Q4 2019 Earnings Call
Good afternoon, and welcome to the region next bio fourth quarter and full year 2019 earnings conference call.
This time, all participants are in listen only mode.
Where do we will conduct a question and answer session and instructions will be given at that time.
As a reminder, this conference call is being recorded.
I'd now like to turn the call over to Mr., Patrick Christmas Senior Vice President and General Counsel for regional file you may begin.
Good afternoon, and thank you for joining us today with us our Ken Mills rejects Bio's, President and Chief Executive Officer, Dr., Steve Nicola, Our Chief Medical Officer, and visit system, our Chief Financial Officer.
Earlier this afternoon rejects by a released financial and operating results for the fourth quarter and full year ended December 31st 2019.
The press release purporting, our financial results is available on our website at Www Dot Oragenics bio dotcom.
Today's conference call will include forward looking statements regarding our financial outlook. In addition to regulatory and product development plans.
These forward looking statements are subject to certain to risks and uncertainties that may cause actual results to differ from those forecasted and can be identified by words, such as expected plan will may anticipate believe should intend in other words of similar meeting.
Any such forward looking statements are not guarantees of future performance and involve certain risks and uncertainties. These risks are described in the risk factors and the management's discussion and analysis sections average unexpired annual report on form 10-K for the full year ended December 31st 2019, which will be filed with the sky.
Ladies and exchange Commission and available on the Fccs website.
Any information we provide on this conference call is provided only as of the date of this call February 26 2020.
And we undertake no obligation to update any forward looking statements. We may make on this call on account of new information future events were otherwise.
Please be advised that today's call is being recorded in webcast.
In addition, any unaudited pro forma financial information that may be provided is preliminary and does not support to project financial positions were operating results of the company.
Actual results may differ materially.
I'd now like to turn the call over to Ken Mills, President and Chief Executive Officer ever Jack's bio.
Thank you Patrick good afternoon, everyone and thanks for joining us on today's conference call. We will provide a recap of our recent progress advancing and expanding the now technology platform as well as expected future milestones.
Steve will provide an update of our clinical programs and that will provide an update on her friends <unk> financial results for the fourth quarter and the full year 2019.
Well then open the call for questions.
So over the course of the past decade virginity Bio's mission has remained clear to improve lives through the curative potential of gene therapy based on our proprietary now technology platform.
We believe single administration gene therapy treatments can significantly alter the course of disease in many patient population.
And we are advancing and broadening our pipeline across to treatment modalities.
Baby mediated antibody delivery and Avi mediated monogenic gene replacement, both modalities utilize our NAV technology platform to develop potential treatments for those suffering from both rare genetic diseases.
And potentially expanded treatment options for diseases broadly affecting public health.
In 2019, we made great strides broadening our internal gene therapy pipeline and advancing key programs.
Last month, we announced updated data for our lead program Rdx three one for which is for the treatment of wet age related macular degeneration six months data from cohort five of our phase one two way trial.
The data continues to demonstrate meaningful reductions and anti VEGF burden as well as improved visual acuity. Following a one time administration of RG X three one for.
We remain strongly encouraged by the programs clinical results and we look forward to reporting longer term data from all cohorts from the phase one two a trial in 2020.
Further data regarding the durability and efficacy of Rdx three one for will help us plan for the next steps in this program.
Beyond our gx three one for we're excited to provide the recent interim data from the first three M.P.S. two patients in our phase one two trial for RG X one to one.
Patients with MPS to continue to have significant neuro cognitive difficulties, despite availability of enzyme replacement therapy, which doesn't address manifestations of the disease in the central nervous system.
The initial data from the first cohort showed that RG X one to one was well tolerated. Following one time administration of gene therapy, using a relatively new delivery approach through this cisterna Magna <unk> direct to CNS approach.
Equally importantly, we observed consistent and sustained reduction in a key biomarker as well as signs of neuro cognitive stability.
We've also completed dosing of patients in an expanded cohort two in our phase one two trial of RG ex fiber one for the treatment of homozygous familial hypercholesterolemia, where each off beach and we plan to assess the LDL C levels. After patients have completed steroid prophylaxis treatment.
This interim data should be available in the first half of this year.
Across her Genex biodiesel R&D team is continuing important research and preclinical work on potential treatment for hereditary angioedema based on antibodies directed at plasma Kallikrein key protein of the plasma contact pathway, which is left unregulated in patients with AG.
We also recently announced the expansion exclusive collaboration with newer immune to design and develop vector rise antibody therapies targeting Alpha Synuclein Intel we expect to provide an update on these programs in the second half 2020.
Elsewhere. The R&D team led by our Chief Science Officer Olivier Nanoss has also recognize the utility of our NAV technology in treatments targeting muscle cells, specifically, our aviate vector.
As evidenced in work by some of our partners like a dentist for the treatment of excellence Mio tubular myopically.
As a result.
We've had ongoing work in our research pipeline focused on a number of neuromuscular indications.
Some of this work is now starting to mature.
It's approaching stage of candidate selection.
We believe we have the opportunity and the potential to treat patients suffering from certain neuromuscular diseases, who currently lack treatment options are currently underserved by existing therapies.
We feel that we've developed a strong understanding of the biology specific evidence the application of Avi neuromuscular disease models.
And a deep in house knowledge of AG production and manufacturing to skip to the scale that's necessary to develop potential treatments for these types of indication.
I look forward to providing further updates on this work we continue it and the second half of the year.
Related construction of our cgmp production facility here in Rockville, Maryland continues as planned the site is expected to provide us the ability to strategically scale production, while ensuring quality for patients.
We expect to be capable of supporting early and late stage programs, including those which may require large scale Dexter supply and we're on track to be operational in 2021.
Before turning it over to Steve.
Let's take a moment to express our gratitude.
Actually to the physician and patient communities.
Our appreciation for work and the work that we do for patients is year round February is rare disease month, and this is a big week related to activities associated with rare disease day, we're participating in that world wide effort to raise awareness devastating rare diseases.
Just yesterday, we had an all staffs event in recognition of rare disease month, where we heard from patient groups in physicians, who treat patients with rare diseases, including those that are at the center of our work. We continue to believe in the promise of NAV technology for rare diseases and remain committed to continuing working with the community to address unmet needs and find curative treatment.
With that I'd like to turn the call over to Steve for clinical and regulatory update.
Thanks, Ken.
I'll begin with our our Gx 314 program for the treatment of wedding empty.
Last month, we reported six month data for cohort five of the sub retinal Archie X 314 phase one two way dose escalation trial in subjects with wet AMD D.
Patients continued to demonstrate a meaningful reduction in anti VEGF treatment burden at six months following administration of RG X 314, with 73% of patients remaining anti VEGF injection free while maintaining or improving vision and retinal thickness.
We expect to initiate a pivotal program for the sub retinal delivery of our Gen 314 for the treatment of what empty and the second half of 2020.
We plan to finalize the design of a trial based on the 12 month assessment of patients in cohort five in the phase one two way trial.
This will allow us to evaluate further characterization of RG at three one for treated patients enhancement of the trial design and the potential to accelerate the clinical program.
The trial is expected to investigate the onetime administration of RG <unk> 314 at a single dose compared to anti by Jeff injections, which is the current standard of care for patients with wedding empty.
Primary efficacy endpoint in the trial will be the mean change in visual acuity from baseline assessed at 12 months after treatment with RG X 314.
We intend to submit the design of the trial to the FDA in mid 2020 and begin dosing patients in the second half of 2020.
Meanwhile, we continue to plan to initiate clinical trials using FCS micro injector for the in office delivery of our GR 314 to the supercritical space.
This route of administration could potentially allow for the treatment of an expanded population of patients with wedding empty NDR by providing access to gene therapy treatment in all settings of patient care.
We expect to initiate a phase two trial and wedding empty using the FCS micro injector in the first half of 2020.
The trial will build upon data from the ongoing phase one two way trial of RG X 314, and it's expected to evaluate patients into dose cohorts of three Archie Evthree 14 versus a control arm.
Interim data is expected from cohort one by the end of 2020.
We also expect to submit an eye Andy in the first half of 2020 for the treatment of diabetic retinopathy, using our Gx 314 delivered via sub Supercross fuel injection and plan to initiate a phase two trial in the second half of 2020.
This trial is expected to evaluate patients in up to three doses of Archie Ecpthree 14 versus a control arm.
Enrollment of cohort one is expected to be completed by the end of 2020 with interim data expected in 2021.
Beyond the Archie Ecpthree 14, we have made exciting advances with our CNS targeted gene therapies as Ken mentioned, we recently reported meaningful interim data from our RG X 121 program for the treatment of MPS too.
In cohort one of the phase one two trial three patients were dosed interest externally and our Gx 121 was reported to be well tolerated with no drug related serious adverse events assessed.
Per protocol patients received a 48 week immunosuppression regimen to minimize the potential for immune mediated reactions and importantly patient one has completed the immune immunosuppression regimen.
Heparan sulfate or Hs is a key biomarker of I to us enzyme activity and an MPS two patients high amounts of Hs accumulate in the CNS and closely correlated correlate with neuro cognitive decline.
Data from the three patients in cohort one demonstrated a mean reduction of 33% from baseline to weak aid and patient one demonstrated consistent decreases NHS levels in the CSS overtime.
With a 27% reduction from baseline at week, eight and a 44% reduction from baseline at 48.
For the two patients who are progress beyond week 24, preliminary data indicated stability of neuro cognitive development, which supports our expectations that decreased hs levels correlate with benefits of neuro cognitive development.
We've seen this with both preclinical models as well as other clinical approaches.
We plan to provide additional data for cohort one of this study in mid 2020.
Meanwhile, enrollment in cohort two continues and is expected to be completed in the first half of 2020 with interim data expected to be reported in second half of 2020.
Based on the clinical experience with the interest of Sterne on delivery approach and accumulating data from the our Gx 121 program. We recently amended that our Gx 111, I Andy for our phase one two trial for the treatment of MPS one.
At the direction of the FDA recruitment in this study was previously focused on an initial patient over the age of 18.
But under the recent amendment, we can now enrolled patients as young as four months of age.
We expect to provide a program update in the second half of 2020.
In our liver directed program Rgs fiber one for the treatment of H O. I page, we have completed dosing of subjects in cohort two phase one two clinical trial evaluating RG ex fiber one with prophylactic corticosteroids as previously announced.
We plan to assess LDL C levels are cholesterol levels. After all patients have completed steroid prophylaxis treatment and expect to provide interim data in the first half of 2020.
We will continue our diligent work to drive these programs forward and we look forward to providing you with updates on our progress.
With that I turn the call back over to Kevin.
Thank you Steve.
Virgin expire has an extensive footprint in the gene therapy space and our scientific innovation can potentially bring many breakthrough gene therapy treatment, so market through our own product candidates as well as product candidates developed spar licensee network.
Technology is currently being applied in one marketed product so jens much more than 20 partnered product candidates.
15 of those partnered product candidates are an active clinical development.
The artist is old Gen <unk> for the treatment of spinal muscular atrophy, which uses the NAV Avi nine vector has had a strong launch in its first two quarters in the U.S. market, which has provided validation of the down technology platforms utility.
Novartis has reported that is all Genzyme is currently under regulatory review in Europe with an anticipated regulatory decision. The first quarter of 2020 and also in Japan with an anticipated regulatory decision in the first half of 2020.
Our partnerships with groups like Novartis and other cutting edge gene therapy, researchers allow us to invest in programs that we think could ultimately help patients based on the broad applicability of the NAV platform.
We're always active in purposeful in developing partnerships with the goal of realizing the potential of NAV technology and the interest of patient.
With that I'd like to turn the call over to fit for review of our financials.
Thank you Ken Genex bio ended the year on December 31st 29 team with the cash cash equivalents and marketable securities totaling $400 million compared to $470.6 million as of December 31st 20 team.
The decrease was primarily attributable to cash used in operating activities. During 2019, partially offset by gains on our marketable equity securities of prevailed therapeutics.
Revenues were $11.8 million and $35.2 million through the three months and year ended December 31st 2019, respectively compared to $40.8 million in $218.5 million for the same periods in 2018, the decreases were primarily.
The attributable to non recurring revenue recognized in 2018 under our amended license agreement with Avexis for the development and commercialization those treatments for us in may as well as non recurring revenue recognized in the fourth quarter 2018 under license agreement with had beyond.
The decrease in revenue in 2019 were partially offset by $10.7 million and $20.8 million royalty revenue from the net sales of Xeljanz well recognized during the fourth quarter and year end December 31st 2019, respectively.
Total sales of old Gen small commenced in the second quarter 2019, and we are eligible to receive a milestone payment of $80 million to move axis. Upon the achievement of $1 billion in cumulative net sales of flow gens.
Research and development expenses were $33.8 million and $124.2 million for the three months and year ended December 31st 2019, respectively, compared to $24.3 million and $83.9 million for the same periods in 2018 thing.
Increases were primarily attributable to personnel costs as a result of increased headcount laboratory facilities cost clinical trials for lead product candidates in externally sourced services for pre clinical regulatory and manufacturing related activities.
General and administrative expenses were $14.5 million in $51.8 million for the three months in year ended December 31st when the 19, respectively compared to $11.1 million.
And $36.9 million for the same periods in 2018.
Increases were primarily attributable to personal and cost as a result of increased head count and professional fees for advisory and other services net loss was $26.5 million in $94.7 million for the three months and year ended December 31st 2019.
Actively compared to net Inc.
$4.3 million and $99.9 million for the same periods in 2018 net loss in 2019 includes realized and unrealized gains the $37.8 million recognized during the period related to our marketable.
Cured these both prevail therapeutics.
As of December 31st 2019, we had approximately 37 million common shares outstanding.
Based on our current operating plan, we expect the balancing cash cash equivalents and marketable securities were $400 million to fund the completion of our internal manufacturing capabilities and clinical advancement over probably the candidates into 2022.
Sorry to disappoint, but I've given what fund for the year with that I will turn the call back to Ken to provide final thoughts.
Thanks, David.
We are building on strong progress we made in 2019 by broadening our internal gene therapy pipeline and advancing key programs.
After more than a decade of steadfast effort and focus we remain dedicated and committed to improving lives through the curative potential of gene therapy.
With that I would like to open the call for questions operator.
Thank you as a reminder to ask the question you'll need to press Star then one on your Touchtone telephone to withdraw your question press the pound key please stand by what we compile the culinary roster.
Our first question comes from Gena Wang with Barclays. Your line is now open.
Thank you for taking my questions I have two regarding three one.
Therapy program and a one week lighting.
Question. So for the three one for can you mentioned that qualify data will help.
Pivotal trial your final design to what kind of data would change your thoughts on trial design dramatically.
And the second question regarding the diabetic retinopathy.
Typically adult phase two initiation second half this year.
Are you waiting to see that data from the wet in the simple credo data and what dose you start.
Hi, Gina Thanks for the the question. So your first one on what will we take from our 12 month data for our five cohorts from the ongoing study. So I certainly don't foresee anything dramatically changing based on this but with this onetime therapy.
Where we're seeking to have.
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Good durability and.
Achieve visual acuity at least stability and maybe even improvement and also anatomic benefits with decreased injection burden certainly having a full 12 months.
Is very favorable compared to the six months. So I think it's really more too as we said help enhance and fine tune. The design in terms of things like powering et cetera based on the actual change from baseline values that we see.
Now to 12 months.
And also.
In wet AMD D that longer duration is also what is generally accepted from a pivotal standpoint, so actually having real data from wet AMD patients out to that on which were basing our final protocol on is very comforting for us.
Your second question around supercritical delivery for diabetic retinopathy, a we will take advantage of the data that we have from the ongoing sub retinal wedding M.D. study, yes, it's a different route of administration and even a different.
That Jeff driven disease, but.
We do know anti VEGF works for all of the as named the fed Jeff driven retinopathy, using including what am D. in diabetic retinopathy, so both from a safety and Tolerability as well as.
Response to anti by Jeff in terms of vascular leak units. We think that will also help us in terms of the SCS.
Delivery and also for diabetic retinopathy as well, we haven't announced are finalized our plans there.
Including where we would actually start what starting dose we would utilize there. So again, we'll take full advantage of all of the 12 month data that we have for that.
Thank you just one quick follow up question regarding the IP.
Could you give us a little bit more color regarding the IP dispute between you and passage.
Hi, Jana this is Ken thanks for that question.
We have.
Acknowledge that we sent a letter and sort of the normal course of business related to looking to maintain and protects our intellectual property rights for shareholders to passage.
As well as in normal course to other companies that we view.
They have come into our understanding of.
Using science related to the NAV technology patents that we have.
And you know the communication that they provided through their FCC disclosure is I think what we have right now in terms of what that responses. So if there's been nothing on our part that we viewed was material with respect to providing anymore guidance or update as you know we.
Have a strong in broad intellectual property portfolio that we take very seriously for the purposes of developing treatments for patients in our own pipeline as well as license to a lot of other companies that are investing in the development of the number of treatments and we've said for a while that it's our primary interest to be able to any.
Table and support people with licenses to help achieve the goal of the company for curative potential of gene therapy to reach as many people as possible in those circumstances, where we have found that there could be something that would risk that.
We're going to take appropriate action.
Thanks.
Thank you.
Thank you. Our next question comes from Matthew Harrison with Morgan Stanley. Your line is now open.
Hi, everyone. A this is call it I mean on from Matthew. So we're also just wondering about the Super Super Great All delivery and I guess, how you plan to start the.
The sub retinal in court five and what maybe the dose or doses are going to look like for that and if if possible how close you could get to what you've been using thus far.
So.
For the the cohort five dose.
Given a sub retinal Lee.
That we feel very good about in terms of the sub retinal delivery. We think it also gives us a good reference point for thinking of the alternative routes Suprachoroidal delivery based on preclinical bridging work that we have so we do we are in a position to I think think of a narrower.
Our dose range, then what we needed to use going into starting our sub red home delivery. So we have the benefit of having learned a lot about a response to our gx three one for given sub retinal Lee and with our bridging work that'll give us some more comfort in terms of where we started but again we.
We haven't announced exactly what we're going to what dose we're going to start where it.
For Supercross model.
Got it so we'll get that update later in the first half of this year.
Great. Thanks, and then just one quickly on a one to one I guess, how should investors generally think about what's going to be necessary for approval and then I guess, what you guys see is your path forward in terms of registration or just potential registration.
We love the enthusiasm as Weve updated just our first data at the end of the year on one to one we do think that we're really encouraged to see.
Changes in Biomarkers and have a strong feeling in understanding from our work with the community. Both the physicians the scientists who have worked in diseases like MPS to an MPS one of the importance of.
Changes in Heparan sulfate and their connection to.
You know changes clinical changes in neuro cog and neurological development in the kids.
We just dose escalated the O'connor and we're continuing to explore the pharmacology in response here. So I think we've been exploring things in the trial that we think are going to be informative for establishing what the pathway is too you know getting this treatment to patients as quickly as possible and.
Both inside and outside of the study will continue that work you know we're looking by the second half of this year to have the second cohort fully enrolled in additional data from that first and second dose will put us on a path that we think we'll be able to be more communicative about the specifics of what those next steps are but yes.
It's certainly derives from some of the things we've already talked about that Biomarkers and the clinical assessments, we view as all part of the picture of how a rare disease like MTS to needs to be considered in drug development.
Great. Thank you.
Thanks.
Thank you. Our next question comes from Kabbalah, Miss I was Chardan. Your line is now open.
Hi, everyone. Thanks, Thanks for taking my call I have three questions on the internal pipeline and started later stage and go early.
First of all Swan three one for and what M.D.
Since you're heading towards pivotal studies there can you discuss whether you would see utility in the next U.S. partner and whether establishing such a partnership makes sense before after you run the Pivotals second is on MPS too and Rdx one to one.
And our last maybe the similar question, but in a different way we saw the day that world and you have biomarker data can you talk about how at this point based on natural history studies or whatever we have we can interpret the potential for future clinically meaningful outcomes there.
And then the third question is on the neuro map muscular a product that you announced on is that decision to pursue neuromuscular more a function of improved are differentiated science, you're exploring more a function of potential manufacturing constraints elsewhere, and obviously, it's not mutually exclusive.
Yes, I think sort of back to front bolt.
You know I mean, we take pretty seriously when we get to a point or you know Olivier and the team along with our technical operations group incurring in Steve about deciding to move into new areas of science and ultimately development for treatment candidates and it means we have to see benefit and.
I have to feel like we can support development and commercialization in the case of you know neuromuscular disease, which involves from our view a an approach that is requiring high quantity of virus in many cases for treatment as well as a good understanding of the biology of and.
Vantages for targeting muscle with different navies on this is only we've been looking out for awhile and feel quite strongly that you know the aviate vector has some really special properties that we think are important for advancing treatments in that area and that certainly from a manufacturing perspective, having an understanding of a pro.
Process quality and scale that can take you into some of these market spaces is important and the clinical team is highly supportive as well as we've been doing work in the background about how we can execute in the development of this in the disease areas. So we're excited to expand into an area like this we understand.
And how meaningful it is and also understand that we need to be prepared for it which we feel like we are with science plan and capabilities.
On MPS one to one that's a great question I think.
The.
The area of endpoint assessment in rare diseases, even when you're talking about deterministic measures like a you know biomarkers, which are great to have but aren't available in all rare diseases is always a complicated one I don't think that I've often found in our work with experts.
In the field scientists our own internal groups clinicians, even the regulators that theres. One simple answer are always one sort of clear line for a single biomarker or sometimes even a group of biomarkers, it's because of the small population than and sometimes that you know the heterogeneity on top of those small population that.
Create more of a range I would say more of a spectrum and I think thats the case with something like Heparan sulfate across the MPS is I think there is a strong belief in understanding I think there scientific evidence in some of the literature that heparan sulfate does correlate if you were searching for a really small P value and.
In one number to say above or below. This this is the difference it doesn't exist, but I think what does exist is enough of an understanding and support to use it as part of the measures that will be collecting for advancement of these programs as well as other clinical assessments and other types of endpoints like.
Involving the patients themselves and families in the advancement of this we Havent made a final decision yet bull on what sort of that plan is going to be as I said Conor asked the question, we're happy to be in a place where we've advanced to another dose and are continuing to explore pharmacology here, but we're going to be ready to move quickly and I think we felt really good knowledge around.
On the MPS diseases to be able to do that.
I'll, let Steve maybe address the three one for.
What AMC pivotal question yeah.
So certainly where by design ready to move forward advance a full.
Phase three program.
We have the internal expertise expertise to move forward in that way and we'll be ready to expand the ex you asked as well.
So certainly thats, our default, but I believe it to Ken in terms of any strategic.
Considerations.
I think I support Steve and our you know our approach here is below we feel like we have the capabilities to take this program into the next phases of development and continue to explore it and set it up for.
You know what the next steps are in terms of achieving success and we're also always open and aware of that if we did have any sort of gaps or deficiencies in our capabilities, we would love to augment that but we have a great team and we're ready to go.
Great. Thank you bye.
Thanks.
Thank you and our next question comes from many for harvest SVB Leerink. Your line is now.
Hey, guys. Thanks, taking my question I do not have three questions in a series of follow ups.
So so thanks, a quick sub supercritical question, so the level of immune privilege and the sub retinal state obviously the tremendous advantage for you guys and that approach I think the filed is a little less clear in terms of immune turbine between suprachoroidal versus sub retinal.
Hi, guys think about that as you move forward, it's incredible approach to the influence whether or not separate eyedrops systemic or topical steroids are relevant and as a follow up would you consider limiting future calls to one question per person.
[laughter].
Actually one year last in the queue I respect that.
[laughter].
On your prior question to that one Manny it's a great point.
And certainly one of the great benefits of sub retinal delivery is how much we know about that space and delivery and that's why it's become the gold standard.
Not only because they excellent transduction that you get and the actual excellent protein expression that we've seen from our own program, but also because of the relative immune privilege status of the sub retinal space.
Which has led to the fact of no.
Soon reaction or clinical inflammation that we've seen based on delivery of sub retinal RG X three one for just to give one. One example, you're exactly right that much less is known about the suprachoroidal space. When it comes to the immune privilege status or lack thereof, what we do know is from our.
Our work in the work that's the joint work between Olivier diagnosis group and Peter Tampa Taros work is that with Suprachoroidal delivery, we've seen good transduction without significant inflammation and that's very different than of course, what we know happens with intravitreal injection, where as soon as you.
I get to effective doses, you hand in hand get the inflammatory response due to the lack of immune privileged to that space. So at least based on what our work with our particular vector.
We seem to have much less of a risk of an inflammatory reaction having said that of course, we have to go into the clinic and see what we see there.
As it relates to your second question Manny, we acknowledge and we'll certainly consider it.
Thanks, guys.
Thanks.
Thank you and I'm showing no further questions in the queue at this time I'd like to turn the call back the Ken Mills for any closing remarks.
Thanks, operator, and thanks, everyone for joining us we look forward to following up with you all in providing further updates as the year goes on and in the near future have a great night.
Ladies and gentlemen, thank you for your participation on today's conference. This does conclude your program you may now disconnect.
Okay.
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