Q4 2022 Ardelyx Inc Earnings Call
Speaker 1: for communications and investor relations. You may begin.
Speaker 2: Thank you. Good afternoon everyone and welcome to our fourth quarter financial results call.
Speaker 2: During this call, we will refer to the press release issued earlier today, which is available on the investors section of the company's website at ARDELCS.com. During this call, we will be making forward-looking statements that are subject to risks and uncertainties. Our actual results may differ materially from those described. We encourage you to review our risk factors in our most recent annual report on Form 10-K .
Speaker 2: during 2022 with a look ahead to 2023. Next, Susan Rodriguez, Chief Commercial Officer, will provide an update on the launch of Istrella as well as preparation activities to support a successful launch of Xposa if approved. Justin Rensch, Chief Financial and Operations Officer, will conclude today's formal remarks with a review of the company's financial performance.
Speaker 2: during the fourth quarter and full year ended December 31, 2022.
Speaker 2: Dr. Laura Williams, Chief Medical Officer, Dr. David Rosenbaum, Chief Development Officer, and Rob Links, Chief Regulatory Affairs and Quality Assurance Officer will join us for the question and answer period. With that, let me pass the call over to Mike.
Speaker 3: Thank you, Caitlin. And good afternoon, everyone. It is a great pleasure that I provide enough data on our Israel-Ala launch and a tremendous progress that we have made on our path to bring exposure to patients on dialysis.
Speaker 3: To be clear, the progress Susan, Justin, and I will discuss today is not just about AAREDELIS, it's about ISRELLA and EXPOSA. The last year for AAREDELIS captured the results of well over a decade of hard work, dedication, and tenacity on the part of the entire AAREDELIS team, as well as our many supporters from the patient and healthcare provider communities.
Speaker 3: In the midst of all of the challenge everyone faced during the pandemic, our continued success illustrates our ability to execute on our plans and to realize the vision of our Dellis. And most importantly, it demonstrates our profound commitment to doing the hard work of bringing novel mechanism products to patients in need.
Speaker 3: We say this often, but our mission is to develop, discover, develop, and commercialize innovative first-in-class medicines that meet significant unmet medical needs.
Speaker 3: Many of us in biotech have similar goals and missions, but it isn't often that a company, especially a company of our size, can say that we have done that once, and we are on the path to do it again, with the potential to bring another important medicine to patients later this year.
Speaker 3: In March of last year, we launched our first novel therapy, Pizrellas, for patients with irritable bowel syndrome with constipation, and we're demonstrating significant quarter-over-quarter prescription growth in both new and retail prescriptions, and bringing much-needed relief to patients with IBSC.
Speaker 3: In our December update, SPHEREX noted that 60% of surveyed GIs reported the use of Abzrulla, rating their satisfaction with the treatment as either moderate or high. In addition, 32% of nonusing GIs surveyed in the report,
Speaker 3: They report an intent to adopt Israel within the next three months.
Speaker 3: Israel is providing clinically meaningful benefits to patients, and Ardellis is establishing itself as a commercial company.
Speaker 3: In addition, last quarter we experienced an overwhelmingly positive Cardio-renal Advisory Committee vote supporting the benefit of XFOZA, which was then followed by the Office of New Drugs granting our appeal and instructing the Cardio-renal Division to work with us on an appropriate label for XFOZA.
Speaker 3: We are moving quickly towards our NDA resubmission, and in mid-February, we held a type A meeting with the Cardio-renal Division. It was a very positive discussion, and we are really appreciative of the time and responsiveness of the FDA. We are now completing our work on the NDA for Exposa and are on track for resubmission early in the second quarter.
Speaker 3: As we have said before, our base case expectations are that this will be a six-month Class 2 review. We of course are hopeful that it could be shorter. Regardless, we are well positioned and will be ready to launch in the second half of this year if approved.
Speaker 3: As things progress, we will apprise you of the goal review date and any other updates we are able to share.
Speaker 3: In a moment, I'm going to hand the call over to Susan to walk through the commercial momentum that is building for Exrella and our go-to market planning activities for Exposa. What I want you to take away from today's call is that Exrella is growing and continues to gain important momentum.
Speaker 3: When we announced the launch of Israel, we shared that we expected we could capture a mid to high single digit share of its 5 million prescription IBSC market, which we expect would yield a peak revenue of at least $500 million.
Speaker 3: Based on what we are seeing today, there's nothing that changes that perspective. And I believe we are on our way to achieving that target.
Speaker 3: Importantly, I also want you to have confidence that the Ardellics team is mobilizing and ready to launch Exposif approved.
Speaker 3: Finally, I want to reinforce a critical aspect of our business and our approach that is behind results that we are generating.
Speaker 3: With what we continue to accomplish, we are demonstrating that Ardellic is a company with a crucial remit that spans the discovery and development of important therapeutics, and we are executing on an innovative commercial strategy that is unique and replicable.
Speaker 3: We have developed first-in-class therapies with strong clinical data demonstrating meaningful benefits for patients.
Speaker 3: We are in therapeutic areas where there is a persistent and significant unmet medical need.
Speaker 3: We are executing with Abzrela in a large, established market with a concentrated set of specialist healthcare providers, and we expect our commercialization efforts for Exposa will follow a very similar dynamic.
Speaker 3: We have a long runway of strong intellectual property with no new branded agents on the horizon.
Speaker 3: And we have an innovative disruptive commercial strategy that by a highly experienced commercial leadership team that will continue to drive results.
Speaker 3: What we have is true for our current portfolio first-in-class agents, both its Rella and Exposa.
Speaker 3: We will leverage this commercial strategy as we continue to build the growth and momentum for Exposa, execute on our plans for successful launch of Exposa, and we will seek to expand our businesses to support the next phase of our growth.
Speaker 3: With that, I'll turn the call over to Susan. Susan.
Speaker 4: Thank you, Mike. I will be reviewing several topics today. I will review our strong Q4 and full year performance for E
Speaker 4: for Abstrella in 2023. I will then take some time to cover the opportunity for Exposa, our preparations for launch in the second half of this year, and go-to-market strategy. So let's begin with Abstrella. Our Q4 revenue for Abstrella came in at $8.7 million.
Speaker 4: representing a revenue increase of 78% versus our Q3 sales of $4.9 million. This brings Adrella total revenue for 2022 from our launch in March through the end of the year to $15.6 million, with strong growth momentum going into 2023. Our early launch results demonstrate that Adrella is having an impact.
Speaker 4: with its novel mechanism of action and strong clinical data, and adoption is growing.
Speaker 4: Our launch tracking research demonstrates that over two-thirds of survey GIs report Esterlla is unique compared to other IDSP prescription products, and for the majority, its differentiated mechanism of action is the most compelling reason for use.
Speaker 4: The SPIRIT December 2022 report also notes that survey GIs consider approximately 25% of their patients with IVSC to be good candidates for treatment.
Speaker 4: These insights align with the consistent growth we are seeing in prescriptions reflected both in new and refill prescriptions as well as new and repeat writers.
Speaker 4: Our Salesforce presence is clearly making an impact.
Speaker 4: Our omni-channel initiatives are clearly making an impact, and our market access strategy is clearly working. Payers have evaluated Estrella and set policies that grant access to Estrella via prior authorization, typically if patients have been treated with an existing option.
Speaker 4: The patients under the care of these high IBSC writing doctors have commonly been treated with one, if not more, of the limited options available, meet these criteria and therefore, prior authorization approvals are being secured.
Speaker 4: Patients are increasingly being identified as candidates for advella, accessing the drug, and responding favorably to the treatment.
Speaker 4: These key launch indicators suggest that we are in a strong position to continue to advance our market share across what is a favorable market landscape where there are no new branded agents in view across the patent-wise storage drill.
Speaker 4: Transitioning now to our commercial planning for EXPOSA, I will briefly review the background market dynamics across hyperphosphatemia and the market opportunity for EXPOSA. Published data demonstrates that over a six-month period, 77 percent of patients are unable to consistently maintain established
Speaker 4: guideline-directed target level, despite active treatment with phosphate binders, the single-class of therapy available to treat this highly prevalent condition in patients with CKD dialysis.
Speaker 4: It is clear that hyperphosphatemia is in great need of a next line alternative. With the approval and launch of Xposa, patients inadequately controlled with phosphate binders will have a new alternative.
Speaker 4: Exoza, a first-in-class phosphate absorption inhibitor, represents a unique approach to treating hyperphosphatemia by blocking phosphorus absorption via the primary pathway of absorption. It provides clinically meaningful phosphorus reduction and enables a dosing regimen of one.
Speaker 4: tic-tac-sized pill twice a day that is novel to this patient population.
Speaker 4: In addition, research in December of 2022,
Speaker 4: by Spirox, indicated a high level of interest among nephrologists, a high level of intent to adopt, and a large subset of patients who surveyed nephrologists would consider candidates for a syllabus.
Speaker 4: The product proposition and market opportunity for Exposa has many parallels to Abstrola, a first-in-class therapy entering an established prescription market with a single-mechanism treatment option currently that's not meeting patient needs.
Speaker 4: And those patients are being treated by a concentrated group of healthcare providers that are actively looking for novel approaches to bring to their patients. To launch Xposa, we will focus on the 8,000 nephrology healthcare providers that account for approximately 80% of all hyperphosphatemia prescriptions.
Speaker 4: with a dedicated nephrology sales force and a product positioning centered on the important role of blocking mechanism drugs can play in helping the many patients who are currently unable to achieve guideline established target phosphorous levels.
Speaker 4: Our established commercial capabilities have enabled us to quickly mobilize launch planning activities and we are poised to rapidly ramp up a dedicated nephrology sales force once we get closer to a launch date.
Speaker 4: Our commercial leadership team is steeped in the Frology experience, enabling arm-going opinion leader and keep stakeholder engagement across from the Frology landscape.
Speaker 4: It exposes approved and launched sometime in the second half of 2023. It will launch into a traditional prescription payer model comprised of Medicare Part D, commercial, Medicaid, and VA payers.
Speaker 4: Our access strategy centers on the unique position exposa will hold as a novel mechanism therapy for patients inadequately controlled by phosphate binders and high level of prescriber demand driven by their motivation to adopt a new treatment option. For this large subset of patients in need,
Speaker 4: Xposa offers the only new and differentiated option.
Speaker 4: As is the case for all innovative branded therapies introduced into established therapeutic areas where low-cost options are available, we expect payers will require a prior authorization for access to expose us.
Speaker 4: We do not expect this to limit patient access. The majority of CKD patients on dialysis with hyperphosphatemia are actively treated with phosphate binder therapy and in many cases, inadequately controlled.
Speaker 4: Therefore, meeting prior authorization criteria will be achievable. In addition, ARDELIC will provide support through a comprehensive patient services program designed to optimize access and affordability.
Speaker 4: This is a strategy that is working for E
Speaker 4: While we are not ready to announce the launch price for Xposa, I can characterize for you the current pricing landscape in the hyperphosphatemia space.
Speaker 4: While the majority of dialysis patients requiring phosphate-lowering treatment are on a generically available phosphate binder, approximately 20% are treated with branded binders launched within the last 10 years, with list price points ranging from $1,500 per month to $2,300 per month.
Speaker 4: This current pricing landscape provides opportunity for Exposa to launch at a price point alliance with its clinical value proposition. Across the biotech landscape, Ardellix is in the unique class of companies actively commercializing its own products. We are advancing our market position with Istrela and preparing for the potential of apps and sustained
Speaker 4: and competitive dynamics and are powered by our disruptive commercial strategy for innovative therapy products.
Speaker 4: Our Q4 results for Xrela and strong growth momentum going into 2023, combined with the commercial promise of Xposa, illuminate the potential for our Dellix to build strong market positions for our portfolio of assets as a successful commercial biotech company.
Speaker 4: I will now turn it over to Justin to walk through our fourth quarter and year-end 2022 financials. Justin? Syndra?
Speaker 3: Thank you, Susan. I'm going to walk you through our product sales, collaboration revenue, and expenses before turning into our cash position and how we were thinking about 2023.
Speaker 3: We had net product sales of Israel in the fourth quarter of $8.7 million dollars and full year net sales of $15.6 million dollars.
Speaker 3: That $8.7 million figure reflects significant quarter-over-quarter growth, a 78% increase from what was reported in sales to the third quarter.
Speaker 3: We also recognize $36.6 million in collaboration revenue during the full year of 2022 compared to $10.1 million in 2021. 35 million of which came in November and is related to milestone payments. And payments under the 2022 amendment to the license agreement between our deluxe and KKC.
Speaker 3: our partner in Japan, from Tenappanor for the improvement of hyperphosphatemia in adult patients with CKD on dialysis.
Speaker 3: This $35 million in payments was earned upon KKC's submission of a new drug application in October .
Speaker 3: Research and development expenses were $9.1 million for the quarter ended December 31, 2002 compared to $21 million from the same quarter last year.
Speaker 3: For the full year 2022, research and development expenses were $35.2 million, a decrease of 61% compared to the full year 2021.
Speaker 3: The decrease in our R&D expenses is primarily the result of lower clinical study costs from the optimized study.
Speaker 3: lower tenacity manufacturing expenses as we began to capitalize those costs associated with its real inventory.
Speaker 3: and lower expenses for the elimination of our research function in the fourth quarter of 2021.
Speaker 3: Selling, general and administrative expenses were $19.7 million for the quarter ended December 31, 2022, an increase of $4.4 million compared to the $15.3 million in the fourth quarter of 2021.
Speaker 3: Full year S&A expenses were $76.6 million in 2022, an increase of 6% compared to 2021.
Speaker 3: The increase was primarily due to the increased costs associated with the launch of the umbrella in 2022.
Speaker 3: Due to the aforementioned KKC payments, from the quarter ended December 31, 2022, we had net income of approximately $11 million, or 6 cents, for a fully diluted share. Net loss the year ended December 31, 2022, was $67.2 million.
Speaker 3: or 42 cents per share compared to a net loss of $158.2 million or $1.52 per share in 2021.
Speaker 3: As of December 31, 2022, we had total cash equivalents and short term investments of $123.9 million, as compared to total cash equivalents and short term investments of $116.7 million that previous year ends. We recognize the importance of making a strong balance sheet and we continue to seek opportunities
Speaker 3: to strengthen our cast position.
Speaker 3: As you saw in our press release, we have unaudited cash of approximately $121 million as of February 28, 2023, which includes $20 million we raised through the sales of common stock under our ATM program in January 2023, following the appeal granted letter from the Office of New Drugs. As we look ahead, we will continue to...
Speaker 3: pursue ongoing capital strategy of non-equity solutions, including international partnerships in open territories for umbrella and expos.
Speaker 3: These efforts will continue while Susan and the commercial team grow revenue from insula and we seek to track that rapid market uptake for insula. It's approved.
Speaker 3: We will continue to make thoughtful decisions that maximize shareholder value. As a reminder, we expect we'll have additional milestones and collaboration revenue from KKC and Healthcare Royalty Partners in the fourth quarter of 2023, pending the approval of Tinapino Hihiko-Sasutomiya in Japan.
Speaker 3: Combined, if KKC's NDA is approved, we expect an additional $35 million of non-equity capital later this year.
Speaker 3: As we look ahead, we have confidence in our ability to continue to fund our operations. I will now turn the call back to Mike for some concluding comments before we open the call for questions. Mike?
Speaker 3: Thanks, Justin. As you heard, we accomplished a lot in 2022. Since our third quarter earnings call in November , we've made significant advancements on our commercialization of Israela and successfully concluded the CRL appeal process for Exposa, resulting in the granting of our appeal and providing a path forward for approval and subsequent launch in the second half of this year.
Speaker 3: We also issued our first ever ESG report, which demonstrates our Delos' commitment to issues that are critical to all of our stakeholders.
Speaker 3: I want to thank the ARDELTS team and the patient and clinician communities. It is a steadfast commitment of these groups that has gotten us to this point and will be the foundation for our future success. With that, I will now open the call to questions. Jamie? Thanks for joining us, and look forward to seeing you next time. Thank you.
Speaker 1: Ladies and gentlemen, at this time we'll begin the question and answer session. To ask a question you may press star and then one on your telephone keypad.
Speaker 1: If you are using a speakerphone, we do ask that you please pick up your handset prior to pressing the keys to ensure the best sound quality.
Speaker 1: In order to withdraw your questions, you may press star and 2.
Speaker 1: Once again, that is star and then one to join the question queue.
Speaker 1: We'll pause momentarily to assemble the roster.
Speaker 1: And our first question today comes from Laura Chico from Leadbush. Please go ahead with your question.
Speaker 2: Good afternoon. Thanks very much for taking the question. Congratulations on the progress. One, I think I might have missed this in the opening remarks, but could you comment on the latest expectation for cash runway? And then secondarily, would you be able to comment if there's any meaningful off-label utilization occurring with Ndrela at this point? Thank you.
Speaker 3: Yes, let me address the 2nd, part of the question 1st, and I'll hand it over to Justin. We don't obviously see a whole lot of that kind of information. We don't anticipate very much off label use. Remember that the strategy that we undertook to get these 2. Uh, hopefully both the drugs approved is separate.
Speaker 3: Very different markets, different dosing, different NDC codes, which we think helps that as it relates to any.
Speaker 5: Off label you sent outside of IDSC. Within IDSC, I think our data demonstrates the DIV dosing of the 50 meg tablets is where you can get the best effect. So we don't see very much of that.
Speaker 3: Justin. Thank you Mike. Hi Warren. As I mentioned as of February 28th, we had unordered the total cash, cash equivalents, and short-term investments of approximately $121 million.
Speaker 3: And we're going to be very thoughtful in how we finance the company, continue to leverage as many non-equity solutions as possible and be cautious about managing our spending, the targeted approach that Susan has led. We're not going to give specific guidance on any future financings or a runway, but we're confident in our ability to fund our operations.
Speaker 3: And we're going to be very thoughtful in how we finance the company continue to leverage as many. Not equity solutions as possible and be cautious about managing our spending. The target approach that Susan has led, we're not going to give specific guidance on on our any future financing or a runway. But we're confident our ability to fund our operations. Thanks very much.
Speaker 3: finance the company, continue to leverage as many non-equity solutions as possible, and be cautious about managing our spending. The target approach that Susan has led, we're not going to give specific guidance on any future financings or a runway, but we're confident in our ability to fund our operations. Thanks very much, Doug. Thanks, Mark.
Speaker 1: And our next question comes from Yajal Nakumovitz from Citi. Please go ahead with your question. Conscious heartbreaking
Speaker 6: Hi Mike and team, thanks for taking the question. I'm just curious, with regard to the Type A meeting, did anything happen in that meeting that would lead you closer to conclude that it would be a six month or two month review?
Speaker 5: No, that's why we continue to have our base case at all. Our base case is 6 months. It could be sooner, but I think it's prudent for us to be expecting that and if we get perspective that it could be quicker than that we certainly will share.
Speaker 6: Okay, and then with regard to what is required to complete the NDA resubmission, are you able to provide any more details in terms of what needs to happen there?
Speaker 5: You know, I think generally, as I'll ask Rob to comment is, you know, we know we have to update safety, but I think with additional work that needs to be done is pretty straightforward. Rob, anything to add?
Speaker 7: I think you've covered it, Mike. I mean, we have a lot of it's mostly safety data, as you know, and we have a lot of.
Speaker 7: trials and that we need to include a lot of safety data from our Japanese and Chinese partners as well as two studies that we completed after we submitted the initial NDA.
Speaker 8: Great. Okay. Thank you.
Speaker 1: Our next question comes from Chris Howarton from Jefferies. Please go ahead with your question. We found bark atbird, a name that we can find ec determined by the act.
Speaker 1: Hi, y'all. This is AJ for CRIS. My first question is, could you provide some details on Ibsrella's growth to NET, and is it stable?
Speaker 1: Hi, y'all. This is AJ for Chris. My first question is, could you provide some details on Ibsrella's growth to net, and is it stable? Yeah, Justin.
Speaker 3: Yeah, thank you, AJ. Yes, we filed our 10k order today. You'll see the information provided there as a general premise through the course of our...
Speaker 3: 2022 operations, we range between 25 and 30%. You'll see for the year and the 2022 we were approximately 28%. That's a reduction, so it goes to that, depending on how you keep score of 72% or. 28% of the general.
Speaker 1: Gotcha. Okay, thank you. Okay. My next question is...
Speaker 5: Is there any possible risk here in terms of a delay to the review process beyond six months? So as you know, we're a bit jaded in the way that we think about this, but you know, we are on a very solid path to launching this drug in the second half of the year. You know, the way that we look at it is appeal granted.
Speaker 5: Says to us that the NDA should have been approved. The instructions to the division to work with us in establishing a label says we're on the path to approval. You know, I think the interaction that we had at the type A meeting doesn't change any of that perspective.
Speaker 1: Okay, fantastic. If you don't mind, I might ask one more question. I hope this isn't jumping the gun, but have you given any further thought to when you're going to start back up on your Collemeon acidosis program?
Speaker 5: No, so I think the way we think about the.
Speaker 5: Pipeline, it says, Justin said, we've got to be very thoughtful about our labor capital. We've got important things that we're doing with the Zarella. We're actually just finishing our national sales meeting and enthusiasm, what we're hearing from the field and physicians is really quite remarkable. So we've got to invest wisely, possibly get ourselves on the path that we are going to be on by focusing on Zarella and getting exposed.
Speaker 9: question.
Speaker 6: Oh, hi, this is Raymond in format. Thanks for taking our questions and congrats in the quarter. I was just wondering as the launch has progressed, I was wondering if you had better visibility on. Your expectations for 2023.
Speaker 5: Yeah, so we are, we're not going to be sharing patient numbers certainly and it's too early for us to be getting guidance in terms of what we expect for script growth or total prescriptions in 23 but you know if the student anything you can add to that.
Speaker 4: Yeah, no, I mean, we are clearly seeing strong growth momentum quarter over quarter. We need a little more time to really understand ourselves based on the prescription data, the direction for 2023. And at that time, you know, we'll be ready to get some guidance.
Speaker 6: Okay, yeah, fair enough. I guess I was wondering, have you been thinking about, you've done several ex-US deals for Israel? I was wondering, what you thought about Europe , potentially?
Speaker 5: Yeah, no, certainly I think as you heard in the opening remarks, those open territories are things that we're working on now as a way of getting non-equity sources of capital. So those efforts will continue both for Israel and for those for agro-phosphatemia. As you see, we've done well with our relationship with KKC in Japan. We have Bosun that has the rights both in China for both Israel and for the region.
Speaker 4: Thanks. Susan? Yeah. We are already mobilizing our preparation for the launch of Exposa, AJ, as we have a very established commercial infrastructure with everything in place as it relates to marketing, sales operations, patient services, distribution. We are going to be talking about the launch of Exposa, AJ, as we have a very established commercial infrastructure with everything in place as it relates to marketing, sales operations, distribution. We are already mobilizing our preparation for the launch of Exposa, AJ, as we have a very established commercial infrastructure with everything in place as it relates to
Speaker 4: of 2023, we will be able to rapidly mobilize to get the feet on the ground to have the dedicated nephrology sales force. So everything is lined up quite nicely and as we mentioned in our narrative, the go-to-market approach is something that we are already well schooled in and experienced with and successfully executing for its draw.
Speaker 3: Our next question comes from Peyton.
Speaker 1: Please go ahead with your question.
Speaker 1: Hi, this is A. Nonfer Joe. Congrats on the truly productive year and thanks for taking your questions. I guess just really one real quick one. After the Type A meeting, did you guys engage in labeling discussions or did you give any additional details or clarity about what an eventual label would look like?
Speaker 5: And then I guess I've got a second pull up question on. Sure, so it's a step wise approach, right? So we need to refile the NDA. So no labeling discussions until you have an active end yet. But I think that we've shared from our field granted interactions with O and D.
The strength of our data has demonstrated that for those patients that are failing the current binder therapies, which is a large majority, as we've shared as well, that they're going to be ready to take X-posa and benefit from it when it's approved. So, no, it's premature to have labeling discussions until you have the NDA files. And we will share, you will know that more.
I know you said you were going to.
say anything on patient numbers or script data, but I was wondering if any of your market research or if any of your internal script data kind of told you about the proportion of patients that are refilling the threla after initially trying the medication and how that's kind of growing compared to new prescriptions. Yeah, I'll ask Susan to comment on it generally. I think you heard in her statement that we're seeing both...
No, exactly. So we're seeing a very nice relationship between new and refilled prescriptions. And on top of that, we're seeing a very nice trend in new and repeat writers, which is very consistent with the feedback we're hearing on the ground that physicians are identifying patients that they believe need Estrella.
treating them in Estrella and the treatment experience is going very well, you know, per the satisfaction rating that they're reporting into the SPIRITs data. So everything, you know, is really, everything is lining up to really demonstrate that strong growth momentum we're seeing in SCRPS. And as Mike alluded to, you know, we're not blocking the SCRPS so that's something that you would have access to and you can take a look and see this kind of momentum.
Great. Thank you very much for taking our questions. Thank you. And ladies and gentlemen, in showing no additional questions, I'd like to turn the floor back over to management for any closing remarks.
Thanks again to the questions and to everyone who joined today's call. On behalf of the RDelos team, I want to reiterate our optimism about our future potential. Our Delos is a company spanning the discovery and development of important therapeutics, and we're executing on an innovative commercial strategy that is, as I said, unique and reputable, and we're excited about the opportunities that lie ahead. Once again, I want to thank the team for their tireless dedication to health and patience.