Q4 2021 Aethlon Medical Inc Earnings Call
Good afternoon, and welcome to the Athlon Medical fiscal 2021 year end earnings and corporate update conference call.
All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
After today's presentation there'll be an opportunity to ask questions to ask a question you May Press Star then 1 on your telephone keypad to withdraw your question. Please press Star then 2.
Please note this event is being recorded.
I would now like to turn the conference over to Jim Frakes, Chief Financial Officer. Please go ahead.
Thank you operator, and good afternoon, everyone welcome to <unk> Medicals fiscal yearend 2021 earnings Conference call. My name is Jim Frakes, and IMF <unk> Chief Financial Officer.
At 415 PM Eastern time today, <unk> medical released financial results for its fiscal year and fiscal year ended March 31.2021.
If you have not seen or received <unk> Medical's earnings release. Please visit the investors page at Www Dot echelon medical Dot com.
Following this introduction and the reading of our forward looking statement Athlon CEO, Dr. Chuck Fisher will provide an overview of athlon strategy and recent developments.
He will then make some brief remarks on <unk> financials. We will then open up the call for the Q&A session.
Yes.
Before I hand, the call over to Dr. Fischer. Please note that the news release today and this call contains forward looking statements within the meaning of the Federal Securities Act of $19.33.
And the Securities Exchange Act of $19.34.
The company cautions you that any statement that is not a statement of historical fact is a forward looking statement.
These statements are based on expectations and assumptions as of the date of this conference call.
Such forward looking statements are subject to significant risks and uncertainties and actual results may differ materially from the results anticipated in the forward looking statements.
Factors that could cause results to differ materially from those anticipated in forward looking statements can be found under the caption risk factors in the company's annual report on form 10-K.
For the fiscal year ended March 31, 2020, our most recent report on 10-Q.
And in the Companys other filings with the Securities and Exchange Commission.
Yes.
Except as may be required by law. The company does not intend nor does it undertake any duty to update this information to reflect future events or circumstances.
With that I will now turn the call over to Dr. Chuck Fisher, Athlon Medical's Chief Financial Officer.
Medical office.
CEO CEO.
Thank you Jim and thank all of you for dialing in so depending on where you are good morning <unk>. Good afternoon. My name is Chuck Fisher and I'm, the CEO of <unk> medical.
I can just start off with some basics so.
Sars Covid 2 as most of you know at this point is the causative agent for COVID-19, as a member of the Corona virus family.
Which includes the original Sars virus, which we work done years ago Sars Kobe.
Okay, and rotation and the mirrors virus.
As koby to like all Corona viruses as Glenn costly as evidenced sugarcoat it.
Hemopurifier has been demonstrated to bind and remove from circulation.
Consummated viruses, including Sars Covid, 2 removal from blood in a human patient.
On June 17th 2021, the FDA approved a supplement to our open I E.
For the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with Sars Covid, 2 slash COVID-19 globally and a new feasibility study.
That study was designed to enroll up to 40 subjects and up to 20 centers in the U S.
Subject will have established a laboratory diagnosis of COVID-19, we admitted to an intensive care unit or ICU and.
And we will have acute lung injury and are severe or life threatening disease among other criteria.
Endpoints for this study in addition to safety.
Reduction in circulating virus as well as clinical outcomes.
This initial sites for this trial include Hogg Memorial Hospital, Presbyterian and Newport Beach, and Hoag Hospital Irvine.
In Irvine, California, and Thirdly, Loma, Linda Hospital, and Linda, California have completed clinical trial agreements have received and have received IRB approval in the case of Hoak hospitals are preparing to open for patient enrollment.
Under a single patient emerged at CES regulations.
What's after discussion with the FDA, we have treated 2 patients.
With COVID-19 with the Hemopurifier.
We recently published a manuscript reviewing case.
These case studies covering these treatments entitled removal of COVID-19 Spike protein.
Bold virus Xs.
<unk> zone micro Rnas of the human by the Hemopurifier.
And the affinity card cartridge and critically ill patients with COVID-19 infection. This is a major step forward.
Yes.
<unk> describes the use of the Hemopurifier.
For a total of 9 sessions in 2 critically ill COVID-19 patients.
The first case study demonstrates the improvement in the patient who has a Sars Colby policy.
2.
COVID-19 patient entry to the hospital with associated Coagulate operating lung injury.
Inflammation and tissue injury, despite the absence of demonstrating COVID-19 viremia.
At the time, we started treatment at day 42.
And having previously demonstrated strong by remain early in the patient's disease cycle, suggesting that's a significant removal.
Of Exosomes contributed to that patient's recovery.
Patient received 8 hemopurifier treatments without complications intervention has weaned from the ventilator and was discharged from the hospital.
The second patient demonstrated what we believe may.
It may be the first in vivo removal.
Colby 2 virus from the bloodstream of an infected patients.
This patient completed a fixed salary hemopurifier treatment without complications.
Subsequent to this place and continuous renal replacement therapy.
By the local hospital.
The patient ultimately expired 3 hours after being placed on <unk> because of the advanced stage of the patient's disease and the predicted mortality of 95% at the start of the trial.
In June 2020, we raised net proceeds of approximately $4.9 million.
<unk> sales under our ATM agreement.
11.6 million.
In a registered direct financing and approximately 821.
From a cash exercise.
Then outstanding warrants and aggregate, we raise approximately $17.3 million in net proceeds in June of 2021.
With that I will turn it back to Jim for the financial discussion and then open up to questions.
Thanks, Chuck and good afternoon again, everyone.
Following up on Chuck's commentary on the funds we raised in June I wanted to give you some color around the <unk>.
Prices for sure that we raise the money.
Again, we raised approximately $17.3 million in net proceeds breaking.
Breaking it down we received net proceeds of approximately $4.9 million through sales under our ATM agreement and the price was $8.11 per share before commissions and fees.
$11.6 million was raised in a registered direct financing at a price of $9 per share before commissions and fees to an institutional investor based in New York City.
And as Jeff also mentioned approximately 821000 came in from cash exercise of then outstanding warrants.
At March 31, 2021, we had a cash balance of approximately $9.9 million.
Our current cash position, including the $17.3 million. We raised earlier this month sets us up very well for conducting our clinical trials and manufacturing of our Hemopurifier.
Okay.
Our consolidated operating expenses for the fiscal year ended March 31, 2021 were approximately $8.6 million.
Compared to approximately $6.6 million for the fiscal year ended March 31.2020.
That was an increase of approximately $2 million.
Yeah.
That $2 million increase was due to increases in payroll and related expenses of approximately $1.1 billion and in general and administrative expenses of approximately $1 million.
Which were partially offset by a decrease of approximately $100000 in professional fees.
The $1.1 million increase.
In the fiscal year ended March 31, 2021, and our payroll and related expenses was due to an increase in cash based compensation of $1.2 million.
Which was partially offset by a decrease in our stock based compensation of about $100000.
And of that cash based compensation increased $400000 related to an accrual for severance payments to our former Chief Executive Officer.
The $1 million increase in fiscal year ended March 31, 2021, and our general and administrative expenses.
Primarily arose from increases of approximately $500000 in our clinical trial expenses and another $500000 in laboratory supplies.
And the $100000 decrease in the fiscal year ended March 31, 2021, and our professional fees primarily arose from decreases of approximately $300000 in legal fees and $100000 in accounting fees.
Which were partially offset by increases of $200000 in scientific consulting fees and $100000 in recruiting fees.
Our other expense was nominal during the fiscal year ended March 31.2021.
And we recorded approximately $659000 in government contract revenue in the fiscal year ended March 31.2021.
Compared to approximately $650000 in the fiscal year ended March 31.2020.
The government contracts are with the National Institutes of health in particular, and the National Cancer Institute.
As a result of the changes in revenues and expenses.
As noted our loss before non controlling interest increased to approximately $7.9 million for the fiscal year ended March 31.2021.
From approximately $6.4 million for the fiscal year ended March 31.2020.
We included these earnings results and related commentary in our press release issued earlier this afternoon.
That release included the balance sheet for March 31, 2021, and the statements of operations for the fiscal year end periods, ending March 31, 2021 and 2020.
And we will file our annual report on form 10-K, following this call.
Our next earnings call for the fiscal first quarter ended June 30.
Will coincide with the filing of our quarterly reported on form 10-Q in late July or early August 2021.
And now Chuck and I will be happy to take any questions that you may have operator, please open the call for questions.
We will now begin the question and answer session.
To ask a question you May press Star then 1 on your telephone keypad. If you are using a speakerphone. Please pick up your handset before pressing the keys to withdraw your question. Please press Star then 2 at this time, we will pause momentarily to assemble our roster.
Our first question is from Marla Marin with Zacks. Please go ahead.
Thank you.
Hi.
I'm wondering if you can give us some update right now on the clinical trials that are currently being conducted.
Hi, Mara this is Chuck thanks for your call.
Where we are at present is.
It took us a little bit of logistics, because we have the 2 home hospitals.
Okay.
Newport Beach and 1 in Irvine.
If completed there.
IRB approvals and all of the internal things they need to do and are setting up for enrolling patients now.
We're very close was willing to Linda.
As.
In an area near them and they are nearly finished with all of their things so it feels.
The SAR side.
COVID-19.
We're getting into this space that we want it to be in for a while it has taken longer than we had anticipated.
1 of the challenges that the hospitals have run into it's been it was a big surge of COVID-19 patients in net left.
Not much space for new trials and enrolling new patients. So we're hoping that we are now well positioned.
To move forward quickly in these areas.
Same thing would be true for the <unk>.
<unk> trials, because the oncology hospitals were hit fairly strong buy.
Yes.
By the Covid and therefore cannot enroll oncology patients. So that's that's the background for where we are at present, we've talked to each of the hospitals were actively involved with in the oilfield as they're moving into a space, where they can start enrolling patients.
Okay.
And then in terms of the oncology study specifically.
From time to time.
We read about.
And that Keytruda has been approved for an extended U.
Or an additional use.
Can you provide some color around there whether there are any takeaways for the hemopurifier based on.
What we see for Keytruda Keytruda.
The way that we've setup.
The keytruda trial with them.
Hemopurifier is it after the first 5 patients we will take.
Take a look at the overall results of the individual patients and then make some decisions.
1 decision might be to increase the number of hemopurifier treatments.
Depending upon what to pharmacokinetics teach us about that.
They also look at is there an interest in that side of the oncologist to run the trials long growth by.
By using Keytruda, none of those questions have been answered definitively, but thats a process that will kind of discussion on as recently as this past week.
Okay. Thank you very much.
The next question is from Vernon Bernardino with H C. Wainwright. Please go ahead.
Hi, Jonathan Hi, Jeff and congrats on the progress.
Sure.
Thank you.
Was there any difference in the way of a human.
<unk> used between.
Case, 1 case to patients you.
You mentioned with the case 2 in the press release.
In vivo removals, but.
I thought that.
The Hemopurifier is both using the same way.
So.
Youre correct line in your basic shop. The difference was when I mentioned case, 1 that patient low when we were contacted and asked to evaluate curve and chose to treat her shoes at day 22 of her illness. She had been viral positive up <unk>.
6.
Patients a day 10, but not beyond in so in her particular case. She was not actively viral policy for Sars Covid..2 alternatively, she had higher levels of circulating exosomes, which are associated with inflammation and cancer <unk> caring.
Viral.
So in her what we learned was and she was profoundly ill at 2 notes in a chart that you would die.
In the near term within 6 to 12 hours.
And we treated curve over 8 days for 6 hours and removes a significant number of exosomes.
No virus particles were found in that and she actually demonstrated quite dramatic improvement and for respiratory failure or requirements for auction for visa that gave it means and or other organ failures.
That teaches US is the <unk> zone is putting a significant role in the ongoing process in these patients and so we have the first patient has been treated that actually had X zone removal who dramatically improve.
And the second patient.
He was saying.
New line set of 4 or 5 days for us.
65 years old.
Have them.
We're pound.
Cardiovascular disease.
Childhood and was weighted at about 95% mortality at very high levels of his exosomes Im sorry, his viral Sars COVID-19.2.
During the 6 hour treatment of him, which went very smoothly we were able to.
Reduced by more than half is circulating viral load.
So it's the presence of points.
Issue of Whats president at the time, we treat them.
<unk>.
We imagined if both agents were present at the same time, we will remove both at the same time.
Now the case, 1 patient was admitted.
COVID-19 pneumonia.
So therefore.
Not sure exactly setting the paper said I'm, sorry, I don't remember exactly but it was a viral status known at the time she was admitted.
Absolutely she had.
Very high volume low titers for their first <unk>.
James perhaps as long as Tim I don't remember the specifics off the top of my head, but it was.
Somewhere between 6 and 10 day, she had active viral load.
And active cost suit nasal swabs et cetera at which point that's when the viral load starts diminishing it goes intracellular and adjusted circulate as much but it still causes some issues.
In her case, we picture up at day 22, no circulating virus at that point, but huge amounts of circulating exosomes, we removed those exosomes and chain improved dramatically.
Yes.
The activity of Hemopurifier and exercise its really exciting our last question from.
Maybe if I get back in the queue.
Expectation is out what looks like a surgery cases, unfortunately in the United States in Unvaccinated geographies are there any plans for targeting having.
<unk>.
Yes.
For the clinical trial for the Hemopurifier in these states.
What we're trying to do is the FDA gave us the same standard that they gave to other centers, which is 20 centers in 40 patients. We're trying to watch on a daily basis worthy outbreaks are occurring and talk to those sensors as quickly as possible would they be interested in enrolling patients.
So that we can be where the patients are.
Other thing is implied in your question, but not as directly as what's the role of the variance and we do have.
Information that we can share at a different time.
Regarding the variance and the role we play there.
Yes, I can see.
Definitely ongoing interest as far as I can get very far.
Evaluation in these sites thanks for taking my questions.
Thanks, Great to hear from.
The next question is from Anthony Vendetti with Maxim Group. Please go ahead.
Thanks.
Hey, Chuck and Jim how are you doing.
Anthony how are you.
Okay. Good so.
So these 2 patients are.
The first is to for your early feasibility study.
On Covid correct.
These 2 patients are actually in our emergency use.
Call So zone you.
You can have an emergency use authorization, which would be buying a very specific protocol.
Or as we worked out with the FDA.
We can also have an emergency use women there is no other therapy and the request has been made by the <unk>.
Attending physician with a console by a equally qualified physician not involved with the patient to say there is no other therapy both of those patients.
Enrolled and discussed with you just now we're under the emergency use non emergency use authorization.
Not the clinical trial and not the clinical trial.
But right now you do have.
And EBIT authorization for an early feasibility study.
To enrol up to up to 40.
Covid patients is that correct, that's absolutely correct yes.
Okay can you give us an update on.
And I know you obviously have net you have to find the correct patients that fit the criteria.
Can you give us an update on how how thats looking how many sites.
And then also.
To switch to Keytruda.
I know Thats, a 10 to 12 patients.
First can you can you give us an idea.
When you expect the next patient enrollment there.
So as it relates to the.
The protocol that we have with the FDA.
I mentioned earlier that we have.
2 of the 3 Hoag hospital surpassed their IRB and ready to go.
Their training so.
Gross AC patients they should be ready to to enroll Loma Linda is very closely behind them those are 3 meters.
Because they all came on fairly quickly early on and evolve into training and are in good position. So those would probably be the places we would expect to see.
First but we are also actively enrolling.
And different geographies and as you know if you watch the news on a daily basis this disease balances around the country.
We want to be where we're the diseases at the time it hits with improved protocols, whether the emergency use or the year approved protocol by the FDA.
And do you feel just from your professional opinion.
As a physician do you feel that the the delta variance according to and maybe Theres even.
Another version of the Delta variant.
Do you feel that these variance which seem to be <unk>.
<unk> hold here in the U S.
And particularly California.
Do you feel that the cases are going to go up at a certain point in time, whether whether it's this summer or in the fall, which.
Unfortunately.
Could mean easier access to cases for you but.
What's your what's your professional opinion Chuck.
Chuck in terms of what Youre seeing out there.
What we're seeing in the countries where the.
Yes.
This particular variant started is it has had a fairly rapid uptake in infected patients.
Then there is.
It is a little bit of mixed literature on is it more severe and costing more guests or is it somewhat less severe.
I, probably have leaned toward at least reading the cases in talking with physicians who've taken care of that very early ones, it's probably more severe but.
That's speculation on my part in terms of the impact it will have.
We've been in.
If we take North America is it fences.
Primarily United States.
We have an increasingly popular increasing vaccination population.
Presumably that will play some role while we don't know what the variance, particularly is 1 that you mentioned is it may it may well.
Not being completely contained by the vaccinations that we have and so from our perspective, we're looking at all of the variance actively.
With an intent of understanding their roles and see what role we may play with them, but it's too early to comment since we've not treated any of them.
Okay no understood.
That's helpful and then in terms of.
Yes.
<unk> <unk>.
Combination treatment with Keytruda.
Can you give us just an update I know that thats.
A slower sort of.
Slower enrollment.
But you only need 10 to 12 patients.
What's your where are you are you are.
Have you have you identified the second patient.
Do you feel like Youll have a couple more patients before the end of the year, what's your what's your best prognosis there.
Well, we recently had a very.
Very good.
Intense discussion with our colleagues at the University of Pittsburgh Medical Center, and I think.
Some of the low.
Global logistics on either side.
That's been resolved so we would anticipate seeing more patients 1 of the challenges. They had early on was they had not been hit by the first Covid wave and were not open for enrolling patients for the.
Sure.
Purifier plus Keytruda trial.
At the time.
Finally ready to open up for that they had their first wave.
<unk>.
Paul.
Sars Covid, 2 COVID-19 patients and that kind of through the marks there.
Filter a bit because David.
They're primarily cancer hospital with their best for now being used for other purpose. So we've talked through that they have also been very creative and looking where could they get patients referred to them that were outside the ones.
They would normally get internally, we have a program for that.
And we're working very collaboratively with them, including their top leadership. So I think everybody recognizes that these other events of life.
A role there.
We.
We are optimistic that day, they will be able to identify patient sees it in their own internal hospital or their referral hospital complex such that we can get back on track with the numbers that we've said at the beginning of the year.
Sure.
Virtually Pittsburgh Medical Center.
A world renowned.
Particularly for oncology and there's obviously.
A number of those but university of Pittsburgh medical centers.
As 1 day, 1 of the top 1 but.
You said that it could be through Dan directly a once a day referral programs.
Is it is it either with you PMT.
Directly or indirectly or is there.
Is there another center that you're working with currently.
It's a single center trial.
Merci Pittsburgh on their own floated the idea of since they have a large referral base.
And you've got patients that would be appropriate for the trial.
<unk> for the trial.
Can be brought to Pittsburgh for the Hemopurifier portion and then they can go back to their primary Costco for the Keytruda treatment, which would be the standard of care.
So that was a.
A unique and creative idea on their side to try and help increase the accrual of patients.
Okay.
Okay, Great. That's helpful. And then just lastly broadly.
Obviously.
As the virus in terms of the 1 you are focusing on now for good reason, but the ability for the hemopurifier.
2 clear other pathogens or other viruses.
It seems like.
It exists.
What's your.
What's your view.
The.
PFS comes back positive on these 40 patients.
It has come back on the on the first 2 they were part of the.
Emergency use.
Is it is it your opinion that this could have broad implications for other pathogens, either currently or down the road.
Well, we know that we bind all glyphosate viruses, everyone that we've tested whether it's in our hands or in the hands of National Laboratory.
The CDC or Sam round et cetera, anything has a sugar motif.
Pathogenic virus with volume, including the $90.18 virus it was.
Reconstructed by the talent and tested at some years back with our Hemopurifier. So if theres a glare concentrated virus the likelihood of our ability to bind it.
Is generally very good.
<unk> vary a little bit, but so far all the ones, we've tested which is quite a large number we should model the real question becomes.
Now that we've started seeing things like Sars Covid 2.
This massive.
Pandemic global basis is that something that may be part of our future as much as we don't want that to be part of our future from general healthcare and a net setting I think given what we've been learning and we'll continue to learn and report there may be a significant role for us.
At least in certain types of those viruses, because we can probably buying them in a way that.
Others can it would be hard to keep changing.
Sure.
The.
<unk> for the Spike protein.
Via antibodies on an ongoing basis for us.
General and probably have a broader reach in that area.
It's too soon to make that statement that we have to test them, all first but that would be kind of the way I would see us having a role in.
If we were able to take out the.
The more severe cases, and I think there will be an ongoing role for us to try and stop this.
Pandemics before they break loose.
Okay, Great and then just just maybe this is more for Jim, but the Chuck feels free to weigh in on this as well.
With the recent raise.
<unk> capital raises.
Has that given you more flexibility to.
Expedite any any of these programs are you really.
Pretty much.
At the Mercy of the centers Youre working with to enroll them is there anything that the increased capital as has done to extra day.
Any of these programs or anything that you are considering working on going forward price.
I think it's.
Scott a couple of positives.
We can hire more.
Senior people to call on the hospitals and then supervised the treatments.
We're thinking of bringing in some very experienced solid good people to do that.
So.
We have just a small head count that it would have been difficult to.
Supervise multiple treatments across the country.
Need to be in a position to do that.
<unk> I believe.
Secondly.
We can step up our manufacturing efforts.
Keep assets, while we have from a female purifiers.
For the clinical trials.
We need to step up manufacturing.
Deal with success.
<unk> success.
So we're investigating some.
Some steps to take that in house.
We'll be stepping up our manufacturing efforts so in those ways I see a direct correlation.
Okay, Great alright. Thank you so much for answering all the questions I'll hop back in the queue. Thank you Anthony.
The next question is from Dave Levine with Trickle Research. Please go ahead.
Hi, guys how are you doing.
Hey, Dave how are you.
So I just wanted I don't think I think I misunderstood the patient 1 is actually the original patient that you kind of discussed briefly.
In some prior calls right is that right.
Yes that patient wasn't emergency use patients.
And as I mentioned earlier.
The discussion with Swift to Anthony.
She has clearly had.
Very high level of Sars Covid 2 virus early on and then cleared by the timely our assets senior after a variety of things have been tried and nothing would work and she was basically more of and at that point.
She had no circling environments.
At this point at that point was well known to buying extra zones and is there a higher likelihood that after such a big inflammatory disease with so much organ failure she might have circulating.
Exosomes, which in fact, she did and by clearing those ex cash.
<unk> cleared and was able to get.
Cured and government.
So the.
So the trial will.
Yes.
Yes.
I guess, it's possible that you may have people, who end up in the trial.
Debt.
Maybe don't have advanced enough or maybe they don't have particularly in the high viral loads at that point, if I'm sort of understanding the difference between the 2 patients for instance, and so.
But I'm assuming that in the end, we're still going to collect the same information we're going to look at how it reduce viral load, but we're also going to look at.
Exit zone caps and things like that as well right.
I'm sort of looking at the trial started.
<unk> focused a little bit on.
On viral load, but the exits on thing is still sort of front and center here right.
Exxon's plant play a major role in inflammation and advancing cancer and that's why we're pursuing in the oncology indication I think what we're learning and others are learning also.
The circulating viral load or diminishes over time.
Sure.
Sure.
Has.
And those that have circulating viral loads usually by day 6 to 10, there are diminishing and so theres not as much of the circulating viral load. It doesn't mean, they don't have virus antibody, but it's mostly probably interest cellular alternatively that same group of patients will have significant circulating <unk>.
Zones and since we are buying both were kind of in a unique position of either taking it out at the beginning for instance, if we if the FDA gave us the opportunity to lead.
First treatment to kind of decrease circulating virus, we'd probably played a significant role what they gave US was very ill patients with multi organ failure. That's historically, where we are and in this particular patient sheen net through that before we were able to treat her.
By the time, we treated or issue with profound on the hill and actually turned around so I think theres a dynamic in there just to be coming in early.
Understanding.
Virus and the Exosomes are playing a role together that we should not ignore.
Okay. So so we don't really know obviously then.
Kind of what.
Where these patients will be in terms of that progression right I mean, youre going to kind of have to take them as they come in there may be some are further along than others is that right.
Its right to a certain degree, but we are increasing our ability to actually.
Assess whether its virus or extra zone.
And or inflammatory parts associated exosomes.
Total 72.
To further ongoing work and novel IP.
Great. Thank you.
Thank you Dave.
Thank you. This concludes our question and answer session I would like to turn the conference back over to Dr. Fischer for any closing remarks.
Hey, Gary.
And thank you everybody who joined the call today.
<unk> is a series of excellent questions.
You've seen we've made some fairly significant changes since.
Lastly in November to now in terms of.
Personnel capability.
Scientific capability and the ability to really.
Get at very cash.
Desperate.
Disease or group of diseases.
Interface.
I appreciate your time and interest and we hope to continue to follow us because I think youll see more and more things coming from us.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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