Ryan Martins - Lazard Capital Markets LLC, Research Division
Just a couple of questions. The first one is on the $5 million deferred revenue. Matt, did I hear you say previously and on another call that these inventories in the channel are held for approximately just a couple of days?
And then the other question was on the once-weekly study that's initiated with Kyprolis. Can you give us some color on the strategic reasons for that study, and how those doses make way to the twice-weekly?
Matthew K. Fust
So we did report $19 million in net sales in Q3. That reflects those Kyprolis vials that have already been shipped to hospitals and clinics. The $5 million deferred revenue that you referred to reflects Kyprolis shipments that have been made to our specialty distributors but have not yet, as of September 30, been shipped out to hospitals and clinics. That deferred revenue will be recognized as net sales revenue as it is shipped on to hospitals and clinics. What we're seeing is what we expected, that with effectively just-in-time delivery of Kyprolis from our specialty distributors to the hospitals and clinics who administer it. We do not expect and are not seeing any significant inventory level being held at the hospitals and clinics.
Yes, absolutely. We're very interested in learning more about alternative dosing schedules for Kyprolis. This study that you mentioned recently came on to clinicaltrials.gov because it was recently activated. This is a Phase II study, it's being conducted as a multicenter, collaborative effort. We're working closely with the consortium of clinical research, clinical community-based centers, and it is a study where we will identify, first, the optimal dose when given weekly. We're proceeding with the 30-minute infusion. But as you can imagine, 56 milligrams may not be where we end up for the best tolerable dose when given once a week. So we will do some dose escalation cohorts initially to see if we actually could deliver a higher dose than 56. Then we'll do the Phase II expansion, again, in this multicenter, collaborative consortium of sites that we're working with.