Q1 2020 Earnings Call
Leasing slide presentation for today's conference call are available on the Investor section of the Antares website.
Before we begin I'd like to remind you that some of our statements made during this conference call will contain forward looking statements within the meaning of the safe Harbor provisions of the U.S Private Securities Litigation Reform Act of 1995.
Examples of forward looking statements include those related to our future.
Products, new patients and future prescription.
His future revenue.
And programs our overall business.
Operating results in financial.
But other regulatory.
These results of ongoing and future clinical trials.
And other product development activities and business development efforts.
Okay and form 8-K.
And terraces, providing this information to update any forward looking statements contained in this conference call as a result of new information future events or circumstances. After the date.
Euros, except as required by law or otherwise because.
We'll go through the detailed financials and then Bob will conclude with some closing comments.
As before opening up the lines for your questions.
Ill now turn the call.
For the model.
Thanks, Jack and good morning, everyone. We have seen an improvement in gross margin across our business and we generated cash from operations.
These strong results.
Well as increased demand in market share growth for Kevin's generic heavy pad.
Our revenues diverse and driven by.
Business, consisting of Zeiss date, and Otrexup sales grew 163%.
Versus the same period last year.
Okay and approximately 53.
The 300 different physicians have prescribed designs day to more than 19000 differently.
You know prescribers writings guys did.
And enhance co pay cards important program.
We believe the enhanced co pay program.
And prescriptions well dealing with the annual resets of co pays and high deductible insurance clients.
Thanks.
Now I'll turn plays restrictions began to limit patients and our sales representatives ability to visit physician offices.
Fourth.
15, virtual selling platform that was being utilized by vertical blending higher sales force had been fully trained our rationale had the option of adding virtual detailing to their daily routine.
Okay.
Damning spread we again to see that physicians were reducing office hours or lending office access to patients.
As of.
We also have been able to conduct virtual lunch and learns as well as virtual speaker programs that provide.
Healthcare professionals with the information.
Generating new patient starts is a challenge and investment circumstances, but in the context of the pandemic it is especially difficult.
Sure.
We are still able to generate new patient starts are all customers. We also had to make sure our messaging as it relates to the unique product attributes as I've said, we're fully appreciated in a time.
Im a potentially limited.
Subcutaneous and virtually painless product that is safely administered at home.
With current shelter in place restrictions some patients may now one two or be able to digital physicians burn I am injection or implantable testosterone pellets.
And is already satisfy the insurance prior authorizations to initiate has done.
We continues on our messaging through social media on Facebook and Instagram and as a result, we have seen an increase.
And utilization of the Internet co pay cards. In fact, we recently believe April will be the high.
Last month of total prescription since launch despite the totaling 19 crisis.
Zions day continues to be there.
You cannot fully accrued income totaled 19 million.
Pat future prescriptions, we're pleased with the results to date.
Going forward.
Great.
Turning now to slide six and another one of our growth drivers have as generic ambien. Other prescriptions were filled with Teva generic any pad in the first quarter, representing a 43% share or the end market historically.
Seasonality and reset some co pays and high deductible insurance plan.
Well, we do not fully know how Colby 19 may impact yet.
Now, let's have a generic ambien, we've been very pleased with the results to differ.
Slide seven let's begin with Teva generic version of retail.
According to Teva, namely there and the filing go achieved 1.4 billion in global sales for the us, making up 646 million of that total.
Remotely Teva provide.
For us is still the devices and cost plus margin.
And receive escalating new collaboration with the doors, you Pharmaceuticals development, combining sladek ROE and new chemical entity with our Quickshot auto injector.
And believe collateral can be self administered.
At the onset of symptoms to stop suspected heart attack.
We would need.
And we'll be responsible for obtaining global regulatory approvals for the product.
And targets will provide fully assembled in labeled.
On global net sales of commercial product.
We believe that potential importance on this product both for patients and Dorsey and then.
For an undisclosed rescue pad.
As a reminder, subject to F.D.A. approval, we will supply Pfizer with he fully package.
Sales with the product.
We will provide estimates on the development timeline once every once we receive clearance from Pfizer.
To the way we operate as a company given the global healthcare crisis, we are all facing.
In response to the cold in 19 pandemic, most eminent the number of staff in our facilities today's necessary for essential.
Functions, such as development manufacturing and supply chain.
Activity far field base employees, who are now utilizing virtual mostly with our third party manufacturers and distributors Lord of the managed supply chain activities.
Mitigate any potential disruptions to our ability.
You just quite products to our customers and our partners as a result of the Kobe 19 pandemic.
Thus far we have seen in chronic diseases, coupled with our strong financial position.
We believe that we are well situated to navigate through this pandemic.
And executed on our key strategic objectives to support long term <unk>.
Growth.
Oh now turned in color refrain from the financial details team pandemic during the quarter, we recognized 33.1 million.
In dollars in the first quarter revenue, which was a record any first.
Quarter in the company's history and exceeded street consensus of 30.
$3.1 million three months ended March 31st 2020.
Compared to $23.3 million 2019.
$2 for the three months ended March 31st 2020.
Parents.
$4.8 million in the same period of 2019.
<unk>.
Ball, we believe that the house this first quarter double digit prescription grow.
Oh versus the fourth quarter 2019 was driven enlarged.
Syncing in development revenue for the first quarter 2020 was 1.8 million.
In dollars as compared to $900000. The same period in 2020 was primarily from the heizer rescue pen and the indoors.
The net increase in royalty revenue for the three month period was.
The result of an overall increase of $1.9 billion <unk>.
And that for an injection U.S.P. offset by decrease of 1.5 million.
Dollars for the Puerto ended March 31st 2020, as compared to 12, 53% recorded for the same period in 2019.
Operating expenses were $19.4 million.
2020 was primarily to its incremental sales and marketing expenses related to the commercialization is house then.
The quarter ended Mark.
Compared to a net loss of $5.5 million this same period into one.
19, 57% reduction.
Lost <unk>.
During the quarter, we generated $5.6 million number 31st why 19.
Finally earlier today, we announced the suspension of our net revenue guidance for 2020 due to uncertain.
Sees regarding the impact of the covert 19 pandemic and the duration of the extraordinary effort.
<unk> to keep our operations up and running only provide products to our partners our customers entity patient.
You need them.
Cozy 19 outbreak as really impact on essential services in restrictions on travel.
Our employees have worked hard to minimize the negative impact of the pandemic on our commercial business.
Due to our diversified portfolio a different training products.
However, even if global economic slowdown reduced.
Closely monitored Kobe 19 pandemic in order to make timely informed decisions in an effort to minimize the impact to keep business areas.
Revenue in royalties for our company.
Thank you for your attention.
Concludes my prepared remarks for today operator.
The signal by pressing star one on your telephone keypad, if you're using a speaker phone. Please make sure your immune function.
Yeah.
We'll take our first question.
All the progress that's a few questions here.
I don't understand you know one could argue there could be a bit of an advantage for dies.
Coming into the office I know, obviously the gel they wouldn't be able to talk about feel for that.
Folks that are coming in.
You get those clinicians and.
And then second question on Forte.
Obviously, we're still trying to understand what what's going on.
The your product and the actual marketed Forteo me could it be that.
<unk> complete human use striking that's factors.
<unk>.
And then lastly on the guidance you you are doing well in understanding there's a slow down but <unk>.
Yeah, but we look out and obviously, there's a lot of uncertainty, but it seems as if you you all are in better shape than than many we follow so you can just talk about the state that great. That's great that can I'll try to.
Answer most of those questions any order you asked them so with <unk>.
Yeah.
You know, we you know who the largest.
Percentage of the market and dates and continues to be people.
Oh on testosterone is the I.M. injections.
And they are that represents over 70% of the market just what.
Patients actually go into the office versus self in Jack I mean, we we we do know clearly in Arizona.
Doing the injection so they teach the patients to do it themselves no wage offices do them for the page.
<unk> and so they are each individual rap is focusing on those doctors.
The same thing with a if if a doctor does.
The in.
And obviously and clearly we have seen Doctor Swishing, who previously did d. injections in their offices already in plain old you know testosterone pellets.
So the message things working in a target was working and we.
Because you know as you know from personal.
Experience, probably most people are not going to doctors anymore and so in order. It's it's not a precise number to say how many doctors do those procedures by clearly it's a it's a meaningful.
Bless you know testosterone on the front Tayo question.
And patients who they never used for tayo versus patients who are naive to pay her refer patients who actually use for tail and so it's neat for the patient interface.
For our for pay or a generic product or whatever.
Do I think that's you know there was some guidelines or guidance that was provided late last year about.
Complicated to Fronteo because it is a complex generic and you know hopefully you know the product will be improved as tevis adjust some time out this year.
So there's really nothing open on our end whatsoever on that <unk>.
Oh, so hopefully we see the launch happen soon.
On the the third question.
So he can kind of walk through you know what we're seeing.
Yeah in our business and and why and whether or not aimed mag pick EM Oh.
Took a look at the other guy this issue funny, we're continued growth and happy but more importantly, the path that we <unk>.
The patients are unable to come.
Into the office do the blood draws you know we would x., we would expect that would be normal that we would see a slow down a new.
Is there we don't know how long it's gonna take before doctors' offices are open and and allowing this again do patient starts.
What was the the second largest driver the increase in our revenue guidance year over year, we certainly hope to continue to see the happy.
So we had saying that you know the upper end of our guidance certainly included in Burkina him.
A year and the lower end of the Guy and.
Hey Man came day came out with now it's been saying that they have seen slowed down in patients going into their office in two doctors office.
That's it all those items combine.
Oh, we thought it prudent to.
I pulled a guidance at this time yeah.
Yeah.
Yeah.
Thank you will take our next question from Elliott Wilbur of.
Thanks. Good morning first question for Bob you hear the terminology the stockpile eat it.
Around quite a bit these days.
Perspective, you know, whether or not pharmacy or distributors docking had any incremental benefit to.
Stud trends in the quarter or.
Potentially with respect to partnered product sales is as well.
Yeah sure with regardless.
In whatsoever of of our products and I think that was probably across the industry I think that.
Yeah.
They they they have is there some pretty well in fact that you know they they keep about 20 days up supply if that you know in their inner factor warehouses and I don't think they wanted to put out to cash in.
And uncertain time for them or you know during this during this pandemic. So we didn't see any growth at our inventory levels at or distributors [laughter].
Oh, so patients you know.
<unk> has done a trendy look really strong.
But infrared mentioned, what we're we're seen a lessening of his new patients starts and nets.
And you know and <unk> and May still see but we just can't predict at this point, what that impact will be and how fast those patients will get.
Trading for testosterone, let placement or other of our products and so yeah. That's why I think we were being very conservative with the guidance.
Near term what this means.
Phases, but overall the you know the the refills have been strong I don't think anyone's stock.
Yeah with with his eyes that I'll be honest, you know what to insist <unk>, it's a schedule.
Well three drug it's a it's it's a it's a hormone instantly certain states don't even allow you to get more than one month's supply and others.
<unk>, Yeah, you know at home shelter or anything else sheltering place they might.
Maybe you know 'cause they that's one thing they can do they can keep <unk>.
Cutting their medicines they can stay vigilant.
That and for his or or tracks up and we don't think that's happened would that be as well.
Okay animal one day ask is of course.
Pandemic of which probably only seven eight per cent of details now seem to like it.
Early days of course, but just curious on your thoughts on the effectiveness of of <unk>.
<unk> detailing whether or not it there's could.
Mark the beginning of kind of a a shift in the traditional snack bar and promotional model detailing more did you can <unk> the detailing process, whether or not it actually translates into potentially lower overall expenses were maybe allows you to just greatly.
You know we were fortunate like I mentioned earlier in the presentation or I mean, my talk [laughter], that's we had.
He had a virtual you know we we may we were able to you know beta test that out and make sure that they could get samples make sure that it can get.
Kobe cards, and do everything effectively unfortunately that translate to a very smooth transition for us and and early transition I think.
When you look at.
Yeah accompanies much larger companies have struggled with the the the virtual detailing platforms. So.
Please what we we you know so I would say, it's effective right because it it clearly protected our business.
One element that.
Has nothing to do as a platform is that patients weren't going at a doctor's offices. So it's hard for us to say how effective it is going to being a future wasn't doctors are once I'm sorry wasn't pace.
And you can still virtually detail and still get new patient grow that you need to do you know just see the growth that we want in this product I think it's early to to make any assessments.
I think that you know when the office is open.
Back up I think that doctors will still wants us to see a lot of virtual d. town, because they're gonna Wanna focused 100% on the patients who haven't been able to get.
<unk> has suffered as well and so they're gonna be focusing on getting those patients back and probably you're not spending a whole lot of time with rats, and so they're virtual classrooms going to have to continue for the foreseeable future and so we seen as a mix you know what it if it's an office and.
Wants to see to see the rat, they're going to be in the office getting those dogs and get new patients or therapy.
Getting samples and things like that for the ones that for the <unk> for the doctors. They don't want to senior reps then we'll continue virtual detailing so overall I.
Thing, we're well prepared and you know, we'll see where we think it's going to be a mix going forward.
Okay and one last question for Fred with respect to opera.
Printing cash flow in the quarter 5.6 million I believe that's a a record literate expenses than.
Drawn down in some of the the after the cats, but how do we think maybe about that number progressing over the the the balance of the you're still seems like you might have favorable working capital dynamics working for you.
You're over the next couple of recorders.
L. based on maybe improvement <unk>, you know, we thought we wouldn't be able to grow the cash over the full year. However, you know pulling the guidance we you know.
For a year, but yes, we would <unk>.
We'd still be generating cash from operating activities over the full year. We maybe you know some of the into the the first border Oh It was to <unk>.
<unk>, we do have.
Two and a half the 3 million going in there really doesn't impact our cash gosh usage. So I know, it's a long way of saying we we.
Yeah to prepare ourselves frozen pandemic was we didn't start to build our him in Tories up for our devices or anything they had a long shop like as long as there's huh.
About five years, so we want to make sure we had enough size send devices or no trucks up and and we kept making happy and so forth and so you sorry, I mean, Tory building and that May contain you can be new trend, where we do you want to make sure that we have enough devices to not disrupt our supply and you know we use.
Different manufacturers for our devices.
But they're all very large corporations an arrow.
All dealing with the them, okay pandemic and so far we've been very lucky that they haven't been closed down for long periods of time jot down and so we <unk> some of our cash into our I mean, Tory and you know that.
Main continue for a little dance till we get through this pandemic.
Thank you.
Thank you will pick our next question from David Hansel in hyper.
So just a couple on <unk>. So I may Miss this but can you remind us what the gross didn't that.
Crushers.
As a result of the pandemic do you expect to subsidize pay you what kind of ramifications does that have to grow up to that maybe picking your step back philosophically, how do you think about subsidies.
<unk> Oh, the out of pocket cost and then secondly.
I I guess you use it.
With significant chunks of patients.
<unk>, having historically <unk> gotten their T.R.T. in the dining table tell it's like TESTOPEL, where do you think you're going to be able to get.
Capture is it going to be from TESTOPEL patience is we're going to be from patients on me I am objection to go to the Doctor to tick at it how do you think about that then you know do you think that ultimately that kind of paradigm that shift is something that indoors, even beyond the pandemic. Thanks.
Sure. The thanks, Dave I I'll handle the first part of it with the the gross than that though we saw or Ah. So it's good yeah.
In the second half of 2019, we actually saw her grossed in that the.
<unk>, 50% range.
When we entered 2020.
We had to enhance co pay wages are going to give our patients out of pocket class, we knew with the high deductible plans coming you know being reset as well as higher co pay plans in place we wanted to make sure that new patients could get.
Oh, good so stay without you know large out of pocket payment. So we increase our our Kobe card from 150 up to $350 for the first quarter and we actually extended that through April and that actually.
Impacted or gross to net calculation.
Actually saw the gross to nets drop just slightly the below the the 50% range, where we had been in the you know the.
Right now, it's it's actually still in fact, though so right now going forward I don't know if we would continue keeping that program in place or not but it's certainly did impact our guard roast in that.
Yeah. It on on your question on the you know longterm do we see.
Patients, who we're going in a doctor's offices <unk> <unk>.
<unk> well you know well they B.M. make driver of are grown same with a test of how I think that danger question, Yes, I I believe they're going to be a news source of business for us.
That's maybe has been accelerated because asians from I am injections I mean, that's like 50 plus percent of our of our new patients are from Miami, Jackson, or maybe even higher now and so.
But TESTOPEL testosterone product because they they don't really show up in the I.M.S. data, they're hard to find news docks and it's on the southern <unk> has to know who's to actually doing the implant.
[laughter] and being there just you know into different patient and that's doing the implantable. So we didn't focus on that but were clearly seeing those tests.
I see it is to use and what level of the levels that they get I I don't know why and you would want to go back to that person.
You know, it's it's again or not not the greatest testosterone therapy in our minds in our opinion the the I am in Jackson. The same thing you know I think that wasn't patient who was going back who's going into the Doctor's office and we're getting the I am injection, even though the dock.
We really believe that that's just a better delivery better product for that patient and so hopefully they will stay on and that'll really come through when a patient persistence I think but you know once I switch over we're going to see the same persistence of those patients that we do.
You know of of someone who's just coming on either naive t. testosterone and or <unk>, we switch from I am who were doing it at home so.
So.
I think that we definitely have new doctors you know during this time, we still how we still saw an increase in in new doctors prescribe <unk> and I truly believe they are those dar they were the doctors here, we're doing in an office as well as the the implants.
[laughter].
Okay. Thank you.
Thank you will take our next question from any but.
Morning Hope everyone is is doing well staying healthy couple of questions actually on the on the cobin impacts to generic Epee pen I'm, just wondering as we head into.
Heightened season, you know with the expected impact would be their arms of a school districts ordering so any any impact on generic that'd be pen as it relates to coping.
19, and then in terms of Xyo stay in Cold blood you know how many of those of actually shifted to tell a medicine.
And whether or not to tell them at a tele medicine actually facilitates that new patient start if I heard you correctly I don't actually believe it does thank you very much.
So on your M.B. question.
No.
We don't think the kind of in 19, we'll have a dramatic impact on the F.B. I mean, if you're allergic to be staying in a healer.
According to peanut butter and all their stuff doesn't change when you're sitting at home from a patient standpoint, you know meeting the drug we don't think that changes two other elements, though don't do kind of a picture you know with with all the unemployment do patients start.
Rash and then number of auto injectors they buy.
Because you know some are obviously covered by insurance, but multiple packs to have you know at school or.
Keep our eye on is really Miss supply chain, you know to have have a does the.
No they they they they source the.
Vendors or or suppliers have an impact from you know a facility being closed down that obviously couldn't.
10 years.
And on your on your Zioptan question, if you could repeat that I <unk> I really didn't quite understand what you're right yeah.
Sure. So you know just you know considering that shall different places not.
At least you know this closure so I'm just wondering you know what percent of the targeted high decimal prescribers are actually.
You know have their offices shuttered I guess, that's the first part of the question then.
You know has tele medicine help bridge any of the the gap there.
Right now.
Yeah.
Yeah. So I I can't give me an exact number but I can say is that you know your college and even at primary paradox I mean their offices have pretty much data. Okay for the most part urologist have to do procedures around cancer, you know prostate cancer another thing.
But clearly they have limited the hours. There's no question about it we've seen it you know in in some places hailing or keeping half hours, you know four hours, a day or something like that and mostly to see patients that are having procedures that are required.
So what we do know is that.
Yeah. They they knew stars to patient you stars had gone down because it was reduced hours and and quite honestly I think most of it's probably because patients just don't want to go in a doctor's offices are afraid to be in contact with people if they're not if it's not necessary.
So that's where tell them that is seen as hell in that you know we've been able to maintain our current business all of our patients that are on dice dad still can get the refills from the doctor's offices, you know they can get the the the the prescriptions electronically sent an M.R.
Are you know whether they go to the C.V.S. or otherwise you can go to specially farm and we have especially pharmacy that we'll get the patients drug to anywhere in it in the U.S.
And we we we give that message to the doctor that if the patient doesn't want to go outside to get there near Madison, We have is.
Especially pharmacies that does national distribution to patients Oh, and so we've been able to do all that type of messaging truth as Intel detailing and I would say that.
All of our wraps stopped on any offices by the end of March no matter, where.
Where the office was I don't think of as many states at all they didn't go to shelter and place for some period of time, we are seeing that gradually changing we're we're in telling arrested the off call. The office is first make sure they're open.
To those offices try to get a new patients going again and otherwise if the if the doctors or the offices and you can't come in then again continued to do what you need to do with Intel detailing so it's gonna be a mix going forward.
But overall.
Impossible, it really say, how many offices close bird.
<unk> you know, how many were operating hours and things like that the important thing and grow refills.
Leave the R.T. or axes have continued to be strong where we've seen a a softening is on the new patients.
And knows new patients. We believe that we're getting are probably the ones that we're running on testosterone therapy and got switched easily as opposed to naive patients I think we've lost potentially knows a lot of the naive patients the ones who never on testosterone. During this time and we'll get comes back once things go back to normal.
Okay, Hi, Thanks again.
Thank you will take our next question from Oregon, Let's not of C. one right.
[laughter]. Thanks, guys I have [noise], a couple of diet that follow ups.
I guess, just immediately call up and Anthony's question for some clarification <unk> <unk>, just so we're clear naive patient can't actually.
New be a new star on died said in a tele medicine environment am I right they need blood drug.
And then I have here I they need they need right. They think <unk> theoretically they can start obviously bought they need to go get too Dear to blood draws on different days go to a lab, which a lotta labs were close for non essential things the doctors and get the blood panels and things like that so [noise] incidentally.
Eliminate the ability for new patients to start my painting couldn't have been done by People's willingness to go to a lab again blood drawn twice and then follow up with a Doctor <unk> you know as is the real.
Issue I think that we we let any any form seen any pharmaceutical company faced.
Not yet so then it's clear that these switches probably are responsible for.
What has been a surprisingly nice alright trend compared to a lot of other companies out there. So I get to that point you did kinda touch on it regarding the stain ability of that switch business, let's say from I.M. patient and I guess I just want a grill, a little closer deeper into that dynamic in the offices you know maybe I'm just cynical, but do you think.
That a lot of his doctor practices that are dealing I am injections neat office see that easy revenue a generator for then such that you know when patient if and when patients are coming back into the office hopefully that maybe that business.
Won't be as sustainable as you'd think he gets from a patient preference perspective.
Yeah, I think that.
Yeah.
The trends have been there that reimbursement has gone down so dramatically over the last couple of years that we're actually surprised that doctors even are willing to do injections in the office Clutters up their offices you know the patient comes every two weeks if it's an implantable. Once every you know three to six months, depending on how they're doing it.
You know they the reimbursement aspect of it is is just gone down so dramatically from a payer standpoint, and then it's it's it's surprising that they continue I think it's more of just that.
A a service that they offer their patients, but I think that when they come back and open up their knock on on one of clog their offices with those injections engine when there's not a lot of value to them I think they're going to want to start you know work with a new patients yeah work with the patients any procedures and they've been putting off and so I think that.
If a doctor has been switch design S.N. and they're happy with the results of the testosterone levels are happy with the results of what the patients were saying I think it's going to me I think it's going to be hard for them to switch back I I don't I think they're gonna they would for us able to harders. The hardest doctors depend trained because they just said that I'm fine my patients.
Can inject I'll I'll continue to do that but once they see how easy it is the switch where we believe that they can be long term users desire standard on a go for a basis.
That's how plants are appreciated thanks, that's it for me.
Mm.
Thank you will take our next question from Matt Caplin of Ladenberg on mine.
Oh, Oh, Hi, guys. This is Raymond <unk>. Thanks for taking my question rats on the strong color just some quick questions on the Cougar 19, Peck, perhaps I was wondering given the different <unk> break the outbreak regions D.C., perhaps different regional area to bounce back at different rates.
Perhaps.
You know I think that's.
You know we we we've we've clearly saw you know N.E.N. Pat sooner in areas that we're hardest head no. We saw in in pack in California.
Rather quickly we saw in in New York, New Jersey areas and you know for US there are some of our best territories. There's no question.
Isn't about about it that California, L.A., San Francisco area, New York in New Jersey, or summer top producing territories and so we saw an impact and that's why we're being cautious with you know our guidance because those those states or find take much longer than to go back.
Into the normal process.
Yeah, we we still have really good you know.
Adoption in in in in States, like Texas, and and and others. So we should see and Florida. We so we should see you know that returning sooner, but overall you know some of the the the the this they set where most affected our some of our best performing territories and so whereas this being.
Like I sent extremely cautious is that you know, how we guy and because we just don't know how long it's gonna take to get those new patients back in the office or care patients are staying on the drawn we're really happy with how it's going it's there's new patients that continue that growth that we want to see as well as the street you know his eyes, Dan is expected to do a.
Quite a bit more this year than than than last year and the only way you get that is with new patients.
Okay, no thanks to that call it and just one follow I was wondering if you're on your partner products and pipeline, that's pfizer or Dorsey, a indicating potential changes and timeline due to the endemic by any chance.
Yeah. So far we've been fortunate you know that's part of the you know when I when I when I had in my prepared remarks.
It's you know it wasn't just supply chain work and we had development people coming in the office because of the door, she and because of Pfizer Yeah. We have certainly requirements to deliver a pen to them and we're auto injectors and and those programs continue and we were kind of surprised not so much about it to worship of Pfizer because obviously they.
It was such a large organization, but the focus for both Pfizer and indoors, yeah has been pretty intense during this time and so if anything and maybe even give them a bit more focus on the programs that they couldn't move forward and show you know we've seen no slowed down to just point you know, we'd you know we don't.
Thing to find your program will be impacted 'cause, there's really no clinical trials necessary Oh for that program. The endorsing alone where you know we continue to monitor that you know we're doing all the user studies that was always.
Envision that 2020 was gonna be getting ready for the fee stream 2021, we shall we got you know manufactured in clinical or supplies for them.
I'm in a devices and so forth. We just you know so far we've heard nothing about the fees three starting later than expected, but you know as you know globally.
Any clinical trials have been seen barely impacted by the the the dean the epidemic Fortunately for US we weren't endorse she wasn't going to start <unk> 2028, 21 anyway. So hopefully when you're ready to go it's it's everything's back to normal, but yeah again, we just don't know.
Okay. Thanks for that thanks for taking my question.
Thank you.
At this time there no further questions into cue.
I would like to turn the four back over to Mr. John Howard's for closing remarks.
Thanks, Jonathan and thanks again for joining us on today's conference call do you have any follow up questions. You can reach me at six or 93593 016.
Today's cool.
[noise].