Q4 2023 Yield10 Bioscience Inc Earnings Call
Welcome to the fourth quarter and full year 2023 financial results and business update conference call for yield 10 Bioscience.
During this call participants will be in a listen only mode. The presenters will address questions from analysts today, if anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad. As a reminder, this conference call is being recorded I would now like to turn the conference call.
Over to your host yield 10, Vice President of planning and corporate Communications Lynne Brum.
Thank you Alicia and good afternoon, everyone and welcome to the conference call. Joining me on the call today are president and CEO, Dr. Olly Peoples, Vice President of research and Chief Science Officer, Dr. Kristi, Snell, and Chief Accounting Officer, Chuck Hazard.
Earlier this afternoon, you'll turn issued our fourth quarter and full year 2023 financial results as well as our 10-K the press release as well as slides to accompany today's presentation are available on the Investor Relations events section of our website at Yale 10, bio Dot com, let's turn to slide two.
Please note this part of our discussion today management will be making forward looking statements. These statements are not guarantees of future performance and therefore, you should not produce.
Undue reliance on them investors are also cautioned that statements are not strictly historical constitute forward looking statements and such forward looking statements are subject to a number of risks and uncertainties that could cause the actual results to differ materially from those anticipated. These risks include risks and uncertainties detailed in yield ten's filings with the SEC.
The company undertakes no obligation to update any forward looking statements in order to reflect events or circumstances that may arise. After the day of this conference call I'll turn the call over to Ali.
Thanks, Lynn good afternoon, everyone and thanks for joining our call.
Turning to slide three.
So just to make progress on our plans to commercialize sustainable products using the oilseed camelina as a platform.
Pursuing camelina seed oil products for new market opportunities and poly chain.
Each product has its sort of scale requirements timeline and value proposition.
The first part of it she doyle with high levels of Omega three fatty acids, EPA DHA and the market drivers the growing supply deficit.
With respect to the uses our Omega three products for the rest of this presentation.
The second product is currently in the seed oil uses our low carbon intensity feedstocks oil for Biofuels.
This market is driven by government policies as a potentially very large and we're requiring the production of tens of millions of acres of non food, while she would cover crops camelina.
Now, let's finish 'twenty four we revised our strategy for Biofuels to focus on providing R&D services to third parties with the goal of generating service and licensing revenues for Camelina technologies today.
Today ill provide an update on recent accomplishments more detail on the development of Omega three products present fourth quarter and year end financials and summarize key milestones.
We'll then open the call for questions.
Let's turn to slide four for progress on key 24 business milestones.
[noise] achieved numerous milestones just funny twenty-three, we demonstrated a close loop value chain from C. J that used oil for sale.
Breast herbicide tolerance traits, including obtaining regulatory approval for growing HD tallied up from USD office. We also stepped up our commercial and development efforts on our Omega three products, which Christopher will bring you to later on this call.
We were delighted with the recent USDA APHIS approval for the growth of both all my guess be Camelina phase.
Were ahead of internal expectations, so kudos kudos to our regulatory and technology team.
Our commercial goals for Omega three in 'twenty, 'twenty, four and flu delivering samples of our Omega three products, obtaining regulatory approval to use a feet oil and aqua feed in Chile executing the commercial license with Rothman said.
Wrestling partnership and offtake discussions.
Biofuels our goal is to execute R&D partnerships and license option agreements.
This year, we signed our first license agreement with vision and Bioenergy Oilseed Division.
Additionally, the majority of this mission is majority owned by a division of shell oil and look forward to supporting vision is a scale up Ht camelina production.
On the technology front, we reported positive data from the ongoing herbicide columns trials and we expect to announce that the U S. EPA approved adding timeliness to a commercial herbicide label soon.
This will complete the U S regulatory requirements for large scale planting herbicide use elite herbicide tolerant camelina.
Let's start to slide five for an overview of target markets and business models.
The end markets for Omega three products at good accuracy at an animal feed human to human nutrition.
Pharmaceuticals.
Houston, which we anticipate being able to build an omega three products business with over 1 billion in annual revenue over time.
That's kind of our business model is just Omega three oils salomon's accuracy.
Well that market. We believe we can scale to around 150000 to 300000 acres over the next five years generating a 150 to 300 million of revenue with good margins.
This as soon as we begin commercial production sometime in 'twenty five 'twenty six.
Oh, My God, three oil margins to be a multiple of those achievable and biofuel markets.
Our R&D services and licensing strategy short final shows is designed to enable natural resource third parties to invest in accelerating adoption of tablet app and establishing large scale value chains.
Over 44 million acres of Camelina potential, we believe theres, an opportunity to generate significant licensing revenue from our technologies.
Let's now turn to slide six establishing the camelina oil value chain.
And importantly, commercial accomplishment and finally, three was demonstrating closely production of Camelina oil.
Validating the value chain from comedy Kevin do you see that all the way to oil product available for sale.
As a result of this investment in establishing this core operating capability yolks again necessary experience, which will benefit our omega three products business.
And then in addition to the over 1200 day, because the winter Camelina contracted in Q4, our seed ops team is already engaged that reached a course to generate interest and ponting springtime.
Eastern or device biofuel strategy, using a seats sales model and providing agronomy support the drawers. This will expand our common integral networks the foundation for our Omega three products business.
So on to slide seven when we get free.
They only get free fatty acids, Ellie E. P. M. P. H a R essential for human health and wellness E. L. A is abundantly available for vegetable oils, including canola soybean flak seed in Camelina.
E P N D achieved on the other hand, the only available for fish oil extracted from Ocean harvest at Fisher krill.
Marcus for fish oil are driven by the EPA and DHA Omega three content.
Aqua feed the largest market by volume. It seems there are 75% of total fish oil production, mainly for salmon is growing at 3% per year.
The market for products for human nutrition, which includes everything from Omega three capsules, Oh mcguffey beverages is growing at around 7% to be here.
It's food and animal feed are also significant Omega three markets and there are in fact, a small volume high value markets for fish oil derivatives used in pharmaceuticals.
Since announcing the execution of an exclusive option to the Omega three canola, leading technology in October last year, we received inbound English increase from industry leaders in each of these markets many of whom have been following the wrath of technology development for some time. We are currently in active discussions with a number of them.
Well my guess fees are important aqua feeds to protect the health of the fish during production and the value of the final product is a healthy protein and source of tires for the Omega three I mean.
I believe there is considerable scope for increasing the levels somewhat mixed piece in Aqua feed diets bottomline increasingly use of Omega threes for these markets requires new sources of supply.
Let's start to slide eight the Omega three deficit.
Across the agriculture industry, there's an increased emphasis on sourcing sustainable aqua feed ingredients transitioning.
From processing Ocean harvested fish.
This fish meal and fish oil Golan based sources of protein and Omega threes.
The fish oil supply and demand chart in the last let's take them from a recent UBS Analyst's report and the general reflects the following feedback they've had enough discussions with industry players.
And we'll continue to grow for the foreseeable future.
Fly for fish oil remained flat.
The expectations of higher prices and price volatility.
And all my guess, where you supply deficit of around 500000 tons per year as projected by 'twenty sorry.
And they believe that yield tangible makes me Catalina and play a major role in sustaining addressing this deficit.
Let's turn to slide nine.
I believe a sustainable Omega three gross platform.
The left side of the chart shows the levels of EPA and DHA Omega three fish oil from different sources, including atrophy oil industry Gold standard Northern hemisphere fish oil, which is mainly used in accuracy.
We believe all those sources almost fees will remain high cost and limited in scale.
Engineered oilseeds represent a sustainable scalable and cost effective way to provide new sources of almost three I believe or when we get to be technology has the potential to capture a significant share of the growth in this market.
New seat, which is part of the Australian Iron Company, New farm has been a pioneer in this field producing an omega three oil product using engineered canola.
Episode DHA.
Analysts project in their production.
For example, with an oil selling price of around $2400, a ton new seed could generate around $260 million in annual Omega three product revenue by 27 28.
In June last year, new seed to obtain regulatory approval to use our DHA Omega three canola oil and Aqua feed in Norway.
Norway produces around 60% of farm salmon and this was the first approval of a GMO ingredients cracker feed not country, hopefully new seats accomplishment and overcoming a major regulatory hurdle will broaden adoption of plant based Omega threes paving the way for our families of products congrats to them on a job well done.
Youll tens EPA D achieved when we get the product is very similar to dollar Medisoft Vishal and has higher potential as a drop in replacement and Aqua feed which will be our near term market focus.
The EPA products as we've been between 30% EPA content may be blended with non fixed doses of D. A geography in the near term.
It will likely be used to produce higher hog EPA esters overtime.
Let's turn to slide 10 for an overview of our Omega three product development status.
In the fourth quarter of last year, we announced that we had executed an exclusive option for an exclusive global license and are currently working closely with Ralston said to finally finalize the license for the old legacy technology.
Brian worked by Rossum study demonstrated that the EPA DHA Omega three product you'd be in effect, a replacement for fish oil and accuracy trials for Simon.
Human clinical studies with this product also demonstrated it was effective in human diets delivering the same target levels of EPA and DHA fish oil.
It also doesn't smell of fish like fish.
Do you think about H T treated almost economy is fairly fast and this will be followed by seed scale up of Ht Omega three you kind of need a license for large scale content.
With regulatory approvals in hand, and a closer production capability you saw published last year.
We believe that the products and production have been Derisked our.
Our vision is to build a high growth business producing clean well my guess be ingredients for agriculture, and then expand it to additional market opportunities I will now turn the call over to Christie for an update on our technology progress. Thanks Ali and good afternoon, everyone, Let's turn to slide 11.
Late 'twenty three the technology to produce Omega three oils containing EPA or both EPA and DHA.
Christie: Transferred from Roth instead to yield 10.
At this time, we have focused on teens scale up producing and I guess for your oil samples and adding herbicide tolerance to me makes reliance.
In the fall of 2023, we planted approximately 50 acres of Camelina line, producing EPA and its heat oil with the seed production partner located in Chile.
Christie: This slide shows photos from the harvest in late January of 2024.
The next step with this seat as to extract and they get three oil from the grain this supply samples to partner prospects.
'twenty 'twenty four we plan to execute on our scale up with the EPA and EPA plus DHA produced in Camelina and canola being ready for an initial commercial launch in that 'twenty 'twenty five 'twenty six time frame.
Christie: Let's now turn to slide 12.
I'm pleased to report we have cleared all of the key regulatory hurdles to grow our genetically engineered camelina and with trade for either herbicide tolerance or for producing E. P. A R. E T E plus DHA Omega three oils in the U S.
Christie: This was achieved by submitting multiple regulatory status review, our RSR or documents or the different trades.
We've received feedback in late 2023 in early 2024 that USDA APHIS does not consider these traits can be regulated.
Retailers are summarized in the slide.
We expect to announce shortly the U S. Environmental protection agency approval at Camelina to the label I think blue Phosphonate product produced by another company.
The significance of these multiple regulatory approvals is that we can mix and match. These trades through simple breathing procedures and the resulting lines will also not be considered to be regulated by USDA sits in the U S.
In addition to having clearance to plant and make three camelina, we need regulatory approvals to sell the oil for use in accuracy.
Chile is a major market for Omega three oils, and we plan to seek regulatory approval for our EPA oil with a filing plan for 2020 four.
And the initial phase of production in 2025 and 2026, when we will still be at relatively small scale. We plan to use the residual protein meal for market do not require feed approval.
As a result of our 2023 production of oil from Biofuels, we identified a number of markets for Camelina meal, where we can recover some of the cross selling the meal at a discount to feed us.
We also identified and established relationships with small scale oilseed crushers, which we can also use for early three camelina oil production.
Its production acres ramp up it will be important to have higher value commercial markets for the high protein camelina email.
Means after the oil.
Here the regulatory path.
Trials and he'd compositional analysis and produce the data package to demonstrate that the composition of our engineered lines, it's within the range as conventional camelina.
In time yield 10 plans, both the self assessment of the state of package and a submission to FDA.
Let's now turn to slide 13.
In 2020, one we prior prioritize engineering of Camelina with herbicide tolerance Ace and arb.
Beliefs, as well as garner feedback herbicide tolerance would be necessary for weed control to enable large scale commercial production of Camelina.
I thought it would be useful today to recap our journey from field testing to commercial production of our pool of fascinate tolerance in camelina, because it highlights our capabilities in Camelina development.
In 2022, we conducted our first field trial of spring Camelina engineered fastening tolerance, where we planted multiple events and determine which of them had the best performance.
In the summer of 2022, we announced the plants were sprayed with me fascinated and did not sustain any meaningful injury.
Little to no growth was observed in control plots smart with red dots in the photo on the slide as expected.
This was a significant milestone in our program.
We selected the top commercial quality Camelina line, well its backups and continued field testing and scale up over the next several growth season.
In the fall of 2023 we were in position to plan 74 acres of herbicide tolerant camelina during the contra season in Chile to scale up see.
In January of 2020 for crop is harvested clean and bag and ship it back to the U S.
In summary, we went from initial field testing of equally fascinating right, having planting seed package and a thousand pounds in approximately two years.
Christie: This progress enabled licensing of our herbicide tolerance traits division bioenergy oil season early 2024.
Going through this process has provided our team with the experience and insights to develop and scale up new varieties of Camelina and we believe this will serve us well going forward in our development of the Mega free trade.
Let's now turn to slide 14.
In 2023, we planted our first field trial of winter Camelina engineered fastening tolerance for weed control.
The winter Camelina were planted in the fall of 2023, and the field plots were sprayed with food phosphate.
So it is on the slide show. The result of these fall goes off in eighth grade.
Christie: Our winter Camelina engineered with herbicide tolerance remained healthy while our Palazzo camelina without the herbicide tolerance trait.
<unk> survived this Friday.
And this spring we plan to spray the field types again with cliffs also need for broadleaf weed control mimicking the weed management protocol, we believe borrowers or use.
Christie: In the fall of 2023, we also confirms that our stacked herbicide tolerant winter Camelina, which both grew fascinated and groups to soil recipes tolerance performed well when grown on field plots pretreated with group to soil purpose side.
These field tests emulator lapping of Camelina on land containing groups to herbicide rescues from use on the previous crop.
We plan to spray our test plots with me Phosphonate for weed control in this spring to demonstrate the efficacy of those stacks Street.
Christie: We plan to harvest all of our winter Camelina field test plots in early summer and we will evaluate seed yield coiled content herbicide tolerance and overall economy.
I'd like to thank our team for their outstanding contributions in 2023, which are accelerating our path forward in 2020 for Chuck I'll hand, the call over to you.
Thanks, Christy and good afternoon, everyone, let's turn to slide 15 for our fourth quarter and full year 2023 financial results.
We ended the fourth quarter of 2023 with $1 1 million in cash and cash equivalents in connection with the commercial license and completion of certain deliverables vision will make payments totaling 3.0 million to us and <unk>.
March we raised an additional $1 2 million.
Based on our warrant inducement transaction.
We expect that our cash on hand, including proceeds from the offering will support our operations into the second quarter of 2024, we are engaged in case in a dedicated an ongoing effort to secure additional funds in the very near term in order to continue our operations are.
Our net operating cash used for operating activities was $1 7 million for the fourth quarter of 2023, and $10 1 million for the full year.
Now, let's review the fourth quarter and full year 2023 operating results.
For the fourth quarter of 2023, the company reported a net loss of $3 3 million or 27 cents per share as compared to a net loss of $3 3 million or <unk>.
67 cents a share for the fourth quarter of the previous year.
As expected due to the completion of our department of energy grants during our first quarter of 2023.
Did not report grant revenues during the fourth quarter of 2023.
Reported zero, probably $1 million in grant revenue in the fourth quarter of 2022.
R&D expenses were $2 million during the fourth quarter of 2023 and during the fourth quarter of 2023, we recorded a 110000 and payments received are due to us from shipments of seed and harvested green to growers and optic partners as an offset to an iron ore R&D expenses.
R&D expenses in the fourth quarter of 2022 or $1 9 million.
G&A expenses were $1 4 million for the fourth quarter of 2023 as compared to $1 4 million in the fourth quarter of 2022.
Now for the full year ended December 31, 2023, the company reported a net loss of $14 $5 million.
Salaried 82 per share compared to a net loss of $13 6 million or $2 76 per share. During the 12 months ended December 31 2022.
Revenue from the completed deal. We grant was 0.1 million <unk> 5 million for 2023 and 2022, respectively.
Research and development expenses were $8 3 million to $7 8 million for the 2023, and 2022 years, respectively, and G&A expenses were consistent at $6 2 million during both years.
For more details on our financial results. Please refer to our earnings release I'll get back to you. Thanks, Chuck Let's now turn to slide 16 for a review of upcoming milestones.
Our immediate focus is on commercializing our Omega three products is essential fatty acids are supply constrained even as demand continues to grow for you snacks quickbooks or feet at food, It's a secret al <unk> and Pharmaceuticals, and 24, we plan to deliver our first Omega three product samples and file for regulatory approval of oil in Chile to support its use in accuracy.
Although scalable for Omega three canola, you'll also get underway, even if the technical work continues to be harvested, calling Omega three lines for large scale production.
We look forward to completing the commercial license with Rothman served in working with companies like paying $100 to form partnerships and secure off take agreements are almost three oil for use in accuracy pet foods and other markets.
The biofuel market, we hold the leadership position that engineered Camelina and look forward to continuing to support vision and progressing business development opportunities to secure revenue from R&D service fees under our license option agreements for our technologies.
The 23 year team did an outstanding job supporting the regulatory approval of advanced Camelina varieties developed using genetic engineering.
With that in hand for the first time viewers will have access to H T camelina with elite weed control.
24, we plan to generate data for the south of the termination of the safety of HD Camelina meal and animal feed.
This activity will support higher market value for the meal, that's the production scale of course.
With multiple milestones maths twenty-three on several milestones already achieved in 24. This is an exciting time for yield 10.
With the experience, we now have with the new regulatory process for engineered crops in the U S. We see tremendous potential deploy our advanced gene traits and edits to continually improve the volume Catalina for growers.
The acreage and increase margins for Omega three products without I'd like to turn the call back over to Lynn for questions. Thanks Ali Lucia, we're now ready for questions.
Great.
Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue you.
You May press Star two if you would like to remove your question from the queue for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.
The moment, please while we poll for questions.
Okay.
Yeah.
Thank you. Our first question comes from the line of Anthony Vendetti with Maxim Group. Please proceed with your question.
Hi, This is actually Jeremy on the line for Anthony I. Just two quick questions. One is if you focus now you're shifting towards the Omega three offs.
From the actual camelina as opposed to the Biofuels again, we assume that you know the talks that you mentioned in Atlanta.
LOI is never used with marathon petroleum and Mitsubishi those John are you still in talks with those are the sort of petered out and and you know what do you think there's a better opportunity.
And Omega threes.
Oh, hi, thanks, Thanks for sticking to chicken asking the question so fundamentally ever since we sort of started focusing camelina, which I believe was up year for the first time in 10-K in 2019 2021.
Clearly proposed that we sold the biofuel market as a way to build an operating business and transition over to the higher value products.
The nice thing that for Biofuels, ultimately, that's going to be a large scale business, requiring a tremendous amount of operating capital.
So what we mentioned is a products is obviously omega threes in the future officially bioplastics.
What really has happened is I think the opportunity arose to enter the Omega three business faster.
Faster.
We are still in discussions with multiple players in the biofuel space, there's still strong interest, but right now the industry's basically seeing some uncertainty in the regulations L. CFS in California to number one.
Two there's a surplus of soybean oil at the moment, which won't be sort of used up until additional biofuel capacity comes online.
Going forward, so theres sort of a I wouldn't say he says it's not it's not quiet. It's just things are in the kind of whole part you're right. This time.
Christie: We see tremendous potential for Robyn.
Christie: <unk> fuels in the future.
The best way for us to facilitate the scale up of this is to do exactly what we did with vision.
Christie: They are better funded based on the ownership of the shale oil.
Christie: The highly motivated to develop alternative oilseeds is a source of biofuels.
As we expand acreage as we expect to continue the discussions with others and hopefully will enter into additional agreements, including R&D service agreements those markets well be focused on building an operating business to produce and sell all my guess Ross.
I understand that that's really helpful. That's you're just you're basically you're going to apply your resources to where you think the Clinton years term opportunities that make lot of sense and then actually so just switching to that you know the production of Omega three and you know you mentioned on the call you and I see in the slide deck. There's four possible uses for that from the oil the Aqua feed pet food Nutraceuticals and pharmaceuticals are you agnostic.
What you know how you would end up using them obviously it seems like accuracy. It seems to me the biggest mark that might be the overall the most potential revenue, but you know if you would get a deal with one of the other potential out Hudson.
Would you take that as well.
Yeah, So I think you're raising a very fair point and that is you know obviously <unk> is the largest market for those things.
Is that market is fairly tightly linked the fish oil pricing there are other higher value markets, which require.
Additional work to be done on the on the oil before before you get into those markets things like concentrating as you know these all mcguffey concentrates for making the road of derivatives for pharma, but the big market. So basically aqua feed pet food is very large and also growing.
That's also the simplest market from the perspective of.
Basically the oil that is produced in Camelina today is actually a very good drop in replacement for fish oil. So there's not a lot of additional development work to be done on the product production, we have to scale up but the product itself. We know it works and so we see this as a I guess the way I look at this over the long term is by working initially in Aqua feed and building.
<unk>, a very solid operating foundation with good revenues and margins, we will be able over time to deliver the lowest cost to have the lowest cost of production and ultimately the business can decide all the markets that wants to enter into having said all that we have been and continue to be in discussions with players in all of those markets I mentioned.
We have had a lot of inbound inquiries since we announced the option was being exercised.
With players interested in accessing new sources of Omega threes includes accuracy at food human nutrition and Pharmaceuticals, we've had inbound inquiries from major players in those sectors.
The board.
Oh, Okay understood great. Thank you so much for the extra information and I'll hop back in the queue.
Thank you Jeremy.
None: Thank you our.
Our next question comes from the line of Van Cleef with Lake Street Capital markets. Please proceed with your question.
Alright, Thanks for taking my questions first I have a couple of questions on the relationship with vision by Al first of all I'm, hoping you can clarify for me the expected timing of the 3 million dollar payment.
It's a little unclear to me it doesn't upfront payment that you guys expect.
You know in the in the immediate term or is it something that can be delivered installments here over the three year period of the agreement.
No. The majority of that money already came in and then there's a couple of a milestone.
Very near term milestones for the rest of it so no issued albeit.
Shortly.
The Montreal already.
Okay very good.
Thank you and then.
It kind of a bigger picture question around your expectations for royalty income here.
Beyond that initial $3 million can you give any kind of general article policy for your expectations here.
Here as vision ramped production.
Over the next two and a half years here.
No I think in reality visions.
This is quite a bit of work to do to wrap this up from where it is today you know basically right now we can't disclose what our vision is doing but obviously, they're going to go about this in a very systematic and sensible way.
And so you know, it's very difficult to give projections and all that.
The reality of it is if this was roundup ready soybeans with developed back in 1996, there was 75 million acres of commercial production that would be relatively easy, but the challenge here of course is that the recent 75 million acres of Abilene is today.
Acreage has to be established and so that's really part of the reason we shifted the focus to licensing other parties, who are really you know they have the debt.
Well, what's also really scaled us.
Something we're going to continue to do beyond beyond the original agreement with Fisher So.
None: That's where we are.
Got.
Very good and then one more for me and I'll get back in queue around the potential partnerships.
Three I E.
At this point are you open to negotiating with potential partners, where were upfront payments are not are not realized or as an upfront payment or some kind of direct investment from a potential partner something that's that's mandatory at this point for you guys.
No I think in reality I mean, I think it really depends on the partner and what does the partner bring to the table.
Looking at these these relationships and.
Clearly you know we share.
A common goal with these prospects and actually seeing this technology scales.
Enabling a large scale new source of Omega three for these markets. So we have a common a common goal in mind, obviously, there are different patterns of the value chain.
None: Yeah, No I think the we're pretty open minded about how this is.
Ultimately it comes down to finding partners you're committed to assisting us.
None: To produce and use this over the long term, we haven't specified nor are we going to provide any guidance on the specific terms of any agreement.
Not able to do that due to confidentiality, but basically we are pretty open minded about it the right way to find the right partners and work with them in a way that works for them and works for us.
Got it okay very good thanks for taking my questions I'll get back in queue.
Thank you just to go there. So just one final point on that and that is you know obviously our preference in all of these partnerships just for to see these partners as a source of non dilutive funding, but fundamentally some of these partners bring a lot more to the table in terms of <unk>.
None: <unk> of this product.
And that's also important for us as well.
Yeah.
Thank you.
There are no further questions at this time I'd like to turn the floor back over to Lynne Brum for closing comments.
Thank you Lucia and I'll hand, the call back to Ali.
Oh, Thanks Lynn.
I'd like to thank everyone personally for joining us on the call Tonight, and especially our shareholders for your continued support I'd also really like to thank the entire team at Youll time, there's obviously been a pretty challenging situation here over the last few months.
Knowledge his team has done an absolutely phenomenal job.
Not only developing but also getting these technologies the deregulated.
Chalk in our finance team have done a phenomenal job also of getting our 10-K filed today under somewhat challenging circumstances, given that our audit firm left us.
February.
So overall I'm very fortunate to be supported by a terrific team of people couldn't.
Couldn't be prouder of what they've accomplished so thank you.
Have a nice evening.
Thanks Alysia.
None: Thank you. This concludes today's call you may disconnect your lines at this time. Thank you.
You for your participation.
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