Q2 2024 BioXcel Therapeutics Inc Earnings Call
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Speaker Change: After the formal remarks, there will be a question and answer session. If you would like to register a question you May Press Star one on your telephone keypad.
Speaker Change: Just to remind everyone certain matters discussed in today's conference call and our answers that maybe given to questions asked are forward looking statements that are subject to risks and uncertainties related to future events and or the future financial or business performance of the company.
Speaker Change: Actual results could differ materially from those anticipated in these forward looking statements risk factors that may affect future results are detailed in the company's annual report on Form 10-K for the year ended December 31, 2023, which can be found at www dot <unk> cell therapeutics dot com or on Www dot.
Richard: S E C dot Gov, and which will be updated in its quarterly report on Form 10-Q for the quarterly period ended June 30th 2024. As a reminder, today's call is being recorded speaking on today's call are Dr. Venmo Mehta, Chief Executive Officer, Dr. Vince O'neill, Chief of product development, and medical Officer and Richard.
Richard Steinhart: Steinhart Chief Financial Officer.
Speaker Change: They will be joined in the question and answer session by Dr. Frank JAKO, Chief Scientific Officer, Matt Wiley, Chief Commercial Officer, and Dr. Rob Risinger, Chief Medical officer of Neuroscience.
It is now my pleasure to turn the call over to Dr. Mehta. Please go ahead.
Dr. Mehta: Thank you operator, good morning, and thank you for joining us today.
Speaker Change: <unk>, we are focused on expanding our lead asset <unk> 501 into the home setting or bipolar and schizophrenia related agitation.
Dr. Mehta: <unk> into a new indication for Alzheimer's related agitation.
Dr. Mehta: We are extremely passionate and motivated.
Speaker Change: To bring this much needed therapeutic option for millions of patients who are struggling with episodes of agitation.
Speaker Change: We believe <unk> offers a compelling value proposition and we look forward to advancing development.
Speaker Change: Of our two clinical programs.
Speaker Change: At this time, we are delighted to retain important juncture with the Serenity program as we are finalizing plans.
Speaker Change: Plans for <unk> hundred one in Kentucky.
Speaker Change: Yeah, the majority of agitation episode Okay.
Speaker Change: I truly believe that this is a much needed treatment option for patients.
Speaker Change: And health care provider.
There are no FDA approved therapies, while the agitation in the home setting.
Speaker Change: So they may be at home.
Speaker Change: Present, a near term value creation opportunity to potentially expand beyond the institutional setting where economies currently marketed.
Speaker Change: Our tank quality program plans with Bx Elvira one for Alzheimer's associated agitation are also progressing.
Speaker Change: This program could address a significant unmet medical need and we are pleased to have received breakthrough therapy designation from the FDA for this indication.
Speaker Change: We believe this program could represent a larger longer term growth opportunity to potentially address an estimated $100 million anvil episodes of Alzheimer's agitation.
Vince: Vince will share updates on the <unk> and CDP program shortly.
Vince: Turning to economy, we have seen growing adoption among sites take care clinics and behavioral health facility.
Vince: This market segment represents.
Vince: Amenity adjacent opportunity characterized by strong product and lower administrative barriers.
Vince: Given our small commercial footprint, we believe targeting this market sector positions economy for continued growth and scalability.
Vince: This quarter also.
Vince: As a bridge to the home setting to the at home setting if approved.
Vince: We believe this approach.
Vince: Compounded with substantial patent protection that extend to 2014 could enable us to fully realize the potential of economy.
Vince: Finally, we remain focused on expanding our balance sheet to support our late stage clinical trials with the goal of reaching data that you don't.
Vince: We are also evaluating strategic financing alternatives.
Speaker Change: Jess royalty monetization oncor, the XL monetization annualized strategic partnerships.
Speaker Change: In summary plans for our core clinical programs are advancing.
Speaker Change: Our market access strategy with the gathering is progressing and we are pleased with growing patent portfolio.
Speaker Change: With that I will turn the call over to Vince. Thank you very much.
Speaker Change: <unk>, we're pleased to be preparing for initiation of our serenity of home trial, which as a reminder is designed to be a double blind placebo controlled multicenter study to evaluate the safety and efficacy of <unk> 120, microgram dose of 501.
Speaker Change: For a 12 week period, the primary objective will be safety with efficacy measures as exploratory endpoints. We recently received feedback from the trial protocol from the FTE. We've completed the CMC. What we believe is sufficient to support the use of child pouches in the home setting.
In behavioral health festivity.
Speaker Change: And have finally defined final statement of work and clinical site selection with our CLO all preparing us for trial initiation.
Speaker Change: This market segment represents.
Speaker Change: <unk> are Justin opportunity characterized by strong product and lower administrative bad years.
Speaker Change: Plans for our Tranquility program are also advancing with a focus on our tranquility and care trial. The proposed trial design is substantially similar to tranquility too as a reminder, tranquility and care is a double blind placebo controlled multicenter study to evaluate the efficacy and safety of a 60 microgram dose of fiber one.
Speaker Change: Given our small commercial footprint, we believe targeting this market sector positions economy for continued growth and scalability.
Speaker Change: This quarter also.
Speaker Change: The bridge to the home setting to the at home setting if approved.
Speaker Change: Over a 12 week period.
Speaker Change: We believe this approach.
Speaker Change: The primary endpoint is expected to be the change in PEC score at two hours post first stores the tranquility and care protocol is in final form and we are planning to submit to the agency.
Speaker Change: Copper will be substantial patent protection that expense to 2014 quarter enable us to fully realize the potential of Mcdonald's.
Turning to our PMA study with a Gal me.
Speaker Change: Finally, we remain focused on its strengthening our balance sheet to support our late stage clinical trial with the goal of reaching data readouts.
Speaker Change: We're pleased to have reported positive top line results evaluating PRN or as needed treatment. All began the study achieved its objective and demonstrated no evidence of tachyphylaxis tolerance or withdrawal with the 180 microgram dose the highest approved dose.
Speaker Change: We are also evaluating strategic financing alternatives such as royalty monetization.
Rich: Although the study was not statistically powered to evaluate repeat dose efficacy a reduction in agitation was observed for each episode occurring during the seven day study period and no serious adverse events were reported following treatment I would now like to turn the call over to rich who will review our financial results for the second quarter.
Rachel: <unk> monetization as realized strategic partnerships.
Rachel: In summary plans for our core clinical programs are advancing.
Rachel: Our market access strategy with the gallery is progressing.
Rachel: And we are pleased with growing patent portfolio.
Rich: Thank you Vince.
Rachel: With that I will turn the call over to Vince. Thank.
Speaker Change: Net revenue from <unk> was $1 1 million for the second quarter of 2024 compared to 457000 for the same period in 2023.
Vince: Thank you Bill So similar announced we're pleased to be preparing for initiation of our serenity of home trial, which as a reminder is designed to be a double blind placebo controlled multicenter study to evaluate the safety and efficacy will be 120 microgram dose of fiber one alright.
Rich: This represented a 141% increase.
Rich: Sequential quarterly revenue increased 90% in Q2 2024 from the first quarter of 2024.
Speaker Change: Over a 12 week period, the primary objective will be safety with efficacy measures as exploratory endpoints. We recently received feedback on the trial protocol from the FDA. We've completed the CMC. What we believe is sufficient to support the use of <unk> punches in the home setting and.
Rich: Growth in revenue for both periods was primarily driven by an increase in contracting with psychiatric care clinics and behavioral health facilities.
Rich: Research and development expenses were $8 million for the second quarter of 2024.
Speaker Change: And have finally defined the final statement of work and clinical site selection with our CLO all preparing us for trial initiation.
Rich: Compared to $27 million for the same period in 2023.
Rich: The decreased expenses were primarily attributable to the wind down of the serenity, three and tranquility, two and three trials as well as decreased professional fees personnel and related costs.
Speaker Change: Plans for our Tranquility program are also advancing with the focus on our tranquility in care trial. The proposed trial design is substantially similar to tranquility too as a reminder, tranquility and care is a double blind placebo controlled multicenter study to evaluate the efficacy and safety of a 60 microgram dose a final one.
Rich: Selling general and administrative expenses were $9 5 million for the second quarter of 2024 compared to $25 9 million for the same period in 2023.
Speaker Change: Over a 12 week period.
Rich: The expense reduction was primarily attributable to a decrease in personnel and costs associated with the commercialization of our gummy compared to the second quarter of 2023 driven by our.
Speaker Change: The primary endpoint is expected to be the change in PEC score at two hours post first stores.
Speaker Change: John Quilty in care protocol is in final form and we're planning to submit it to the agency.
Speaker Change: Turning to our PMA study with a Gal me. We were pleased to have reported positive top line results evaluating PRN or as needed treatment. All began me. The study achieved its objective and demonstrated no evidence of tachyphylaxis tolerance or withdrawal with the 180 microgram dose the highest approved dose.
Rich: Re prioritization.
<unk> therapeutics: <unk> Therapeutics had a net loss of $8 3 million for the second quarter of 2024.
<unk> therapeutics: Compared to a net loss of $53 5 million for the same period in 2023.
<unk> therapeutics: In the second quarter of 2024, the loss from operations of $17 3 million was offset by an unrealized gains related to derivative liabilities.
Rich: Although the study was not statistically powered to evaluate repeat dose efficacy a reduction in agitation was observed for each episode occurring during the seven day study period and no serious adverse events were reported following treatment I would now like to turn the call over to rich who will review our financial results for the second quarter.
<unk> therapeutics: The company used $23 2 million in operating cash during the second quarter of 2024.
<unk> therapeutics: Cash and cash equivalents totaled $56 3 million as of June 32024.
<unk> therapeutics: Finally to enable us to deliver on our strategic clinical priorities that demo and Vince have described earlier, we are continuing to optimize operational efficiencies across our business.
Rich: Thank you Vince.
Rich: Net revenue from Oklahoma was $1 1 million for the second quarter of 2024 compared to 457000 for the same period in 2023.
Them all: Now I'd like to turn the call back to them all.
Rich: This represented a 141% increase <unk>.
Vince: Thank you rich we would now like to open the call for questions operator.
Rich: Sequential quarterly revenue increased 90% in Q2 2024 from the first quarter of 2024.
Speaker Change: Thank you we will now be conducting a question and answer session. Thank.
Rich: Growth in revenue for both periods was primarily driven by an increase in contracting with psychiatric care clinics and behavioral health facilities.
Speaker Change: Thank you would like to ask a question. Please.
Speaker Change: One on your telephone keypad.
Speaker Change: Relations will indicate your line is open for questions.
Rich: Research and development expenses were $8 million for the second quarter of 2024.
Speaker Change: You May press star two we'd like to remove your question from the queue.
Rich: Compared to $27 million for the same period in 2023.
Speaker Change: Participants using speaker equipment, it may be necessary to pick up your handset before.
Rich: The decrease in expenses were primarily attributable to the wind down of the serenity, three and tranquility, two and three trials as well as decreased professional fees personnel and related costs.
Speaker Change: Sarky.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: Your first question comes from Kumar <unk> Kulkarni with Canaccord Genuity. Please go ahead.
Rich: Selling general and administrative expenses were $9 5 million for the second quarter of 2024 compared to $25 9 million for the same period in 2023.
Kumar Kulkarni: Good morning, Thanks for taking our questions I have three fairly quick ones on tranquility and at what point do you expect to be able to let us know when data might be available and on that trial are there any new variables that might make the time more or less expensive relative to how you would characterize the cost previously.
Rich: The expense reduction was primarily attributable to a decrease in personnel and costs associated with the commercialization of <unk> compared to the second quarter of 2023 driven by our.
Speaker Change: So good morning <unk>. This is then sulfur tranquility and care today, we're not in a position to provide specific.
Rich: Re prioritization.
<unk> therapeutics: <unk> Therapeutics had a net loss of $8 3 million for the second quarter of 2024.
Speaker Change: Timing.
Speaker Change: To your second question in terms of cost.
<unk> therapeutics: Compared to a net loss of $53 5 million for the same period in 2023.
Speaker Change: We don't obviously typically give specific cost guidance, but we see no reason to have changed our view on the cost of the study recently.
In the second quarter of 2024, the loss from operations of $17 3 million was offset by an unrealized gains related to derivative liabilities.
Essentially as previously thought or planned.
Speaker Change: Got it and then my third one is on sentiment the at home how aligned would you say you are with the FDA on that trial and is the <unk> packaging. The key part of enabling that tried to proceed.
The company used $23 2 million in operating cash during the second quarter of 2024.
<unk> therapeutics: Cash and cash equivalents totaled $56 3 million as of June 32024.
Speaker Change: So I would say we are very aligned with the FDA as I mentioned in prepared remarks, we did receive feedback from the FDA that has been incorporated into the protocol.
<unk> therapeutics: Finally to enable us to deliver on our strategic clinical priorities that demo and Vince have described earlier, we are continuing to optimize operational efficiencies across our business.
Speaker Change: Also as mentioned CMC work is complete.
Them all: Now I'd like to turn the call back to them all.
Speaker Change: Statements of work with the CRO has also been defined so essentially the make ready work for that study is complete.
Vince: Thank you rich we would now like to open the call for questions operator.
Speaker Change: I'll squeeze one last one can you talk about any potential areas of discussion that you might have with the FDA on the specific tranquility incur protocol.
Speaker Change: Thank you we will now be conducting a question and answer session. Thank.
Speaker Change: If you would like to ask a question. Please.
Speaker Change: One on your telephone keypad.
Speaker Change: I think one point I'll make is obviously tranquility versus serenity is an efficacy primary endpoint study, it's obviously, a little more complicated a little longer in duration.
Speaker Change: A confirmation tone will indicate your line is open for questions.
Speaker Change: You May press Star two.
Speaker Change: Like to remove your question from the queue.
Speaker Change: For participants using speaker equipment may be necessary to pick up your handset before.
Speaker Change: And actually a little bit more expensive, we know that the FDA is very interested and repeat dose efficacy and I think that will be the one point that we want to get right going forward with that protocol.
Mr. Archie: Mr. Archie.
Speaker Change: One moment, please while we poll for question.
Speaker Change: Thank you.
Sandbox: Your first question comes from Sandbox.
Speaker Change: Next question Alec Stranahan with Bank of America. Please go ahead.
Speaker Change: Arnie with Canaccord Genuity. Please go ahead.
Arnie: Good morning, Thanks for taking our questions I have three.
Mary Kate: Good morning. This is Mary Kate on for Alex. This morning, and we were just wondering what are your expectations for the piece of trial execution for the phase III trials upon initiation, maybe specifically share entity here and maybe could you add additional color on the potential market opportunity for the iPhone population here as well. Thank you.
Arnie: Three fairly quick ones on <unk>.
Speaker Change: Quality and at what point do you expect to be able to let us know when data might be available and on that trial are there any new variables that might make the time more or less expensive relative to how you would characterize the cost previously.
Simeon: Good morning, Simeon. This is then sulfur tranquility and care today, we're not in a position to provide specific.
Mary Kate: Thanks, and then just this is Vince just to paraphrase. Your first question essentially you are asking about the timing of the serenity of home study correct.
Speaker Change: Timing.
Speaker Change: Your second question in terms of cost.
Vince: Yes, yes.
Obviously typically give specific cost guidance, but we see no reason to have changed our view on the cost of the study recently, it's essentially as previously thought.
Speaker Change: And how long it could potentially take in terms of.
Vince: Enrollment once you guys initiate the trial.
Speaker Change: Sure. So again not in a position to give precise timelines today, but I'll actually just repeat what I said, a moment ago and that is that serenity of the two studies serenity is the less complex study therefore, the fastest study and the less expensive study.
Speaker Change: Got it and then my third one is on sentiment the at home.
Speaker Change: <unk> would you say you are with the FDA on that trial and is the chain proof packaging. The key part of enabling that tried to proceed.
So I would say we are very aligned with the FDA as I mentioned in prepared remarks, we did receive feedback from the FDA that has been incorporated into the protocol.
Speaker Change: Yes America business model I'll talk a little bit about the market opportunity is so there are 23 million episodes in the at home market.
Speaker Change: What we found in market research is that.
Speaker Change: Also as mentioned CMC work is complete.
Speaker Change: Patients, who experience agitation with bipolar schizophrenia indicated that they would use <unk> 501 in 80% of their episodes oftentimes at the very beginning or even before those episodes started so in the prodromal.
Speaker Change: A statement of work with the CRO has also been defined so essentially the make ready work for that study is complete.
Speaker Change: I'll squeeze one last one can you talk about any potential areas of discussion that you might have with the FDA on the specific tranquility encamped protocol.
Speaker Change: Phase of the episodes so the patients are motivated.
Speaker Change: I think one point I'll make is obviously tranquility versus serenity is an efficacy primary endpoint study, it's obviously, a little more complicated a little longer in duration.
Speaker Change: And clearly we could imagine taking some of the 23 million episodes, adding to that.
Speaker Change: As we draw some of those episodes out of the emergency Department in the hospital.
Speaker Change: And actually a little bit more expensive, we know that the FDA is very interested and repeat dose efficacy and I think that will be the one point that we want to get right going forward with that protocol.
Speaker Change: Next question Gregg Zyuganov ish with Mizuho. Please go ahead.
Speaker Change: Hi, This is <unk> on for Greg I, just had a couple of questions.
Speaker Change: Thank you.
Speaker Change: Next question Alec Stranahan with Bank of America. Please go ahead.
Speaker Change: The first one is what is the company's current cash runway and the second is for both the serenity and Tranquility studies are you still planning to finance. It yourself are you thinking of partnering with someone.
Mary Kate: Good morning. This is Mary Kate on for Alex. This morning, and we were just wondering what are your expectations for the peace trial execution for the phase III trials upon initiation, maybe specifically sure entity here and maybe could you add additional color on the potential market opportunity for the adult population here as well. Thank you.
To actually run the trials and the last is what is the what are the gating factors.
For actually initiating the trials now now that you have you've discussed the protocol with the FDA, specifically first Randy thanks.
Mary Kate: Thanks, and just a this is Vince just to paraphrase. Your first question essentially you are asking about the timing of the serenity of home study correct.
Rich: Hi, This is rich on the cash runway, we really haven't changed our guidance on cash runway at all so it remains similar to what we had talked about in the past.
Speaker Change: Yeah, Yeah, and how long it could potentially take in terms of.
Mary Kate: Enrollment once you guys.
Speaker Change: The trial.
Speaker Change: Good morning, everyone. Thank God. This is very model regarding your question on the financing our coordinating and start it is based on funding both trials through various alternatives as I mentioned.
Speaker Change: Sure. So again not in a position to give precise timelines to date, but I'll actually just repeat what I said, a moment ago and that is that serenity of the two studies serenity is the less complex study therefore, the fastest study and the less expensive study.
Speaker Change: So we are exploring all those opportunities and battling as you said both trials at the point, where we already have a feedback into the entity at home can begin.
Speaker Change: Yes America Haters is Matt I'll talk a little bit about the market opportunity is so there are 23 million episodes in the at home market.
Speaker Change: Shortly and we are finalizing our plans for the tanker did incur which Vince already mentioned so both are the strategic priorities and we are moving them along.
Speaker Change: What we found in market research is that.
Speaker Change: Patients, who experience agitation with bipolar schizophrenia indicated that they would use <unk> 501 in 80% of their episodes oftentimes at the very beginning or even before those episodes started sort of in the prodromal.
Speaker Change: And as I mentioned in my prepared remarks, we are looking at strategic partnerships.
Speaker Change: Part of it.
Speaker Change: Exercise.
Speaker Change: Phase of the episodes so the patients are motivated.
Speaker Change: Okay. Thank you.
Speaker Change: Next question, Rob Silver Roshia with H C. Wainwright. Please go ahead.
Speaker Change: And clearly we could imagine taking some of the 23 million episodes, adding to that.
Speaker Change: Thanks, very much for taking my questions three quick ones here.
Speaker Change: As we draw some of those episodes out of the emergency Department in the hospital.
Speaker Change: Firstly, just a question on the commercial side can you comment on any favorable tailwind that you see the product experiencing at this juncture and what impact that might have on the cadence of revenue growth and prescription uptake over the course of the second half of 2024 secondly.
Speaker Change: Next question, Greg Susan Offish with Mizuho. Please go ahead.
Speaker Change: Hi, This is <unk> on for Greg I, just had a couple of questions.
Speaker Change: The first one is what is the company's our current cash runway and the second is for both the serenity and Tranquility studies are you still planning to finance. It yourself are you thinking of partnering with someone.
Speaker Change: With respect to <unk> can you provide any update with respect to.
Speaker Change: Potential spin out of that entity or other ways in which you could conceivably monetize <unk> 701, and then lastly, if you could perhaps comment on your plans for the neurology pipeline beyond VX 501 and to what extent.
Speaker Change: To actually run the trials and the last is what is the what are the gating factors.
Speaker Change: For actually initiating the trials now now that you have private you've discussed the protocol with the FDA specifically for certainty.
Speaker Change: That might potentially provide you with additional sources of non dilutive funding. Thank you.
Rich: Hi, This is rich on the cash runway, we really haven't changed our guidance on cash runway at all so it remains similar to what we had talked about in the past.
Speaker Change: Hey, Ron So this is Matt again.
Ron: To answer your question about tailwind I mean, one of the things that we've observed over the last three quarters is an increase in the interest from these community behavioral health centers.
Speaker Change: Good morning, everyone. Thank God. This is a very mode regarding your question on the financing our coordinating and strategies based on funding both trial through various alternatives as I mentioned.
Ron: They are about 36000 of these in the United States.
Speaker Change: So we are exploring all those opportunities and battle as you said both trials are at a point, where we already have your feedback into the entity at home can begin.
Ron: We know from previous market research that psychiatrist.
Ron: The highest intent to use the product.
Ron: Of all the constituents in a hospital setting so we think that that translates nicely to this community.
Speaker Change: Shortly and we are finalizing our plans for that tangle, it incur which rent already mentioned so both on our strategic priorities and we are moving them along.
Ron: Mental health clinic type setting.
Ron: Also.
Ron: Based on our experience.
Speaker Change: And as I mentioned in my prepared remarks, we are looking at strategic partnerships.
Ron: We know that the process for.
Ron: Acquiring <unk>.
Speaker Change: Part of it.
Ron: It does not require the type of administrative hurdles.
Speaker Change: Exercise.
Speaker Change: Okay. Thank you.
Ron: We typically see in a hospital setting so.
Speaker Change: Next question, Rob Fauber, Roshia with H C. Wainwright. Please go ahead.
Ron: We feel like this is an opportunity that is.
Near term low hanging fruit and we will continue to progress on that over the balance of the year and into next year as well.
Speaker Change: Thanks, very much for taking my questions three quick ones here.
Rob Fauber: Firstly, just a question on the commercial side can you comment on any favorable tailwind that you see the product experiencing at this juncture and what impact that might have on the cadence of revenue growth and prescription uptake over the course of the second half of 2024 secondly.
Ron: Sure.
Ram: Morning, Ram So just to reiterate we've said, we're obviously committed to monetizing 701. So we have initiated partner outreach through our retained firm that specializes in this area and that's in addition to assessing formerly assessing the commercial value of our indications. So we're pleased with progress so far and we will.
Rob Fauber: With respect to encore XL can you provide any update with respect to a potential spin out of that entity or other ways in which you could conceivably monetize <unk> 701, and then lastly, if you could perhaps comment on.
Ron: Update you in due course.
Ron: Good morning, Graeme This is Remo regarding your third question planned for our neuroscience pipeline.
Graeme: Currently as I mentioned, we are.
Graeme: Very focused on moving to late stage.
Speaker Change: On your plans for the neurology pipeline beyond <unk> 501, and to what extent that might potentially provide you with additional sources of non dilutive funding. Thank you.
Graeme: Kyle, but we will continue to look at it what are the best options are.
Graeme: Progress.
Graeme: Pipeline, which is fiber to fiber to the either through a partnership mechanism.
Speaker Change: Hey, Rob So this is Matt again.
Speaker Change: To answer your question about <unk> I mean, one of the things that we've observed over the last three quarters is an increase in the interest from these community behavioral health centers.
Graeme: Or any other way.
Graeme: To move those program forward.
Speaker Change: Thank you.
<unk> therapeutics: Thank you I would like to turn the floor over to Dr. <unk> for closing remarks.
Speaker Change: There are about 36000 of these in the United States.
Speaker Change: We know from previous market research that psychiatrist.
Speaker Change: The highest intent to use the product.
Speaker Change: Thank you. Thank you everyone for joining us today and for your continued interest in <unk> have a great day.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.
Speaker Change: <unk> This is where model regarding your third question plans for our like in our neuroscience pipeline.
Speaker Change: Currently as I mentioned, we are very focused on moving to late stage pivotal trial.
Speaker Change: Kyle.
Speaker Change: We will continue to look at it what are the best options to.
Speaker Change: <unk> progress.
Speaker Change: Pipeline.
Speaker Change: Which is five or two five or three either through a partnership mechanism.
Speaker Change: Or any other way.
Speaker Change: To move those program forward.
Speaker Change: Thank you.
Speaker Change: Thank you I would like to turn the floor over to Dr. <unk>.
Speaker Change: For closing remarks.
Thank you. Thank you everyone for joining us today and for your continued interest in by XL had a verdict have a great day.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.
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