Q4 2020 Fulcrum Therapeutics Inc Earnings Call
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Good morning, and welcome to the Fulcrum Therapeutics fourth quarter and 2020 conference call. Currently all participants are in listen only mode. There will be a question and answer session. At the end of this call I would now like the the surgical over to Christine Worley director of Investor Relations and corporate Communications. That's one group. Please proceed.
Yeah.
Thank you operator, good morning, and welcome to the Fulcrum Therapeutics conference call to discuss our fourth quarter and full year 'twenty one of your financial results and recent corporate highlights.
Earlier today, we issued a press release for those of you who don't have the copy you can of assessment in the Investor Relations section of our website for MTS Dot com.
Please be reminded that remarks made during this call may contain forward looking statements within the meaning of the private Securities Litigation Reform Act of 1985.
These may include statements about our future expectations of plan.
Well development timelines and financial projections.
While these forward looking statements represent our views as of today, they should not be relied upon as representing our views of the future many of the.
These statements in the future of but we're not taking on an obligation.
Please refer to our most recent filings with the Securities and Exchange Commission for a discussion of certain risks and uncertainties associated with our business.
With me on today's call of Robert Gould, President and CEO and.
Stuart incoming president and CEO of Christmas and the Chief Scientific Officer, and Peter Samson.
Vice President of finance and accounting.
Let me quickly run through this morning's agenda, Robert will begin the call with the corporate overview.
Brian will give an update on the rest of the trial with the math.
Non for COVID-19, and review of our upcoming data from the readout for trial with close to half of my for HD Chris.
Chris will then provide a more detailed review of our program in sickle cell disease and are proud of attention.
Peter will cover financials.
With that it's my pleasure to turn the call over to Robert Robert.
Thank you Christina good morning, everyone and thank you for joining us today.
'twenty one is poised to be another important year for fulcrum as we expect to have meaningful updates for multiple key initiatives the.
For the last map of Monday, the from Readouts for late in the second quarter of this year, we will provide new insights that will inform the clinical path forward in FSC HD.
Following data availability will meet with the FDA to discuss the path to registration.
With the T X 60, 58 will have data from the phase one trial in healthy adult volunteers midyear and we anticipate initiating a trial in people with sickle cell disease by the end of the year.
Also in continuing our efforts to advance additional treatments for genetically defined rare diseases with fulcrum seek both internally and through our partnerships with the goal of bringing forward two ind's over the next 24 months.
This morning, we also announced my retirement and that Bryan Stuart who has been our chief operating officer since 2018 will be promoted to president and CEO at the end of this month.
I look forward to staying engaged with both of them as I continue on the board Bryan will join focus for Mark Levin, Our board chair will assume the role of executive chair of upon my retirement.
As many of you know Brian has been a key contributor to fulcrum is leadership within the organization and breadth of experience will be a key driver of our success going forward.
In addition to his many accomplishments over the past two years, Brian has significant experience within the rare disease space, where he has played a critical role in helping to advance multiple successful programs through the clinic commercialization.
Brian's leadership will be invaluable as we advance our current clinical programs and continued to advance our pipeline was our product engine.
So everyone at Fulcrum I'm proud of the strong foundation, we built together and I'm privileged to have worked alongside you.
I look forward to serving as an advisor and working with Brian and the other board members as we drive continued success with that I'll turn it over to Bryan Bryan.
Thank you Robert I'm looking forward to working together in our new roles is privileged to build on the foundation that you've helped create and I'm honored to be taking over as CEO during such an exciting time for the company.
Like all of my teammates I was drawn to fulcrum by the opportunity to develop transformative therapies for people living with genetically defined rare diseases. This is evidenced in our lead programs and both FX HD and select Haemoglobinopathy, where we're targeting the root cause of severe diseases.
As well as our enhanced proprietary product engine, which now allows us to rapidly identify novel targets that ameliorate the disease phenotype utilizing insights derived directly from patients the.
The strength of this platform as evidenced in both of our internal preclinical pipeline as well as our collaborations with accelerated myocardial <unk> and it positions us very well to take advantage of drug discovery of scale far beyond our previous capabilities as we make this transition fulcrum is very well positioned to build on our great momentum and develop impactful therapies.
In the years ahead.
Before providing more color on our on our Fsh D in sickle cell trials.
The first like to provide an update on our program with Lowe's Mathematic for COVID-19.
As announced in our press release earlier this morning.
After a strategic review, we have decided to discontinue the low C. Trial. This decision is a reflection of the significant changes in the COVID-19 treatment paradigm, including the introduction of new therapeutic options and emerging vaccines.
After careful consideration, we have decided to redeploy our resources the fulcrum other clinical programs and discovery efforts with the continued focus on rare diseases I'd like to note that last map of mine was generally well tolerated and there were no safety concerns for the lowest map of mine.
I would also like to thank the patients and investigators who participated as well as the fulcrum team who worked so hard on this trial.
Now, let's turn our focus of the rare disease programs, beginning with the development of growth mathematics, and vascular scapulohumeral muscular dystrophy or S. H D.
As a reminder, fsh D is a rare progressive.
And disabling disease characterized by muscular degeneration that occurs the skeletal muscle is replaced by fat we.
Great. There are approximately 16% to 38000 agents in the U S and similar incidents worldwide, leading to an estimated global patient population of 300000 to 780000. There are currently no approved therapeutics for F. S. H D and fulcrum is developing the only known industry sponsored clinical trial evaluating the potential treat.
Unlike other diseases that are characterized by the lack of the Chi Fsh D is characterized by the unwanted expression of the the gene dumps for which experts have identified the root cause of the disease through our own research at fulcrum.
We discovered low snap a line of selected P. 38 map kinase inhibitor reduce the expression of dumps for in preclinical studies research to date also reinforces that even modest reductions in docs for driven gene expression of the potential to translate the meaningful benefit for patients.
Our development programs and F&B HD builds on the established safety of roadmap of my demonstrated in approximately 3600 subjects in studies conducted by GSK and by Fulcrum.
We've made tremendous progress with our integrated Sshd clinical development strategy of evaluating molecular biomarkers as well as structural and functional measures. The strategy includes natural history studies to better understand disease progression preparatory studies to establish a biomarker and clinical endpoints as well as.
Studies that have demonstrated muscle penetration and target engagement for those mathematic.
This work helped enable the fulcrum of current ongoing studies of both map them out of inpatients with Fsh D.
Which include a single site phase two open label study as well as Readouts for which utilizes the the biomarker of dumps for driven gene expression and also includes functional measures like muscle skeletal MRI and patient reported outcomes the.
Readouts for trial is an international phase <unk> double blind placebo controlled trial of those map of mine in approximately 80 patients with genetically confirmed <unk> HD. We are on track to report results from this trial in the second quarter of the year.
The encouraging biomarker data reported from work Readouts for the interim analysis indicates that muscles with the highest dose for driven gene expression in pretreatment biopsies showed large reductions following treatment with Lowe's map of mud compared to placebo as you may recall, we and others have demonstrated the dumps for expression occurs on the spectrum and we believe that.
All people with M. S. HD will have muscles that exhibit high dux for <unk> driven gene expression. During the course of disease progression. We look forward to the Readouts for data readout, which will include the molecular biomarker data as well as structural functional and patient reported outcome measures, which were non part of the room.
The analysis.
We will be encouraged if we continue to observe evidence of trend similar to the interim analysis and high expressing muscle biopsies from those map of untreated patients. Additionally will be encouraged of secondary endpoints like MRI and exploratory endpoints like clinical outcome assessment of patient reported outcome showed trends, indicating patient benefit.
I'd like to acknowledge the remarkable tenacity of the patients investigators and the fulcrum team who continues the trial in such a challenging environment. We believe those map of mine has the potential to establish a new treatment paradigm for people with Fsh day.
And reflects our continued commitment to research the targets the root cause of genetically defined rare diseases with high unmet medical needs.
Ill turn the call over to Chris Thanks, Brian.
Our unique research focus of fulcrum positions us to pursue targeted indications, where we believe we can develop safe and effective therapies to rebalance gene expression.
By working to understand and then target the root cause of disease, we of the best chance to optimize the potential efficacy of treatments for more broadly transform the way these diseases are being treated.
This research approach has enabled us to rapidly progress clinical programs intended to treat serious diseases beyond fsh D, including sickle cell disease and beta thalassemia.
Sickle cell disease is the most common type of inherited hemoglobin apathy and affects an estimated 100000 people in the United States of millions more worldwide.
It is the genetic disorder caused by a mutation in the adult form of hemoglobin.
The result of the mutation is less efficient oxygen transport and the formation of sickle red cells.
People living with sickle cell disease, typically suffer from serious complications, which can lead to anemia pain and basal occlusive crises for <unk> as well as shorten lifespan.
Increasing fetal hemoglobin can have a transformative impact for patients, including reduced recurring pain crises of events reduced mortality and increased likelihood of asymptomatic presentation.
We believe significant unmet need remains with existing sickle cell disease treatments, most therapies focus on the symptoms either on reducing pain episodes or ameliorating anemia.
More elaborate attempts aimed at functional cures, namely hematopoietic stem cell transplants in cell therapies utilize harsh conditioning regimens, which have inherent safety risks that may limit when and how they will be utilized.
We remain excited about the opportunity with the F. T X 60 58.
Projected of oral once daily therapy intended to treat the root cause of the disease and therefore address both the anemia and the ocs.
People living with sickle cell disease, and beta thalassemia represent a diverse global population in great need of an effective therapy that can be accessed and administered with ease.
We believe that an oral small molecule the can meaningfully increased levels of fetal hemoglobin will not only provide the therapeutic benefit and convenience of oral administration, but also the distribution of scale that this global population needs and thus we believe F. T X 60, 58 has the potential to be an impactful therapy.
At our recent K O L event in December 2020, we were very excited to share that MTX 60, 58 selectively up regulate the fetal hemoglobin and of Penn cellular manner in both human cellular models and mouse models of sickle cell disease.
The treatment of human CD 34 positive cells from healthy in sickle cell disease donors with ft. Ex 60, 58 resulted in fuel hemoglobin levels of up to approximately 30 percentage of total hemoglobin with no observed effects on cell health.
We believe this is a superior preclinical profile relative to the standard of care of Hydroxyurea as well as other mechanisms that have been reported to induce fetal hemoglobin. These.
These data along with the perspective provided by a respected kols of created considerable enthusiasm and interest in our program.
We're actively enrolling our phase one single ascending and multiple ascending dose or sad and Mad trial with <unk> 658 in healthy volunteers to evaluate safety tolerability pharmacokinetics and target engagement.
Based on our PK PD modeling, we anticipate that the pharmacological doses will be in the six milligram 20 milligram range, which is where we anticipate maximal levels of target engagement.
Reports suggest the red blood cell half life in healthy volunteers is as high as 120 days, which limits the opportunity to observe effects of fetal hemoglobin and the 14th day of Mad study.
However, we will be measuring fetal hemoglobin mrna levels and the number of particular sites containing fetal hemoglobin in the mad cohorts to monitor potential early signs of efficacy.
We expect to report the sad and Mad cohorts mid 2021, which is when will also outline of our future clinical plans and.
And we anticipate initiating a trial in sickle cell patients by the end of the year.
Going forward, we intend to continue our dialogue with the FDA and other health authorities of the program progresses as the.
The date of warrants, we plan to seek orphan drug fast track and breakthrough therapy designations.
The opportunity to bring a new oral therapy for patients is a very exciting prospect for us with the potential to be of significant advance in treatment in the years ahead.
We also continue to advance our clinical strategy for investigation of MTS F. T X 60, 58 people living with beta thalassemia move.
Moving to our research efforts, we are excited about the productivity of the product engine. We have several discovery programs that span our core focus areas of muscular hematologic and CNS disorders. Our unique approach is designed to identify starting points that are more technically enabled from a drug discovery perspective, as evidenced by the rapid progression from target idea to Indy.
For our F S H D and sickle cell programs for.
For the targets currently being assessed we continue to explore both internal medicinal chemistry campaigns as well as opportunities to in license advanced chemical matter.
Our goal is to bring forward to <unk> over the next 24 months.
Our proprietary target discovery platform Fulcrum seat has advanced significantly on many fronts. Today. This proprietary platform allows us to rapidly identify novel targets the revert disease phenotypes informed directly from patients.
Whether it's through the use of patient derived cells or via the application of single cell genomics. The patient biopsies. The revealed that this regulated sales states of the given disease, the resulting high fidelity assays offer a remarkable level of clinical relevance and translate ability.
From this sophisticated product engine for use machine learning algorithms to analyze the large amounts of functional morphological and transcriptional data center generated with great precision and of great scale the rig.
<unk> is highly derisked targets that are extensively enabled for further characterization.
We believe fulcrum seek as an important evolution of our product engine to identify targets informed by clinical biology, and thus more predictive of the desired therapeutic outcomes.
Moreover, fulcrum sika supported the development of the clinical programs discussed today and has enabled our ongoing collaborations with accelerant and myocardial.
I'm pleased to report that both collaborations are proceeding well in fact, we successfully achieved our first milestone with accelerant at the end of 2020.
In summary, we believe we are well positioned to deliver a constant stream of therapeutic innovation from our labs and with our partners with that I will now turn the call over to Peter.
Thanks, Chris we entered 2020 with $112 $9 million in cash cash equivalents and marketable securities not including the $44 million in net proceeds from our January 2021 financing based on our current plans and projections. We expect this will support our operations into the fourth quarter of 2000.
The 22.
Collaboration revenue for the fourth quarter of 2020 was $4 2 million compared to no collaboration revenue recognized during the fourth quarter of 2019 collaboration revenue for the full year of $2028 8 million.
Third to no collaboration revenue recognized during the full year 2019.
Research and development expenses for the fourth quarter of 2020 were $16 1 million compared.
Compared to $12 1 million in the fourth quarter of 2019.
R&D expenses for the full year 2020 for $59 million.
Compared to $71 1 million for the full year 2019.
General and administered administrative expenses for the fourth quarter of 2020 for $5 9 million.
As compared to $4 4 million for the fourth quarter of 2019.
G&A expenses for the full year 2000, twenty's for $21 4 million compared to $13 1 million for.
For the full year 2019.
Net loss was $17 $7 million for the fourth quarter of 2020 compared to a net loss of $16 1 million for the fourth quarter of 2019.
Net loss for the full year 2020 was $70 8 million compared to $82 7 million for the full year 2019 with that I'll turn it back to Bryan Bryan.
Peter we have a lot of work ahead as we continue to execute on our plans.
We will report the full of those math of our data from Redux for later in the second quarter.
We'll have data from the phase one trial with MTX 60, 58 in healthy volunteers in the year and anticipate initiating a trial in people with sickle cell disease by the end of the year.
We're planning on bringing forward to <unk> for the product engine over the course of the next 24 months in closing we have made important progress over the course of 2020, and we expect 2021 to be a year of.
Many significant advancements in the clinical updates across our pipeline and our core will always maintain our commitment to putting the patient first.
And to innovation that can help us identify advancing promising therapies the target the root cause of genetically defined diseases.
Excited to service for <unk>, New CEO and look forward to keeping you updated on our progress.
Operator, you May now open the line for questions.
Okay.
At this time, we would like to remind everyone in order to ask the question. Please press star one of your phone again star one.
Our first question comes from the line of Ted <unk> from Piper Sandler Your line is open.
So Robert I, just wanted to start by saying. Thank you for all of your hard work and friendship, it's such a pleasure and I wish you nothing but good things and Brian sincere congratulations very well deserved and I'm excited to work with you guys all going forward.
Thank you Ed.
Yeah. Thank you I wanted to get the sense from the.
Basically wrapping up on the Covid study.
Some of them learned about that that has read through too fsh. The obviously very very different conditions, but just wanted to see a third of I mean, any takeaways from discontinuing low spread thank you.
Yeah, I think first and foremost we would.
Point out that there were no safety concerns and that's obviously very important as we look at the lowest of the trial and we also.
Think about the ongoing trials in F. S H D.
At this point, what we can communicate it is when the data becomes available we'll certainly plan on sharing that and to the extent that there are any learnings that would be helpful. As it relates to.
Lowest map of mod or for the treatment of COVID-19, those are things that we will certainly plan on sharing.
Great. Thanks, and looking forward for the other study Readouts this year too. Thank you.
Yes.
Our next question comes from the line of Yosef Schwartz from SVP Leerink. Your line is open.
Alright, thanks very much.
So my first question on the F T X 16th at the Adas.
What would you like the C. In.
In the healthy volunteers.
Different PD biomarkers in order to.
Give you the sense that you're on track to see meaningful.
Changes once you get into the sickle cell patients.
If you could just give us your thoughts on the.
And and also what.
How given that you.
I had seen in preclinical lead increase in hbf up to approximately 30% whats the threshold the minimum threshold level of Hbf induction do you think that is clinically meaningful and likely the translate into improvements in things like the assets.
Thank you.
Sure.
Turn it over to Chris to answer that yeah. Thank you for the question.
In the context of the phase one healthy volunteer study, obviously, we're very much focused on safety.
Tolerability pharmacokinetics target engagement.
And as I mentioned, we will be making measures of the H B G. One mrna as well as our particular sites of course, we know and in healthy volunteers. During a 14 day studying just given the slow rate of turnover turnover of the red blood cell population.
Now that the likelihood of seeing changes in H P. One mrna is low but non zero. So our primary focus again is really on safety and tolerability and a focus on target engagement.
And that really helps set the stage for how do we move forward now in select doses taken to the sickle cell patient population of <unk>.
For.
Any of our clinical development.
So as we think about the Pharmacodynamic biomarkers in the data that we've generated pre clinically.
We've seen of an amazing level of consistency across the different assays are their in vitro or in vivo and you mentioned that the the data that we share where we see of up to 30%.
And so as we've talked to Kols and clinicians about.
What's a meaningful increase in H b S. Many of them point to incur.
The increases in the upper single digit range.
That's being really clinic of providing clinical benefits of the data that we've generated to date preclinical. It certainly demonstrates that we can produce those types of increases in absolute H B F. In.
In the models that we've used I think the other key point is that we know the.
Other companies have been talking with the F D. A N of disclosing.
They've been focused more around the threshold of 3% absolute increase in H P F.
And again based upon the preclinical data that we've generated with MTX 60, 58, we see increases well above that and so again, we're very excited about the preclinical data.
And of course, if that translates into the clinical.
So the clinical round, we believe that we can MTX ex 58 has the potential to provide great benefit for patients living with sickle cell disease.
That's very helpful. Thank you.
And then maybe one on the Las Mab Ahmad and F. S H D.
I know that you have a pre specified sensitivity analysis to focus on patients with the highest level of of.
Of ducts for gene expression.
But if you consider just given the the wide very wide range of ducks.
<unk> for gene expression in patients muscle samples.
Two.
Before you look at the data would it be possible to more of an considered whether it makes sense too.
Change from just the average reduction index for gene expression across all of the samples to maybe.
Something more like an integral analysis that could account for the wide range by looking at like the weighted average of gene expression of it just seems like mathematically it might do more justice to what the drug is able to wash.
Yeah, Great Great question, Joe I think one of the things in it.
As we reiterated as you alluded to that we were very enthusiastic about it obviously.
The interim analysis data, which.
Did show this large reduction in dose for <unk>, driven gene expression in the biopsies that had the highest pre treatment levels of of docs for.
I think one of the things that we had mentioned at the time is that also where similar to trends that we are seeing in the open label study that we're running out of a single site. So as we look towards the <unk>.
Total dataset, we're going to do another pre specified sensitivity analysis of one of the key learnings that obviously, we're observing here is that there is the spectrum of dumps for driven gene expression. So we'll focus on these biopsies that have the highest pre treatment dux for levels at the same time I think we're also.
So obviously very encourage we'll certainly look at the totality of the biomarker data, but obviously this gives us an opportunity as well to look at the structural.
The functional patient reported outcomes and all of those other measures as well and what we spoke to last time as well and certainly we believe that all patients have high and lower expressing muscles. So therefore, we don't think the benefit of those map of Mod wood.
Necessarily be limited to those patients that had the highest pretreatment biopsies, but that all patients have the potential to benefit for most of that from us.
Great. That's very helpful. Thanks for taking my questions.
Yes, Thanks, Joe.
Yes.
Our next question comes from the line of deep and half from Stifel. Your line is open.
Yeah, Hi, Thanks for taking my question and let me add my congrats the Robert for your retirement. Thanks for your leadership and Brian look forward to working with you as well and congrats on the promotion to.
Two questions for me one of all of US not the Mod and one on 60 58 on the loss of basketball outside of just wondering if you have I guess before we get that read out in second quarter. Do you guys have any certain pre specified analyses you walk conduct on your secondaries are looking at the heterogeneity of the patient population just one.
What kind of hierarchy or order that we should be mindful of us before he got that full totality of the data in the second quarter and then on 60 58, just looking into the literature does seem like the Tri methylation and the epigenetics can be sort of more broad based on the effects beyond hbf induction so Chris maybe.
A question for you is can you speak to the characterization of the gene expression profile when you do administer this.
Both of the in vitro model as well as an in vivo model to just talk about sort of the off target effects. If you will thanks.
Yeah. Thank you day gone and maybe why don't I start on Fsh D. And then I can turn it over to Chris on 60 58, Yeah in terms of the as we spoke to one of the thing for obviously enthusiastic about in this dataset is being able to show the totality of the day to include.
As you alluded to a number of secondary and exploratory endpoints that we're measuring such as whole body MRI timed up and go reachable workspace and I think one of the things that I would highlight is one.
One obviously, there's a significant amount of unmet need that exists as we talk about no approved therapies and unfortunately nothing else in the clinic. In addition to the efficacy measures were still going to be very focused on safety and tolerability. In this is a chronic disease.
But without pointing to any particular secondary and exploratory measures one of the things that I would point out is as we've spoken about in the past we have done a number of regulatory studies, where we've really established these endpoints at the endpoints that are not only relevant.
Towards the trial, but most importantly irrelevant towards.
So these are for people living with FX HD, we believe we're measuring a lot of.
The the measures that are going to be very important to them.
Such as the ability to lift their arms of the ability to to get out of bed.
Consistent with what we're hearing from them.
Certainly as we look towards the secondary and exploratory while we didn't power of the study to achieve statistical significance and then if we are able to identify trends of the benefit we would move out of being highly encouraging.
Sure and will the point too.
The 58 and <unk>.
For the trial, if you will.
You know first of all of the non clinical safety package indicated that we had an acceptable window that warrants of moving into the clinic.
We've also done extensive profiling of the molecule bumps within the the his per months, hence for a family.
Across our diverse target families as well and again MTX 60, 58 demonstrated a very clean profile in that regard.
The other thing that I'll point to is that we've done a broader gene expression analysis in multiple different cell types.
Looking ahead to differentiated neurons cardiomyocyte.
Mike.
And really we see very very selective the effects on Phoenix depression in the CD 34 sales.
Upregulation of fetal hemoglobin.
To reiterate F. T X 60, 58 has very acceptable therapeutic index the amount to come into the clinic.
For modeling.
With respect to safety and Tolerability.
We also continue to characterize the infection and the newest.
For the Mexico, if you will between net.
Of the mutual.
And of the pedal hemoglobin gene expression.
Okay, great. Thanks very much.
Thank you Tiger.
Once again, if you wish to ask the question. Please press the star winning are falling. Our next question comes from the line of Matthew Harrison from Morgan Stanley. Your line is open.
Hello, everyone. This is cost us on for Matthew.
I would like to add my congratulations to it all bad for the.
The tide mandate.
Gordon you would own.
Two questions from us on the FSA. The one is on the pre specified since the pvt analysis I was wondering whether these type of analysis is powered to detect the statistics.
At the statistically significant improvement.
<unk> placebo you.
You mentioned that the.
Many patients if not all have the both high and low.
<unk> for levels.
In day to Masters, but I was wondering whether you have.
Made sort of somehow that that these analyses will be powered the top recently.
Yes, so we did not.
Power of the pre specified sensitivity analysis for for statistical significance.
But one of the things that we view as being very relevant as again and as we mentioned at the time of the interim analysis that this was this observation was based on <unk>.
Learning from our single site open label study.
And we did do this pre specified sensitivity analysis prior to looking at our interim analysis data and we plan on recapitulated that for the full dataset.
And again, if we do observe these trends.
That we saw in the interim analysis, we think that that has the potential to be very beneficial for patients as it is.
Affecting the root cause of the disease.
Thank you and one quick follow up have you engaged we said the F D. A to discuss what they would potentially want to see in the phase II data or you are planning to do that after you see the data.
Yeah, we certainly have had a constructive dialogue with the FDA to day. We'd also point out we were very pleased that there was a patient focused drug development day that took place last year, where the FDA was able to hear directly from patients.
Caregiver and you're just really understand the the disease burden from those living with Fsh D. So we think on the other side of this phase II data that will certainly represent a good time for us to continue our engagement with the FDA and determined.
Regulatory path forward.
Thank you very helpful.
Okay.
Great.
At this time I'll be handing the call over back to Bryan Stuart consulting.
Thank you and thank you for all for joining US today. We appreciate your support of Fulcrum have a great day.
Yes.
Okay.
Ladies and gentlemen that does conclude the conference for today. Thank you all for joining you may all disconnect.
Goodbye.
As of now.
Good day.
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