Q1 2022 Aveo Pharmaceuticals Inc Earnings Call
Ladies and gentlemen to stand by your conference call will begin shortly we thank you for your patience with the Merrill Lynch Conference call begin soon.
[music].
Yeah.
Good morning, and welcome to Aveo oncology first quarter 2022 financial results conference call. During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session.
That time, if you have a question. Please press the one followed by the four on your telephone if at any time during the conference you need to reach an operator. Please press star Zero as a reminder, today's conference is being recorded.
I'll now turn the call over to Hans Bostrom of lifestyle Advisors. Please go ahead Sir.
Good afternoon, and thank you all for joining us on today's call to discuss <unk> first quarter 2022 financial results Conference call.
I'm joined today by Michael Bailey, Chief Executive Officer, Mike Fair, RSO, Chief Commercial Officer, Eric <unk>, Chief Financial Officer, and Jab Lidell Chief operating officer.
Before we begin today's call. Let me remind you that during this discussion we will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095.
These forward looking statements are subject to important risks and uncertainties, including those that are detailed in today's press release and in the risk factors section of our most recent report on Form 10-Q, which is on file with the SEC that may cause actual results to differ materially from those results expressed.
Pressed in such statements.
Furthermore, we caution you that these forward looking statements represent our views only as of today and we do not assume any obligation to update these statements whether as a result of new information future events or otherwise except as required by law.
With that I will now turn the call over to <unk>, President and Chief Executive Officer, Michael Bayley Michael.
Thank you Hans and thank you to everyone for joining us on today's call.
We're excited to share with you. The continued progress we made during the first quarter of 2022.
Importantly, the end of this quarter marked the one year anniversary of the approval and commercialization of the <unk> or <unk> for <unk>.
Patients with relapsed or refractory advanced renal cell carcinoma, following two or more prior systemic therapies.
As this is our first commercial product the successes that tipped us launch over the course of this first year was critical to our long term growth strategy and marks a major milestone in our company's history.
Despite pandemic related restrictions for in person access to prescribers and other health care professionals throughout much of 2021 in early 'twenty. Two our sales team has been able to drive a steady increase in commercial uptake of <unk> in each quarter since the launch commenced.
In terms of the first quarter of 2022, we reported a 25% increase in prescriptions filled compared with the fourth quarter of 2021.
What are the key potential drivers behind this growth is that we believe many physicians who initially use the tip that would later line patients are now moving for tipped into earlier line patients based on their positive experience.
In fact, our third party data indicates that starting in December of 2021, <unk> has been the leader in third line RCC, new patients starts and as you do new patient starts as an important leading indicator of market penetration.
With that said, we are still only a year into this launch and there is much more work and opportunity ahead of us as we progress towards our goal of establishing <unk> as the standard of care for third line RCC patients, which we believe will in turn drive our continued growth.
Let me conclude my kids the commercialization comments by reaffirming our 2022 full year net sales guidance for <unk>.
Between $100 million to $110 million.
With $20 million of net revenues for <unk> in the first quarter, we remain confident that we can meet our 2022 full year guidance target.
Turning to our clinical trial activity, we have issued several exciting clinical announcements in the first quarter, including positive clinical data updates for <unk> at both <unk> and February of 2022, and <unk> Gi in January of 2022.
At <unk>, we presented five year follow up data for progression free survival and overall survival from our Tivo three trial.
These data show that long term PFS rates at three and four years were consistently higher among patients treated with <unk> when compared to patients treated with <unk>.
Importantly, this prolonged progression free survival benefit translated to continued improvement of the overall survival trend favoring the tip.
With a hazard ratio now standing at 0.89.
At <unk> Gi, we presented top line efficacy and safety data from the first line cohort of our <unk>.
As to deducted clinical trial in which patients with advanced Unresectable HCC or liver cancer are treated with a combination of 0.89 milligrams of <unk> plus <unk>.
These topline results demonstrate that the combination was well tolerated and showed a 28% partial response rate with a median progression free survival of seven three months and one year overall survival rate of 76%, which we believe positions the combination favorably when compared to other veg.
Yes checkpoint inhibitor combination in this setting and.
In addition, aveo continues to enroll patients in the phase III and Evo two clinical trial evaluating <unk> in combination with <unk> or Opdivo, Bristol Myers Squibb's antibody directed against program step one.
As compared to those of the mono therapy in patients with advanced refractory RCC, who have progressed following prior immune checkpoint inhibitor therapy.
If successful we believe this trial has the potential to expand the market opportunity for <unk> and the larger second line RCC setting.
Mr. Myers is providing the bowl of Mab clinical drug supply pursuant to a clinical trial collaboration and supply agreement aveo.
<unk> currently expects enrollment and it's an evo two trial to be completed in the first half of 2023.
In addition, we've entered into a clinical trial collaboration and supply agreement to evaluate to version of <unk> in combination with NK T 215 to <unk> novel, Hypoxia inducible factor or <unk>, a <unk> inhibitor.
Inhibitor, which is an emerging target of interest in RCC.
We believe this program is on track to initiate a phase II trial in mid 2022.
Collectively we believe that these combination clinical initiatives have the potential to further establish <unk> as the combination veg F. R. T. K I have choice. It's important to note that all of these clinical initiatives are included in the 2022, Opex guidance, which Eric will be able to provide some additional color on in a more.
<unk>.
Turning to FICO twos, Matt we believe this asset is well positioned to potentially address a significant unmet medical need that exists for patients with HPV negative recurrent or metastatic head and neck cancer.
Population is prognosis is very challenging.
<unk> in Q1, we completed the scale up manufacturing work for if I could choose a mab and expect to complete full scale drug substance manufacturing for the clinical supply in the second quarter of 2022.
This initiative will be followed by standard drug stability studies and drug packaging of the final clinical trial materials, while we prepare for the initiation of our potential phase III clinical trial in the first half of 2023.
In the meantime, we expect to finalize the clinical trial design and consultation with the FDA as well as continue ongoing partnership discussions.
For $83 80, we remain on track to initiate a phase <unk> clinical trial in GDS 15, expressing cancer patients during the second half of this year, where we hope to generate additional data supporting the safety and the ability of $83 80 to lower elevated <unk> expression.
In cancer patients, which we believe is a key driver for the cachexia syndrome.
All in all we are pleased with our continued progress that we've made in advancing our pipeline as well as the success to date with the tip of the launch both of which we believe position us well for future value creation.
I'd like to turn the call over to Mike for a restaurant to walk us through the more detailed commercial update including first quarter 2022 metrics Mike.
Thank you Michael.
As Michael mentioned as we look back over the past year were pleased with the commercial launch of <unk> to date.
Team has successfully executed our go to market strategy to raise awareness and starting in December of last year established <unk> as the number one treatment option for new third line patient starts.
With our continued success, we believe <unk> has the potential to become the overall market share leader in standard of care for third line RCC patients.
Let me highlight this point with some of the sales and marketing and we're monitoring internally to.
To start this was the fourth consecutive quarter of growth for folks who've done with U S. Net product revenue of $20 1 million, which reflects a 20% increase in revenue from the fourth quarter of 'twenty one.
Finally during the first quarter, we recorded a total of 977 commercial prescriptions, reflecting a 25% increase in commercial prescriptions compared to the fourth quarter of 'twenty one.
Perhaps even more importantly, we remain excited by the level of interest and overall feedback we're receiving from physicians.
Many of these physicians have had an opportunity to treat a few patients with her kids.
And as Michael mentioned earlier will typically try a new therapy. Initially in a later line patients and then earlier to third line patients with positive experience.
I'm pleased with the growth trajectory that we are currently experiencing so tempted now has the leading share of third line new patient starts as evidenced by third party data, which refers to achieved in December of 'twenty, one and have continued for the first quarter of 2022.
We are hopeful that with continued leadership in third line new patient starts this will translate into continued growth and future leadership and the overall total patient market share establishing <unk> as the third line standard of care and advanced RCC.
In terms of outreach, we're now seeing significant improvement in our in person access, which we believe will continue to expand our account penetration.
Throughout our launch we are focused on building a new commercial model with extensive in person and remote capabilities and multichannel approaches to reach our customers.
We have supplemented the field sales teams efforts with extensive marketing outreach peer to peer influence opportunities and social media initiatives in order to drive awareness and areas facing access restrictions.
With a year of launch success behind Us and a continued leadership position in share of voice in the relapsed or refractory RCC market. We believe we have validated the capabilities and impact of our innovative commercial model and the team's ability to execute in the landscape of evolving customer access.
We believe this commercial model will continue to drive our progress with Protiviti within the current label as well as support any future label expansions and future launches from our pipeline.
In closing we continue to be pleased with the momentum that our commercial team has generated since launch and the encouraging reception Protiviti has received from oncologists patients and the broader medical community.
We look forward to updating you on our continued progress over the coming quarters.
I will now turn the call over to Eric with Sarah to discuss first quarter 2022 financial results.
Rick.
Thank you Mike.
Total net revenue for the first quarter of 2022 was $20 9 million driven by U S. Net product revenue of $20 1 million selling.
Selling general and administrative expense for the first quarter of 2022 was $17 3 million.
Consistent with the prior three quarters and as compared with $15 1 million in the first quarter of 2021.
Search and development expense for the first quarter of 2022 was $10 2 million compared with $5 8 million in the first quarter of 2021.
Looking to our full year guidance for 2022, we continue to expect our commercial spending levels.
<unk> relatively constant during the year.
Specifically, we expect the commercial spend for 2022 to increase slightly over the last year to approximately $50 million, reflecting a full year expenses of the commercial launch as compared to only three quarters in 2021.
Margins are expected to remain in the mid to high <unk> percentile and.
In addition, we expect general and administrative expenses to remain flat at approximately $20 million for the year.
In terms of our research and development expense, we continue to expect it to be in the range of $60 million to $70 million for 2022. This increase in R&D expense reflects the clinical trials, we expect to conduct during the year.
As Michael Bayley mentioned earlier, we continue to expect to report $100 million to $110 million in Protiviti U S. Net revenue for the year.
We ended the first quarter of 2022 with cash cash equivalents in marketable securities of $79 million compared with $87 3 million at December 31, 2021.
We believe that our cash cash equivalents and marketable securities as of March 31, 2022, along with expected U S. Net product revenues from the sales of the Teva will enable us to maintain our current operations for a period of at least 12 months. Following the filing of a report on Form 10-Q for the quarter ended March 30 <unk>.
2022.
Overview of the results for the first quarter of 2022 is available on our quarterly report on Form 10-Q.
I will now turn the call back over to Michael Bayley Michael.
Thank you Eric.
Clothes, we continue to establish <unk> as the leading treatment option for new third line RCC patients and we continue to make great progress towards becoming the overall standard of care in this setting.
In addition, we are executing on the clinical front to further expand the market potential for devoted into earlier lines of RCC with the Geneva to study.
We look forward to providing updates on our progress in the coming quarters as we continue on our mission of improving the lives of patients with cancer.
We will now open up the line to Q&A.
Operator.
Thank you very much.
And if you'd like to register a question. Please press the one by the four on your telephone.
There are three Tom pump technology requirements.
If a question has been answered.
Draw your registration for one for Baidu.
And once again on the phone for any questions or comments, you may have and if the one for you Tom.
Our phone keypad one moment, please our first question.
And we do have a few questions queuing up or proceed with our first one from Colin <unk> with Baird go right ahead.
Good morning, everyone and thanks for taking our questions and congrats on the progress this quarter.
This is obviously your first full first quarter of the year.
I'm sure there are some learnings about the dynamics there or can you can you talk about.
Anything you you saw in the first quarter that might be particular to the January February March timeframe.
And you had a higher gross to net this quarter can you just talk about what your expectations for any question that going forward.
Yes.
Yes. Thanks for the question. So yes. This is a very exciting time for us with the first full year of sales in this quarter with little over 20 million in revenues again, increasing quarter over quarter is very encouraging for us I'm going to turn it over to Mike <unk> to answer to you.
First question and then we'll turn it over to Eric for the gross to net.
Thanks, Michael and thanks for the question Colleen So I would say the only significant dynamic we saw in <unk> honed in on it was the gross to net is just the reset and co pays. So we did see an increased utilization of our co pay support to make sure. We can keep patients on active treatment through this reset period. So.
We launched last year around the second quarter, and certainly saw a lot lower than so that maybe an estimate of when things return to more normalcy on the copay front and Eric you can give some guidance on that.
<unk> always said that over the long run that we would be getting to a gross to net similar to ours.
Do you expect that Uh huh.
You mentioned last year was a bit of anomaly because we did not.
First quarter revenue so yes.
Yes, we can.
And get closer to peer group.
And Kelly and I will just.
I Shouldnt with a couple of other dynamics that were mentioned.
One is the access is opening up and we're very encouraged by that and we have.
That will help us continue to drive growth and then reiterating this third line new patient start leadership. This is a really important leading indicator for overall kind of market penetration and so we're excited about maintaining that into the first quarter.
That's very helpful. Thank you.
Yeah, certainly encouraging to see maintain leadership in the new Scripps third line I guess when you eat.
Thank you.
Do you have any granularity.
They are.
Tim description, where those fall in terms of line of therapy like a third line also the largest share.
Scripts that you've been seeing to date this quarter.
Yes, Mike you want to try to tackle that.
So we don't have that granularity as to our current base of business I will say most of your business at this point your launches refills. So a lot of it is patients who started in earlier quarters and may or may not have been third line patients, but we are seeing now we have 25 share in the first quarter of new patient starts.
In the third line, which is the number one product sure.
And we're very proud of that significant achievement by the team in this short time of our launch and we see that we're well on our way to becoming the overall share leader if we maintain that share. So we're seeing reported 14 share for overall market share in the first quarter. So it's less than half of what our new patient.
Sure so significant room for growth there as we continue to own this space.
That's great. Thank you and prior quarters, you had mentioned.
At least in last quarter, you mentioned that some of those early discontinuation that you saw early in the launch has kind of stopped.
Any additional commentary on inflammation that you saw in <unk>.
Yeah, absolutely. So we've seen a positive continuation of the trend. So what we shared last quarter and we can extrapolate this announced in the first quarter is in our first couple of quarters of launches is common with relapsed refractory oncology drug launch you get a lot of trial initially in <unk>.
Late line patients and then if they have a positive experience.
Or more to the extend the label and cross really focusing on that third line population. So in our first two quarters of launch we had somewhere between 25 and 30% of patients who discontinued after one cycle and what that tells US that these were very late line patients, who really werent going to benefit from any additional treatment.
In the fourth quarter, we saw an improvement in it very much lined up with our movement into the third lion's share increase and it dropped to 16% and in the first quarter now we're reporting 15%. So it's again very consistent as we move to an earlier third line population, we've seen a significant decrease in those early drop offs.
And I'll just add to that.
Early patients Theyre not all absolutely late line and we do have a percentage of those that started in the first quarter in the second quarter of 'twenty. One that are still on therapy. So the drug is delivering on its promise and we're very excited about that.
Great. Congrats again on all the progress and thanks for taking my question.
Thanks Kelly.
Thank you very much we'll go to our next question on the line from Steven Wiley with Stifel go right ahead.
Morning, guys can you tell me okay.
Yes.
Okay, Hi, this is Tony I'm sorry, Steve.
I might have missed it.
Thank you guys mentioned it but I have a few follow up questions. So first one is what do you think possible for you guys to quantify the contribution of.
Inventory shipments to tail lights during this quarter.
Right.
Turn that over to Mike to answer the inventory question.
Sure. So our inventory has been very consistent it fluctuates between about two or four weeks supply on hand.
And so it was right within those bounds at the end of this quarter as well so all of our distributors can readily order product and typically get it. The next day, so there's really no incentive for them to build.
Build up any inventory so they tried to manage in that two to four week range.
Great. Thank you.
My next question would be it would make it too.
So except that this will be providing top that mine on your topline complex.
The data in the second half of this year and.
Trial.
I'd like to turn data that <unk> bought two trial and presumably you have more.
However, due to an increased number of patients. So can you guys speak to her.
We've had to all thanks.
The negative data readout from these trials would be influenced Jimmy.
Can you bought two clients.
Yes.
Your question, if I may restate, it youre asking about any impact on contact three on the overall Geneva to that correct.
Great. Thank you yeah. So just to remind everybody contact of three is a very similar study to nebo too and that was very intentionally done on our part because this will be a great opportunity for us to kind of compare and contrast, not only the combination of Cabo and.
Checkpoint versus Tivo and the checkpoint, but also will give us an opportunity to compare the single agent.
We really like this study design for a couple of reasons. One is we can't really lose.
The combination is not better than the single agent Tivo, we've really established tivo further as a great opportunity our alternative to treating after immune checkpoint inhibitors.
If if at the end of the day the contact of three does is not successful in the combination arm Im not sure Theres a huge read through there for us and that our Tolerability profile is very different than Cabozantinib, and we believe the importance of being able to maintain dose and not have to dose.
<unk> dose interrupt.
It is a significant advantage I'll also say kind of related to that topic is contact <unk> III Cabo is using their full dose, whereas they had great success in the first line they used to reduce dose as you recall from our prior call we.
The 0.89, the lower dose in this combination we did thats just specifically in strategically because we believe tolerability is incredibly important in combination success and I would argue that the FDA is also kind of moving in this direction with their project Optimists, where they are really looking.
To try to better balance toxicity and efficacy of risk benefit. If you will so I think we are.
We're right on track to be able to.
Have the highest possibility of success here, so we'd be very interested to see what happens in contact or three I don't know.
Data for.
For some time now, but it will be an interesting data set to compare to the Geneva to at the end of the day.
Great.
This may.
I have one more question so what would be what is the contribution of mix.
Manufacturing scale up to <unk>.
<unk> thousand 208 to R&D guidance again, I guess I might have missed it can you quantify that for us.
Sure Eric do you want to yes, Hi, this is Eric.
As we previously guided before we're expecting about 10 or so million dollars of manufacturing for this study drug material during the current year.
Alright, great. Thank you that was helpful.
Thank you very my question.
And our next question on the line from Andrew Berens with <unk> Securities go right ahead.
Hi, guys. Thanks for taking the questions and I'm, sorry, if I missed some of it is because it came out of the call. It Halo.
Can you give us color on the duration of the teaser that youre seeing in the market now.
And what other drugs that are being in the reduce it a third line are comprised of a 75% in RCC.
And then also what percentage of third line patients are not being treated that you'd see is addressable.
And then lastly.
What would we expect to see in the HCC second line setting in regards to duration.
Well, that's a great question, there Andy and thank you for them Im going to turn it over to Mike to protect.
I'll start by saying.
Early to be able to get a very specific duration of therapy, because as you know.
Even with the updated data we presented at <unk> you have a lot of patients who are really on T bills for a very long time, even three to four years.
As reported just recently so Mike.
Yeah. Thanks, Thanks for the question Andrew So as Michael said, it still is difficult for us to calculate the duration is very encouraging and that even when we look back to the group of patients who started in Q2 of last year, which is the longest follow up we still have a significant portion of those patients still on active treatment.
And yet recalling as well that was the time when we were getting our initial trial, where it was a lot more bias towards later line patients. So we believe it's going to get even enriched as we go forward and we're getting more third line patients. So we.
We will need to follow that for a longer period of time as.
As far as the other drugs in the third line. So historically it was carbo in Atlanta, and a tour with the top choices and then essentially there was a lot of fragmentation amongst share beneath that of essentially whatever treatment of patient hadn't had before used to see a fair amount of volume out historically, but now that most people are getting immunotherapy in the.
Frontline Youre seeing lesson last Houston, the volume up in the later line setting.
For the percent treated what we look at his decision.
Combination of third line plus as.
As we are stating it prior to our approval. It was estimated only about 50% of patients who were eligible were going on to active treatment.
So that's about five out of 10000 patients per year since our approval. Dr has revised that percent treatment up to 58% and correspondingly increase the size of the market from 350 to.
$480 million. So we think we're making an impact.
We're clearly driving being the leading new patient starts and getting a lot more patients on treatment. We believe that rate has a lot of room to continue to increase in the first and second line, it's about 85% or 90% going to active treatment. So we'd love to see that in the third and fourth line setting.
Yes, and Andy just to answer your last question on that what wed expect to see in the HCC duration. After <unk> importantly, remember theirs.
There is no data after <unk> at this point. So this is one of the exciting parts about this study, but if we look at.
Second line <unk>.
Activity as single agents.
Confident that gramercy or a mab the duration somewhere in the three to five months, so really not great.
Extension of duration of therapy for that second line. So the bar is relatively low but.
But we'll be excited to see what we see in the second cohort of the.
Deductive trial.
Great. Thanks for taking all my questions guys and congrats.
Thank you Anne.
Thank you we'll go to our next question on the line.
From Sumit Roy with John's Research go right ahead.
Hi, everyone.
Congratulations on all the progress.
Quick question on the deducted for cohort B.
Hi.
I can't remember if you're already enrolled those 20 patients just waiting for data.
Billable.
I'm going to turn that over to Jeff.
So we've said that we would finish that enrollment during the second half of this calendar year.
Yes.
Okay.
In terms of the Tivo enabled two enrollment is that do you see like a steady growth going on or you see it picking up as.
As the name is more coming out for <unk>.
Physicians are getting more aware of it.
Yes, we haven't provided any guidance on the shaping of the enrollment what we've said is that we expected.
In the first.
Got it.
And last question is could you give us like an Rx Trs number on the client prescription.
You want to take that.
Yes.
That's actually not a number that we have easy access to so we don't get broken out that way most of our business is going through the SD channels. So we just see volume going into an account, but we would estimate at this point our launch most of our volume is refill, but we're growing both the new and refill quarter over quarter.
Okay. Thank you so much for taking the questions congratulations again.
Thank you Sumit.
Sure.
Thank you.
Once again on the phone if you like to ask a question. It is tier one four on your telephone keypad.
Next question on line from <unk>.
<unk> cooler from a comp from HC Wainwright go right ahead.
Thank you.
Good morning, gentlemen, and thanks for taking my questions.
Probably.
I'm not sure if some of those questions have been already asked since I'm coming later Nathan to this.
<unk>.
In some of your prepared remarks, you stated that there are certain physicians.
The.
Being.
Being comfortable that <unk> are actually trying to use the drug in second line as well.
Is.
<unk>.
Do you have a.
Certain persons age or like what what.
What percent of physicians.
We're actually trying to use it in the second line is about obviously.
On the label, but.
So thanks for the question again.
And add a little color basically what we said.
We are early patients were in kind of 456 line patients who didn't have a lot of them.
And hospice came off.
Yeah.
The third line now with that said there are anecdotes and we've heard reports of physicians using <unk>.
<unk> in the second line again.
Label is after two prior systemic.
Theoretically after let's say a cabo Nemo.
Tivo could be a good choice and again, we've heard anecdotes about that but what we're really trying to highlight today is our core focus market a third line, which we estimate are.
Decision resources estimate.
About $480 million and growing.
We are taking the leadership role in new patient starts, which as we said is really an important leading indicator to overall market penetration I don't know, Mike if you want to add anything to that or.
Yes, the only color I would without our case.
Michael said, we've heard anecdotally and as he said, it's most commonly if they used to use <unk> in the second line setting and now theyre starting upfront with Cabo NEVA, we have heard some physicians say that within our label with two prior systemic therapies. They would do that the other thing. We've heard is if they get comfort with <unk> and they have a patient who maybe weren't on the frontline.
RP and had some toxicity challenge.
Candidate for some of the multi targeted <unk> with.
Similar toxicity profile that they already struggled with that they may adopt in that setting, but I would say at this point as Michael said, we're very focused on third line and it's been mostly just anecdotes from those with a higher level of experience with the drug and comfort level, yes, and I'll, just close that thought out RK and a good question.
Our key strategic initiative to getting into the second line and hopefully taking leadership shared there is really the Geneva to study and so we're excited about the progress we've made there.
Okay.
And then.
Regarding the.
Can you go to steady.
Is there going to be an interim look.
Do we need to wait till the end of that study.
Yes, we're going to have to wait till the end of that study.
Jerome looks on safety.
That are very typical in a phase III study, but unless there is some.
The study will proceed to conclusion.
Okay.
Last question from me.
Sure.
Mike It's Dave.
Do you still have the voucher program.
Or is it pretty much done at.
At this point, because it's almost a year.
To your commercialization.
Okay, we do still have physician samples available and it is.
Is intended to be a launch program as we've said there still are some pockets where physicians have been difficult to launch and things are now opening up with that said, we're seeing very little need to use the program. So it's likely phasing out soon.
Perfect.
Thank you. Thank you gentlemen for taking my questions and congratulations again, it's a great startup of course.
Thank you very much.
Thank you Mr.
I believe we have no further questions at this time I'll turn call back to you for any closing remarks.
Very good well thank you all for joining us today.
Greatly appreciate your continued support and look forward to updating you on further progress in the coming quarters that will end.
Thank you very much and thank you everyone that does conclude the conference call for today. We thank you for your participation you disconnect. Your lines have a good day everyone.
Okay.
[music] approach.
Okay.
Yes.
Sure.
[music].
Okay.
Okay.
So.