Q4 2021 Celsion Corp Earnings Call
Please standby we're about to begin.
Good day, and welcome to <unk> fourth quarter and year end 2021 earnings call. My name is Jess and I will be your operator today at this time I would like to remind everyone that this call is being recorded.
I would now like to turn the conference over to Monique Coffee Life Science Advisors. Please go ahead ma'am.
Thank you Jess and good morning, everyone.
Earlier today <unk> issued a press release announcing financial results for the fourth quarter and year ended December 31st 2021.
You may access that release on the company's website under the investors tab.
With us today are Michael <unk>, Chairman, CEO , and President of Celsius, and Jeff Church, Chief Financial Officer.
Following managements prepared remarks, we will open the call for a question and answer session.
During this call management will be making forward looking statements regarding cellphones expectations and projections about future events generally forward looking statements can be identified by terminology such as expects anticipates believes or other similar expressions.
These statements are based on current expectations and are subject to a number of risks and uncertainties, including those set forth in the companys periodic filings with the Securities and Exchange Commission.
No forward looking statement can be guaranteed and actual results may differ materially from such statements.
In particular, there is significant uncertainty about the duration and impact of the COVID-19 pandemic. This means results could change at any time and the contemplated impact of COVID-19 on Celsius operations.
Natural results and outlook is best is the best estimate based on the information for today's discussion.
Also the content of this conference call is accurate only as of the date of the live broadcast today March 31 2022.
Celsius undertakes no obligation to revise or update comments made during this call except as required by law.
With that I would like to now turn the call over to Michael <unk>, Chairman CEO and President Michael.
Thank you Monique.
Morning, everyone joining us joining me today is Jeffrey church.
Our Chief Financial Officer, who will review, our fourth quarter and year end results. Following my remarks.
Also with US today are Dr. Nicholas Borys, our Chief Medical Officer and Dr. Crocheted on war.
Our Chief Science Officer, both of whom will participate in the question and answer session at the end of the call.
As I look back on 2021 I have to say it was an incredible year.
I am pleased to report the significant progress we have made as a company, particularly.
Our development programs as noted in our press releases, we have observed important clinical results from our lead compound Gen. One there'll be an evaluated in our phase II ovarian cancer study.
And I can report that we've achieved key development milestones and our DNA plasmid vaccine initiatives.
<unk>.
So before I go into more detail on our research and development progress. Let me first discuss discuss recent steps that we've taken to ensure the future of your company.
During our February special meeting of shareholders, we received support for more than 85% of shares voted for a recently executed stock consolidation.
The goal of which was twofold first and very importantly, the reverse stock split was necessary to maintain our listing on the NASDAQ stock exchange second.
By excluding the number of authorized shares from the stock consolidation, we have effectively freed up some 100 million shares now available to conduct the ongoing business for example, number one choice.
To raise capital if needed to support our research number two.
To acquire assets to add to our pipeline and.
<unk> number three to provide shares in the form of options to hire new talent.
And to align management and employees with the interests of our shareholders.
We've also made sure that our balance sheet has remained strong having raised capital opportunistically over the past few years in terms that I'm sure you would agree we're very shareholder friendly.
We closed 2021 with over $50 million in unrestricted cash and with the confidence that another 5 million and non dilutive New Jersey net operating loss. So sales can be completed.
In all our cash reserves plus Nols provide an operating runway of three plus years sufficient to cover the to fund the company through 2024 at current spending projections and enough to see us through the progression free survival. That's PFS readout of our phase two ovarian cancer study.
Among other anticipated an important value creating objectives.
Now turning to our development programs, we're advancing two of four technology platforms, both of which are focused on synthetic delivery of DNA plasmids for use in recruiting and an important immune system response.
Our first platform Sarah Plas.
As our synthetic non viral DNA delivery technology.
First product candidate out of third place platform is an important immuno oncology therapeutic that we call Gen. One.
Gen. One incorporates the plasmid coded for IL 12, and impressive inflammatory protein and has shown promising ability to recruit the entirety of the immune system in early trials in doing so the tumor microenvironment becomes pro immune and replete with anti cancer activity.
One represents our entry into the future of oncology and despite some significant challenges voted by the COVID-19 pandemic. We have made significant progress moving this exciting product candidate forward in clinical trials.
Our phase II ovation two study in women with newly diagnosed advanced ovarian cancer is over 80% enrolled and is expected to complete enrollment in the third quarter of this year.
We have seen encouraging results among the first 39 patients who have undergone interval de bulking surgery.
These patients as reported demonstrated that the gen. One treatment arm is showing a 27% improvement in our zero resection scores over the controller.
As we have reported previously in our zero resection, portends, a significant improvement improvement in patient's survival as well as PFS.
The primary endpoint for this study.
It's all under Doctor Bourses direction, our clinical development team is focused on completing enrollment of the study, leaving no stone unturned in taking action to meet our targets. He has arranged this coming months for an insert in the USA today paper entitled a novel treatment for ovarian cancer. These patients for a clinical trial.
This will be issued in print in all markets in all markets, where the ovation two study is being conducted.
Vittorio highlights our trial and notes the benefit of participating in a clinical study.
We've also created a complementary website.
Well, let me say that for you, it's www dot ovarian cancer study dotcom I'll repeat that.
W. W. W. Ovarian cancer studied dot com I encourage you to too.
To go to that site.
And enforce patients in our trial and the potential of becoming a study participant I think you'll find it quite attractive.
And explaining our study and the requirements to become a participant.
Got ovation two will recruit a minimum of 110 patients in up to 130 patients. If time allows and by that I mean are we expect to complete the study.
In the.
Third quarter well no later than the end of August .
If we achieve 110 patients before biff.
Before the end of August we'll continue enrolling for up to 130 patients.
We remain optimistic that the studies are on track to complete enrollment in the third quarter, we anticipate final progression free survival, that's PFS data when 80 PFS events occur.
<unk> 16 months median time on the study among all patients occurs whichever comes first.
This puts the data read out around the third quarter of 'twenty 'twenty, three which provides a potential to highlight results at various G. O G and other scientific meetings favorable results from the trial will also mean, we would pursue an accelerated registrational study for the indication and evaluation of the application of Gen. One for other intra peritoneal.
Cancers.
Moving onto our second technology platform, which is an adaptation of our third plus technology that we call Plas scene.
And I can say our experience with this technology is certainly paying off.
So I have seen is our proprietary next generation vaccine platform that has the potential to express multiple antigens for one or more pathogens.
And a single plasmid.
Our first product candidate on this platform is being developed for evaluation in a preclinical proof of concept initiative.
Using a highly effective commercial mrna vaccine formulated for COVID-19, as the baseline comparator.
Our goal as it demonstrates the potential superiority of a DNA based vaccine over an mrna vaccine, which among other attributes such as independents from virus delivery factors or the need for a device to administer a D N.
Hey.
We expect to show the value of a vaccine that can protect against multiple variants of COVID-19.
Improved stability at normal storage and distribution temperatures as a function of time.
Longer lasting protection as a function of DNA is longer lasting expression of the COVID-19 antigens.
And cost effective flexibility with simplified manufacturing to quickly respond to the ever changing viral morphology.
We will be announcing at various upcoming vaccine conferences, our preclinical results showing production of antibodies in cytotoxic T cell responses specific to the spike antigens of COVID-19, along with our plans for non human Primate studies over the next three to four months.
I'd ask you to stay tuned as our goal to develop and optimize the most flexible vaccine.
With the ability to address an evolving virus quickly and easily has resulted in some impressive accomplishments to that and.
I'd like to point out that over the past 12 months. We have successfully produced 36 different DNA plasmid vectors are handful of which have the ability to express antigens from two or more viral variance are.
Our preclinical data shows vectors addressing two variants have the antibody titer equivalent to both commercial the highly effective commercial DNA and RNA vaccines.
These data by the way have been shared with our scientific advisors and supported in.
Our discussions with them.
As we continue forward.
Our competencies now include in house analytical methods for product analysis and evaluation. We now have a strong internal scientific team with six new scientists, having vaccine background supported by at Augusta Scientific Advisory Board.
We have established relationships with companies that have enabling vaccine discovery and development capability and finally, we have applied for patents for novel vaccine compositions and their use.
We're now moving forward with a five arm nonhuman Primate study that's N H P.
Yes scientific vernacular.
Moving forward with a five arm nonhuman Primate study the study is designed.
With a control in a commercial mrna vaccine comparator.
We plan to begin inoculation tomorrow.
And expect preliminary data in the second quarter with additional response durability data in the fourth quarter of this year.
What I mean by response durability, we're looking to see the last thing a potential a vaccine protection. Among these N H P animals, all over a more than a six month period.
Assuming success, we look forward to partnering discussions for commercial application of the COVID-19 vaccine.
Obviously it requires a strong competency in the commercialization to bring up product like a COVID-19 vaccine to market given all the current competitors in the marketplace.
Accordingly, our success would mean that we would expand the development of our platform to address a range of infectious disease with epidemic or pandemic potential.
Very exciting opportunity for the company again, assuming that we're successful I can't tell you how oh.
How excited the company is with this potential opportunity.
And the support that we've gotten from the investment community.
For our research in this area.
As we look forward.
Towards developing these two world class technologies, we have initiated a project in house for in House plasmid manufacturing that will cover our clinical needs for both Gen, one and plasma products.
Internal manufacturing capabilities, we have both a cost and flexibility advantage to successfully enter commercial markets and assuming of course successful trials are the a F T a and European medicines agency's approval.
Now before I turn the call over to Jeff I would like to note that we will be holding our 2022 annual shareholder meeting on June 13th where we welcome the opportunity to discuss our platform technologies and progress with you.
Our current thinking is to hold this meeting in person, we hope by the circumstances do not change.
But if we do hold it in person person.
As we have in the past we welcome you to join us and participate in the AR in the meeting.
We're excited by the opportunity before us we believe that we are on the path towards scientific and commercial success with two potential blockbuster approaches we are strategically and methodically building the capabilities internally for success with a deepening R&D bench and manufacturing capabilities with a longer term view.
You there our approach has meaningful commercial opportunity.
With that I'll turn the call over to Jeff Church for a review of our financials Jeff.
Thank you Michael details of our fourth quarter and year end 'twenty 'twenty. One financial results were included in the press release, we issued this morning and in our Form 10-K , which we filed before the market opened.
Chelsea I ended the year with $56 $9 million in cash short term investments and interest receivable.
In January 2022 we completed a registered direct offering of convertible redeemable preferred stock raising an additional $28 $5 million before deducting placement agent fees and other offering expenses on March 3rd 2022 we redeemed all outstanding shares of the preferred stock.
<unk> stock has been retired and there's no vulgar outstanding the company's only outstanding securities for our common stock.
Also adding to our cash position was $1 $4 million of non dilutive funding from the sale in February 2022, other New Jersey State net operating losses, we have raised over $16 million from the sale of these Nols, which is equivalent to one full year of operating expenses.
We anticipate an additional three and a half million dollars in proceeds from this innovative program in the 2022 to 'twenty 'twenty three time frame.
We believe we are in excellent position with respect to liquidity to support us through several important value, creating milestones we have sufficient capital resources to fund our operations through the end of 2024.
Now, let me turn to a review of our year end financial statements.
Statements.
For the year ended December 31, 2021, South Sudan reported a net loss of $28 million compared to a net loss of $21 $5 billion in 2020.
Operating expenses were $21 $5 billion in 2021, which represented a 2.5 million dollar with 13% increase from the $19 million, we reported in 2020.
Research and development expenses decreased $700000 from $11 3 million last year.
$10 6 million in 2021 cost associated with the ovation. Two study were consistent year to year at $1 $3 million other clinical or regulatory costs were $2 $5 billion in 2021 and 2020.
Research and development cost associated with the development of Gen. One to support the ovation two study as well as development of the plastic DNA vaccine technology platform increased to $4 $3 million in 2021 compared to $3 1 million in the same period last year.
CMC costs decreased by $1.5 billion in 'twenty, 'twenty, one compared to $2 1 million in 2020 due to lower levels of manufacturing of clinical supplies.
General and administrative expenses increased two.
$10.9 billion in 2021, which compares to $7 $6 million in the prior year. This increase was primarily attributable to higher noncash stock compensation expense of approximately $1.3 million an increase in professional fees of $1 5 million.
And this is largely legal fees to defend various meritless suits filed after the announcement in July 2020 of the Optima phase III clinical results.
And an increase in premiums.
Oh Boy director and officers insurance of approximately $300000 with that I'll now turn the call back to Michael.
Thank you Jeff.
For your very comprehensive and exciting overview of our financials.
In closing I'd like to thank everyone our patients clinicians.
Shareholders and board members for their unwavering support.
As we proceed in our goal of developing our platform technologies third plus in immuno oncology and our gene mediated immunotherapy and Plas in our vaccine initiative.
We look forward to providing exciting updates and with that I'd like to open the call now to.
Q&A operator would you open the lines. Please.
Certainly thank you if you would like to ask a question. Please signal by pressing star one on your telephone keypad.
A speaker phone. Please make sure your mute function is turned off to like you're sticking out to reach our equipment.
Again press Star one to ask a question, we'll pause for just a moment to allow everyone an opportunity to signal.
Okay.
Yeah.
Our first question comes from Kumar Ragga at Brookline capital market. Your line is open. Please go ahead.
Hi, Thanks for taking my questions. So with regard to the Oasis study.
What are you seeing and dumped how PFS so far and also the expectation is that you have to follow these patients for 16 months because I think that's where you are going to look at it like the liquor later, either they D. P. F F E band called the 16 month.
Yeah, So I'm going to ask Dr. Vorst there'll come in PFS I think we just have a handful and I the.
We've asked our statisticians to give us a look with the Nick would you care to answer that place.
Thank you very much for that question. So we started gearing up to be monitoring the PFS results and as you know.
Average PFS in many of these patients are median PFS is around 12 months.
And so we expect to get the bulk of that maybe 16 months after the last patients enrolled it.
At this very early time, we have maybe around 19 or 20 events to date are we.
We are showing a better trend for the Gen. One arm and I don't have the exact numbers in front of me, but as you could probably tell it's way too early to speculate on which way that would go but early results look interesting and promising and we'll be reviewing that with our G. O G partners at the Astro meeting in it.
As the data becomes more mature we'll be sure to share that with you.
Okay. So that has some kind of a daytime Doug what studies based on the 16 myself a follow up on all of these patients.
Yeah that 16 months median time on the study.
Okay got it.
And with regard to the black thing by platform.
Large construct how are you going to look at this a primate studies.
Well that's it that's a good question I think we had a.
All a long discussion with our scientific advisory group on this and we are considered a number of different options.
And we concluded the most important option would give us a one to one heads on comparison with the comparator with the mrna comparator and if Chris she'd you're on the line can you could you address that in more detail place.
Yes. Thank you Michael Kumar So as Michael said that one of the goals for this study in Hps to do a conformational proof of concept into.
Larger animals and it should be moving from Matt was excellent data and the vector would be the one that express is.
614, Gee, that's a European Maryann very close to the Wuhan Wild type.
But is that the commercial vaccines are games. So I think the not only the goal is that to demonstrate activity in larger animals Scream from mouse, but also compare it with the commercial vaccine where the right comparison would be the variant that's very close to identical to the commercial vaccines. So you have that.
Apples to apples comparison, although we do have multitude of stronach Baxter with multiple antigen. That's a leap lead vector will eventually test that as well, but compared to purpose that's the vector.
And antigen, that's very close to the commercial excellence.
And the Christian can you.
Give us a little overview of what are the various arms of the study are comprised of and what they are addressing place yes.
Yes. Thank you Michael we will so they're five arms of the study Kumar.
What is the placebo.
Of course, non vaccinated animals.
Our second group as the mrna competitor at the human dose that's been given.
You know if that vaccine then our vector expressing a single stock Scooby doo antigen comparable to the competitor a antigen at two doses.
So it does one dose two and then the fifth group is so these fourth group. These four groups will demonstrate the ability of the vaccine to make antibodies <unk> and then their ability to protect against the viral infection, which means at some point after the.
Antibody levels have built up then you really challenged them with the virus.
And then I look at the neutralization of the viral titer compared to the control animals that have not been vaccinated compared to the mrna competitors and sea doo viral titers are affected by our vaccine at two doses and that reduction how does that compare to the mrna vaccine and then.
The fifth group would be the durability either also injecting animals.
To see if we can take the.
Duration of response to at least six months or beyond.
We will be collecting blood and measuring antibody levels up to.
Six months, and then Oh challenge at that time that fifth so three objectives confirmatory from mouse to an S. B secondly, how does it compare to the.
The comparator and third is the durability.
And and Kumar.
Kumar if I, if I may I, just want to ask crocheted to address another the hypothesis for our assumption that our DNA vaccine may have a more durable protective capability can you.
But speak to that a bit place krish it.
Sure Michael.
So tomorrow, if we inject to say antigen protein our mrna encoding an antigen protein or DNA to muscle and youll see a very clear distinction in expression profile of time.
So protein disappears very quickly in a matter of hours mrna lots for a couple of days a expression from them on or any of the antigen protein that you're building immunity against but with DNA. It's very well known are inherently DNA become app at Soma in the nucleus and muscles don't divide so do you.
And last for a very long period of time you know.
You do get expression as early as 24 hours or less so that's also important to kick off the immune response, but it's sustain or at least long lasting antigen exposure could could translate into.
Longer durability of immune responses just like their boosting rates. So antigen exposure is probably gone you do as a boost a secular card whatever boost but if you didn't last for a long period of time you could in theory sustained the immune response to the antigens for longer period of time.
So of course the objective.
And of course that does this.
Two shortcomings that.
All worth two major shortcomings among others that we're attempting to address here is the certainly the durability of response.
I think everybody can agree that they can all subjecting ourselves to a vaccine that requires a re vaccination every three or four months is this.
As a as challenging commercially challenging it.
So that's the that's the one major issue that we're attempting to address the second is the you know the ability of a vaccine to address more than one variant we see this.
Virus, this particular virus and others have the ability to.
Two a change.
Change and construct a and as a result of the protective capability as we've seen in our hands for some of these.
New variants may not be quite as strong as with the vaccine as originally designed for.
So exciting times you know are in our hands I just have to say for everyone in our hands.
This is was in many ways vaccine to vaccine development.
Program is new to us put in another way are our experience with a plasma DNA in delivery with synthetic methods put us ideally in a position to address.
The address a potential a superior approach to nucleic acid vaccines.
Oh.
Okay.
We'll go next to David Bautz Zacks small capital Research. Your line is open. Please go ahead.
Hey, good morning, everyone. Thanks for the update this morning.
So my my first two questions are on the ovation two study.
I'm curious if we're going to see any additional data on surgical resection.
And I'm also curious if you're having trouble getting patients enrolled into the study because you mentioned that you were going to be putting ads out for recruitment.
Yeah. So let me address the first question.
Or the last question first.
That's a recruitment I I don't it's a well.
We're a little disappointed with recruitment when we originally initiated the phase II portion of the study about a year and a half ago, maybe a little longer than a year and a half ago, while we expected at the 'twenty two or three sites that were enrolling patients to complete enrollment in the first quarter of 2022 .
Ah the resurgence of the.
All mcright variant or the surgeons of the overcrowded variant.
Caused a number of our institutions to focus there.
Hum.
Health care resources on patients who are presenting with the virus.
At the expense of enrolling patients in our study we know that for a fact, we've talked with our investigators multiple times on this.
The direction from the hospitals with focus on the pandemic.
As a result of that we are now projecting we've seen a resurgence in in activity.
We're not projecting with it with a bit of confidence that we will conclude enrollment in the.
In the third quarter.
The opportunity to recruit more patients than our target. It makes a lot of sense to US you know the.
Hum.
The study can enroll as many as 130 patients.
Are we are we think it's a you know a bigger N is always better it gives us more information and more data.
That Doctor Boris has been lobbying that from right from the beginning.
And so at a relatively nominal cost and I have to say.
Neck neck negotiated all of this but at a relatively nominal cost this advertisement let.
Let me call it a.
Advertorial.
Ah you know.
<unk> made a great deal of says to us. So we can get more patients in during this relatively short time period before we conclude this study. We just think we have a better chance to evaluate.
The Gen one to treat these patients.
So you know all in all it was a cost effective way to increase the N. A we think it's the right thing to do and by the way it gives us more exposure to assuming we're successful.
All with the phase two study gives us more visibility and more opportunity to recruit a phase three trial.
I think that probably answers your question with Nick if you want to add any more to that.
Yeah to the recruitment question, absolutely, we're very pleased that where you have an opportunity to advertise.
While we've done everything we can to use social media and so forth, but I think anybody in the medical world knows that during COVID-19 .
Many people have been hesitant to go in for their checkups follow ups and and as a result, there's been a decrease in and cancer incidents over the last year and so that's been well reported and that as a result hits clinical research as well so hopefully the world recovers very quickly from me.
This COVID-19 impact in clinical research and we can get back to normal recruitment rates. Meanwhile, so sand is going to do everything possible to create awareness and get patients into our studies and Nick you also along those lines and this is just a little bit more information than your question, but.
From our physicians or patients who are delaying seeing their doctors are presenting with more advanced disease right. Yeah, that's correct and so again to anybody listening here if it's tough year checkup. Please do it you don't want to delay anything it's in terms of checkups and follow ups and screening so that's very important.
Because especially in ovarian cancer as you know 80% of the cases in ovarian cancer present with advanced disease and the longer you wait the tougher it is to treat you. So I think that's very important for everyone to know and understand it impacts on many fronts.
Going to your first question you were asking about surgical resection rates as Michael reported it in his prepared comments.
We continue to see an improvement in the Gen. One patients are with surgical resection rates are we you know he reported today Theres, a 27% improvement and that was the catalyst that that prompted the company to do its phase two trial and for the G. O G partners to join US and are helping us manage.
Study and prepare for future Registrational studies. So that is an important end point, but it's a secondary end point because it's not recognized by the F. D. A our primary endpoint is PFS. So that's the data that's going to be very important to us the surgical resection rate is very encouraging and we continue to see an improvement.
And just to to your specifically to your question.
The as we get another.
All of this of patients who have had interval. The bulking surgery, we will be prepared to report some additional information.
Okay, great. Thanks for that.
And Ah in regards to the nonhuman Primate study, that's going to be getting underway I'm, sorry, if I missed this but what strain of <unk> Sars Covid two are going to be using for the challenge study.
Oh, sorry.
It said T. Six one fourth G. I believe is that right Christian.
Yes, Michael this is the single mutation that happened to the Wuhan.
Wild type virus and peered in Europe , first where the smarty gas it was mutually decline seen at 614 positions. So that's the stream.
It's very close to the alpha strained.
Okay is there a reason why you didnt want a test for omicron since it's the strain that's out there right now.
Yeah.
Michael pointed out earlier that we have made about 36 different vectors and we have made vectors with omicron, but one of the important goals for this study was to have the.
Comparison, with the commercial vaccine and with a lot of internal discussion and discussion with our scientific Advisory Board.
Two is that if you want to make a comparison with the competitor than commercial London should be on equal footing at least the same strain of the virus. So that's that's the reason for that purpose, but also we do not exclude enrolling some more subjects down the road with that are you know <unk>.
Chronic vector or maybe at a new variant of course omicron is the talk of the town to date, but of course it may change to a different variant. Our goal is to show the proof of concept of our vaccine technology and relation to a competitor, but clearly omicron Ah you know is it.
As a prevalent today, we havent vector Michael go ahead.
I do I, just don't want to say it another way is the.
The vaccines that are been approved for emergency use were designed to address the D. Six one for a variant.
And.
In order for us to clearly establish equivalents or superiority, we wanted to test our plasmid coded for the same variant.
So our goal here with this study is to show superiority over the existing.
<unk>.
The existing vaccines.
There's there's nothing to prevent us from in the future are.
Developing a vaccine that's has a plasma that's coded for the all Mcright variant.
Uh huh.
Okay.
If you were going to move this vaccine candidate into the clinic would you only do that with a partner or would you do it alone potentially.
Oh, that's you know that's a question al.
That we you know we're.
Discussing internally, we think the the opportunity to go into the clinic with our partner makes the the.
Greatest them, but.
The greatest potential for success.
Could could do it a lot more quickly our experience in the in our clinical research is largely in and.
Cancer.
So it'll be a it would be a new.
Area of clinical research for us, it's not that we couldn't do it.
I would just take a little bit more understanding on our part.
So our goal will be to look for a partner for clinical research.
Yeah.
Okay, well great. Thanks for taking the questions. This morning.
Thank you.
Okay.
Yeah.
With no other questions holding now I'll turn the conference back to Mr. <unk> for any additional or closing remark.
So again I want to thank all of you very much for attending our conference call and for your interest in and Celsius.
I hope as you can see that we are very excited about the work that's being conducted.
Oh by the company in two very important indications are.
Well, we look forward to continuing our progress into advising you as developments occur so as I said in my earlier remarks stay tuned.
All we do expect to be presenting some very interesting updates I in the relative near future.
Again, very much and with that we will end our call.
Thank you, ladies and gentlemen that does conclude today's call. We thank you for your participation you may disconnect at this time.
Yeah.
Yeah.
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Yeah.
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