Q4 2019 Earnings Call
Hello, Please continue to trend by your conference will begin in approximately two minutes.
[music].
Good day, and welcome to estimates fourth quarter and full year 29 gene financial results and cold.
The conference call at this time, all participants are in listen only mode. As a reminder, sublease conference is being recorded Oh now introduce your host for todays conference Greg Gene.
Head of Investor Relations absent that please go ahead.
Thank you Robby.
I'd like to welcome and thank everyone for joining us for asking Mets conference call to discuss the company its full year 2019 financial results and operational progress.
This morning, Ethernet issued a press release, which is posted on our website at www.
On the call today with prepared remarks.
Chief Executive Officer about 900, our strict chief Medical Officer, and Michael <unk> head of finance.
We're also joined by <unk>.
So I feel it.
Scientific Officer, Wolfgang Fischer, Chief operating Officer, Anthony dealer, Chief business Officer, who will be available for questions and answers.
We will begin today's call with opening remarks from high or operational progress.
And Chris will provide an update on our clinical programs, and then Michael or either financial results and update our financial guidance.
After the prepared remarks, we'll host for today's session.
Before we start let me review, our Safe Harbor statements.
Today's discussion contains projections and forward looking statements regarding future events.
Segments represent our beliefs and assumptions only as it did they have this discussion.
Except as required by law, we assume no obligation to update these forward looking statements publicly what you'll see the reasons why actual results could differ materially from that anticipated in the forward looking statements.
Yes mission becomes available in future.
These forward looking statements are subject to risks and uncertainties actual results may differ materially from those expressed or implied forward looking statements due to various factors, including but not limited to those identified under section entitled risk factors in our filings with the FCC and those identified under the section entitled forward looking statements in the press.
At least that we issued today.
Yes, we see it has an exhibit at the current reports on form 6K.
With that I will now turn the call over to I'd.
Thanks, a lot Greg good morning, everyone and thank you for training.
Yeah, I'm going to nine two things any casting one unprecedented challenge to the healthcare community and dog able society.
Before I comment or not so mix continued progress I want to say, especially thank you.
Ladies.
Investigators and kinda deployed.
Patients collaborators who have been strongly supports its during this difficult period.
Thanks from grades resiliency.
And on behalf of folks like every one of the document we're incredibly grateful to the healthcare workers around logs were delivering care for patients.
Who are in the most need during this endeavor.
Despite these challenging twice, we continued to make progress with ours. He do seeks to me targeting in its I think they chose to enhance current immuno oncology approaches.
But we acknowledge the impact from the evolving who's going to examine it comes down to get studies, including potentially three lasik patients.
Overall, we believe Snippy anticipated safety and if you could see features of molecules could pocket. Peter you change the health of patients suffering from luxury and solid tumor Lily.
We believe our lead units I think HIV AIDS from searching.
Could become a future treatment for patients with relapsed or refractory cdthirty positive lymphoma.
Well happy limited or no treatment options Greg.
Our second units and engage I used from 24 is designed to do great innate immunity to gradually target each year bar expressing salty trimas, regardless of mutational status.
And has the potential to increase if you could see in tasty overcurrent crankier each year for targets.
In addition, we are leveraging our rock platform to trying to raise additional level molecule.
Keeping us to fill out a deep model a pipeline and create parked every opportunity.
Not a tricky on key progressing 22 19 in recent months.
We are continuing to advance and some searching and Dave from 24 and dollar Kennedy trials currently remain active despite broad disruptions to clinical trial activities due to the Cobiz long too.
Just earlier this month, we announced that the first patient was successfully drugs.
The first in human phase one slashed waste study over here from 24.
For the treatment of Atlanta, each year flags cresting solid trimas.
Including colon lung and bladder cancer.
This is a major multiples for accident and for patients who started to must continue to progress.
In marks the first twice a patient who solid tumors has been dosed within minutes linkage.
[noise] regarding aid some searching we dosed the first patient in the fourth quarter folks to wait to mine too you know registration directed phase two study in relapsed or refractory cdthirty positive referrals pizza.
For P T cells and enrollment is ongoing.
We announced earlier this month that the FDA granted orphan drug designation to age from 13 for the treatment of patients which keeps on them.
Hey from 13 was previously granted orphan drug designation Biden, if the April Hodgkin lymphoma.
Beyond anything 13 and age from 24, we're broadening our early stage pipeline with additional units and engage us from a wrong that.
Which were developed internally and with children.
We broadened our early into one of the pipe language to use cdsixteen a binding in its and engage a candidates for about four.
Which we call it from 28 and a third.
We plan to answer the first candidate integral kinda give studies this year, we see a support future financing solutions.
Regarding our collaboration with Genentech in real time between 19 to 19 exercise its final auction foreign excludes these targets under the collaboration agreement.
We target selection triggered a payment in an undisclosed amount left the collaboration is ongoing and we along with genetic continued to progress multiple programs taught generates multiple therapies that leverage the full potential of 91 system to help people living with kids.
We have strengthened our executive management team to <unk> point.
Thank you very excited about.
In March sometime during a top strict trying document that's chief Medical officer, ending April Okay, and just flip chip Healios joined the company as Chief Scientific Officer.
[noise] Andreas brings extensive experience.
The drug development, including.
Teaching he doesn't ship of Threed global phase three programs of new biologic entities that culminated in global regulatory approval.
And multiple people complete phase three studies.
He just like in the trials that have you like to approval of had people to Georgia, excluding erbitux.
Portrazza.
Hi, good shot each year, but since you run so 80, CIT Archie and Kim.
All right, who joined US as he is he has extensive innate immunity expertise and unique background building therapeutic antibody pipelines and then strong track record in advancing drugs through tricky mugging and develop.
Importantly, he has he also seasoned and establishing productive collaborations that has led to increasing the value of his previous compete.
[noise] aren't is taking over the presumably discovery team from what's going to show who for a year, let the team it's on an interim basis.
I wanted to express my gratitude to board, who together with his teams broad anything ttwenty four into the clinic.
Turning to activities for next generation loves so mobile platform IP.
Started extended collaboration that's good a decent though our understanding of emerging immune cell activation in quality.
And drove target identification, which was the basis for the generation of our preclinical programs and get from 28 and a concert.
[noise] was arts and crafts appointments, we'd be lease were fully position to continue our leadership in 18 units.
Welcome to break Andrea.
[noise] switching briefly to our cash position, we raised 29.5 million euros in net proceeds from a public offering.
Click equity offering in November 22, my team.
Based on our current operating plan will function.
We believe we have sufficient cash resources to build on our momentum and to fund operations at least into the first half of 2022.
Let's turn to how often they tend to respond to the unprecedented challenges, resulting from the koby going to put them.
We're striving to balance our commitment to treat cancer patients and to mitigate the potential health and safety risk proposed they cobiz 19.
At the same time, we're also focused on supporting Clint you need to your power operations in clinical trials.
As well as preserving okay got it looked like people in future.
Our top priority during these challenging time.
<unk> continues to be protecting the health safety and walking off our employees and their families and communities.
In early March we trick to transition to a global work from home policy for most of our employees to limit the spread of Cobiz 90.
Following recommendations from local and National government health agencies.
Oh it infrastructure allows for a remote for a closed while also supporting our business continues.
I'm proud to say that are passionate team of professionals has adopted wall.
And Greg currently operating without material disruption.
Meanwhile, laboratory activity activities or dollar facilities in Heidelberg continued to have seen subject.
Hi, just precautions include including socially this teaching and other measures.
To ensure the safety of our laboratory into <unk> and the continuation of our preclinical research activities, where our internal engineering Department program.
We continue to assess the company policy decisions come to meet your plans employees, a partnerships and will determine the appropriate time to resume in office functions based on guidelines from local and national government and health agencies.
Additional precautions that you've implemented in two <unk>, eliminating non essential travel and promoting virtual obedient meetings instead of in person niches in order to transfer to protect the health and safety apart.
Patients and stop at the sites participating in our clinical studies.
I will turn the call over 20 trail to provide more detail on our Kennedy programs and discuss what we're doing in response to cope with my two to maintain creek to greet you will power clinical trials Andrea.
Yeah. Thank you very much already for the introduction and good morning to everybody.
Oh, Yes, you have hurt I joined the company.
Roughly eight weeks ago, and Mark first and I'm really excited to be it was half him at and also to be was it was.
Although if you want to call today.
So before we Oh reviews, the individual clinical program Sofia Matt.
Let's start with a more general Oh look all of the corporate nine can pandemic and how I feel that is responding to assist pandemic into clinical programs.
We're all aware that allows the Corbett nine can pandemic is draining or taking a significant amounts of health care resources from hospitals and health care providers.
Order to treat Ur Cobot 19 case.
And this of course impacts other functions will see hospitals and health care systems, including the recruitment efforts execution of clinical trials.
Here, but I feel that we have taken a very individualized approach to handle the situation and our two guiding principles are to maintain and secure patient safety, which is our number one priority.
And to make sure that see trial data integrity is maintained.
Oh within this framework, we are working on an individual basis basically was every single off our investigational sites and was every off our investigators to.
Continues the enrollment of patients into our clinical trials and.
Of course, we believe that most of these patients have immediately life threatening diseases, which was treatment refractory cancers and got enrollment into a clinical trial is the best treatment option for these patients.
[noise], having said that it is a think realistic to assume set as a cobot 19 pandemic will have implications on previously published timelines.
And I think it is impossible and would not be appropriate at this point in time.
To come up with concrete figures.
However, we will update you as soon as we get a better vision on the impact of corporate 19 pandemic and how it evolves.
Furthermore, if mitigation steps and as a logistics get more and more complex. We have taken steps to ensure that drug supply will be available for all patients that maybe an road onto a few minutes trials and that also tried related materials already until available for patients.
Well.
Oh, let's briefly turn to the individual programs I will start with the registration directed phase two study or I guess I'm certain monotherapy in patients with relapsed or refractory CD 30 positive peripheral T cell lymphoma.
That's at the or Red She mentioned the patient enrollment into study is ongoing.
And we have successfully activated 42 clinical study sites across nine countries.
I don't remember is that's the main patient population of study our patients treatment refractory peripheral T cell lymphoma patients that have very limited treatment options and to poor survival. So we're meeting here in areas of significant unmet medical needs.
You May also recall the study had an observational cohort for patients with Cds certainty positive relapsed and refractory cutaneous.
T cell lymphoma.
Mainly because this phone go either us or transformed because this phone call either.
No at CES observational cohort is not part obviously a registration directed efforts we have decided to temporarily stopped enrollment into this observation cohort.
While the enrollment into the registration directed cohort is ongoing.
We believe sets a result hopes these phase two study in peripheral T cell lymphoma, if positive quit forms the basis for the BLE application.
And could possibly supported an accelerated approval process for a if im search engines this unmet medical situation.
Next I will briefly turn to the planned phase one study.
Which is intended to evaluate F M searching in Colombian National was caught blocky arrived allogeneic national killer cells in cooperation with the MD Anderson cancer Center in Houston.
Again could targeted patient population would be a relapsed and refractory cdseventy positive lymphoid malignancies.
We are in close collaboration with MD Anderson to initiate the study and G. M. P process validation continues at this time.
As this is an investigator sponsored trial and MD Anderson has also affected cook at 9% situation. It is currently not possible to.
Come up wasn't except stopped Stateful first patient enrollment.
Let's move on to our second compound I guess I'm 24.
And you have seen from my biography I've been working EG fr for.
The best part of my my industry Korea. So this is a drug that gets you really excited.
Hey, offend Ttwenty four as a threat trivalent I specific EG, if our and see the 16 a binding in eight cell engager.
It has a very novel mechanism of action.
Yes, it is a activate things EMU innate immune system to kill solid tumors.
Affecting both antibody dependent cellular cytotoxicity haswell us antibody dependent cellular Fargo Sitos.
I think it's also important to note that this approach is very different from the currently available EG, if our targeting therapies.
Which all functional buys it disruption of seadrift are signaling pathway.
No I asked him 20 force mechanism of action is completely independent of EG fr signaling.
And therefore, it's likely that it will be oh can be active in patients who have developed resistance for example by Eros mutation towards this classical EG fr targeting drugs.
Earlier this month, we announced that we enrolled the first patient into our first phase one two a study off if and 24 was successfully dosing at the U.S.C. Norris comprehensive cancer Center.
I'll thinks this is a very significant achievement was that we were able to interstates. This study in this challenging times and it May also show how investigators sees a potential assist truck and we're looking forward for continuing to study was this novel agent to further validates safety and efficacy.
In terms of publications, we had been tended to shed new data from two of our ongoing programs during the poster session as a CR.
However, due to the corporate Nineteens pandemic as you all aware, Hey, Crs no be held virtually in two different meetings.
And we expect to share some obviously data in the second to upsell meeting begin being held in June.
Another meeting was also consultancy innate cell Engager summit, where we had planned to publish addition, little they tour.
Showing activity or shutting is resolved.
With our you need cell engagers in combination with NK cell products.
We have loved determined when this up that can be presented but in general we intend to provide continued update on our progress at future conferences.
With that I conclude my overview offers a clinical programs and hand over to Michael for the financial overview.
Michael.
Thank you Andrea.
Oh from its consolidated financial statements have been prepared in accordance with I address issued by <unk> by the international accounting and the World War I SB.
The consolidated financial statements.
Are presented in euros, which is the company's functional and presentation currency.
Therefore, all financial numbers, but I mean present coal unless otherwise noted won't be in euros.
We ended 2019 bundling for.
And 1 billion Euro.
Cash cash equivalents and current financial assets.
Compared to 108.8 million injury as of December 31st 20, a cheap.
During the fourth quarter was 29 team we've completed the public equity offering with net proceeds of 29.5 million euros.
Based on all current operating plan and bunch of the assumption, we anticipate the though the dollar cash position as of December 33, 29 cheap.
I will enable us to fund all planned clinical development and truly development activities.
Oh 2022.
Net cash used in overwriting activities for the 12 month ended December 31st went to not cheap well 29.1 million euros compared to two net cash from operating activities for 12 months ended December 31st went to achieve a 49.4 million euros.
The net cash from operating activities in 2018 includes an initial upfront payment and committed funding.
83.2 million euros or $96 million.
From the strategic collaboration agreement entered into with Genentech in August 20, a cheap.
Total revenue was 21.4 million euros quoted you ended December 31st 29, cheap compared to 23.7 million euros. What do you ended December 31st 20 aging.
Revenue in both 2019 in 18 attributable primarily through the recognition of revenue from ditching then genetic proliferation in their respective years.
R&D expense for the full year 219 43.8 million Euro.
Compared to R&D expenses for the full year 28 achieved 35.1 million euros.
The increase was primarily related to higher expenses for start up activities for the agent 13 registration directed study PTCL.
Manufacturing activities for Asian, 13, clinical study material and early stage development and discovery activities.
Gene activities and Gina expenses for the full year trend in 90.
10.3 million euro compared to 9.6 million euros.
Full year of 28 machine.
Net loss was 30 to 32.4 million euros or 50 euros sent per common share for the full year trend to 90.
Compared to a net loss of 19.5 million euros, or so did you euro cents per common share for the food French aging.
We didn't number of common shares outstanding.
64.2 million for the year ended December 31st 29 cheap.
With that I would like to turn the call back over to Audi for closing comments before we open up the calls or questions I'd.
Thanks, a lot Mike.
So a differentiated T 16, a binding United cell Engagers.
Could transform current a immuno oncology approaches buying do that utilizing the untapped potential of the energy immune system, we've seen tension to give patients the innate ability to fight cancer.
Throughout the ongoing Cobiz 19 pandemic, that's image remains committed to keeping employees and their families safe to reduce the spread if the wires.
We also remain committed to continuing to advance our novel and differentiated indicates that engages in order to bring our drugs to patients.
We would now be happy to address any questions.
Callers may have operator.
No. Thank you ladies gentlemen, I will now begin the question answer session. As a reminder, if you wish to ask your question.
Please press star one in your telephone and we'd forgetting the Vietnam.
Please stand by will be completed the Q on Q to sell and take a few moments the Jewish to cancel your request Cequent press the hashi.
Once again for questions. Please press star one.
Your first question comes from the line of G. Burton. Please go no go ahead. Your line is now open.
Hi, guys. Thanks for taking the questions and congratulations on the great hires with contracts that are just a few questions I guess just starting with.
Continuation of the detainees T cell lymphoma operational cohort were you able to observe.
Adaptations to have a comment on activity did it confirmed the activity of the drug before the discontinuation I just try to understand a bit better are what you saw before discontinuing that cohort certainly understand the rationale, but just want to understand what you saw before discussing that cohort.
And I ask you want to take that question. Please.
Yeah, I couldn't takes us.
So obviously, we have not completely discontinued sees this quarter I think that's important to state we have temporarily stopped or ceased enrollment into this cohort.
And the reasons for that is set to patients was cutaneous T cell lymphoma.
The assessment of responses is quite complex and you earlier require several trips or C. Patients who is your hospital, taking hold a body photographs on measurements.
Which we thought in the current Corbett 90, 10 dynamic would not be appropriate to have a patient go to hospital. Several times. So we have temporary up put enrollment on hold.
I think it's important to realize that this was not part or is not part of the initial registration strategies registration.
Cohort was your registration population would be Pareto T cell lymphoma, so not cutaneous T cell lymphoma.
And as soon as see Cobot 19 pandemic.
Resolve said, we are getting better access to healthcare resources or our intention would be too to reopen enrollment into this cohort.
And then Andreas maybe given your background with EG, if our directed therapies could you give us her thoughts are on positioning of the if I'm 24, where you see it best positions within the Jeff our landscape is it following.
Progression on on anti bodies, and Teekay eyes or in place of those are expanding into new indications, where we don't have a current therapies.
Oh, yeah. Thank you for that question that comes up that gets me excited [laughter] nothing gets it will be up part of all the options that you mentioned.
Again.
Yes, I'm 24 has a completely different mechanism of action.
So a in order to work it does not require is that to sell is actively using CGF are signaling pathway, which is very different from T.I.s or antibodies that mainly work or basically exclusively working tumors that are.
If you will easily if our signaling addicted.
So here because we have a completely different mechanism of action, where ETF RSC receptor.
It's not so really targeted itself, it's more like a mail box address that brings you Nate.
Immuno TZ NK cell sense of macrophages into the tumor microenvironment.
So we would see clearly positioned if I hear from 24 in the indications CGF are expressing tumors that do not respond to audits are anti bodies or tiki lies.
Many of these tumors have downstream mutation assessing see most relevant also most well known as C. Ross mutation in colorectal cancers that affects about 40% to 50% of what collector, Kansas. So this will be clearly a possible indication of where you Jeff are targeting agents are not approved.
Oh there are other areas. If you can think about like ovarian cancer other tumors that have a reasonably high expression write off EG have far.
And then further down the line you can think I sort of sequential treatment saw in those indications where he has ours are approved.
You could also seeing even if you think about Tiki ice for example, TGF our mutated non small cell lung cancer.
Again, either brings innate immune system into this tumors.
I had two TTR treatment after to guide treatment and in some cases, you might you want to combine with CPI treat.
I think there are lots of opportunities.
In tumors that do not classically response to EG fr because they have resistance referring mutations.
But also express EG if our.
Yes, so mailbox address.
We are assuming said afmtwenty four and we have seen system for example, in China and our monkeys toxicity study may have a better safety profile, especially since it does not disrupt easier if our signaling it may have less skin toxicity.
So again very broad.
Field office development opportunities and whereas this truck really couldn't make an impact.
That we should expect this year, just trying to get a sense of when we got some visibility on one or both of those targets.
Yeah I'll jump in here quickly thanks, Jim for asking there. So as you said previously we ask that not you thought you get a way to publish these targets.
Both molecules are progressing and a as I mentioned before we anticipate 90 filing in the for the first drug towards the end of 2000 and.
Thank you one.
The main driver for us gets to keep it confidential trucks images that data that's required to China racing.
Obviously, a generating novel IP. So this IP securing a experiments are ongoing and once we have.
Completed those experiments, we can then share the indications and the nature of the targets, but absent that currently we have not your targeted one that would be.
Great. Thanks for taking the questions.
Thank you. Your next question comes from Maury Raycroft. Please go ahead. Your line is now open.
[noise]. Good morning. This is Kevin is dragging for Maury I just had a couple of quick questions.
First I was wondering if you could provide any sort of general update on the ferry stay at that 24 patients that was dosed.
Is there anything on patient baseline characteristics.
And how the patients getting after dosing.
Andreas can you please take that question.
[noise].
We we have.
So we are tied to some Egypt patient with wasn't he Jeff are expressing tumors refractory to standard of care.
Anticipation is doing fine after dosing.
I think if more detailed update at this point in time.
Okay, Thanks and.
For the ask them 13, Registrational study in that PTCL could you comment on how enrollment is going in terms of.
Cdthirty expression.
Are you generally finding that you have more patients with higher or lower cdthirty expression.
Oh.
Yes, so as you see the Saudi expression I think in this study is in line with previously published all data.
As you know we are exposed accepting every patient was a CD 30 expression of at least 1%.
And we'll see a.
A fairly even distribution of Citi, Sir expressed from from rather low expresses tool to rather high expressers. So it's it's a continuum, we do not see clustering of flies a very high or very low expresses.
Okay, great. Thank you.
Thank you. Your next question comes from that I know you Chen please.
Please go ahead. Your line is now open.
[music].
So.
Good morning, or we can hear your good morning.
Okay, sorry about that are just a quick question.
In terms of the iOS study.
Initially.
Turning to.
Is that.
On the schedule and.
Any colors on that.
[noise] Andrea second question for you.
I did not gets a full question because it around the interim analysis.
Yeah, it's about 20 patients I think.
Asian, Andy you will have a first look at that before.
Why do you continue enrolling patients for up to 101 D. So that's the internet.
Yeah, Yeah, the interim analysis.
Still planned all however in terms of timelines I think it falls under what has been discussed already around so call. It nine can pandemic.
Oh, we have to expect a delay, but we cannot quantify how.
How significant or how big this delay will be and as soon as we get a little bit better clarity about see enrollment kinetic. So I think we will provide you with updated information.
Okay, Great. That's very helpful and just one more follow up question here.
In terms of.
24.
Congrats you have.
Dosed, the first patient and up to now do you do you have additional patients being a dose or.
I'll just a screaming at this point.
Oh, we have two sites open. So we also were able to initiate a second sites.
I think it's another good.
Good achievement as you know as this is a dose escalation study was different cohorts.
So we currently are open for additional patients [noise].
[noise].
That said, we will update us as we go along but the two sites are open could potentially enroll patients [noise].
[noise], Okay, great maybe just sneak in one more question.
Which is is any plan at this moment to have some presentation.
Ethical or maybe even at ash well this year, it's too early to two to speculate at this point.
Yes, yes, that's too early yet suspecting so where he said before we are now were.
Evaluating which comprises our happening which woman's they have and then we can decide on our way for website on which data went to publish but we are committed to present, a update and the next one too happy.
At the virtual HCR, where we should have somewhere its plan to have sent to a two posters now we'll see how would that all goes and what the what the benefit isn't going to be can be further on how to move ahead. Thank you.
Okay, great. Thanks, a lot and.
Congrats for the progress and.
Wish everybody. Thanks.
Thank you everyone. Just a reminder, if you wish the asked a question. Please press star one.
[noise].
Uh huh.
Okay. Your next question comes from the line.
[noise] die in a gray Bosch. Please go ahead. Your line is now open.
[laughter] delay of sitting in for Dana.
I just wanted to know for the phase two trial a back on 13 are you seeing destruction across all activated site or is there more of a regional impact to recruitment.
Okay, and Andrea how should we think I can take that.
This is what what I previously mentioned, we're taking a a very individualized approach and.
Basically being in contact with every single site.
Oh, there is no general Pats on us. So it is this really site by site specific.
Just to give you a short anecdote when will the whole covert.
Crisis started out six weeks or so we're going to Italy, clearly, we'll see countries that was mostly affected and we wouldn't affect expected said, we will not see recruitment from Italy and on fact, a one or two very next patients came from entirely wherever site was.
Still able to enroll patients into a study.
Uh huh.
And to ensure patient safety and then data integrity. So it is really a side by side.
Situation changes constantly and we see sites temporarily not being able to enroll patients other sites coming back and enrolling patients with its really a very very.
Individualized picture and I think it.
Important to stay in contact with each individual investigator to to manage as good as you can into us into the two to minimize the delays as much as possible.
[laughter] and could you confirm or provide some clarity on the number of patients that I've been wrong, it's hard.
A quick could you appreciate the question please.
Just some clarity on a number of patients that had been enrolling thus far.
Oh, I think we're not giving concrete patient numbers or.
At this point in time, so we were seeing enrollment that I can give but give you a concrete number.
I think Julie got disconnected correct.
We have no further questions. Please continue.
Thank you.
Yes, there are no further questions I wanted to I think Q.
For taking the time to joining us today and core and <unk> continued interest in support of passing that we look forward to speaking with you again on the a very next update colds and I wish you.
Hey, a safe and healthy time.
During this ur cobot, I make and that anybody can ah.
I live under these circumstances, which had turned asking to virtualize, a little bit, but what we're seeing a definite it can be effectively managed and.
In the health of our employees, which is truly important trucks and the business continues to keep group you Chris. So thanks, a lot again for this for your attendance at the earnings call I don't like thing Goodbye.
Ladies gentlemen that listen to their conference calls they thank you for participating you may disconnect.
Yeah.
[music].
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