraging part of all this is that once they do engage in the tele medicine questionnaire, the vast vast majority complete that questionnaire and if appropriate are our prescribed software. So we'll continue to make that funnel efficient. What you do early on for the first two months is to optimize those four parts of the funnel so that when you get to more significant spend, it is as efficient as possible to get your cost per patient acquisition as low as possible knowing that once they are in the system and on the platform we will maximize the business.

Matt Callahan: Um so probably got a another couple of questions we can squeak in here. So one here um in relation to other indications so um you know menopausal women and sweating on on heads and other parts of the body. So what are our plans for expand I guess indications for other usages of the drug?

Howie McGibb: Yeah, right now look um we we have 10 million patients with primary axillary hyperhydrosis to get to 90% of them have it more than one place in the body. So we believe we're meeting a significant need here. That that said we will continue to evaluate whether or not it's it's uh there's a need to go and look at other indications. We we we can't promote anything that's not not label. Some physicians will use it on their own. They they they may even do a study on their own over time to determine how and when that works. In the background, we'll optimize the appropriate activity and and the timing of that activity. Right now, our focus is 10 million patients that are

Matt Callahan: um and conscious of time here, I might kind of leave this. We we do have lots of questions here and we try to get to most of them, I think, but there's a number that we won't get to un But thank you for the interest. Kind of maybe the last question we'll take here guys is um per your earlier question and answered Vince about kind of the goal for Botanics. Um so you is the goal with Botanics uh to basically sell it with software is the goal to create you know a big company with with dividends and and multiple products down the track. Um how do you think about that from a a vision or a goal perspective?

Vince Celito: Yeah it's a good question and first and foremost is to make soft of an overwhelming success that that is we're highly focused on doing that um and creating really real value uh with the launch of software here and I think you've seen from the data that we've shared here today we're well well on our way to uh that mission of success there with success brings great optionality uh for our our company that all eyes and attention obviously are are are following a very successful company um At that point, that optionality allows us then many different many different paths we can go whether that is acquisitions, mergers or the ability to quickly acquire additional assets to put onto our our platform. This just makes the company more valuable not only to you as shareholders but others that are seeking to acquire not only successful assets performing in the space but a platform that's really second to none that that no one else has really developed in the space. So, they can potentially put their assets on top of it. So, by making softra an overwhelming success, we create great optionality uh for ourselves and you as shareholders.

Matt Callahan: Great. Thanks, Vince. That brings us up to the the 45 minutes. Um let me just thank everyone for their attendance and for the support again as a company and and as directors and and as shareholders you know doing what we just did in the midst of this market was pretty remarkable given the support that we got not something that we had intended to do but it's certainly I think in the best interest of the company and will give us the firepower to grow this thing even bigger than it is today and our aspirations as you've just heard from from our chairman are pretty bold and they're pretty grand and we intend to deliver on them as a company. So thank you once again thank you to Hay for hosting the webinar and I'll hand back to you.

Haley: Thanks J. Really appreciate the update as I'm sure we all do. To our supporters and investors on the line, really appreciate you joining today. That concludes today's webinar.

Unknown Speaker(s): Thank you.

@Slomo yes it looks pretty good. You can also upload the .MP3 and ask Notebook to directly generate a summary. Here's what I got (See below)....first time I've used Notebook for this task.

What's really cool is that it punctuates the summary with index points (numbers in the text below). This allows you to interrogate specific parts of the transcript. When you then click on the index, it takes you to the relevant section in the transcript.

Interestingly, I also tried to give the same task to ChatGPT4.0, but I got this response.

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"It looks like there was an issue processing the audio file due to a temporary technical error. Let me retry the transcription process for the webinar recording so I can extract the key points about Sofdra’s sales performance and future revenue growth strategy. ​​

Analysis paused The system is currently experiencing technical difficulties processing the audio file for transcription. To proceed efficiently, you could:

1. Use a speech-to-text tool (e.g. Otter.ai, Whisper, or your device’s built-in transcription) to convert the audio to text and upload the transcript here.
2. Wait a short while and let me try again, as this could be a temporary issue with the audio processing environment."

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When I asked it to retry, after about another minute it tried to weasle out of the task.

AI is more and more reflecting real life. Some business analysts you can give a task to and they'll stay up all night to deliver. Others will make a half-arsed attempt and then pepper you with excuses for why you don't need the full analysis or why its not do-able.... maybe General AI really has arrived!

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Notebook LLM Summary

Here is a summary of the key facts communicated in the webinar, focusing on Softra's sales performance to date and the strategy and future outlook for revenue growth:

1) Softra Sales Performance to Date:

Launch and Indication: Softra, a new chemical entity, is the first and only treatment for primary axillary hyperhidrosis (excessive underarm sweating)1 . It was launched by Botanics Pharmaceuticals, a company focused on dermatologic treatments1 . The field force launched in February 2025, followed by a digital launch in March 20251 . The webinar discusses the first quarter results1 .

New Patient Arrivals: Nine weeks into the launch, new patient arrivals are trending to more than 2,000 per month2 . The first week of the sales representative launch saw 171 new patient arrivals, indicating high promotional responsiveness from physicians3 . This grew to almost 600 new patient arrivals in the final week of the reported data, equating to a ~2,400 patient per month run rate3 .

Prescriber Engagement: In the final data week, 417 individual prescribers wrote prescriptions for Softra3 . Over 1,500 unique prescribers have written a prescription so far3 . This is considered encouraging, as billion-dollar blockbusters have been written by around 2,000 physicians per week3 .

Refill Rates: Refill rates are trending at about 100% month-to-month, validating the platform and indicating high patient and physician satisfaction2 . This exceeds the industry standard of 1.8 total fills per patient3 . In March, 100% of eligible patients received their refill4 .

Revenue Growth: Monthly gross revenue is accelerating from launch, mirroring the growth in prescriptions and unique prescribers3 .

Patient and Physician Feedback: Feedback from physicians indicates that patients can access the drug, experience positive efficacy (e.g., reduction in sweating from 9/10 to 1/10), and have a benign side effect profile3 . Online sources like Reddit also show overwhelmingly positive feedback3 .

Comparison to Analyst Forecasts: The current new patient arrival rate of 2,000 per month, with an estimated six fills per patient, aligns with analyst forecasts for the next year, which project 144,000-150,000 prescriptions and approximately $100 million in sales2 ....

2) Strategy and Future Outlook for Revenue Growth:

Expansion of Field Force: Botanics plans to add six more territories to its existing regions, targeting new prescribers who are anticipated to be as promotionally responsive as the current ones3 . This decision to expand now is driven by the unexpectedly strong initial launch performance6 ....

Leveraging the Digital Platform: The digital program, launched recently, aims to address the 6.3 million patients outside the dermatologist's office1 . Early indicators show millions of impressions and hundreds of thousands of website visits to softra.com, with a high completion rate of the telemedicine questionnaire and subsequent prescriptions3 .... The focus is currently on optimizing each part of this funnel to maximize efficiency before further expansion3 ....

Medical Meetings and Conferences: Botanics intends to participate more in medical meetings and conferences than initially planned. This is because they have proven to be promotionally responsive and allow for educating physicians on prescribing Softra through Send RX3 .

Manufacturing and Inventory: To support future growth, Botanics will focus on securing the supply chain by initiating secondary suppliers and increasing safety stock levels. This is not about getting into manufacturing but ensuring sufficient supply from third-party manufacturers3 .

Platform Expansion: Botanics has developed a unique platform integrating prescription, telemedicine, and fulfillment9 . The platform is designed to improve patient compliance and refill rates4 .... The company is open to the possibility of adding other dermatological medications to this platform, especially those with unmet patient needs or underperforming refill rates10 . The recent success of Softra has validated the platform's functionality10 .

Potential Licensing: There has been significant inbound interest in licensing Softra, both within and outside the US, due to its novelty and unique position11 . Botanics will be selective in its licensing partners and territories11 .

Long-Term Vision: The primary goal is to make Softra an overwhelming success, which will create significant optionality for the company, including potential acquisitions, mergers, or the acquisition of additional assets for the platform12 . The long-term vision includes potentially building a large company with multiple products12 ....

Tariff Impact: While a 25% tariff from Canada on the cost of goods is a concern, Botanics believes the impact per bottle is manageable (estimated at $4-$15 in a worst-case scenario) and is not considered a significant threat to the business14 .

Prescription Renewals: Send RX proactively contacts physician offices a month before a prescription expires to facilitate the renewal process, ensuring continuity of care15 .

Payment Cycle: There is a typical 45-60 day gap between when Softra is dispensed and when Botanics receives payment, which is factored into their working capital management16 .

Efficacy Over Time: No concerns about long-term efficacy or growing tolerance to Softra have been reported. Patients notice the return of symptoms when they stop using it17

Expansion to Other Indications: While acknowledging that many patients with axillary hyperhidrosis also experience sweating in other areas, the current focus is on the approved indication. Botanics will continue to evaluate the need for pursuing other indications in the future18 .