Q1 2020 Earnings Call
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She standby.
Good afternoon, ladies and gentlemen, thank you for standing by and walk onto the Corpus Pharmaceuticals first quarter 2020 business update and financial results webcast. Please note today's conference of being recorded and at this time all participants are no listen only mode. Later, we will conduct a question answer session and instructions will be given at that time is.
Now my pleasure to turn the conference orchards Jacques Cousteau appear communications. Please go ahead Sir.
Thank you operator, and good afternoon at war.
Extra <unk> for the call. This pharmaceuticals first quarter 2020 business update and financial results Conference call.
Nicole to discuss the results of the pilots for the first quarter 2020, Richard more Chief Executive Officer sites like Chief Financial Officer, and my Dad, My Bastard Chief Medical Officer.
Executive came up in the call with some prepared remarks or by question and answer period.
I would have to remind everyone's comments made by management today answers to questions will include forward looking statements folded segments are based on.
And assumption as it today and subject to rescue uncertainties that may cause actual results the different you're really.
Expressed or implied by those students, including the risk than uncertainties, describing closes quarterly report on form tend to.
Well today with the L.C.D. another problem with the company makes with the F.C.C. from time to time.
It takes more obligations publicly televised any followed the beach goodness, except as required by law.
I'd like to turn to call public to make like <unk>.
Oh, Thank you <unk> I'll begin with a quick older you work for school.
2020 financials monitoring the call over the victory for a business update.
At March 31st 2020, quotas that cats cats, equipments, and marketable securities totaling $68.7 million as compared to $78 million of December 31st 2019.
Users in development expenses in the first word 2020 told $10.2 million compared to 9.4 million.
Period in 2019 [noise].
Increase of 0.8 million is primarily due to.
1.3 million dollar increase in C.P.R. 006, clinical trial expenses, partially offset.
Point 9 million dollar reduction in C.P.Y. 818 drug manufacturing costs.
[noise] the net loss for the first quarter 2020 was $12.9 million compared to a net loss.
Of $11.6 million for the same period in 2019.
Total stock compensation expense for the first quarter 20 $21.8 million compared to to move all from the same period in 2019.
Well like to know can continue to carefully manager expenses.
Specially in light of the corporate 19 pandemic.
And in our trials with our people them as in strong in some cases ahead of schedule. This allows us to focus on monitoring and follow up and makes it less depended on <unk>.
It's been affected by President I see.
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We've low low impact of this way down we'll have a minimal impact on our ability to continue advancing on D. program like for that.
Cope with 19 situation in our advancement of this I forwarded program.
300 patients will today, we intend to deep in our focus on I'll eat out that as he the wohlfart registration strategy and head towards the plan pivotal trial.
As a result.
I expect for your 2020, let cash used an opera your activities to between $29 million in $31 million.
Approximately 10 million dollar reduction compared to what previous expectations.
I can use an opinion activities I between 39 $42 million.
I have turned the color looked at <unk>.
Thank you wait for me that afternoon, everyone. Thank you for German yesterday for first quarter <unk>.
The first quarter, we continue to advance or pipe almost precisely targeted on college in Syracuse.
We'll be patient you know ongoing studies <unk> updated data on six Rodney.
<unk> signature G.P.R., you want me at medical meetings.
The same home Coovick 19, due to global pandemic.
I used to daily lives for most people health care providers patients in businesses.
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But cordless your health and safety of all employees political partners in the patients they served.
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Accordingly, you have worked quickly to communicate and collaborate with our clinical trials slides to adapt all protocols to accommodate potential disruptions for patients enrolled in our studies.
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To cope with 19 pandemic and focused on ensuring patient safety, maintaining the integrity of the studies.
In addition, we had been regular communications.
Pardon.
No significant impact on our drug supply.
I would like to think about clinical trial sites for their partnership during this difficult period.
You said there has been minimally to talk to our studies so far.
To date, we have Martin's she's any reports of laser treatment will follow up into options for patients already enrolled in our studies.
Physically you have no instances of list seasons assessments.
No significant variances shapes monitor.
There has been passed on special studies, such as D.V.T.L. pharmacokinetic assessments in on on treatment to move by options as cynical slight shifted towards the very caring for the potential surge coded monkey conditions.
There has been an impact on both sides of mutations in some of our sons.
However, we believe the overall impact is cool with one two corpus has not been significant to date.
To the emergence of covert monkey, we had very robust weights enrollment in all of all trials positioning much now to focus primarily on monitoring and planning for subsequent trials.
C.P.R. 006 is an excellent examples.
Falling on the presentation as positive initial results and started to get asked to last year. We saw include some interesting enrollments.
<unk> plans for this program that'd be moved into the third and fourth forms of this study the C.P.R. 006 in combination with pen, but isn't that which is now fully involved and the trip at all combination.
Kapitalismus.
Both ahead of schedule.
Let's see for I didn't see I've already completed in moments of a 25 patients study as long to consume activities.
Biomark repositories population.
So overall <unk> absolutes on more focused on patient follow up.
Monitoring with you must collecting data on allows me results and design and follow up studies.
Oh, no we will be <unk>.
Separation for meetings of S.T.A. later, this year to discuss our registration strategy.
Pivotal trials.
Turning to an update on all programs <unk>, which is a small molecule.
Me too I was sector, you're now approaching the very exciting to it for this program we have a t. abstract accepted for presentation that gas stove late night.
Data will provide an update on <unk> for the treatment of remote smell cancer <unk> signature as a potential to addictive biomarker for patients most likely to respond to the store.
Yeah.
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Independent works the other groups that can find its potential including abstract will be presented that apso from we do academic institutions in that study the <unk>. So cancer was confirmed.
I was told to meet with 58 and the third quarter.
That's the study design and forms for a <unk> randomized too little sudden second third or later <unk> cancer, usually the events and you should be true bottle Mark.
You will also be exploring the potential for a single one study based on your denizens shouldn't be true.
As you recall the signature identifies a very young favorable conditions.
Subset of legal cell cancer.
We believe positive volume work or identify patients will do better with <unk>.
Poorly with standard therapy.
Provides a potential option.
Hmm.
Moving to C.P.R. zero zero ships or you show activating anti students seven three.
We continue to be enthusiastic about this novel Immunomodulatory on a button, which has demonstrated to monica shops on circulating themselves.
You can sell mobilization distribution.
We are not aware of any other agents antibodies small molecule targeting student seven to seven.
Seven has exhibited from its properties.
We have previously recorded.
006, I just hope found itself. So I'm b. cells, we do to activation transformation plausible boss and secretion of all G.M. intelligence.
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In total vehicles over 75 patients to D.C.P.R. 0067, which is evaluating what about the alone in combination with Rodney you combination December loosened up on a trip that combine to the ship for rather than September lives in that.
We intend to present, an update on this work that the ships meeting in November later this year.
Once you have to like G. area is that the attention to U.C.P.R. zero zero ships as a therapy.
Which you've already responses.
We have she wants light you know everybody's produced in some of our cancer patients treated with C.P.R. 006.
Last on C.D. all 818.
We have established that safety.
Kinetic conceptual occupancy an optimal goes along with her early signs events I too much.
Based on patient responses from the first portion of the Phase one one study we plan to move forward, which for some of the study was an initial focus on to to use to someone promo.
So far this 12 has succeeded in providing important information about the dos selectivity pretty carry on target occupancy.
This now positions as well for future studies, not only in one Soma, but also auto immune businesses.
In summary.
We continue to make good progress with all Pokemon, yes accomplish this was a very efficient use of capital across three programs in the corner.
Important we have the potential to initiate a physical study that's just for I've used with your definition of June signature.
No cell cancer in early 2021.
We'll make an important step towards this through the presentation of later stood up.
On the program it asks them.
We look forward to providing update adapt song.
I would not to recall over to the awkwardness for questions and answers operation.
Thank you, ladies and gentlemen, if you'd like to ask a question. Please say my pressing star one on your telephone keypad.
Our first question sample card from Mark Goldstein with result.
Okay.
Mara.
Okay.
Yeah. My your line is open yes.
Great, Okay, sorry about that.
That's a a couple questions and the first <unk> just come up on that I can get better when you think about Super dancing <unk> next and the critical path for that drug.
Would be even most likely scenario in terms of clinical trial and understanding that you might not have a comparative but how it fits in and see that the treatment paradigm and I'm just curious about in the triple combination for.
I agree actor different and and have over the map is that one probably an old yet.
Is that I didn't catch the under that is why is that on <unk>.
And that.
Kind of give us.
<unk>.
Okay. The a trip it was almost fully world I think we still have one of the temptations to go on it but they've all been identified <unk> that'll be fully roles.
Jumping here is on the missing something.
Next week or two.
The.
<unk>.
Yeah. So that's so that's dumb.
Deduct the Dublin.
Yeah.
Now the question to that I.T.K. and how to think about it. So first of all the pitch. The certification. She was involved in our study too great.
Intonation to fill the every.
Every Tuesday agents are those diseases, so any activity he she in a in the two so once on the patients treated as console when former patients in our studies is noteworthy because there are no. Other therapies for these stations you stations are quite sick.
Hmm.
Oh, just to just to put that a little bit.
Further, but you know there's a lot of therapy store when so much somehow right sure. This for these kinds of themselves, but they you know they have some minimal activity and it is we see patients something larger on our trial with most of them themselves.
<unk>. So we stations are pretty beat up so we think that activity.
Activity indications that we've been treating a is is noteworthy of course the email false is one study of the portion of the trial, we've done which is important so it's an exercise I've been to determine jokes and safety and target occupancy and effects on.
System and things like that.
I'll have succeeded along these ones and I say every aspect these ones a tremendous about this about this show target then our drug.
In particular, there has never been to our knowledge <unk> a specific I teach kids inhibitor.
Right we are learning.
The impact of very specific way.
Blocking that that targeted.
Okay. That's good.
Yeah.
Okay entity confirmed or you you you're the first time for 450.
So so we're going to forward with 600, Oh, you send them against the idea.
Okay excellent. So you have a SEC the size of that kind of talk given P.T.F.T.T.C.L. that patient population to begin right and the fact that you had you patients are going to have failed. So many therapy around what size.
Study, you'll be working to try to.
Well first of all we're still in the one part of this so we're going to treat some workstations.
Get a feel for the activity and then we'll just one <unk>.
Oh, Okay. The nice thing about 818 is that it's it's been very safe so far.
And something since I've been on the search you before you know every day for months now several minutes and so it's very attractive and how to think about this model me as a some religions that is.
Most important cemetery these are combinations.
So we're also didn't know about what what kinds of therapist to put it together with how we use it up.
In the treatment or it on the <unk>.
Okay, alright, thanks, I appreciate it out hop off what somebody else.
So next question will come from a Tony Butler with cross the capital.
Yeah.
[noise], which was a couple of questions as well.
Go back to the.
<unk> study.
<unk> controls through actually.
<unk> cohorts is that correct and.
Within that consumption of 270 patients to be enrolled is that divided equally among those six it's cold wouldn't want to see and of course cohort two or three c. So what's the first question.
And then the and then the second question together from the registration <unk>.
The.
Presumes registration 12 <unk> <unk>.
Which you hope to start next year.
Second third or fourth one artsy suit so I'm curious.
<unk> <unk> that takes is it just previous failures that you know.
<unk> <unk>.
<unk> well you simply you scared of <unk> or would you.
<unk> in conjunction I'm just curious how you think about that from both control stand planes and also metal registration stamping and.
Listens, regardless of what you do with the Civil War on trial.
And obviously those pictures will be all all all having a dimension.
Thanks, very much which.
Okay. So we're gonna do you want to give you a actually both of those questions.
Sure.
Questioning certain books that my kids are your your rights almost all patients now you get you know therapy from like you want in front line, but remember it wouldn't be shown did the signature.
Just signature identified that patients war <unk>.
Do the eating up there.
So what you're doing you're about to be yard.
<unk>.
<unk>.
We'll be in combination with a T.V. one P.L. one I'll give it wasn't me do also from the mode of action.
And it's mechanism for though.
How these patients will do that.
Oh This study will be power source at your participation.
Yeah, the answer to second question.
So maybe you did it.
Okay.
<unk>.
No no no go ahead.
I I said you didn't see the Sun.
I can live.
Oh six.
So the first question.
<unk> is I gather.
Everything up on clinical trials Dot Gov.
We Tony.
Added some cohorts of yourself. After it was started so basically they were they work for colds. There are four cohorts in the study Oh, six mando therapy, Oh six together.
The idea being that good blocks you know two then she nodes in the pathway. The third on was was a job with Oh, six Pembroke and the for farmers all through together, Oh, six or so and and and though we've been rolled all of those except for the fun.
No cohort now the trip it which is almost as old as as we mentioned earlier.
So after after after phoned the they were goes activation each of those towards because you have to establish safety in each of the monotherapies combinations, although they were stagger the bit but we want from one milligram per killed them up to 24 move against each other then you found data no them so children.
I'd be every few weeks.
The right tools for all across the board. So that's the goes for using for each of the fourth povich not within each of those told words there are dorks, there's an ability to its form to look at legal so long and prostituting and listened to some other categories. So there's sort of like four buckets for each of the four on <unk>.
And we have enrolled many of those but actually been conducting the trial, we've tended to shift patients over because that's one of the beauties of this trial is that you can fall notations over to maybe getting maybe looking more carefully at the combination versus the model.
<unk>.
So we're not going to fill up every bucket of every four cohorts because we don't think that's necessary and be seen evidence that maybe some of the combinations or or or more important.
Oh agreed and if I may just continue on that see Courtney far more and but but I believe that it's actually the triplet, which demonstrated some of the data data.
It's not even small population, but today so.
I can understand why you shift patients, but I just want to.
Confirm that <unk>, you will soon as well.
Well the triplet is we don't have enough data to get on the trip through this the last of the cohorts that we've been one so that has to lose to mature data and the least number of tuition subsistence on that of course will will mature as we go on.
The.
There or something like over 30 patients on this trial now still on <unk>.
So this is a work in progress and one is the things that least emphasized in his introduction and I tried to exercises, we've really b. plus one woman and our execution has been so get over the past year too. We've really now you know loaded.
<unk>.
Loaded the fuel tanks. So now we to and you know trupin stations and start to look at the safety and efficacy data into biomarker data and start to make some decisions and that's why I don't think his coded depends and make has a impacted us very much because we've really gotten mostly just most of what we need it.
Fortunately before that happens and so now it's a matter of flooding. This data mature a lot of patients on therapy melt across dogs, Oh trials now it's a question out so like the data mature analyze it and as I said next steps after the figure out the answers.
Does that make sense.
Yes, Sir did thank you very much richer the <unk>. If you asked me what you <unk> you know, so guess which of the four cohorts is better yet.
There's a suspicion that the combination to better but I wouldn't say with there's proof of there's approved for them to that.
But one thing that is absolutely no question no absolute no question now.
Is the impact on your immune system, we believe in a very positive way.
The impact on the shelves on what's inside trafficking on the world immunity is profound it's really really amazing.
And data careers that a cruise even at a dose of one milligram per kilogram.
There's new biology here that has never been described before.
And it's not.
It's not.
It's not about a dentist.
We've got out but we we see these effects in vitro even when you take it then she had to be equation.
This is not that we could be shooting we have other antibodies to suit and 73 that also block of dentists in production react with different episodes, it's not about that usually won't be body over six is reacting with a different part of the she'd be seven three protein.
That hasn't even know stimulatory effect, which by the way was first described back in the 19 nineties you do that.
So we don't see anybody that why knowledge, we don't take any small molecule or any other antibodies that we've heard about or shooting.
Has this property.
Richard Thank you very much 'cause should be cool.
I can't even tell them in their start one to ask a question at this time please.
A speaker phone to make sure give mute function has turned off tell your signal treat your equipment.
Next question will come from fun and Takkula from a car with H.C. Wainwright.
Oh, thank you.
Oh, you're doing this afternoon Oh good question since I've been jumping within cause I might have answered this but.
Yeah.
So on the on this record of done then program <unk>.
Grades one beep to study.
I expected it as cool.
What what sort of data should we expect you know at that conference.
So what's the pots hoglund beyond beyond the food's, one b. do studies that you're talking about the second question is on the.
818 is one.
Seven that's the timeline for data there and you know what what is expectations for the next.
Development stuff with them here.
Okay. So let me start with the system and then I might ask them know that too.
So.
We call that we we published in January and that she was discovered Larry Saul and from the C.S.S. is there <unk>. We publish stayed on 68 patients is advanced to you know refractorys, mostly P.B., one failure, we will sell chance or even that paper.
You showed in patients who were a dentist sheet signature positive there was a 17% response rate by there's this criteria. There are also many patients you didn't quite you see the criteria for for P.R., but had a substantial tumor regression. We also showed that there were.
So much plot so long lived plot so on the production survival curved.
And that was statistically significantly associated with your venison signature and was not nobody responded zero and you're going to see signature negatives population well. We of course, we we we do about the state of before the publication in January you said okay.
Let's Perspectively. This is an observation that much perspectively corroborate that.
So we set out to enroll approximately 25 occasions I'd be feasible 26 or so.
And those 26 additional patients are both adenosine should be true positives and negatives plus again you have to come from the data not only for the positive steps for the negatives and those additional patients at the follow up that we have again some of the follow up a short on those additional to my thoughts on the situations that is going.
To be the subject of our ashville abstract and I can I mean, it's it's not going to be surprised the data said enough I mean, we expected to hold up it's holding up very nicely. In addition add I still wasn't mentioned in my remarks, there's very nice.
Paper by.
Workers that Sloan Kettering, I guess I can say the name hundreds and stations.
Where they basically looked at the venison signature independent of US and said, what's the prognosis of these stations and they they find exactly what we do that it's really dennison should be true positives, yeah, the very bad outcome, and if you're and well they of course that Sloan Kettering patience or not treat it with.
With.
Benson antagonists, that's bigger than the standard therapy. So so we feel pretty good about the signature now no insurance. So that's that's a shot.
For Bollenbacher define trial now I should say that we've also found no initial.
<unk>.
We found about 60% of patients with legal show cancer or innocent signature positive I think our most recent data is like 68%. So it's in the same neighborhood, so, it's probably 60% or two thirds or so.
<unk> or should be true positive. So it's a substantial fractional get the issues.
And they do very poorly.
Artwork Sloan Kettering work and work as other companies that we've talked too is I don't think there's any question that we've identified.
Frankly, new disease, because they do supported.
And this is the population that our job this accident.
Ambitions set this up for them once trial, where we can.
Where we have some options now we can take every body and do some sort of hierarchical analysis or we can just focus on on the signature positives and those.
Those are the things that will be deciding to come months, but Dr. Mow Basher is working with V. experts top people in the field <unk> their well on the way there's a protocol, there's so that would define and.
A pivotal randomized strong.
So I I'll watch him common some more on that that you want them you know just talked about.
You know generally what else owns on that.
Yeah Yeah.
That's fine based on the initial because we had like they're into five which they should population that they actually need.
Treatment based on our feet, though.
He's occupation would benefit from our treatment. So we have one bag drinking B.D.B. of working on our but it's okay go Oh that would be powered signature patient.
And.
<unk>.
That will be describes the Delta party.
That's great. Thanks to the chip. Thank you all right now.
Also asked about 818 sign one so get one on each one one is we're gonna blow. Some work. We're following the patients that are on the study now with animals and more patients with she tends to someone from the only because we think that's a very appropriate disease for this drug frankly, you could make an argument to a little more patients with the other two so.
As as well, but we're trying to focus a little bit here. We're also getting very very interested as other people or in some of the other musicians applications. Then we're starting to look at that we seek this might be very interesting disease and all that maybe we don't do you know work in that area. So much ourself, but we've begun collaborating with certain people.
So you know each for example, so.
I I think Ashley eating might be a good place for us to to give an update on that well, we'll see how things go there.
Right.
I really appreciate that are trip. Thanks.
Alright.
Thank you next we'll hear from like it'd be all Fung.
Security.
Hmm.
Alright, guys, yes, the adults problem is getting to actually different sabedra. Congrats on a team it's good because ever built up around the corner and just a follow up on the what was it said on the pivotal study.
Do you think that it'll be required for a separate that that's like Hawaii, all comers ought to be compared to like me to it that it seems like interest elected arm.
And how do you think they'll change the market opportunity you mentioned that already that it'll get 68%, 8% of the patients that does a positive.
Actually maybe I'd be used and airlines if that'd be a given that this works that is.
Thank you.
<unk>.
Sure.
The golding, everyone or would be golding God just signature parts of the station all happy so so now the jet.
Participation aren't the ones, who has a objective responses and as Richard mentioned earlier that I've actually pretty long duration of prohibition for survival, but I've given up at scale and that's correct.
From the operational perspective, both got a viable option and that is what you're trying to actually find to go out where you shouldn't be there steering committee and also with.
Oh I forgot with the first border your question.
Away answered it and second part we think Ah <unk>.
Treatment landscape for a second line a third my picture because you've got to be sure that are getting you know all g. treatment at based on again mode of action you believe you talk to patients.
And they will respond well to actually because you know Baltic typically you want to rescue patient incurred.
<unk> <unk> <unk>.
<unk> will be eight.
But that is so because now I forgot something good.
Future.
Good point like just to add to that that the one is nice things about 611, and then we now have data like over 350 patients. We have patience has been taken this treadmill sure.
Yeah, I think we have some over two years every day.
And so to three or sorry, you're older than I talked with it and.
So so.
So this struggling we've already been asked about this would be very very easy to combine from the safety standpoint with someone stuff. There's no question that you know like many drugs, we get we will try to get an approval in the late lawn when you move it up earlier.
Yeah renal cell cancer exchanging a lot obviously the landscape is changing a very quickly patients or living longer they make up the second third fourth fifth one just to be it's becoming somewhat like the chronicle and farmers in the sense not expensive now you're in the point when you start to think about not incidents of the disease, but the prevalence.
The prevalence is probably going to increase in this is something we actually had predicted three or four years ago now in terms of the market. So I think the market for us where we will show would be very very good certainly has a small company, it's attractive but don't forget the venison she'd be troops another tumors.
And and we've been looking at that in fact, we have a.
The paper that was just submitted for publication by studio again, Andrew hops and that is looking at that as looked at that and shows the distribution of events and signature from T.C.G.A. data and it is present another tumors. So it leads us to identify which which tumors our job will be applicable to do.
To based on who says that should be true. So that's you know more more work to be done in the future, but I wouldn't I <unk> I think it would be wrong to just limit this or think of this just as a renal cell cancer.
The biology.
Very similar.
Very soon if all right one isn't you'll see on our Ascos.
It's more abstract like I.C.S. right seven published it isn't venison signature is just leave it to other things in a in and other 76 rates my with some constraints, but other people refer to this and independent lose money, which isn't true we've identified those my which sells that's going to be in our.
I said presentation. So those why would Celtic marches, but you know so cancer very limited cancers as well.
So I would say the up side of this is the.
Potential application and tune is outside of remote but just to back up a second.
You know.
Identifying subset of the disease based on a by America doesn't happen every day.
And so very proud of my team.
Scientific and clinical too button metrics and identifying them category of it is <unk> is a big deal.
And that makes a career.
In academic medicine, that's a cool and making.
You think about that you think about these other cancers and how we now talk about.
<unk> well there was a day when we didn't differentiate does or a hodgkin's lymphoma Mon have Susan.
Again, there was a day when we didn't know what the difference laws or diffuse large when someone from the from field.
Again it it took you know real breakthroughs like this to turn to differentiate these diseases that we could be guided the therapy that gave greater opportunities develop drugs because they knew what what the differences were used diseases and what you could look for otherwise you're treating a bunch of different things with different.
Logical morphological clinical characteristics.
So.
So that's a big big deal.
We've got to try to make drugs at your it and that's what we're trying to do.
Oh, so nicely that'd be really quick fall a lot because you have also programs and thoughts about wrong.
What are your <unk> quickly, especially if you up in those.
So.
Well prostate, but just as any big on that a a couple of months ago.
We see activity in prostate I think other people are reporting some activity in prostate we've got all patients on that trial. We're following them. We're looking for interested in what the long term you know outcome is on those stations, we'll probably do more work in that area, but I'm not sure what that is right now.
Oh again, we're looking for prostate to competitive area. There's lots of good treatment. So it's not good enough to just be active you have to have some advantage.
So and I'm lung cancer, we're falling patients on the more fees for them, which meant that got these are sometimes to maybe present that do that as no I'm not sure about that it's a small number of patients. So.
Don't really know what to expect some though.
God I. Thank you.
And this time I have no.
At this heavy.
It was in our queue up 10 o'clock and stuck on retire speakers pretty additional are closing remarks.
Okay. Thank you operator first of all the thank you very much for joining US today. This is unusual time, we're happy that all of you to participate in this call.
Spooky again to look forward to give the future updates someday soon that to ask and beyond that thank you very much.
Thank you and that doesn't quit our preference for today, we thank you for your participation.
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