Q4 2022 Shattuck Labs Inc Earnings Call
Please standby were about to begin.
Good afternoon, ladies and gentlemen, and welcome to the Shaddock labs fourth quarter and full year 2022 earnings conference call. At this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time.
As a reminder, this conference is being recorded and I will now turn the call over to your host Mr. Conor Richardson, Vice President Investor Relations at Shattuck Labs Conor. Please go ahead.
Thank you operator.
Good afternoon, everyone and welcome to the Shaddock Labs conference call regarding our fourth quarter and full year of 2022 financial results and recent business updates.
This release reporting our financial results was issued after market close this afternoon and can be found on the Investor Relations section of our website Shaddock labs dot com.
During this afternoon's call. The Shaddock leadership team will provide a business overview of the fourth quarter and full year of 2022, including clinical development updates for SL, one seven to one five for our lead program and S. L 279 to five two.
We will refer to these as 154 and 252 throughout todays earnings call.
Speaking on today's call will be our Chief Executive Officer, and scientific co founder Dr. Taylor, Schreiber, who will review our pipeline progress and upcoming key milestones.
Solid bar Chief Medical Officer, Dr. When he can beat who will provide an update on our ongoing clinical activities.
And then our Chief Financial Officer, Mr. Andrew Neil will review, our fourth quarter and full year 2022 financial results and financial guidance Dr.
Dr. Schreiber will return to make some closing remarks, we will then open the call for questions.
Before we begin I would like to remind you that today's webcast contains forward looking statements within the meaning of safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
Such statements represent managements judgment as of today and may involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by these statements.
More information on these risks and uncertainties. Please refer to our most recent annual report on Form 10-K for the year ended December 31st 2022.
And our other filings with the SEC, which are available from the SEC's website.
Or on our corporate website Shaddock labs dot com any forward looking statements represent our views as of today February 23rd 2023.
I will now turn the call over to Doctor Schreiber, Our Chief Executive Officer Taylor.
Okay.
Thank you Connor.
Good afternoon, everyone and thank you for joining us today.
2022 was an operationally focused year for <unk> and our clinical team did an excellent job of advancing 154, our lead clinical stage agonist redirected checkpoint or arc product candidate.
As a reminder, 154 as a surf Alpha F. C. C. D 40, ligand bifunctional fusion protein, which serves to both blocked the macrophage checkpoint molecule known as <unk> 47, and also activates an important immune stimulatory receptor known as <unk> 40 <unk>.
Blinking. These two functions within a single therapeutic differentiates 154 from all other CD 47 inhibitors in clinical development.
We are very pleased to have completed the phase one monotherapy dose escalation clinical trial of one 504 in patients with platinum resistant ovarian cancer and achieved all of the primary goals of this first in human study, including the selection of a dose of $105 forward to advance into a fee.
One b combination cohorts, which I will describe in a moment.
From a pharmacodynamic perspective, we believe that the clinical data generated through the course of the phase <unk> trial has validated one of our central hypotheses in the design of the arc platform and shown that 154 was able to safely activate CD 40 in a dose dependent manner, including <unk>.
Joseph which saturated the CD 40 receptor.
One of the primary Pharmacodynamic effects, we observed in patients treated with 154 was a rapid induction of interleukin 12, achieving high serum concentrations of IL 12, and a number of other cytokines widely believed to be important to support anti tumor immune responses.
Variety of other Pharmacodynamic findings were also observed in this trial.
And we are looking forward to sharing these data at a medical meeting toward the middle of this year in.
In short we are very pleased to have completed the goals of this study and to have selected the three milligram per kilogram dose to move into the combination cohorts.
As a class in order to see clinically meaningful efficacy CD 47 inhibitors rely upon combination regimens with another agent that provides a pro phagocytic signal such as a targeted antibody or ADC or within the agent that causes immunogenic cell death.
For this reason we are pleased to have moved into the combination studies, where objective responses are expected in both our ovarian cancer trial, and our clinical trial for patients with acute myeloid leukemia and higher risk Myelodysplastic syndrome.
There are two combination cohorts ongoing in our phase <unk> clinical trial in patients with platinum resistant ovarian cancer.
And the first combination cohort 154 is being combined with a chemotherapy agent known as peg <unk> doxorubicin or <unk> for short.
We selected PLD in combination with $105 four for several reasons.
First PLD causes immunogenic cell death of ovarian cancer cells and was shown to enhance anti tumor activity when combined with one 504 in preclinical studies.
Second <unk> is a standard of care in the platinum resistant setting.
It is well known that patients treated with <unk> have an objective response rate in the range of 10% to 12% for multiple phase III clinical trials.
Thus this was a mechanistically driven combination strategy, where we do not expect difficulty determining the contribution of 154 in the regimen due to the known low response rates of PLD as monotherapy.
The second combination cohort in ovarian cancer as the result of a collaboration between <unk> and immunogen.
Immunogen received accelerated approval for an antibody drug conjugate known as <unk>, which targets an ovarian cancer antigen called folate receptor alpha or fr Alpha for short.
The initial approval of <unk> Mab is for a biomarker selected subset of platinum resistant ovarian cancer patients, whose tumors express high levels of Fr Alpha and the objective response rate is 31, 7% for those patients.
In preclinical studies, we demonstrated that combining 154 with <unk> mab potentiate anti tumor activity not just for ovarian cancer cells that express high levels of Fr Alpha, but also for tumor cells that express medium and low levels of fr Alpha.
Thus this is a mechanistically driven combination where the contribution of 154 is expected to be observed both in terms of improving overall response rates and response duration across the spectrum of fr Alpha expression.
If successful this could more than double the proportion of patients who benefit from <unk>.
While we are excited about the opportunity in ovarian cancer for 154. We are also pleased to be well underway in our clinical trial of <unk> four in patients with AML and higher risk Mds.
As many listeners will be aware AML and higher risk Mds are among the indications where CD 47 blocking antibodies first demonstrated clinical activity and we're the first approval based on overall survival may soon occur.
Over the second half of last year, our clinical team initiated both the monotherapy dose escalation and decided in combination dose escalation cohorts and we remain on track for our clinical data milestones in the first half of this year.
Although we acknowledge that the objective response rates for the first generation of CD 47 inhibitors has contracted in this patient population over the past couple of years. We are excited about the opportunity that opens for agents like 154, which provides the important component of CD 40 activation in addition to <unk>.
47 blockade.
And which improved anti tumor immunity in preclinical tumor models and published head to head studies at in comparison to CD 47 blocking antibodies.
Let us now turn to our <unk> $2 79 to $5 two program a PD one FC ox 40 ligand bifunctional fusion protein.
We have completed the multicenter open label clinical trial evaluating the safety Tolerability and pharmacokinetics anti tumor activity and pharmacodynamics of 252 in patients with advanced solid tumors and lymphoma.
After enrolling PD, one inhibitor experienced patients to the 12 and 24 milligram per kilogram cohorts, we did not observe an overall response rate of 20% or greater which was our target to justify further clinical development and thus we have made the decision to discontinue the <unk> 790, <unk> two program.
The clinical data generated from patients treated with that fell to 795 to suggest the ox 40 stimulation in the setting was insufficient to overcome the resistance mechanisms in place in patients who have already failed the PD one inhibitor.
I would like to take this opportunity to thank the patients and their families for participating in our study as always we remain focused on delivering novel therapeutics, which will benefit patients experiencing cancer with high unmet medical need and look forward to the combination data in our ongoing clinical trials with <unk> 170 154.
In the coming quarters.
With that I will now turn the call over to Dr. <unk> <unk>, our Chief Medical Officer, who will provide you with more detail on each of these studies the emerging data illustrating how <unk> four is a differentiated CD 47 inhibitor and will also provide you with guidance to the various clinical milestones that are coming over the course of 2023.
Lenny.
Thanks, Taylor and good afternoon.
22 was high operational focus and Im pleased with the execution of our clinical programs and the continued progress we have made.
Our clinical focus is on the advancement of one five for our differentiated CD 47 inhibitor and CD <unk> agonist with clinical data coming to see us on each of three different clinical studies.
As Deanna mentioned, we have now completed a multi center open label dose escalation phase while eight clinical trial intended to assess the safety Tolerability pharmacokinetics antitumor activity and Pharmacodynamic effects of intravenous administration of <unk> as monotherapy in patients with platinum.
Resistant ovarian cancer.
As a reminder, in this trial, we reached a maximum administered dose of 10 milligrams per kilogram and we did not reach a maximum tolerated dose as you will recall from the last quarter. We did not see any evidence of destructive anemia, which we attribute to the design of the FC portion of one five.
Paul and the absence of binding to FC Gamma receptors.
We expect to report the full data from this dose escalation portion clinical trial mid 2023.
Following the completion of phase <unk> dose escalation clinical trial in selecting a dose we advanced to enrolling patients in our phase <unk> clinical trial of one fateful in combination with licensed some adapters will be seen in patients with platinum resistant ovarian cancer.
This multi center open label trial is intended to evaluate the safety Tolerability pharmacokinetics antitumor activity and pharmacodynamics of 154 in combination with lysosomal doxorubicin.
We expect to report initial combination data from this trial in mid 2023.
I'm also very excited to share details about our new collaboration with Union agenda, we have initiated enrollment in a phase one b trial to evaluate the safety efficacy and pharmacokinetics of SL, one seven to 154 in combination with royalty tax and Matt.
Testing in patients with platinum resistant ovarian cancer as Stan mentioned, we believe that 100 to 154, maybe broaden the activity of my Rituxan that beyond just folate receptor Alpha high expresses and test we intend to enroll patients across a broader range of 48 receptor.
FX patients, including those with high folate receptor alpha expression defined at 75% or greater media folate receptor alpha expression defined as less than 75%, but greater than or equal to 50% and low folate receptor alpha expression.
Defined as less than 50%, but greater than or equal to 25% expression of folate receptor alpha.
We expect to report initial combination data from this trial in the second half of 2023.
Now, let us turn our attention to the progress we have made in our phase one a one b clinical trial in patients with AML and high risk Mds.
In this trial, we are evaluating the safety Tolerability pharmacokinetics antitumor activity in Pharmacodynamic effect of 154, as both monotherapy and in combination with Azacitidine.
As a reminder, the first part of this trial is a pattern staggered monotherapy and combination dose escalation in which we expect to enroll a heavily pre treated relapse refractory patient population.
Enrollment in our monotherapy cohorts of this trial at Ash.
<unk> has progressed consistently planned and importantly, we dosed our first patient in that is affected in combination cohort in the fourth quarter of 2022.
Initial data from the dose escalation portion of this trial as both monotherapy and in combination with Azacitidine are expected in the first half of 2023.
After we complete the dose escalation portion of this clinical trial, we intend to evaluate 154 in a frontline patient population setting in <unk> mutant AML.
And frontline high risk Mds.
With that I will now turn the call over to Mr. Neal to discuss our financial update Andrew.
Thank you Lenny and good afternoon, everyone.
As Conor mentioned at the outset of the call.
<unk> financial results for the fourth quarter and full year ended December 31 2022.
Are available in our earnings press release and in our annual report on Form 10-K.
Today, I would like to focus on a few key points from our disclosures.
We continue to be well positioned financially.
As of December 31, 2022, we had cash cash equivalents and investments of approximately $161 3 million.
In the fourth quarter of 2020 to our research and development expenses were 21 9 million.
Compared to $16 2 million for the fourth quarter of 2021.
For the year ended December 31, 2020 to our research and development expenses were $82 9 million as compared to $56 6 million.
For the year ended December 31 2021.
In the fourth quarter of 2022, our general and administrative expenses were $4 8 million compared to $4 6 million for the fourth quarter of 2021.
For the year ended December 31, 2022 general and administrative expenses were $21 1 million as compared to $18 7 million for the year ended December 31 2021.
Our net loss for the fourth quarter of 2022 was $25 4 million or.
Or a loss of <unk> 60 per basic and diluted share compared to a net income of $7 8 million for the fourth quarter of 2021.
<unk> 19 cents per basic share and <unk> 18 per diluted share.
Our net loss for the year ended December 31, 2022 was $101 9 million or $2 41 per basic and diluted share as compared to $45 million or $1 seven per basic and diluted share for the year ended December 31 2021.
Based on our current operating and development plans, we reiterate our financial guidance for 2023 and beyond.
We expect our existing cash and cash equivalents and investments to be sufficient to fund our planned operations into the second half of 2024.
We remain committed to operating with strong financial discipline, including in our ongoing clinical programs and given our projected rate of cash burn. We believe we are in healthy position as it relates to our balance sheet and expected clinical data readouts for our $1 four clinical trials in 2023.
With that I will now hand, the call back to Dr. Taylor Shreiber for final comments Taylor.
Thank you Andrew.
As you've just heard 2022 was a year in which we are intensely focused on the execution of our clinical programs and we are pleased to be approaching key clinical data in 2023.
As you heard from linear clinical updates from the one 504 program, including complete data from the monotherapy dose escalation trial in platinum resistant ovarian cancer patients and the initial data in combination with lysosomal doxorubicin also in ovarian cancer patients are expected mid year 2023.
Additionally, initial data from our trial in patients with AML and higher risk Mds are expected in the first half of 2023.
As you can see we expect 2023 to be a data rich year, and we look forward to sharing those data with you.
One of the cornerstones of <unk> has always been the expertise of our preclinical development and research and development teams I must highlight the team's tremendous progress in 2022, leading to the promotion of doctors from the silver is chief scientific officers to head the arc and Gatlin platform research and development efforts.
<unk>.
Interest in harnessing the activity of Gamma Delta T cells in cancer has continued to build and we believe our gatland platform is truly distinct from all other approaches currently in development due to its unique design features during.
During the fourth quarter of 2022, we highlighted two preclinical compounds from the gambling platform one targeting the CD 20 antigen that we are evaluating for development in autoimmune disease.
And a second targeting the <unk> three antigen for which we are evaluating for development in certain solid tumors.
We look forward to providing further guidance on the Galvin program as it continues to advance later this year.
In addition to our progress in the clinic and in our discovery efforts I would like to underscore that our financial position remains strong and we continue to investigate other opportunities to monetize our portfolio to increase shareholder value.
I want to thank everyone for participating in today's call. We believe that the combination of our experienced team transformational science and protein engineering as well as financial resources puts us in an incredibly strong position to move beyond our next set of milestones in 2023.
We will keep you apprised of our progress as we continued to execute our strategic and corporate objectives.
With that we would now like to open the call for your questions operator.
Thank you Dr describe it ladies and gentlemen at this time, so do you have any questions.
The Star one and just a reminder, if you are joining us today using a speaker phone. Please make sure you pick up your handset before pressing the star one we'll take our first question. This afternoon from Jonathan Miller of Evercore ISI.
Hey, guys. Thanks, so much for taking my question.
I'd love to start with.
154 program.
I know you were seeing some liver tox at higher doses I'm wondering how that seems to be filling out as you move forward have you seen any.
Great three year of any high grade I should say liver tox and the three milligram combo cohorts.
And just to build off of that how many patients in combo do you expect to be available in the initial release, especially in AML and Mds is it enough that we should expect to be getting a good or our comp relative to other CD 40, Seven's and these releases mishaps.
Hey, John Thanks for the question.
So Linda can provide you guidance on patient numbers coming up and all the cohorts.
With regard to talks the profile that we're seeing in all of the combination studies is similar to what we've seen in the monotherapy dose escalation. So with regard to the specific liver toxicity question, we're not seeing any evidence of any cumulative talks between the molecules.
<unk> <unk> was well tolerated as monotherapy.
In the monotherapy dose escalation study as well so.
Looking good so far from that perspective also consistent profile from what we saw in the monotherapy dose escalation with regard to.
No evidence of.
Cytokine release syndrome or destructive anemias.
And on the combination John .
The AML Mds cohort the patients that we're enrolling in the dose escalation of patients who have relapsed refractory disease.
We expect in excess ups.
20 patients across the monotherapy and the pump cohorts by the middle of the year.
Just to put this in context, the CD 47 targeted agents that they have a benchmark in the frontline setting.
In treatment naive patients. These patients are relapsed refractory patients.
We will be.
The starting dose expansion cohorts in the frontline setting as soon as we complete the dose escalation.
Makes sense. Thanks, so much.
Back in the queue.
Thank you we'll go next now to Mark from at Cowen.
Thanks for taking my questions maybe.
A similar question.
We'll go to the Doctor a combo because that's the next presentation, maybe linear if you can give an update on kind of the scope of that presentation that we're likely to see and then related to that as we as we get towards the merger.
Dataset.
In your prepared remarks, you mentioned that you're in that kind of approved response rate that <unk> has in that biomarker selected population, but of course, the trial is going to enroll a broader population how.
How should we think about kind of interpreting that data as we get it.
Given that year will include patients, who arent approved for monotherapy plus some of your proposed benefit is really on durability.
On the response rate.
Great. Thanks, Marco Linda can handle that for us.
Yes, Doug.
We are expecting something <unk>.
2010 to 20 patients by the Middle update yes, so base.
Be sharing data on the safety as well as the efficacy.
It'll be a mixture of that data depending on the enrollment.
And we expect that.
Provide some guidance closer to the time as to what to expect by the middle of the year.
So I'd say a question in there does seem to be in the order of 2010 to 20 patients.
Looking at the data.
Yes.
With the approved.
Approved in the high expressing groups, 75% of our Great. Then here, we are enrolling patients mid 25% to operator, so we will be looking at the response by subgroup in those subsets.
But.
At this stage, what we are doing with immunogen is that we are partnering with Tim mentioned that Immunogenesis, Steve what would be an interesting response rate and durability of response based on their database.
Definitely can be working with them to benchmark that.
Data that we see.
The datasets that they have.
And by the end of the year, we would hope to have.
Expect to have about 40 patients.
But the data.
Alright, Thank you very helpful.
Yeah.
Thank you we go next to Uganda, Jamba with Citi.
Yes, hi, Thanks, I'm, just trying to get a feeling for expectations for the combo studies.
With with one platform.
Also in the relapsed refractory setting as well as in the frontline setting.
What are you generally believe.
As the efficacy bar for Asia by itself and with the addition of 154 in both in both the less refractory AML and <unk>.
Mds as well as in the frontline setting in <unk> three mutant.
What might you expect to see with the combo above.
Okay.
So thanks for your call as Lenny said in the initial portion of the trial, we're enrolling primarily vineeta clocks and HMA experienced subjects. So.
Any activity in that relapsed refractory setting.
I think would be helpful and perhaps provide some guidance towards what you might expect in the frontline setting.
The first two cohorts that we expect to have data from in the second half of this year in the frontline setting are number one in the Tpa <unk> three mutant AML patients.
There, we believe that the expected effect in terms of complete responses for Asia sided in alone or in the range of 22%.
And so we're looking for combination complete response rate in the neighborhood of 40% or so.
And in the higher risk Mds cohort. This is where there continues to be.
A bit of Blurriness honestly.
The field as to what the expected effect size of Decitabine alone is.
Some of the older studies.
Place that complete response rate in.
In the high teens the more recent Takeda study would have noticed that suggests that it could it be as high as the low thirties.
And so.
So we think it's best to site.
Site, the higher response rate.
As the benchmark and so we're looking for a combination response rates somewhere in the neighborhood of 50% for complete responses.
Okay.
And then I'm not sure if you mentioned it in the prepared remarks, but just can you just kind of go through again the choices are three megs per kid.
For 154 in combo with the <unk>.
So that's a subtle doxorubicin what was driving that decision.
Sure. So it was driven by a few factors.
First of all on both the CD 40, and <unk> 47 binding sides of the molecule. We were looking to find a dose were full.
Full receptor occupancy and receptor saturation was achieved.
And that was achieved by that three milligram per kilogram dose and that was visible both in terms of the receptor occupancy data and observation.
Observation of nonlinearity in the PK profile.
Beyond that we were looking for a dose that.
Led to <unk>.
<unk> induction of the Pharmacodynamic effects driven by CD 40, so many folks are aware that with others with CD 47 inhibitors. The only pharmacodynamic effect you see in a study like this is receptor occupancy so the observation of.
Rapid margination of CD 40, expressing cells from the peripheral blood post dose is a unique effect for $1 four relative to any other agent in this space.
That was maximal by the three milligram per kilogram dose and maintained that maximal plateau up through the 10 Meg for kicked dose. The other primary pharmacodynamic effects were rapid induction of multiple.
<unk>, including interleukin 12, IP 10, CCL two CCL cores, you till 'twenty two in a number of others.
And those cytokines also achieved a what appeared to be a maximal plateau by that three make for kicked dose.
Which did not escalate appreciably.
By the 10 Meg for kicked dose, but also importantly didn't decline.
So on all of those markers one 504.
Just was differentiated both from the single acting CD 47 inhibitors and lacked any of the toxicity or bell shaped dose response effects that are characterized prior CD 40 agonists.
It's all of that gave us confidence about this being the right dose to bring into combos.
Great. Thank you.
Thank you and we'll take our last question today from Zhejiang shoe bearing Berg.
Good afternoon. Thanks for taking the question. My question is related to your 252 program, obviously, it's not surprising to see the discontinuation there, but I was wondering if you can talk about the learnings from this program, particularly around the PK PD aspect.
Two two to two or 154 at Westwood.
The PK PD from from two five to two is consistent with what <unk>.
Observing for.
Thanks very much.
Sure. Thank you Zee.
So the trial cross comparisons here are I think quite valuable and with the 252 program.
That completed dose escalation through that 24 milligram per kilogram dose.
Compound continued to be extremely well tolerated.
And across that dose escalation, we saw dose dependent binding to CD four cells expressing ox 40.
And migration of those cells out of the peripheral blood post dose and so again from a from a TNF receptor agonist perspective.
Tolerability and lack of any evidence of a bell shaped dose response curve and the pharmacodynamic effects.
With both 252 and 154 are helpful. In terms of validating one of the central hypotheses of the arc platform.
If you engage TNF receptors with <unk> drug you will not observe some of the toxicities and pharmacodynamic abnormal pharmacodynamic effects that prior antibody based regimens have seen.
So that's an important finding from our platform expansion standpoint again, both from the safety and the Pharmacodynamic side and.
We're also learning.
Some important lessons I think in terms of.
What ox 40, and what CD 40 stimulation achieve in human cancer patients.
When you look at the 252 data.
You note that there really are there were no appreciable serum cytokine changes the only cells that we're migrating where those specific <unk> four positive ox 40 positive cells.
It was a much more immunologically quiet molecule so to speak in this patient population, whereas the CD 40 agonist clearly all across the dose escalation led to very clear <unk>.
Escalations and a number of cytokines infusion related reactions have been much more common.
With that agent and so the differentiation in biology between the two constructs.
Paints, a very clear picture that.
This is this is target.
Target mediated activity that we're seeing here.
So.
Always hard to close down a program like this but I think.
We've learned what we needed to learn from this molecule.
And those learnings will benefit other compounds moving forward.
Great. Thanks, and then maybe just quickly on gatlin platform.
Disclosed I think consistent with last time that you have two preclinical what Patterson can you talk about sort of the prioritization there.
And when we can see more.
Data or more development.
From those two programs.
Sure so.
The <unk> three molecule as the one we're considering for development in oncology in the CD 20 is the one that we're considering for development.
Antibody mediated autoimmune disease.
<unk>.
What we're seeking to achieve with the initial clinical study with the.
Gatland platform.
Is too.
Select an indication where we believe.
It will be most likely that Ah gatlin molecule will differentiate from.
<unk> three based T cell engaging <unk>.
At antigen specific antibody molecules.
And.
We've learned a lot about.
What gamma Delta T cells rely upon to be.
Fully activated.
And.
Just like Alpha beta T cells, they require a T cell receptor stimulus, which comes from the Gatlin molecule itself and then Peter affiliate Hetero dimer and they also require a co stimulatory ligand to be expressed by their target itself and.
So a part of the exercise that is guiding the effort.
Is looking at tumors that express <unk>, three and trying to assure that patients that we might enroll early in a phase one dose escalation study.
Are likely to express those signal two ligands on their tumor.
And.
Okay.
On the tumor side and on the autoimmune side, you can have certainty actually that any b cell, which express the CD 20 will also express a signal to ligand in the form of CD 80 or 86.
And so those are some of the design principles that we have in mind for that phase one trial.
And we will be providing more specific guidance as to exactly what that study is going to look like.
In the short term this year.
Great. Thanks Dana.
Thank you.
Yes.
Thank you. This concludes the Q&A session of the call at this time I would like to turn the call back over to <unk>, Chief Executive Officer of Schaddick labs for closing remarks.
Thank you operator, and thank you all for joining the Shaddock labs fourth quarter and full year 2022 financial results and business update conference call. We appreciate your continued interest in <unk> and we look forward to updating you on our milestones throughout the remainder of what we hope to be an exciting 2023. Thank you.
Thank you and again, ladies Jim that will conclude today's conference call. We would like to thank you all so much for joining us and wish you all a great remainder of your day Goodbye.
Okay.
Okay.