Q3 2022 Selecta Biosciences Inc Earnings Call
Good morning, and welcome to the Selecta Biosciences third quarter 2022 financial results and business update conference call. Currently all participants are in a listen only mode. This call is being webcast live on the investors and media section of selected select those website at Www dot.
Select a bio dotcom and is being recorded after today's presentation. There will be an opportunity to ask questions to ask a question. You May Press Star then one on your Touchtone phone and to have all your question. Please press Star then two for opening remarks, I would like to introduce you Mr. Kevin <unk> Chief Financial Officer of Selecta. Please go ahead Sir.
Thank you and good morning.
Welcome to our third quarter.
When he 'twenty two financial results and business update conference call.
The press release reporting our financial results is available in the investors and media section of this website.
Worldwide web collect a bio dot com and our quarterly port on Form 10-Q for the quarter ended September 30th 2022 which.
We intend to file in the coming days with the Securities and Exchange Commission or SEC.
Joining me today are Carsten Brunn, President and Chief Executive Officer.
Peter Traber, Chief Medical Officer, and K keeps you bought our Chief Scientific officer.
During today's call, we will be making certain forward looking statements, including without limitation.
Statements about the potential safety.
You can see and.
Regulatory and clinical progress of our product candidates.
Our financial projections.
Future expectations plans partnerships and prospects.
These statements are subject to various risks that are described in our filings made with the SEC.
Our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q.
You are cautioned not to place undue reliance on these forward looking statements, which speak only as of today November three 2022.
At selected disclaims any obligation to update such statements.
Required by law, even if management's views change.
I would now like to turn the call over to Carson Brook Carsten.
Thank you Kevin Good morning, I appreciate everyone, taking the time to join us today.
Third quarter 2022, we continue to make steady progress across our pipeline and with unexpected financial runway into mid 2024. We believe we are well positioned to execute on our key priorities and reached multiple near term value driving events.
In collaboration with our partner <unk>, we expect to both complete the S. A L 212 phase III resolve trial and announce joint top line data in Q1, 2020 three.
We also remain on track to advance S. T L. Three O to our proprietary gene therapy candidate <unk>.
Combination with Infor to treat medical like academia or MMA interim phase one clinical trial in this quarter.
Our key priority continues to be accelerating the development of our next generation positioning tolerance platform in trial.
We've made substantial progress in identifying a proprietary IL two candidates and continue to believe we'll have a clinical lead candidate by year end.
Additionally, our team continues to advance our preclinical pipeline, most notably the IMD, enabling studies and manufacturing scale up for our proprietary ITG protium <unk> as a pretreatment for AAV gene therapies, and Iga Proteus candidate selection with our partners for the treatment of Iga.
The proxy.
On the cusp of these key milestones, we'd like to share details on how these programs together with recent activities align with our mission to solve the toughest challenges associated with autumn unity and unwanted immunogenicity.
Let us begin with the applications of our precision and recharged platform for autoimmune disease.
Currently over 24 million Americans suffer from autoimmune diseases, and while the current standards of care utilizing the suppressive drugs or symptom masking treatments. These treatments leaf patients vulnerable to serious infection and malignancies and fail to adequately address the underlying cause of the disease, which is an imbalance.
T vector cells versus T effector cells by.
By combining <unk> with our antigens, we hope to restore natural immune system balance by using an expanding and there's no specific regular T cells illegal.
Asking if how long before we're very encouraged by our growing body of preclinical data and which we've observed the potential to amplify the magnitude and durability of any specific immune tolerance by combining in tour with an engineered T. Rex selective IL, two and evolution of our platform we call.
All in for Al.
By focusing on the induction and expansion of T. Rex specific to the auto Amazon responsible for the pathogenesis of autoimmune diseases. We believe into a L has the potential to be a truly differentiated first in class treatment for those suffering from autoimmune diseases.
The first autoimmune indication, which we plan to evaluate <unk> L is primary biliary cholangitis or PBC.
T cell mediated liver disease, driven by a well defined engine P. C E. Two.
Mr. Intra L with P. D C to the audit Edison implicated in PBC May result in the expansion of T. Rex specific two P. D C two and restore immune system balance.
We continue to work on identifying additional autoimmune indications.
Fans and we expect to select an hour to candidate by year end.
We also plan to provide an update on the broader strategic development paths for <unk> L in the near future.
Moving on to our gene therapy vertical.
In Q4, 2022, we expect to initiate the phase one two trial of <unk> S. A L three or two.
As a reminder, STL to you too is a combination of <unk> with a 101 and AVG therapy being developed for the treatment of medical on the epidemiology and rare genetic metabolic disease.
<unk> <unk>.
These presentations highlight email genic nature M T. A the cabinets and help people to tears and the potential of into war and info I L. In addressing key efficacy and safety challenges in gene therapy.
A revolving persistent intolerance platform is designed to enable avi back to re dosing by amplifying the magnitude and duration of effect. If he inhibiting the formation of anti a V antibodies plus <unk> mitigating adverse responses associated with high a V doses.
And our human concepts study reevaluate in any towards the ability to inhibit the formation of neglecting antibodies and healthy human volunteers and observed that with a single dose of <unk> all subjects treated with 0.3 mixed <unk> of in tour maintained nap titers of below one or two.
25 at 830 and two.
Two thirds of the subject at this level of <unk> maintain snapped hydrocele of one to five at days 30.
Are putting the data in non-human primates and mice indicate that two additional monthly doses of <unk> has the potential to provide durable inhibition of enter a V anti bodies.
The plan to use this dosing regimen and their upcoming face one to trial in M. M. A.
We're also excited by pretending to data, which indicates that <unk> may pretend to transform the treatment paradigm for a beach in therapy from a one and done to a low and slow whereby patients could receive multiple lower doses of cheap therapy titrant up to a therapeutic benefit.
And avoid the risk associated with higher at the dose of a beachy therapy need it in a one time only treatment models.
The Arab precision genetic Madison is here and <unk> therapies have the potential to be transformational for those who can access them.
However, 30 to 70 per cent of the patient population are not eligible for treatment or tried inclusion due to pre existing anti Amy and the bodies from natural Avi infections.
This prevents them from gaining access to potentially life altering therapies for which there may be few or no treatment alternatives.
We're developing dork are proprietary ITG Proteus candidate that is designed to specifically cleave human I T. G with a goal of expanding access to gene therapies, because those patients were currently excluded due to a preexisting and set a V antibiotics.
Dorcas derived from a non human pathogen and has low crosser activity to pre existing anti ITT 40th antibodies.
In addition to pretension April dosing of patients with preexisting a V antibodies, we believe that the combination of <unk> within tour could open if they're pretty treatment window and enable repeat dosing of this enzyme therapy.
At the same time by increasing the eligible prevalent patient population, we aim to bring hope to those who may not have any other effective treatment options enable companies to maximize the commercial potential of the cheese therapy candidates.
And help to make otherwise uneconomic gene therapy, Kenneth viable targets for commercial development.
Finally, we continue to work with getting a bioworks to design novel, a decaf suits with a goal of improving transaction efficiency liver <unk> and Immunogenicity profile.
Selected will contact all Nonclinical and clinical studies with kinko's uniquely designed engineered cabinets.
By combining in tour with more efficient cabinets, we could potentially further reduce the doses of a beach in therapy needed to see they're pretty benefit.
As you can see we're taking a multi dimensional approach.
<unk> challenges facing a reaching therapist.
<unk> and ensure L to mitigate the dinovo information of this doesn't antibodies and re dosing.
<unk> to this those patients who due to a national Avi infections are eligible for treatment by gene therapies and next generation a decaf suits, we improve fourth Oregon, <unk> and transaction efficiency of gene therapies.
We are actively pursuing business development and outlicensing opportunities for <unk> <unk>.
<unk> and our next generation, a decaf suits inching therapy applications and our goal is to maximize the value of arching therapy vertical by becoming the leading provider of solutions to manage image tonicity to a beach in therapy developers.
Now turning to our beloved pipeline.
Mainly by electric as can be highly <unk> as well, we're selfish and some optimal responses due to the development of NSAID truck antibodies after treatment.
Patience with the available in response may be forced to discontinue treatment for experienced adverse reactions to continue therapy.
We believe the use of <unk> as an adjunct to biologics offers a promising approach to reduce the unwanted immune response and improve patient outcomes.
Our most advanced program S. C. L. Two one to have served estimate the proof of concept for precision intolerance platform with over 400 patients dose to date.
As a reminder, S. C. O 212 is comprised of <unk> Court Ministry with a proprietary your case forget your case for the treatment of chronic effects freak out and was license to Soviet and 2020th.
Oh Faith Street is also going to program kicked off in the third quarter of 2020 and consists of two double blind placebo controlled trials of S. A L 212.
In both trials S. C. O 212 is thinking evaluated at two dose levels of in tour, one mixed perfect and 0.15, Mister <unk> with a single dose level of pick after case at 0.2 makes perfect.
We believe S. A L. Two one to represent a potentially clinically differentiate acid for people with chronic affect your account.
And our phase two trial, we observed a numerically higher percentage of patients responding to therapy on S. L 212 versus <unk>.
A higher percentage of responders in patients with visible uric acid crystals tissue deposits Porto fire as well as statistically significant lower Samuel uric acid levels in treatment parents, three and six versus <unk>.
These responses were chiefs with no need for all units repressive or we came out of <unk> and less frequent dosing of an eye infusion with monthly dosing of S. L 212 versus biweekly infusions with KRYSTEXXA.
Accordingly, with this term ability profile simplify dosing and the avoidance of immune suppression or methotrexate. We believe S. C. O 212 is well positioned against the current standard of care and other drugs in the class to target this patient segment.
We continue to work closely with a partner Soviet authentic of travel Biters and regulatory authorities advanced towards the successful completion also dissolve program and we are on track to both complete this off one and two and announced joined top line data into 120 23.
With extensive take the data and S. L. Two one shoe currently in phase three we believe Celexa is well positioned to leverage Heath learnings into our second pelops indication in I T eight and a prophecy, which is a kidney disease that occurs when immune complexes of anybody called <unk> and a one or I T E. One.
Accumulate in the kidneys.
By combining in tour with an iced tea, a protease to remove insurance ICA from the kidneys and improve markers arena dysfunction. We believe our novel approach has the potential to address the underlying pathophysiology of the disease.
Currently working with our external partners. So then you're fine I G. A <unk> candidate for this program and plan to finalize Colin Tennant selection by year end.
We're extremely excited but advancements across our pipeline and the growing body of evidence showcasing the promise of our pioneering in tour precision will be intolerance platform and a number of applications.
Look forward to continuing our momentum and executing towards upcoming value driving events.
That I was trying to call over to Kevin to run through a financial results for the third quarter Kevin.
Thank you Kirsten during.
During the third quarter, our balance sheet with strengthen the 10 million milestone payments, so b for enrollment completion of dissolved too.
Additionally, you receive a 2 million payments for extending swept his option periods under our research license <unk> option agreement for <unk> Q1 2023.
It is additional 4 million payments for achievement of certain preclinical milestones.
We ended the third quarter with cash.
Cash equivalents marketable securities and restricted cache of $148 million.
September 30th 30th.
2022.
Compared to 129.4 million as of December 31st 2021.
We believe these funds will enable us to plunder operating needs to be 24 24.
Turning to our financial results in the quarter ended September 30th 2022.
Net cashing youth and operating activities with 19.8 million for the nine months ended September 30th 2022, as compared to $28.9 million of cash used an operating activities for the same period in 2021.
Collaboration license revenue recognized with 20.7 million for the third quarter of 2022.
As compared to 24.4 million for the same period in 2021.
Revenue was primarily driven by the shipment of clinical supply and the reimbursement of costs incurred for the phase three to solve program. The license screen was so.
Research and development expenses for the third quarter of 2022 were $16.5 million as compared to 21 million for the same period in 2021.
The decrease in cost is primarily the result of expenses incurred for the S. C. L 212 clinical program preclinical programs and asked bio collaboration.
General and administrative expenses for the third quarter of 2022 or $5.8 million as compared to 5.4 million for the same period in 2021.
The increase in costs was primarily the result of expenses incurred for stock compensation and personnel expenses.
For the third quarter of 2020 to select a reported a net loss of $7.9 million or basic net loss per share five cents as compared to it that lost $17.9 million or basic net loss per share of 16 cents for the same period 2021.
I will now turn it back to Carson for closing remarks person.
Thank you Kevin.
In summary, we've had to get another quarter of great progress here. It selector and we're excited about our plans to enter the clinic with S. A L. Three O two in queue for 2022.
The anticipated completion of the dissolved program with our partner so b the advancement of I. Indeed evening studies across our whole you on pipeline and supporting our numerous collaboration partners and our plans to move into <unk> into the clinic.
We remain deeply committed to solving the hardest challenges and autoimmune disease and helping patients overcome all immunity and immunogenicity three evolving into a position intolerance platform.
We believe in try L could represent a generation leap forward for the info platform and for patients in need of alternative treatment options and we look forward to evaluating its full potential across a wide range of autoimmune diseases off the liver and beyond.
In peril will continue to seek opportunities to strategically partner in a routine therapy vertical to maximize the value of a platform.
Before we conclude today's call I would once again like to thank the entire select the team are investors and the many people who've been supportive along the way, including our patients and their families.
With that we're happy to take questions.
We will now begin the question and answer session to ask a question you May Press Star then one on your Touchtone phone.
If you're using a speaker phone please pick up your handset before pressing the keys and withdraw your question first Star then too and at this time, we'll paused momentarily to assemble our roster.
And the first question will come from Joe Schwartz with S. VB Securities. Please go ahead.
Hi, This is <unk> congrats on the progress and thanks for taking our question today, so heading into that at the <unk> drawing phase III read it'll be helpful to understand what you guys are hoping to see in terms of the serum uric acid response rate is about the anti drive antibody medication right.
Yeah. That's a great question, obviously, we have we're quite confident about this trial. We're in a unique position that we run to phase two trials prior one even head to head versus KRYSTEXXA, So and we have response rate in the mid 60% range.
And just to remind everyone. The the extra phase three's placebo controlled and we know <unk>, there's no placebo.
Effect. So you know we think from a technical perspective. This study is actually very low risk. We also believe that the the profile as we understand it right now he's quite competitive with a response that we've seen in the phase two and the fact that the treatment frequency.
Is a key differentiator as well that you know, we only need a month monthly dosing versus every two weeks and this is a pretty you know uncomplaining uhm patient population. So that's kind of what you're kind of looking for we're not looking at 80 as as a primary endpoints are basically looking at S. You're a levy.
<unk> at months six for the top line read out in Q1 next year.
Great. Thanks, and if I could squeeze in a quick follow up I was also wondering if you're able to provide any color on the faith three discontinuation rate so far and comment on any <unk> this might happen to railroad <unk>.
Yeah. So we haven't really guided any descended from Rachel obviously blinded in this space three and will report the the top line in Q1 next year.
Alright, thank you.
Thank you.
The next question will come from Christian <unk> with cancer Fitzgerald. Please go ahead.
Hi, Good morning. This is Rick on for Christian. Thank you for taking our questions to start out with one at E. S. G. C. T selected presented some data out today 131, showing IL two muting plus M tour inhibited anti a a V antibodies in a preclinical model could you talk.
<unk> any promising signals you've seen any preclinical models with increased length of follow up posts dosing. Thanks.
Yeah, that's K R. C. So answer the question that two per cent of the data <unk>.
Yeah. Thanks Carson.
Yeah. So in in that study, we were specifically looking for [noise].
The ability to mitigate immune responses to high vector doses, because that's been an issue for the field. So we went up to that their doses apply the 13, B G or Kid and what we're looking for is is the durability of response that you referred to is.
We have seen breakthrough in some study both pre clinically in in our empty capsid study so.
So to remind you we've shown that three monthly doses of <unk> can provide durable inhibition boats and mice and nonhuman primates and that's the regimen, we're taking forward and are nothing melodic after <unk> clinical trial that starting later this year.
And then it's E S. T T representative data on the combination of into our plus engineered I O two molecule as well as in tour plus.
Then lister or 90, Bath and body and both showed the ability to mitigate immune responses out too.
Around a 131 is your <unk>.
Indicated.
Okay. Thank you maybe just one more than also also kind of staying in the same lane as you're looking at other potential auto immune indications what criteria are you Wang we understand that a well characterized autoantigen is a must have but are there any other key.
<unk> for the I L to approach in your view.
Yeah. That's a great question, Yeah, we would definitely initially focus on diseases like T. B C, where we clearly know the odd Amazon Peter P. D. C. Two in this case and we obviously see very broad applicability with this approach, which is I think important so we're not limited there but.
Initially we will focus on liver director auto immune diseases, such as P. B C S.
As you know into art simulates the liver, so we're saying that's kind of low hanging fruit and as an initial approach, but you know there's no reason why this wouldn't work in other stomach diseases, such a mess for example, but I think as a as a company you Wanna focus initially on liver directed diseases and to Ajay.
Since he also kidney as well potentially.
Okay. Thank you very much for taking our questions.
Thank you.
The next question will come from young song with B T. I D. Please go ahead.
Hi, Good morning, Thank you very much for taking the questions. So a question the I O too. So what would you like to achieve was your identification of the engineered audio too and as compared to currently available the kennedys and by any chance is that going to be one that <unk>.
Maybe you have used in clinical studies, sorry, not clinical preclinical studies have shown data.
[laughter] that's a good question I'll I'll, maybe I'll I'll I'll start and then I'll hand over two K.
Obviously, we see the key differentiation in our approach combining an engineered I O two within tour.
So if you just use an aisle to just expand all preexisting T Records ourselves and you basically hope for a bystander effect non specific where she can combine it with them tour, we're aiming for and and some civic approach, where we juice and expand and specific T. Rex.
But we obviously want to to have a differentiated I O two to begin with I'm, sorry, ideally have a best in class I O. Two that is competitive with the attitudes that are out there right now, but I think the ultimate differentiation that we're aiming to be a first in class around you know and it's usually take.
Mm approach, where we really target.
T Rex specific to an antigen, but did you want to add something to that.
Yeah, I think that's absolutely right person with regard to the ones that we've used in the studies that we.
Presented that's that's actually been with a mouse specific I O two new team. So it. It's it's just a model for us for a <unk> clinical studies, but obviously, we've written working very diligently on identifying a proprietary molecule and <unk>.
We think we're we're very close to being able to go.
That to you.
Okay, maybe a similar question then the I G protease and once the final Kennedy.
Right do you expect the selected to have 100 per cent rise to that molecule and is select they're going to be mainly driving the clinical studies going forward and also does it make sense to at I O two as well too I G nephropathy indication or maybe not necessarily.
[laughter]. Good question. So yeah, so once you've selected and and a enzyme COVID-19 forties.
We will on this asset and I will drive it forward ourselves 100 per cent somebody responsible for all preclinical for manufacturing and also for clinical development as well.
S D I L. Two.
Theoretically possible I would say, but I think we have seen.
This this program what's important this program is really building on the experience we have with S. L 212.
Where we are basically combining another enzyme highly <unk> within tour and we're able to re dose within tour. So I think the initial approach will be within tour alone.
Okay, great. Thank you very much.
The next question will come from John Newman with Canaccord. Please go ahead.
Good morning, Thanks for taking my question I'm, just wondering if you could remind us dosing strategy for in tour in the upcoming gene therapy studying you'll be starting in the fourth quarter.
I believe you'll be giving.
A higher number of doses of inventory in combination with the gene therapy with just wanted to review that thanks.
Yeah, I'll have that question to Peter It can kind of walk you through the design and someone who's data, leading us to the protocol, we're moving into the clinic Peter.
Yeah. Thank you Carson Hi, John the based on our data in the empty capsid study, we are starting with a dose level of 0.5 Meg per Kid and also based on.
The nonhuman primate studies, where giving three monthly doses at that dose. So it'll be three monthly doses. Following a b at 0.15 mix per gig.
In the protocol, depending on the activity of neutralizing antibodies in the first several subjects. We do have the option of increasing the dose of them tour should that be necessary.
Okay, great. Thank you.
The next question will come from <unk> Prasad with William Blair. Please go ahead.
Hi, This is Tiffany entourage. Thanks, so much for taking a question I was just wondering if you guys plan to share any data on selection process for the I L. Two or the I T 830 development candidate and.
Or.
No details on what the next update we can expect to see from you hear these programs might look like.
Yeah, Hi, Tiffany good question so.
Keith that we gave guidance that will select Clinton 10 minutes.
By the end of the year for both the aisle too and the I T. A protease and I think there's a good chance that will you know through our next year.
At conferences, you know will highlight the smallest dose in more detail most of share some and how he got to the selection of those and they should know via various different approaches for each of those for the all too we're working with Cyrus a pregnant engineering company.
Baker snap in Seattle.
For the I T <unk>, what kind of a dual approach we have an option four and Ikea porteous from a small company called again and we're also working with gigabyte works as well. So we will definitely once we have selected the lead tennis sure I'll submit about the selection process.
Okay, great. Thanks, and just one more I know you're still on track to initiate that I'm, making therapy study uhm by ear and can you just detail any uhm additional startup activity that you guys are working through in order to get that off the ground.
Yeah, I I can let Peter speak to this but I think there's not a whole lot new to report it's gonna be a singles mm Center study at the NIH check my duty will be the P. I there and you know we <unk> we are on track to to keep the study off.
This quarter unless there's any additional color Peter you can share.
Yeah, that's that's correct Carson and we have all the requisite approvals that we need to initiate a study so that will be initiated sue with.
Rowling for subject with we've consent and screaming.
Alright, great. Thanks, that's it for me.
The next question will come from <unk> with a T. Wainwright. Please go ahead.
Hi can you hear me okay.
Yes.
Okay ops following up on the M. M. A phase one study. So you you indicated earlier that you plan to access initial efficacy and safety <unk> for each patient before progressing to the next patient. So maybe can you remind us how many patients you want angel and what would be the approximate time to data.
Yeah I'll have to appear address that question as well in terms of.
The the.
The high level design, and how many patients and what kind of data will be available next year.
So I should see that Peter has technical issues. So yeah. So I mean I I can take the question of course, so the the primary and point is it one year, but will have an initial read out at months three.
Where we're looking at a couple of things one obviously, primarily safety, but we're also looking at biomarkers off the disease.
Such as <unk> and <unk>, we have a unique rais test uhm it looks at programming acid and of course, we're looking at or wherever I mentioned as well at the level of neutralizing antibodies.
Antibodies and there is a safety data monitoring board that will assess after each patient.
Whether we can move forward or not so is that it's gonna be a sequential approach and so we haven't got it exactly when we will have data, but we'll we'll release data through out next year.
Thank you that's it for me.
The next question will come from <unk> with <unk>. Please go ahead.
Hey, guys. Thanks for taking my question.
On the dissolve one dissolved too.
You know she's indicated you expect to joint top lying to data next year, just wondering like how should we sort of think about your study versus could horizons mirrors study.
What what are the differences in terms of patients and and you know in in terms of.
The the efficacy that will read out at least numerically should it be similar compound or different thanks.
Yeah. That's a that's a great question that we do get a lot and obviously we're.
You know very different patients were looking at.
So if you look at the mirror study patients there's a lot of exclusion criteria affects you. So patients are excluded that don't tolerate methotrexate.
You'll have two weeks or their exclude patients that have chronic kidney disease, which is defined as in <unk> 40 <unk>.
Patients that have more than three drinks per week. So it's kind of starting out kind of 100 patients.
20 patients actually are eligible for that combination.
So it's a it's a more limited.
Patient population, you're you're looking at and and it's quite a bit you you have to have a very motivated patient population as well since you're starting out the first month with daily folic acid, we can <unk>.
[noise] retreat underlying disease, you have to ensure compliance and then after that two weeks off Ah methotrexate versus 212th is you know six monthly infusions. What this study's do have in common is the endpoint, which is defined as extra a levels.
O six at months six so you're basically and ensured you're looking at a different subset off patients I think was grateful patients needs to have you know potentially another treatment option available.
Current penetration.
Is is below 5% you know there there or 100000 patients available. So there is a huge unmet medical need and obviously also a large commercial opportunity as well.
Thanks and foot Kevin.
You indicated the D R and D as down Oh is low at least sequentially this quarter and here as well because some studies was winding down just wondering how should we think about I guess R&D in the fourth quarter and going forward, giving given all the pushing pools.
Thanks, Yeah. That's a good question. The you know periods period kind of comparison it went down obviously, because we were enrolling dissolve.
Last year and you know as you know, we Cleveland Rollman Q2 of this year. So obviously, it's down year on year after the quarter comparison, but going forward.
I would expect it to start to creep up as as we start to enroll patients in the anime trial, then continue to increase in 224 as we start to ramp up other things so.
Not.
Significantly, but you know it will directionally be going up.
Okay.
Thank you.
Again, if you have a question. Please press Star then one.
This concludes our question and answer session.
I'd like to turn the call back over to select the C. E O. Mr. Carson Bren for any closing remarks. Please go ahead Sir.
Thank you operator, and thank you to everyone who join US This morning stay safe and healthy. This concludes today's call. Thank you.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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