Q4 2022 Mirum Pharmaceuticals Inc Earnings Call
Speaker 2: quarter and year end 2022 financial results and business updates. My name is Matt and I'll be your moderator for today's call. All lines will be muted during the presentation portion of the call if an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I would now like to turn the conference over to our host, Andrew McKibben, Vice President of the National Center for Economic Development.
Speaker 3: our Chief Operating Officer Peter Radovich, our Head of R&D Pam Vig, and our CFO Ian Clements. Earlier today, Merim issued a news release announcing the company's results for the fourth quarter in full year 2022. Copies of this news release and SDC filings can be found in the investors section of our website. Full details and updates from the quarter can be found in our news release and 10k issued today.
Speaker 3: Before we begin, I'd like to remind you that during the course of this conference call, we will be making certain forward-looking statements about Merrim and our programs based on management's current expectations, including statements regarding Merrim's business plans, development programs, strategies, prospects, market opportunities, and financial forecasting guidance.
Speaker 3: Merrim is under no duty to update these statements and they are subject to numerous risks and uncertainties. And actual results could differ materially from the results anticipated by these statements. Investors should read the risk factors set forth in Merrim's 10K for the year ended December 31, 2022, and any subsequent reports filed with the SEC. With that said, I'd like to turn the call over to Chris. Chris? Chris Urla, SEC
Speaker 3: Thank you, Andrew, and good afternoon to everyone joining us on the call today.
Speaker 3: In 2022, Mira made remarkable progress growing into our leadership position as a high-growth, rare disease company focused on commercializing life-changing medicine.
Speaker 3: And while we are all excited about our Q4 quarter-over-quarter sales growth of 48%, we are just getting started.
Speaker 3: Our clinical, regulatory, and business achievements during the year, with net product sales for the month of March, we have $75 million.
Speaker 3: provide a strong base from which we will rapidly grow our business.
Speaker 3: We have put in place a five-part strategy to become a global leader in rare disease. First, build on the successful launch of Liv Marley and Allergyal Syndrome in the U.S.
Speaker 3: Liv Marley is the first and only treatment in allergen syndrome to provide early improvements with long-term impact.
Speaker 3: And we are still early in making LYPMAR-LE available to the addressable allogeal syndrome in patient population.
Speaker 3: In the second half of last year, we expanded our field presence and investment in the U.S.
Speaker 3: and now anticipate 50% growth in US live-marley sales in 2023.
Speaker 3: This is driven by the Merum team and the tremendous potential of Livmarli for patients, which was highlighted this year by data showing that an allergen syndrome patient got an IT
Speaker 3: 88% of them remain event-free at six years.
Speaker 3: Now second, grow with Marley in markets outside the United States.
Speaker 3: launched in Germany, with France to follow shortly, and further launches around the globe later this year and in 2024.
Speaker 3: Third part of our strategy, expand the label for with Marley.
Speaker 3: At the end of last year, we presented the Marley PFIC Phase III data.
Speaker 3: widest range of pheasant types. In addition to impressive reductions in serum bile acids and arthritis, we saw placebo controlled improvements in various markers of liver health, namely bilirubin and Grub, a first I've seen reported for IVAC clinical studies.
Speaker 3: We have submitted our SMDA and are excited about bringing this strong data profile to prescribers and patients.
Speaker 3: On our third potential indication for Livmarli, we have also made good progress in the EMBARQ study in biliary atresia and expect to announce data in the second half of this year.
Speaker 3: On our third potential indication for Liv Marley, we have also made good progress in the EMBARK study in biliary atresia and expect to announce data in the second half of this year. Team your homerun atresia 4
Speaker 3: applied our expertise in iBET inhibition to expand into adult colostatic liver disease.
Speaker 3: Building on earlier IBAT inhibitor data and primary fluorescence cholangitis and primary biliary cholangitis, we are conducting potentially pivotal studies for valixibat in these two underserved indications.
Speaker 3: And finally, the fifth part of our strategy, expand our development pipeline for business development activities.
Speaker 3: We are evaluating a number of interesting opportunities across rare and orphan diseases to leverage Marin's industry-leading rare disease capabilities.
Speaker 3: We entered 2023 with great momentum and I am excited by what the Merim team can achieve in the near future, providing patients with life changing medicines that they've been waiting for.
Speaker 3: And with that, I'll pass the call over to Pierre to discuss our commercial business in more detail before Pam gives an R&D update.
Speaker 1: Peter?
Speaker 3: Thanks, Chris. We are pleased with the $27.9 million in LiveMarly member product sales in the fourth quarter of 2022.
Speaker 3: which represents a 48% growth over the third quarter.
Speaker 3: Additionally, we reported 75.1 million in the Marley Met product sales for the full year 2022, which included 68 million from the United States and 7.1 million from international markets.
Speaker 3: Needless to say, we are thrilled with Woodmarley's performance in its first full year on the market, which represents one of the strongest rare pediatric launches in the industry.
Speaker 3: Now first, some comments on the US business.
Speaker 3: The growth we saw in Q4 was driven by more new patient starts and a consistent refilloping.
Speaker 3: which were both a direct result of our commercial team's strong execution.
Speaker 3: of currently diagnosed and addressable patients with Algill syndrome in the United States have received the Marley since launch.
Speaker 3: And as the results reported today demonstrate, our commercial team has been highly effective at driving the LiDMar Li launch further into the addressable market.
Speaker 3: and we remain confident in continued growth going forward, consistent with our guidance that 2023 with Marley, US sales will grow by 50%.
Speaker 3: Turning to international, the 7.1 million in 2022 sales was predominantly in Q4 and came from partner markets in Eastern Europe and the Middle East, where Mirin's distribution partners were able to engage in pre-approval commercial access programs. The Q4 international sales number included an inventory bill.
Speaker 3: markets coming online in Latin America and Asia, including Korea where the Marley is recently approved.
Speaker 3: European commercialization has commenced following the December 2022 European Commission with Marley approval.
Speaker 3: In early 2023, Germany became the first European country to launch and is off to a great start in the initial weeks out of the gates.
Speaker 3: In France, a pre-approval access program for Libmarli was recently approved, enabling access to commercial Libmarli before full reimbursement. Beyond Germany and France, we expect other Western European countries to launch upon completion of pricing and reimbursement discussions.
Speaker 3: later this year and into 2024. Finally, our LiveMarly Marketing application is under review in Canada, which if approved, would enable a launch later this year.
Speaker 3: In summary, with Marley is the first and only treatment for Algill syndrome that provides early improvements with long-term impact on event-free survival.
Speaker 3: With approximately 600 allergenal patients treated globally to date, clinicians have gained familiarity with and confidence in with Marley's robust clinical profile, as well as its exceptional access and patient support.
Speaker 3: We believe this will propel a continued growth story for the allogeal syndrome launch going forward.
Speaker 3: On that note, I'll turn the call over to Pam.
Speaker 4: Thank you, Peter. 2022 was an outstanding year for our clinical team as we presented meaningful data supporting both our commercial stage and pipeline programs.
Speaker 4: At the end of last year, we presented groundbreaking phase three data for Liz Marley and P-FICS.
Speaker 4: in which Miley drove a statistically significant reduction in colitis and serum bile acids across the broadest genetic PIFIX type study to date.
Speaker 4: showing a magnitude of treatment effect which is approximately double from previous studies and exceeded our expectations.
Speaker 4: Notably, the majority of patients also achieved serum biologic reductions below the threshold that is associated with transplant-free survival. And furthermore, Liz Marley also drove early and significant placebo-controlled improvements in growth as well as in bilirubin, suggesting an improvement in the underlying liver health of these patients.
Speaker 4: And as a reminder, bilirubin is an important indicator of disease progression in colostatic disease, and MARC is the first study to demonstrate statistically significant differences in bilirubin versus placebo in PFIX. And it's remarkable that this was observed with only six months of treatment.
Speaker 4: Now these unprecedented clinical effects from the March PECIC study across broad genetic types situates Liv Marley in a very strong position and we're thrilled to deliver Liv Marley to the broader PECIC population and the regulatory people.
Speaker 4: Now, as we look to biliary atresia, the bilirubin and serum bile acid reductions observed in PFIC are very encouraging. Both of these markers, particularly bilirubin, are strong prognostic indicators of disease progression, and our primary endpoint will measure the six-month change in bilirubin from baseline.
Speaker 4: We look forward to announcing this top-line data from the Phase 2B EMBARQ study in the second half of this year.
Speaker 4: In the adult colostatic indications, there's a similar significant unaddressed burden of colostatic colitis. In the adult colostatic, there's a similar significant unaddressed burden of colostatic
Speaker 4: And in the settings of both PFC and PBC.
Speaker 4: about over 60% of patients have axed pneuritis, of which about 80% or more are in the same area.
Speaker 4: are being treated with off-label antigrain medications that are largely ineffective or offer only partial response.
Speaker 4: And your need for new options is highlighted by a PSD survey we presented last year where 75% of patients using two or more medications describes only partial or no relief.
Speaker 4: Given the significant burden of these diseases, we're really excited to continue advancing what's about in PFC and PBC with interim analyses expected later this year.
Speaker 4: And lastly, I'm really proud of our team's academic and collaborative efforts, as well as our continued scientific leadership, which was showcased throughout 2022 through our Congress presentations and a number of publications, characterizing the benefits of Liz Marley's impurities and beyond, mirroring what we're hearing from the real world experience. And 2023 is expected to be another outstanding year.
Speaker 4: And with that, I'll turn the call over to Ian to review our financial results. Ian?
Speaker 4: over to Ian to review our financial results. Ian? Pleasure.
Speaker 5: The press release and 10k found earlier today provide a full financial update. However, I'll call out a couple of the highlights here
Speaker 5: First, from a revenue perspective, total revenue for the year ended December 31st 2022 was $77.1 million including licensed revenue of $2 million versus total revenue of $19.1 million for 2021.
Speaker 5: Of note, this is slightly higher than the $76 million preliminary estimates we announced back in January .
Speaker 5: Turning to operating expenses, total operating expenses including cost of sales of the year ended December 31, 2022 with $208.3 million versus $192.6 million for the prior year.
Speaker 5: NEM remains well funded with over three years of runway. At the close of the year we had 251.7 million dollars on the balance sheet.
Speaker 5: Additional details on all of our operating expenses and our cash balance are provided in our 10k file.
Speaker 5: Overall, our financial position is strong and supports our continued growth and value creation across both our global commercial business and development pipeline.
Speaker 5: With that said, I'll turn the call back over to Chris.
Speaker 5: I'll turn the call back over to Chris. Thank you.
Speaker 3: Meron is poised for continued growth throughout the years ahead as we execute on commercial, regulatory, and clinical value creation. We're in the midst of a strong launch in allergenal syndrome, growing the U.S. business while launching in Europe in partner markets and unlocking expansion opportunities for the marlies and the looks about ahead of us.
Speaker 3: We expect 2023 will be a catalyst rich year.
Speaker 3: In addition to the continuing strong commercial growth for Le Marly adoption and Alice-Shield syndrome, we have the potential PFIC label expansion and data readouts for our pipeline programs as we get further into the year. Due to our name, Mirum, which comes from the Latin word for remarkable.
Speaker 3: Our recent accomplishments and anticipated growth ahead in 2023 are full of unique potential as we work to bring important new medicines to patients around the world.
Speaker 2: And with that operator, please open the call for questions. Absolutely. If you'd like to ask a question, please press star followed by one on your telephone keypad. If for any reason you'd like to remove that question, please press star followed by two. Again, to ask a question, press star one.
Speaker 2: As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. The first question is from the line of Jessica Fye with JP Morgan. Your line is now open.
Speaker 6: Hey guys, good afternoon. Thanks so much for taking my questions. I was hoping you could provide a little bit of a framework for how to think about Europe sales this year. I'm not sure if there's anything you could write on that front. And then second, I think in prepared remarks you mentioned that...
Speaker 6: 20% of currently diagnosed and addressable patients have received LiveMarley since launch. Can you talk through how we get to 500 million peak sales for LiveMarley and Algaeel in the U.S. based on what we saw for 4Q sales? In particular, I'm sort of curious what market share is assumed in that forecast.
Speaker 3: and also how much upward drift in price per patient is anticipated due to growth. Thank you. Thanks, Jessica, for the question. Give a couple of intro comments and I'll let Peter speak to some of the details, particularly on how Europe's loss will roll out.
Speaker 3: and some of the market dynamics in the US. But I think just pointing to some pretty quick and easy math on Q4 US revenue, a little bit of rounding to this, but that's pretty close to a 100 million run rate at 20% penetrated. I think you can kind of get the picture of how that.
Speaker 3: lines up with the 500 million or greater market opportunity that we talked about for the U.S.
Speaker 3: With that kind of just quick backdrop on the US, I'll hand it over to Peter to maybe pick into the Europe question. Sure, sure. Happy to comment on that. And I think as you think about the international piece for Liv Marley in 2023, you know, it's probably just like three components to think about. The
Speaker 3: key driver will be Germany. As I mentioned, we're in the market in Germany now, had a really strong start in the first handful of weeks.
Speaker 3: That's really the one country we'll be in where we have access to the full healthcare system, the full reimbursement.
Speaker 3: The second kind of bucket for 2023 is really name patient sales program or pre-reinversement approval programs. I mentioned we have one in France that's opening up, the commercial with Marley. There's also a couple others potentially in Western Europe , as well as partner markets. Those kind of programs are what go.
Speaker 3: who were really, really interested in the model, so that the clinical side is high visibility, but it's really kind of country specific kind of pricing reimbursement mechanisms that have to be navigated there. So that's the second bucket. And then I think the third bucket I kind of call out for 2023 is new country launches. So...
Speaker 3: In Western Europe , we might have some new countries coming on at the end of the year or into 2024, depending on how pricing reimbursement timelines go. I mentioned Canada, which have approved by Health Canada, could support a launch with contribution from the private market to Canada at the end of the year. So there's a couple in that third bucket.
Speaker 3: a couple markets where you could start to see contribution in late 2023, but really more likely 2023.
Speaker 7: Thank you for your question.
Speaker 2: The next question is from the line of Manny Forujar with SVP Securities. Your line is now open.
Speaker 3: A quick question more on the pipeline. As we think about the portfolio of readouts that are coming throughout this year in phase 2, on what time horizon should we expect to get a little more clarity on what is and is not pivotal? The only thing you need to know is when you are looking at NYO examples,
Speaker 3: relative to when we're getting the data. I know there's a little bit of uncertainty around exactly what a pivotal endpoint might be, for example, in biliary atresia, et cetera. How should we think about the gap between data and when we'll get a little bit of clarity on what an approval endpoint is or isn't?
Speaker 3: Thanks for the question, Nadi. I can touch on a little bit of context to put on these readouts. And I'd point out that biliary atresia for Lidmarli, you should think about it differently from the lixabat interims.
Speaker 3: And first commenting on the Biliary Atresia readout, we won't know at the primary analysis readout later this year. That's going to involve some conversations with FDA, interpretation of the data, building our case to understand.
Speaker 3: what the next step is for that program, whether it's putting together a submission or planning for another study. The ValintaBet program, these studies are very different in their positioning as potentially pivotal studies.
Speaker 3: We have already aligned with FDA on using Curitis as the registration plan point and the analysis plans.
for both of these studies. So think of these upcoming interims as really the dose selection to move into the pivotal portion. So when each of the LIXABAT study gets to its interim analysis, they essentially convert into pivotal studies for that adaptive part two.
So we know once we cross that interim, as long as the study is continuing, it is a pivotal study in all forms and the input from FDA that you want for a pivotal study.
Great, that's really helpful. Thanks, guys. Thanks for the question.
Thank you for your question. The next question is from the line of Josh shimmer with every core your line is now open.
Thanks so much for taking the questions. First for the commercial spend, how should we think about the step up as you add new indications to the franchise, be it with Marley or the looks of that? And then for either product, but I guess with Marley, anyworld or anything else?
updates or progress identifying a path forward for the ICP indication. Thank you.
Thanks for the question Josh. I will actually I'll pass over to Peter to talk a little bit about commercial spend across the indications.Ugrid Coolidge presents The
products. But I can comment on the ICT question in the interim. Really interesting data that came out of the Ohana study, albeit you know very small patient numbers that we were looking at. You can tell that the lixibat is active for these patients. It addresses the pruritus.
just a near impossible setting to conduct robust clinical studies in. So we are seeing interest in potential investigator response approaches. We'll continue to explore that, but kind of until those come together, don't have a formal update. Yeah.
on the ICP program. Jethro, do you want to comment on commercial investment? Sure, sure, happily. I think with Marley, the short answer is that it's largely stable. I think some of the puts and takes around that as we do geographic expansion with the first
It's really that we're going to take on the same Java piece we're in now and it's the same call universe Again, maybe some very modest things Is that not enough to kind of show up on an overall SG&A number in a meaningful way that we would do to support that launch
And biliary atresia also taken care of in the same positions in children's hospitals that beat PFIC and LGL. So really the marliot-3 is stable. As we move to the looks of that, that gets us into the adult setting. So obviously we'll have to have a team that can reach adult GIs and have a talk.
The next question is from the line of Steve's house with Raymond James. Your line is now open.
Hi, this is Ryan Desher on for Steve's Beat House.
I'm curious in biliary atresia what the timeline is you anticipate for completion of enrollment in EMBARQ, and then also how will dosing in the EMBARQ phase to be handled? Will there be any sort of titration or starting dose?
I'll pass it over to Pam to give a little color on the embark study. Yeah, thanks for the question. So we're just super excited about the embark study, given that this will be the first study to read out in the literature what have I got into the by the end of this year.
So that speaks to the timing of when we expect the study to read out and complete enrollment. With regard to your dosing questions, the dose that we're using in this study is the same as our PFIX dosing, which is 600 micrograms per program twice a day. And what we saw in the PFIX study was really remarkable with regard to the ability to reduce
the six months. Got it, that's very helpful and maybe if I could squeeze one more quick one in. Do you expect the biggest seasonality effect as it did in 2022 to come in 3Q while the other quarters I guess going into 2023 remain fairly comparable? Yeah, what we saw last year and it's kind of hard to tell if that is a...
the third quarter last year and what we expected this year, it was refills and the persistence to continue to be a real highlight for families on drug, that they stay on drug. It's a real highlight of the performance.
Thank you very much.
Thank you.
Thank you for your question.
The next question is from the line of David Lebovitz with Citi. Your line is now open.
Thank you very much for taking my question. Considering that Love Marley is going to be in a competitive dynamic by the end of this year in two different markets, both ALGS and PFIC.
How do you see that affecting your commercial approach? Is there any risk of...
any competition on pricing as in the market? Thanks for the question, David. I'll make a couple comments. The one thing though on pricing, that's not something that we would expect to see.
particularly given some of the nuances of the position that we see in the market, and that Liv Marley is really well positioned with such a great lead in terms of prescriber experience. This performance was plotted in late November 2015.
nearly 600 allergen syndrome kids treated with with Marley over the history of the program. That's a tremendous amount of experience and most of that being overwhelmingly positive.
So, find ourselves in a position where I think we expect to see more of what we've seen in the launch to date, which is continued new patient starts and strong persistence compliance for patients that are on drugs.
And with the PFIC indication coming on, really a step up in terms of what you'd expect to see for efficacy from the clinical profile. That's gonna be really powerful, excited for when our team can go out and talk about that data.
Thanks for taking my question. Thank you for your question.
The next question is from the line of Brian Scorny with their your lines now open.
Good afternoon, everyone. Thanks for taking my question. On the M-BAR study, I was hoping you'd kind of talk through the relative importance, as you see, of mean reduction in serum bile acid versus the proportion of patients with total bilirubin below 2 mgs per deciliter, and maybe even in context there, what the average baseline bilirubin you were seeing in M-BAR.
So basically, when in biliary atresia, these kids, after kasai, most patients continue to experience liver injury from accumulation of bile acids. And by reducing bile acid retention, you should improve bile flow. And bilirubin is an indicator of how well that bile is flowing. So you're looking at both of these.
markers. Early on after the thigh, when you can reduce bilirubin, that has been shown as you mentioning in the Schneider paper, that if you are two or less you have a really good chance of maintaining your native liver. If you're between two and six, it's kind of mid-range and if you're greater than six, you really are headed towards transplant.
And that's because the liver is in fact not functioning. So bilge room being the most predictive marker of transplants is an indicator of bile flow and liver injury. And I think that, as I mentioned, the data that we've seen from our PFIC study...
as a result of reducing bile acid retention in that setting, and thereby reducing bilirubin, is really encouraging for us on what we're hoping to see in the VA program when it reeks out.
And just any comments on what the baseline in Embark would be on the Billy Rubin?
There is no no no threshold all of these kids are coming in they they're all pretty sick They've had a casala procedure. They've got You know inflammation they've they've got the accumulation of biologics and they have elevated building
Thank you for your question.
The next question is from the line of Ed RC with HC lane right your lines now open
Hi everyone, thanks for taking my questions. Appreciate it. A few for me. First, you mentioned earlier.
There were or have been since launch about 20% of patients diagnosed and addressable have received with Marley. I just wondered if you could discuss.
The difference between that and actual market share now, given there's some that I would imagine some small numbers have cycled on or off, is that pretty close to market share? And if not, what are the...
the differences there. Secondly, wondering about PFIC, when you would expect to get the NDA acceptance letter and PDUFA date there. Then lastly, just thinking about Brian C SNAP is Sindhi duck Lake with an oilyculture?
the cadence of the three readouts later this year, two in the second half and one in the middle of the year. I'm just wondering if you could perhaps delineate a little more precisely what kind of gaps in between those.
we could expect or if maybe a couple are expected pretty close. Thanks so much.
Thanks for the question. The first one looking at market share.
We continue to, for the US business, to really just highlight that these are real dispenses in that revenue number. So you can look at those numbers as pretty direct, very direct patient volume being dispensed real demand. So you can get a sense of that number just by looking at the US net revenue number.
In terms of some of the milestone timing items, PDUCA data assignment is typically about two months after submission, so expect that to be in the next month or so based on when we submitted the PSYCH SMDA. And then on the other clinical endpoints, or clinical readouts.
Don't really have any further color to get more precise than mid-year in the two and a half.
Thanks so much. Thanks for the question.
Thank you for your question. The final question is from the line of Yasmeen Rahimi with Piper Sambler. Your line is now open.
Good afternoon, team. Before I start my questions, just wanted to say thank you, Ian, and we will greatly miss you. Maybe this might be our last call to be going to be hosting with us, so we'll see the best of luck and thank you again for everything. Definitely on behalf of all of us. Yes, I appreciate that.
I really wanted to say that. And then in regards to my questions, obviously a lot of investors are eagerly awaiting follow-backs about readouts. I think a fundamental question that comes up is what's going to be the translation. So obviously we get the news that in PSC you can move forward and be into the pivotal study like.
Can you maybe help us understand sort of how much that de-risked the PBC opportunity and also what that means for you to put more dollars and more into continuing to really be behind all of that?
That's sort of my question for you guys, and thank you again.
Thank you for asking the question. I'll have a couple of comments and pass over to Pam to talk a little bit about.
the enterums and how it relates to the final data. But I think the thing I'd say at the outset is there is really strong proof of concept for IVAT in both of these indications already.
Some great clinical data from the Merril Ixobat program and PFC showing that you can reduce bile acids and pureitis in patients that have elevations coming in, so the patient population that's in this study. So I think we already have really strong clinical derisking of...
knowing that an IVAP can be active in these settings on these endpoints. And Pam can speak a little bit to the specifics of the study design and what the neurons mean. Yeah, thanks, yes, for the question. So just to add on to what Chris was saying, in our own PSC experience, we've seen that patients who have moderate tentative arthritis, and this is in and out of my book study that.
with 70% itch reduction and almost 50% serine bile acid reduction in that population. So again, showing that we know what this mechanism can do in this disease and frankly also seeing an allergen on Tfik across cold static diseases. Now as we look to our statistical assumptions for the studies in the interim...
patients have reached week 12. So that means some of the patients will be at 24, some will be beyond, but all patients will have reached week 12.
And this is a really great way for us to look at observational differences, and that will help us assess if we're on the right track for the final analysis. The interim is not powered for significance by design.
but it allows us to determine if we're in the zone for a positive final analysis. And a couple of notes on our kind of confidence in the way that we've conducted the design or that we've set up the design is that the linear risk of that data in PBC showed...
So we think given our dose, given our assumptions, given the number of patients we have, we're really confident about our assumptions and may even be overpowered. Thank you so much, Pam. That was extremely helpful. Yes, that was extremely helpful. Thank you, Pam.
Thanks for your question. Thank you for your question. There are no additional questions waiting at this time, so I'll pass the conference back to Chris for any closing remarks. Great, thank you, operator. I just want to say thanks again to everyone for joining today's call and hope you have a great day. Goodbye.
That concludes the conference call. Thank you for your participation. You may now disconnect your lines.