Q1 2024 Kamada Ltd Earnings Call
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Speaker Change: Good morning, ladies and gentlemen, and welcome to the Colorado Limited first quarter 'twenty 'twenty four earnings conference call. At this time all lines in a listen only mode. Following the presentation, we will conduct a question and answer session.
Operator: Good morning, ladies and gentlemen, and welcome to the Kamada Limited First Quarter 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, May 8, 2024. I would now like to turn the conference over to Mr. Brian Ritchie from LifeSci Advisors.
If at any time during this call you are quite immediate assistance. Please press star zero for the operator in this.
Speaker Change: This call is being recorded on Wednesday may eight 2024.
Brian Ritchie: Thank you. This is Brian Ritchie with Lifestyle Advisors, and thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Chaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months ended March 31st, 2024. If you have not received this news release, please go to the investors page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada.
Speaker Change: I would now like to turn the conference over to Mr. Brian Ritchie from life Advisors. Please go ahead Sir.
Speaker Change: Thank you this is Brian Ritchie with lifestyle advisors and thank you all for participating in today's call joining me from commodity or near London, Chief Executive Officer, and highly our lab Chief Financial Officer.
Speaker Change: Earlier today <unk> announced its financial results for the three months ended March 31, 2024. If you have not received this news release. Please go to the investors page of the company's website at Www Dot motto dotcom.
Speaker Change: Before we begin I would like to caution that comments made during this conference call by management will contain forward looking statements that involve risks and uncertainties regarding the operations and future results of commodity I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation.
Brian Ritchie: I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20-F and 6-K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statement. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, May 8, 2024. With that said, Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. Amir?
Speaker Change: The company's forms 20-F, and 6K, which identify specific factors that may cause actual results or events.
Speaker Change: For materially from those described in the forward looking statements. Furthermore, the contents of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast Wednesday may eight 2024 motto undertakes no obligation to revise or update any statements to reflect events.
Speaker Change: Or circumstances after the date of this conference call.
Amir London: Thank you, Brian. My thanks also go to our investors and analysts for their interest in Kamada and for participating in today's call. We are extremely pleased with the strong financial and operational start to 2024, including nearly doubling our profitability as compared to the first quarter of last year. Importantly, based on our strong performance in the first quarter and our expectation for the continued momentum in our business throughout 2024, we are raising our full-year 2024 revenue guidance to be between $158 million and $162 million, and we are also increasing our adjusted EBITDA guidance to be between $28 million and $3
Speaker Change: With that said it is my pleasure to turn the call over to Amir London CEO Amir.
Speaker Change: Yeah.
Amir London: Thank you, Brian and thanks also to our investors and analyst interest and come out and for participating in today's call.
Amir London: We are extremely pleased with our strong financial and operational targets to 2024, including nearly doubling our profitability as compared to the first quarter of last year.
Amir London: Certainly based on our strong performance in the first quarter.
Amir London: Dictation for the continued momentum in our business throughout 2020 full we are raising our full year 2020 full revenue guidance to be between $158 million to 162 million tornado hitting we're also increasing our adjusted EBITDA guidance to be between $28 million to $32 million.
Amir London: I will begin with a high level review of our strong financial results for the first quarter of 2020 full.
Amir London: I will begin with a high-level review of our strong financial results for the first quarter of 2024. We generated total revenues of $37.7 million, which represented robust year-over-year growth of 23% and recorded adjusted EBITDA of $7.5 million, a 96% increase compared to the first quarter of 2023, representing a 20% margin of revenue. We are very pleased with this substantial increase in profitability.
Amir London: We generated total revenues of $37 7 million.
Amir London: Which represented the robust year over year growth of 23% and recorded adjusted EBITDA of $7 5 million and 96% increase compared to the first quarter of 2023.
Amir London: Presenting a 20% margin of revenues.
Amir London: We are very pleased with the substantial increase in profitability.
Amir London: While we benefit from the strength of our entire portfolio of six FDA approved products. We continue to effectively leverage the two most important growth drivers in our business ketchup and Si took them.
Amir London: Well, we benefit from the strengths of our entire portfolio of six FDA-approved products. We continue to effectively leverage the two most important growth drivers in our business, CADRAB and CytoGardens. We are encouraged by the continued growth demonstrated by CADRAB in the U.S. market, and with respect to the CytoGram, we are starting to see the benefits of a direct physician engagement and promotional activities being executed by our U.S. medical and commercial, Multiple studies conducted by leading U.S. transplantation care worlds related to the benefits of cytogum have been accepted for presentation at transplantation-related medical meetings this year, in addition to the presentation last October at IDW.
Amir London: We are encouraged by the continued growth demonstrated by catch up in the U S market.
Amir London: And with respect to the side to come we're starting to see the benefits of a direct physician engagement and promotional activity is being executed by our by our U S medical and commercial teams.
Amir London: Multiple studies conducted by a leading U S transplant patient care world related to the benefits of site to come have been accepted for presentation at transportation related medical meetings. This year. In addition to the presentation last October it's ideal week.
Amir London: We expect continued steady growth in demand for this important product, which is the only one of its kind approved by the FDA and Health Canada. Moving on, I would like to highlight our strong balance. We ended the first quarter with approximately $48 million in cash, and we continue to have the financial strength to both accelerate the growth of existing business and pursue compelling business development opportunities, the process will remain actively engaged in, which could add one or more commercial products to existing portfolios. These opportunities are expected to support continued significant growth beyond 2024.
Amir London: We expect continued steady growth in demand for this important product, which is the only one of its kind approved by the FDA and health Canada.
Amir London: Moving on I would like to highlight our strong balance sheet. We ended the first quarter was approximately $48 million in cats, and we continue to have the financial strength to both accelerate the growth of existing business and pursue compelling business development opportunities are processed remain.
Amir London: Actively engaged in and which could add one or more commercial products to our existing portfolio.
Amir London: These opportunities are expected to support continued significant growth beyond 2024.
Amir London: I should also highlight that during the first quarter, we completed a successful launch in Israel.
Amir London: I should also highlight that during the first quarter, we completed a successful launch in Israel of Aveva-Sizumab, Kamada, the biosimilar to Avastin, which is indicated for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer. This represents the first biosimilar product to be launched and distributed by Kamada in Israel. We have several others in the pipeline to be launched in the coming..., and we expect biosimilars to become an increasingly important aspect of our distribution business. Looking further ahead at future catalysts, enrollment continues in the ongoing pivotal Phase III Innovate clinical trial of our inhaled alpha-1 antiretroviral therapy for the treatment of alpha-1 deficient patients.
Amir London: Well Cisco mob Commodore the Biosimilar to Avastin, which even the candidates for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer.
Amir London: Presented the first biosimilar product to be launched and distributed by come about in Israel.
Amir London: We have several others in the pipeline to be launched in the coming years, and we expect biosimilars to become an increasingly important aspect of our distribution business.
Amir London: Looking further ahead that future catalyst enrollment continues in the ongoing pivotal phase III innovative clinical trial.
Amir London: Our inhaled Alpha one antitrypsin therapy for the treatment of Alpha one deficiency.
Amir London: Following the recent receipt of positive feedback from the FCA through which the agency expressed its willingness to potentially accept a P value of 0.1 alpha level and evaluating innovate for meeting the study efficacy primary endpoint for registration, we recently filed an amendment.
Amir London: The following recent receipt of positive feedback from the FDA, through which the agency expressed its willingness to potentially accept a p-value of 0.1 alpha level in evaluating innovations for meeting the study efficacy primary endpoint for registration, we recently filed an IND amendment with both a revised statistical analysis plan and study protocol. We anticipate further FDA feedback in the second half of the year. If approved, these changes may allow for the acceleration of the program.
Amir London: Amendment with both a revised statistical analysis plan and study protocol.
Amir London: We anticipate further FDA feedback in the second half of this year.
Amir London: If approved this change it may allow for the acceleration of the program.
Amir London: In addition to reiterate what we said in our last call. The FDA also previously reconfirmed, although the design of our ongoing clinical program and endorse the data and safety monitoring Board Unblinded positive safety assessment.
Amir London: In addition, to reiterate what we said in our last call, the FDA also previously reconfirmed our design of our ongoing clinical program and endorsed the Data and Safety Monitoring Board's unblinded positive safety assessment. The Agency also accepted our plan to conduct an Open Label Extension Study, which is expected to be initiated already this year. As a reminder, the European Medicine Agency, the EMA, previously also reconfirmed the overall design of the ongoing INNOVATE study and acknowledged the statistically and clinically meaningful improvement in lung function as measured by FEV1 demonstrated in our prior Phase II-III European study.
Amir London: Agency, what's accepted our plan to conduct an open label extension study, which is expected to be initiated already this month.
Amir London: As a reminder, the European medicines agency. The EMA previously also reconfirmed the overall design of the ongoing <unk> study and acknowledge the statistically and clinically meaningful improvement in lung function as measured by F&B. One demonstrated you know prior phase II three European study.
Amir London: As we have said previously, in parallel to the significant clinical and regulatory progress achieved, we also continue to have active discussions with multiple parties related to potential partnership of this promising late-stage product candidate. We also continue to progress Kamada plasma, a plasma collection operation in the U.S. We continue to successfully expand the Hyperemial Plasma Collection capacity at our first center, and construction is nearly completed at our second plasma center located in Houston, Texas.
Amir London: As we've said previously in parallel to the significant clinical and regulatory progress achieved. We also continue to have active discussions with multiple parties related to potential partnering of this promising late stage product candidates.
Amir London: We also continue to progress comment the plasma plasma collection operation in the U S. We continue to successfully expand the IP email plasma collection capacity until the first center and construction is nearly completed at our second plasma center located in Houston, Texas expect it to be opened during the second.
Amir London: I expect it to be open during the second half of this year. We recently also signed the lease agreement for a third site located in San Antonio, Texas. With that, I'll now turn the call over to Chaime for a detailed discussion of our financial results for the first quarter of 2022. Khaimi, please go ahead.
Amir London: Half of this year.
Chaime: We recently also signed a lease agreement for a third site located in San Antonio Texas.
Chaime: With that I'll now turn the call over to Jaime for a detailed discussion of our financial results for the first quarter of 2020 full Jaime. Please go ahead.
Chaime: Thank you Amir as previously discussed by Amir our business performed extremely well to begin 2024.
Chaime Orlev: Thank you, Amir. As previously discussed by Amir, our business performed extremely well to begin 2024. Total revenues for the quarter were approximately $37.7 million, a 23% increase from the $30.7 million recorded in the first quarter of 2023. The year-over-year growth was primarily driven by increased sales of both KEDRAB and CytoGram due to increased demand for the two products in the U.S. market. For Cytogam, as Amir indicated, our promotional activities and the availability of fresh product batches since October of 2023 are supporting revenue growth during the first quarter and for the remainder of the year.
Chaime Orlev: Nearly 70% of our revenues during the first quarter of 2024 were generated by sales in the U.S. market. Total gross profit for the first quarter of 2024 was $16.8 million, representing a 44% margin when compared to the 11.8 million, or 39%, in the prior year period. Operating expenses, including R&D, sales and marketing, G&A, and other expenses totaled $12.7 million, an increase of approximately 9% over the prior-year period, which is in line with our expectations.
Chaime Orlev: Total revenues for the quarter were approximately $37 $7 million, a 23% increase from the $37 million recorded in the first quarter of 2020 to switch.
Chaime Orlev: The year over year growth was primarily driven by increased sales of both kindred and cytochrome due to increased demand of the two products in the U S market.
Chaime Orlev: Our site again as Amir indicated our promotional activities and the availability of fresh product batches since October of 2023.
Chaime Orlev: Supporting the revenue growth during the first quarter and for the remainder of the year.
Chaime Orlev: Nearly 70% of our revenues during the first quarter of 2024 were generated by sales in the U S market.
Chaime Orlev: Total gross profit for the first quarter of 'twenty 'twenty four was $16 $8 million.
Chaime Orlev: Venting, 44% margin up 500 basis points, when compared to the $11 8 million or 39%.
Chaime Orlev: In the prior year period.
Chaime Orlev: Operating expenses, including R&D sales and marketing and G&A and other expenses totaled $12 7 million an increase of approximately 9% over the prior year period, which is in line with our expectations.
Chaime Orlev: Such increase is in support of our expanded commercial activities, as well as our Phase 3 Innovate trial. Additionally, as we did throughout 2023 and 2022, we continue to account for financing expenses with respect to the re-evaluation of contingent consideration and the long-term assumed liabilities, all of which are related to the acquisition completed in 2021. Net income for the first quarter was $2.3 million, or $0.04 per diluted share, as compared to a net loss of $1.8 million, or a loss of $0.04 per share, recorded in the first quarter of 2023.
Chaime Orlev: Such increase is in support of our expanded commercial activities as well as our phase III innovate trial.
Chaime Orlev: As we did throughout 2023 and 2022, we continue to account for financing expenses with respect to revaluation of contingent consideration and the long term assumed liabilities all of which are related to the acquisition completed in 2021.
Chaime Orlev: Net income for the first quarter was $2 $3 million or four cents per diluted share as compared to a net loss of $1 8 million or a loss of <unk> <unk> per share recorded in the first quarter of 2023.
Chaime Orlev: Adjusted EBITDA for the first quarter of 2024 was $7.5 million, nearly double that of the first quarter of 2023. As Amir highlighted earlier, we anticipate continued momentum throughout 2024 with double-digit top and bottom line growth. As such, we're increasing our full-year 2024 revenue guidance to between $158 million and $162 million and adjusted EBITDA guidance to between $28 million and $32 million. Finally, our financial position remains strong and provides us with the strength and flexibility to accelerate the growth and profitability of our existing business and pursue compelling new business development opportunities, all of which continue to support double-digit rates beyond 2024. That concludes our preparation remarks. We will now open the call for. Operator.
Chaime Orlev: Adjusted EBITDA for the first quarter of 2024 was $7 5 million nearly double that of the first quarter of 2023.
Chaime Orlev: And some of your highlighted earlier, we anticipate continued momentum throughout 2024 with double digit top and bottom line growth.
Chaime Orlev: As such we are increasing our full year 2020 for revenue guidance to between $158 million and $162 million and adjusted EBITDA guidance to between $28 million and $32 million.
Chaime Orlev: Finally, our financial position remains strong and provides us the strength and flexibility to accelerate the growth and profitability of our existing business pursue compelling new business development opportunities all of which continues to support double digit rates.
Chaime Orlev: Beyond 2024.
Chaime Orlev: That concludes our prepared remarks, we will now open the call for questions operator.
Chaime Orlev: Hi.
Speaker Change: Ladies and gentlemen, we will now begin the question and answer session. So do you have a question. Please press star followed by the number one on your Touchstone Sally.
Operator: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchstone phone. You will hear a three-tone prompt acknowledging your request. Should you wish to decline from the polling process, please press star followed by the number 2. If you are using a speakerphone, please lift your handset before pressing any key.
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Operator: Our first question comes from the line of Annabel <unk>.
Operator: Our first question comes from the line of Annabel Samimy from Steeple. Please go ahead. Hi all, thanks for attending.
Speaker Change: From Stifel. Please go ahead.
Annabel Eva Samimy: Hi all, thanks for taking my question. Congratulations; it's a great start.
Annabel Eva Samimy: Hi, all thanks for taking my question.
Annabel Eva Samimy: Congratulations to a great start.
Annabel Eva Samimy: I guess my first question is, I know it's a small race, but what is the main driver of the race? Is it KEDREB or is it Cytogam that's benefiting from the dissemination of the data that you recently presented? And I also want to better understand some of the patterns of business. I know there's seasonality in KEDREB for obvious reasons, but how should we think about patterns for other parts of the business?
Annabel Eva Samimy: My first question is.
Annabel Eva Samimy: I know, it's a small rate, but what is the main driver of the race car drivers right again benefiting from the dissemination of the data recently presented at Ash.
Annabel Eva Samimy: So wanted to better understand some of the trends in business I know, there's seasonality to catch up for obvious reasons.
Annabel Eva Samimy: But how should we think about patterns or other parts of the business.
Annabel Eva Samimy: For example, are you meaningfully impacted by plan resets at the beginning of the year or not so much? So just a little bit of detail there. And I want to learn a little bit more about your biosimilar program and the extent to which that is going to be a driver this year. When do you think that's really going to start taking hold? Thank you.
Annabel Eva Samimy: For example are you meaningfully impacted by plan resets at the beginning of the year.
Annabel Eva Samimy: Alright.
Annabel Eva Samimy: <unk>.
Annabel Eva Samimy: So just a little bit of detail, there and I wanted to learn a little bit more about your Biosimilar program.
Annabel Eva Samimy: And the extent to which that is going to be a driver. This year, what when when do you think thats really going to start.
Speaker Change: Thank you.
Annabel Eva Samimy: Yeah.
Annabel Eva Samimy: Thank you Annabel for your great questions.
Amir London: Thank you, Annabel, for your great questions. So the main driver for the increase in the forecast for the year has been primarily CytoGram for the first quarter. As mentioned, we feel very comfortable with the increase we've seen in CytoGram sales. We feel very comfortable with the results of our activity.
Amir London: So the main driver for the.
Amir London: The increase.
Amir London: The forecast for the year and it's been primarily cycle gum.
Amir London: For the first quarter.
Amir London: As mentioned, we feel very comfortable with the increase we've seen cyclical himself, we feel very comfortable with the results of all activity.
Amir London: We basically kind of relaunched the product, you know, in 2023 after over a decade of it not being actively promoted. We have new medical information being collected, we have a very strong medical and commercial team, which is increasing physician awareness of the product and its benefits. And we see the fruits of those efforts and those activities.
Amir London: And we basically could kind of relaunched the product during 2023 after over a decade that it was not actively promoted.
Amir London: We have new medical information being collected.
Amir London: Very strong medical and commercial team, which is increasing physician awareness of the product and its benefits and we see the fruits of those I felt in those activities and this has been.
Amir London: And this has contributed to the growth in the first quarter and what we expect to be continued momentum for the rest of the year. Regarding the biosimilars, as we said previously, we believe the total potential for the current portfolio is between $32 to $36 million of revenues for Kamada in the Israeli distribution business. This first product is one of around 10 to 11 products, and its contribution will be around 10% of this, not necessarily this year, but upon some kind of maturity, I believe sometime next year or the year after.
Amir London: Contributing to the growth in the first quarter and what do you expect somebody.
Amir London: And with momentum for the rest of the year.
Amir London: In regards to seasonality. So we expect the momentum to continue.
Amir London: There is some seasonality of few of the products, but because we have such a reach portfolio with a variety of product. So in general we just.
Amir London: Oh casting.
Amir London: King continued steady growth throughout the year quarter by quarter, but based on our performance and it goes to the Biosimilar. So as we said previously we believe the total potential for the current portfolio is between $32 million to $36 million of revenues to come about in the Israeli.
Amir London: Could be some business.
Amir London: This first product.
Amir London: One of them on 10th 11th product and its contribution will be around 10% of this not necessarily this year, but you know upon kind of immaturity.
Amir London: Sometime next deal thereafter.
Amir London: And we expect another product to be launched toward the end of this year or early 2025, and that's going to be a similar-sized product. So, in general, each one of those products is supposed to contribute.
Amir London: And we expect another product to be launched towards the end of this year, though early 'twenty to 'twenty five and that's going to be of similar size.
Amir London: So in general each one of those products as opposed to contribute between $2 million to $4 million and this would be accumulated over time into a very significant business, increasing the top line and profitability, although distribution business in Israel.
Speaker Change: And I hope I answered all your questions, Yeah, sorry, yeah, yes, and just to get a little bit more color on the biosimilar dynamic in Israel, and we know how it sort of 50 here in the U S.
Annabel Eva Samimy: I hope I answered all your questions, yeah, sorry. Yes, and just to get a little bit more color on the biosimilar dynamic in Israel. We know how it sort of proceeded in the U.S., but is there a different dynamic in Israel for how biosimilars are taken up by the market?
Amir London: No, I think it's pretty similar to what we see in the U.S. We currently have agreements with three different biosimilar companies, and most of the portfolio is coming from Alvotech. The Israel registration and marketing authorization is based on... David Bautz, Brian Ritchie, Chaime Orlev, Kamada, who are in the first part similar. Of course, we get the majority of the market share. If you're the second or the third, we'll get a smaller market share. Very similar to what we see in other countries.
Amir London: Do you is there a different dynamic in Israel for Biosimilars are.
Amir London: Taken out by the market.
Amir London: No I think it's pretty similar to what we've seen the U S and we have commentary agreements with three three different biosimilar companies and.
Amir London: Most of the portfolio coming from Alphatec.
Amir London: The Israeli distribution, Israel registration, sorry, and a marketing authorization is based on.
Amir London: The product getting approved.
Amir London: He is in the U S or in Europe. Once we get once the product is approved in one of those territories. We can file it Israel. It takes between one to two years to get the approval and then we.
Amir London: Well first Biosimilar of course, we got the majority of the market share that fill the second of the third.
Amir London: It will get a smaller market so very similar to what we've seen in other countries.
Speaker Change: Okay, great and any other color you can provide us on business development.
Annabel Eva Samimy: Great. And any other color you can provide us on business development and where you might be, what areas you might be pursuing?
Speaker Change: What areas might be pursuing.
Speaker Change: Yeah. So we are evaluating multiple opportunities in our areas of focus which a plasma derived in transplantation. We are looking for commercial stage product, which will fuel our growth.
Amir London: Yeah, so we are evaluating multiple opportunities in our areas of focus, which are plasma-derived and transplantation. We are looking for commercial-stage products, which will fuel our growth. This search is ongoing. We have the funds to execute on such opportunities, and once we have something new to report, we'll gladly do so. Great, thank you.
Amir London: This search is ongoing and we have the funds to execute.
Amir London: On such opportunities and once we have something new to report.
Amir London: Glad to do so.
Speaker Change: Okay, great. Thank you.
Amir London: Yeah.
Amir London: Yeah.
Amir London: Thank you, but it seems to be no further questions. At this time I would now like to turn the call over to Mr. Brian Ritchie further questions from the web.
Operator: Thank you. There seem to be no further questions at this time. I would now like to turn the call over to Mr. Brian Ritchie for the questions from the web.
Brian Ritchie: Thank you just one additional question from the web from here.
Brian Ritchie: Thank you. Just one additional question from the web. Amir, perhaps you can provide some more detail on the revised statistical analysis plan and study protocol submitted recently for the inhaled AAT program.
Brian Ritchie: <unk>.
Brian Ritchie: You can provide some more detail on the revised statistical analysis plan in study protocols submitted recently for the inhaled <unk> program.
Amir London: Yes, sure so based on the very positive thing and positive feedback we received from the FDA.
Amir London: Based on the very positive feedback we received from the FDA earlier this year, we worked over the last few months to revise the statistical plan based on a p-value of 0.1. We analyzed different scenarios, and it shows that a smaller sample size will be needed for the study.
Amir London: This year, we walked over the last few months to revise the statistical plan based on a P value of 0.1, we analyze different scenarios.
Amir London: He chose that a smaller sample size it will be needed.
Amir London: The study this analysis was submitted to the SBA for their advice.
Amir London: This analysis was submitted to the FDA for their advice. We also had to make some small revisions in the protocol, and all of that package was submitted a few weeks ago, and we expect feedback from the FDA during the second part of the year. It will take them, we believe, a few weeks, maybe a few months to get back to us, but the study is progressing according to the plan, and we are very encouraged by the regulatory progress. As I mentioned during the call, we're also in active discussion with potential partners for the program.
Amir London: We also had to do some smaller.
Amir London: Revisions.
Amir London: In the protocol and that's all of that package was submitted a few weeks ago and we expect feedback from the FDA. During the second part of it you know it would take them. We believe in a few weeks, maybe a few months to get back to us, but the study is progressing according to plan.
Amir London: And were very encourage by the regulatory clinical and.
Amir London: Progress and as I mentioned during the call and we're also in active discussion with potential.
Amir London: Partners.
Amir London: For the program.
Speaker Change: Terrific. Thanks Samir.
Amir London: Terrific. Thanks, Amir. That is it for the Q&A session. I'll ask you now to make some final remarks, if you would.
Speaker Change: That is it for the Q&A session I'll ask you now to make some final remarks, if he could.
Amir London: Yes of course, so in closing we are pleased with the exceptional performance during the first quarter of 2024, which was led by our diverse portfolio and commercial operation specifically that of ketchup in site took them. We're excited with the progress of our <unk>.
Amir London: Yes, of course. So, in closing, we are pleased with the exceptional performance during the first quarter of 2024, which was led by our diverse portfolio and commercial operation, specifically that of CADRAB and Cytogram. We're excited with the progress of our exciting ongoing late-stage inhaled AT clinical program and the strength of our balance sheet, which generates potential business development opportunities. We look forward to continuing to support clinicians and patients with important life-saving products that we develop, manufacture, and commercialize. We thank all of our investors for their support and remain committed to creating long-term shareholder value. We hope you all stay healthy and safe. Thank you for joining us today.
Amir London: Exciting ongoing late stage inhaled 80 clinical program at the <unk>.
Amir London: Strength of our balance sheet and generating a potential business development opportunities. We look forward to continuing to support clinicians and patients with important lifesaving product that with development of factor and commercialized. We thank all of them if that still further support remain committed to creating long term shareholder value. We hope you all say.
Amir London: Healthy and safe. Thank you for joining us today.
Speaker Change: Thank you, Sir ladies and gentlemen. This concludes your conference calls like today, we thank you for participating and ask that you. Please disconnect your lines have a lovely day.
Operator: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line. Have a lovely day.
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