Q3 2022 Seres Therapeutics Inc Earnings Call
Good morning, My name is Colby and I will be your conference operator today.
At this time I would like to welcome everyone to the third quarter 2022 series Therapeutics, Inc Earnings Conference call.
All lines have been placed on mute to prevent any background noise.
After the Speakers' remarks, there will be a question and answer session.
If you'd like to ask a question. During this time simply press star followed by the number one on your telephone keypad.
If you'd like to withdraw your question again press the star followed by the number one.
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I will now turn the call over to Dr. Carlo Tanzi head of Investor Relations.
Thank you and good morning, our press release for the company's third quarter two.
<unk> results a business update became available at seven a M eastern.
It can be found on the investors and news section of the company's website.
To remind you that we'll be making forward looking statements, including the potential approval and launch of investigational mode.
SER 109, and it started first in class oral therapeutic they anticipated indication for SER 109.
Potential for microbiome therapeutics to protect against infection. The use of cash to fund operations and other statements, which are not historical fact.
Sure results may differ materially. Additionally, these statements are subject to certain risks and uncertainties, which are discussed under the risk factors section of our recent SEC filings any forward looking statements made on today's call represent our views as of today only we may update these statements in the future, but we disclaim any obligation to do so.
On today's call with prepared remarks, I'm joined by Eric Shaff, She was president and CEO .
David Archuleta CFO Doctor lease up on bulky Chief Medical Officer, Dr. Matthew Henn, Chief Scientific Officer, and additional members of our management team will also be available during the Q&A with that I'll pass the call to Eric.
Thank you Carlo and good morning, everyone.
Curious continues to make excellent progress advancing our microbiome therapeutics approach.
As an organization our top priorities are to secure the regulatory approval of SER 109, our.
Our lead microbiome therapeutic candidate for recurrent C difficile infection and drive commercial success.
We were very pleased to recently announce that our SER 109, BLA has been accepted for priority priority review by the FDA and the.
Agency has provided a <unk> target action date of April 26, 2023.
Our SER 109, a BLA filing is supported by a phase III development program that showed high levels of durable efficacy coupled with a favorable safety profile.
This attractive clinical profile is complemented by a patient friendly oral route of administration that avoids other burdensome and costly procedures.
We believe tier one of nine represents a winning product profile and if approved by the FDA. This could represent an important new medicine for those suffering from recurrent CDI.
These are patients facing a life threatening condition that have limited options today.
We believe that tier one and I may have the opportunity to transform how recurrent CDI is managed resulting in far better patient outcomes as well as reduce burden to hospital systems.
The approval of SER 109 would also provide clear validation definitively showing that microbiome therapeutics have matured as a new medical modality.
We believe that beyond SER 109 series has the potential to develop and launch multiple addition, additional microbiome medicines for serious diseases.
We are planning for the commercial launch of tier one O nine soon after a potential FDA approval and our team is eagerly preparing for this milestone events.
Currency the market opportunity is substantial with nearly 170000 cases per year and we believe that our critical data supports SER 109 clinical benefit across this broad patient group, including those experienced in the first recurrence.
Alongside our collaborator immune therapeutics, and Nestle Health Science company. Our team continues to make excellent progress advancing and educational efforts with physicians and payers in support of broad patient access.
We plan to provide additional detailed information about the recurrent CDI market opportunity and our launch preparations at an upcoming webcast investor events that we will be hosting on December 8th.
As we move toward the potential product approval and launch we also recognize the importance of strong manufacturing capabilities and this has been a point of emphasis for series since the company's founding over a decade ago.
We now have commercial direct produced in anticipation of FDA approval.
In addition to serious internal manufacturing capabilities, we are working closely with external manufacturing partners to ensure patient needs are met following launch while also increasing the longer term product supply.
Our objective is to prepare for anticipated future market demand covering potential uptick scenarios.
While SER 109 is our priority. We also continued to execute on additional opportunities, where we believe our microphone microbiome therapeutic approach could have substantial promise.
This includes our SER 155 phase <unk> program.
Biome therapeutic designed to reduce the incidence of gastrointestinal infections bloodstream infections and gvhd in patients receiving allo HFC T.
We are also working on additional preclinical candidates that may provide therapeutic solutions for other at risk patient groups.
Supported by a well over a decade of research serious has established a differentiated platform of technologies and we are well positioned to continue discovering and developing novel microbiome medicines.
We are applying our approach to treat high unmet medical needs.
In addition to diseases, both for infection and more broadly in settings, where our research efforts support our role of the gastrointestinal microbiome in disease.
With that I'll now pass the call over to Lisa to discuss some of our recently presented clinical data.
Thanks, Eric.
Last month, we were very pleased to have additional phase III Eco sport <unk> study results.
Just in the journal of the American Medical Association and the October 19th issue.
This publication followed the initial manuscript of the SER 109 phase III results in the New England Journal of Medicine earlier this year.
The publication of the SER 109 phase III data in these two highly respected journals is remarkable and it speaks to the significance of the results.
We also recently presented new SER 109 data at the recent <unk> week, and American College of Gastroenterology 2022 annual meetings.
The presentations highlighted additional results from the SER 109 eco score for study.
We showed that the prevention of recurrent CDI was apparent as early as two weeks post treatment.
In addition, the clinical benefit was shown to be durable with sustained clinical responses seen through 24 weeks.
At the meetings, our medical affairs colleagues were able to interact with numerous infectious disease doctors and gastroenterologists that are actively treating recurrent CDI.
As Eric mentioned, we are very pleased that the FDA has accepted our SER 109, BLA filing for review and provided us with a <unk> target action date of April 26.
I'll remind you that we had previously obtained breakthrough therapy designation for SER 109, and the <unk> date, we obtained reflects an expedited priority review of the BLA submission.
We continue to closely engage with the FDA as they review the submission.
The FDA indicated that they are not currently planning to hold an advisory committee meeting to discuss the application.
We are confident in the SER 109 clinical data the quality of the BLA submission and we are eagerly preparing for an anticipated product approval decision in April of next year.
I will now pass the call to Matt to discuss Seer 155, and additional R&D efforts. Thank.
Thank you Lisa.
Beyond SER 109, our next most advanced program is investigational microbiome therapeutic SER 155, which we are developing to address infections, including anti microbial resistant infections and graft versus host disease and individuals receiving allogeneic stem cell transplant.
155, along with SER 109, as part of our infection protection pipeline franchise, managing infections, including the expanding challenge of anti microbial resistant infections is an area of particular interest to series is an area, where we believe that microbiome therapeutics may provide a novel approach with widespread medical utility.
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The allogeneic stem cell transplant patients targeted by tier 155, alright, very high risk for serious infections included including by Vancomycin, and Cobre Panam resistant bacterial pathogens as well as graft versus host disease, and we believe that this microbiome therapeutic candidate has the potential to address both issues.
The phase <unk> study is being conducted in individuals' undergoing treatment for hematologic malignancies, such as leukemia.
The study is designed to evaluate safety and drug pharmacology, including <unk> of SER 109, five bacteria and patients gastrointestinal tracks and.
In addition data are being collected on the reduction in abundance of bacterial pathogens in the gastrointestinal tract to evaluate clinical outcomes, including rates of bloodstream infections and acute graft versus host disease.
We anticipate conducting the next Preplanned meeting with the study's data and safety monitoring Board to review SER 155 cohort one data by the end of the year.
In addition, we plan to announce initial safety and pharmacological data from cohort, one including drug bacterial species and graph mint in early 2023.
Demonstrating favorable safety and highly immunocompromised patients such as those in the SER 155 phase <unk> study would be an important milestone for the expansion of microbiome therapeutics as a novel approach to manage bacterial and anti microbial resistant infections.
Looking ahead to pipeline expansion, we believe that our clinical and preclinical data provides strong evidence supporting the potential for microbiome therapeutics to prevent infection in patients at high risk of bloodstream infections significant opportunities exist in multiple medically compromised patient groups such as those with cancer neutral.
Opinion, cirrhosis and solid organ transplant patients.
Series <unk> platform is an integrated reverse translational microbiome therapeutics platform that has enabled the discovery and development of novel therapeutic candidates our approach Leverages clinical in the human data sets combined with data from a broad range of preclinical assays and models customized for the discovery and development of <unk>.
<unk> biotherapeutics.
We are making significant progress advancing additional preclinical programs targeting infection and combating the slow pandemic of anti microbial resistant infections.
We anticipate providing more information about our next clinical candidates in the coming year.
In addition, we continue to leverage our reverse translational platforms and unique clinical datasets to advance our understanding of the potential of microbiome therapeutics and inflammatory and immune mediated disease settings.
With that I'll now turn the call to David to provide an overview of our financials.
Thanks, Matt the details of our third quarter financials are included in the press release issued earlier this morning.
Don't reiterate all the figures here series ended the third quarter of 2022 with approximately $233 million in cash cash equivalents in marketable securities in July we completed a registered direct equity offering resulting in gross proceeds of 100 million. This.
This capital meaningfully strengthens our balance sheet and enables the company to more effectively deliver on our mission to bring microbiome therapeutics to patients in need.
Regarding our efforts and resources over the near term we continue to be focused on a number of critical SER 109 related activities, which include continuing to ramp up manufacturing operations for commercial supply both internally and with our partner rest of farm as well as increasing longer term SER 109 product supply through our back there.
Collaboration and in conjunction with <unk>, continuing and accelerating launch readiness activities.
We also continue to invest to advance and expand our pipeline with a focus on infection protection opportunities and further build upon and enhance our platforms capabilities. As a result of these high priority and value generating activities. We expect our expenses to increase in the coming quarters, but at a moderating rate of growth as we have already expanded.
Capabilities across much of the organization.
In summary, the company continues to be well resource to prepare for SER 109, commercialization and to drive our ongoing development and preclinical programs. While also deploying resources to continue to advance our research platforms, where we believe we have differentiated proprietary and sustainable advantages.
I'll now turn the call back to Eric.
Thank you David.
We now have a clear view to Britain SER 109 to patients as a differentiated microbiome therapeutic for recurrent CDI if approved by the FDA.
Our team along with immune is taking the necessary steps to succeed with a strong commercial launch, thereby transforming series into a commercial stage organization.
We look forward to providing more information in a few weeks on December 8th about why we see so much opportunity with SER 109, and I hope that you were able to tune into that event.
In addition to our lead program. We are also advancing a pipeline of highly promising microbiome therapeutic candidates. We intend to continue to efficiently move these programs forward to key data inflection points in the coming year, we look forward to providing you with more information about these programs.
I'd like to close by thanking the talented and dedicated serious team for their hard work. It is this team that is responsible for our progress advancing a new therapeutic candidates to patients in need while also pushing forward groundbreaking science in support of future medicines.
Operator with that let's open the call up to questions.
At this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad will pause just for a moment to compile the Q&A roster.
Okay.
Okay.
Your first question comes from the line of Chris Howerton from Jefferies. Your line is open.
Good morning. This is <unk> on for Chris a couple of questions for US what is the progress for commercialization and launch preparation.
Has the FDA.
A.
As the FDA scheduled visit and brought up any CMC issues.
And in terms of your.
Production.
Commercial production.
Infrastructure revenue produced the first batch upon launch and kind of how the back their partnership play into some of the supply.
You very much.
Sure. So thanks for the question, let me start by asking Terry to comment on our commercial preparations and then David and I can talk about the next two questions.
Sure. Thanks, Eric Let me start by saying we are so excited to finally have our <unk> date and know that we can bring <unk> hundred 90 patients in months not years.
So with that in mind, we're continuing our disease education efforts with a focus on the importance of microbiome restoration at the root cause of recurrent C. Diff infection, and we significantly ramped our media spend and ne alongside the BBW Convention, which is the largest Gi convention and we've kept that spend.
In fact through the most recent conferences that Lisa referenced both weak and the American College of Gastroenterology, just lastly.
We're also engaging broadly beyond the HCP audience to reach Payors and I previously mentioned, but I'll remind everyone that the screen, we deployed the necessarily pay our field team to educate these key stakeholders.
Again, the need for microbiome restoration and the foundational role that <unk> can play and I'll. Just say this deployment is a great example of the benefit our co commercialization our arrangement with nationally brain.
<unk> had an existing team for their in line products and because of that we were able to leverage a fully operational in Korea with all of the right pre existing relationships to open doors and have robust conversations relatively early in our prelaunch phase.
So finally, as we engage with the audience more broadly we continue to hear recognition of the unmet need in the space and positive reception of the SER 109 profile and perhaps this is no surprise given the strength of our pivotal data in a highly innovative approach we're bringing.
I'll turn it back every year and Dave Eric to comment on <unk>.
Yes, Thanks, Terry I mean, just to close out the first question, having spent time with both IV physicians in Gis at I'd week in ACG I think it is important to note there was a <unk>.
Palpable excitement around the idea of patients having additional options.
In particular.
The profile that we have with <unk> that we felt was important to note on the second question on in terms of specifics for FDA visits I would say historically, we havent gotten into the blow by blow of those details I will say that we were very pleased to hear from the FDA that they were not currently planning our netcom.
Which allows us we have been preparing for a spike site inspections and visits for some time.
There are additional resources that we will be thrilled to continue to reallocate.
Two different activities, including.
Our preparations are pre commercial opportunity to continue to double down on that too.
In terms of the commercial production, maybe I can ask David just comment quickly on where we stand sure absolutely. Thanks for the question. So we have been manufacturing commercial supply both internally and with our external partner rest of farm as Eric mentioned earlier.
That's ongoing and we are on track to be able to support the launch and subsequent supply.
Further past next year, you asked about back Sara and as we've stated in the past by Sarah is not required for the launch that additional capacity is intended to meet what we expect to be upside in later years.
And market expansion.
Excellent. Thank you very much for your answers appreciate it.
Thanks for the questions.
Okay.
Your next question comes from the line of Peyton.
Bond Sac from Cowen Your line is open.
Hey, guys. Good morning, dissipating on for Joe Congratulations on awesome quarter in the BLA submission and thanks for taking our questions I guess, maybe on the tier one type program.
Will you be able to include or.
Will there be the option to include any initial efficacy efficacy data from the open label cohort.
Well this data include.
Data from 10 patients and then previously it was mentioned.
There is the option to begin enrolling cohort two before the 52 week safety data readout from the open label is that option only available after the upcoming safety monitoring review or have you already begun enrolling that portion of the trial.
Yes, Pete and good morning, and thanks for the questions.
Maybe I'll ask.
I think the question is what are we expecting to see with this.
The first cohort, including the question of our efficacy data, maybe I can ask Lisa to comment on the clinical side of met the comment on the microbiome car side.
Yes. So the safety review is a planned meeting of the data safety monitoring board and as such.
Mission and its charter is to look at any safety events.
To make a decision on whether it is appropriate and safe to proceed into cohort two so.
Cohort two would be planned to open immediately after that.
I should say that in this particular study we have some mixing if you will of safety endpoints and efficacy endpoints because we are looking at infection rates et cetera. So we will get a we will get some information there, but it will still be alive clinical database. So we have to keep that in mind.
So and then as a.
Additional note recall that this is not just important for cohort two it also gives us our first really comprehensive look at the safety in this really immuno compromised population.
And Thats really important with regard to our planning for other approaches into other populations that are similarly.
Immunocompromised.
Hey, good morning Peyton.
You followed the company for a long time in series as a data driven company and our and as you know our trials are designed to be translates a rich to empower our reverse translational discovery and development efforts. So the focus of cohort one as Lisa noted then we talked about earlier today was as to evaluate drug safety and provide preliminary information on.
Drug pharmacology and Thats the data that will be focused answer data such as the <unk> of bacteria in 155 and potentially some other disease relevant parameters.
Haven't guided to the specific data will be released in 2023, but I think as a company. We have a history of re leasing key findings that we find from trials and getting that out there.
Yes.
Alright, Thank you guys, so much and congrats again on the quarter.
Thanks, David.
Your next question comes from the line.
Ted <unk> from Piper Sandler Your line is open.
Great. Thank you good morning, congrats on the Paducah and looking forward to the event and just a couple of weeks here Mike.
My questions are a little bit of housekeeping, but I figure if maybe we could discuss it on the call today. So that we can get everybody in line.
The expenses that are Andrew or profit that are attributable to the tier one of nine partnership are currently being recognized in the collaborative profit loss volume in the operating expenses correct.
David Yes.
Yes, so so.
On a pre approval prelaunch basis, Ted we are we are covering those.
Those commercial expenses and.
Think about what's in that collaboration profit loss as the additional amount that gets us up to a 100% of those expenses. So if we incur $5 million of expenses or salaries related to preapproval commercial activities, and Amy and incurred $3 million and youre going to youre going to see the three.
Showing up in that and that profit loss piece collaboration.
So it fits in there gotcha and then.
My question really has to do with.
As you Lauren.
Tier one or nine next year would be super exciting.
Or as you achieve profit in the collaboration.
Will that volume slowed up to our revenue line.
Mean, a negative profit line in the Opex area. Thank you.
Yes.
That's ahead of us.
And we're working with our external auditors too.
Down the exact accounting, but.
The way to think about that is think about our collab, a post approval collaboration P&L of which we get 50% of that and.
And we will be working as I said with our auditors to figure out the exact.
The exact disclosure of that 50% it may be that the the net effect of that is captured in a single collaboration profit or loss line or there may be there may be additional breakout.
Okay fair enough well stay tuned and look forward to that and looking forward to the event and just a couple of weeks.
Thanks for the questions.
Yes.
Your next question comes from the line of Mark Breidenbach from Oppenheimer. Your line is open.
Alrighty review.
I think we'll probably hear a little bit more about this on December eight, but I was hoping you could remind us maybe on the overall size of the field force do you expect to deploy to support the launch number of sales reps NFL et cetera, and are these going to be AMA immune employees or series.
Employees.
And how many of these have already been on boarded.
The advent of an early regulatory decision before the <unk> date.
Yes, Mark I think we missed the first couple of comments that you made but I think we got the gist of the question that maybe I can ask Terry to comment on sales force sizing and and maybe <unk> can comment on the on the MSL side.
So the Mark we will to your point be providing additional gaps and we will have Amy management as our guests.
On the December April that so definitely invite you to attend that and put that on your calendar.
In general what I can tell you today is that we will be seeking to reach the HCP with the greatest potential for treating recurrent C diff patients.
This isn't guidance section. So it's no surprise that gastroenterology and infectious disease specialists have the highest concentration of these patients relative to other specialties. You may also recall that net.
Deployed field sales team, calling on gastroenterology today for their product then Pat.
We look forward to leveraging this expertise at launch and building upon it to include the top infectious disease prescribers in hospitals, we are planning to fully staff our field teams at this point on the amine sign.
Also be exploring efficient and effective ways of communicating with physicians in this sort of new normal has called Covid world.
Amy has significant expertise there because they have a new products. So we look forward to learning from them finalizing our go to market model and more to come on the H. Thanks back to you Eric.
Yes, Lisa do you want to comment on the NFL strategy, yes. So the Msos has been fully deployed now for quite some time and they've been active not only at conferences, but meeting with Kols also meeting with large TIAA and practices.
Across the company country, So I think between that and the very active publication schedule.
Med Affairs group has maintained that affairs group has been extremely active and ready for launch.
Okay. So it sounds like you don't necessarily need to make a bunch of additional hires in the near term future.
If I understand it correctly.
One other question for me is just on manufacturing capacity have you have you disclosed.
Sort of in terms of doses per year, what the current capacity is for SER 109.
Yes, Mark just to close out the first question.
The answer is yes, we have had as Lisa mentioned the Msos have been in the field for some time part of the attraction of working.
Working with Nestle and immune was.
The existing Gi infrastructure that we could leverage and not have to kind of build that capacity ourselves and we kind of as it sat idle until we turn it on with an approval.
So so we feel we feel good about where we are there David maybe you can comment on on the commercial piece yet. So I don't believe we have got at any specifics, but there's just a couple of things I could remind you about so.
One like where we're closely lineup with immune in terms of forecast and I can tell you that we are comfortable with the amount of capacity, we have and staying out ahead of that and the other key thing that differentiates our product is that we have.
As we've said in the past like we're able to get hundreds if not more doses from a single donor for this products. So we have a lot of scalability given the highly purified spore nature of this product that we really think differentiates it as an oral medication.
Okay Super helpful. Congrats again on the progress and thanks for taking the questions.
Thanks for the questions Mark.
Yes.
Your next question comes from the line of John Newman from Canaccord. Your line is open.
Either team thanks for taking my questions and congrats on the progress with SER 109.
I had a question on SER 109 regarding reimbursement what I'm curious about is when the product is launched.
And eventually prescribed.
Do you foresee this being prescribed as an outpatient treatment and the reason I'm asking is because if.
That is possible and I'm wondering if you could get around.
Being included or considered as part of the DRG payment.
Method and some of the hospitals just curious if you can talk a little bit about the dynamics there. Thanks.
Yes, John Good morning, and thank you for the question, maybe I can invite Terry to talk a little bit about the patient journey and since specifically the yes.
The outpatient nature of our expectations.
Alright, and John Thanks for the question.
The vast majority of these patients will be treated in the outpatient setting so they will be going through the outpatient drug versus the inpatient.
That is governed by the Drg's that you reference.
And the reason for that Eric referenced then that patient journey.
And.
It is important to note that many of the patients do go into hospital initially because they are so ill sell it.
And they are Dan upon it nextgen prescribed vancomycin, which works to address the toxin.
And therefore the gemstones.
And it works quite quickly so the second.
Patient become symptom free or markedly improved their discharge from the hospital to finish their outpatient bank.
Vancomycin regimen.
And it's upon completion of banking license as you know.
They would then start to tier one of nine.
You some insight into the why behind.
Travelling primarily through the outpatient drug benefits. There is also a significant number of patients and we saw the patients in our trials actually that are treated entirely in the outpatient.
Back to you Eric.
John I think that.
<unk> provides our perspective.
Yes. Thank you.
Thanks for the question.
Your next question comes from the line of Chris <unk> from Goldman Sachs. Your line is open.
Hi, This is Steven on for Chris Thanks for taking our question.
We're wondering if you could provide your latest thoughts on how you and your partner immune.
Our thinking about pricing strategy for SER 109, if approved.
If we should expect any commentary around that subject at the upcoming Investor day in December .
And then on we noticed in the press release that additional infection protection clinical program as planned for 2023 curious comment on what stage of development. We should expect this program to be in I was wondering if this will have clinical studies initiating in 2023 or potentially in later years. Thank you.
Yes, Steven Thanks for the questions.
I can start by asking Terry to comment on.
In general pricing strategy, or maybe set expectations as to what we will talk about in a few weeks.
Okay.
Sure well, we continue to take that.
Time that we have to work with our partners in.
In the evening division of nationally to achieve the right balance representing the innovation and value, we're bringing while ensuring patient access for these severely ill patients to really desperately need a better option.
You may recall, the high cost of C. Diff infection to the health care system, each patient on average and costing $34000 a year. This high cost gives us an option to consider premium pricing, but we will be continuing our work in this area and <unk>.
Potentially provide additional depth on our thinking in the December 8th advantage.
Eric back to you.
Yes, Stephen maybe I can start with the second question and invite Matt to comment but.
Of course as a company our priority continues to be.
Getting SER 109 to a regulatory approval and are preparing for launch but at the same time. We are incredibly excited about what's next in our infection portfolio and it starts with 155, but certainly it doesn't end with 155 and we feel that as we made the decision.
Last year to point, our discovery engine into the area of infection and into Adjacencies from seed, if where we were bringing capabilities and knowledge and insights that we thought could improve our probability of success.
We continue to be excited about the areas of unmet need that are ahead of us and we think that a microbiome approach can be relevant and maybe Matt can comment further on that.
I think we're moving we're moving rapidly in.
In the infection space and the reason, we can move rapidly as both because we have a platform.
As well as the manufacturing capabilities with which to make these drugs and move quickly and get to the clinic.
And also importantly, though we have a very strong proof of concept with our SER 109 asset in the infection space and we've been able to mine considerable data out of out of our broad portfolio of patients from that.
To learn about where those other therapeutic opportunities are in terms of other bacterial pathogens and is well then been able to map quickly towards a clinical development feasibility and commercial feasibility for multiple different disease areas and we've been designing.
New lead candidates for a handful of different indications based on those kinds of strong strong data. So as I noted earlier, we see a real opportunity in immunocompromised patient populations, which again speaks to the importance of the safety readouts coming out of out of $105 five in the near term and we have active programs in.
Cancer Neutropenia solid organ transplant cirrhosis as well as a couple of others that we're working on and we are anticipating launching in additional clinical program next year.
Okay. Thank you for the color I appreciate it.
Thanks for the question Stephen.
There are no further questions at this time I will now turn the call back over to management for closing remarks.
Well, thank you operator, and thanks, all for your time and attention. This morning, a great deal of important progress this quarter and we look forward to updating you on our <unk>.
Going forward progress, including at our December 8th event, so with that operator, we can conclude this call. Thanks, very very much again for your attention.
This concludes today's conference call you may now disconnect.
Okay.
[music].
Yes.