Q3 2023 Movano Inc Earnings Call

Yeah.

Hello, and welcome to the mobile Arnold to Nevada Health third quarter 2023 earnings call I'd like to remind everyone that this call is being recorded and a replay of the call will be available on mobile DAU helps website IR dot Murano Dot com I would now like to hand, the conference over to Jay Kogan, Novato Health Chief Financial Officer.

Thanks, operator, good afternoon, everyone and good morning, everyone. Thank you for joining us today are CEO, Jon message Taro will open today's call with prepared remarks about the progress we've made during the third quarter of 2023 and in recent weeks, our Chief Marketing Officer, Taylor Zucker will join us to give an update on the upcoming.

Watch it either rank.

And afterward, I'll cover the highlights of our quarterly operating results and provide perspective on our financial position I Finally, Mcdonald House, founder and Chief Technology Officer, Michael Leaping.

And our vice President of product strategy, Stacy Salve will join John Tyler and me for the Q&A.

But vinyl health issue two news releases earlier today detailing both our third quarter financial results and the results of the $3 6 million dollar underwritten public offering of $4 2 million shares of the company's common stock.

These releases and today's presentation are available on our website at move on Oh health Dot com.

Before we begin I'd like to remind everyone that we will make forward looking statements. During today's call are based on our current expectations whether in prepared remarks or during the Q&A session. These forward looking statements are subject to inherent risks and uncertainties and actual results may be materially different from such statements. These risks and uncertainties are detailed in the risk factors set.

<unk>.

Filings with the Securities and Exchange Commission, specifically in the company's forms 10-Q and 10-K.

Except as otherwise required by federal Securities laws, Marrano health disclaims any obligation to update or make revisions to such forward looking statements contained herein or elsewhere to reflect changes and expectations with regards to those events conditions and circumstances now I'd like to turn the call over to our CEO John message Taro.

Thank you Jay welcome everyone. Thank you for joining us from our Battle Health third quarter earnings call.

But less than one week away from the launch of the E. B ring, which is the culmination of more than two years of research innovation and dedication.

Our first product represents a major milestone in our company's evolution underscoring our commitment to empowering women to take ownership up their health journey through thoughtful product design with accurate data and meaningful insights.

During today's call, we will share more about how we prepared can eat the small man and our strategic approach to marketing the EV brain to consumers through the holiday season and into the new year. In addition, we will update you on our FDA submission, which has the potential to unlock a significant enterprise opportunity with partners.

Cross health care, and we'll dive deeper into our blood pressure and glucose initiative, where we've made significant progress following our most recent blood pressure clinical trial.

The E V ring, an app that's been fully developed and we have been focused on testing the complete solution to ensure the experience is smooth from the outset.

The company's manufacturing partner is online and production processes are in place. We believe we've set the stage for the successful introduction of EV entered the market and are excited to embark on this new phase of our journey as we shift from pre revenue.

Revenue generating company.

Timing for such a product couldn't be better with increased interest in medical grade technologies for home use and a strong focus on women's health and empowerment.

Beginning November 20th.

Customers will be able to place an order for the E V ring exclusively through our web site for $269 and no additional subscription fees well acre site with five to 12.

Comedy most women's fingers and customers can use our complementary sizing kit to find the right fit we expect to begin shipping range to customers before the end of the year. The ring will initially be available to customers in the United States with iOS devices, we are prioritizing the development of our Android App.

Which we plan to launch in early 2024.

With its unique design and sticky App features we believe that E. D ring holds immense potential for our company, our shareholders and the health and wellness of our future customers. The EDI ring provides trusted health information for every woman at every stage it combines comfort and portability of the rang the design of Butte.

Jewelry and a suite of advanced sensors. It uses the PPG sensor a skin temperature sensor in an accelerometer sensors.

Sensor suite enables the tracking of key health and wellness metrics, you would expect from a wearable.

Sleep stages heart rate heart rate variability respiration rate S. T O two and activity metrics, including steps active minutes and calories burned.

Companion App enables the logging and estimation of period, and ambulation menstrual symptoms mood and workouts.

Rather than scoring activity or fitness performance E. B focuses on identifying trends the E. D. Affluence passively collected body of data with easily lodge moods symptoms and circumstances and transforms it into actionable insights that are delivered into the apps notification center.

Longer that user, whereas the rang and engages with the app the more meaningful our health insights become this goes beyond a quantitative improvement. It includes a qualitative understanding of their body that helps users modify their behavior and we're equipped them with context here with their doctors.

We know a good day looks different for everyone and people have varying health goals. So the center of gravity in the App called Daily summary is the personal like you up how steps active minutes calories burned sleep mood and menstrual symptoms logging come together to complete a healthy day base.

On the user's unique goals. The App has a spot check feature enabling users to perform live on demand reviews, apart right and S. P. O two levels at any time to provide a baseline understanding of their health.

As you know we submitted our five 10-K application for the F. D. H E. B ranks pulse oximetry feature earlier. This year, we have since received a letter from the FDA asking us to respond to questions and provide additional information in a few different areas. Their requests are in line with our expectations and we don't believe.

Theres anything preventing us from continuing to pursue FDA clearance. The FDA has been very collaborative throughout the process and we continue the dialogue with the agency to ensure we're in sync.

We're aiming to formally replied that their letter in Q1 of 'twenty 'twenty four and we'll communicate next steps from there.

With respect to <unk> partnership opportunities, we're in the midst of a multi week testing program with a major health insurer and a leading remote patient monitoring company. We continue to explore new channels and partnerships to expand our reach and drive continued growth, we expect <unk> to be partnership opportunities to ramp up now.

Our final rig in App solution is developed.

Our product launch will be accompanied by a comprehensive marketing campaign that emphasizes E. These unique value proposition. We believe this will be instrumental in our successful market entry.

I'll turn the call over to our CMO Tyler broker to update you on the marketing plans for our launch.

Thanks, John it's an exciting time over here on the marketing side of the business as we're just days away from launch over the last quarter. We've continued to grow our highly engaged community and build anticipation for the rain.

Currently in the prelaunch phase of our marketing campaign, where the goals are to educate consumers across our key segments about what and who we are drive awareness and build excitement for the brand.

We announced our order date at the end of October which was very well received across all our channels with consumers responding at a high rate to our email and social policy. The majority asking how they could purchase the rain.

We also launched our new commercial website on November the sixth which was in development for many months and offers a detailed block the female first features and benefits and easy solution.

It also gives customers an interactive way to engage in the experience prior to purchase I encourage you to take a look after the call and easier in Dot com.

We've received over 200000 site visits since we launched our website and we expect this number to grow significantly once we open orders next week.

Our teaser campaign is now live across paid and organic channels designed to drive curiosity and top of funnel site traffic, we have targeted static and video creative assets that showcase the rank and highlights the benefits reminding you. The order soon if you are already aware and giving you a clear introductory message. If this is your first impression of the brand.

Once orders opened on November 20th will enter into phase two of our marketing campaign, which is where we harvest our engage leaves less of over 120000 consumers and drive new conversion and traffic to the site throughout the Q4 holiday shopping period during.

During this phase we will launch our full brand campaign and introduce new creative each of our segments as well as a new channel product reviews and Influencer content.

Post lunch will be laser focused on customer data and performance analytics will be constantly AB testing, our messaging and creative to gain a better understanding of our target segment, we'll be looking to drive efficiency with our marketing dollars and improve our conversion rate. This data driven approach will allow us to make real time adjustments and optimize our campaign for maximum reach and engagement.

In addition to our marketing campaign, we are continuing to release content for our community from a variety of contributors, including our first white paper written by Crystal House out her ph D and titled Women in Biometrics harnessing the potential of gender specific health and wellness data. This focuses on the impact of gender differences on health and wellness and not only establishes us as a thought.

Later in the wearable space, but also substantiates the need for London first wearable.

We have very strong open rate of the paper of over 30% and over 3000 members of our community click through which is a solid indicator of interest for what we're creating and sharing.

We're also deep into preparations for our first exhibition at this year's consumer electronics show will be on the floor at the Las Vegas Convention Center in January was our first real physical showcase and therefore any question, we'll be giving media potential partners and other attendees the opportunity to size try on purchased EZ rang and we'll be announcing new features planned for 2024.

Well also be participating at CES unveiled the official media event at CES to increase our exposure and opportunity for media coverage.

Finally, I wanted to touch on our customer service plans because as with all direct to consumer businesses. This is the first touch point for our users and is key to building brand loyalty and advocacy, we're taking a customer centric approach to all our communications and excellent customer service will be instrumental in driving brand loyalty customer feedback will be invaluable to our marketing efforts as we continue to evolve.

And we will actively engage with our customers listen to their experiences and use this information to fine tune, our messaging and our content play.

There's a lot to look forward to on the marketing front and we are in great shape for a launch next Monday and with that I'd like to turn it back to John.

Thanks Tyler.

We're gearing up to launch the E. D. Rang. We're also continuing to build a high value health care solutions roadmap, including research and development toward Cutlass blood pressure and noninvasive glucose monitoring solutions as.

As we mentioned earlier, we've had a significant breakthrough in our ongoing initiative to develop a cutlass blood pressure wearable device and with this breakthrough we've taken a major step forward on the path to commercialization.

So more work to do but we believe it is important to highlight the significant progress here.

During the third quarter, we completed a 44 person institutional review board approved blood pressure trial at our clinical lab to assess the accuracy of our four by $6 seven millimeter system.

I'm on a chip and prototype our solution demonstrated a level of accuracy within the standards recognized by the FDA for blood pressure monitoring devices. We're incredibly excited about the results of the trial and believe this is a substantial step forward in realizing our vision of commercializing.

A cop with Iraq enabled blood pressure wearable medical device.

The success of this study can largely be attributed to our proprietary system on a chip we.

We have invested more than five years building the system on a chip from the ground up and.

In an effort to achieve an unprecedented level of precision and wearable health monitoring after shrinking our multi chip architecture from for integrated circuits into a single IC in mid 2022, we began using the RF powered system on a chip and clinical studies this year.

As a result, we're seeing much cleaner signals in a material improvement in the accuracy of our blood pressure measurements in terms of next steps, we'll start configuring our prototype into a form factor suitable for a commercial product. Its compact size gives us the flexibility to add the chip you are ring.

Our risk borne form factors.

We'll also conduct additional clinical trials, both in house and with third party investigators.

Studies will include a multi week study to determine whether periodic calibration as required and will be helpful. In refining our AI models on an individual patient basis, beginning in the fourth quarter of 2023.

Following the completion of this longitudinal study we intend to conduct a pivotal trial for our five 10-K submission to the FDA.

This development is especially important for the health care industry. When you consider the scale of hypertension and lack of day to day technology for consumers to continuously monitor blood pressure. According to the American Heart Association high blood pressure affects half of Americans age 20 years and older or more than 100.

And 22 million people.

That'll help cutting edge technology has the potential to seamlessly fit into our consumers' lives and improve day to day health monitoring for individuals and their clinicians.

We're very excited about all the recent developments at the company and are well prepared for this pivotal moment of launching our first product.

The rig has already generated a lot of interest and we believe it addresses a significant need in the women's health sector. We expect the product to be well received by our target market and believe there is substantial potential for growth.

November 20th it's just the beginning of an exciting road ahead, even as we prepare for the product launch our team continues to work on product enhancements and new features that will keep us at the forefront of women's health technology.

With that I'll turn it back to Jay to go over the financials.

Great. Thanks, John.

Detailed the financial results today, and our third quarter earnings release, which you can find on our website and I'll share a few key line items here.

No health reported an operating loss of $9 $1 million in the third quarter of 2023.

Compared to an operating loss of $8 $7 million in the year ago period.

The increase was primarily related to the accelerated commercialization initiatives described earlier in the call.

Our cash burn in the period was $7 million generally in line with the run rate for the prior seven quarters, given certain prelaunch cost for the rain and expenses related to our FDA submission as well as other timing considerations.

Partially offsetting the cash burn the company raised approximately $200000 on its $50 million ATM facility in the third period selling 159000 common shares at an average price of $1 20 per share.

This morning, we announced move onto health has priced a $3 $6 million of underwritten offering of the company's common stock we granted the underwriters a 30 day option to purchase up to an additional 15% of shares sold in the offering at a public offering price of 85 per share less the underwriting discount.

The transaction is expected to close on November 17th.

At the end of the third quarter of 2023, Murano health had $7 $7 million of cash and cash equivalents on our balance sheet.

Pro forma for the aforementioned capital raise and before considering the potential over allotment option. The company the company had $10 $8 million in cash and cash equivalents at the end of the third period.

And that concludes our formal remarks, we'd be glad to take your questions. Operator, we're ready to begin the Q&A section of the call.

Thank you well now be conducting a question and answer session. If you're dialed into the conference call via phone I would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the question queue. You May press star two if you'd like to remove your question from the queue for participants using speaker equipment and may be necessary to pick up your handset before pressing the star key.

If you joined US from the webcast link you can ask a question by clicking on the question Mark icon and hitting send after you've typed in your question one moment. Please while we poll for questions.

And while you are looking at the.

The phone lines, operator, I do see a few questions in the webcast and maybe we can start there and I can go ahead and ask him to ask those questions.

Yeah.

Okay. So the first question.

What are your expectations of sales for the EV ring this year.

Okay.

Thailand, Stacy maybe you want to.

To help answer that question.

Sure happy to I mean, while we can't provide obviously.

Number guide guidance, we feel we have a significant number of indicators that airplane came to a very healthy response to our launch first and foremost we have a very engaged claims most of over 120000 people, who every time, we send an email out respond to us asking when they will be available to buy the ring.

In addition, we have a digital marketing campaigns are.

Running across paid and organic channel, that's reaching tens of millions of consumers across all of our different segments and we're seeing our visits going up significantly on our web site every single day. So there's definitely traffic and people who are looking to see when the orders will be opened and the third thing is our social channels, which we monitor pretty.

Pretty significantly.

Significantly all day long and the comments are constantly when can we buy and not only are individuals asking when they can buy their tagging one another and so that's building out the flywheel. So we feel really confident that we're going to have a really nice healthy response to them.

I stayed on Monday, and I'll also ask Stacy perhaps to give some context around.

The product.

Yeah, absolutely thanks Tyler.

And so you know from a strategic and product perspective, what we're really seeing is a validated pellet market approach not just in social and and the items that Tyler was mentioning but really you don't in the feedback that we're getting some consumers and that's really.

Focusing on women's first is long overdue.

We're extremely excited about that and we're hitting.

All the points that are important to them and you know go back to something we've talked about in the past, but we spoke with more than a thousand women to really understand what they were looking for in an experience.

And we're just really excited to be delivering on all of the pipeline arena comfortable the App is super intuitive. The data is presented in a beautiful way and it it it kind of terms of wearables experience on its head a bit but it gets to all of those quality points that you've come to expect from a high grade wearable.

So we're just super excited about what we've got going.

Okay, we'll take one more from the webcast and I do see we also have a co in the.

On the phone lines. So, let's just do one more here from the webcast and then we'll turn it over back to you operator for that one on the phone lines.

So John maybe you want to answer this question when.

When will you start shipping rings, what's your production capacity.

And what's your capacity if you receive them you.

More than anticipated orders.

Well, Thanks, Jay Yeah, as I've mentioned on the call. We are on track to begin shipping rings before the ended the year now in preparation for orders and what could be a varying amount of orders that we have.

Ordered a lot of the raw material and obviously, especially components that have long lead items. So we have a lot on hand to be able to satisfy increased demand.

If that comes to pass we also have a production process, where the cycle time for each unit is relatively short and that allows us to ramp up capacity.

Fairly rapidly if the need arises and we also do have the capability to duplicate manufacturing lines. If we need to we have the space set up we have some of the process equipment duplicated. So that we can flex appropriately based upon where demand goes and in all of this we've been working very closely daily with.

Our vendors so that they're on they're ready, they're very aware of the launch date, they're very aware of when were turning on.

The our website to be taking orders and there all prepared to hit the ground running so that's that's what we've been working on specifically to make sure that we're in a good place regardless of increased demand.

Okay. Operator, do you want to take that question queue that from the phone line.

Yes, our first question is from Marie Thibault.

The bowl with P. T. I G. Please proceed with your questions.

Hi, and congrats and good luck ahead of next week next week's launch I'm excited to see it for you.

I wanted to ask a couple questions here on the pipeline any more detail you could give us.

On your interaction with the F T. A what sort of questions that they came back with is there anything that you view as sort of a maybe a little more work or or what you're focused on now in terms of the questions that came back with.

Sure I a lot respond to that.

First and foremost it was it's been very interesting working with the FDA and one of the things that we somewhat had at expected before we filed is that there is a pretty strong interest on the fda's part looking at new pulse oximeter in light of what happened through the course of Covid and for those of you who aren't aware.

During COVID-19 many pulse oximeter is on the market had some inaccuracy when used on people of color or people with darker skin tones.

It would over read the truth in those folks and there have been articles published in New England Journal of Medicine in Wall Street Journal and other outlets every major outlet.

Some of these challenges. So you can imagine based upon that happening that the F. D. A is scrutinizing new pulse oximeter is at a different level now we had already.

Previewed with ourselves that they were going to focus a little bit more with people with darker skin tone and so we overemphasize that as part of our clinical trial and I should mention that the way our pulse Oximeter works is we use the reflected mode, which has not been susceptible to changes in accuracy, regardless of someone's SKU.

N tone and that's been very very positive for us and one of the reasons I've been really excited about having this filing go into the agency. So we had already kind of dealt with that in advance Ah. Another thing happened with the agency and we've talked about this before with our product that as a medical device company patient privacy.

See in the security of the data is very important and one of the things that we have to do is the cyber security assessment as part of it.

The filing that we that we put in and so we actually have to work with a third party firm that looks for vulnerabilities and our data movement from the ranks of the App in the App to the cloud.

There's a new guidance that just came out in October.

After we filed that revolves around cyber security and has some more.

Valuations and things that need to be done and so are the FDA asked us. If we would go ahead and update our filing to the latest standard there. So it's those types of things that we've been communicating with the agency on as it relates to the filing there's nothing there that's a showstopper, it's more of just us going through the motions of.

Putting together that there the requested information and then providing it to them and we have had the opportunity already. Once then we have another meeting scheduled next month with the agency to just review our package make sure. We've got everything the way they want it and then and then put it back in so I feel pretty good about where we stand right now with that.

Okay very good to hear and then as a follow up you know you have an extensive pipeline of additional parameters you want to add to the spring or other wearables, how well the customers who are early adopters those who are buying you know starting next week, how will they get access to some of those upgrades are those mainly software upgrades or will they need kind of a hardware upgrade as well thanks for taking the question.

<unk>.

Yeah.

The plus.

As it relates to blood pressure and glucose the RF chip, that's a separate product moving in the future, but as it relates to what we are going to do with the first DB ranked <unk>.

Stacy you're you're best to really give this answer.

Sorry for interrupting you John but yeah, it's very it's a great question. So.

Anybody who buys C E D ring will be able to access the feature updates that we have planned for it over that are launching over time and into 'twenty 'twenty four and that would be access through the app and they can download either new firmware, our new app to get access to that so you know we look forward to keeping those.

Users are engaged and which you know what you mean.

New features that we have planned and the upcoming here.

Alright very helpful. Good luck with it.

Thanks Marie.

It looks like we have a few more questions on the webcast.

John I think this question is for you can you share where you stand with potential strategic partners at this stage.

Sure.

Our first stop you know, we're still engaged with the first four beta partners that we had worked with previously who were basically at this point just waiting for us to get to the juncture, where we have rigs available and some of them are looking for the five 10-K clearance so but we're in communication with them over time now there's two new large.

So as I mentioned on the call are eight inch.

An insurer payer and as well as the remote patient monitoring company that we've started an additional beta program with them. We know now that we've got our final solution. We have other interested parties, who have expressed interest in testing our solution and with the recent blood pressure clinical results that we just that.

It has initiated some additional dialogue with with companies who have an interest in blood pressure specifically. So these are conversations with potential strategics are gearing up right now both because of the fact that the rain is imminently going to market next week the F D. A.

We're working closely with and hopefully we'll have a clearance in Q1 and then the results of the blood pressure study. So I think youre going to see this area in terms of B to B partnerships are expanding more and more in the coming months.

Okay and then there's another one John I think that you can probably answer.

Cancer here as it relates to the blip.

My blood pressure clinical studies.

There's a couple of them so.

One of the questions is you know what is your trial results what does it really mean, how long will it be before.

Blood pressure finds its way into a commercial device for the company.

And.

Kind of.

Question alongside do you expect blood pressure measurements to be made from the ring or from a risk based device.

Okay.

Thanks Jay.

First off as it relates to where the measurements will be made as I mentioned in the call. We do have the ability because of the shifts that we've developed is so small that we cant put it in both ring or risk war and form factors for the purposes of our clinical trials to date, we've done everything on the risk and it may be ultimately that we wanted.

Use a bracelet type device to do this but we do have a bit of flexibility, but we have not initiated any blood pressure trials on the finger yet are we focused on the risks and primarily that's just because of it.

It's easier to do it on the risk where we have an adjustable band and we can use a prototype on multiple people versus a ring, where we'd need individuals' sizes for folks so.

We felt that that was the best way to get out there and conduct trials are relatively rapidly in terms of how long it will take to bring this to the market.

Our prototype device is a prototype and we use it in the clinic lab.

It's not your biggest risk boring, but we do want to convert that into something that's a bit closer to what the commercial product would look like and so and we need to get to that point ultimately to run our pivotal trials for the F. D. A.

Where we're going to go through the steps of Reconfiguring the hardware.

Putting it into a a updated form factor and then we've got some clinical trial work that we want to conduct will continue to use our current prototype to look at some of the longitudinal studies are bringing in people. Some are some are employees a week after week after week monitoring their blood pressure looking at the accuracy.

Determining whether theres any drift or adjustments that we need to make with the algorithms over time that will run those studies in parallel to bringing up new hardware and once we get to the point with our internal studies, where we think that we were good to go we'll need to embark on a pivotal trial, which would involve somewhere between probably a.

And 120 individuals'.

Monitoring their blood pressure at the FDA has standards for how you you conduct these tests and we know the accuracy requirements that need to be met and we will do things similar in fashion to what we did for a heart rate and and oxygen monitoring before.

And.

The last thing I'll mention is that.

What we've done to scale down the hardware from multiple chips into this really small chip and it's unique to us it's something that's patent did it.

That has this capability for for glucose and blood pressure and potentially other analytes.

Fully functional.

Just getting to that point has been a real stunning achievement and I credit Michael Lehman and the team with all the work that's been done to get to that point with the product right. Now. The fact that we were able to achieve the accuracy results using it and the clinical study, which we're well within the FDA guidance.

I mean absolute errors are the guidance is at seven and we were at $5 nine millimeters of Mercury.

Error.

It is just tremendously exciting and we've seen that from some of the B to B partners, we're talking to right now and what this could mean to the health care industry at large I was at a meeting last night and someone was saying that's like the Holy Grail of health to be able to do this seamlessly and automatic.

Lee for people to track blood pressure longitudinally over time, so we're incredibly excited about where we stand on that and in the recent results that we were able to achieve.

I'll stop there.

Okay.

Maybe one more for you John here and if I'm reading this question correctly.

We talk a lot about the potential to work with health care partners, whether its a medical device or pharmaceutical companies health insurers etcetera.

I believe this questions asking about the possibility to work with large consumer electronics companies, Oh, EMS that may want to incorporate our technology into their devices in the future any thoughts in regards to that opportunity.

Yeah, you know often people have said hey, you develop this great chip for our Rasp are you open to looking at potentially either white labeling your product or you know selling chips to large organizations that would like to incorporate it into many millions of devices and I would say.

But.

From our perspective, we're certainly open to.

Any opportunity that presents itself to us and.

I can tell you that.

No that is not outside the realm.

Those types of opportunities may come across our table, but we will look at all of them. Two we're sure that it's in the best interests of our shareholders of the organization and of course ultimately in the in the customers that we want to serve with these type of solutions.

Okay, and we have one more question on the webcast I can take this one.

Given the backdrop of what's been a very challenging capital markets environment over the last year or so you know is the company positioned well to invest behind the EV launch.

We could certainly empathize with respect to that broader market environment.

We very much appreciate the longstanding support that we've had from our investor base, including those that participate in the Companys capital raise overnight.

As you've heard on the call from Thailand, others.

We certainly have a lot of interest in what we're doing and we have well over 120000, primarily women on our you know kind of email lead list.

As we've been building awareness for the EV ring over the last several months.

And as Tyler mentioned, we've had already and just over a week well over 200000 people that have already come to a new commercial.

Site, and we're not selling any product yet, but obviously, we'll be positioned to launch starting next Monday the 20th.

We think the company is very well positioned to invest behind the launch of E. D ring, well, obviously be generating revenue as we go which will also help to bolster the balance sheet.

And we're looking forward to keeping you all posted.

On our progress in the coming weeks and months.

And with that operator, I think we will.

Complete today's call and thank you for all of your attention.

As a reminder, you can stay connected and up to date I'm over on our health news and events by checking out our investor website at IR Dot Murano Dot com.

This concludes today's conference you may disconnect. Your lines at this time. Thank you for your participation and have a wonderful evening.

Yeah.

Yeah.