Q2 2023 Corvus Pharmaceuticals Inc Earnings Call
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Thank you for standing by this is the conference operator, welcome to the Corvus Pharmaceuticals second quarter 2023 conference call.
As a reminder, all participants are in listen only mode and the conference is being recorded.
After the presentation, there will be an opportunity to ask questions to.
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I would now like to turn the conference over to Zack Cooper of real chemistry.
Go ahead.
Thank you operator, and good afternoon, everyone. Thanks for joining us for the Corvus Pharmaceuticals second quarter, 2000, Twenty's business update and financial results Conference call.
On the call to discuss the results and business updates are Richard Miller, Chief Executive Officer Lately, Chief Financial Officer, James Rosenbaum, Senior Vice President of research and Ben Jones, Senior Vice President of regulatory and pharmaceutical Sciences.
The executive team will open the call with prepared remarks, followed by a question and answer period.
I would like to remind everyone that comments made by management today and answers to questions will include forward looking statements.
Forward looking statements are based on estimates and assumptions as of today and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by those statements, including the risks and uncertainties as described and of course its quarterly report on Form 10-Q, which was filed today with the SEC and other.
Filings the company makes with the SEC from time to time.
Company undertakes no obligation to publicly update or revise any forward looking statements, except as required by law.
With that I'd like to turn the call over twice.
Thank you Zack.
I'll begin with a quick overview of our second quarter of 2023 financials, and then turn the call over to Richard for a business update.
Research and development expenses in the second quarter 2023 totaled $4 million compared to $4 9 million for the same period in 2022. The decrease of <unk> 9 million was primarily related to lower clinical trial and manufacturing costs associated with the development of a dull mab hour.
After you see the 73 antibody.
The net loss for the second quarter, 2023 was $6 $5 million, including a $1.3 million noncash.
Noncash loss related to Angel Pharmaceuticals, our partner in China. This compares to a net loss of $8 $4 million for the same period in 2022, which included a $1 6 million noncash loss related to Angel pharmaceuticals.
Total stock compensation expense for the second quarter, 2023 was <unk> $5 million compared to $7 million for the same period in 2022.
Yeah.
As of June 32023, Corvus had cash cash equivalents and.
And marketable securities totaling $37 million as compared to $42 $3 million at December 31, 2022.
Okay.
During the quarter the company sold approximately two 3 million shares of its common stock through its at the market program for net proceeds of $7 $5 million.
Looking forward, we now expect full year 2023, net cash used in operating activities to be between $20 million and $22 million, resulting in a projected cash balance of between $28 million and $30 million as of December 31 2023.
As stated last quarter, we continued to prudently manage our cash burn rate by focusing on our most promising opportunities and establishing collaborations that help support the development of our product candidates based upon this trend and are focused on so call. It ethnic formerly.
Formerly CPI 818, we believe our cash will provide runway into the second half of 2024.
I will now turn the call over to Richard who will discuss our clinical progress and elaborate on our strategy and plans.
Thank you Leif and good afternoon, everyone.
Thank you for joining us today for our business update call. We continue to focus on the significant opportunity to develop so correlate to nib, our selective ITK inhibitor as a potential novel approach for cancer immunotherapy.
The last few months, we achieved several key advancements that further increased our confidence and broader interest and so call it mid including ongoing enrollment in our phase one one b trial in peripheral T cell lymphoma, and presenting additional data from that trial at a major internet.
National lymphoma meeting.
Publication of a very comprehensive article in bio archive on the chemical properties immunologic function and mechanism of action of so-called witness in preclinical models of hematologic and solid tumors.
Third submission of our data package for an upcoming meeting in the third quarter with FDA to discuss our registration strategy and proposed phase III trial for Socal Internet in relapsed peripheral T cell lymphoma or P. T C L.
And we remain on track to initiate our phase III trial by the end of the year and plan to start a mono therapy solid tumor study within the next several months.
In addition, we are accumulating exciting new data with sypher admins are adenosine <unk> receptor inhibitor recent highlights from this program include completion of the phase <unk> portion of the phase one B two trial conducted by the kidney cancer consortium with advancement into the phase II portion.
Of this study in front line therapy of renal cell cancer in combination with it would be looming mab and Napoleon Mab initial data from this trial isn't anticipated by the end of the year.
Second presentation at the Japan Cancer Association AACE, our joint meeting on the mechanism of action of <unk> and its effects on myeloid T cell interactions.
Now I will share more of the details on our progress with so called <unk> and was set for Adnan.
We continue to strengthen the scientific and clinical foundation for the potential use of so-called witness in cancer immunotherapy, and importantly are progressing towards a potential registration phase III randomized trial for T cell lymphoma.
Briefly we feel so politically it is a very special medicine because of the following attributes number one the ability to inhibit a precisely defined very specific molecular target the kinase enzyme ITK with no other known significant off target effects.
Too early clinical data has demonstrated multi pronged effects on the immune system through its modulation of T cell differentiation three in the clinic, we have shown monotherapy antitumor activity with durable responses and very sick patients along with an attractive safety profile.
With chronic dosing.
We view so call it in it as a potential novel approach to cancer immunotherapy that is distinct from checkpoint inhibitors and with the potential to complement our synergize with checkpoint blockade.
We believe sokol at Nib as first in class as it is the most advanced and selective ITK inhibitor in development. It has an initial opportunity to be an important new treatment option for patients with relapsed P. T. C. L. And also represents a platform opportunity across a broad range of cancers and immune.
Diseases.
We remain on track to meet with the FDA this quarter to discuss our proposed phase III study, we anticipate that the study would be a randomized trial of approximately 150 total patients comparing so-called nib mono therapy to standard of care chemotherapy agents.
The planned primary endpoint is progression free survival.
Study also will include an interim analysis.
Assuming our meeting with FDA will be successful we plan to initiate the phase III trial before the end of the year and we have begun recruitment of potential trial sites and investigators.
We anticipate up to 40 centers internationally. So far we haven't listed premier academic and private centers that are preeminent leaders in the lymphoma field.
Our principal investigator is a leader in the field and has published extensively and conducted phase III studies in T cell lymphoma.
The most recent interim data on so call it and it was presented at the International conference on malignant lymphoma in June .
We reported that as of May 18, 2023, a total of 30 patients were enrolled in the phase <unk> clinical trial in patients with relapsed T cell lymphoma at the optimum 200 milligram two times, a day dose, including 20 patients Evaluable for response.
To briefly recap added the 20 Evaluable patients there were three complete responses and three partial responses with with one of these partial responses demonstrating continued regression of tumor.
The findings show that for patients with an absolute lymphocyte count where ALC above 900 per cubic milliliter of blood objective responses were seen in six of 14 patients with disease control in 12 of 14 patients.
Correlative Laboratory studies on blood and tumor tissue confirmed the mechanism of action showing increased the infiltration of tumors with cytotoxic T cells with increased side, a little capacity and reduction of T cell exhaustion markers.
We are encouraged by the clinical and lab results and continue to enroll patients in the study.
We have submitted an abstract for the Ash annual meeting in December where we plan to present additional information on this trial.
Further interest in our trial has been generated by the recent publication of preclinical data on so called it may have been by archive, which highlighted the selective inhibition of ITK to enhance antitumor immune response to hematologic and solid tumors through a novel mechanism of action.
Key takeaways from the public publication or that so call. It one is a covalent irreversible inhibitor that selectively binds to and inhibits ITK function.
While sparing other closely related kinases, including resting lymphocyte kinase or R. L. K.
Two it leads to activation of cytotoxic killer cells in increasing infiltration of T cells into tumors and three it reduces and reverses T cell exhaustion, resulting in a more potent and prolonged immune response.
The effects on T cell exhaustion were unanticipated and address a major limitation of current immune based therapies T cell exhaustion, often is a major cause of resistance to immune checkpoint therapy as well as car T cell therapies. We also found that so-called Nip inhibitor.
<unk> T cell function and the production of tht cytokines, leading to th one skewing in the production of interferon gamma and tumor necrosis factor, which are important cytokines in tumor rejection.
The publication showed Socal, then nib led to in vivo anti tumor activity in several mouse tumor models, including colon renal melanoma, B and T cell tumors.
Given its multi pronged effects, we anticipate so call. It nib will have monotherapy activity as well as complement or synergize with other immune therapies, such as checkpoint inhibitors.
We're excited by the mechanism studies and results described in the bio archive publication and we are planning to initiate clinical studies to evaluate the ability of single agent. So call. It nib to enhance immune responses to solid tumors. A protocol has now been developed and are first.
Indication will be in renal cell cancer patients in first or second relapse following frontline checkpoint inhibitor therapy.
The primary objective of this study will be to evaluate antitumor activity we.
We have several reasons for starting with renal cell cancer to establish proof of principle and we are planning for other solid tumors as well the.
The kidney cancer Research consortium has expressed strong interest in so-called at Nib and will lead this trial.
Finally, we continue to develop our ITK inhibitor platform for potential use in autoimmune diseases based on the findings that socal at nib inhibits th, two and th 17 function and Theyre secreted cytokines.
These cytokines play a crucial role in many inflammatory diseases. So this approach represents a new idea in the treatment of immune diseases, such as atopic dermatitis asthma fibrosis and many other autoimmune allergic diseases.
We plan to publish preclinical data on the activity of so-called at nib in autoimmune and allergic diseases soon.
Turning to our partner led programs the kidney cancer Research consortium is currently enrolling patients in a phase <unk> clinical trial evaluating sephora dented, our adenosine <unk> receptor inhibitor as a potential first line therapy for metastatic renal cell cancer in combination.
With Loopnet and Nevada Mab.
The phase one safety portion of the trial has been successfully completed and patients are currently being enrolled in the phase II portion of the trial with no changing dosing.
The clinical trial is expected to enroll up to 60 patients and based on current timelines. We anticipate initial interim data before the end of 2023.
You may recall that this study is based on our 2018 publication showing that the showing that the anti <unk> four antibody and anti <unk> four antibody whats the best agent to combine with Sephora admins or other <unk> agonists.
In June our team presented new preclinical data for <unk> at the Japanese Cancer Association and American Association for Cancer Research precision cancer Medicine International Conference.
The presentation highlighted data supporting the synergy between <unk> and immune checkpoint blockade leading to a pro inflammatory response the damage. The data demonstrated the involvement of myeloid cells and that the combination of sypher adamant with immune checkpoint blockade.
It leads to production of th one help ourselves that promoted the production of several pro inflammatory cytokines.
This confirms our published earlier work in human clinical trials that found a myeloid gene expression signature signature as a biomarker for response. This biomarker called the adenosine gene signature is based on measuring the expression of eight myeloid genes.
We are encouraged by this preclinical data and look forward to sharing updates on our clinical trial by the end of the year.
<unk> our partner Angel Pharmaceuticals is continuing to enroll patients in our phase <unk> clinical trial in China with <unk> alone and together with timber Iliza mab in patients with non small cell lung cancer, and head and neck squamous cell cancers.
We made significant progress executing on our strategic initiatives in the second quarter of 2023.
We remain focused on advancing ITK inhibition as a new approach to immunotherapy and look to extend the opportunity beyond lymphomas to a broad range of solid cancers and immune diseases.
We have a number of key upcoming milestones for our clinical programs, which include continued enrollment in our phase <unk> trial of so-called at Nib meeting with the FDA this quarter to discuss a registration phase III trial initiation of the phase one solid tumor monotherapy study of so called <unk> and <unk>.
Data from the <unk> phase two trial in frontline metastatic renal cell cancer.
Our programs provide us multiple opportunities to address significant patient needs in cancer and immune diseases. The.
So multiple shots on goal give us significant optionality and the potential to efficiently build value for our shareholders.
In closing, we look forward to providing updates on our programs in the coming quarters I will now turn the call over to the operator for Q&A.
Operator.
Thank you we will now begin the question and answer session to join the question queue. You May Press Star then one on your telephone keypad, you'll hear a tone acknowledging your request.
If you are using a speakerphone please pick up your handset before pressing any keys.
To withdraw your question. Please press Star then two we will pause for a moment of callers join the queue.
Our first question comes from Roger song with Jefferies. Please go ahead.
Great. Thanks.
Thanks for taking the question and.
Congrats for the all the progress.
Maybe a couple of questions from us a rich so the first one for the the new data from the phase one B a y.
So Clinton nib.
The at Ash, So what should we expect to see inch since of you know the.
Patient number a follow up or any other new data points, you will draw our attention to you to see at ash. Thank you.
So the Ash abstracts, just one in a few days ago as you know.
And Ash meeting is not until December so that's quite a ways away I think that will update the data that we have at that time.
Which I would think would be another 10 to 20 patients over what we reported on may 18th.
So doing a lot more of.
I would say the laboratory correlative work, which helps us not only for T cell lymphoma, but for solid tumors as well.
We will we'll likely update the street before ash on the progress of our phase one B trial, but I just mentioned the ash meeting is something that most people know about so we've been giving updates are obviously very frequently at meetings and during these calls so we will continue to do that.
But ash meeting as a for sure meeting for us.
Yeah.
Excellent. Thank you.
And then so in terms of the Stifel.
At the end of the year, you also will have to face to face to RCC data.
And a question so what should we expect from there.
You know, what particularly I won't be to the potential next step after the data.
Well Roger I'm glad you asked that question because I.
It gives me a chance to remind people that the.
The CFO trial is sephora, Dan into a small molecule oral <unk> antagonist.
Is being combined with <unk> in first line renal cell cancer.
Now the reason for combining it with <unk>.
Is two fold one is <unk> is showing in renal cell cancer, a plateau on the curve on the PFS curves.
Our early on the PD ones seem to be better, but there seems to be more durable longer term remissions with <unk> containing regimens. So we and others are interested to see if we can increase the plateau on those curves in other words, maybe cure more people.
So that was that's one reason the second reason that we're excited about this program.
Program is that we showed and we now have very very consistent data on this that the best agent to combine with a with an adenosine antagonist and <unk> antagonist is not an anti PD, one, but an anti <unk> four and I don't have time to go into the science behind that now, but it's pretty.
Pretty straightforward I would say.
<unk> is the best agent scientifically and our animal data published in 2018 showed that.
So.
The.
The trial that we're doing in frontline.
Although an open it is an open label study.
Study doesn't have a concomitant control, but we know very well work that's been done from MD, Anderson and Vanderbilt and other sites.
That if you use as a response criteria, what's called deep response, which which.
Is complete responses plus partial responses that are more than 50% tumor regression.
So called deep responses correlate really well with PSS and in a couple of different trials deep response rate with <unk>, 32%.
So that's the number we're looking to be.
And I suspect that by the end of the year.
I don't know, we will probably have 2030 patients with some follow up in that category.
No.
Who have been treated and followed long enough to make that determination.
Action makes sense rich.
Yeah, absolutely yeah, that's it thank you.
The next question comes from Adrian who is enough with Ladenburg. Please go ahead.
Hi, good afternoon, everyone.
Thank you for taking the questions and congratulations on the progress this quarter.
So a couple of questions from me. So you plan to meet with the FDA This quarter, which is within next several weeks.
And the latest phase <unk> data for <unk> It was cut.
Auto was May 18, so it's almost three months.
From now.
And the kind of data that you are going to share but at that meeting.
Is it just the data before cutoff date of May 18, or there will be something more than that because some time passed all of that and you probably have some more.
Responders or non responders, so I'm just curious.
If you are going to share with the FDA.
And the data that we're that's in our package that's been submitted to FDA.
<unk> pretty much the data to may 18th I'm, not sure exactly Michael accrete as beyond that but not very much that package goes in significantly in advance but this package contains.
Data at all of the dose levels recall that what we presented on May 18th was the 200 milligram dose are optimum dose.
We've shared with FDA now the entire study.
Safety.
Efficacy the follow up.
Pharmacokinetics.
Biomarker data.
Basically everything.
As well as our plans for phase III as well as our plans for subsequent studies there are still some other preclinical studies that we would have to do.
So that's what's in that package I mean, thats all pretty standard.
Okay understood.
Alright, so given so-called Loopnet mechanism of action and given that this is actually independent of checkpoint inhibition would you how would you evaluate the possibility of future use of so-called Loopnet ahead of PD, one PDL, one if it's approved and sort.
No.
I'll follow on studies hold on sort of use in the future.
So our initial intent of course is the studied as a single agent.
And we're studying it in renal cell cancer patients.
For a variety of reasons.
Number one renal is renal is typically thought of as an immune responsive tumor.
And these patients are all going to get a PD one upfront and then they're going to relapse. So we're going to get a chance to study mono therapy with so-called isn't it in patients who have failed the PD, one who have relapsed and so we'll be able to look at reasons for their failure to PD, one and whether or not our mono therapy could rescue that so we'll learn a lot from that there'll be a bunch.
Biopsy is incorporated into that now.
So the way our protocol the way this protocol on discussing as written.
If a patient when a patient progresses on our mono therapy.
We can add a PD one to it now there's good rationale to use of PD, one together with <unk>.
The rationale is multifold number one there are independent mechanism of actions they have different effects on the immune system.
Number two.
Exhaustion seems to be increasingly identified as a major mechanism of resistance to PD. One so on the ITK inhibitor seems to prevent or reverse exhaustion and we're getting a much better understanding of that it's.
We think thats due to reduction of.
<unk> T cell receptor signaling.
Isn't that we've been studying at and T cell lymphoma, and and T. Someone former as a mono therapy, we see tumors regress, we see large tumors regress, we see them stay away for a long time, and it's not because itk's and the tumor it's because of the effect on the host immune response, so what we're seeing in T sell them for.
Homer, we believe will be directly transferable to our work in solid tumors.
Is that clear.
Understood Yeah, that's good, but but but do you think that it is it is possible at all that's so cool it and they will be used ahead of <unk> in the future.
I think that's possible.
I think that's possible.
I mean, I could see a scenario, where you want to increase the T cells that migrate into the tumor and then you wanted to add a P. D. One two perhaps prevent any negative P. D. One PDL one interaction I think that's possible.
In terms of the sequence of the drugs. That's something we're now we're now actually testing in animal models.
Mmk that's available.
Are you are you aware of any other sort of earlier stage competitors developing <unk> inhibitors for either hemo or soldiers.
I am not aware of any other ITK inhibitor, that's in clinical trials.
There have been and I'm glad you asked this question because there's a lot of confusion out there there have been shortly after my team developed Ibrutinib, which cross-react with ITK. There were many people, who said Oh, there's ITK inhibitors, and so forth and so on so a lot of people were claiming that oh, they got drugs that block ITK, but that's not.
That's not the issue or that's not the challenge the challenge is to make an ITK inhibitor that doesn't hit any of those other <unk> that are involved in T cell differentiation. The important one being RL K arresting lymphocyte Chinese to my knowledge I don't know if any any ITK.
<unk> inhibitor that hits.
Only ITK and does not hit RL K or any of the other closely related so for example, ibrutinib.
Does hit ITK weekly, but it hits RL K really hard [laughter]. So that's no. Good you don't want that so bottom line is I believe that so-called nib is unique and what's unique about it is the specificity for ITK and despairing of the other <unk>.
<unk>, specifically RL K.
That didn't happen by accident, that's what the Corvus team set out to do when the company was founded that was the strategy. We wanted to make an ITK inhibitor that was selective, especially with respect to RL K.
That's that's a very challenging.
That's a very challenging chemical problem, but we were successful doing it now the reason that was our objective is because of genetic studies that were done in mice 20 years ago, showing that if if you selectively specifically knockout ITK you get this th.
To blockade in th, one skewing, which leads to greater antitumor activity. So.
Our our objective was a result of very selective genetic studies done a couple of decades ago, we were able to make the.
Selectivity and of course, an hour are moving it advancing it in clinical trials. The reason we started in T cell lymphoma was because it K as in T cell lymphomas that gave us an easy way to look at occupancy of the target and the tumor and so forth and so on.
And are also at the time, we started we didn't have as much information about solid tumors, but really there's no reason to think that the mechanism of action is restricted to T cell malignancies, having said that T. Some malignancies, a good place to start.
It's obviously, an unmet need endpoints, especially in the real upsetting occur quickly on the order of months a few months.
So for competitive reasons for clinical trial of reasons.
It's a good place to start and we learned a lot about the biology of ITK, we're able to.
I believe get some good intellectual property around not only are drug but methods of use and I think that we're in really good position now from a competitive standpoint, because we have really staked out a pretty significant territory in this space.
Thank you and thank God. This is super helpful. Just one last question for me. This is more like a general question would you consider selling your angel pharmaceutical state <unk> capital and to be able to focus on the <unk> on the U S business and if you do how much will devalue that snake.
And Angel Pharmaceuticals.
First of all I want to start by saying, we love Angel Pharmaceuticals, we are a great collaboration and they are doing some great work over there and it's certainly been a synergistic relationship.
I mean, we.
We considered yes of course, we would consider.
Monetizing Angel in some way if that became necessary and if the terms were favorable in.
In fact that was one of the strategies for starting Angel way back when you know a couple of years ago. When we started at the reasons. We did angel were to facilitate our global development to tap into rapidly emerging markets in China to accelerate clinical development et cetera, et cetera, but it also gave us another.
If you will financing vehicle if necessary. So yes, we could do that by the way, we only 49% of the stock and Angel.
And so yes, we would consider that.
But.
And how would we value it well I would value it a lot more than most folks are button.
But.
The the valuation of Angel when it was started.
The company raised $41 million from <unk>.
Some Chinese biotech pharma companies as well as some individuals.
$41 million and had a post money valuation of roughly $110 million and that was two years ago since that since that time point Angel now has 30 employees roughly.
A laboratory facility.
And two two clinical trials with.
Both.
Our ITK inhibitor in with <unk> going on so we think it's a lot more valuable today than it was two years ago.
Got it. Thank you thanks, so much.
For all the responses congratulations on the Kroger's on we'll look forward to the updates.
Thank you again.
The next question comes from Lee what sank with Cantor Fitzgerald. Please go ahead.
Hi, there this is Rosemary Lee.
Thank you so much for taking our questions. So Forrest Oakland and T. C L or would you be able to clarify if the meeting with the F. D. A has been scheduled if they are getting steps and if you have a plan to communicate feedback to the street.
Rosemary the meeting has been scheduled a data package has been submitted and yes, we would plan to give feedback to the street.
Okay. Thank you and then very quickly for your plan in solid tumors are you going to do any biomarkers selection like you're doing for tcl or you're going to start off Bradley.
I think we'll start off broadly.
We don't have ALC built into the protocol as it is currently developed.
Currently being developed I don't think that's going to be an issue, though because most of their patients. This a different disease or the starting disease will be renal cell cancer in first or second relapse. Those patients are pretty immuno competent that's that's a lot different than our lymphoma patients who are incredibly suppressed.
It's a very different kind of population, which is which is a very good point you are making.
Got it. Thank you so much that's it for us.
Once again, if you have a question please press star one.
The next question comes from Jeff Jones with Oppenheimer.
Please go ahead.
Thank you and congratulations on the quarter skies.
Just two two questions for me how much cash do you anticipate you'll need to complete the phase three study is designed.
And then can you share your current thinking on additional indications for the I T K program, but in auto immune an allergy and how you're thinking about this.
Thank you Jeff.
Okay two questions, let's start with the financial one let me have Leif are CFO answer that Jeff.
Jeff.
Trial is designed is about 150 patients randomized trial.
And we project to.
Conducted in about 440 centers internationally.
The total cost of the trial ourselves maybe $20 million.
Take about two years to two years to enroll.
And complete.
Thanks.
Okay.
And in terms of autoimmunity, an allergy Jeff.
Jeff we are very much.
Into that.
We are continuing to pursue various animal models.
We actually have a protocol for atopic dermatitis.
That's being lined up probably wouldn't start that until early next year.
There is.
Is a entire second and third generation program, we have going on where we're developing other ITK inhibitors.
With similar selectivity, but with more propensity to effect, let's say th two versus th 17, or or th. One we have some ideas that we could <unk>.
<unk>, even better compounds for allergy and of course, we're also trying to deal with the issue of not wanting to have a cancer drug and an allergy and autoimmune drug.
We are <unk>, we are aware and concerned about those pricing issues.
But we think that given given the technology and given the chemistry that we've established that we can make.
Drugs ITK inhibitors with more desired features especially directed towards auto immunity.
Particularly directed towards autoimmunity, so that's sort of our strategy, but listen I mean, as you well know.
With a potential upcoming phase three trial are ongoing surfer Adnan study solid tumors study.
<unk> being done by Angel we have.
We have a lot on our plate right now there's no question that if we had more resources we'd be in the clinic with allergy right now allergy and order me right now no question about that but we just think that the cancer indications, especially for us given that that's our expertise we feel that that's.
You know.
A better investment for us.
At this great really appreciate the color guys.
Thank you Jeff.
Alright, I Oh, sorry go ahead.
That's okay I say, we have no more questions first of all I. Thank everyone for participating in this call. We look forward to updating you on future developments in our in our upcoming calls. Thank you very much everyone.
Okay concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
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