Q3 2020 Celsion Corp Earnings Call
[music]. Please standby good morning, My name is Katie and I will be your operator today at the.
The time I would like to welcome evolve to shelter the on 2023rd quarter Financial results Conference call all.
All lines have now been placed on mute to prevent any background noise. Following the speakers remarks, there will be the question and answer session at that time, you May Press star one on your friend.
Please keep in mind, if you're using the speaker phone you much release your mute function to allow the state to reach our equipment again, that's the star one to ask the question during the keeping the session. At this time I would like to turn the conference over to Kim Golodetz. Please go ahead.
Thank you and good morning, everyone. This is Kim Golodetz with L.A.J. welcome to Celsion I'm Corporation's conference call to discuss its 2023rd quarter financial results and business update of.
That's been Celsion loans practice and as noted by the operator prepared remarks will be followed by a question and answer period.
Today's conference call will be archived on the telephone replay will be available beginning later today through November Thirtyth 2020, <unk>. The webcast will be available for the next 90 days on Chelsea on its website.
During this call management will make the making forward looking statements regarding celsion launch expectations and projections about future events generally forward looking statements can be identified by terminologies, such as expects anticipates believes the other similar expressions.
These statements are based on current expectations and are subject to a number of risks and uncertainties, including those set forth in the company's periodic filings with the Securities and Exchange Commission.
No forward looking statements can be guaranteed and actual results may differ materially from such statements. In particular, there are significant uncertainty about the duration and contemplated the impact of the COVID-19 pandemic the.
This means results could change at any time on the contemplated the impact of profit 19, I felt the ons operations financial results and outlook is the best estimate based on the information for todays discussion.
Also caution that the content of this conference call is accurate only as of the date of the live broadcast November 16th 2020, Selfie on undertakes no obligation to revise or update comments made during this conference call except as required by law.
With that said I would like to turn the call other to Michael talked you know self Jones, Chairman CEO and President Michael.
Thank you Kim good morning, everyone.
Joining me today is Jeff true true Executive Vice President and Chief Financial Officer.
For for why the review Shastri of its financial results for a few minutes.
Also on the call for the Q1 day portion of debt the Nichols Force Executive Vice President and Chief Medical Officer.
Let me start by saying in July.
All told the unexpected incredibly the supporting growth.
After reviewing the Capitalmark true for the phase three off in the study the DRC phone.
For the study of narrowly crossed the futility boundary, albeit.
Sure the P value equal the point.
The people to 0.5 true for.
Credit, leaving the second of all the to continue we'll terminate the steady EPS for the company.
Well the Scottish for later in my remarks.
For the tech because I'm sure. It's on the margin many of you because the watching the mall that we give the media we take a number of critical steps for in the wake of dishing out for me.
One of course is to redirect the resources to accelerate the ovation to study for it.
The second phase two trial very good advanced ovarian cancer of.
The second stabilizing the true a strong and restructured the balance sheet.
True to reduce your current and projected spending.
For the to evaluate our current portfolio, including adaptations of our existing platform technologies application, the new indications of new therapeutic areas.
Yes, it's sort of like phone until gate.
True independent of means the data from the phase three optimistic.
I like the begin by updating you on the ovation to study the valuation of Gen. One of gene mediated immunotherapy in advanced ovarian cancer.
Other successfully completed the phase one what portion of the total earlier this year ovation true was entered phase true.
Good day, all recruiting newly diagnosed patients first for treatment of patients for randomized in July for five months ahead of schedule.
Patients in the treatment arm of being treated.
The 100 milligram per meter squared weekly dose of Gen. One.
Dosing frequency and dosing of malls that they sell it very encouraging safety profile established in the phase one woman.
The shared some delays in light of complications associated with the Covance 18 pandemic.
Continue to anticipate completing enrollment of up to one of the 10 patients by mid Shumlin Twentytwenty one also.
By the end of this year, we expect to have all the 20 active sites enrolling patients in the U.S. and Canada total.
The other clinical sites projected to be 25.
Got a review of the trial.
The interest you started the two arm study.
Hi, everyone else, which will be conducted after at least 80 PFS of progression free survival of bench.
Sure.
Good approximately one of 10 or more subjects randomized trial based on a one to one randomization.
Given the nature of the treatment. The study is open label so.
The blinded.
Oil field for black clinical updates for the become available throughout the course of the true.
We expect to provide updates from cohorts of 20 to 25 before the patients who have completed treatment.
Thanks for food overall response rates according to research.
In surgical resection scores both of secondary endpoints.
Both feel reasonably good sat NAV six for PFS and overall survival. These data should provide a good idea of gen one's treatment effect as the trial progresses.
Total total response rates and search for stretch goals for all the phase two patients who will be available in the second half of the 2021 total.
Total PFS state of the primary endpoint will follow for one year later.
The true our study design calls for Neoadjuvant chemotherapy plus minus the Gen. One.
The origin chemotherapy is the current standard of care for advanced disease, among patients whose cancer for his judge the true wait for immediately.
Moving is Georgia.
The goal of enjoy the Neoadjuvant chemotherapy is the shrinking tumors and draft. The a company as friday's as much as possible.
For the surgical results.
Certainly the objective of course is to achieving all Joel restructure.
For sure we complete removal of all cancer with low disease falling in the surgical margins.
For children the.
Payable on a go three additional cycles of edge of of chemotherapy and up to nine additional week lead Gen. One treatment if the patient.
Randomized for the treatment arm.
Well publicized that the weekly Gen. One treatment regimen before and after surgery for crude at a high level of immune system activity over the six month period.
It's being a critical goal the delay in for question because you know clearly the disease progression the suggestion poor prognosis.
I'd like to take a moment to review general interest at Celgene mechanism.
Sure and one is engineered using our proprietary theraplas platform technology.
The other places is a synthetic.
Viral nanoparticle DNA plasmid delivery system that provides a means to transfer the shells with the DNA payable coding for proteins of therapeutic value.
Unlike viral delivery systems that can typically only be administered once the price is not subject to the neutralizing the activities of patience and interest.
That's the beauty of our technology.
Good day.
Net carried the risk of wireless carriers and can be administered over and over again thinking ideal for type of treating cancer treatments and particularly the middle true is.
Is it typically record for shaping the effect of results.
Sure and one of the first drug on the type of surplus of platform took the Elgin incorporates the DNA plasmid called the for the pull inflammatory cytokine interleukin 12 for 12.
Jen Wong of news is genuine is administered locally regionally interest body care for he section of the after then for advanced ovarian cancer.
Just can shine local regional activity of voice the systemic toxicity associated with the use of recombinant IL 12 inch factory produced out of 12.
[laughter] toxicity systemic administration of all 12 of the recent of Sun Weiss widespread use today.
Oh approached the welfare, saying to the Guy children's health against the to the natural channel.
Hi, good elegant solution that significantly improves the local regional activity of oil pool.
Got a good again one of the toxicity so for.
Following administration shown true section is accomplished for July resulting in the shape for shifting doable in effect of local secretion of all 12 lasting for up to one week.
So what are we seeing the children and why are we share foolish for us.
I would work for shown courage.
Some of the trucking patients treated in phase one portion of they were treating the genuine at a dose of 100 milligrams per meter squared test of the wage of in chemotherapy, it's structural treating the neoadjuvant chemotherapy low.
That's for gene had successful the sections of the trainers for seven out of the eight in the Gen. One arm of the treatment arm heavy.
Oh I was you always section of 88% of those treated in the treatment of tread ones, having a higher show section I guess doubling over the six patients for the control arm.
So in total these data with data from the earlier phase one the study.
The true, which had a population of patients with the same inclusion exclusion criteria.
Oh the data suggests the gen. One as the promising goes to pay the efficacy.
He's trying to get a reinforced for the significant improvement in progression free survival when comparing study patients to a statistically match and sort of control arm of simple patients from prior studies.
Perhaps provision should be reviewed of caution however, due to the small number of patients and the lack of statistical significance.
I was just kind of note I want to remind you that we have received orphan drug designation for both the U.S. 50, a day in the European Medicines agency, which enhances the culture of value of Gen. One in particular.
The orphan designation received from the and the earlier this year provides for among other things 10 years of market exclusivity following the marketing approval.
So I want to make if you kind of mentioned our portfolios of all that much and.
Taking in the questions on this it's very very early on in our discovery phase.
Well I mentioned the war of the surplus subject I want to take this opportunity for mentioned that the care places, it's really Paul for cash.
For the technology.
We're currently evaluating it for application the other important therapeutic areas for.
We believe that plus the provides significant medical and logistical advantages for awhile.
Hi.
Flexible adaptive delivery technology can be the combined with multiple patentable payable at approaches.
The weighted in a broad range of indications of global come true.
The shooting a proof of concept the experiment yield positive results.
Moving to announce on these out for you in the coming months.
I would like to move on to the some.
From.
Financial comments.
Sure the old way of stabilized or balance sheet, even sure of our access to capital and reduced our spending Jeff's the discuss this more for the.
The watches that it including the place the all of our New Jersey other wells, which were recently approved by the economic development Agency now moving on to the approval by the Governor.
Our cash runway of will extend into the first quarter of Twentytwenty true for that.
Time to bring several development milestones to fruition and will possibly a couple of the enrollment.
Chase cost the inflation to study.
[noise] debt emphasized in our balance sheet remains strong cash and prepaid expenses well over $19 million.
We have been sure the access to capital of reasonable range. For example, during the third quarter renegotiated or $10 million loan facility with the rise of financial the.
The elected to repay $5 million of dish loans.
All of us and restructured the remaining $5 million or does it show of the what's the market competitive the true.
Jeff will cover the more during his comments for doing so.
We are able to the level of your equity capital, which provides for their support through a product development initiatives for far less dilution to our stockholders.
Moving on debt substantially also loans or debt service costs.
The low point, so we entered into a common stock share all agree with like of park capital punishment House.
It includes the sale of 1 million shares kind of 50% plus premium to mark.
We also successfully negotiated the termination of contracts associated with our plans to commercialize Josh I never do is filled the docs associated headcount and consulting around [laughter] holds true for drug the $10 million reduction in planned expenses over this year index.
Well my concluding that the pill remarks, with the Neptune and where we are with the so often the study I feel the docs to treat patients for making the diagnosed primary liver cancer or changed at all the why some of the synergies shape.
The independent data monitoring committee for finding that the phase three optimistic the cross the futility boundary interest checking their children. They all she's leaving his decision to continue or terminate the study up to the company consisted of a very highly unusual situation.
It's not completely uncharted territory.
And for a variety of inconsistent she's been confounding observations, which was discussed earlier.
And none of which for me change the study's outcome.
We have determined that we should continue to follow patients for overall survival until such times, it's for utilities, either confirmed or the still.
Sure.
The second interim analysis total 80 per cent of the designated for the final analysis for.
The reported hazard ratio of suggested that the kept the marks of analysis was 0.903 with the P. Equals <unk> 0.00 0.52 for share.
Share.
For the future of any foundry is zero.
Nine zero.
Since April 27, 2020, when we locked the database of one of your 60 debt for the second interim analysis. The total of 16 net debts of been reported over six and a half for.
Period only.
The only seven of which occurred since July.
The suite of does is reasonably consistent.
Oh the wish him.
Yeah true concerns for the death rate, that's reasonably consistent with what was predict the bar consulting statistician for this time period.
We now have a total of one of the 76 reported deaths in the study from the total patient woman of 550 for.
For starters statistical plan specifies the minimum of 197 debt for the channel data analysis.
Now what steps are we taking as promised.
The engaged the global Biometrics contract research organization.
Forensic statistical analysis capability, which specializes in data management.
The typical consulting the.
The school analysis of data Sciences, and what the particular expertise in evaluating the unusual data from clinical trials and experience for the associated regulatory issues.
The primary objective this year is working to determine the basis for the reasoning behind the decision to continue to follow patients for survival.
And the secondary objective is.
Just to determine if for any outside influences the may have impacted the forecast for the futility.
[noise] in parallel and also its promise for the company submitted all Optima study clinical data.
And she and she data along with the product for independent laboratory valuation for the National Institutes of health.
We expect to receive the reports back from the NIH and the next for six weeks.
Well, that's one of the findings from the independents. Some of these independent statistical analysis by the share alone. The NIH before the end of the year, either or both of which will guide our decision to continue to fall of patients to the final analysis, the milestones and it shouldn't be reached sometime in mid 2021.
One of conclude my prepared remarks for the few final thoughts on the subject.
The day and she's recommendation enjoying the 2020 to consider Discontinuations you up in the study.
Beyond the disappointing.
It was never anticipated.
The ones that supported by the published science and the.
And the publish the valuation of the heat study by the NIH published.
Published preclinical research conducted by shelf, Yeah, no consultants to support the option of studies.
The show me believes or for the we are obligated to one of the takes his rigorous evaluation of the data.
Well my true the cost of do sounds quite modest.
Well the total all come as predicted by the second interim analysis may not change.
The likely is it may be in the event that we see the potential for substantial kind of could clinical benefit from the sheer all of the NIH analysis.
The carefully review our options for the full two regulatory agencies under which the Optima study is being can talk [laughter].
All that said.
We may choose to discontinue the study of any time soon.
The point, we can't tell you definitively what we plan to do but I assure you that we will be transparent of Baltic when we do.
Oh, that's kind of non so I'll turn the call over to true.
Thank you Michael details the cell C on third quarter to 2020 financial results for included in the press release, we issued this morning and in our form 10-Q, which we filed today for the market open as Mike indicated the company ended the third quarter of 2020 with $18.3 million in cash and cash equivalents.
Couple of with the recently approved shale of her New Jersey net operating losses of approximately $2 million that we plan to complete before the end of the sheer we believe we have sufficient capital resources to fund operations into the first quarter of 2022.
During the first nine months of 2020 net cash used for operating activities was $11.9 million compared with $14.6 million for the comparable prior year period, that's a 19% decrease the.
Company has taken significant steps to reduce operating expenses.
Moving forward, while maintaining a tight focus on key value drivers with respect of future funding flexibility, we have a $75 million shelf registration statement on file with the FCC.
There were $40 million remaining on that facility.
We also have the traditional at the market facility with Jones trading that allow us to raise money opportunistically with no warrants at a very low commission.
Now, let's turn to the third quarter panned out for the quarter ended September Thirtyth 2020 sales reported a net loss of $8.1 million or 24 cents per share.
This compares to a net loss of $5.5 million or 25 cents per share for the quarter ended September 32019.
Operating expenses were $4.3 million for the current quarter.
Around 22% from $5.5 million for the third quarter of 2019 research and development expenses were two and a half million dollars compared to $3.7 million a year ago.
The $1.2 million decline was partially due.
True, but $700000 decrease in clinical development cost for the phase three Optima study. The Optima study was fully enrolled in August 2018.
Virtually all regulatory of manufacturing related activities associated with the.
Thermodox development program had been put on hold while we await the findings from the two separate analysis being conducted by the statistical experts from the NIH costs associated with the addition to study were $200000 in each of the third quarters of 2020 and 2019 other.
Costs related to the Thermodox and Gen. One clinical development programs decrease the $1.3 million for the current quarter down about $100000 from 1.4 million in the third quarter last year.
It's largely driven by low regulatory costs for Thermodox, partially offset by higher manufacturing cost for Gen. One clinical supplies needed for the phase two portion of the ovation to study.
General and administrative expenses were flat year over year at $1.8 million. These lower operating costs were offset by the shoe non cash charges emphasize non cash charges. The first was the $1.1 billion charge for the change in the valuation of the Earnout milestone of liability related to.
For the Gen. One in ovarian cancer program.
And the second was the $2.4 million charge related to the impairment of in process or the assets just related to the development of the company's GBM or brain cancer product candidate.
The company and current interest expense of $500000 during the third quarter of this year versus non interest expense of $300000 for the comparable prior year period.
This was related to the horizon of venture debt, which we restructured and the restructured 5 million dollar one of provides for a one year interest only payment period, followed by a 21 month amortization payback period thereafter.
We anticipate that our net cash usage for the fourth quarter of 2020 will be approximately $3.7 million.
During the cash used for operating activities year to date was $11.9 million compared to $14.6 million in the same period of 2019, we expect full year cash utilization of between $15 million to $16 million and 2020 with the cost of the continuing to follow patients in the Thermodox.
It's being minimal and largely behind us in closing we believe that further progress for Gen. One in advance of varying cancer with day to be reporting reported periodically we'll provide additional opportunities for building shareholder value the delta.
Turning the call back to Michael Thats true.
The problem for going to questions I want to close by saying that Celsion continues to have the great potential to create value for our shareholders and the highly capable of stuff committed the bringing lifesaving medicines to market.
The two extraordinary platform technology is one of the legacy of medicine and the other in the exciting future of nucleic acid therapies.
Oh, the Goldman Calvin the sees scan the scope of what is required to rigorously evaluate drug candidates.
Relationships with regulatory authorities, both in and outside the U.S. are exemplary and encouraging.
And we have sufficient cash and with smart spending and cash management expect to deliver on our promises.
So I'll open the call the questions operator would you do so please.
Yes, ladies and gentlemen at this time of the live in the floor for your questions. If you would like to ask the question. Please signal by pressing star one on your telephone keypad now.
For using the speakerphone. Please make sure. The your mute function is turned off to allow your simple to reach our equipment and again Thats Star one if you would like to ask the question.
Our first question comes from a hard thing with Oppenheimer.
Thanks for the time.
The question, Oh, I guess, I guess first kind.
So talk about how you plan to monitor the Thermodox studies for the Tata to or I should say the whether it would be down at the end of the number of events or just the real time. Thank you.
[noise] acting on the take that question was how do we kind of monitoring the Muslims answers.
Yeah. Thanks for cars for your question on how we plan to monitor we continue to have Ah or.
Kind of due to the system of capturing the data. So all of our sites involved in the Optima study and worry type of particular focus on the overall survival data so that continues to be ongoing.
Rest of the day you done in terms of top names and all the other detailed data it's been minimized. The day. However, we get interesting data that we could we start that all over again I hope that answers your question.
Yep. Thank you that's helpful. And then the regarding you know Youre actually was a record of two interactions and the update from possibly I see U.S. or when we should see you know that's pretty consistent what's your strategy here was at least not the year was the U.S. Thank you.
Yeah, I'm sorry, when it we don't have a good connection could you just repeat the first part of the question plans.
Yeah, just the Smith just regarding you know Youre you as she sees the global snow the right I mean regarding your ex the rise.
Graduate or to each other.
Actions of how how we should think about strategy of the your or we should you know is quite similar to your strategy for you're always the was the U.S. at the agency.
Yes, so on one side of me. Please state your question. So what is the regulatory strategy outside the United States.
With regards to the stage three lots of this fall.
So the yet so we feel it's something that we continue.
The first point I think is like the last point is probably the first point <unk>.
<unk>, if we have sufficient evidence that we should continue.
Net evidence of selling from the independent analysis being conducted by the sea all all of that we spoke of.
The how that age of a.
The first step will be to meet with the FDA.
Hi, this is the very unusual situation that when we can find no other comparable.
Circumstance under which the spots for its been on volume that.
With the new Indeterminant recommendation from the DMC.
So what we're doing is really best here to maintain a blind among our investigators.
At the same time evaluating.
For the after the she's the drug based on the survival information.
[noise], assuming that we understand why we had this.
Sidestepping the second interim analysis.
Yeah. The understanding leads us to believe that ultimately the study has the potential to be successful.
I will meet with the FDA, along with sung will bring us absolutely bring our consulting statistician is and present the case to them. We don't know what the all told me.
But were really confident you know the study it will not be in any way compromised.
This is an overall survival study.
Oh west of the definitive endpoints of we have no ability to be able to influence.
All of the studies been fully enrolled so there's no no possibility that all of the investigators in the study could alter the treatment of care for the patients.
So we're we're we're pretty confident that we can of course.
Provide an explanation in a rationale to the U.S.T. anything that allows them to of.
I believe the we can that we can submit an N.D.A. If the data supports that would be our first step of second step then following that would be to meet with the N.T.A. in China.
They have the similar discussion for.
All of the and meeting with the M&A.
Sales for Shimon discussion.
For the first.
Moving here for activity will be to look even the tough team and of course explained for the investment community simultaneously, what we're doing and why we're doing it.
[noise] hope that answers your question.
Yep.
Thanks, Michael and then the last just the just wondering you know if you made any of the Oh.
Oh, Youre seeing p. of how ovation to conduct the especially given the I'm going and the kind of researching them. They called the there's a whole series of U.S.
[noise], that's an interesting question of Dr. force reports out of that.
The <unk> discussion with a principal investigator sitting at a reduction of.
Substantial reduction in the number of patients the plus all oncology indications reporting to the hospital for all with the health too low with symptoms.
We also hope for a minute.
The key opinion leader at the male clinic instead of their visits for their all the hospital admissions and visits for oncology cases have dropped dramatically.
And that being said that being said.
We still believe all of the with the number of investigator sites the wins tend to enroll in the top 25.
Oh, that's the study enrollment will be completed the tough by mid next year.
Oh the yes.
The line Suzi as opposed to study is not at all.
The effective.
Oh by the up the endemic among our investigators.
Some of it does sound the then.
If you want to add anything to net pre school.
Yeah, you know that's a very important question of these days you know we're very fortunate our study centers are distributed throughout the country out of Canada and what we're seeing is you know wherever we see hot spots of Cove. It maybe some of the enrollment like decrease the other sites have seen increases.
So we're hoping that it'll be close where nationally distributed in terms of sites that will help us in our enrollment and of with the recent good news also we could we could see more of enrollment going into the future.
Right, Great I mean, the thanks, a lot of questions.
Thank you.
Our next question comes true Kumar of Russia, with the Brookline capital markets.
Thanks for.
Hi, Thanks for taking my questions. So I would also like the can deal with regard to the.
Well the weed 19.
So does this take into consideration the Dod.
Hospitals will be on moving the elective procedures.
Well.
If we take that into consideration of I think in our case the integral to bolting surgeries not exactly concerned the electric just procedure. So these are absolutely necessary procedures and we review with every site. That's involved in the study of to make sure enough for one that they have to hold it.
Page procedures in place.
The collect all of the deviation instead of like the associated with the coal for example, lifters, if it's necessary for patients the delay or missing because it all of that is accounted for the entire startup with every hospital and and then the protocol design. So you know this is done in conjunction with the FDA guidelines and I changed guidelines and you know the number one.
The issue is getting a patients not afraid to come in for the initial diagnosis that seems to be the biggest problem for once they come into the system of the patients are very motivated to move forward with their treatment not the skip the new treatments and indeed to get the interval of Debulking surgery. Because you know here. This is very low right now.
Okay I think the some of the ball wondering does the control arm in the mood the seems like the current girls' school.
He is the based on the <unk>.
In terms of the poly I'm, sorry, we're having a little bit of of communication issue could you repeat the place.
No one like the you based on the things are falling off the ovation study.
Does the polishing is it based on the pooling Cdthirty current growth in the placebo arm.
No. That's the way. The protocol is designed is at the moment, we're not going to be using or synthetic controls were studying. This this is very exciting technology, but were using actual patients and our randomization scheme of maybe later on we'll take another look at it but as Michael mentioned before.
Or we have the very enthusiastic support of investigators and they're very anxious to enroll both actual patients into the control arm and into the treatment arm. So that we have real data.
Okay. If you include the Cdthirty control, how how is that expected the back the following up the crimes.
[noise] one of the impact of the synthetic control of what you just another way to look at the data I think everyone would agree that when you have the actual patients enrolled in the study that's going to be our strongest data the synthetic control arm of the will help the helpful. In case, we run into of a major.
All of them and patient enrollment all the whole we hope that we don't have sort of resort to that it's an interesting technology. We continue our discussions with the with the.
Yes, with the attempt or that's involved in that I think they are their data has been very good directionally.
But our our commitment for like now its true actual patients.
Okay. Finally, Dom South Jain of Gen. One mine of practicing garden, the among the top five drugs how about you how can you provide an update on that thanks.
[noise], Yeah, that's a very.
Very timely question.
So all of the components for the Gen. One of them, we have multiple sources for.
All of the Oh plasmid for example is net manufactured currently in the proves site in Europe.
The secondary sales is being developed in China.
For the players and that of.
The cheerios sufficient to enroll the of phase two study have been fully manufactured.
All the polymer the so the you know the synthetic non viral delivery platform the polymer.
He has been fully manufactured in two locations one in China, and one of the United States.
Those materials saw all available for the finished product how are we just completed the manufacturing of for loss.
The enough to us complete the enrollment of the phase two study. The last line was produced I think last night.
The.
At a rough okay, when you're factoring partner in China, probably for.
And by the of course reports on that manufacturing are all been very positive.
Well, we don't see any interruption potentially in the supply chain I guess the bottom line.
Because we have backups second second sourcing and the current very reliable supply chain.
[noise] I hope that answers your question.
Hi, yes. Thank you so much.
Right.
[noise]. This completes the question you need to share.
I will now turn it back to the speakers for closing remarks.
So I want to thank all of you for your time. The swings are we continue to be driven by our commitment.
To bring new medicines for the medical community and by the work of our talented scientists clinicians technical of administrative staff.
Well the for the keeping your price of our progress we'll speak with you again, when we report of.
2024th quarter of for your financial results in the meantime, all stay safe. We hope you end of the Crazy and a nice after non <unk>.
Ladies and gentlemen. This concludes today's call. Thank you for your participation you may now disconnect your phone lines.
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