All right. Good afternoon. Let's kick off the next session. I am pleased to be hosting Arcutis Biotherapeutics for the next session. With me is Frank and Latha, CEO and CFO of the company. We have a lot to go through today. Yes, we do. Very exciting quarter from what we saw last time, looking forward to a lot going on this year. Before we kick it off with the questions, I want to turn it to you guys for opening remarks. Sure. Yeah, look, I think that everything is going very well from our perspective at Arcutis. ZORYVE continues to grow very strongly. We had another very strong quarter last quarter. We think we're still in the very early stages of growth of this product. We reiterated, we think that the product ultimately will generate probably two and a half billion dollars to $3 billion in peak sales, which is not a stretch given the size of this market and the product profile that we have. We've also achieved cash flow positive. That has put us in a position where we can continue to invest in the growth of ZORYVE for its currently approved indications, but also to start to reinvest back into research and development, both looking at new indications for ZORYVE. We have a couple that we're studying already that I think you wanted to talk about today. Also, we have a biologic that we've now advanced in the clinic, and we've got the resources to advance that program as well. We're a fairly unusual setup in that we're a self-sustaining biotechnology company that's not burning cash, right? Right. I think that we had laid out a strategy late last year to the investment community. I think the team has done an outstanding job of executing against that strategy and delivering. Right. Fantastic. Why don't we talk about a little bit about a catalyst for the next 12 months? There's some indications in development for that. Maybe just walk us through some of the key catalysts in your perspective for the next- Sure. Yeah. I think the first nearest catalyst actually is we're expecting approval from the FDA for ZORYVE for the treatment of psoriasis in two to five-year-olds at the end of this month. June 29th is the PDUFA date. We've also filed with the FDA for the approval of the treatment of atopic dermatitis in three to 24-month-olds. We have not received a PDUFA date yet from the FDA, but we'd expect this probably early next year for that approval. We also are running a phase II trial right now for ZORYVE in the treatment of vitiligo. We've said that we expect to read the results out from that study at the end of this year. Then we're running two phase II trials for the use of ZORYVE to treat HS. We expect to read out those studies in the early part of next year. In the next nine months, we've got a number of, I think, important catalysts coming up. Fantastic. Last quarter, sales were up 65% year-over-year, but were down 17% quarter-over-quarter. You guys mentioned that it was impacted by those typical seasonal effects and also severe weather. While this quarter is not affected by weather, but there's a lot of macro uncertainties like inflation, gas price. How is the current inflationary environment affecting patients getting access to medication? Will we see an effect to sales this quarter and going forward? Yeah. I think every business has to deal with the macro forces going on in the country right now. I think it's not the most benign business environment. I think specifically to Arcutis, we don't expect it to be a particularly acute effect. If you think about a commercial patient, we buy patients' co-pay down to zero if your insurance company covers ZORYVE, $35 if your insurance company doesn't cover ZORYVE, and that isn't affected by inflation, right? For commercial patients, ZORYVE itself isn't really a major impediment for them. For Medicaid patients, they're paying $10, $15 maybe per prescription. Again, we don't see that being a major impact. In the case of Medicare, that's not a major source of business for us. We're starting to pick up Medicare, so we think over time that's probably going to grow. In the case of Medicare, we've got this strange system where patients have this total annual co-pay deductible that they have to work their way through. That's again, fixed. I don't think inflation per se is going to impact us nearly as much as maybe some other products. I see. Okay. Got it. Given that the weather, I think you guys mentioned the severe weather affected patients' access to medication last quarter, does it mean that the GTN for second quarter will be worse unusually because a lot of patients who were not having access last quarter are now coming in this quarter, but they haven't really met their deductibles because of the access? It's an interesting hypothesis. Let's break this down into two ways. With regard to the first quarter, and this was not unique to ZORYVE, right? But there are many products that saw the impact of the extreme weather, and I think one of the ways you can really validate that it was the weather is that it was very regional as well, right? Right. The West Coast was not affected. Volume was not affected. The East Coast, and especially the Southeast, was very affected. Then we saw a rebound in March and then on into Q2 in demand. That occurred for a lot of products. It's probably a little bit exacerbated in dermatology because there are very long waiting lists to see a dermatologist. for exampleThe other specialties. In terms of the gross to nets, I understand your question. What I would say is what we saw in the first quarter was that we were actually spending less on the copay card- Right than we normally do. Right. That would tend to mitigate against that carrying on into Q2. I think we're actually in a better position now in gross to nets than we were last year and than we expected. Oh, okay. Latha, do you have any? No, I was going to add something similar. Yeah, I think also some of that effect, you would've seen it prolong in March, and we didn't. We saw the demand pick up. I don't think there's anything that signals that there's an undue copay burn in Q2, and we're seeing strong volume growth in the last quarter to date of Q2 to date versus last Q1. That's also another signal that we don't think there's any impact from what you're describing. It's possible, but it wasn't as severe that we think that there is that impact to copay. Yeah, we think we'll carry this GTN favorability through the year. I see. Okay. Got it. That's encouraging to hear. Can you guys remind us sort of these in-house efforts that are ongoing, in terms of supporting the primary care and the pediatric? What are you doing that Kao wasn't doing or doing well? What's the timing of that launch for that sales team again, and what's that initial scope and the size of that effort? Sure. Let me start off with talking about Koa Bio. I don't think that people should think of it as Koa Bio was not doing it well. I think the challenge for Koa Bio was they had an existing sales force, it's about 200 reps, and they had a product, and they lost exclusivity on that product. They had this existing sales force. I needed the sales force, so we struck this deal with them. Their sales force was probably just too big, right? It was not an economically viable business for them long term. That was really why we agreed to separate. We are taking a very different approach. We're starting off very small. We've communicated that we're starting out with 20 sales reps. We're putting them in major metropolitan areas and really focusing them on high-volume primary care docs and pediatricians. We will probably grow that footprint over time. I don't know how big it's going to be. It's really going to depend on the success that we've had. What we're doing with that 20 is really piloting the primary care and pediatric market and seeing what's the best way to market in that segment as opposed to dermatology. We'll start to scale it once we figure all of that out. I see. What is that difference then, in terms of promotion to the PCPs and the pediatrics compared to dermatology? Sure. Well, I think- Is there any notable difference how you guys engage with them? Not in how we engaged with them, I think the first and foremost, dermatologists, the most common diseases dermatologists see are acne, psoriasis, AD, and sebderm, right? They probably see 60, 50, 60 patients a day. Maybe half of those patients have one of the diseases that we treat, right? There's a big opportunity there, and it's a big part of their practice. You got a primary care doc or a pediatrician, they're treating everything from asthma to herpes zoster. Yep. There's a very small volume of their patients that have psoriasis, AD, or seborrheic dermatitis, so it's not front and center for them, and they're trying to keep track of all these other diseases, right? I used to work in primary care. The biggest challenge in primary care, frankly, is getting a primary care doctor's attention. Yeah. We expect it to be a longer selling cycle. Access can be a little more challenging. The calls tend to be a little shorter. This is not their primary business, treating skin diseases, right, versus dermatologists. I think the other difference is that dermatologists are very used to, in fact, I would say are committed to working with specialty pharmacies. The primary care docs aren't nearly as familiar with that. We think that's going to be an important part of our success in primary care is getting them to use the specialty pharmacies where they get the white glove treatment to make sure that the patients are actually getting their prescriptions and the insurance is processing it correctly. I see. Okay. Got it. Can you give us an update on the Medicare business? I know you guys have that access that you guys mentioned, where you about, what, a third of Medicare patients now? Yeah, that's right. We've picked up two of the big plans. We've got about a third of Medicare lives now. Great. Yep. Have access to ZORYVE. Unlike the commercial plans and Medicaid, Medicare has this annual deductible. It's $2,100 now. Yeah. Patients have to burn through their $2,100, and then everything is free after that. The first part of the year is a little more challenging, especially for a new drug. I think we'll see a pickup in Medicare as the year progresses. I think we're also hoping that we get additional Medicare coverage in 2027, picking up some of the other plans. The Medicare formularies typically only change once a year. in January. We do anticipate that over time, Medicare will be an important driver of growth for ZORYVE. Right. You guys are covered by a non-preferred access position. Is there a possibility to move to preferred, and how would that change? If you get from non-preferred to preferred, how would that move the needle? The change in between non-preferred and preferred really only affects the patient's copay. I think it's highly unlikely that they would put us in a preferred position. Being a branded on the formulary, period, is a big deal. There are no other branded topicals on the Medicare formularies. We were very happy to get non-preferred, quite frankly. I think for us to rebate our way down to being preferred, we'd probably have to get down close to a generic price, and that's just not going to be economically feasible. I see. Okay. That makes sense. When should we hear another update on these Medicare patients regarding the other two-thirds of the coverage? As I said, typically they change the formularies in January. They have to get reviewed by CMS. Right. there's a whole process around it for Medicare that doesn't exist for the other plans. I would hope that we would be able to in January on the Q4 call- Q4 call, yeah in February, we'd be able to announce some additional wins. I see. Okay. In the fourth quarter last year, you guys highlighted that label expansion for ZORYVE as part of that three pillars of growth, and vitiligo and HS were identified as sort of the top two indications to begin that process based on, I think, 40+ case studies. Otezla, which is also a PDE4 inhibitor, have shown mixed results in these two indications and has not advanced to phase III development. Why do you have conviction that ZORYVE could work given that a similar drug with a- Well, a similar target. Target. Very different drug. Target, right. Roflumilast, the active ingredient in ZORYVE, is 100-300 times more potent as a PDE4 inhibitor than apremilast is. To quantify that, people typically take 60 milligrams a day of apremilast. When you take roflumilast orally for COPD, you take one half of one milligram. A 120th as much drug as you take apremilast, right? That speaks to the potency. In addition to that, we're delivering roflumilast topically with ZORYVE. We get very, very high localized concentrations of ZORYVE in the skin where you apply it. 50-100 times more in the skin than you're seeing in the rest of the body. We get a very profound local effect on PDE4 inhibition that you just can't achieve with apremilast orally or roflumilast orally for that matter. Because you would have intolerable side effects. Right headache, nausea, diarrhea, vomiting. Right? That's really the difference. The data's going to be the data. We'll see what we see. We're certainly very encouraged by the case reports we've seen in HS and vitiligo. We've also seen there is good evidence that PDE4 plays a role directly in the melanocyte, which would tend to point towards efficacy in vitiligo as well. In the case of HS, people really don't appreciate the impact of itch and pain in HS as a disease, and the high score that everyone looks at doesn't actually look at itch or pain, but it's very common in those patients. Again, PDE4 works in the neurons, and so we're probably having a direct effect on the itch and the pain as well. We saw that in the case reports that we were clearing itch and pain in those patients. Interesting. Why do you guys choose the 0.3% form? Why not go a little higher concentration or test multiple doses for that matter? Above 0.3, it gets really hard to formulate roflumilast topically, right? We're kind of that's the maximum. Right. Going with a lower strength, we didn't see a need. Really, the only reason why we have a lower strength for atopic dermatitis is that it tends to be very high body surface area. A lot of the patients are kids. There is a skin barrier defect, and so drug gets in more easily in atopic dermatitis skin than other normal skin or psoriatic skin. You don't have any of those issues in HS or vitiligo. The skin is normal. It's small body surface areas, and it's not predominantly kids. There really wasn't any reason to use the lower strengths. We know that 0.3 is very well tolerated and safe. I see. Okay. What are these trials looking like in terms of the size? When should we see the data? What are the endpoints that you guys are looking at? Sure. They're all around 20, 10, 20 patients. They're small proof of concept studies. We don't have to look at safety, tolerability. We already know the answer on that one. We've said that we expect to read out the vitiligo trial by the end of this year. That we should read out the HS trials early part of next year. In vitiligo, we're just looking at improvement in pigmentation. In the HS trials, we're looking at abscesses and nodules. I see. Okay. How do you define success for these two indications? What do you have to see for you to say that we're going to advance this? A clear sign of efficacy. Yeah. Yeah. There's no particular threshold we're looking for. Yeah Particular high score or PASI score or something like that. With that sort of like a control arm, these diseases like HS is known for this wax and wane period where. Right. Not in very short periods of time. Yeah. These are fairly short trials, and in the case reports, the efficacy was very rapid. Right. I think that mitigates against some of the natural waxing and waning that you see with the disease. I see. It's not like atopic dermatitis where you wake up in the morning, you're clear, in the afternoon you've got an abscess or a nodule, right? Right. Same with vitiligo, the lesions don't just suddenly appear or disappear. Right. I see. How long are these trials running for? Let's see. The vitiligo trial, we're running out to 26 weeks. I believe HS is 16. 16 weeks, yes. 26 weeks for vitiligo and then 16 weeks for- 16 for HS. I see. Okay. Got it. Okay, let's move on to the other. You have another asset in development. Yeah. The ARQ-234. This is a CD200. It's a checkpoint inhibitory receptor? No, it's a checkpoint agonist. Agonist. Agonist, right. It's the opposite of a checkpoint inhibitor. Right. Okay. Yeah. Can you tell us what drives the interest of pursuing this as a target for AD? Sure. Many of these diseases. Inflammatory skin diseases are driven by overactive immune systems. That certainly is the case in atopic dermatitis. Historically, we have approached managing these diseases by blocking signaling pathways, various cytokines, IL-4, IL-13, in the case of atopic dermatitis, IL-31, psoriasis, we're going after 17, 23, TNF-alpha. The checkpoint agonists are different in that you're actively affecting the immune cells themselves. By agonizing these immune checkpoints, you're taking an activated immune cell, and you're putting it back in its inactivated state, which will consequently, probably downstream, also affect all the inflammatory cytokines, but you're upstream of that process. People can think of it as the opposite of KEYTRUDA or OPDIVO. Right. If you inhibit the immune checkpoints, that tends to rev up the immune system. If you agonize the checkpoints, it down-regulates the immune system. It down-regulates, yep. It's a different pathway. We are excited about this because there's been some very compelling biologic proof of concept with another molecule against this target. We think there's clear unmet needs for new therapies in atopic dermatitis and potentially other therapeutic indications as well. The asset that we acquired when we bought Ducentis, we felt was the best in class for this particular target. I see. What is that rationale? After looking, Lilly has something similar, a CD200 agonist as well. An antibody, yeah. Antibody. An agonizing antibody, yeah. Yeah. Gilead has an antibody as well. Right. They discontinued it. Yeah. Any read-through from that, any concern read-through, how do you think ARQ-234 compare to that asset? Based on what we know today, we don't really see any read-through other than we don't think they had a safety issue with their trials. We probably would've heard about it from the FDA if there was a particular safety signal of interest. I've been in Big Pharma a good bit of my career. They deprioritize programs all the time. I don't particularly put a lot of weight into the fact that they deprioritized it. They published the results from the study. I think the study results look very good. I see. Okay. When you get the phase I study going for AD, how's that enrolling, and when should we expect to see data? We're in the middle of the SAD portion of the trial. Okay. Each cohort enrolls very quickly, it's very small, you got to wait, you start the next cohort. It's very traditional SAD. We'll move on to the MAD portion as well. I'm actually hoping this takes a long time because that means I'm going all the way through a bunch of dose cohorts and get to very high dose. We don't have a timeline at this point because it'll all depend on what the maximum tolerated dose is. Right. I see. Okay. Now let's move on to the franchise indication for ZORYVE. Now ZORYVE spans across plaque psoriasis, atopic dermatitis, seborrheic dermatitis, across multiple formulations. There's obviously known safety concerns for corticosteroids. We know that. People talk about it all the time. It's very well perceived that these have safety issues. ZORYVE is clean, easier to use, and you don't have these safety baggage. Do you see there's a realistic chance to remove some of these step edits that you have to go through corticosteroid in a future? How do you get there? First of all, in the commercial side of the business, we're pretty much a single step across the board through a topical steroid. Yeah. In Medicaid, about half of patients, it's a single step through a topical steroid. That's the majority of patients, a single step. That is not a big barrier because all these patients have already been on a topical steroid, so they've already met the step criterion. I don't lose a lot of sleep over that. I think we may see some improvements in that formulary position. For example, California Medicaid, there is no step for ZORYVE. It's first-line therapy. There are some small commercial plans that have moved to no step for ZORYVE. I think as insurance companies realize that ZORYVE could prevent or delay patients moving on to expensive systemic therapies, they may start to prefer ZORYVE more and make it easier to get ZORYVE. Again, I really don't think that the step edit is a major obstacle. A year and a half ago, when we would talk to dermatologists, we'd get pushback like, "I know steroids have issues, but I know how to manage it. It's fine. Right. We don't get that anymore. I think there's a growing sentiment in the dermatology community that it's time to move away from topical steroids. Right. There's always going to be a role for topical steroids. Right. That's an acute treatment, and these are chronic diseases, and that's a mismatch, right Right. I would point to, in particular, earlier this year, the American Academy of Dermatology came out with new pediatric AD guidelines. They stated right in the guidelines that dermatologists should prefer nonsteroidals over steroids because of long-term safety issues. Yep. Now even the AAD has come out with a firm stance saying nonsteroidals are the way to go. I think it's just a matter of slow change in physician habits. Slow change, yeah. We're seeing that every month, every quarter. Right. We're seeing a growing share of the business going to the nonsteroidals. I see. With 50% market share, we're the main beneficiary of that conversion. Right. Sure. Absolutely. When you look at the current use pattern for patients who are new to treatment, they get on corticosteroid, do you see there's a shortening of the time that people get on the corticosteroid before they switch to ZORYVE? Well- Is there a change in that? 90, 95% of patients are not new onset, so they've already been on something. Yeah. They're coming in the office for a steroid refill or some follow-up visit, and they've already been on a steroid. Most insurance companies also. You have to have been on a steroid in the last 180 or 130 or 365 days. It's not like you have to start the steroid and then wait four weeks and then move on, right? It's rare that a patient is coming in completely treatment naive and the doctor is saying, "Oh, I want to use a ZORYVE but if that's what they need to do, it depends on the steroid. For example, if the patient's plaque psoriasis and they need clobetasol or halobetasol, those drugs are really only safe for about four weeks, then you need to stop the treatment for safety reasons. Then the patient can go to ZORYVE. I see. A lot of time when I look at these conditions, because there's that whole wax and wane component to it, where the condition would just go away for some time, it'll come back and flare up and come back again. In those period where the disease sort of calms down and then it flares up again, for patient, do they jump back to another steroid and then before they can get on ZORYVE, how does that work? Because they already on ZORYVE and then let's say they stop, the condition feels they feel better, then in the next flare up, can they go straight to ZORYVE or do they go back to the steroid first before ZORYVE? First let's talk about the waxing and waning. Psoriasis is not a terribly waxing and waning disease. Yeah. It does tend to get better in the summertime especially. Yeah. It will predictably get worse again in the fall and the winter. Sebderm is also fairly chronic in nature. AD is much more changeable. You can be fine in the morning and by lunchtime you can be in a flare, right? Yeah. Regardless, across those diseases, if the patient's disease clears because it's spring or summer. Yeah The patient's been using the drug and they get better and they get clear, they typically will stop treating at that point. Yep. When the disease returns, they probably have ZORYVE in the cabinet already. They don't go to the doctor. They just start using the ZORYVE again, right? There's no issues with stopping and starting with ZORYVE. Right. In atopic dermatitis specifically because it can flare so quickly, there is a move in dermatology towards preventative treatment, treating continuously to prevent the next flare. In our long-term studies with ZORYVE in atopic dermatitis, we show that that was a very effective strategy. Patients who got the clear went to twice-weekly dosing instead of daily dosing. In adults they were able to go 10 months without a flare, and in children they went eight months without a flare. That's quite a long time with just twice-weekly dosing. If they did flare again, they could switch right back to once-daily dosing without any problem. I see. That treatment paradigm of proactive management is something that atopic dermatitis experts are really encouraging their colleagues to move towards. I see. Okay. Fair. To answer your question, too, if you've had a ZORYVE script and you need to refill it six months later, you don't have to go through a steroid again. You just refill and continue on. I see. Okay. That makes a lot of sense. SEBDERM, this is one indication that a lot of investors are very excited about. Yep. It's always been undertreated, and under-diagnosed or treated intermittently. How has ZORYVE sort of changed that pattern of use in this population? Sure. Yeah. the recognition of the treatment? Yeah. First of all, I remember talking with investors before the approval and saying, "You guys are missing it. This is really, really big. This is a big indication." People went, "You know, just talking about it." I think I was proved right. It's a very prevalent condition. It's at least as common as Sebderm. There are some estimates that as many as- Correct Sorry, excuse me, yeah. As many as one in which would be a gigantic market, right? Been that the existing treatments were not terribly effective- They weren't safe for long term use or a combination of the two. When a dermatologist was having to treat seborrheic dermatitis, it took a lot of time, and it wasn't terribly satisfying. I remember prior to our launch, it was towards the end of COVID, we were talking with some dermatologists, and they said, "I haven't seen some of these patients for two years." They come in, they say, "What do you have new for my Sebderm?" The answer is nothing, right? Because it had been 20 years since anyone came out with a new drug. What really I think changed with ZORYVE is several things. One is profound efficacy, right? We had an 80% response rate at eight weeks with ZORYVE. 50% of patients were completely clear. No sign of any disease at eight weeks. We had very rapid onset of itch, which is one of the key symptoms of sebderm. At 48 hours, we separated on itch. It's a once a day formulation that's easy to use in your hair. You don't have to wash it out. You don't have to take a shower, which you do with the shampoo treatments. It's safe to use chronically, right? There's never been a drug like that. It makes it really easy for the doctor to treat their sebderm patients. It's like a 30 second conversation, "Hey, here's your ZORYVE script. Use it once a day. I'll see you in six months," versus this complicated regimen. It works for patients, and it's safe. I think that that's shifted dermatologists' willingness to treat seborrheic dermatitis, right? Because now it's easy for them to treat these patients, and the patients are happy. I see. Is that a population, when I look at that, the foam makes a lot of sense. for these patients. I don't think there's a foam like corticosteroid foam. There are corticosteroid foams in existence. Olux, oh gosh, trying to think of some of the other brands out there. They're very, very expensive. Yeah. They're very difficult to get. You don't see much use at all of the steroid foams. Ironically, they're more expensive than ZORYVE, even though they're generic, right? Also you have all the safety issues of steroids. Sure. That's one setting where ZORYVE just rises to the top, right? That's right. I think it's rapidly becoming standard of care. Right in seb derm. It's also, ZORYVE foam is really unique in the scalp psoriasis space, right? Yep. Just like seb derm, there really aren't any options to treat scalp psoriasis. Right. Scalp psoriasis is a form of psoriasis that's, A, very prevalent, and B, it doesn't respond well to biologic therapy. We think that's a really important continued growth opportunity for us in ZORYVE as well. I see. That makes a lot of sense. When you look across all these different settings, what do you think are the largest growth driver across these different indications? No question. The largest growth driver is conversion from topical steroids, right? Yeah. Sitting here today, there are 25 million prescriptions written a year for one of these three indications. 16 million of those were topical steroids last year, and 1 million were branded non-steroidals. As that market converts over, the opportunity for us to grow fivefold is really not that much of a stretch. Yeah. I see. Okay. Then for atopic dermatitis, you guys have a couple new approvals in that area, and now you have from adults to children to infants. How quickly are these indications added to the formularies? Or in general, when you guys have these Yeah approvals, how quickly do they get added? Our contracts with the insurance companies generally are for the ZORYVE portfolio. Okay. It's relatively quick. It can take a couple of months for us to get a new indication, particularly if it's a new SKU. If it's an existing SKU, it can be a little bit faster, it does take the insurance company some time. The SKU has to show up in the compendium. They've got to update their computer systems. I would say probably two months is probably a reasonable timeframe. Maybe it's a little bit shorter in some cases. I see. Okay. Also when you get these approvals, especially in that infant age group, I think we talked about the payers, how quickly when you look at how the patients are treated from a derm or pediatric, the pediatric side, you're still ramping up the effort there. When these approvals kick in, the sales or revenues are reflecting these indications. For the 3 to 24-month AD, I think we're going to see a very rapid adoption. If you think about it today, the only things approved to treat kids under the age of two with AD are EUCRISA- or six of the topical steroids. Right? Everyone knows EUCRISA stings and burns. Right. Topical steroids are particularly worrisome in a young kid. To have a safe, effective once-a-day cream approved in that population, the pediatric dermatologists are foaming at the mouth to get their hands on this product. I see. When we got the 2 to 5-year-old approval, their response was, "Well, when do you get 3 to 24?" I was like, "Well, what about the 2 to 5-year-olds? Don't I get any credit for that? Right. There's a huge amount of pent-up demand. I mean, anyone who's a parent can just think about what that would mean if they had a safe, non-steroidal to treat their little baby. Right. With atopic dermatitis. I see. Even though you haven't really ramped up in that pediatric sort of sales effort yet, a lot of these patients are already seeing the pediatric derms, especially. By pediatric derm or just a general derm. There aren't very many pediatric derms, a lot of the little kids. I see are being seen by regular gen derms generally. I see. Basically, there's no barrier to getting- Not in the dermatology space, no. Even though you haven't really ramped up that pediatric space. Right. I think the pediatrics is an additional additive opportunity. Additive. I see. Okay. There's a big opportunity for three to 24-month in dermatology. I see. Okay, fantastic. This has been a very interesting discussion, very helpful for us to help investors think through the ZORYVE story to continue growing in the future. We're out of time. Before we close the session, I'm going to turn it to you for any final remarks. Latha? You're going to She hasn't said anything, I'm going to let her close it out. I think our closing remarks are everything is going per plan that we said that we're going to execute on since last year when we had our Investor Day. We've put out guidance, we updated the guidance, we feel strongly about our business and the growth trajectory. We are self-sustaining, investing in that growth, we keep coming back to update the investor community on those investments, we're excited for the outlook of ZORYVE and a lot of label expansions and pipeline that we just talked about. That's my conclusion. Fantastic. Thank you. Great stuff again. Thanks a lot. Thanks, everyone.