Q2 2021 Adamas Pharmaceuticals Inc Earnings Call

Greetings and welcome to the of Domnus Pharmaceuticals second quarter 2021 financial results and corporate update conference call. At this time all participants are in a listen only mode. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad I wouldn't.

I'd like to turn the call over to Peter Bozzo Investor Relations representative for of dams Pharmaceuticals. Please go ahead Sir.

Thank you Michelle and good afternoon, everyone on the call with me today on Neil Mcfarlane, Chief Executive Officer, CJ Sweetheart, Chief Commercial Officer, Chris Prentice, Chief Financial Officer. We also have Dr. Adrian Cartel, Chief Medical officer on the call to answer questions. During the Q&A before we begin I would like to remind everyone that this call will can.

Forward looking statements, which are subject to risks and uncertainties any statements regarding future events results or expectations are forward looking statements. Please note that these forward looking statements reflect our opinions only as of the date of this call. We undertake no obligation to revise or update. These forward looking statements in light of new information or future events, except.

As required by law.

Information concerning factors that could cause actual results to differ materially from those contained in or implied by such forward looking statements of discuss in greater detail in our form 10-Q filed today with the SEC, especially under the caption risk factors I'll now turn the call over to Neil Mcfarlane.

Thank you Peter good afternoon, everyone.

Thanks for joining us today.

I will provide an overview of the second quarter and on our progress executing our growth strategy and BJ and Chris will give more details on our performance.

Let me first say how proud I am of our continued growth, which is a true testament to the team's resilience and their commitment to making everyday life significantly better for people affected by neurological diseases.

While we are encouraged by the growth we are keenly aware that the broader environment remains challenging for the health care community as the pandemic continues.

I am very pleased how our team has adapted to this fluid situation and I believe our strong demand and revenue growth in 2020, along with our performance in the first half of this year demonstrate our ability to thrive in the constantly changing market.

Regarding the second quarter.

I am pleased with the revenue growth from go covering the osmotic E R as well as the royalties earned from net Zurich. This growth along with our disciplined investment brought our quarterly net operating cash burn down to single digits at $9.2 million.

We remain focused on go covering and are expanding the number of prescribing physicians and increase the number of patients on therapy.

We're also seeing positive trends in the launch of our second indication for off episodes.

Notably I'm encouraged by the significant increase in new paid prescriptions or <unk> in the second quarter. The highest level. Since we began reporting this metric and a key leading indicator of future growth.

This is our first full quarter of the off lunch and while early the increase of new patients coupled with strong 12 months of patient persistence gives us confidence that the expanded label has the potential to meaningfully grow.

The market opportunity for recovery.

The focus of our messaging to people with Parkinson's and their health care providers revolves around the goal of treatment, which is to have as much good on time as possible.

So cover has demonstrated the ability to meaningfully increase good on time in the pivotal studies and is the first and only medication approved to treat dyskinesia and parkinsons patients receiving levodopa based therapy and.

And off episodes as adjunctive treatment to levodopa carbon fiber <unk>.

Additionally, it's nighttime dosing provides continuous coverage throughout the day, while minimizing sleep disturbance the.

The unique ability of go covering to decrease both ends of the motor complications spectrum allow us positions.

Treating patients along the continuum of care instead of trading increased off time reduced dyskinesia or vice versa.

To achieve this paradigm shift in treatment, we are keenly focused on delivering comprehensive stakeholder education across the Parkinson's community regarding go coverage differentiated profile and novel attributes.

As part of this effort recent publications in peer reviewed journals include new data analyses, suggesting that go covering may meaningfully reduce the impact of motor symptoms on activities of daily living.

And the review article by leading neurologists supporting go covering as a clinically significant advance in treating motor complications.

To support the growth of go covering we further bolstered our supply chain with the supplemental NDA approval of a second and alternative packager.

We also announced 2 new patents per DAU covering that covered the drug product and methods of use the.

These patents are the first issued and this patent family and strengthen our long term patent portfolio now going out to 2038.

Additionally, we recently received our first international patent covering <unk> 41 on 1.

Our investigational drug candidate and epilepsy.

This patent issued in Japan, while the 2 recently issued U S patents and we believe will assist us as we continue our efforts to partner or out license. This program.

In summary.

We entered 2021 with a clear operational plan to drive growth.

First by advancing our neurology portfolio.

By strengthening the foundation of our business and third by leveraging our fully integrated infrastructure.

We have made substantial progress against all 3 of these objectives in the first 6 months of the year reflects our solid execution.

I'll now turn the call over to Vijay to review our commercial progress.

Thank you Neil and good afternoon, everyone. I will begin my comments with highlights of our go Cauvery performance in Q2 and provide an update on all of the <unk> E. R.

Starting with performance.

Q2, total go Cauvery paid prescriptions or T. Rx excluding product from the free trial program grew to 9400 of 19% year over year increase versus Q2 of 2020.

With 8% sequential growth versus the prior quarter.

We saw 97% growth in new paid prescriptions or interacts versus Q2 last year, and a 24% increase versus the previous quarter with a total of 730 in Iraq.

Wealth month patient persistence remains strong at 45% to 50%.

We are pleased with this performance with 3 key reasons. These are the strong quarter over quarter in our ex demand growth the.

Year over year trends, suggesting patients returning to clinics.

And the early positive signs from the launch of our off indication.

Let me give more detail around each of the.

The robust quarter over quarter growth the numbers of new patients coming after the strong and our ex the results. We reported in Q1 highlights the demand momentum forego covering.

In the quarter, we saw an increase in our breadth of prescribers as well as an increase in depth of prescriptions per physician.

We believe these results reflect the consistent execution of our commercial strategy 2.

To raise urgency to treat to differentiate go cauvery.

And to enhance the customer experience.

Upon approval of the orphan indication, we revised our speaker program content to further differentiate the go Cauvery clinical story.

And in Q2, we executed a mix of live and virtual speaker programs with this updated content continuing to broaden our outreach to prescribers and patients.

To further enhance our patient education during Parkinson's awareness month, we launched the direct to patient segment on lifetime access T V.

This feature of go Cauvery patient their care partner and the health care professional discussing the impact of often dyskinesia on daily life and the benefits they have seen with Coco pretreatment.

The segment with the potential reach of 83 million viewers contributed to a 20% increase in patient engagement and of 200% increase in physician engagement in our digital content.

It has since been distributed through our multimedia platform.

Our sales force maintained live interactions with prescribers wherever possible educating them on the differentiated clinical profile for the recovery.

And we continue to explore new ways to allow our field team to be even more effective as.

As an example, we are piloting a program to of rapidly determined the access to health care centers and to facilitate appointments to increase the proportion of live calls to prescribers.

We further optimized our go cauvery onboard services, resulting in a higher level of customer satisfaction and expanded our go Cauvery care coordinator team to meet the demand increase that we have seen.

The strong year over year of growth and demand was aided by the gradual return of patients to in person appointments at clinics.

We also saw some increase in sales rep access to offices highlighting of slow return to normalcy.

However, we remain in a fluid situation as has become clear in recent weeks.

The sustained impact that the pandemic is having on treatment of Parkinson's patients was reflected in a 17% year over year decline in patient claims data for levodopa carbon dopa in the latest 3 months February through April versus the same period a year ago.

This suggests the number of Parkinson's patients receiving care has still not returned to pre pandemic levels and our strong Q2 performance is remarkable given this headwind.

Finally, we are pleased that our launch of the off indication continues to show positive signs in the first full quarter since approval.

We have seen an increase in demand with the prescriptions for recovery and are particularly encouraged that we see patients with off dyskinesia or both all being prescribed the drug.

This indicates that our differentiated clinical profile is resonating.

Go Cauvery is the first and only product indicated both for the treatment of off episodes and dyskinesia, thereby increasing good on time.

This unique differentiation helps prescribers avoid compromises when managing the 2 extremes of motor complications in their parkinsons patients.

We have seen several physicians, who prescribed <unk> early in the dyskinesia launch, but then lapsed returned to the product with the new off indication.

Additionally, we are pleased with the 93% payer approval rate through the prior authorization process, which indicates patients are getting access to go cauvery, regardless of formulary status.

Our conversations with payers continue with a focus on ensuring easy and affordable access to go cauvery through the sector of articulation of the clinical and health economic value of the product.

The larger addressable patient population and the increased momentum we have seen from the off launch give us confidence in the growth prospects Sogou Calvary, while we continue to pursue broad access in a fiscally prudent manner.

The momentum in Q2 gives us optimism that communicating the differentiated clinical profile of cocoa very systematically throughout the neurology community will trigger a paradigm shift in the treatment of Parkinson's motor complications.

From symptomatic treatment of off or dyskinesia to comprehensively addressing both ends of the motor complications spectrum.

While growing the recovery is our primary focus we also executed against our 2 goals for us on the legs E are first to ensure current patients on drug receive uninterrupted care.

And second to advance the gated investment plan to launch <unk> E. R into the psychiatry market for patients with the labeled indication in drug induced extrapyramidal reactions.

Towards the first goal, we provided ongoing support the current prescribers and realized operational efficiencies.

As for the second goal, we are actively promoting the product into the E. P. Our market using our tell the detailed team.

Q2 results were in line with Q1 and influenced by 2 factors free acquisition inventory build normalizing in Q2.

And the conversion of those on patient assistance programs into paid prescriptions.

Q2 continued to present, a challenging situation in the marketplace and we are incredibly proud of our team for remaining focused on our mission to serve patients.

I will now turn it over to Chris to provide an overview of our financial performance.

Thanks, Vijay and good afternoon, everyone. Please refer to our press release issued earlier today for a summary of our financial results for the second quarter of 2021.

Total revenues for the second quarter of 2021 or $22 million, which includes go covering product sales of $20.1 million Arsenal ex E car product sales of 500000 and royalty revenue earned from Nam Zurich of approximately $1.4 million.

Net sales of go cover in the second quarter increased 12% over the same quarter last year, primarily driven by volume growth and partially offset by higher gross to net discounts.

The net for the quarter was in line with the guidance range. We previously provided.

We expect gross to net adjustments for the second half of the year to decline to the low to mid teens, driven primarily by patients moving through the Medicare part D coverage GAAP.

R&D expenses for the second quarter, 2021, or $1.4 million compared to $2.6 million from the prior year quarter, primarily due to the completion of the Etfs 51 O 2 multiple sclerosis open label extension trial.

We'd like to thank everyone, who worked on this well executed development program and especially those who participated in our trials.

We plan to publish our clinical trial data, which we hope will benefit the Ms community.

Second quarter 2021, SG&A expenses were $29.2 million compared to $23.2 million in the prior year quarter.

SG&A expenses for the current quarter represent the execution of our go cover of commercialization strategy as well as our education efforts positioning <unk> for drug induced EPR.

We are maintaining our 2021 operating expense guidance of $115 million to $130 million, including $9 million of stock based compensation.

R&D expenses are expected to be between $5 million to $10 million based on the closeout of our MSW open label trial.

We expect SG&A expenses to be within a range of $110 million to $120 million.

Maintaining this guidance reflects our investment to accelerate the growth of go cover.

Cash and investments as of June 32021 were approximately $118.3 million with net operating cash burn for the quarter of $9.2 million.

Achieving this level of net operating cash burn as a key metric, reflecting the momentum of our revenue growth coupled with our disciplined investment.

This is an important marker of our progress as we execute on our long term strategic plan. This.

This concludes our prepared remarks with that I will now open the line for questions operator.

We will now be conducting a question and answer session. If you would like to ask a question. Please press star 1 on your telephone keypad the car.

Information tone will indicate your line is on the question queue you.

You May press star 2 if you'd like to most of your question from the queue for participants using speaker equipment, maybe necessary the pickup your handset before pressing the star keys, 1 moment. Please poll for your questions.

Our first question comes from the line of Jason Butler with JMP Securities. Please proceed with your question.

Hi, Thanks for taking the questions and congrats on the progress.

I guess just a couple on go Cobra can you speak to the the recent dynamics on patients returning to the clinics from what you've seen you know post the you know.

At the end of the quarter into July and in August and is that having any impact on on the the N of Iraq.

And then I.

I guess.

Sorry, if I missed this but given the success of the off launch can you give us a breakdown of what proportion of the on Rx for the quarter of coming from all vs dyskinesia or both and I know it might be hard to break down, but just to get a sense of what proportion of the growth is being driven by by by the orphan indication.

Thanks.

Hi, Jason Thanks for the question. This is Neil on I'll hand, it off the P. J in the moment.

But let me start by saying how are how proud I am of the strong demand momentum.

We leave Q2 of the 97% year over year growth in our in our ex number to 730, but I think as importantly, 24% quarter over quarter growth from Q1 to Q2.

As Vijay the touch on the recent dynamics in terms of the patients in some of the off launch.

Being on track P J.

Yeah, Thanks, Jason I would say that the the.

The situation remains fluid and dynamic and and complex and we have seen some return of patients 2 clinics as evidenced by our year over year trends are.

But based on the 17% decline that we see in the claims data for Carb you don't believe the dopa. It is obvious debt all patients are still not back in doctors' offices are.

And we are still in a relatively challenging situation, which is why our performance. In Q2 is really so are so strong and remarkable.

So we do need to see those cobre don't believe it opened scripts come back to growth in the meantime, we're leaning in on tactics are too to get as force. The fastest growth is possible to your second question and the off launch. We're pleased to see that we are we have a mix of patients with off dyskinesia or both the.

Fact is that we see the majority of those scripts coming in dyskinesia, which is not surprising given that were in the first full quarter of launch of the off episodes, but the fact that we're getting the mix across the spectrum shows us, we're making progress towards changing the paradigm of care.

Okay. That's great and then just a quick 1 on 41 on 1.

Give a sense of awe.

On a potential partners have been looking for in and specifically to what degree of the new I P. Here could be of catalyst in your discussions. Thanks.

Sure. So I think it's important to note that debt there is such an incredibly fun the need here right in the epilepsy market.

And not of lot of.

But there are quite of few products that are out there being developed but not of lot of products out there that are in late stage. So we have of phase III ready asset we have.

Started to get the intellectual property issues and and Thats really been what we have been working with potential partners on the path forward and the ability to be able to get this product to patients that have an unmet need.

Okay. That's great. Thanks, again, and congrats on the performance in the quarter.

Thanks, Jason.

Thank you. Our next question comes from the line of Tim Lugo with William Blair. Please proceed with your question.

Hey, guys. This is lachlan on for Tim Thanks for taking the questions.

2 if I can just first of all of you on the addition of the alternative packages so called re.

Yeah, what was the rationale behind that is that the dressings and vulnerabilities you've seen or you expecting to need the of additional capacity.

The future gross with you.

The indication or is it somebody else there.

And second in terms of the Ultimate Lakes E. A pilot launch.

Can you just outline sort of.

What youll be looking out to determine if you want to continue the program I mean is that gonna be based on sales of script volume or more qualitative feedback from the market.

Thank you Lachlan and to answer your first question, let me start there in terms of our ability to get a second and alternative packager.

Having single source manufacturer and is not something that as we lean into the growth trajectory of that go cover you're showing with the strong demand that we've we've shown in the last number of quarters that we want to have a single source. So as part of our long term growth strategy we implemented.

On a year or 2 ago that we needed to be able to have duplicative.

The manufacturing capacity and this was 1 of the reasons why we did that so P. J you want to talk a little bit about.

On the Atmel ex next steps on our gain on an investment plan sure Neal. Thanks for the question Lachlan I would say that for all of them of legs. It is important to remember we are primarily focused on recovery here and and fully.

Living up to the potential local curry has to change the paradigm of care in Parkinson's disease with all of them of likes we have a very disciplined gated investment plan in psychiatry.

And we we the the volume of what the product has been in the past has been has been relatively minimal.

And we are.

Encouraged by the market research that tells us that there is opportunity for an extended release.

Product in that space and so we are on the early stages of launch and we'll keep you updated.

Awesome. Thanks.

Thank you. Our next question comes from the line of Ken Cacciatore with Cowen. Please proceed with your question.

Hey, Neal on team congratulations on all of the progress Neil as I listen to you.

And your enthusiasm always really comes through.

I think about in and listen to your commentary on D. T C and as I step back you know you think about go cover where it is it's a broadly covered drugs. So we're not having any managed care issues. It's been on the market of sufficient amount of time in its lead indication in and now we have off the known molecule to the clinician. So I'm just wondering why are we put.

The advantage, even more aggressively through D. T C. It would be my beliefs that.

That normally you would you be activating patients, but ive been activating clinicians in.

In a general sense to make them, even more aware about the product that it's there.

And kind of sort of activate them. In addition to pushing the patients and understanding the commentary about the the market dynamics now so I'm just trying to understand why we don't get even more aggressive and wanted to hear a little bit more about the metrics that youre getting from your kind of initial D. T C. Thanks a lot.

Thanks, Thanks, Ken My enthusiasm comes from the fact that go covering.

Has such a large opportunity and the team here has continued to drive strong demand and execute on this fluid environment. So they are the reason why im so motivated and.

And maybe I'll ask Vijay to talk a little bit about some of the efforts of our multi channel marketing that we're doing it can totally appreciate the question in terms of DTC. This is something that we've looked at carefully and we're choosing to do it in a very efficient manner.

And we're going after.

Pockets of patients that we know exist in certain social media platforms, and we've done our research in terms of how to most effectively reach those patient groups and our lifetime access TV segment was 1 example of how we are unlocking that opportunity in a very efficient manner by going on.

With our media platform, which we know will reach the right audience at the right time, and then we're taking and Repurposing those assets throughout our multimedia channels in order to get the content out there as efficiently as possible and we're tracking metrics such as engagement in our websites in our on our digital assets download.

Downloads of our materials that we have out there how many patients are watching the videos and so on and so forth. There's a variety of metrics that we're tracking all of which are positive.

So we're very excited that it's working so far and we plan to continue to keep these efforts up.

Okay.

Thanks, so much.

Thank you. Our next question comes from the line of Marc Goodman with SBB Leerink. Please proceed with your question.

Yeah, Hi, a couple of questions the first.

On your payer discussions as we move into next year can you give us a sense of.

Whether the everything is gonna be stable, whether we're going to have some improvements are we losing from contracting just curious how that's working out second is.

Given how successful everything is going I'm, just curious Neil with the.

We've moved forward on business development of a little bit if there's anything else going on kind of behind the scenes and third just remind us how much are we spending on asthma, let's just from an advertising and promotion support is there is there really little thing being spent right now.

What's your plans going forward. Thanks.

Thanks for the questions Mark why don't I start with your Middle question in regards to business development, then I'll ask the J and then Christine to answer some of the more detailed questions.

Think it is.

An important important to note that our focus is on the growth of <unk> coverage, we have a large opportunity that that are often indication of just doubled our addressable market. The 4 to 500000 patients the demand that we've seen is great.

But theres a long way for us to go so I think that it's important that we continue to focus on go covering we also focus on the integration of <unk> and the drug induced EPR that being said we are of very efficient late stage development team. That's just finalized a very strong MSW program.

And finalize the the long term safety study there and we are of a commercial organization that is also really clicking in regards to the execution that they're able to do in this very fluid and dynamic environment. We're in so we're actively evaluating both internal and external opportunities and finding ways to leverage our infrastructure because delivering value of.

Our top priority.

P. J you want to hit on the.

Some of the payer discussions sure Marc you know as you know we are committed to broad access and affordability for low coverage and we are actively engaging in conversations with payers.

Focused on the clinical and health economic value of the product because we honestly believe that with its differentiated profile of recovery has the opportunity to bring about the paradigm shift and we're getting good engagement in terms of are these conversations that we've had with with bayers.

In that context, it is even more important to remember that as of specialty medications, we do see a high rate of payer approval through a prior authorization process. The off launch is being paid for as well with those scripts.

And we're seeing of 93% approval rate and 75 per cent of patients Medicare or commercial combined.

I have on under $25 out of pocket costs. So the signs are good but we're still working on it and stay tuned.

From an autosomal ex perspective from a macro sense, our SG&A expense guidance for 2021 is really in line with what we spent in the prior year and 2020. So its specifically we have a very small targeted tell of detail sales team that's focused on Arsenal ex and will.

Continuing to evaluate as of the year goes on and determine if we need to make further investments at that point in time.

Thanks.

Thank you. Our next question comes from the line of David <unk> with Piper Sandler. Please proceed with your question.

Mr. Hamm film can you check to see if your line is on the you. Please.

Thank you. Our next question comes from the line of Rob Oliver with H C. Wainwright. Please proceed with your question.

Hi, This is Matt on for Rob Thanks for taking my questions on congrats on the quarter.

So just regarding your published paper in June of this year, which revealed.

The good kind of free may be impacting day freezing.

Is this.

Something that you've propagated in your marketing and education efforts and if not do you plan on doing so.

Thanks, Thanks, Mike we're glad that you asked us the question that we can hand off to Adrian but he might need some additional clarity in regards to which papers because we've had a number of papers published in the last couple.

A couple of months.

So this was the second 1 which showed.

That recovery may be impacting date freezing on the M. D. S. U P E. R. S. Part 2 so this was the post hoc analysis.

Great.

Yes. Thanks for the question. So this is the housing paper in the service.

June this year, but it.

On the Sip of analysis on the MTS you'd be the rest of part 2 which is refocuses on the multiple medications that patients have heard of.

Parkinsonism issues of it.

Patients.

Parkinson's disease of the effects of the Coke coffee on debt.

As part of debt.

Scale that is the use gauge freezing is indeed, 1 of the certain questions.

The patients kind of holds true.

We saw statistically significant improved in the gate for using those patients and overall of this.

13 sort of.

Issues addressed by the end of year MBS.

And yes, the PDI score.

Well were improved.

12 of those sub scales patients out of the corporate improves compared to placebo.

I'll hand it over.

Yes, I think your next question.

Are we able to promote.

That.

We promote based on our label.

And Thats not currently in our label.

Okay Fantastic makes sense and then just finally this may be a naive question, but is there any scope to draw on historical Osman Lakes E on trial data to perform the.

The similar kind of post hoc analysis as you've done with the coverage.

And would this be of any value.

Great question. So I think we mentioned on our Q1 call as we.

Finalize the acquisition of the product debt. It is our intent to get the data from the phase III trials out Adrian is working.

Diligently with his team and the.

And the investigators to do just that so I think there is opportunity for us to learn from the data and there is opportunity for us to make sure that we lean in to ensuring the continued differentiation of the 2 products between the recovery.

Nozzle ex.

Alright excellent perhaps on the core.

Thank you very much.

Thank you. Our next question comes from the line of David <unk> with Piper Sandler. Please proceed with your question.

Hey, Thanks for fitting me in and sorry about that.

So I'm.

Just real quick on the the off time indication and I apologize.

I I missed this but you know over time it seems like Youre accessing I mean, it doesn't seem that I think it's it's you've confirmed this debt that youre accessing of wider Parkinson's population. So you know I guess with that in mind.

Should we think about any expansion of the commercial infrastructure over the long term.

And I know you addressed.

Business development.

But maybe as a sort of corollary to that topic, what's your appetite for taking on any R&D risk.

To the extent that you are to buy an asset.

Thanks, David Let me, let me ask of Vijay to touch on the first question in regards to the off.

Indication and we definitely are accessing a wider market opportunity right. We went from 200000 patients with dyskinesia and off to an additional 2 to 300000 patients with with off which gives US 4 years to 500000 patients now. So I think that we are definitely seeing this large opportunity and a wider.

The population to try and.

2.

Provide the opportunity for <unk> coverage of BJ can talk a little bit more about answer I'll get into the question of thanks.

So the question David I would say, it's important to keep in mind that while the population of patients has expanded it is a very highly concentrated marketplace with these patients being treated by the same physicians, we were targeting with the dyskinesia launch. So we believe that we are right sized with our sales force and we are intensifying our efforts to <unk>.

Provide coverage to a multimedia digital cash.

Pain, and we believe that that that is sufficient to get to the opportunity efficiently.

So David with regards to the BD question and the appetite.

Scott I think it's really important to delivering volume top priority and on the largest opportunity to deliver value today is being able to continue to execute on our off line.

And drive the foundation for what we can do in the future. There's also the element that I spoke about briefly in the prior question around the ability to leverage our infrastructure. We've proven that we can do late stage neurology development in the Ms. Multiple sclerosis space, we've proven that we can get.

Additional lifecycle completed with our S NDA for the off episodes indication.

And we're now proving that we can commercialized drugs in a very complex environment and drive strong demand momentum.

I think as part of that we need to also figure out in the long term based on our current.

The strength of our foundation, how we leverage our infrastructure and build value over overtime. So today, our value drivers go covering and launching it into this wider and larger opportunity in the future we need to find ways to leverage our expertise and the infrastructure that we have.

Great. Thanks, Neil.

Take care of good to talk to you.

Thank you we have reached the end of our question and answer session I would like to turn the call back over to Mr. Macfarlane for any closing remarks.

Thank you Michelle and thanks for everybody for joining us I am Super proud of what we've accomplished through the first half of 2021 and encouraged about the opportunities ahead of us. So I. Appreciate your time today I look forward to updating you on future calls have a great day.

Thank you. This concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.

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Yeah.

Yeah.

Yes.

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