Q4 2020 Spectrum Pharmaceuticals Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to the spectrum Pharmaceuticals fourth quarter and full year 2020 earnings conference call. At this time all participants are in a listen only mode. After the speaker presentation there'll be a question and answer session basket question during the session you'll need to press Star 100.
Telephone please be advised that today's conference is being recorded if you require any further assistance. Please press star zero I would now like to hand, the conference over to your speaker today, Kurt Gustafson spectrum, Chief Financial Officer. Please go ahead.
Thank you operator, and good afternoon to everyone. Thank you for joining us today for spectrum Pharmaceuticals fourth quarter and full year 2020 financial results Conference call.
Our fourth quarter and full year financial results press release was sent out earlier. This afternoon and is available on our website at Www Dot S. P. P. I Rx dotcom.
Joining me on the call today from spectrum Pharmaceuticals will be Joe Turgeon, President and CEO.
Dr. Francois Lebel, Chief Medical Officer, and Tom Riga, Our Chief operating officer.
Before we get started I would like to reference the notice regarding forward looking statements included in today's press release. This notice emphasizes the major uncertainties and risks inherent in the forward looking statements that we will make this afternoon.
These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements.
With that let me hand, the call over to Joe Turgeon CEO of spectrum.
Thank you Curt and good afternoon, everybody and thank you for joining us on the call today. We appreciate your interest in spectrum and I'm excited to be here.
<unk> made great progress over the course of 2020 and that momentum is continuing in 2021, despite the challenges of the pandemic and the impact it's had across the biopharma industry.
Throughout 2020, the spectrum screen demonstrated dedication creativity and focus to maintain our overall momentum which allowed us to achieve a strong finish in 2020.
We achieved the number of important recent milestones that will form the basis for key activities in 2021.
During the fourth quarter, we met with the FDA to review the filing strategy for the submission of an NDA for policy at NAV based on the data from cohort two of our phase II clinical trial Z net 20.
This trial evaluated previously treated patients with non small cell lung cancer with her two exon 20 insertion mutations. These positive results with her two exon 20 mutations demonstrated that holds yet net met the Prespecified primary endpoint in these patients.
Just on our discussions we reached agreement with the FDA to proceed with the submission of a new drug application from Jose Aetna.
Adding to this positive news is the recent fast track designation that was granted by the FDA for this indication.
This is welcome news for spectrum and for the patients with this devastating disease.
We're currently preparing an NDA and look forward to towards submission to the FDA later this year.
Regarding rolando.
The FDA has scheduled to perform the preapproval inspection of our manufacturing facility in May.
As you May recall FDA informed us last year that it was deferring action on the BLA due to their inability to inspect the hanmi bio plant in South Korea as a result of travel restrictions related to the COVID-19 pandemic.
Hanmi pharmaceuticals.
He is an experienced biopharmaceutical manufacturer with a world class facility and they are ready for this inspection.
As a matter of fact Hanmi has received recently approval for a launch this in Korea, which further raises our confidence in the manufacturing readiness.
In addition to advancing our late stage clinical programs, we remain active with business development.
In the fourth quarter, we entered into a licensing transaction for new immuno oncology asset.
Our strategy is to build a portfolio of oncology assets that are synergistic with our existing products and this is a great example of that strategy in action Dr.
Dr. Francois Bell, our CMO will have more to say about this later.
I am pleased and excited by our progress and our two lead clinical development programs and a further addition to our product portfolio.
The dedication of the spectrum team to execute on our goals.
Im confident in our ability to meet our corporate objectives and advance our programs with the aspiration on bringing new treatments to the patients with cancer need them with that I'd like to turn over the call to Dr. Francois Bell our CMO Dr. Francois.
Good afternoon, everyone. It's good to be with you today for a brief update.
We'll begin with pulse on it.
Significant progress has been achieved in this quarter in spite of the COVID-19 imposed constraints.
Preparation for submission of our NDA under fast track designation is well under way and will be based on our positive data from cohort two.
Xena 20 clinical trials.
This important milestone is scheduled for later this year.
As you know there is no approved treatment from a patient with her two exon 20 insertion mutation in non.
Non small cell lung cancer, and we believe those.
Jonathan.
So to be first day market to address this area a great medical need.
In early March we presented data from our cohort side, which is new valor waiting 10, 12, 16 milligram QD or six and eight milligram B I D.
This preliminary data demonstrated improved tolerability and efficacy with eight milligram.
Dose.
We observed reduce dose interruption and lower incidence of grade three adverse events. This led to improved anti tumor activity, which confirms our initial hypothesis.
Since then the data from patients with Egfr.
Or are too.
Hum matured spurred we continue to be very pleased with this additional data on dosing that won't be presented at ACR in less than two weeks.
Now, let me shift to roll on.
Our BLA per roll off.
Is supported by robust clinical data from two large randomized clinical trials.
Regarding the deferred action on a roll on to that Joe mentioned, we believe we that we have answered satisfactorily all questions from the FDA related to the review of the BLA and we believe that the inspection represent.
On the final step in their review process.
<unk> and our partner Hanmi are ready for the FDA Preapproval plant inspection that has been schedule from me.
Enrollment in our same day dosing study winter along this continuum.
This is an exploratory study evaluating the dosing of roll on to on the same day.
Chemotherapy.
Generally white cell growth factor is on the market today has to be given the day after chemotherapy, which can create logistical difficulties for patients.
Following our initial safety evaluation examining doses at 30 minutes three hours five hours post chemotherapy.
Total of nine patient, we are expanding enrollment in the 30 minute arm too.
Sure.
We recently presented the results of the initial safety evaluation at the Miami breast cancer meeting in early March and now the translational poster at ACR.
Now, let's turn to our emerging immuno oncology pipeline.
Starting with our focused interferon therapeutics program or fit share.
It consists of a fusion protein of an anti CD 20 antibody conjugate.
Conjugated to Alpha interferon.
<unk> fusion protein is directed against CD 20, expressing b cells and he's been phase one dose escalating study for treating patients with relapsed or refractory non hodgkin lymphoma, including diffuse large b cell lymphoma.
We recently presented data at ESMO in a rodent model, suggesting IRA activity than Rituximab and a good safety profile.
We now have sites open for enrollment.
As Joe mentioned, we entered into a licensing transaction with terrapin.
A new immuno oncology asset covering a proprietary product known as <unk> 12.
Inc. Capsulate it controlled release IL 12 formulation.
Well, sometimes called the master regulator of the immune system and you can and then cytotoxic T cells and NK cell activity, which are important mediators of tumor killing.
It has been shown in a number of solid tumors to reprogram, the tumor microenvironment and reduce T suppressive cell.
This program is currently in preclinical development and we will have more to say when we get closer to filing a 90 day.
2021 is a big year for spectrum, as we add key regulatory milestones and multiple data readouts.
I look forward to providing you further updates on our progress throughout the year.
Debt.
I will turn it over to Kurt for a review of our financials.
Thank you Francois.
Our SG&A expense for the fourth quarter of 2020 was $15 7 million versus $15 1 million in the previous year.
R&D expense was $47 2 million versus $23 3 million.
The increase in R&D expense relates primarily to a one time charge of $28 2 million to write down assets at our secondary source for Relaunches manufacturing facility.
Much of this cost was related to equipment installation and validation processes, which will not be recoverable, while the actual physical equipment was written down to fair market value.
Approximately three years ago, when we evaluated hanmi is capacity at bio plant. One there was a question about their ability to meet our peak demand forecast.
As a result, we commissioned a second manufacturing source and invested significant capital at this facility.
Since that time, a couple of things have happened.
First Hanmi has made great progress and invested in a brand new state of the art facility in bio plant too that will greatly increase their capacity.
The completion of this facility is ahead of schedule and was constructed with investment in collaboration with large pharma partners and is now fully commissioned.
Second the timelines for our secondary manufacturer did not meet our expectations and as a result, it was deemed unlikely to be a solution for us at peak demand.
So as we evaluated the capabilities risks and economics of these new manufacturers. We believe that the combination of Hanmi is bio plant, one and bio plant two will provide the most efficient and cost effective solution to our long term supply needs.
And as a result, we have made decision to discontinue our work at the secondary manufacturing site, which.
Which is what's leading to this chart.
This has no impact on near term launch supplies. We currently have over 12 months of supply here in the U S ready for the launch.
Moving on to other income expense the gain in the fourth quarter was $12 9 million compared to a loss of $24 million in the period a year ago.
The gain primarily relates to an increase in the value of our equity holdings in coffee pharmaceuticals.
Our net loss for the quarter from continuing operations was $49 9 million versus $42 million in the comparable period in 2019.
On a non-GAAP basis, which primarily backs out one time impairment charge stock compensation costs and the change in value of our coffee securities our loss for the quarter was $28 9 million versus $33 4 million in the prior year period.
We ended the year with $180 million in cash plus marketable securities, which are down approximately $18 million from the previous quarter.
Operating cash burn, which is a better measure of our ongoing cash outflow was $33 million for the fourth quarter.
This is consistent with where we've been the last few quarters.
Also.
First quarter of 2021, we issued approximately $21 million of equity utilizing our ATM facility.
This was at a time when we did not have clarity on the timing of the FDA inspection.
We are now forecasting that our current cash position should provide sufficient runway to a relaunches launch and they pose yacht neb approval.
With that let me now hand, the call back to Joe.
Thank you Kurt Thank you Dr. Francois.
I think you can see from everyone's remarks that spectrum continues to make strong and steady progress on our pipeline we.
We look forward to the completion of the inspection of a rollout this manufacturing facility.
We'll update you later this year on the progress of our NDA proposed yeah net.
And sharing results on our ongoing cohorts and Athena 20 clinical trial.
Once again I'd like to thank our entire team for their hard work and their dedication in these unprecedented times and we look forward to keeping you informed on all of our future progress.
I'd like to open the call for questions.
Operator, if you could open the call on place.
Thank you that is a reminder to ask a question you will need to press star 100 telephone to withdraw your question press the pound key please limit yourself to one question and one follow up please stand by while we compile the Q&A roster.
Our first question comes from Maury Raycroft with Jefferies. You May proceed with your question.
Hey, Mark Hey, everyone I.
Everyone. Congrats on the progress and thanks for taking my questions.
First one is just on <unk>.
A kind of a naive question, but just wondering if you could provide more clarity into specific next steps after the inspection and what timing could look like there and has FDA given you any feedback on the rest of your BLA BLA filing which includes the clinical data.
French Fry do you want to comment on that.
Sure.
No.
So let me start with.
Let's just say that when we got the deferral.
As opposed to a complete response E. R. L. A debt usually indicate that the FDA is.
You know, they're pausing their review and the only debt left to our knowledge.
Is the inspection we've had a lot of discussion with the SBA on all of the other matters and our understanding is debt. We have you know answered all their questions satisfactorily. So we believe the inspection is a fundamentally on the last step.
As to the timing.
Following an inspection assuming that there's no inc.
Issues, you know roughly I think a little more than a month.
Blaze, the ballpark figure and maybe I'll pass it on to.
Our mind on my colleague to tell you about.
Launch activities its debt what youre asking.
Sure Yeah, that'd be great. If you want to go more into launch activities that would be helpful as well.
And if you could comment on your launch readiness.
Hey, Maury, it's Tom we're thrilled we can't wait for this approval and we're ready to launch we will be out in force. Upon approval. We have the leadership team in place we have a gated hiring of our sales reps, which are the vast majority have been identified and we will begin <unk>.
Manned generation soon thereafter approval and we're looking forward to this inspection on me.
Got it Okay. That's helpful and maybe one follow up on.
ACR, just wondering if youre going to breakout cohort five patients by mutational status and can you say how much follow up on how many additional patients are going to be at ACR relative to the ESMO Tat update.
Alright, let me start with the.
On the nature of the communication so we're gonna be speaking on.
Both Egfr and <unk> to a patient.
And will be.
Focusing on the dosing so on.
In other words are we going to provide results and activity anti tumor activity as well as safety profile of the 10 to 12.
On the 16 milligram as well as the.
This system on a b E. So.
So that's the focus.
For the initial communication.
And we will actually be reporting on the next set of 100 patients total.
Great Okay.
And are you seeing anything on the amount of follow up time for the patients.
Yeah, well the follow up.
Will vary.
Simply because we'll report we'll be reporting resolved very you know very French resolved so.
Obviously, it is going to be more detail at ACR, but at this time I will just say that the we are confident that we can reported preliminary data on you know we have come to some conclusion and we will communicate data at ACR.
Okay. Thank you very much for taking my questions.
Alright, Thank you Mark.
Thank you. Our next question comes from Alethia Young with Cantor Fitzgerald You May proceed with your question.
Hi, This is Emily on for at least the on thanks for taking our questions on congrats on the progress I was wondering if the FDA has already begun doing international infection or if may is kind of there assume timeframe for starting those up again I guess.
Is there any risk that they may timeline could be pushed back or is that do you feel that that's like a pretty tough on that.
Yeah, Thanks, Emily I'll I'll I'll answer.
First of all I can't answer in general what the Fda's position is on international inspections, I can only speak for ours, but I can tell you that we've already <unk> already met with Hanmi in our personnel and they've gone through Covid.
All of the procedures with Covid the way everything is going to be done.
And they're all set to come in May So everything is being set up so we feel that.
Unless something Crazy happens, we're looking forward to have any inspection done in may.
Okay, great. Thank you.
Thank you.
Thank you. Our next question comes from Ed White with H C. Wainwright you May proceed with your question.
Okay.
Hi, guys. Thanks for taking my questions.
Hey, Joe.
So.
As far as.
Who is he goes and how should we be thinking about Egfr exon 20 mutations.
With the B I D dosing is there a potential to readdress. This this market and perhaps.
Develop a new study or expand the cohort five.
On to focus on Egfr.
Alone.
Yeah.
So very good question.
You know on.
We met the primary endpoint cord to one or two second line, but we have shown consistently across the.
The other cohort, although cohort one and three on not met primary endpoint, we showed pretty significant clinical activity. There. Nonetheless, so yes, we are.
Reexamining cohorts five was enrolling patients that were egfr enter into or I'm, sorry, not and but bolt on either one and we will present data at ACR.
You are the majority of which will actually come from Egfr patients. So we'll be reporting and making comments on the various dosing strategy in.
Is there a general impact obviously as I said the data is fresh off the press so.
It's gonna be preliminary but nonetheless, I think it will be.
Very unfortunate.
Okay. Thanks Francois.
And then perhaps a question for Kurt.
How should we be thinking about.
SG&A and R&D expenses going forward as you mentioned there were a lot of one time.
Factors.
On the fourth quarter numbers. So I'm just wondering how we should be thinking about.
SG&A and R&D costs going forward throughout 2021.
And then.
It seems that Tom is going to hire the bulk of the sales force once you get approval so.
Former Lantis I, just want to make sure I heard that correctly. Thank you.
Yeah, no. So I guess the guidance I would give you on SG&A costs add would be if you just take a look at historically we've been.
Pretty consistent around that $15 million number now that that number per quarter right. So that number will go up.
Slightly as we hire additional sales folks, but this is not a big sales team. So it's not not going to be a dramatic increase but you know there will be marketing costs as well so that so that will go up.
As we move into kind of the actual launch period.
For our largest.
With regards to R&D that number can be it can bounce around a little bit depending on whether or not we're buying inventory as you recall when we purchased preapproval.
Inventory, that's that's classified as an R&D cost and so when we take possession of that.
Material that can kind of bumped the numbers up and down.
When we sell it.
It will come out it is zero cost of goods sold.
Eventually.
Most approval those costs would be booked as inventories. So you might actually see R&D cost for that.
Prospective go down so.
I think you can go back and take a look at just in general.
If you average over the previous quarters that can give you a good.
A good signal for kind of a longer period of time, but quarter to quarter it could bounce around a little bit.
Okay. Thanks Curt.
Oh, Hey, Curt one last question on the yes on the <unk>.
T M.
You had a $21 million raise.
Thus far this year.
What was the number of shares that were issued associated with that $21 million raise.
Ed I'm going to have to go back and look my recollection.
It's right around five and a half million shares, but let me let me we'll report those numbers in the in the 10-K tomorrow.
Okay.
Great. Thank you.
Thank you Ed.
Thank you. Our next question comes from my on some time he would be around the securities. You May proceed with your question.
Hi, Good afternoon theme misses Tahoe tapped me on for my on congrats on all the progress on the quarter. Just a couple of brief questions from US maybe first relating to the data expected at ACR from Louisiana.
At the end of 'twenty cohorts and eat.
Dow thing info on both on the efficacy and sort of safety and Tolerability side that might be relevant to include in the ongoing NDA submission as it relates to cohort two is some data that the agency may benefit from and then just a brief question on the same day dosing trial afterwards.
Sure.
So yes look the NDA the discussion we've had so far with you on the FDA is relates to cohort two.
As you know cohort two was done with 60 milligram.
Per day, and we met the pre specified endpoint actually exceeded a little bit so that's going to be the focus of the submission now when you do a submission you have to.
Provide the FDA essentially complete information about what you know about the drug safety and efficacy et cetera, including a section called dose justification. So obviously, we're going to be providing them additional information on some of our findings would be.
I'd dosing and as you know we presented before that just recently.
On the <unk> dosing actually add a positive impact.
A signal about better antitumor activity, but also pretty significant a.
Reduction in <unk>.
In adverse events, so Daniel will definitely see the information and.
And we will have good discussion, but the core of the submission is cohort two.
Great. That's very helpful. Thank you and then as you think about the same day dosing trial with roll on to can you talk about you know in the context of the expanded enrollment how you think about the path forward.
Sure so we.
The expansion to 15 patient, we fundamentally want to confirm the same safety profile, we saw 30 minutes.
Which was not a dramatically different from the large pivotal trials we had done.
When we gave the drug at 24 hours later, and Oh, we ought to make sure that the attributes that we're seeing there, meaning the more rapid a recovery from neutropenia.
It's seen as well so if all those things are seen Oh.
We probably would engage in a discussion with the FDA to the path forward. We have developed some plan, but I don't want to go in detail now until we are you know we do the next step of expanding to 15, and then talking to the FDA.
Okay.
Got it alright, thank you very much for taking our questions and very much look forward to the data at ACR Congrats on the progress.
Thank you operator, operator, if you can hold on one second I looked up your number if you're still on the line. It was five 7 million shares that were issued in the quarter.
Yeah.
And you can continue to operator.
Thank you. Our next question comes from Ren Benjamin with JMP Securities. You May proceed with your question.
Hey, good afternoon, guys. Thanks for taking the questions and congrats on the quarter as well.
Great to see debt you know the inspections, moving forward and and it's coming up I guess.
Based on the comments that were made I just want to confirm.
About a month after the inspection is done we expect to have an SBA debt.
Decision I just want to make sure I heard that right and then after the decision is made right and from there.
We on approval can you just talk a little bit about.
How long after we could have the launch because.
I'm thinking that it could be kind of a staggered launch as salespeople R. R.
<unk> hired that.
They kind of get going or do we have to wait for all 60 to kind of be onboard before we can really start thinking about revenues and should we be thinking about revenues in the third quarter fourth quarter, how should we be seeing this rollout occur.
Yeah. Ren this is Joe I'm going to start and I'll, let Tom comment more on the on the launch itself on that.
And the timing of revenues et cetera to answer your first part of your questions on on clarity.
<unk>, we said it we don't know the exact time, but it usually takes about a month or so and that's what we're saying so we don't know for sure when the when the agency will will get back to us, but I want to stress, we feel and that's what's been indicated to us. That's the last step in the procedure here, because we didn't get a fiat rolled back and when we got the deferral.
So we.
We hope this is the last one.
On your film this is the last piece on the thing to do after that so that's why we said about a month. That's just speaking generically from other drugs and I hope that helps on that.
Thank you on approvals now Tom why don't you walk them through the.
On.
On the the timing of what's happening on the launch.
Sure.
Just by way of reminder, we have approximately 25 of the 60 Ftes on board today.
The hiring will be triggered upon a successful pre approval inspection and we will bring those folks on board. So if youre thinking about approval plus you begin demand generation with the leadership team.
Of all contract Rollouts and beginning to engage customers.
In pretty short order post approval you would then have certifications training and customary things like license number being a fix to the syringes final pis being printed I think in line with biologic. So think about four to eight weeks post approval for product and channel.
Oh and real demand generation to be filled.
How we're thinking about that.
Got it and can you remind me from the.
And the discussions you've been having regarding.
Reimbursement because you know it's not a biosimilar.
Your your differentiated can you just remind us kind of where you are with that.
Yeah. So we have been very active and the final approval on label.
We will trigger the submission to CMS to the initial launch would be with the miscellaneous J 99 code and then you figure in the neighborhood of.
A quarter, depending on the actual timing of our timing windows.
CMS has shortened those windows of what they used to be but depending on the actual timing of approval.
And then launch with a miscellaneous J code customers would have we would extend dating terms.
On a miscellaneous J codes, and then CMS would.
Issue a permanent J code that is independent for roll on tests as a BLA product, we would be on unilateral control of our own discounts rebates and reporting to CMS and ultimately the reimbursement of the product would not be contingent upon anybody else's activity.
Other than ours, and I think at the end of the day, what that equates to is stability and predictability at the customer level for how they should be thinking about reimbursement.
So when we look at this we think it's a real advantage at a time when there is a fair amount of chaos.
And a very significant market within whitesell G. CSF and we think it gives us a unique opportunity to both be competitive and offer physicians an alternative choice.
Got it perfect.
And then just one question on the same day dosing, we have the expansion for 15 patients when you know how.
How I guess how quickly do you think we could get those patients and I guess it is just going back from a previous previous question, but if we expect let's say those results I'm going to say within six months or so correct me if uplift my timing is off.
It seems like you might be able to go with that straight to the F. D. A to come up with some sort of.
Maybe a little bit of a larger study maybe a bridging study or do you think you might be able to actually modify the label. According to these just these limited number of patients.
Yeah. So it's Francois here I'll take that one so I just wanted to be clear that day initial filing the BLA that's under review where.
Where were you talking debt.
The inspection at least we believe so so we don't we don't have anything about same day dosing in that.
Potential approval.
In near term now.
Soon as we go through the expansion get the day, though.
It confirms what we saw earlier and it really truly you know there is that attribute of our product that debt.
Because it's novel.
Yes.
On a meaningful difference from some of the Biosimilar on the originator in the sense that it has different kinetics and especially different pharmacodynamic.
It stays in the bone marrow longer so all of these attributes make it you know a little different here and its behavior.
And from the others.
And so those elements what has to be discussed with the FDA as to.
What is the next step and you know depending on the strength of the signal we see an expansion that's really going to affect on our design of the net debt and so I wish I could tell you more now, but unfortunately, we're going to have to wait to get those resolved we think by the way that we should be able to.
To recruit those patients quite rapidly we don't expect our per.
On track.
How long.
Or difficult.
Recruitment.
Got it okay. Thanks for the clarity on that I guess, just one final question for you, it's probably for you Francois.
The you know we have.
Cohort five the various.
Dosing schedules I guess I'm trying to understand what are then the next step so let's say we decided okay look eight megs.
D looks really good based on these expanded number of patients.
On what happens at that point do we do we just kind of leave it out there as a as a published manuscript and one supposedly gets approved for her.
Hershey patients jets on 20 patients physicians can utilize the literature and kind of modify it themselves or do you feel that you know what you really want to get out there expanded.
You know that dosing schedule to Egfr exon 20 insertions.
As well as maybe you get a formal label change by conducting a proper study.
Yeah. So look I don't want to get on ahead of myself here.
10 days or so you're gonna you've got on to see the abstract and then the presentation.
So obviously, we need to wait.
Wait for that Hum, but if we assume debt the signal is good.
Against Egfr and continues to be good winter too.
On the natural thing that one would do other than discussing it with the SBA obviously would.
Would be you know further expansion of our core debt looks good right. That's the normal thing that you would do.
The timing, obviously would be critical we have to be careful because you know when you presented new data to the FDA. It can change your to do so we're gonna be very careful and proceed.
Consciously but at the same time, we want to share. The good data that we think we know we have and will provide U S. A.
Yeah, and you know.
We got fast track designation as a reason for that is a real medical need here.
And pose the certainly appears to.
And some very good signal in comparison to.
Some of the other drug in development.
Sounds great. Thanks, very much for taking the questions.
Thanks, Brian.
Thank you and I'm not showing any further questions. At this time I would now like to turn the call back over to Joe Turgeon for any further remarks.
Thank you, Josh and I'd like to conclude the call I'd say, thank you for all of the participation and everybody's interest on the call today I really appreciate it and I'd like everybody to have a great afternoon, and we'll be we'll be speaking on the other.
Financial meeting along the way here. So we look forward to presenting at ACR and future day does as the year goes up. Thank you very much for your interest.
Okay.
Thank you ladies and gentlemen. This concludes today's conference call. Thank you for participating you may now disconnect.
Okay.
Yeah.
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