Q4 2019 Earnings Call
Welcome to be lexicon pharmaceuticals, fourth quarter and full year 2019 financial.
And business update conference call.
At this time, all participants are in listen only mode.
Following management's prepared remarks, we will hold a brief question and answer session.
As a reminder, this call is being recorded today March 12 2020.
I'll now turn the call over to Dr. camp illegally head of Investor Relations and corporate strategy. Please go ahead.
Thank you good morning, and welcome to the lexicon Pharmaceuticals fourth quarter and full year 2019 financial results in business update conference call. Joining me on today's call Arlon, LCOS Lexicons, President and Chief Executive Officer, Alex Santini, Executive Vice President and Chief Commercial Officer, Dr. Pablo what part.
<unk> Executive Vice President and Chief Medical Officer, Dr., Praveen tile executive Vice President of research and development and Jeff Wade Executive Vice President corporate and administrative affairs, and Chief Financial Officer. After formal remarks, well open the call for Q1 day.
Earlier today lexicon issued a press release announcing our financial results for the fourth quarter and full year 2019, which is available on our website at www dot like on the Dot com and Youre FTC violent webcast of this call along with a slide presentation will be acceptable and <unk> Investor Relations section of our web site.
During this call we will review the information provided in the release provide an update on a clinical program and they used the remainder of our time to answer your question.
Well, we began let me remind you that we will be making forward looking statements, including statements relating for safety and efficacy and the therapeutic and commercial perpetual mellow includes Dan Ellis nights your one one and our other drug candidates.
These statements may include characterization and other commercial potential outperformance of the mellow exact expected timing and results of clinical trials are critical frozen Telotristat ethyl Ella Nice you won one no other drug candidate and the regulatory status and market opportunity for those programs.
This call May also contain forward looking statements relating to less the cost both have feature operating results discovery and development of other drug candidate strategic alliances and intellectual property as well as other matters that are not oracle SAP or information.
Various with May also caused let the cause actual results could differ materially from those expressed or implied in such forward looking statements.
These risks, including uncertainties related to the success of our commercialization efforts for the mellow the timing and results of clinical trials and preclinical studies instead of a burden, let's just say Oh I last night, you won one and our other drug candidate our dependence upon strategic alliances and other third party relationship ability to obtain pen protection.
Our discovery limitations imposed by pans owned or controlled by third parties and the requirements of substantial funding to conduct a research development and commercialization activities.
Well listen a description of the risks and uncertainties that we face. Please see the sports we have filed with the Securities Exchange Commission.
That I'll now turn the call over to our President and CEO one LCOS.
Thank you Kim Ann good morning to everyone and thanks for joining us on the call.
2019 was marked by some meaningful milestones as well as some challenges for like Scott. Let me start was a model.
The mobile achieve U.S. net sales of $8.5 million in the fourth quarter and to a 20 lighting and $31 million for the full year of 29 team.
2020, we expect U.S., a mobile net sales percentage growth in a high single digits in the first quarter, and then and the mid teens for the four year.
We are also being very thoughtful about the lifecycle management as a mellow also known as democracy diesel and we're very excited about the development of blocks that eat, though and Billy our track cancer.
Perjure will be speaking about the broad program, that's the most I eat though.
In a little bit.
In type one diabetes as you all know Linquist Oh, we just started the flows are was approved by the European authorities last year.
In the meantime, we've been working diligently to find a path forward for sort of the falls and end the U.S.
After receiving a complete response letter or a CRL regarding our application for regulatory approval.
Towards the end of last year, we engage in formal dispute resolution proceedings with the FDA offers a new drugs, which ultimately denied the appeal of the previously issue CRL.
We subsequently appealed the decision to the F.D.A. Center for drug evaluation Research also known as SEDAR and just last night. We received the response from SEDAR confirming the awesome new drugs previous appeal decision regarding the CRL.
We are evaluating the feedback they provided in their response and we will provide an update on our plans for our next steps with type one diabetes by our first quarter earnings call.
We have reported preliminary top line results that are first for phase three clinical trials in sort of proposal and type two diabetes and Dr. Lu Perjure will speak about the remainder other type two diabetes program and the two outcome studies scored a soloists that are designed to demonstrate benefits and and support labeling for.
Heart failure and chronic kidney disease.
We are engaged in discussions around potential partnerships, we're starting to flow zones, which will be necessary to complete the outcome studies.
We continue to advance our earlier stage product candidate, Alex 91, one and neuropathic pain.
Hey, one is the therapeutic target for Alex nine to one one and is a novel target when no association with the opioid pathway.
Preclinical data for Alex nine to one one demonstrate excellent CNS penetration and a reduction of paying behavior and models are neuropathic pain.
Phase one data are consistent with the drugs preclinical profile and reflects a favorable pharmacokinetic profile, which supports once daily dosing.
We expect begin enrolling patients with diabetic peripheral neuropathy pain and a phase two proof of concept study in the first half of this year.
Before I close let me touch on our cash position.
We ended the fourth quarter would approximate $272 million in cash and short term investments.
And we will continue to prudently manage our cash and expected our working capital will be sufficient to sustain our aspirations for at least the next year.
With that let me turn the call over to Dr. pursuant to review our pipeline.
Excellent.
Our confidence gross four kilometers kind of.
Gastrointestinal benefits.
I see on slide six here.
Documented in our products are melons lately.
We also see opportunities to study the potential of folks culture set on tumor growth in fibrosis.
Early preclinical and clinical explorations underway.
The next slide.
Summarizes our clinical development program in patients with only a very tight cancer.
The conduct of this open label Phase two study has been supported by preclinical evidence and safety to date has been satisfactory. We continue to anticipate data for our initial efficacy cohort will come into fourth quarter of 2000.
And at the ASCO gastrointestinal conference this year, we presented pellet.
With real World data on Servello in patients with carcinoid syndrome, and you're under can tumors.
This was a retrospective chart review of 200 patients want standard backbone therapies.
Received telotristat ethyl for an average of 12 months and U.S. clinical practice.
Radiology reports indicated a mean tumor size reduction.
0.59 centimeters after initiation of till exercise.
The P value was 0.006.
In addition, there are numerous investigator initiated studies so let's just got a whole that should help inform further development of the drugs.
That's from one of them.
We are disclosed in the fourth quarter of 2019.
At the North American younger Consumer Society Conference.
And that study Telotristat ethyl was studied in mice with Gallagher disease induced by hypertension.
Hello, Tistadt reduce the progression of Alger learnt disease impacting several markers of alveolar fibrosis.
Turning to so to go close.
And the fourth quarter of 2019, we published results are the study on its mechanism of action.
So to go close and led to significant delay and radio label glucose uptake after a standardized Neil.
Sure. So Douglas wasn't kinda proposal or placebo were given in the morning.
This meal was administered about five hours later and you can see a higher rate of peak glucose absorption with placebo and right.
And chemical flows in blue that was sort of closing in block.
Study also provided data on urinary glucose excretion, which was significantly lower Minnesota go close and then kind of close.
We believe this study establishes sotagliflozin as a dual inhibitor. That's Jones he won and that's GLG too.
And it points to the potential for lower glucose variability so to go close.
In the fourth quarter. We also published results from patient interviews performed in a representative sample of participants from the Sotagliflozin phase three program in type one diabetes.
The interview participants Andy interviewer, we're all blinded study treatment.
Here, you see the numbers of patients reporting different benefits overall and for Sotagliflozin and placebo.
The topline benefits were less hyperglycemia more stable blood sugar lower agency more effective insulin and less hypoglycemia.
They were all reported more often first article chosen census, Eva and they were generally rated as very or extremely important to patients.
The study was valuable because it demonstrated that glucose stability and control experience day to day and the management of type one diabetes is very meaningful to these patients.
We are anticipating more results in the next quarter for type two diabetes studies, that's critical close and we have recently received important feedback from the FDA on our strategy towards the long term outcome studies.
You may be aware that just this week the FDA issued new draft guidance for the development of drugs and treating type two diabetes. The old guidance from 2008 required extensive data in cardiovascular safety and we have enough cardiovascular events in our program already to support a type two diabetes file.
The new guidance emphasize is having a certain amount of to your data plus extensive exposure a patients with older age kidney disease and heart disease.
We estimate that by June we will have met all those requirements as well.
Importantly.
We have very recently asked the FDA about going beyond type two diabetes and to sell Melissa.
The FDA response has been supportive.
And this study is adequately designed to achieve a unique indication for the treatment of patients worsening heart failure.
The other large programs have treated stable patients soloist enrolls patients with acute worsening of their disease, providing a new treatment at the time with patients needed some books.
FDIC recent feedback on the scored study has also been supportive.
The design of scored will allow for indications relating to both heart failure and renal disease.
Other as Joe to programs have enrolled patients with high levels of micro albumin area.
Scored in contrast.
Broke a broader population with moderate and severe kidney disease.
Without any albumin area requirement.
And scored is the largest study of its Uh huh.
Both scored and so it can provide results in 2021.
Of note our FDIC interactions support that these potential indications in heart failure to chronic kidney disease can be considered regardless of any indication in type one for type two diabetes.
I'll now turn the call over to Jeff to review our find it.
Thank you problem.
This morning, I will discuss key aspects of our fourth quarter and full year 2019 financials.
More financial details can be found in our form 10-K, which will be filed shortly.
Now please refer to slide 14 number presentation.
As indicated in our press release today revenues for the fourth quarter decreased to $8.7 million from $17.1 million for the corresponding period in 2018, primarily due to lower revenues recognized under collaboration and license agreements.
Full year 2019 revenues increased to $322.1 million from $63.2 million, primarily due to collaboration revenues recognized from the amounts received in connection with the termination of the alliance with CMP and recognition of the remaining amounts allocated to the performance.
With patients from the right from the initial CDP collaboration agreement for development activities related so pleasant as well as an increase from that product revenue.
Net product revenues for full year, 2019 included $31 million and $1.3 million, respectively from that sales observe mellow in the U.S. and the sale of bulk tablets to lexicons collaborator Gibson.
Cost of sales related to sales Zormelo was zero point $7 million in zero point $6 million, respectively for the fourth quarter 2019 in 2018.
Full year 2019 in 2018 cost of sales was $3.2 million and $2.5 million respectively.
Research and development expenses for the fourth quarter increased to $40.6 million from $12.3 million for the corresponding period in 2018.
Merely due to increases in external clinical development costs related to set a pleasant subsequent to lexicon regaining the rights and responsibilities for development and commercialization of said was 1% to the termination that seems to be alliance.
Full year 2019, R&D expenses decreased to $91.9 million from $100.2 million due to decreases in professional and consulting activities and lower external clinical development costs.
Selling general and administrative expenses for the fourth quarter were $14.6 million compared to $16.6 million for the same periods in 2018.
Full year SDMA expenses decreased to $56.8 million from $63.8 million, primarily due to lower marketing expenses and professional and consulting costs.
We recognize an impairment loss of $28.6 million in 2019 relating to an indefinite lived intangible assets associated with lexicons 2010 acquisition of Symphony icon due to the decision to terminate research and development activities related chip program for irritable bowel syndrome.
That was among the assets acquired.
An income tax benefit of $6 million in 2019 was recognized in connection with the impairment loss with resulted in a decrease of the deferred tax liability and Inc. and created an income tax benefit during 2018, there was no income tax benefit.
Net loss for the fourth quarter was $51.1 million or 48 cents per share as compared to net loss of $60.8 million or 16 cents per share in the corresponding period in 2018.
For the fourth quarter of 2019 net loss included noncash stock based compensation expense of $3.5 million.
For the fourth quarter of 2018 net loss included noncash stock based compensation expense of $2.8 million.
Net income for the full year, 2019 was $130.1 million or $1.16 cents per diluted share as compared to net loss of $120.5 million or $1.14 cents per share in 2018.
For the full year 2019, net income included noncash stock based compensation expense of $14.2 million.
For the full year 2018, net loss included noncash stock based compensation expense of $11.7 million.
We ended 2019 with 271.
$7 million and cash and long term investments as compared to $160.1 million as of December 30, Onest 2018.
We expected our working capital will be sufficient to fund our operations for at least the next year.
And we will continue to prudently manage our expenses and we'll seek further opportunities to extend our cash runway.
Yes.
Turning to our financial guidance for 2020 as one al mentioned earlier, we expect U.S. through melon net sales growth in the high single digits percentage in the first quarter and in the mid teens for the full year.
As for operating expense guidance, including R&D and SGN a expenses, we expect total operating expenses to be in the range of $245 million to $275 million, we expect to R&D expenses to be in the range of $190 million to $210 million.
We expect to decide to incur a disproportionate share of our R&D expenses for the year about a third in the first quarter as result of activities relating to the completion of the type two diabetes Glycaemic control clinical trials and then wrap up at the transition from Sienna feed.
We expect SDMA expenses for the year to be in the range of $55 million to $65 million.
Noncash expenses are expected to be approximately $22 million of our total operating expenses, consisting of $710 million of stock based compensation and $5 million of depreciation and amortization.
As a reminder, under the terms of our settlement agreement CMP committed a lexicon $260 million.
That total the first installment and the amount of $208 million was paid in September of last year.
The second installment in the amount of $26 million was payable in March of this year and has been received.
And the final installment in the amount of $26 million is payable this September.
The $52 million and payments due this year will not affect this year's revenues because the full revenue impact of settlement was recorded in 2019, but they will obviously benefit our 2020 cash flow.
As one al mentioned, we engaged in discussions around potential partnerships for set in place, which will be necessary to enable completion of the long term outcome studies scored and silhouettes that are designed to demonstrate benefits and support labeling for heart failure and chronic kidney disease.
I will now ask the operator began a few in a session.
At this time, if you would like to ask a question. Please press Star then the number one on your telephone keypad again that is star one.
Your first question comes from the line of your goal not your mills it from Citi.
Hi, This is Matt I'd say at all thanks very much for taking my question.
I wondered if you could sort of set expectations for beta release is that we'll see in regards to type two diabetes for first half I noted that will get alpine disclosures in the first half and then we'll get facing presentations at all the way we noticed that what expectations of what the topline disclosures will include an what.
Additional data for overall.
Well, we expect to provide topline data that would be generally consistent with what we've done previously which is whether we met the primary endpoint and indications relating the overall safety profile.
At 88, we are making submissions to publish and that the data that came out towards the end the last year and those studies and hope to have those presented and detail at 88 this year and and also subsequently a DSP and we'll continue to work towards publishing assets.
Data from program as we go forward.
Yes.
Okay, and then could you also confirm I think at prior disclosure with.
Hi type two diabetes would be filing in the first half of 2020 is that well something we should expect or is that then.
That if I said now.
A decision about filing really requires a partner breast and so it would be part of something that that is involved in the partnership discussions.
We wouldn't be in a position to file in the first half at this point given the time that it's taken to get to a partnership but would still be able to file and 2020.
Got it and then just lastly is there any read through from the FDA position on type one diabetes and we should be considering.
For type two or are they just completely separate indications at this point that's something [laughter].
They are they're totally separate indications from the FDA perspective, the concern related type one diabetes isn't really was less than.
That being the inherent BK risk that is involved in in type one diabetes as part of the disease in which we saw an imbalance in our clinical studies and how that can be addressed and what's the appropriate way to address that risk.
And then there's no nothing thats not an issue.
Thanks.
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Got it understood alright, thanks, very much for taking the question.
Your next question comes from the line of can be Yassky with Wedbush Securities.
Good morning. This is a comedies onto the liana what are the growth growth drivers purged or mellow and carcinoid diarrhea.
What was the question again Im sorry.
Sorry can you hear me.
Yes, so it again.
What are the growth drivers for zero mellow and carcinoid diarrhea.
Let me turn it over to Alex Yes, the main the main and main growth factor for.
Are there mellow brand is activating new patients on drug and then holding onto them with good persistency and adherence over time. So those are the two main drivers of our overall growth potential.
Thank you.
Your next question comes from the line of Jessica Fye from JP Morgan.
Hi, This is Daniel for just got thanks for taking your question. Besides partnership is there anything that would be a gating factor for filings Philadelphia and type two diabetes in the U.S.
No.
You know the the reason is a getting decision is that lexicon is a note position to commercialize type two on his own.
So we need to make sure that we've carried all these conversations to their full conclusion.
Relative to tied to its a fairly sizeable and competitive market and and we will need a partner to be able to commercialize it so.
That is the gating decision in terms of the data and the the quality of the data quality clinical program I think Dr. Lapuerta has been consistently clear we have a very strong program and one of the requirements are in file we're in a very good position to file from time to but I think the overall values.
Program build beyond type, two which I think docie purchased spoke to earlier and that's how we're designing the program to how unique position in heart failure as well as have unique position with the drug for chronic kidney disease gold beyond what the current class offers that's where the real opportunity is and I think thats, where most of the conversations.
Focus within the within the partnership discussions.
Got it.
And then.
In terms of.
So the partnerships, but can you talk about the strategy so you're considering.
Strategies were considering in terms of partnership.
Alright and type one.
Yes, so it.
We always intend to two lexicon will participate in type one on their new partnership arrangement, because we believe that theres lot of value we can create.
Relative to both of the continuing development as well as the commercial development for type one.
As for type two heart failure as well as chronic kidney disease. It definitely requires a partner that we'll have a global footprint or has it global footprint in order to force realized about unit and competitive markets and so.
Our our our strategy is to find a global partner with them footprint that allow us to seek uniqueness in all of the indications accordingly.
Okay.
Thanks, you very much.
Your next question comes from the line of Stephen Willey from Stifel.
Hi, good morning, Thanks for taking the questions.
So.
I guess, so louisan scored or you know both large multinational trials and there are obviously enrolling in.
Variety of different.
Countries that are.
This is probably becoming a lot more restrictive with respect to.
Patient hospital visits et cetera et cetera. So.
Is there.
Any impact at all that you can quantify.
Maybe just as a result.
Some of all this current of Iris Mayhem and.
I guess, how confident are you and some of the previously stated timelines for the completion of those trials and do you think that some of this kind of new complexity somehow changes the cadence of.
Partnering discussions.
Steve I don't think it changes the cadence or the partnership discussions, but I do think that anybody who has a program in development as global will be at risk with the with the latest information is coming from.
The Corrado virus and all the actions that are being taken globally to try to contain it so.
Without a doubt I do believe it will have impact on everybody's time lines. If you have programs globally.
To your point patients need to go into institutions, they need to be able to go in and and received their medicines and so forth sawn with that I think all of the partners. We have in terms of see ourselves and so forth are going to other measures to make sure theres access.
And how how how well they are able to do that we'll have to see because I don't think anybody expected what we're seeing right now and everybody is trying to make the appropriate adjustments. So so to try to give you. Some quantifiable way would not be appropriate because we just don't know until we engage and NCR listing continues to progress is.
Also while we have being a little bit more conservative even around as a model estimates a lot of our business as a side of the academic institutions and hospitals that are now starting to close their doors and shot.
Shut out reps. So this is very when our early days now so as best for speak a little bit more conservative than aggressive and all of our forecast.
Okay, that's helpful and.
And maybe just lastly for clarification purposes, I I was aware of the.
Updated.
The guidance that was published last week, but I guess, how does that.
Directly impact.
I guess youre filing timelines are your regulatory process I know that you.
You mentioned that you have enough CV events within the current.
Within the current trials I guess to file but.
Our timelines or is the is the ease with which you can pursue.
Registration somehow improved by the updated guidance.
You know the updating guidance is not going to directly improve registration I think for anybody because it expands the timing would you have to do the work and it focuses on special populations.
Our message here is that regardless of the guidance, whether it's 2008 to the apply to soda or they try to apply the 2020 guidance, we will be ready in a position.
Particularly in any discussions we have participated follow program. So nothing is going to prevent us from beginning to follow the program and we're in pretty good shape with all of our data to do so.
Okay.
Thanks for taking questions.
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Your next question comes from the line of Alan Carr from Needham.
For taking my questions.
With respect to the partnership.
Efforts around so it is clear flows.
Well, what what's the strategy.
This is the if the discussions.
Progress longer than than you'd like but what happens next and what is what would Mexican strategy being at that point, what would the company and look like thanks, Alan That's a great question and I'm going to answer that question for in our first quarter over quarter earnings call. One of things I promise that we will not engage in this process forever.
Because we have we're very blessed in many ways, we've talked about non to one one we've talked about expanding as national program for BTC, We've talked with there's things that we still haven't talked about that that can create value for lexicon and so we can't dragged us on two long, where we began to.
Not focus on the rest of our portfolio. So.
I believe by the time, we meet again for earnings call, you'll have the clarity of that question.
Okay, and then can you talk a bit more about.
On the.
49 11.
The trial design or I'm, sorry, 90 211.
Talk about the nine to 11 trial design, which you expect to learn from this.
This from first cohort later this year thanks.
Great question, I'll turn it over to Dr. top.
So Alan or what we are starting as a randomized double blind placebo controlled group.
Centrus Cody August central started in us and be able to evaluate efficacy safety and on will kinetics of nine to one one in diabetic peripheral.
Neuropathic pain population.
And I'm going to have any results. This year. This study is going to take approximately 18 months to enroll so we will probably have this phase two study proof of concept study finish.
By end of next year, we're estimating that we will enroll.
282 patients it could be all listed on clinical trial.
And we're going to study two doses of nine to one one.
At this time.
Alright, and then one other one now around so around Zormelo and billionaire biliary tract cancer. That's the one that's going to have data later this year I guess.
What do you expect to learn from this first cohort how much.
Oh, you mean building around the data from just said and then first cohort.
Okay to purchase.
In the first cohort we want to look at the first 20 patients that are enrolled and look at their progression free survival at six months. So we hope that.
That a majority of them we'll have achieved.
Six month progression free survival, and I think that would encourage us to move forward. Unfortunately. This is a disease that advances very rapidly and to have a majority would be very encouraging.
Well what is subsequent cohort look like.
The second one.
We'll be well they have the same patient characteristics. There's no change in the population. It's just that if we don't see encouraging results the first cohort weekend.
We can manage our resources and and focus on other programs.
And this program is designed to succeed earlier Phil early.
All right great. Thanks for taking my questions.
Your next question comes from the line of Kevin Kedra from GE Research.
Hi, Thanks for taking the questions I'm just wanted to get a sense.
Partnership discussions how critical is the type two indication to these discussions given how long SGL tease that out there for type two.
I mean, they've been out there for for roughly a decade be fairly late coming in.
Versus areas like heart failure in CKD you'd still be relatively.
Early in the and the competitive landscape on that front. So how do you kind of balance that wind.
Having discussions with partners.
Kevin you are spot on with that question I'll give you a lexicons view and of course, we're very flexible in terms of wanting to achieve as much as we can in terms of indications, but we believe the net value where we can separate clearly from.
The not just within the class, but clearly create value across the portfolio is in heart failure, particularly the way. We've designed our clinical program. We also believe that we can do it in kidney disease of chronic kidney disease and so those are two we believe will give the greatest value of separation and differentiation, which is why we need a partnership.
Complete them because they are they are large trials and there are significant in terms of creating that evidence, but once we had at evidence I think we have a very unique position, we can come to market with with soda. You also the interesting thing is when you break down the patient who has worsening heart failure huge percent on underlying that.
Has type two diabetes, when you break down patients who have chronic kidney disease, a huge percent of them.
On the line their disease is type two diabetes, so you're going to get a type two diabetes, one way or the other but if we focus on are able to shift resources and Dave to accelerate the long term studies.
And bring them in inline with the timelines that we just express you have every chance to be but have a differentiated product that that's seizes opportunity, where where there is a growing need so you're absolutely correct from our view that is where the greatest opportunity is versus just tied to.
Great. Thanks.
As a reminder, if you would like to ask a question. Please press Star then the number one on your telephone keypad.
And that is star walking.
Do you do have a follow up question from the line of Combi, you philosophy from Wedbush Security.
Hi, just one follow up on how long do you expect cash runway are anticipated to last.
I think as we we noted that we expect cash runway to run another year and we're looking for ways to continue to extend that.
Thank you.
There are no further questions in queue I will now turn the call over to Mr. code for his closing remarks.
Well. Thank you everybody for joining us. This morning, we have a very busy year ahead as always here at lexicon and we expect.
Topline data from the remaining core phase three studies were sort of inflows in type two diabetes I think as we've tried to communicate on the call. What we're really excited about really are those long term studies.
But they will require funding because we think separation will happen.
For this compound in a significant way both.
Focused on is sold this program, where we have a unique design for worsening heart failure as well as the score program that could lead to it as as Dr. purchase said that has been verified in our communication with the FDA So unique label for.
For renal disease as well as for heart failure. So we're very excited about.
Advancing these partnership discussions.
I will point, we hope that we can get something done and get these these studies done and get the product available at market.
As for our were Revpar pipeline, we're making advances as as.
As we have outlined for elects not to one one a remarkable program I think that could.
Could have even more acceleration as we begin to focus more on it and for BTC, We look forward to calling out the data on progression free survival by the end of this year on the first efficacy cohort that we will have completed so a very busy year ahead look forward to engaging with you as we come into our first.
Quarter earnings call. Thank you.
Thank you for participating you may now disconnect.
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