Q1 2022 Xeris Biopharma Holdings Inc Earnings Call
Practice, which constitute forward looking statements for the purposes of the Safe Harbor provision under the private Securities Litigation Reform Act of 1095 <unk>.
actual results made different materially from those indicated by these forward-looking statements as a result of various important factors including the effect of uncertainties related to the COVID-19 pandemic on the U.S. and global markets, Zaris' business financial conditions, operations, clinical trials, and third-party suppliers and manufacturers, and other risk factors included those discussed in our filings with the U.S.
Actual results may differ materially from those indicated by these forward looking statements as a result of various important factors, including the effect of uncertainties related to the COVID-19 pandemic on the U S and global markets <unk> business financial condition operations clinical trials, and third party suppliers and manufacturers and other risks.
Factors, including those discussed in our filings with the SEC.
In addition, any forward-looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update such statements. I'll now turn the call over to Paul.
In addition, any forward looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date, we specifically disclaim any obligations to update such statements.
Now I'll turn the call over to Paul.
Thanks, Allison. Good morning, everybody, and thanks for joining us today. Our headline for this call is that we had another very good quarter in the first quarter of 2022. We generated approximately $22 million in net product revenue. We continued strong prescription and share growth for G-Voke. We continued to add more patients to all of our products, including G-Voke, the quarter of Cavares, and even Ogolo in the UK, and the G-Voke kit, which became available at the end of the quarter.
Thanks, Alison good morning to everybody and thanks for joining us today, our headlines for this call is that we had another very good quarter in the first quarter of 2022.
We generated approximately $22 million in net product revenue, we continued strong prescription and share growth for <unk>, we continued to add more patients to all of our products, including <unk> <unk> and even overall in the UK and the <unk> kit, which became available at the end of the quarter.
We also dramatically strengthened our cash position with the addition of a $30 million pipe and the debt refinancing we finalized with Haytham, ending the quarter with over $132 million in cash. And we continue to advance the phase one study of our Revo Syloxing product.
We also dramatically strengthened our cash position with the addition of a $30 million pipe and the debt refinancing, we finalized with hate them ending the quarter with over $132 million in cash.
And we continue to advance the phase one study of our <unk> product.
This first quarter performance gives us great confidence that we are on track for the year we.
This first quarter performance gives us great confidence that we are on track for the year. We are therefore affirming our previously announced guidance of the year.
We are therefore, affirming our previously announced guidance of.
100 to 120 million dollars in total net product revenue for 2022.
$100 million to $120 million in total net product revenue for 2022.
Realizing $50 million in synergies from the strong bridge acquisition by year end 2022.
Year end.
2022 cash balance of $90 million to $110 million.
Achieving cash flow breakeven by year end 2023.
I'll go into some specific highlights behind our performance starting with <unk>, we continue to see impressive GMO prescription growth in the first quarter GMO prescriptions grew 88% compared to first quarter last year on.
On a sequential basis, <unk> grew 5% quarter over quarter, while the overall glucagon market declined 1%.
So again, there continues to be strong demand for <unk> and we continue to outpace the market.
For those watching prescriptions April started out a tad flat during the holiday period, but we finished the month strong with over 2700 prescriptions. The last week in April and a 22% market share.
Which makes us feel really good about the balance of the second quarter.
Overall, the glucagon market growth versus prior year has been improving as offices are now open and reps have better access to those offices, while we are not quite back to pre pandemic growth levels of over 20% to 30% we are back to double digit growth.
Use glucagon products are now over 65% of the new two glucagon prescriptions, which is also very encouraging.
We believe that when the market does return to those premium trend Emmett growth levels.
Assuming <unk> continues to outpace the overall market, we are very well positioned to capture a good portion of that growth.
So Texas final loans overall in late 2021 in the UK. They are beginning to see modest early uptake and growth in prescriptions as they get on regional health formularies.
Which is a process not terribly different than getting on payer formularies in the U S. Texas also continues to work towards launching <unk> in additional countries in EU and the balance of 2022.
Moving on to <unk>.
We're very pleased with the steady increase in the number of primary paralysis patients benefiting from our products.
Year over year, the number of patients on drug is up 12%.
And as we've excuse me discussed previously PDP patients are extremely hard to identify so this strong performance is a testament to the collective expertise of the team and the close working relationship with the health care community.
Onto <unk> as you know, we launched <unk> in February and as we mentioned previously.
Excuse me from.
From the time of first repeat referral and clearing reimbursement to starting on drug and then properly titrated to one's optimum dose can take a patient several weeks to a couple of months.
So demand based sales will take a while to kick in.
And with it being only a few weeks into launch it's too early to be a meaningful contribution on the revenue line.
That said receptivity with health care providers has been excellent.
We are getting referrals, we're getting patients on drug and we're very excited about the prospects for our core love as another alternative for their for health care professionals patients, who struggle with Cushing syndrome.
And while it's only been a few weeks since launch we are already supporting patients on <unk> through the initiation of reimbursement and titration process with our various care connection team.
We have we don't have much in terms of pipeline updates since our last call. A few weeks ago. However, we did receive a positive response from FDA on our proposed next phase to exercise induced hypoglycemia study, which we still aim to initiate later this year.
Our phase one pharmacokinetic study of <unk> aerosol levothyroxine to evaluate its potential as a once weekly subcutaneous injection is still ongoing.
We have completed two dose levels and will begin dosing the third the next higher dose cohort later in the second quarter.
We expect to complete this PK study and report out results from a range of doses and dose proportionality later in 2022.
Before I turn the call over to Steve.
For detail on our first quarter financial performance I'd like to reiterate we had a great quarter.
Feel very confident in our ability to hit our guidance for the year, especially with our exceptionally strong cash position as a result of cash on hand revenue generated from our three commercial products. The addition of cash from the recent private placement and with our debt refinance.
So now I'll turn it over to Steve.
Thanks, Paul Good morning, everyone I will focus my remarks on a few of the key financial results. The details of which are in the press release issued this morning.
Total net product revenue was $21 9 million for the first quarter, representing a 33% increase over pro forma first quarter 2021 revenue.
<unk> net product revenue was driven by strong underlying patient demand for both <unk>, while we did recognize record level revenue in the first quarter. It was immaterial to the overall overall results as we have just launched carloads well into Q1.
<unk> continued its strong momentum in the first quarter for a total prescriptions more than 88% from Q1 of 2021 and topping 30000 prescriptions in the first quarter <unk>.
<unk> quarter over quarter prescription growth was 5%. Despite the overall glucagon market total prescriptions declining by 1%, which is inline with historical trends in the first quarter relative to Q4.
In Q1, Chievo continue to capture share that glucagon market at the end of March <unk> achieved approximately 22% <unk> share in the most recent weekly data ending April 29.
Suggests <unk> has now achieved approximately 24% and <unk> sure.
In the first quarter. We also made an adjustment to our returns reserve based on actual returns as our <unk> product is still in launch mode and we don't have a significant history of product returns. We estimate product returns based on various factors, we will continue to monitor and adjust our returns reserve.
<unk> as necessary.
<unk> also had a solid quarter from a patient on drug perspective, as we grew patients on drug by 12% relative to the first quarter of 2021.
Just to wrap up my comments on revenue performance in the first quarter and looking ahead, a bit we had a solid quarter and we continue to feel confident based on the underlying fundamentals driving the growth of the business that we will finish within the range of $105 million to $120 million for full year 2022 net.
Product revenue.
Moving down the P&L cost of goods sold was $6 3 million for the three months ended March 31 'twenty two.
An increase of approximately $4 4 million compared to the same period. In 2021. This increase was primarily driven by increased sales of our products.
Research and development expenses increased by approximately $2 2 million in the first quarter to $6 3 million compared to the same period. In 2021. These increases were primarily driven by higher pharmaceutical process development and clinical costs across multiple programs.
Relative to the fourth quarter of 2021 research and development expenses decreased by approximately $3 8 million. This decrease was driven by lower clinical service and pharmaceutical process development costs also across key pipeline programs relative to the fourth quarter.
Selling general and administrative expenses increased by $16 8 million.
Or 88% for the three months ended March $31 22, compared to the same period in 2021, we incurred $11 5 million of increased commercial related costs, including an increase to our board for Tivo.
In addition, approximately $2 million.
The increase was related to the acquisition.
Strawbridge.
Primarily of restructuring and related employee costs.
The remaining change was due to an increase in general expenses and the growth of the company.
Let me provide some important context to these increases relative to the first quarter 2021.
As well as some context on sequential quarter over quarter changes.
Had mentioned on our year end earnings call in March that with the acquisition of strong bridge, we would absorb the <unk> commercial infrastructure and other key personnel, which prior to the fourth quarter of 'twenty, one did not exist in <unk> financial results.
In addition to strong bridge related infrastructure. We had also expanded our endocrinology commercial team in mid 2021, and this expansion is also driving some of the increase relative to the first quarter of 2021. This is an important context in terms of the increases to SG&A relative to first quarter 'twenty one expenses.
On a quarter over quarter basis, SG&A expenses actually decreased by approximately $18 million in the first quarter relative to the fourth quarter. The fourth quarter included approximately $18 million of costs associated with the acquisition of strong bridge and in the first quarter, we only incurred approximately $2 million of expense.
<unk> associated with the acquisition of Strawbridge, We had mentioned that strawbridge acquisition costs would materially decrease in 2022.
Therefore, we are seeing in that decline of SG&A expenses on a quarter over quarter basis, even though we incurred costs associated with the launch of <unk> in the first quarter.
As a reminder, and consistent with previous guidance. We believe that we are on track to realize $50 million in strong bridge acquisition related synergies.
Approximately equally split between cost reductions and cost of volumes by the end of 2022.
From a cash perspective as of March 31, 2022, <unk> had total cash cash equivalents and short term investments of $132 1 million compared to $102 4 million at December 31, 2021, our balance sheet was strengthened by both a $30 million pipe.
In January and the debt refinancing, we finalized with Haven in March.
Net operating investing cash burn for the quarter was approximately $42 million, which was driven by our net loss in Q1, coupled with changes in working capital primarily related to an increase to accounts receivable from higher sales and a decline in accrued liabilities from year end 2021.
You will also see in our quarterly filing.
That service today entered into a sales agreement with Jefferies for a new ATM.
Youll recall that we had an ATM in place previously, but with the strong bridge acquisition and the establishment of a new corporate parent the ATM was effectively terminated.
We do not have any currently for additional equity financing, but are doing this as a matter of good financial housekeeping should the need arise in the future.
As we announced in March we entered into a senior secured term loan agreement with funds managed by hasten to provide us with up to a total of $150 million of capital, we drew $100 million on the closing date in March and we repaid our previous debt facility of $43 $5 million with Oxford Finance and Silicon Valley Bank.
The net proceeds will provide additional working capital to fund our business plan.
An additional $50 million is available to <unk> at our election until March 2023.
<unk> upon our current operating plan.
We would expect we will draw the remaining $50 million by the end of this year.
This capital base and the additional $50 million from the debt facility provides the company with significant operating flexibility to drive our rapidly growing commercial business is currently constructed to cash flow breakeven by year end 2023, and thereafter produce increasing operating cash flow.
As a reminder, from our last call in March we project the rate of cash burn to improve over the course of 2022 as our revenue base continues to grow and we see a decline in obligations associated with the strong bridge acquisition related costs.
With the revenue growth from our three marketed products combined with our current cash position. The cash received from the recent pipe financing in the debt restructuring with HAE finished 2022 with approximately.
And further can achieve cash flow breakeven by year end 2000.
'twenty three.
Okay.
So off to a strong start.
And we are excited about the very early returns on <unk>. We are affirming our full year 2022 net product revenue range of 105 to one we have integrated strawbridge quickly in those areas and we will achieve $50 million.
Okay.
And we are in a solid.
Well positioned from a cash perspective to drive growth of <unk> and fund our R&D pipeline I will now turn the call back to Paul.
Thanks, Steve.
As you just heard we're off to a good start for 2022.
In the first quarter.
Can't say often enough that we generated approximately $22 million in net product revenue with continued strong prescription growth and share growth for <unk>, we continue to add more and more patients to all of our products. We continue to advance our pipeline with the phase one study with <unk> and as Steve mentioned, we dramatically strengthened our cash position with the pipe.
Refinance.
Given our exceptionally strong cash position as a result of cash on hand revenue generated from our three commercial products the <unk>.
<unk> of cash in recent private placement and the refinance we would not anticipate needing to raise additional capital in order to fund our ongoing operations return to capital markets would be for M&A purposes only.
And importantly to guidance of net product revenues of 105 to $120 $50 million in synergies from <unk> acquisition year end cash balance of 90% to $110 million.
And cash flow breakeven, assuming we're on our guidance by year end 2023.
Operator, if you would please open the line for questions.
Thank you.
If you would like to ask a question. Please press star followed by one on your telephone keypad. If for any reason you would like to at least that question. Please press star followed by two.
As a reminder, if you are using a speaker phone. Please remember to pick up your handset before asking your first question today comes from David <unk> from Piper Sandler David. Please go ahead. Your line is now open.
Hey, Thanks, So just had a couple of questions.
First.
On <unk> I know, it's early days, but can you just talk about.
Okay.
Since.
Uptake.
Maybe if you if you are not.
Not in a position to provide.
<unk> level metrics just to talk about.
The extent to which you are growing the patient footprint and also talk about.
Access to the product or these patients who are getting record levels they've been exposed to.
We're seeing the ketoconazole or switches from other agents.
I just wanted to get a sense as well.
What adoption looks like.
In terms of patient.
Specific metrics to the extent you could provide them thats number one.
And then number two is you mentioned not having to go back to the capital markets unless.
For M&A purposes, I'm wondering if you could just elaborate on how youre thinking about.
M&A.
What kind of assets are you looking at and would you take on.
Any R&D risk.
In the context of a potential target acquisition target I should say thanks.
Good morning, David Thanks for the call and thanks for the questions.
Yes, we're not in a position to give a lot of metrics on record load patients. What we tried to convey in my remarks and I'll reiterate is we are getting patient referrals, we already have patients on drug were managing those patients through the process.
We're working with them to clear their prior authorization and get insurance reimbursement paid for.
And we believe relative to our guidance.
The degree to which require less well on track we are on track for what we do.
Set out as our plan.
So that's the best I can give you on record levels really early.
In terms of the return to the capital markets.
We want to very strongly and I want to strongly reiterate we have all of the funds necessary to fund our business through the cash flow breakeven, assuming we're on plan and on our guidance.
So we're but we did put an ATM in place because.
Because it's good financial housekeeping.
That being said to your point.
We would not.
Scott.
To necessarily add a M&A another company or asset that incurs.
R&D risk and it has a negative impact on our cash position, we're focused on building critical mass and getting to cash flow breakeven.
That being said.
If there is another strong bridge out there.
Got a product like <unk>, that's generating good revenue in a product like record levels on the verge of being approved that that would be an interesting opportunity for us.
Okay. That's helpful and if I may just sneak in a song.
Follow up here just on.
The sales.
Product specific sales disclosures.
Can you provide.
And I apologize if I missed this.
Just specifics on net sales for <unk> into this is that all possible and.
If youre not in a position to do that maybe just give us a sensor.
Providing a product specific.
Sales figures thanks.
Yeah. So.
What we've committed to us.
Guidance for the year total product basis.
G book is still in launch mode.
Record levels is barely gotten out the door.
We're not saying, we will never provide product level results, but it's just too early.
If you if you are following record or <unk> and you look at <unk>.
You can pretty much do the math.
<unk>.
The balances <unk> more or less.
In the first quarter <unk> didnt contribute much.
Okay. Thank you.
Thank you David.
The next question today comes from Ron and relief from SPP Securities.
Please go ahead. Your line is now open.
Hey, good morning, everyone. So far.
Follow up question for Carl as I understand Youre, not able to give too many specifics, but I was curious on the physician front are you hearing anything anecdotally about.
Well its efficacy or safety about <unk> highlands awareness growing for that product in your first quarter of launch.
Good morning Lana.
The receptivity from physicians has been excellent.
They are.
<unk> only got a few patients on it so far we've had no no concerns about efficacy.
Alex is working no safety concerns have been expressed.
Witnesses is quite high already.
We're looking forward to the conference season, we've got Ace Ada and.
Endo coming up.
And we've had great receptivity to the activities, we're having at both Ace and Endo.
And we're all participating.
So so far.
A few weeks.
We're feeling very positive.
Great.
Quick question for Steve I'm curious what do you think is driving that continued share growth. We did notice that vaccine E prescriptions and can be stabilizing a bit.
Wondering what might be causing the slight differences in trend between <unk> versus <unk>.
Well I think it's what we've said all from the beginning that they got out to a head start they had about a 10 10 months or 10 months plus head start.
They also do extremely well during back to school season, which is when they launched the product goes back to school because they've got through their insulin business, a very strong position with Pete and dose.
We've said from the beginning that we would trend upward at a faster rate and.
And we would begin to capture more and more share of the market.
To the point, where at some point, we see that.
Very likely could just flip the market evenly.
And as I've said since day, one we really value the Lilly voice in this market in terms of raising the level of.
Our sense of urgency amongst patients and health care professionals that if you're on insulin you should have a prescription for a ready to use rescue glucagon.
If that happens with 7 million people on insulin, we will get our fair share and we will get their fair share.
Yes, I understand and quick one for Dan I was curious against any updates on Christina and additional patent life for the product as they approach.
Exclusivity.
Yes, we don't have an update we continue to prosecute several patents.
We're in the appeals process appeal panel with.
One or two.
We continue to work very hard to try to get.
Patent across the finish line.
Thanks, a lot.
Thank you.
The next question today comes from.
<unk> from Mizuho Securities. Please go ahead. Your line is now open.
Great. Thanks for taking my question, maybe following up on a couple.
Earlier ones.
So one I'm curious as you mentioned.
Im trying to secure more patents can you just give us a sense of whats your sort of base case assumption at this point.
Eric.
Competition.
Sure.
If at all and then.
You mentioned certainly the math to kind of get to that product sales there. It looks like from our math there may be really is doing a little bit of discounting now or more than they were before this with banks I mean I'm. Just curious if you can share anything on the pricing side and sort of gross to net assumptions. We should make is just sort of coming back in to what prescription.
It's actually mean in terms of.
Net sales.
Thank you.
For <unk> on the generic front.
Think we've said historically we didnt.
We don't expect the generic we haven't seen any evidence of a generic.
If there is one we wouldn't expect anything till 2023.
We think we're pretty good really good shape for 2022, and we also think that the way to Vegas is.
The way PPD patients are identified.
And.
Through the process. It takes a great deal of work on the part of the company.
We basically do the analysis to help physicians identify patients.
So generic is going to have a tough time doing that same amount of work.
If you recall the product was recently launched by a generic company that didn't go terribly well.
Thats, how strong but ended up buying the product so.
But we're being very diligent and as I believe I've said historically, we have all options open to us up to and including our own authorized generic so.
I think there's a way to protect a significant portion of this business as.
As far as <unk> on the gross to net I think Steve mentioned the thing that probably hit the gross to net that you are and your math is the returns that we added to the return reserve.
Yes, we added to our returns reserve Youll see it in our financials $1 4 million in the quarter.
And again, we take into account various factors when estimating our returns reserve, but primarily driven by actual returns so.
I would say that that was the impact we don't comment specifically on gross to net percentage, but in line with.
Industry average for a retail product and to your question on pricing, there's been no negative impact on pricing.
We're still we're still in pretty good shape.
Okay, and then maybe just one quick follow up on the financial side of it yesterday.
Okay.
The sequential decline I guess.
Think about forecasting that forward.
Quite a bit higher than what you guys reported for the quarter. So would you expect things will sort of stabilize at these levels or do you expect a little bit more of a decline youre going at least into the second quarter.
Try and think about kind of the progression of your expenses here.
Yeah. Good question <unk> I would expect that.
Basically stabilized so what you would see and really from a from an SG&A perspective, what happened in Q1, I think will probably play out for the balance of the year.
Thank you.
Next question today comes from Reuben Garner from Craig Hallum Robin. Please go ahead. Your line is now open.
Good morning can you expand on that.
Patrick.
Lan.
Timing and perhaps even the order of <unk>.
To further commercialize aquila.
I didn't catch the second half, Rob and welcome to the call Robin and good morning, but I didn't catch the second half of your question.
Quite often.
And it was anyway.
Texas has launched in the U K they are beginning to get on all the formularies and there are there are more formularies in the U K I think then there are players in the U S. So it is a it is a difficult property. Good start operationally they are doing very well.
Theyre getting patients that are getting prescriptions or ordering product.
I think they are still on track to launch in Germany, and a couple of other countries in mid year.
And they're going to sequentially go.
Now through the rest of most of the larger countries Nordic Scandinavian countries.
Italy, France, Spain, all the likely effects over the course of 2022 and into 2023.
I don't believe that.
That.
Business is going to be a huge contributor for us because.
The pricing they got is equivalent to about $100 U S. We sell it to them at a transfer price.
Hey.
Whatever they can beyond that.
Thank you for standing on that.
Was there another one of your questions.
That answers. The question one additional question is just around the number of units.
And if youre seeing awareness and growth continues in terms of your revenue share.
Yes.
Interesting.
Right now its stabilized.
Per prescription.
<unk>.
Is one of the things, we're patient or to get more units, but.
Average units per prescription is stable.
When we first launched.
This purpose scripture creep up to about three.
But we're not seeing that now what we're seeing more is people patients just get multiple prescriptions.
Okay. Thank you very much.
Thank you.
Next question today comes from Randy <unk> from H C. Wainwright. Please go ahead. Your line is now open.
Thanks for taking the questions I have a couple on.
<unk> I understand it's really early and.
Immaterial at this point, but when you start thinking looking forward I think on the last call. A couple months ago, you did mentioned already having some patients on therapy and clearly white hope you've added more in the meantime can you talk about those early patients do you already have some or all of them through the.
<unk> stages to the extent that you've already got revenue producing patients now even if there.
Still tight trading up and at lower revenue per patient then they'll eventually get to.
Thanks.
Yes.
<unk>, yes.
As you know all of these patients are going to require a prior authorization until we actually get.
Guidelines with various payers, but we're clearing insurance, we have patients that are getting reimbursements and we're adding patients every week.
Okay.
At some point in the future do we do you think will provide besides revenue breakouts hopefully.
Any more.
Tricks around this product obviously for orphan indications, we're talking about small numbers in small numbers make a big difference whether you ever talk about patient volumes.
Added into either the funnel and or on active therapy.
Yes.
I don't I don't think we will actually be talking small numbers and they do vary pretty pretty regularly.
As we get more.
History with all of our products, we assess every quarter on what metrics can we provide that are metrics that we can predict going forward.
And that are reliable in terms of the data that we're getting.
So as things grow and as things stabilize we'll continue to look at whether or not we'll provide product level.
Results.
We never say never say never.
And I think I've asked this before but I apologize I can't remember the answer can you just remind us with your.
Care connection process in Onboarding process for core lab do you do patients who have referred are prescribed the product theoretically get on therapy before.
PAA is.
Adjudicated or.
Is anyone who's getting on therapy already through.
Through the process and presumably producing revenue.
Yes.
Best.
The best way for patients to get on therapy, such as <unk> or to Vegas for that matter.
Is to have this patient partner involved in the specialty pharmacy involved where all of that is is <unk>.
Managed.
Insurance is cleared.
Patients ready to go doctors ready to go a lot of physicians actually request for patient.
Care connections patient partner be involved in the consultation when they initiate therapy. So patients know what's going to happen. How it is going to go maybe what side effects to expect how the titration is going to be managed who is going to be talking to them from the specialty pharmacy, the physician's office and from care connections.
So that by the time, a patient is actually initiated on drugs that are in the position to be as successful as possible.
I apologize if I didn't fully understand the answer.
But I guess, just alright, alright, as drug getting sent to a patient's house.
Before it necessarily clear just to make this as smooth frictionless transaction as possible for documentation.
Or does the PAA has to be approved before they can get it.
PAA has to be cleared insurance has to be cleared then drug is the drug is initiated.
Okay.
And on to Vas, sorry for asking a lot of questions you mentioned, 12% year over year patient growth.
Can you.
Can you talk a little bit about how that translates to without giving an exact number or a ballpark revenue growth. Just in terms of I believe there is some price and raw material price benefit may be year over year also on top of that total patients on therapy added year over year or is there some churn there.
So there is certainly we do have turnover right.
Continuation in there.
I would say that the.
I would.
Generally think that the the patient growth translates to revenue growth on a year over year basis.
I think thats a safe assumption.
Okay.
Thank you for the time.
Thanks, Ron.
Thank you speaking at this time, so I'd like to pass the conference if it to Paul <unk> for closing remarks.
Okay.
Thanks, again to everybody for joining the call and for your continued support as we execute on our strategy to create critical mass necessary to become a fully capable and profitable pharmacies.
Cyclical company.
Everybody have a really good day.
That concludes the <unk> Biopharma first quarter 2022 financial results conference call and webcast. Thank you for your participation you may now disconnect your lines.
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