Q4 2020 Entera Bio Ltd Earnings Call
Ladies and gentlemen, please standby your conference call will begin momentarily and once again, ladies and gentlemen, please stay on their lives.
[music].
Yeah.
Good morning, and welcome to and tariffs Bio's conference call to discuss the financial and operating results for the year ended December 31, 2020 at this time all participants are in a listen only mode. After the speaker's presentation and there'll be a question and answer session. So I asked the question during the special need to press Star one on your telephone if you require any further assistance. Please press Star then zero.
I would now like to turn the call over to John Lee for a U S. Based CFO of inter please go ahead.
Okay.
Thank you and welcome to the call joining me on today's call are Spiro Thomas our CEO.
Parts and tour, our CMO and Phillip Schwartz, our president of R&D press.
A press release announcing interest financial and operating results for the year ended December 31, 2020 was issued earlier today and.
For those of you who have not yet seen it it is available on the investors section of our website www dot and Taro bio dot com on our call. This morning, we will share with you a business update and review and watch.
Financial results, which will be followed by a question and answer session. Before we begin our prepared remarks I would like to remind you that various statements. We make during this call about the company's future results of operations and financial position our interpretation of interim data from the ongoing phase two clinical trial of VB, six one and three including the biomarker data released and the first.
Quarter of 2021 do you expect the timing of data Readouts from the ongoing phase two clinical trial of VB six one and three our business strategy and plans and objectives for future operations are considered forward looking statements within the meaning of the federal securities laws or forward looking statements are based upon current expectations that involve risks changes and circumstances.
Our assumptions and uncertainties, specifically developments related to the COVID-19, pandemic continue to evolve and the extent to which the pandemic will impact us and the future will depend on the duration and magnitude and such impact and on numerous factors that we may not be able to accurately predict. These risks are described more fully in our SEC filings and are available on the S. E T.
On the Edgar system and on our website.
Encourage all investors to read our SEC filings.
All of the information we provide on this conference call is provided only as of today and we undertake no obligation to update any forward looking statements. We make on this call on account of new information future events or otherwise and finally, please be advised that today's call is being recorded and webcast I will now turn the call over to Spiro jumps.
Thank you John and thanks to everyone for joining the call. This morning.
I joined and Tara and January 2020, one based on the company's validated technology platform that enables the oral delivery of.
Protein therapeutics.
And the talented and dedicated team.
And the short time since I joined we've hit several key milestones.
And value for our shareholders and further confirmed my confidence and bone called team.
Technology and believe we have the ability to create more value.
We have data showing that on our platform works on eight molecules on broad characteristics and size.
I believe these data will support business stepped up and discussions and generate future value.
So T J collaborations and partnerships.
In addition, the recent rise and our share price has enabled us to strengthen on balance sheet and I'm pleased to say that we believe our current cash resources will fall.
On the company into the second quarter of 2020 two.
The significant potential and Charles technology platform to give patients and much needed our electron on sort of two treatments currently delivered via injection.
And supported by data for multiple clinical trials and pure.
And the recently announced positive three months bone and biomarker data from the ongoing phase II clinical trial on for <unk>, 613, and osteoporosis patients and the data from our Phase Iia study of VB 612, and hyperparathyroidism patients that was recently published.
And the journal of bone.
And mineral research.
What's significant momentum coming out of 2020, we are focused on leveraging the platform technology to create additional value either through proprietary products such as E. B 613, and <unk> 612 that can be developed either by and Tara alone on collaboration with a partner for.
For applying our technology and other companies compounds, such as what we're doing and I'll collaboration with Amgen.
Each of these options potentially enables small to pull partnering opportunities that can generate funding news flow and allow the company to share and the future value.
Multiple derisked assets.
While lots and Philip will go into greater detail on the clinical programs and platform I.
I would like to take a few minutes to provide an overview of the programs and some of our recent accomplishments.
First on and you'd be six months free all orally delivered human parathyroid hormone. Once you 34 for PTH positioned to be the first oral bone building well actually on anabolic treatment for your purposes patients and we recently announced that the phase two trial and the women with osteoporosis.
All alone no bone mass met its primary endpoint.
And compete three months of results from the trial showed a significant increase and the P. One and P biomarker and the two five milligram dose group after three months of treatment with a P value of less and 0.0 for compared to placebo.
Pier, one and P is a biomarker that indicates the rate of new bone formation. As a reminder, this phase II trial is a double blind dose ranging placebo controlled study and post menopausal female subjects with osteoporosis or no real low bone mineral density or BMD.
This trial is being conducted at for leading medical centers and Israel and has completed the enrollment of 161 subjects.
The data comes on the heels on a number of other important milestones and 2020 for the E B six months free.
For the program and.
In August 2020, we announced the six month interim on.
Bone mineral density data from the first 50% of patients in this trial.
The data indicated E. B 613 has a meaningful and positive impact on lumbar spine, BMD and a dose dependent manner over a 0.5 to one five milligram dose range and supported the idea of a decision to add a two five milligram dose.
These data were important because increases and lumbar spine BMD had been associated with fracture reduction and patients treated with subcutaneous PTH and the change in lumbar spine BMD.
Now and accepted endpoint for regulatory approval on all of them.
And formulations of drugs like human PTH once you sorry for that.
[laughter] shown to reduce the risk of fracture.
Importantly, the BMD data reported to date to not include data from any subjects and the two five milligram treatment arm.
We expect to report the final results from this trial, including the six month BMD data and the second quarter 2021.
In addition in the fourth quarter of 2020, we announced the completion of the enrollment and the trial and the acceptance by the FDA on the U S and D for E B 613.
The completion of enrollment is a major milestone given the extraordinary challenges related to the Covid pandemic and along with the eye and the acceptance and important step.
For two moving the program towards a pivotal phase three clinical trial for <unk>.
Assuming we continue to see positive BMD data from the E. B 613 phase II trials and subject to a successful post and the phase II meeting with the U S food and drug administration for <unk>.
We believe the phase III trial could begin and try and 22.
We believe the value proposition on VB six one and three is very strong due to the fact that only a small percentage of patients. We also have process actually treated with subcutaneous P. T H well other injected bone building drugs Q2 cost convenience and compliance challenges.
The market research, we conducted and reported last year points for a significant unmet need for an oral therapy that builds bone and the multibillion dollar and what's your approach this market.
Turning to <unk> 612 for hyperparathyroidism.
Data from a 2015 study were recently published in the journal on Bone mineral research on J P. M. R for.
On a boat provides additional details but in summary E. B 612, and added to standard of care and that just statistically significant decline and supplemental calcium usage for key endpoint and that.
Hyperparathyroidism and trials, we are focused on optimizing the formulation.
And intend to move forward.
We have also continued to support preclinical work and our collaboration with Amgen and are pleased with the progress made to date and look forward to continuing to support the collaboration and accordance with Amgen's project plan and objectives.
From a business survival and perspective, we have increased our efforts to leverage our technology platform and have an ongoing dialogue with several companies that are interested in exploring the use on oral delivery platform and a injectable product candidates. We are focused on moving these conversations into formal.
Agreements.
Operationally, we have continued to carefully monitor all expenses.
Judiciously raised cash through the use of our ATM program with Canaccord.
Pleased to say that on a current cash on hand is sufficient to support our planned operations into the second quarter of 2020 two.
I would like to and I will turn the call over to Dr. Odds on tour, our Chief Medical officer to discuss the phase two trial on <unk> 613.
Thanks Spiro as a reminder, the phase two trial was designed to evaluate the impact of different doses of E. B six searching on serum biomarkers for bone activity after three and six.
Six months for treatment and on BMD after six months of treatment for them.
Biomarkers evaluated include T. One N T.
<unk> Kelson and CTX.
He went and T. As a biomarker that indicates the rate of new bone formation.
Similar to P Y N T osteo kelson as a biomarker for bone formation and by osteoblasts for cells that build new balance.
CTX is a biomarker that indicates the REIT a bone resorption by Osteo class.
Wells remove old zone.
And Osteo anabolic or bone building effect is based on the difference and bone formation.
And bone resorption.
And increase in Tijuana, and tea, where Austria Coulson for example.
I stated with a smaller increase or even a decrease and CTX and usually indicates an increase and bone mass.
And the phase two trial subjects were initially randomized to receive either a placebo or one of three doses of VB 613.510, and 1.5 milligrams after the and the evaluation of the interim three months biomarker data and the first ADC.
Fixed randomized and we amended the protocol to.
Discontinue additional enrollment and the 0.5 and one milligram dose groups and add a new hire two five milligram dose group with a final 60 subjects randomized to receive either placebo and 1.5 for 2.5 milligram of <unk> 13.
Subject follow up and the phase two trial has remained strong with approximately 115 subjects, having already completed their six month visits.
Based on a recent analysis of the complete three months bone biomarker data studying make medication <unk> 613, or placebo was generally well tolerated true for treatment period.
Common adverse events resembled those known to be associated with Terry and carriage hard by subcutaneous injection.
There were no adverse events that were severe and intensity and any treatment group and <unk>.
No serious drug related adverse events.
Complete safety evaluation of the full on blinded data will be conducted with the full six months data analysis is expected and the second quarter of 2021.
And finally demographics of subjects in this trial are generally consistent with other previously reported osteoporosis trials and personal menopausal women.
As Spiro mentioned earlier the trial met its primary endpoint with the 2.5 milligram dose group showing significant increase and the P. One and T. Biomarker. After three months of treatment. The P value was less than 0.0 poor as compared to placebo.
Similar to the increase and Tijuana and P. A significant increase and austere Coulson another bone formation marker was also observed and the two five milligram group after three months.
And that P value was less than zero points for one.
In addition, a significant decrease and CTX was observed for three months for treatment.
Volume was less than 0.0 to one five and the decrease and CTX, taking together with the increase and pier, one and P and Austria Kelsen would indicate a potential positive impact on BMD.
We look forward to sharing the final BMD data from the trial and the second quarter of 2021.
As a reminder, we reported interim D M D. Due to limited to the first 80 subjects randomized and the and the.
A study and the third quarter of 2020.
Based on the interim six month BMD data E. B 613, Gen rig a mean placebo adjusted increase in lumbar spine and BMD of 2.15% that P value was 0.08 for.
And Fortunately subjects and the 1.5 milligram treatment arm.
Compared to the 16 subjects and placebo on.
The placebo adjusted increase was comprised of a mean BMD increase.
One point for 4% and the one five milligram human on compared to remain decrease of 0.71% and the placebo arm.
And additional analysis and BMD changes and all it would be six searching treatment groups share.
Third a significant dose dependent trend and the percentage increase and lumbar spine P. M D.
Increases in maintenance on BMD are widely accepted by clinicians throughout the world as indicators of and overall improvement of osteoporosis during curves are and hormone treatment and <unk>.
Fortunately the previously reported DMD data did not include any subjects from the two five milligram dose group, which was more recently added.
The change and lumbar spine and BMD as the recommended.
Phase III study efficacy endpoint for a novel oral human PTH, one to 30 for formulation intended to treat osteoporosis and developed using the Fda's 505, B two regulatory pathway.
And the fracture endpoint trial is not required because subcutaneous PTH one to 30 for generically named Terry paradigm for injection has been shown to reduce the risk of fracture.
As expected and consistent with published data from studies of subcutaneous Terry paratype.
And analysis of BMD data on.
The total femur and femoral neck did not show a significant and factor treatment with VB 613.
I will now turn over the call to Dr. Phillip Schwartz, our president of R&D for sure.
For some updates with you on EBIT 612, and our Amgen program.
Thanks, very much art and good morning, everyone.
I would like to provide you with a brief update on EBIT 612 are orally delivered PTH for the treatment of the orphan disease hyperparathyroidism for Hypo and <unk>, we are developing EBIT $6 12 to be used as a first line hormone therapy that would be applicable to patients with different levels of disease severity and Eric.
Cited by the recent publication of our phase II data and JP, EMR and leading peer reviewed journal.
There is significant unmet need and the treatment of hyperparathyroidism, and we believe and oral PTH would improve compliance as well as therapeutic impact and may offer patients with hyperparathyroidism and much needed alternative to the currently approved PTH replacement therapy options, which are administered via a daily.
Injections.
As a reminder, our goal is to treat patients acute symptoms, while normalizing serum and urine calcium levels and minimize the adverse effects of long term calcium supplementation and active vitamin D.
The recently published data and demonstrated the safety and Tolerability of <unk> 612 administered for times daily for 16 weeks patients with hyperparathyroidism and the phase Iia trial.
Fortunately the study achieved its primary and secondary endpoints, including a reduction and calcium supplements reductions in serum phosphate maintenance of album and adjusted serum calcium.
Within the reference range, and an improvement and quality of life.
Specific results from the trial included a significant reduction of 42% with a P value of 0.0001 for baseline and medium calcium supplement juice.
It also included maintenance of medium calcium levels and the bloodstream above the lower target for hypercard authorities and patients which is approximately seven five milligrams, particularly here throughout the study and.
And there was also a rapid decline of 23% with a P value of 0.0003 and medium serum phosphate levels levels. Two hours. Following the first dose that was maintained within the normal range for the duration of the study.
And a notable median decrease of 21% or point to a P value of point of seven and 24 hour urinary calcium excretion between the first and last treatment day.
And this study patients were try to trade up to a maximum of 12 612, seven five milligram tablets a day for a total use of nine milligram.
By the investigators according to each subjects Cal.
Calcium levels and supplement treatment Richmond.
Of the 19 enrolled patients.
<unk> completed trial of which 15 were per protocol.
There were no drug related serious adverse events and most of the adverse events were not considered studied kirch related at all we are continuing to conduct additional formulation work on EBIT 612, including the identification of enhancements that we're evaluating and preclinical models. In addition, we are also working and the design of the next.
Clinical trial for <unk>, six and 12, which we expect to initiate in 2042.
Our collaboration with Amgen for the development of an oral anti inflammatory agents has continued and we are pleased with the progress we have made to date.
We are continuing to support the collaboration and.
And Amgen has completed several key preclinical studies that have included the evaluation of different formulations of their drug with our platform.
We also continue to focus on the development of our platform as it relates to the evaluation of new Apis active pharmaceutical ingredients and believe that these efforts have the potential to generate value through either additional validation of our technology platform and or through potential business development activities.
As an example, and recently announced a new research program for an oral glucagon like peptide two for oral DLP to this.
This is an analog and based on our technology platform, we have been able to develop it all formulation for it.
G L P to a peptide produced and the intestine and the <unk>.
And <unk> system via the brainstem and hypothalamus is known to enhance intestinal absorption specifically the increased absorption of nutrients.
Only <unk> analog currently on the market.
Typically with type was approved in 2012 as a once daily injection for the treatment of short bowel syndrome, and the U S and Europe.
Registering global sales of $574 million and 2019.
In preclinical models and terrorists oral formulation of DLP to analog and has shown on a comparable pharmacokinetic profile to the subcutaneous injection.
Look forward to sharing additional data on our DLP to analog over the coming months.
I'll now turn the call over to Jon Lieber, our U S CFO to cover the financial results.
Yes.
Thank you Philip.
Revenues for the year ended December 31, 2020 were $365000 as compared to $236000 and 2019 with revenues in both years attributable to the R&D services provided to Amgen.
Cost of revenues for the year ended December 31, 2020, and 2019 with 209000 and 210000, respectively and were comprised of salaries and related expenses in connection with the R&D services provided to Amgen.
Total operating expenses for the year ended December 31, 2020 were $11 3 million and included $6 4 million and research and development expenses, and $4 9 million and general and administrative expenses.
Research and development expense for the year ended December 31, 2020 consisted primarily of headcount related costs external costs related to the conduct of the <unk> 613 phase II clinical trial, and consulting expenses and fees related to the preparation of the EBIT 613 Indy application.
General and administrative expenses for the year ended December 31, 2020 was primarily made up for salary and related expenses, including share based compensation and professional fees D&O insurance expense and legal fees.
Net comprehensive loss was 10 million for 55 per ordinary share diluted for the year ended December 31, 2020, compared to $10 8 million or <unk> 89 per ordinary share basic and diluted for the year ended December 31, 2019, as a reference point and currently have approximately 24 million primary shares.
Outstanding and 32 million fully diluted shares outstanding.
At December 31, 2020, and Terra had cash and cash equivalents and $8 6 million and and our 20-F that we intend to file today, we will report approximately $15 4 million and cash and cash equivalents as of March 16 2020.
Based on current operating plans, we expect our 2021 operating losses to be between 11 and $12 million. This is of course subject to the expected timing of product development programs, including <unk> 613, and subject to any continuing impact of COVID-19 on our operations as a result, we currently believe our cash position will fund our operation.
Into the second quarter of 2022, I will now turn the call back to Spiro for concluding remarks before we go to Q&A.
Thanks, John.
We're excited about the recently reported data for <unk> 603, and <unk> 612.
We continue to believe that the market opportunity and each of these areas is substantial.
The recently released three months bone and biomarker results demonstrate a clear dose response, using our platform to deliver PTH Harley.
This is great clinical validation.
In addition, the strength of the platform and our balance sheet has enabled us to generate data for several additional molecules such as <unk>.
We have data showing that our proprietary platform works on molecules on broad characteristics and size.
I believe these data will support business about what discussions and generate future value.
Collaborations and partnerships.
Ladies and gentlemen for you of a question or a comment at this time. Please press. The Star then the one key on your Touchtone telephone. If your question has been answered or you wish to move yourself from the queue. Please press the pound key.
Our first question comes from Jason Mccarthy with Maxim Group.
Spiro how are you and thanks for taking the question could you talk just a little bit about.
And the importance of the ratio of <unk> and P and CTX and how that changes.
And more specifically how that compares to what happens with for Teo.
Prolia or any other or Tim was any other.
Fracture, preventing osteo drug that's out there because those ratios are critical.
Insightful too.
Yeah.
Thanks, Jason Yeah, Hi.
Yes, I'll just give a very high level and then I'll direct.
And up.
And then on.
To give more.
Kind of respectively.
Just from a very high level.
And P increase.
Correlates with increased and why bone mineral density and Hannibal and relates to the anabolic effect, whereas CTX.
And translate spot increase and CTX two resorts and all bone. So you really want to be to have an anabolic effect going on.
And have higher <unk> and Pete and.
No actually reducing our CTX and so the fact that we saw that on high dose group for two five milligram dose we saw significant increases in <unk> and MP.
Actually significant reduction and.
CTX is.
And the ideal profile that you would like to get for Oh, So Austria on anabolic.
Perfect and then try and say to increases and bone mineral density.
And but let me have that and then.
To provide.
Some additional lag.
Colorado on on this so that and that's very important question. Thank you Jason.
And Philip before I, let and wanted to cut you off before you.
Part of that question.
Can you also comment.
The lead for Teo brand.
CTX actually goes up.
If you could talk a little bit of that as well after thank you.
Sure sure Thanks, Jason.
Yes, you are correct actually with for Teo or subcutaneous injected PTH one to 34.
Gtx goes up very very significantly.
For more than any of the other drugs you mentioned like Cabello paratype for Prolia.
Or.
For some of the other anabolic agents that are out there specifically identity.
And it's interesting that although we're using the same active pharmaceutical ingredient API as for tail, because our PK profile is somewhat different.
He is more similar to available paratype and also to the PTH patch, specifically those drugs, which have a stronger impact on BMD as can be seen and many of the papers that have been published so there increase and DMT was actually greater than that was what was observed with for Teo.
They both have a much smaller increase and P. One and P, which is to build the bone building marker as compare to for tail, yet because they have a much smaller increase and CTX. They have more of an impact on bone mineral density and bone building.
And our case, we're almost more similar even it too.
On the social map ads entity and the sense that not only do we have a much lower increase and CTX that we actually have a decrease and CTX as well as a rise in people and then.
Both of those factors combined.
And make us believe that we will have we could have very promising results in terms of bone mineral density and we're very excited about that.
And then.
<unk> Spiros.
And maybe you can remind everybody of the clinical pathway to get to potential approval 505 to kind of a one and done.
Trial.
And don't need fracture, which is a huge differentiator.
For and Terry you can just use six month bone mineral density and it's part of that question.
For your comments to that point can you talk a little bit about what the expectations on BMD at six months you think.
And would be clinically meaningful and left to get.
612 approved.
For for from our pre IMD meeting you'll go ahead spirits. Please.
Yes.
Yeah, Thanks, Jason and yes, so just first a high level on the revenue the fiber and probably be two regulatory pathway because that's cash.
It's an important aspect of all of our development program, where and as a final probably be too.
We.
We don't have to run.
Two phase III pivotal studies.
And what routes, which is typical and that.
And I'll come to that one program, we can conduct a single pivotal study and show a.
Comparison study two full channel so it will be a single.
On pivotal study and the.
The FDA has accepted bone mineral density as the clinical and endpoint.
We don't yet know absolutely you do not need fraction reduction and as a as an endpoint. So those studies, obviously require fewer on the luxury of patients and the time and time of those studies is significantly lower.
And some gift and.
And then on to <unk>.
And you have color on the regulatory path and.
And the.
BMD and below our expectation for them and BMD and point.
And I'll just add to what yet.
And I said I'll just add Jason before you go and no. That's okay that we had and our pre IMD meeting that the FDA gave us.
Very explicit guidance and writing.
They're doing one pivotal phase III study with a BMD endpoint non <unk>.
You're already study.
And with <unk> would.
And would be sufficient for approval and as they gave us a very generous margin enough non inferiority.
Very helpful and just to give you an idea of what that study will likely look like.
That study is likely to be a 12 month study with somewhere between 600 800.
Patients and two arms each arm would have about 400 patients or so $1 <unk> and one on <unk>.
What I think is.
<unk>, who has a tremendous amount of experience with clinical trials in osteoporosis.
Add a little bit more clarity, perhaps to what that type of trial might look like and for what.
And our expectations are for the endpoint that would be necessary in order for us to achieve approval.
Okay and last question just briefly if you can just kind of compare and contrast from a high level. The DLP one versus <unk> market I know on the on the.
<unk> <unk> is what.
And almost $600 million and that was in 2019 and haven't checked for this year and then we look at on the <unk> side, which has been a little bit more challenging and nine meters is there.
With an injection for <unk>, one, but that market cap has gone up.
And to near $400 million I think just based on that base.
Based on that one program in particular, and so can you compare and contrast, the opportunities here and maybe where that valuation gap between and Tara and these other places us and may need to close as you kind of move forward.
No.
Thanks Sandra.
And good questions, Jeff So we.
And it sounds like about all of that was the data that we've generated and.
And why we picked up just from <unk>.
Jumping to because we when looking at the physical and chemical characteristics on <unk> and <unk>.
And non engine of how our platform works and was sort of that we had a very high and I had a high likelihood of success.
You would see very good PK and and animal.
Animal models, and we conducted a PK.
PK models and yeah and shown.
And so that we can deliver on our <unk> with a very nice PK profile.
And so been very high achieving high blood blood levels.
So this is again for something.
And somebody has shown that and our.
And <unk> and.
So wildly and.
And they often and we're currently approved <unk> is and often are.
Drug itself and indication and the idea.
And its current annual sales I think I would expect it to be around 600 million for short bowel syndrome.
And but so the DLP twos on flow to also payrolls and other potential diseases. So we see potential opportunity actually not even on indications beyond the short bowel syndrome. So this.
And you see a lot of really strong partnering interest and in LNG and LPG program.
On the Vantiv and some discussions on.
And with potential companies are on expenses and interest and we expect to be updating the market on all progress there I mean.
With regard to <unk>, one and that that is a different peptide but on.
Oh, we actually score is high on our it fits very well with on platform and we see a lot of opportunity to deliver and Harald J L. P. On.
R&D for indications such as obesity chronic indications.
And on huge potential and you know I think.
And you'll be hearing more and more news for months on additional programs as I said beyond <unk>.
Essentially <unk>.
Great. Thanks, guys for those answers.
Great to hear your voice.
And while yes, Jason this is search desserts and tour.
And I just wanted to add one thing for the comments.
Zero and.
Philip about the regulatory pathway.
And once we have our bone mineral density and full safety data on the on.
Ongoing phase two study and Israel, we plan to summarize those data and request and end of phase two meeting with the food and drug administration, given a favorable outcome of the trial that would generally occur later in 2010.
<unk>, one and that's the point and time, where FTA would.
Tell us what they would find acceptable is and then I'm sorry, he is a.
A comparison of the bone density changes without world.
Th and.
And the approved drug product release for Teo.
Super helpful. Thank you very much.
Again, ladies and gentlemen, if you have a question or comment at this time. Please press. The star then the <unk> on you touched on and telephone.
Our next question comes from Calvin <unk> with <unk> capital.
Yes, good morning.
How many shares did you issue from the ATM.
So we currently have current fully diluted share count is about 20, a little less and $24 million and start primary share count what else and 24 million and fully diluted share count a little less and around $32 million.
So.
And I can tell you specifically on terms of.
And I don't have the number and on top of my head how many shares they sold and the ATM, but that's where income you're right and you're right share count you raised $13 million. So what price was the Pope.
Various prices.
On.
Various prices so I'm happy to follow up with you I don't have that number off the top of my head exactly how many we sold if I can just tell you exactly what we have out right now.
Okay, So 32 million fully diluted.
That's correct okay.
Alright. Thanks.
And I'm not showing any further questions at this time I'd like to turn the call back to <unk> for closing remarks.
Yeah. So we entered 2021 with significant momentum.
We've continued to execute on our plans during the first quarter of this year.
This is just the beginning of some very exciting times for and Sarah.
Thanks for everybody for taking the time this morning to join our call and.
And we look forward to providing you with regular.
Our regular updates on our progress.
Have a good day.
Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.
And then.
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