Half Year 2022 Quotient Ltd Earnings Call
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Greetings and welcome to quotient Limited's second quarter business update at this time all participants are in a listen only mode. A question answer session will follow the formal presentation. If anyone should require operator assistance during the conference. Please press star zero on your telephone.
Pat as a reminder, this conference is being recorded I would now like to turn the conference over to your host Mr. Peter Buhler Financial advisor. Please go ahead Sir.
Thank you Hector.
Good morning, everyone and welcome to Quotients business update conference call.
Joining me today is Manuel O Mendez, Chief Executive Officer, a portion of the Ali keep Oro Chief Financial Officer.
Today's conference call is being broadcast live through an audio webcast and the replay of the conference call will be available later today at Www quotient PD Dot com.
During this call quotient will be making forward looking statements, including guidance and protection as to future operating results and expected development into commercialization timelines.
Because such statements deal with future events actual results may differ materially from those projected in the forward looking statements additional information.
Information concerning factors that could cause actual results to differ materially from dosing to forward looking statements can be found in quotients filings with the U S Securities and Exchange Commission.
The forward looking statements, including guidance and protection provided during this call are valid only as of today's date and quotient assumes no obligation to publicly update these forward looking statements.
I stated in the press release issued yesterday, our Q2 FY 'twenty two earnings releases delays.
We are working through a restatement of our previously issued financial statements.
We are working through a technical noncash accounting adjustments related to the historical treatment of our six units. She was senior secured notes and the associated royalty rights.
The estimated impact is anticipated to be low 50% of net loss and total liabilities at each year presented into FY 'twenty to Form 10-K.
The financial impact on prior year period is considered immaterial.
With that I would like to turn the call over to closest Chief Executive Officer Manuel to provide you with a business update.
Thanks, Peter and good morning, everyone. Thank you for joining us today for our business update we appreciate your time and interest in quotient.
I'm here joined at Exxon's in Switzerland for our new CFO, a leaky Boral I know you will look forward to meeting with our with customers investors and all of this as you onboard our leadership team Ali Thank.
Thank you Manuel Thank you Peter.
It's been a busy first week getting to meet the leadership team here at quotient.
I joined quotient because I was excited about the potential to transform transfusion diagnostics and go beyond.
My initial impressions are that we have a very committed and capable team focused on the work ahead of us.
I look forward to meeting many more of our internal and external stakeholders in the days ahead and with that I will turn the call back to mine well to take us through our key pillars.
I'll leave welcome to the caution family.
As you'll have seen from our business update press release yesterday, we've made a lot of progress over the last quarter I would like to start by recognizing the entire quotient team for their dedication and support.
Today, we will be updating you on our executive leadership team and consistent with our last business update the three key pillars that mosaic solution Alba by quotient and cautious financial position I will begin with the new members of our executive leadership team I'm delighted that we have continued to make progress.
This quarter by enabling the transformation of our company's business mix.
As you have read in our press release, this morning, and as announced earlier this quarter. We have four new dynamic members in place who will bring deep industry knowledge and proven track records of success by supplementing our executive Committee, we will be able to meet our growth initiatives and better serve our customers.
The first key pillar is our mosaic solution, we will begin with the transfusion diagnostics pipeline, which includes immuno hematology serological disease screening and molecular disease screening.
I'm proud to announce the expanded immuno hematology see regularly toward those air has been submitted the submission was the result of a multiple clinical performance evaluation trials in Europe, which included more than 4500 random blood donors. We are proud of the work our team has achieved.
The results were excellent the microarray contains.
20 commercially relevant specificities antigen performance demonstrated an average 99, 5% or greater for most specificities. Additionally, we received positive feedback from our customers who stated the mosaic solution is very easy to use with limited training required.
Time to result is better than other commercially available instrument.
Can I get can I be an early adopter and how quickly can I get one these were consistent feedback that we received across the different sites and frankly in all my travels around the world.
We can continue to expect CE Mark approval around year end, followed by commercial launch in Europe, and rest of the world, where CE marking is accepted.
Now I would like to update you on the second mosaic modality, the serological disease screening micro arrays.
Firstly, the expanded Sds microarray or serological disease screening microarray development is on track advancing rapidly and will include HIV. One two group all in other and other sensitivities hepatitis C syphilis antibodies as well as hepatitis b surface antigen and amino assays the COO.
Core assets needed in blood screening.
Our R&D team continues to drive optimization of the multiplex array, where we are observing 100% sensitivity and greater than 99.8 specificity with our anti HIV and anti HCV assays meeting European common technical specification requirements C. T S require.
And as is commonly known.
The anti syphilis and surface antigen assays are progressing also very well as planned.
This quarter, we refined our go to market strategy to accelerate commercial launch into the plasma fractionation market. We're in discussions with key customers in this field and will integrate as indicated previously a plasma side into our clinical performance evaluation. So we can then submit and launch ahead of.
You all are in the plasma market.
Relative to our third mosaic modality, the infectious disease molecular screening, we continue to make progress in our assay and instrument development with internal and external partners.
Shifting beyond development. Our focus has also been on Mosaiq commercial execution our.
Our commercial and technical teams have been working on the qualification of the expected IH tenders are immuno hematology tenders within the next two years of the approximately 25 tenders mentioned last time, we have six mosaiq tender evaluations at five locations in progress.
With the previously committed 12 mosaic evaluations three have progressed this quarter and two more are still on track to take place by food fight fiscal year at <unk>.
Regarding our rest of the Dolby rest of world distribution strategy outside of Europe, and the U S. We have identified 57 distributors through.
Through our distribution network, we will have we have validated and access to more than 100 qualified customer targets, which are in advanced stage to be closed in the next 12 to 18 months.
We have received multiple animal use with commitments from various distributors in various geographies.
This quarter, our virtual presence at the a b b in 'twenty 'twenty. One conference was well received as a corporate sponsored we have received over 300 attendees, which misses at our booth virtually signifying an interest in quotient solutions.
Three scientific evaluations were showcased at the virtual conference to under mosaic COVID-19 antibody microarray and one on the mosaic serological disease microarray on the detection of antibodies to human see somebody like medica, a virus and to bring them up to lead them.
Additionally, we established the innovator circle led by Dr. Christine as you know Q a series of performance and workflow studies within the innovators circle membership are planned to be initiated to demonstrate the impact of the mosaic solution on laboratory workflow efficiencies.
We are targeting four to five new site participants and members by fiscal year end.
This is a critical step for commercialization and building clinical and scientific value I.
I would like to conclude our update on the mosaic solution by providing you information of how we've leveraged mosaic power and flexibility by exploring opportunities in new market segments.
Part of our strategy has been to develop and commercialize mosaiq beyond transfusion diagnostics.
This quarter in clinical diagnostics cautious new product research team demonstrated mosaiq feasibility to detect zero in I G E specific to key food and environmental allergens, such as more and more sweet and Birch tree allergens. These.
These opportunity represents the first step for the company towards providing advanced automated high throughput multiplex solutions for clinical diagnostic specialties, such as the 2 billion allergy IBD market at the same time and as communicated at our Q1 earnings call press release.
We are investigating the options in the autoimmune and transplant clinical diagnostic market segments.
In Biopharma and pharma, we are pleased to announce the collaboration between quotient and Johnson. We are very pleased with the successful collaborative effort that demonstrated mosaics ability to inform the development of vaccines and differentiate by vaccine induced antibodies positivity from antibodies do.
Natural infection.
<unk> continues to underline the power of mosaic multiplexing technology for broader IBD applications.
Both our efforts into pharma Biopharma diagnostics and allergy diagnostics have progressed rapidly underlining the power of the Mosaiq multiplexing technology for broader I V D applications in a very rapid way.
Now I would like to update you on our second pillar Alba by quotient.
We announced the expansion of the Alba by quotient product portfolio. The expansion includes 13, new products underway to address our customer needs.
Our auto sales of $9 2 million exceeded guidance in the second quarter and continued to drive double digit growth of 15, 9%. We demonstrated an impressive performance across the board, including 18, 6% growth in the OEM business.
Finally, our third pillar that I like to update you on some cautious financial position.
The successful amendment of our senior secured debt reduced cautious near term cash obligations by approximately $60 million. We negotiated the amendment of senior notes indenture postponing the principal payments by 18 months, which significantly improved the timing of our future cash flows.
Additionally, quotient received a further $5 $4 million pay out in August and September related to the credit Suisse supply chain financial funds and now I would like to hand over to our lead to provide our guidance.
Thank you Manuel.
For fiscal year 2022, our guidance remains unchanged.
We're expecting a full year revenue forecast from product sales of our Alba by quotient reagents in the range of 35, and a half to 36 and a half million dollars.
No milestone payments related to other revenues are expected.
For the third quarter of fiscal 2022, we expect sales of Alba by quotient reagents.
Between $9 1 million and $9 $7 million.
We forecast capital expenditures in the range of 5 million to $10 million.
With the acceleration of our Mosaiq field trials, we expect cash used in operations of approximately six and a half million to $7 million per month.
This amount does not include debt service cost and capital expenditures.
No guidance is provided on operating loss.
Before I hand, it back to Manuel I would like to thank Peter for his collaboration and Onboarding over the last week, including his participation on this call.
We will continue to transition over the next couple of weeks as I get up to speed on the business and I look forward to meeting many of you in person or virtually and with that let me now turn the call back to Manuel.
Really looking forward now I would like to share upcoming plans for the three key pillars I mentioned, a few moments ago, beginning with the mosaic solution end to institution pipeline.
We expanded our immuno hematology microarray regulatory those ear is now under the review with the notified body unless there are any major questions raised by the notified body. We still expect approval around year end, which is in line with our communication last quarter.
The development of the U S version of the expanded immuno hematology microarray is approaching completion and the U S field trials will start before year end with an expected FDA submission in the first quarter of calendar year 2022.
Expanded immuno hematology will require a BLA for U S and we therefore expect anticipate the timeline of approval between 15 to 18 months, depending on the agency.
Regarding our second modality, the serological disease screening micro arrays.
The plan will be following we will finalize the development of the remaining test and start field trials in Q2 of calendar year 2022.
The design of the field trials is progressing and the trials will cover both the expanded serological disease screening donor microarray as well as the plasma microarray as I mentioned before.
We expect to submit the CE, marking an FDA approval in Q3 of calendar year 2022.
On the Mosaiq commercial execution, we will expand our customer base by providing them with insights on how to best leverage the mosaic solution to help optimize their laboratories, we will continue to drive tenders and expand our distribution network.
I'll now conclude with mosaic solution guidance by providing you with a view into our plans on new market segments.
We will continue to explore opportunities in the allergy autoimmune and HLA typing infectious disease and other clinical diagnostic specialists beyond transfusion market.
Moving onto our second key pillar Alba by quotient will commercialize the new expanded alba by quotient menu to bring value to our current customers and OEM partners.
We will expand our geographical presence to drive our direct business.
And then finally on our third I'm fee kind of file a final key pillar financial position as we mentioned in our release earlier today. We're currently working through a technical noncash accounting adjustment related to the historical treatment of debt, which will lead to a restatement of our last annual report 10-K form.
The estimated impact is anticipated to be below 5% of net loss and total liabilities in each year presented in the fiscal year 'twenty one Form 10-K.
We continue to reaffirm cautious previously provided guidance for full year fiscal year 'twenty. Two in summary, we are on track to deliver on our key objectives to conclude Peter.
Peter joined us over a year and a half ago and in that time. He has made a significant impact to our on the business and our company on behalf of the whole quotient family. Thank you Peter for your valued contribution and support to help drive our company's strategic vision.
Now I would like to turn it over to hand over to Victor to open the Q&A session. Thank you.
Thank you at this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two if you'd like to remove your question from the queue for participants using speaker equipment it may be necessary.
To pick up your handset before pressing the star keys, one moment, please while we poll for questions.
Our first question comes from the line of Josh Jennings with Cowen. Please proceed with your question.
Hi, good morning, Thanks for taking the questions and congratulations on submitting the complete dossier for CE Mark and.
Congratulations to Allie and good luck to Peter in his next endeavor wanted to.
Just ask you about the final fill key EU field trial tests for the expanded IH two menu.
The imaging performance first just wanted to get a little bit more clarity on the comment on average 99, 5% or greater for most specificity, where there. Some <unk> that reached concordance levels that were lower than 99, 5% were any any more details.
You can share there and then also just the 'twenty individuals' specificities versus what we were expecting a lower level.
Any comments in terms of which antigens where were included in the in this 20 specificities.
Yeah. Thanks, Josh that one thanks for the remarks and Oh good to hear you look at it from a I'll start with the specificity. So on the specificities are we we are able as we looked at the data from the clinical trials are to increase the number of specificity is there are these are on the extended so we.
Have the core plus and now are additional specificities that worry in the extended view, which will allow us to further consolidate as we look at you know are the the way that customers are running those either manually audience and automated analyzer.
So we're.
We're very excited about that in terms of performance are why we chose not to put the table. The typical table that you would see you would expect that's been shown in the past is because of the data that we have has been submitted to the regulatory body and again.
It's not really good good for them to be able to show. These data because again when you submit the data analyze the data we submitted and then there may be you know differences you know as they look at data that are you know and then in their reviews. So we didn't want to you know put some data out there that potentially could have the you know some change here and there. So that's why we didn't share the day.
But what I can say is that the performance that we saw on you know the specificity is consistent with what and what's required to you know for customers and to you know past regulatory agencies again I don't want to you know get ahead of myself because that's the the agencies are you know a job to be able to say that but you know we.
We are very confident with the performance that we've submitted.
And they perform as expected from our customers you know so I'm, sorry, I can't give you more specifics on the specificities, but but we are very pleased with the outcome and you know the fact is that we run 4500 samples. So you know that this is just a really great and you know to be able to show performance of the mosaic solution.
Understood. Thanks, Thanks for that.
Shifting over to the U S. D S too and you commented on HIV HCV hepatitis B and syphilis are there any other tests that are going to be a more expanded menu. Besides those four.
Yeah, So where the idea is and most most laboratories today, you know of and the donor labs. They they run like HIV, one two Grupo and you know and and others, maybe even an AR and then you would run the surface antigen you would run the H C V and so those are the main end.
And then separately as those are the core and then we are also in development of H D. L. V. A hepatitis B core are the CMV is part of that and then you know of course, you know there's others like Shanghai as you know, which we have in development.
Our intent is to be able then to you know launched you know with the core and then you know are the extended you know will follow I think thats key because it allows us to you know get to market much quickly and then you know god generate revenues much more quickly. So so the program has.
Change, but we're trying to you know get us to market much quicker quicker and so that's why again you know that is the same many of that also we're going to use for the plasma market, which makes it very convenient for us to be able to do those two things in parallel.
Understood and then just one follow up on just.
The tenders in evaluations sounds like those are going to have five five general evaluations by the end of the year.
Yeah.
Hyper care sites, you've had some sites sort of adopt a mosaic for COVID-19.
<unk> testing can you just talk.
Help us understand the number of sites that have already had exposure to mosaic either one of those buckets and just whether that that represents the low hanging fruit for for your yearly launches those sites that have had these evaluation period potentially see how mosaic will integrate into their workflows. Thanks for taking all the questions. Yeah. So I mean, what we have I guess.
We we have a cross functional cross geography, I'm, sorry cross geographical number of sites that have experience you know the the system. The idea is you know ones those are evaluations and we we add a third dimension by the way I mentioned, the innovators Circle innovation Circle, which also is going to add.
Set asides are our intent with those is that once those evaluations are complete of course, you know will participate in some of the tenders you know and the intent is that those instruments. You know stay there you know and not leave the sites, but of course, you know in a tender process will run through the process and you know and in due course and in the meantime.
There's there's other customers that you know like the innovator circle, which are going to generate papers you know for us.
Whether they are related to workflow consolidation of all of our laboratories, where there is related to performance and different elements associated with that I will continue to drive those and those of course are going to remain but I think the focus is that we have you know besides you know what we hoped.
To continue to drive those in the meantime, you know US well, we will have other you know elements of evaluations you know with the the rest of the World, which you know we're very active in this area as well.
Awesome. Thanks again.
Our next question comes from the line of Mac Sykes with Goldman Sachs. Please proceed with your question.
Hi, good morning.
Everyone. Thanks for taking my questions and welcome Ali.
I just wanted to.
Maybe to start out on on some of the comments you made on a new market segments for mosaic you mentioned in the release about clinical.
Regarding the food environmental allergens, just wanted to see kind of what your thoughts are on that and and potential timeframe I know it seems probably far out but just.
Looking at some of the new market segments I'm, just wondering how you see those evolving over time then on the on the Biopharma partnerships you mentioned in the answer you know early this year I'm just wondering if you're looking to potentially replicate that with other partners as you kind of start to continue to develop a mosaic capabilities.
Yeah. So thanks, Thanks, Matt good to hear from you and thanks for the question regarding the the Allergan our allergy business says I think this is an area, where we were super pleased with the progress we've made in a very short period of time. So one we needed to make sure that one of the capabilities of the mosaic you know can address you know.
The this area in this opportunity. So what we've done is we have you know sort of pre feasibility. If you will because now we know that that is we can do it the mosaic can do it that we can do the multiplexing so well.
What you would expect is that we will continue to.
B, making an acceleration in this area.
We've also made some conversations with some key customers in the market that are highly interested you know too.
Have these type of high throughput you know yeah solution in their in their laboratories.
So we believe that again, maybe some of these partnerships will become interesting for us going forward and then you know are we would maybe have some co development you know and acceleration of access to you know different samples etcetera. So we think that this is going to give us a a good boost in order to accelerate.
But we'll communicate more on that topic, you know going forward, but you know we're pretty excited about that and we've had some of those conversations are ongoing.
For the pharma Biopharma I think you you you alluded to the fact that and I think it's correct as we we know that the the work we did with young and.
It is a it's great wanted just validates the technology. It also validates the fact that we have the flexibility to be able then to play in this area. So we are looking to understand you know how then we replicate that with other players in the market as well as then other potential projects you know within you know the Jan San Jose.
Andy Johnson and Johnson World and then of course other players you know as as I mentioned before so yes. So these we believe that represent additional opportunities for us to do capitalize on the flexibility of the multiplexing you know multi modality of of the mosaic and then you know you know in the future.
Help us generate additional revenue.
Through those collaborations great and then.
Great. Thanks, Manuel and then just on on Alba, you mentioned some product expansion that youre doing assuming that's in kind of response to customer feedback and are there any type of additional development costs that would be incurred from that product expansion are you able to kind of leverage what you currently have right now.
Yeah, Great point.
Yes, Great point no you know what I think the beautiful thing is that we have a very good infrastructure, we have in in India Alba by quotient business I think we have the team is extremely efficient and we have the capability. So it doesn't require additional investments are and you know because we have a significant number of customers I mean it.
Between direct and indirect we have more than 5000 customers directly are you know we have all this inside so in speaking with customers and getting some of that feedback you know we did develop those products. We have the capabilities. We have the infrastructure. So now it allows us to continue to grow and our direct business and also.
You know with our OEM partners. So that's part of the strategy that we're trying to follow so now are at a cost you know we're looking at that very closely and I know.
You know we've discussed in the past I don't know that I highlighted in my remarks, but regarding costs. We're also looking at all functional areas as I mentioned them in my in the last earnings call, where we're looking at you know optimizing.
Optimizing the different investments that we have and one of the thoughts you may have as a you know a is allergy investment incremental well as you would expect you know where we just you know launch where we're gonna ready to launch on the immuno hematology. So we reallocated some of those you know expenses that we've been doing for immuno hematology development into.
Other areas. So it doesn't also become incremental expense right. So we're just being trying to be smart about how we spend our dollars and how we allocate resources on the areas that are going to drive the growth.
Great and just one last question if I may just I know in the past Covid has been a bit of an obstacle for us from field trials and you're clearly getting through that timeline seem intact I'm just wondering what the delta variant.
And this past quarter are you anticipating any potential delays or disruptions from that or is that baked into your current timeline.
No you know what I. Thanks for the question, but no we don't anticipate any impact from Covid free.
Frankly, I, our clinical trial sites, where uninterrupted I think that was one of the good things that we saw so weren't yet any we are not anticipating any impact in our timelines from COVID-19.
We believe that and maybe it may be too optimistic but that those things you know it sort of seems to be a little bit behind in most of the geographies we interact.
And you know a we think a we will be able to follow through on the commitments. We've made so far.
Great. Thanks for taking my questions and Peter Good luck in your new endeavors.
Thanks, Matt Thanks, Matt.
Our next question comes from the line of Brandon Couillard with Jefferies. Please proceed with your question.
Hey, guys. This is Matt on for Brad today, Thanks for taking the questions first one can you just confirm on the six mosaiq tenders on her view that you have under progress or all of these customers that were part of hyper care and then any initial feedback understanding very early days from these customers or updated thoughts on how youre thinking about timeline from initial tender evaluation too.
Potential for commercial revenues to start to pull through a little bit.
Yeah. Thanks for the question and good to hear from you know the evaluation size or not are not in from the hyper care. So they're completely different and are what we will follow unexpected. The you know the same process that we've you know we've communicated in the past you know all of the feedback that we have is the same.
You know that I that I received frankly speaking, which is you know can we how quickly can we get it you know a when do you get the CE marking.
That's more because of the historical you know nature of where we've been in the past I think people are just okay. You know once you get the CE, marking you know then we know that this is for real but yeah. The feedback is extremely positive from a user.
Interphase and you know logistics everything else. So I think the addition of Mohammed El Corte <unk>, our new Chief commercial office has been amazing.
He he that he and the team have been you know are going through all the tenders you know in great detail.
The feedback in great detail and then using those to a position you know our solutions not just in the in the in Europe, but you know our rest of the world. So that's why I'm a I shared that we have you know greater than 100 opportunities identified you know that are not necessarily tender driven which we hope for <unk>.
<unk> you know once we get.
The CE, marking approval. So I think again from a commercial standpoint, I'm very encouraged and very pleased with the addition of Mohammed to the team and the type of focus he's he's brought into into the mix.
Thanks, and then just sticking with him Mosaiq launch what what's your current view on the number of instruments available to place at customer sites as we move into 2022 and that is.
The strikes that you're able to increase production capacity in and if they signaled any component shortages given some of the supply chain dynamics, you're seeing out there. Thank you.
Yeah, Yeah. That's a that's a fair question. So we were in constant communication with our with Tri Tech you know one you know we have access to instrument in the short term you know so I don't think in the short term is an issue we have access to a greater than 60 instruments. You know quickly so that I don't anticipate that being.
An issue.
But certainly you know I I would love to have a you know a problem, where you know I I go back and tell them, Hey, I need more but you know I I don't think it's a it's an issue at this point who are we we believe we can react quickly there they're very supportive and you know I think again.
We're gonna be looking at those things very quickly, it's all going to depend how quickly we get their CE mark.
And you know we have so we're monitoring that very closely so we have now greater than the 60, but we can react very quickly to get you know additional ones. If if that comes to that point.
So and given the opportunity that we're looking at you know you know where we're monitoring this very closely.
Thanks I appreciate it.
Thank you. Our next question. Our next question comes from the line of sung <unk> Nam with BTG. Please proceed with your question.
Hi, Thanks for taking the questions and I would like to add my thanks, and best wishes to Peter as well.
So maybe starting with the this is temporary.
Would you be able to quantify what the what the total value.
600 might be a.
In aggregate.
Yeah, well, we said at the buy side. So do you have by the way nice to hear from you and thanks for for.
The comment.
What we've said is that represent about 60% of the European market.
You know so that the you know the 25 tenders, which is about you know <unk>. If you look at the market is about 21 million.
Donations per year. So you know are in some way in some way you know it's just you know are somewhere in the what is it Peter you can you can you it's about 60% of the 'twenty one so it's about 11.
11 to 13 million spent you know so look it could be this is just immunoassay Ah. If you take you know on average price. It you know $5 it could be 60 to 65 million.
Dollars worth and so that just gives you an idea of you know more or less what the value is on just immuno hematology.
For Europe only.
That's great. Thank you and then just on the molecular assay side.
Anticipate before the end of the year in terms of the progress that you're making the performance characteristics.
Yeah.
Program underway, yeah, we're looking into that I think it's an area that you know we're we're very closely monitoring you know because we were trying to find ways you know and how we can accelerate this.
We are in current conversations you know with our external.
External partners because I think you know in this area. We don't we don't want to reinvent the wheel for a couple of things like probably you know extraction and amplification. These are very proven methods.
In the market.
And we would like to be able to offer a complete solution.
From a detection perspective, you know we we have your capabilities you know very clearly articulated and that's in process.
So we do expect to give us an update before year end, you know with our plans, where we're at and the progress we've made so but again I think in in in and in many ways I think it's more understanding you know how do we accelerated with the external partnerships because I.
You know again, we don't want to reinvent the wheel like I said, so that's the idea here.
Gotcha, and then lastly from me great to hear about the Janssen partnership with.
Love to hear a y.
They have chosen to make world class.
For them for their serology testing.
Person somebody other neurology platform set out there.
Yeah look we're gonna be publishing we hope in the next and Dr. Ginocchio who's going to take that on a paper on this a white paper on this so I don't want to steal the thunder from that but what I can say is that they evaluated different technologies out in the market and.
They were very pleased with the flexibility of the Mosaiq platform, our ability to be able then to quickly develop you know an application that work for them and I think again. This is a super important application. If you really think about it because if they wanted to be able to differentiate not from natural infection.
From vaccine induced a you know antibody presence so at the end of the day.
It is the the fact that the mosaic was the most versatile for that I think we are again, we were very excited so where we're in conversations with them on other things and like I mentioned to Matt. You know this is an area that we're going to pursue you know and understand a little bit more I know, how how are how can we become more relevant.
Great. Thank you so much.
Yep. Thank you.
Ladies and gentlemen, there are no further questions at this time and I would like to turn the call back over to Mr. Manuel Mendes for closing remarks.
Yeah.
Thanks actor well look out thanks, everyone. You know its been a again a hell of a quarter. We're super excited with the progress. We've made you heard you know are the.
The the focus areas, we have I'm very excited and pleased with the new team members.
So we hope again to continue to bring.
The the the progress that we're making in the next quarter, but other than that you know have a great day and thank you for joining.
This concludes today's conference. This concludes today's conference you may disconnect. Your lines at this time. Thank you all for your participation.
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Okay.
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