Q3 2021 BioXcel Therapeutics Inc Earnings Call
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Good morning, and welcome to the bio <unk> cell Therapeutics third quarter 2021 financial results Conference call. At this time, all participants are in a listen only mode.
During the conference you require operator assistance. Please press star zero on your telephone keypad. After the presentation. There will be a question and answer session. If you'd like to register a question you May Press star one on your telephone keypad.
Just to remind everyone certain matters discussed in today's conference call and our answers that maybe given to questions asked are forward looking statements subject to risks and uncertainties related to future events and our future financial performance of the company.
Actual results could differ materially from those anticipated in these forward looking statements risk factors that may affect results are detailed in the Companys. Most recent public filings with the U S Securities and Exchange Commission, including its quarterly report on Form 10-Q for the quarterly period ended September 32021, which can be found at www dot biologics out therapeutic.
<unk> dot com or on Www dot SEC dot Gov.
As a reminder, today's conference is being recorded joining us on today's call are dark and someone Matto Chief Executive Officer, Richard Steinhart, Chief Financial Officer.
Vince O'neill, Chief Medical Officer, Frank JAKO, Chief Scientific Officer, and Rob Risinger, Senior Vice President of clinical development.
It is now my pleasure to turn the call over to Dr. <unk>, the CEO of bio cell Therapeutics. Please go ahead.
Thank you operator.
Everyone and thank you for joining our call today.
And update you on our financial performance and business highlights for the third quarter of 2021.
As you know <unk> compatibility with a clinical stage biopharmaceutical company utilizing artificial intelligence approaches to download and.
In neuroscience and immuno oncology.
It is a very exciting time for the company and we are pleased to report tremendous progress in our neuroscience and immuno oncology franchise.
Well Ed.
Commercial and launch planning as we near our January <unk>.
Pardon me.
We had many accomplishments accomplishments to date yesterday, let's start with our most advanced program in neuroscience.
<unk> added 514.
For the acute treatment of agitation associated with schizophrenia, and bipolar disorders wondering to.
As a reminder, this is our lead investigational candidate that can be downloaded from question Hubert.
To FDA acceptance for the NDA filing.
Yes. This is a market as we are now.
<unk> of any of the AI driven drug discovery and development company that has achieved this milestone adeptly Cherokee.
We are now less than two months away from potential approval and our commercial launch readiness activities are there one thing that.
We have expanded our sales leadership, including Onboarding, a VP of sales and.
And regional sales director.
We have deep neuroscience expertise with multiple product launches in both institutional and our patients are dying and.
And experience working for startups and large companies.
We are also focused on recruitment.
Team across key data.
We are finalizing.
Our market access and pricing strategy.
These market insights.
501.
Through strategic initiatives, we are continuing to educate key audiences about our innovative product with no similar launch analogs plus we have fully launched our disease education campaign promoting awareness around the acute treatment of agitation.
And in schizophrenia, and bipolar I disorder.
This is a broad multi channel campaign that didn't.
Broadcast and product presentations by key thought leaders. The campaign is designed to educate healthcare providers on the full spectrum of Syn <unk>.
All stability associated with agitation and the border itself wrong Noninvasive deep man.
Sure.
And bipolar disorders.
Second our medical science liaison and Marty Medicare and managed care teams are actively engaged with health care provider at the institutional level.
And at conferences.
At several recent quad Brinci, we had we had aggregate educational booths that effectively in foreign party spend on hospital, SaaS agitation and schizophrenia and bipolar patients followed treatment guidelines.
We will continue to actively participate at industry, leading conferences in the month.
Two strategies initiated continuously providing us with valuable insight for commercial launch.
Building in Barton awareness of agitation associated with neuropsychiatric disorders.
We are excited about the possibility of bringing potential new treatment option to the millions of patients struggling with acute agitation.
Associated with schizophrenia.
Bipolar disorder.
Clearly significant 501 has the potential to be the plus innovative product.
New therapy for these indications in more than a decade.
Our neuroscience franchise is growing rapidly in fact, we believe that 500 one's pending approval and commercialization is just the beginning.
And you will recall, we have a terrific portfolio expansion strategy for <unk> hundred one.
We intend to expand indications for fiber one.
Extend our geographic reach and grow them early because I think that our treatment that offered.
Let me quickly review our progress within each of these three pillars.
Reflecting our indication expansion pillar.
501 represents a pipeline within a product and we are advancing <unk> hundred one across several indications.
We plan to initiate a phase III program.
<unk> 501 for the acute treatment of agitation in patients with Alzheimer's disease in Q4 of this year.
This follows multiple meetings with FDA and strategy consolidation related to clinical and.
<unk> and commercial potential.
<unk> disease is the most prevalent type of dementia in the U S.
Contacts in the Americans over 65 years old.
The disease is expected to double over the next 20 years.
If anything from $5 8 million in 2020 to $11 8 million in 2014.
Up to 70% of those patients experience agitation. We then estimated 100 million episodes of agitation in the U S every year.
We believe 501 would mark the first orally available therapy.
Peru.
There are currently no FDA approved.
Given the unmet medical need in this area, we intend to pursue VX 501 in other dementia.
As part of our future development.
Beyond the measure we are expanding <unk> into new indications, including a phase <unk> trial.
<unk> 501, adjunctive treatment in major depressive disorder or <unk>.
A major public health burden with a high unmet need.
It is estimated that $30 million or more Americans that are currently on any data president with 25% of those diagnosed are there many of.
Starting dickman, our team is preparing to submit an iron <unk>.
And we expect to initiate a clinical trial in the first half of 2022.
Second as a part of our geography expansion strategy.
Back to submit a marketing authorization application with the European Medicine agency in the first half of 2022.
<unk> 501, we believe the EU represents a sizable market opportunity similar to the U S.
The third pillar of our <unk>.
Pension and strategies to grow <unk> 501 franchise across multiple treatment.
As part of our land and expand strategy.
501 has the potential to move into outpatient centers.
Presenting on other large market opportunity.
We are actively pursuing the development and expansion strategy for both our current and future indications.
Our AI platform continues to drive our innovation.
And has its board the clinical progress of <unk>.
501 into mbd, and ediscovery, albeit fueled by one or two.
At the R&D day in September we shared an in depth look at how we apply this platform to accelerate our drug discovery and development efforts.
We will continue to leverage our AI platform for building a sustainable R&D pipeline.
We have already begun formulation in clinical development planning for <unk> two for the chronic treatment of agitation in dementia.
502 is designed as a monotherapy and we believe there may be a potential benefits of combining 501 and fiber to the treatment of agitation in dementia.
Gardening to our immuno oncology franchise, we also made great strides progressing the <unk> 501 program.
As a reminder, 501 is an orally administered systemic equity revert of innate immunity candidate being developed for the treatment of <unk>.
These forms of prostate cancer.
And at one solid tumors.
As part of that evidence of 701 broad potential and hard to be earmarked.
At mall in September we presented positive interim data from our ongoing phase one b slash two study of <unk>.
101 in combination with Keytruda.
Demonstrated encouraging efficacy and a favorable safety profile in heavily pre treated metastatic castrate resistant prostate cancer patients with adenocarcinoma.
Tuesday. Upon these results, we also announced the expansion of our diesel and treatment emerging small cell neuroendocrine SCLC cohort.
This is an area of high unmet medical need with no current standard of care.
Yes.
We expect to present additional efficacy data from the MD Anderson open label Phase II basket trial of <unk>.
701, and Keytruda, what advanced solid tumors in the first half of 2022.
Last week, the journal of immunotherapy of cancer reported data binding, suggesting 100 onemain.
Immunotherapy efficacy in cold tumor types, such as pancreatic cancer.
These findings also highlight the importance.
Potential importance of natural killer cells, along with T cells and regulating pancreatic cancer.
These encouraging data does has validated our continued effort to identify other cancer that could benefit from <unk> novel mechanism of action.
We continue to optimize the potential of our immuno oncology franchise.
We advanced multiple cleaning of the strategy.
So to summarize this is a very exciting time for <unk> cell therapeutics as we have ever really progressing both franchisees and prepare.
Bidding for commercial launch.
We believe that we are uniquely positioned to take advantage of market opportunities in the near and long term.
Now I would like to turn the call over to Richard who will give you a financial update.
Thank you BMO I will now review, our third quarter 2021 financial results.
Research and development expenses were $11 $9 million for the third quarter of 2021 as compared to $16 3 million for the same period in 2020.
The decrease in expenses were primarily attributable to a reduction in our 501 clinical trial costs.
These amounts were offset in part by an increase in turnover clinical trial costs related to <unk> 701.
In addition, we experienced greater professional and consulting fees, which were primarily related to the development of <unk> 501.
General and administrative expenses were $14 9 million for the third quarter of 2021 compared to $8 5 million for the same period in 2020.
The increase was primarily due to higher stock based compensation and personnel costs due to continued expansion of our teams increased.
Increased marketing and commercial costs related to our preparation of the potential launch of <unk> five and one in the U S. As.
As well as increased insurance legal and professional fees.
The company reported a net loss of $26 8 million for the third quarter of 2021.
<unk> to a net loss of $24 8 million for the same period in 2020.
As of September 32021, cash and cash equivalents totaled approximately $252 $9 million.
Now I'd like to turn the call back to Bill.
Thank you Richard we would now like to open the call for questions operator.
Thank you we will now be conducting our question and answer session.
Reminder, if you would like to ask a question at this time. Please press star one on your telephone keypad. The confirmation tone will indicate that your line is in the question queue. You May press star two if he would 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 let me poll for questions.
Our first question is coming from the line of Greg Harrison with Bank of America. Please proceed with your question.
Hey, good morning, guys. Thanks for taking our question.
On the 501 review have you started labeling discussions.
And what are your expectations or goals for the label and how does the different options there impact your commercial expectations for the drug.
We expect the labeling discussions to start soon.
Addressing the information request from the FDA and we are under the window, where labeling discussions at expected.
Shortly.
There can be two scenarios one is.
No Matt.
Because of our region and then it can go into the tissue guys setting and or in the outpatient setting.
There is a medical supervision.
<unk> and then launch will be in the institutions. So that's kind of a base case, we are looking at and we have presented in our commercial day. Therefore integer then starting we are ready to launch the product.
If that doesn't start to be the base case for <unk>.
Great. Thank you.
Thank you. Our next question is coming from the line of Robyn <unk> with <unk>. Please proceed with your question.
Alright, Thanks for taking my question I guess I just had a question on the combination strategy five O one either Q.
Sitting or Youre, starting to phase one trial can you just talk a little bit about.
How youre thinking about development strategy for that.
For depression, it can be very challenging.
So when we think about phase one how are you deciding to use the ones that you can really get a good sense of whether or not you'll see a signal if you go for it.
Thank you Robyn for asking the question our first planned for fiber to do the formulation. We have recently identified that candidate one formulation has been completed we're going to pursue that as a monotherapy. The bulk part of any combination benefit can be that it adds.
No lot of chronic therapies don't love for almost six weeks. They don't provide any benefit but a combination with 501 can provide that extra benefit that Doug can we start working on third oddly as well as it can maintain like provide a benefit for the chronic aspect of that.
The thought process there but.
But initially we are going to start as a monotherapy.
And then just.
Thank you for depression, and also a 40 milligram update when will we get some sounds like pretty milligram dose data.
So 14 microgram data for dementia, we've been completing that trial and doing some blinded analysis related to safety and other preacher and we will be utilizing all of that data and selecting our two doses for our phase III program and we'll report on that.
Okay.
Yes.
Thank you. Our next question is coming from the line of Simonton Kulkarni with Canaccord. Please proceed with your question.
Thanks for taking my questions I have a couple now that you've closed the FDA action date.
Any commercial renewables that you feel might need multiple just what do you listen to what you had announced and you ask how much of the day and laid out some of the changes that you've had at the top and.
Secondly on dementia on the dementia data.
Could you give us some specifics on what exactly you are aligned with the FDA.
So far on starting a potential phase III data.
For commercial our focus has been in building our sales organization as we have a strong commercial commercial leadership team to continue with our launch preparations.
And as I reported that we have hired VP of regional sales data.
To hide.
Our sales team for those specific categories and regions, where that is we have hired regional sales directors. So that part of the process is progressing well and second piece related to that is finalizing our pricing strategy. So we have done lot of qualitative quantitative research.
As evidenced based research to come up with a pricing strategy that will allow us to capture the maximum potential of <unk> 501.
That income plus coming up with a strategy that will be back price.
And once we are diverse by what.
Depending on the medical side of things, we're discounting strategy.
So all of that work has been going on and it's near completion. So those are the two important pieces, which will come together by the end of the year to get designated for our launch upon approval of the drug by FDA.
And regarding your second question about the dementia specifics.
Once we provide that we have initiated the trial, we will layout the.
Full phase III program that we have aligned with the FDA.
At a high level I can say, it's going to have a lot of components of tranquility because that data resulted in Alberta breakthrough therapy designation. One thing you have noted is that we have chosen to go initially with Alzheimer's disease.
To keep it keep the focus for strategic reasons and get to this NDA.
Sure.
Fjord population in Alzheimer's.
So.
We will continue to provide as we outline our phase III program what are the key elements of design feature.
And few weeks.
Very helpful. Thanks.
Thank you. Our next question is coming from Colin Bristow with UBS. Please proceed with your question.
Good morning, and thanks for taking the questions.
Just to build on your comments on the sales build out could you could.
Could you just quantify how many you have hired versus how many you ultimately expect to hire and then where are you in the process of replacing Bill came.
And then just as we think about the launch of five one.
Are you expecting to provide revenue guidance post approval. Thanks.
Thank you Colin.
Question.
Answering your question that.
The total number if it is the institutional setting we have guided that it will be about 75 days I would say is member team.
So currently as I indicated we have hired the sales management team and we have continued to continue to recruit sales team.
The regional sales managers are on board and they are defining those strategies in the territories that they wanted to walk us in terms of bringing the sales teams on board and the timing forward.
As you know our IGN is our key market.
It's 57 ideas and data.
Two thirds of the overall market. So we are building a strategy what will allow us to get the maximum coverage and how to ramp up the sales team.
In terms of.
Bringing on a chief commercial officer. We currently are focused on the approval as well as launch and we wanted to make sure that we can maintain the momentum with our current team and we are evaluating our options what is a good timing to bring on the chief commercial officer onboard and we will report on that.
And on the potential sales guidance post approval.
So what we will be able to.
Once we have the approval and we have all our pricing strategy and all that firmed up we will provide they may take what we can use for the.
Launch and what the guidance will be over a period of time at this point, we are working through all of that and we will guide when we are in a position to provide key launch metrics.
That's great. Thank you very much.
Thank you. Our next question comes from the line of Ron <unk> with HC Wainwright. Please proceed with your question.
Thanks, very much for taking my questions.
Firstly on the commercial side I was wondering if you could provide us with some granularity regarding the factors driving what you expect from the perspective of market access.
And in particular the.
Attitudes up various payors to coverage of fiber one and secondly, if you could provide us with any commentary regarding gross to nets discounting and rebating that you anticipate.
To be in place over the course of the initial months of five O. One launch please.
Good morning, Thank you for the question.
Regarding your question about the discounting only those discussions can start once we have the approval to sit down across with our peers.
And come up with a strategy.
First we need to come up with a price and then the discounting strategy and that will happen upon approval.
Now what we have is evidenced based research market with that had been conducted that what is the value proposition for the product what is the optimal pricing and what pricing in different medical setting. So all that groundwork is being conducted and what is <unk>.
Aging about the product is that product profile is very well received.
Bye.
Sep's are any research we have done with the potential peers because it had it meets as you know.
<unk> hundred one meets Diekman guidelines it at a very rapid onset of action high.
High response rates as well as durable responses.
So we are very encouraged that.
For 501 value proposition in the marketplace is very strong now we will initiate these conversations once we have the approval of the drug and we'll be able to provide more granularity on some of the push and do you have us.
Okay. Thank you. That's helpful. Secondly, I was wondering if you could comment on.
The timing and expectations regarding business development strategies around five O one, particularly as this pertains to markets outside of the United States and if you think that there is any positive read through from the recent the recent announcement of Pfizer's in licensing of certain ex U S.
Pertaining to North Tech and if you think that that might have some implications for what you ultimately intend to do with fiber one down the road in order to optimize the value of the drug in ex U S markets.
Great question.
So we are initially focusing on Europe, because that's where we are planning to file our MAA application in first half of 2022. So answering your question what will be the good timing for the BD strategy is.
Our 2022 to file our EMEA and then have a partner because then partner can get ready for the potential launch.
Based on the approval in 2023.
We continue to evaluate and we continue to receive.
Chris for other geographies, including Japan, China, and other territory and we evaluate those options, but currently we are focused on getting ready for our launch and initiating the phase III program in dementia.
And second from the development perspective, we have prioritized Europe as our funds territory audio predefined a global partner, who is interested in all of their data.
Unknown Executive: or if we find a global partner who is interested in all other territories, we will consider that as
We will consider that as well.
And last question is are you still contemplating a spin out of 701 into a separate entity, let's start or not and what are the factors potentially driving the timing of this and when we might see a coker. Thank you.
Unknown Executive: And last question is, are you still contemplating a spin-out of 701 into a separate entity listed or not? And what are the factors potentially driving the timing of this and when we might see it occur?
Unknown Executive: Thank you.
Okay.
Unknown Executive: So we keep all our strategic options open for 701, which could involve licensing, partnering, co-commercialization, including the option you have outlined. We keep that, and we will continue to work with the board to determine what is the optimal option to maximize value for our shareholders. And at the same time, we are considering that with some of the data that will be coming out for 701 from our two trusts as a prostate cancer trial, that is, we presented the data at diastmo, and some of the data will be getting in our advanced So, having the data and building a strategic option, then we will provide clear direction about what our plans are for 701 in 2020.
So we keep all our strategic options open for 701, which could involve licensing partnering co commercialization.
Including the option you have outlined we keep that and we will continue to work with the board what is the optimal option to maximize value for our shareholders and at the same time, we are consigning that with some of the data that will be coming out for 701 from our two trials.
Prostate cancer trial that we presented the data at ESMO and some of the data we'll be getting in our advanced tumor trial, so having the data and building a strategic option then we will provide.
Clear direction, what our plans are for 701 in 2022.
Thank you.
Operator: Thank you. Our next question is coming from the line of Yacht and Sunasia with Guggenheim Securities. Please proceed with your questions.
Thank you. Our next question is coming from the line of Jan <unk> with Guggenheim Securities. Please proceed with your question.
Eddie: Yeah, hey guys, this is Eddie on for Yacht. Thanks for taking the time to answer the question. On the dementia study, if you don't get an outpatient label for the current NDA, which I think is your current base case, what do you need to show in this additional phase three to get that label change when you file for the FNDA? And then on the European side, can you just talk a little bit more about how the standard of care, especially for mental health, differs between the two regions? What are the additional challenges in that market?
Yeah, Hey, guys. This is Eddie on for <unk>. Thanks for taking the question.
Dementia study if you don't get an outpatient label for the current NDA, which I think is your current base case, what do you need to show a nice additional phase III to get that label change when you file for the FDA.
Now on the European side can you just talk a little bit more about how big that market is and how the standard of care.
Actually for mental health differs between the two regions like what are the additional challenges in that market. Thanks.
Yes.
Unknown Executive: For dementia, I just like to reiterate, our tranquility trial was conducted in an ALF, an assisted living facility, which is as close to the community setting as possible. So I will not compare our schizophrenia, bipolar, and NDA comment that I made about the medical setting. So in dementia, we have already accounted for that. And once you see the phase three program, you will see that we have taken into account the medical setting that we will be conducting.
For dementia I, just like to reiterate our tranquility trial was conducted in assisted.
Assisted living facilities, which is as close to the community setting so I will not compare our schizophrenia and bipolar.
<unk> comment that I made about the medical testing.
Dementia, we have already accounted for that and once you see the phase III program, you will see that take.
Taken into account the medical setting that we will be.
Conducting the trial.
Unknown Executive: That So we don't see that there will be a specific need for any of that in the dementia program, but that's why we took our time and interacting with the FDN to come up with a robust phase three program. That will allow us to focus on completing our SNDA for dementia. Coming back to Europe, Europe is a very different market.
So we don't see that there will be a specific need for <unk>.
Any of that in the dementia program, but that's why we took our time and interacting with the FDA and come up with the robust phase III program that will allow us to focus on.
Completing our SMB for dementia.
Coming back to Europe.
Europe.
He is a very different market.
Unknown Executive: It's, I believe, more challenging, particularly for neuropsychiatric disorders. The area we are focused on with 501 agitation resulting from some of these diseases, there are no, like, you know, standard of care that's optimal like USO that meets treatment guidelines. So there is a huge unmet medical need, so we are filing the MA, and it's encouraging that, with scientific advice from the email agency, we can use the FDA package to file the MA.
I believe more challenging, particularly for neuropsychiatric disorders.
But.
The area, we are focused with 501 agitation, resulting from some of these diseases.
There are no.
<unk>.
The standard of care, that's optimal use so that meet deepened guidelines. So there is a huge unmet medical need.
We are filing that may and it's encouraging that with scientific advice from the EMA agency. We can use that would be a bad gauge to file. The MAA. In addition, the conversations we are having with our partners. They all see a huge potential in the indications we are focused for treatment of agitation.
Unknown Executive: In addition, the conversations we are having with the partners, they all see a huge potential in the indications we are focused on for the treatment of agitation. But the obvious challenges are price; the obvious challenges are that there are multiple countries that you have to work with. Those are the challenges for any product, and we are very aware of that, and when selecting our partner, we are taking all that into account to select the optimal partner to be able to launch this product successfully in Europe.
The albeit challenges are the pricing, albeit challenges there are multiple countries that you have to work with those.
Those are the challenges for any product and we are very aware of that and while selecting our partner. We are taking all that into account and who will be optimal partner to be able to.
This product successfully in Europe.
Unknown Executive: And then just one final quick question. Can you confirm that all the 501 manufacturing sites have been inspected by the FDA up to this point?
Thank you and then just one final quick question.
Can you confirm that all of the 501 manufacturing sites have been inspected by the FDA up to this point.
What I can confirm is we don't expect any more inspections.
Unknown Executive: What I can confirm is that we don't expect any more inspections from the FDA where we are in the process.
From the FDA, where we are in the process.
Thank you.
Thank you. Our next question is coming from the line of Anita Dushyanth with Bahrenburg. Please proceed with your question.
Operator: Thank you. Our next question is coming from the line of Anita Duchant with Berrenberg. Please proceed with your question.
Hi, good morning, Thanks for taking my questions.
Anita Duchant: Hi, good morning. Thanks for taking my question. First of all, I had a question about the FDA-Pado date. With the agency currently sort of addressing all the backlogs of applications, how confident are you of sort of receiving the decision by January 5th, or is there a possibility of them coming with a decision earlier, or how early are we likely to know if they were to extend that timeline?
I had a question on the FDA.
Do for day.
With the agency.
Sort of addressing all the backlog of applications.
Got you.
This evening.
This session by January.
Why is.
Is there a possibility of them come in.
Okay.
Sure.
Unknown Executive: Good morning, Anita. Thank you for the question. We would love to have a Christmas gift. But what we can tell is that the process is progressing well, and our team has had multiple experiences with getting NDA approval, and we feel very confident that we are at a good spot where we are in our review.
How early are you likely to know if they would like to extend that timeline.
Good morning, Anita. Thank you for that question, we would love to have a Christmas gift.
We can predict when.
[laughter].
The approval will happen, but what we can tell.
That process is progressing well and our team has multiple experiences of getting the NDA approval and we feel very confident that we are at a good spot where we are in our review process.
Okay.
Unknown Executive: Okay, that's helpful. And then you just had a quick question on the basket trial with M.D. Anderson. What sort of additional efficacy data do you expect to see from that study?
That's helpful. And then I just had a quick question on the basket trial with MD Anderson.
What sort of additional efficacy data yet.
From that study.
So let me positive duration.
Wrel Smith: So let me pause that question for Wrel Smith. Sure, so morning, Anita. So that study is continuing to invest.
Sure. Good morning, anytime so that study is continuing to enroll we did announce.
Wrel Smith: So that study is continuing to enroll. We did announce several months ago that both arms, or each arm, passed the efficacy bar to proceed to full enrollment. And so look to, you know, without committing to any particular scientific forum, look to a large general oncology conference for that readout and
Several months ago now.
Both arms are each arm passed the efficacy bar to proceed to full enrollment.
And so look too without without committing to any particular scientific forum look to a large general.
Oncology conference for that readout next year.
Okay.
Okay. Thank you.
Operator: Thank you. We have no additional questions at this time, so I'd like to pass the floor back to management for any closing remarks.
Thank you we have no additional questions at this time, so I'd like to pass the floor back to management for any closing remarks.
Thank you everyone for joining us today I look forward to connecting with many of you in the coming weeks and updating you on our continued.
Unknown Executive: Thank you, everyone, for joining us today. I look forward to connecting with many of you in the coming weeks and updating you on our continued progress. Have a great day. Ladies and gentlemen, this does conclude today's teleconference.
Nude progress have a great day.
Ladies and gentlemen, this does conclude today's teleconference. Once again, we thank you for your participation and you may disconnect your lines at this time.
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Yes.
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Operator: Ladies and gentlemen, this does conclude today's teleconference. Once again, we thank you for your participation, and you may disconnect your lines at this time.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
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Operator: and the time. Thank you. Thank you. Bhopes. The President. Thank you.
Yes.