Buried deep within Santen Pharmaceutical's recent Q1 2022 earnings call transcript lies a tantalizing clue, a whisper of something potentially groundbreaking that seems to have slipped past the watchful eyes of Wall Street analysts. While much of the focus has been on the company's ROCK inhibitor developments for glaucoma, a closer look reveals a potential dark horse in their pipeline: a treatment for myopia.

Yes, you read that right. We're not talking about another incremental improvement in eye drops or a new surgical technique. We're talking about a condition that affects a staggering 2.6 billion people globally, a number projected to skyrocket to 5 billion by 2050. That's right, half the world's population could be myopic within the next few decades.

Now, let's delve into what Santen is quietly cooking up. The company briefly mentioned kicking off a Phase 2/3 study of STN1012700, an atropine formulation for myopia, in China. Atropine, typically used to dilate pupils, has shown promise in slowing down myopia progression in children. However, it's not without its side effects. This is where Santen's expertise in ophthalmic drug delivery could be a game-changer.

Imagine a world where childhood myopia isn't a near-inevitable rite of passage, where the burden of glasses or contact lenses is dramatically reduced. Santen's atropine formulation, if successful, could represent a paradigm shift in how we manage this increasingly prevalent condition.

But here's the kicker: the potential market size for a successful myopia treatment dwarfs even the most optimistic projections for Santen's glaucoma portfolio. We're talking about a multi-billion dollar opportunity, perhaps even tens of billions, depending on the drug's efficacy and pricing.

Santen's Pipeline: A Look at the Numbers

Now, let's be clear: this is still early stage. Phase 2/3 trials can be notoriously unpredictable. But the fact that Santen is pouring resources into this area speaks volumes about its potential.

While the market remains fixated on Santen's near-term prospects in glaucoma, a quiet revolution might be brewing in its labs. STN1012700 could be the company's stealth weapon, a potential blockbuster hiding in plain sight. And if it succeeds, it could change the landscape of ophthalmology, and Santen's fortunes, forever.

Keep your eyes peeled, this could be huge.

"Fun Fact: The word "myopia" comes from the Greek word "myops," meaning "to close the eyes," referring to the common practice of nearsighted people squinting to see better."