Q1 2021 IMV Inc Earnings Call
Good morning on thank you for standing by welcome to the I M Z, Inc. First quarter 2021 conference call on.
At this time all participants are in a listen only mode.
After the speakers present issue there would be a question on I'm substation.
So ask a question during the session you will need to press star one on your telephone.
If you require any further assistance please press star zero.
I would now like to hand, the conference over to P. F lobby Chief Financial Officer. Thank you. Please go ahead.
Thank you Pekka good morning, everyone. My name is Jay L. D C. A fourth line and I'm pleased to welcome you to our thankful with an operational update and first quarter financial results Conference call.
I'm joined today by Fred the Hart, our Chief Executive Officer, and Andrew All our Chief business Officer, who will be additive as a label for the question and answer period at the end of the call.
Fred will begin with an overview of the company's core personal on lights, and Andrew will follow with comments about the clinical program.
I will conclude with the financial summary of the quarter.
During this call, we will discuss our business outlook and make forward looking statements.
Any forward looking statements made today are pursuant to and within the meaning of the safe Harbor provisions on epic.
Well the securities laws.
These comments are based on share and expectations of management regarding future events and operating performance.
There are no guarantees of future performance or results.
All forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
Risks are discussed in our continuous disclosure documents filed and compliance with applicable securities law.
The press release, you M D N E and the financial statements are all posted on our website at INV, Iceland, Inc. Dot com.
If you wish to receive a copy of these documents. Please do not hesitate to contact us finally take note debt, we will take questions only from sell side analysts.
I will now turn the call over to Fred threat.
Thank you good morning, everyone and welcome I am very pleased today to have the opportunity to review our progress in the first quarter, including important milestone in our cancer T cell therapy program.
Our clinical programs continue to progress according to plan, including the initiation of our phase III relapse refractory <unk> study in combination with Merck's Keytruda.
<unk> respect to the simple study, we completed regulatory filings and we have studied on enrolling clinical sites in the U S and Canada and our spending into other countries.
At the same time, we continue to expand the footprint of Marlboro Fatima test beyond the current ongoing trials and saw it on a metallurgical malignancies.
Earlier this week, we announced a new investigator initiated study in breast cancer, which we plan to initiate in the first quarter of this year.
Andrew will provide further details about this study later in the call, but I want to share the enthusiasm that we have about the study for.
First of all surviving has been identified by investigators at Providence Cancer Institute in Boston in Oregon.
As a biomarker of resistant to treatment in this patient population.
This discovery is giving us the opportunity for the first time to test they were surviving targeted T cell therapy in an earlier line of treatment. It is also a new adjuvant study, providing a unique opportunity to access the complete tumor resection after surgery and demonstrates day.
In vivo restaurants to our Etame, we believe that both the level of information on demonstration that can come out with on the study has the potential to create significant value for our platform and our shareholders.
We are still on track to initiate and to pick on household the year a phase one study in non muscle invasive bladder cancer.
Through our collaboration with the Research Center Office University Lab, I Didnt, Quebec City.
The study is sponsored by <unk> and will be partially funded by the government by government grants.
In this study which is also in the earlier line of treatment, we will be targeting MAGE <unk> family member and nine and surviving.
Both have been associated with the biology on bladder cancer and a poorer prognosis.
This is an exciting milestone for the company on this as the first in human trial force taken immunotherapy EPS from H. This trial has the potential to further demonstrate the interest until you do you have a platform.
And its ability to generate targeted T cell therapy useful values syndications, Andrew will also give more detail about these dual targeted immunotherapy later in the presentation.
Before I turn the conference to Andrew I wish to welcome to the two exceptional New Board members, Mr. Kadkhodai Lanka and Doctor Michael tell us.
Following the recent departure of weighted Pisano and the announced retirement of James hold following this year's annual meeting all day.
I'd like to take this opportunity to thank both of them wane and James for their dedications and guidance throughout the years and which then the very best going forward.
Mr Kai because I named cash turnkey service as Chief Financial Officer, and Chief operating officer at Goldfinch Bio a precision medicine company guidance brings over 20 years of experience on the senior leader in the biopharmaceutical industry with a successful track record in forming and negotiate.
On Friday to collaborations leading financing, including the idea of blueprint medicines as well on building and directing business on the finance functions.
I also want to welcome Victor on Michael kind of biodiesel, an internationally recognized expert in T cell therapy and immunotherapy.
<unk> has over 25 years of experience across felt their IP on immuno oncology and global organizations.
Chat Jensen and Eli Lilly.
The laboratory founded and directed at the University of Pennsylvania.
Laid our key role in the success of the cell therapy program.
<unk> been including the clinical development that led to the approval of <unk>. The first ever FDA approved car T cell therapy.
Finally, our management of day to day Doctor, John Kinzer gave our origination for personal reasons effective June 11 two.
2021 over the next week draws on world transition responsibilities, while remaining in her role as Chief Medical Officer, and we are actively working with our recruitment for them to hire a new chief Medical officer.
We'll drive Marvell as two items registration in the meantime, our clinical and regulatory teams will continue to execute and keep on track, although we're disciplined program.
Thanks, Ron for contribution during your tenure and wish her the very bad debt.
This concludes my opening remarks, and I will now turn the conference over to Andrew for a more detailed review of our clinical program.
Yeah.
Thank you Fred good morning, everyone.
Before I get into the specifics I'd like to emphasize as illustrated on slide six the steady progress on N V has made expanding the clinical footprint supporting the broad utility of Maverick Pikmin S. On.
I'm also excited to present for the first time, our second clinical asset D. P. Ex some age a dual targeted T cell therapy that will be first investigated in bladder cancer.
Looking ahead.
We now have clear path to market as a matter of pigment as J D O B C L and compelling das or in many indications with multiple pending catalysts set to occur over the next 12 months.
I would like to remind you all the clinical success demonstrated with Maverick shipment asked is supported by the outstanding value proposition behind I am that these novel <unk> platform. This technology has enabled the demonstration of efficacy through a unique and potentially synergistic with other mechanism with other immune.
Therapies that is well tolerated easy to administer and importantly.
Cost effective to manufacture.
It also supports D P ex MH and we're exploring its application for other non peptide therapeutic targets.
With that said I will now review the progress of our oncology programs, starting on slide nine with refractory or.
Relapsed refractory D L B C L.
As Fred mentioned, we filed our investigational new drug application with the FDA and the clinical trial application to health, Canada in parallel to support the initiation of the phase II <unk> study.
Considering the typical procedures and potential questions regulators may ask prior to approval, we anticipate the trial to be initiated towards the end of quarter. Two this year.
This trial will first in both U S and Canadian sites, and then expand to Europe and Australia later this year.
Our strategy here is to move as quickly as possible for this trial and to activate as many sites as necessary to ensure a rapid recruitment.
We know this space is competitive although from initial conversations with prospective clinical sites. We are confident that the differentiation of Maverick Pip Manassas, Keytruda will drive timely enrollment.
As a reminder, this.
Trial is a three arm randomized parallel group Simon two stage study that will assess the combination of Maverick Hickman S. K truda with and without cyclophosphamide with a third on to evaluate Maverick Hickman S. As a single agent.
Across the three arms of this study I am Beasley compounds will be evaluated in up to 150 patients with relapsed or refractory <unk>, who have received at least two prior lines of systemic therapy.
And who have failed autologous stem cell transplant or car T therapy.
The primary endpoint of the study is the objective response rate centrally evaluated.
<unk> 2014 criteria and measured by the number of subjects achieving a best response, a partial or complete response during the two year treatment period.
All subjects will be evaluated today at baseline PDL, one expression so to validate the exceptional spiral down till we reported this year or last year I should apologize that highlighted PD one as a predictive biomarker for clinical success by the current timeline, we anticipate dosing our first patient shortly and look forward to <unk>.
Entering an interim clinical analysis for this trial early in 2022.
I will now briefly discuss our plans in recurrent ovarian cancer on slide 10.
As previously communicated biomarker analyses are ongoing from the tissue collected in the decide trial and are expected to be completed this quarter. The goal here is to better understand the treatment activity and potential predictive biomarkers in this population.
To help inform the next stage of development.
With the balance in efficacy alright.
With the balance of efficacy and Tolerability demonstrated with maverick shipment as in patients with ovarian cancer.
Early in the treatment regimen is a natural fit.
Is it trial in this population will be larger and longer the ability to predict response is really important.
Once the analysis is completed we will request a meeting with the FDA in the second half of this year to finalize the design of the next trial.
We will also present the analysis of the translational data set in an upcoming scientific conference.
Before discussing that in debt before discussing the new investigator initiated study in breast cancer.
I'll quickly mention that there is no material update to provide with you with respect to the basket trial.
As a demonstration of our expanded footprint in oncology and the potential of our lead immunotherapy, we announced earlier this week that Maverick shipment S will be investigated in patients with hormone receptor positive her two negative breast cancer.
I would like to remind you. This population includes nearly 70% of all patients with breast cancer and the unmet need remains high considering the well understood pull response to neo adjuvant endocrine treadmill.
This investigator initiated phase one B study will be conducted at the Providence Cancer Institute in Portland in Oregon.
Oregon is expected to begin later this summer.
The three day trial is a three arm investigate investigation of Maverick happening in combination with an aromatase inhibitor with and without radio therapy or cyclophosphamide prior to surgery.
Across the three arms of the study <unk> S will be evaluated in 18 subjects with resectable non metastatic hormone receptor positive her two negative breast cancer.
Primary objective is to evaluate the safety of the Neo adjuvant combination.
The study will also examine the tumor microenvironment in detail.
<unk> therapeutic hypothesis that survive on specific T cells are driving the efficacy of <unk> in solid tumors.
As such the study will also include an extensive translational analysis.
<unk> tissue and serum to identify markers of activity in the tumor and within the tumor microenvironment.
We're particularly enthusiastic about the therapeutic potential of Maverick <unk> S. In breast cancer as Fred mentioned, we know that survive and expression as part positively correlated with negative outcomes in this tumor type.
Not only will this trial deepen our understanding of what it's never a pittman S and the DP ex platform in a new and different population of patients.
But it will also identify markers that may derisk future clinical studies in other solid tumors with high survive and expression.
Moving on to slide 12, I'd like to briefly introduce our second clinical product D. P X M H.
<unk> targeted T cell therapy.
This product combines the D P ex platform in two types of cancer antigens.
By them and May Jane on.
Magi nine as a member of the MAGE proteins family, which is frequently expressed in human cancers, including bladder lung and kidney.
Selected peptides of Magi, nine will be formulated with selected peptides from the surviving protein and the D. PX platform to form a new and dual targeted T cell activating therapy D. P ex image.
Doctor for day and his team had successfully completed preclinical evaluations and we are really excited to move this important therapy into clinic.
I'll first investigation of <unk> will be as monotherapy in patients with non muscle invasive bladder cancer and.
And in combination with a checkpoint inhibitor in muscle invasive bladder cancer.
Designing these sponsored trial will be led by Dr. <unk> per day and his team up to the day as a professor of surgery and research in cancer immunotherapy at the Hospital Research Center at Laval University in Quebec City.
The first study will evaluate D P ex them age with and without cyclophosphamide price of trends urethral resection of recurrent low grade or high grade non muscle invasive bladder cancer and is scheduled to be initiated in the second half of this year.
The second study, which will be initiated sequentially.
<unk> DP ex MH and an anti PD one for the treatment of muscle invasive bladder cancer prior to and following cystectomy.
Before turning the conference back to P. F for a review of the quarters financials I'll quickly mention that there is no material update to provide with respect to the COVID-19 program in this quarter Pierre I'll pass the conference back to you.
Thanks, Andrew.
Before I get into the financial I want to under line of change in our accounting policy.
Effective January one 2021, we adopted the U S dollar as our functional and cause a patient on currency.
Prior to this day, the functional and presentation currency was the Canadian dollar.
The change in the functional currency from the Canadian dollar to the U S. Dollar was made to more closely reflect the primary economic environment in which we currently operate.
The change in our functional currency was applied prospectively.
Or the change in presentation currency currency. It was applied retrospectively and therefore, the financial statements are presented in U S. Dollar together with a comparative information as of December 31, 2020 and for.
For the three months period ended March 31st 2012.
Can find more information on this change in note two of the financial statements for the three months earlier than the March 31 2021 now.
Now back to the financials.
For the three months period ended March 31st 2021, R&D expenses were $4 7 million compared to $5 1 million for the same period last year the.
The decrease of $400 was mainly due to a decrease in expense related to the ongoing basket trial and also the timing of manufacturing activities for the PX survive ex N D picks from age towards partially offset by an increase of.
In personal costs due to an increase in net count.
<unk> expenses related to the preclinical development of D. P ex COVID-19.
The government assistance totaled $1 2 million for the three months period ended March 31, 2021 compared to $400000 in Q1 2020.
This increase is mainly explained by government grants from the Canadian government towards the development of DP ex COVID-19.
The G&A expenses increased to $3 2 million.
From $2 3 million last year and this is explained entirely by an increase of $900000 and insurance premiums.
The net loss and comprehensive loss for southern Ohio, or 10 cents per share for the quarter compared to $7 2 million or <unk> 14 per share for the same period last year.
As of March 31st 2021, the company at cash on cash it goes on that so a pretty poor fall ammonia compared to $36 3 million at the end of 2020.
For the purpose of assisting the corporation as a going concern although it is difficult to predict funding requirements based on the carry on until personal plan. It is anticipated debt existing cash and cash equivalents and identified put them. So sources of cash will fund operations and capital.
Expenses for a requirement on until the first quarter of 2020 to visa.
These estimates are based on assumptions and plans, which may change and which could impact the magnitude or the timing on operating expenses Capex and the corporation's cash runway.
It also does not take into account any use of the ATM that we have in place or any other potential non dilutive funding.
Cash and cash equivalents decreased by five 8 million in the first quarter of 2021, we used $7 8 million vulgar, a cash and operating activities and point 4 million in investing activities.
Financing activities during the reported $2 million and effect of foreign exchange on cash generated 0.1 that line.
Net cash generated by financing activities come from on at the market facility for gross proceeds of $2 $3 million.
As of May 11, 2021, the number of issued and outstanding common share.
67, 8 million and a total of $5 1 million stock options.
Hughes and warrants were outstanding.
Finally take note that the corporation's financial statements for the three months period ended March 31, 2021, and they are really two MD&A are available on SEDAR on Edgar and on the company's website.
Thanks for your attention and I will now turn the call back over to Fred for his closing comments before the Q&A session.
Thanks, Pierre our presentation today should give you a good indication of the significant recent progress we have made expanding the footprint of my board Fatima test into new indications and broadening our pipeline to well to new targeted T cell therapies.
Same time, we're able to attract new on high quality T ball members that would provide valuable guidance on advancing on the next level on that back from a clinical stage jump and need to day to fix this full format tomorrow.
We continue making progress in our quest to don't even improve outcomes for patients. We are also grateful for the continued support of all of our dedicated employees take hold the responders and shareholders.
Thank you for your attention.
Later, we all know we're ready to take questions.
As a reminder to ask a question you will need to press star one on your telephone.
So we draw on your question.
On all Husky.
Please stand by while we compile Q1 investor.
Your first question comes from the line of Tom Shrader of BT I G. Please go ahead. Your line is open.
Hi. This is can we hear you from Tom Thanks for taking our question I just have one can you talk about your rationale for selecting HR positive <unk> negative breast cancer that there arent a lot off line.
Therapies approved in this setting and patients seem to respond well to therapy like CDK inhibitors and third.
Okay.
Thanks for your question. This is Fred you Oh I'm sorry.
And maybe Andrew can can complete.
So it's really.
Investigators that followed the phone does from the are still guiding to cell therapy, because they have like Andrew was explaining identified that in the <unk> setting. So it's really in the neo adjuvant setting first the rates on the response of the day.
That are currently being used is quite low.
Person, but when you are looking at those non responders, we see which is the majority of women being treated that then they would do on stage.
And you look at what could be the potential reasons for that they found out that surviving was one of the most up regulated biomarker for resistant to treatment. So the day. They found us really we didnt from them.
But what we like very much about it on you've heard us saying. These many times. We believe that there are two things that I'm bolt on for making T cell therapy work. He is the first one is creating a meaningful dose of T cells in the blood of patients so controlling the pharmacokinetic, which we are doing with our plan.
D P ex and the second thing is targeting.
On something in cancer that is really associated with the biology of cancer something that plays a role in the evolution of cancer resistance to two two treatment and this is really the perfect case here for us not only we have all of this but ultimately most surely your line of setting.
In the new adjuvant setting where.
It's probably the best place for immunotherapy to be and at the same time. The bar is quite low again in the net new adjuvant City I don't know Andrew if you want it had the more on this.
I just had a little fly, but and I think it's important to recognize as a sort of a strategic driver for I am day now that the idea of following the biology with the high expression of survival. In this population that appears to be more distant to treatment.
<unk> is a really compelling reason to go into this population.
Commercially it is the largest point in breast the largest size population in breast cancer and it's obviously very appealing for the reasons that Fred mentioned respect to earlier lines of treatment on a more a more immune enabled population and potentially a more available population as we understand that that light line in breast cancer. It is very competitive.
But this idea of following the biology in a population, where we would be able to collect tissue to do analysis and then maybe identify other solid that we can follow behind that is a really exciting step forward for this technology and importantly, as we're now creating other therapeutics with with.
The therapeutic August we might start to find day improved rationale for even further expansion of the <unk> footprint beyond what we're showing with macro pet minutes. So it's a it's an excellent question and I think the observation that we are following the biology is important to reiterate.
Great. Thank you and congrats on the progress.
Thank you.
Your next question comes from Joe Palm Guinness of H C. Wainwright. Please go ahead. Your line is open.
Hey, guys. Good morning, and thanks for taking the question and sad to see Joanne go.
Good luck on your next steps.
So just continuing in the breast cancer vein here.
Wanted to just continue on talking about benchmarking. So first with regard to the upcoming study I know you talked about broadly the inclusion criteria, but what stages of diseases are the patients going to be and then let me know if this is a fair statement. Since you talked about you know response rates being essentially.
Under 10% is it fair then that any responses that you see above that based on the translational data analyses that youll be conducting.
Could certainly implicated a role for us for.
For the immunotherapy.
And what would you consider to be a meaningful improvement of responses at this point. Thank you.
Yeah.
Thank you. Thank you Joe.
Like we said it's very.
Early line of setting where women out there purely treated with neo adjuvant.
Oh on that doesn't need meters in some time on neo adjuvant chemotherapy to depending on on some of this.
On the lives of yourself.
The state of the tumor and basically you don't see a lot of tumor on staging a reduction but it Ken.
Certainly.
To provide some benefits before the surgery. So that's really where this is used and has limited benefit other than just staying for Sudbury.
And so to answer your question, Yes, you know we.
The from ice coffee immunotherapy as you know is the potential to early create.
Are you an activation on the immune response in patients who could.
Could improve the long term outcomes of patients and that's why we like to be a really at this line because that's where I mean, not that I can really make a difference with what we like and thanks for asking the question too is that yes, we will be able to see the activity of the T cell therapy on the tumors.
He will be able to see the impact.
Between the start of treatment and surgery and see if T cell therapy can really make a bigger difference than what is currently used.
For Neo adjuvant.
That's helpful. Thank you and if I could just shift.
Shift gears for a second I'll admit maybe I'm just watching the news too much and.
It's talking about manufacturing and everyone's just so concerned about different supply chains in the United States or what have you on the across the world. So you obviously have made the case about.
Very low cost manufacturing for your assets and that's very encouraging, especially when you compare against other types of immunotherapies or cellular therapies.
So with that said.
What could you consider any sort of rate limiting cash rate limiting steps with regard to the manufacturing process that anyone.
Might be concerned about or shouldn't be concerned about even if it's like sourcing the peptides or anything external that might cause potential concern if there's ever any supply chain issues.
Well first of all I have to say that locally and we are not experiencing any supply chain issues related to manufacturing and.
The reason is that the.
The technology, we are the drug delivery technology, we are developing Utah until it.
Nanoparticle technology, but the composition and underweight.
Manufactured is.
It's quite different from what.
<unk> is the sole source supply chain you shoot in the World, which are you know.
<unk> LNP technology for mrna vaccines. So if you think about the lipid composition is different all the lemons debt while using out different.
You know what you can always was invented by the company and we own.
A very strong IP portfolio.
On this platform on to my knowledge, we are the only one day will that these time developing a platform like this so it protects us from from those supply chain issues on on the peptide side of things.
Again.
Vaccines are the next generation of vaccines are I would say, there's not a lot of spare time Dyson retrenching in developing so we don't suffer any any.
Black share issues.
Related to peptide manufacturing day, theres more than 100 peptides.
Approved by the FDA.
A lot of capacity in the world. So we don't foresee that in the future is going to be a limiting factor for manufacturing.
Fred I really appreciate that color. Thanks, a lot.
Thanks.
Again, if you would like to ask a question press star one on your telephone.
Your next question comes from Ted <unk> of Piper Sandler. Please go ahead. Your line is open.
Great. Thank god send on them.
Thanks for all the updates on all the progress I wanted to ask about the two B study of never put on it.
Keytruda in <unk>, Bcl, and again sort of to get a better understanding of what you think the contribution of the low dose cyclophosphamide is.
No debt in that study you have the single arm ever Pepperman.
If that ends up showing that.
That cyclophosphamide is not really adding anything would it be removed from other other studies and kind of how do you see cyclophosphamide fitting into the future. There will that all be data driven and are the differences between the <unk> maybe on the other indications. Thanks.
Thanks Ted.
So first to answer your first part of the answer is yes, we are testing.
The contribution of CPA and the design of the study.
If we.
If we see contribution we're going to keep a little CPA in the in the treatment it.
It's a it's a drug that's available our safety profile is good toy won't be a problem.
If it doesn't show any meaningful.
Benefit then we'll simply remove it and we'll just keep a member of <unk> tests and keeps without the combination.
Wetter.
There is a lot of preclinical science or on the use of of Cyclophosphamide, we utter immuno go up at Teekay agents. However, we are the first to generate T cell activity.
In.
With these technology in India on Bcl So I.
I believe that confirmation in human needs is really what should be the base for the decision on that's what we're all doing either way.
There's going to be a fast to market for the combination.
Will this translate into the same thing on the in order indications.
Certainly something we're going to be looking at but at the same time electric lets you said they are.
Important differences in the tumor micron environment for example between let's say the yield on.
On ovarian cancer, and that's where I am.
It's one of them. It goes off of chemotherapy can can really help the T cells access to tumor and it might not be the case in DSV share, but for example, it could be the case in ovarian so where do you want to base a decision on the clinical data as we move forward for for CP.
Right, Okay cool awesome.
Appreciate it I'm really excited to see the.
More day to come into this year.
Thank you debt.
Your next question comes from Chelsea, Sally I E capital markets. Please go ahead. Your line is open.
Hi, good morning, I just have.
One or two quick questions just on the finance side and so.
So I guess, although you know the $30 million is sort of enough to fund operations through the first quarter of 2022, and just kind of wanted to gauge further appetite in accessing the ATM again.
So what what day, you said a fun to be I guess, I'm, just trying to get more clarity and specificity on on future funding alright, and funding for future operation.
That's one.
Sure.
Thanks Jesse.
Yeah for the use of the ATM I think are we don't have any specific plans to use it. It's a tool that is there a debt. We can have access to if we believe that it makes sense for the company in terms of a price share price.
Things like that.
So and that's how we use it in the past so.
So there is.
There is no guarantee that we will use the ATM and in the next 12 months so.
Just wanted to mention debt.
In the cash that we are the duration of the cash we don't take into accounts and you can sort the ECM, but it doesn't mean that we will use it.
And in the next few months.
Yeah.
Okay, maybe talk maybe Andrew Yeah. So I don't know Ken do you want to add on the BD activities to that well.
Doing with their platform.
Yeah.
[laughter] Andrew.
Alright, it was on the east.
Yeah.
All of it.
To make very clear, we have a healthy appetite that mechanisms that on non dilutive funding as well and I'm on.
Encouraged by the progress we're making in those discussions.
I think for our company.
That is our size, we need to remain open to sort of the the possibility of creating business development momentum and as we create more therapeutic opportunities in our pipeline by sort of leaning into our technology is perhaps a drug.
Drug delivery mechanism to create opportunities for other mechanisms that are maybe not peptide targets. We do start to open a revenue stream for non dilutive opportunities through business development that you know it is.
Is complementary to anything we will do to either an ATM or through other fundraising mechanism than it is an important element to balance the value of volume being the midterm and the long term by an ultimate funding mechanism.
Perfect. Thank you.
I guess just one more question from me.
With the growing head count can you sort of expect from Janney.
Over the next year.
Yeah for the G&A, we don't expect an increase in terms of Oh.
And.
I really do see a name because that's why I mentioned the increase that we use on the first quarter was directly related to an increase in insurance premium that we.
In June of 2020.
Related to the.
Additional people.
People.
Great.
Thank you.
Well from me and I'm looking forward to share.
Sorry, the second half of the year.
Quite a from catalyst events.
Okay.
There are no final questions at this time I would turn the call over to al for closing remarks.
Well. Thank you very much everyone for your time this morning and older with questions and have a good risk on the day.
Ladies and gentlemen, this concludes today's conference call. Thank you for participating you may now disconnect.
Okay.
[music].
Yes.
Yes.
Yes.
[music].
Okay.
Yes.
[music].