Q2 2024 TriSalus Life Sciences Inc Earnings Call
Speaker Change: Good morning and welcome to TRISALIS Science 2nd Quarter 2024 Earnings Conference Call.
Speaker Change: Currently, all participants are on listen-only mode.
Speaker Change: We will facilitate a question and answer session toward the end of today's call. As a reminder, this call is being recorded for replay purposes.
Jim Young: I would now like to turn the call over to your host, Jim Young, Senior Vice President of Investor Relations and Treasurer at Trisalis, for a few introductory comments.
Speaker Change: Unknown Executive, Mary Szela, Steven Katz
Speaker Change: Thank you all for participating in today's call. Joining me today from Trisalis Life Sciences are Mary Szela, President and Chief Executive Officer, Sean Murphy, Chief Financial Officer, Dr. Alex Kim, Senior Vice President, Interventional Radiology, and Dr. Steven Katz, Chief Medical Officer.
Speaker Change: Earlier this morning, Trisalis released financial results for the second quarter ended June 30th of 2024. A copy of the press release is available on Trisalis's website.
Speaker Change: Before we begin, I would like to remind you that we will be making forward-looking statements based on our current expectations and beliefs.
Mary Szela: These statements are subject to certain risks and uncertainties, and our actual results may differ materially. Please see the risk factors in our SEC filings for additional details. And with that, I'll turn the call over to Mary.
Mary Szela: Good morning, and thank you all for joining today's call. This quarter we made significant progress in advancing our strategic priorities and continued to achieve robust revenue growth.
Mary Szela: Today, we'll discuss the key highlights of the quarter and provide updates on our pioneering drug delivery technology, the PEDD technology, and our promising investigational therapeutic melatolamide for liver and pancreatic indications.
Mary Szela: Starting with our second quarter performance, I'm thrilled to report a substantial growth of 60% in TRINAP revenues compared to the second quarter of last year.
Mary Szela: This impressive growth, driven by permanent, specific reimbursement, compelling clinical data, and the expansion of our sales force
Mary Szela: reinforces our status as one of the fastest growing medtech companies in the United States, marking another consecutive quarter of over 50% growth.
Mary Szela: As previously shared, we're actively engaging with the interventional radiology community and hospital communities to disseminate the outcomes of our recent health economic and outcome research study.
Mary Szela: This study highlighted the value of the TRINAC system.
Mary Szela: particularly in treating complex patients.
Mary Szela: with Diverse Clinical Challenges and Large Tumor Burdens in the Liver. In short, the study demonstrated economic and clinical benefits to using the TRINAP system to treat sicker, treatment refractory, and higher disease burden patients.
Mary Szela: And given the high unmet medical needs of these patient population and the significant impact of our technology.
Mary Szela: We are planning to launch a series of investigator-initiated clinical trials focusing on various complex patient types across numerous research sites and institutions in the U.S.
Mary Szela: This comprehensive clinical initiative aims to gather real-world clinical use data and further evidence supporting the use of TRNF technology in complex patient populations.
Mary Szela: This program, named the DELIVER program, is designed to further demonstrate China's enhanced efficacy and safety across a broad spectrum of complex patient populations, may otherwise not be candidates for case and tear procedures.
Mary Szela: We define these complex patients as those involving one or more of the following.
Mary Szela: Previous embolization and therapy, multifocal diffuse or bilobar lesions, large tumors, 8 centimeters in size,
Mary Szela: Multiple comorbidities including liver dysfunction, hypovascular tumors, and diffuse tumors throughout the liver.
Speaker Change: A new complex patient type has emerged based on the work of Dr. Juan Camacho from Sarasota General Hospital, who achieved significant treatment success using bland emolization via the Trinib technology for multinodular goiter.
Speaker Change: Later in the call, Dr. Alex Kim will discuss the inherent benefits of trans-arterial embolization with the TRINAP technology compared to competing therapies.
Speaker Change: The DELIVER program encompasses a series of investigator-initiated clinical trials involving numerous research sites and hospitals across the United States.
Speaker Change: enabling access to a wide range of complex patient populations and clinical outcome data collection.
Speaker Change: A central theme of this program will be to investigate innovative approaches to highlight the impact of improved therapeutic delivery and enhanced safety through sparing of normal tissue when using the TRINAB system in these complex patients.
Speaker Change: Essentially, our goal is to explore the potential of combination therapies with transarterial chemo and radioembolization delivered via the TRINAB system.
Speaker Change: Which we expect will demonstrate enhanced efficacy and overcome resistant mechanisms and difficult to treat cancers
Speaker Change: We expect soon to initiate the first of our investigator-initiated clinical trials under the program called PROTECT.
Speaker Change: for Impressure-Enabled Retrograde Occlusive Therapy with Embolization for Control of Thyroid Disease, which aims to demonstrate the benefits of this approach versus surgery.
Speaker Change: We also intend to deliver studies to include and eliminate
Speaker Change: which stands for embolization of liver metastasis in anatomically complex patients for therapeutic enhancement, integrating Y90 and the TRINAP system with systemic therapy for patients with anatomically complex
Speaker Change: colorectal and neural endocrine liver tumors.
Speaker Change: The second study is SPARE. It stands for Pressurized Redistribution of Embolic Chemotherapy Investigation for Safety Enhancement. This focuses on the benefits of TRINAB system with chemoembolization in complex sarcoma liver tumors.
Speaker Change: and the next study is called PRECISE. It stands for Embolization of Liver Metastases in Anatomically Complex Patients for Therapeutic Enhancement, CTASE,
Speaker Change: Plus the trinep system with systemic therapy for patients with anatomically complex colorectal and neuro endocrine liver tumors
Speaker Change: We emphasize patient centricity in all our clinical trials, aiming to improve the overall patient experience during the procedure. This includes reducing the burden on patients, improving education, and ensuring their voices are heard throughout the clinical trial and development process.
Speaker Change: Importantly, the safety and tissue sparing effects of our technology may enable patients to be treated with embolization who have not been eligible previously.
Speaker Change: Additionally, we believe these studies will allow us to update our real-world evidence to complement our clinical data and ensure we understand how our technology performs in everyday clinical practice.
Speaker Change: We will leverage advanced data analytics to generate insights from complex patients and data sets within our real-world evidence approach.
Speaker Change: Overall, the DELIVER program exemplifies our commitment to transforming the care of patients undergoing intravascular procedures.
Speaker Change: for Treatment of Solid Tumors or Benign Conditions with Similar Mechanical Treatment Barriers, ultimately striving to deliver a life-changing impact to the patients we serve.
Speaker Change: Regarding our pipeline, we plan to initiate the full launch of Trinab Large System later this year.
Speaker Change: as well as share the full clinical results of PERI-O1, our Phase I clinical trial for uveal melanoma liver metastases, and PERI-O3, our Phase I clinical trial for locally advanced pancreatic cancer.
Speaker Change: At the end of the year will provide results.
Speaker Change: of PERIA 1 and PERIA 3, which will inform our next steps in clinical development in combination with the TRINAB system.
Speaker Change: I'll turn the call to Dr. Alex Kim.
Speaker Change: Senior Vice President of Interventional Radiology, to share further details on the initiation of PROTECT.
Speaker Change: for Multinodular Goiter, and then have Dr. Steven Katz, our Chief Medical Officer, briefly summarize the results of PERI-O2, our Phase I trial in intra-opatic cholangiocarcinoma and hepatocellular cancer.
Speaker Change: Before I hand it over to Alex, I want to conclude by saying we're pleased with the company's progress and confident in our ability to execute our company building strategy.
Alex Kim: We remain on track against our objectives to achieve over 50% top-line revenue growth advance our pipeline and strengthen our operational foundations Alex over to you
Alex Kim: Thank you, Mary. I am excited to speak to you about our new registry study evaluating the real-world experience assessing the safety and efficacy of performing thyroid artery embolization or TAE with the TRINAP device.
Alex Kim: TAE is an emerging procedure being developed to treat thyroid goiters.
Speaker Change: The current standard of care is for patients to undergo surgery or radiation treatment for this benign disease, both of which are associated with significant comorbidities including hypothyroidism and nerve injury.
Speaker Change: While TAE may significantly reduce or eliminate these risks, thyroid embolization itself carries with it a risk of stroke, which has muted the enthusiasm for this procedure in the interventional radiology community.
Speaker Change: We believe that performing TAE with the TRINAP system will significantly reduce the risk of stroke as the PDD effect of the TRINAP system eliminates the need to catheterize the superior thyroid arteries for treatment where the great majority of the stroke risk from TAE resides.
Dr. Kamacho: Dr. Camacho, who Mary mentioned earlier, introduced an approach in which PEDD-TAE is performed only with catheterization of the inferior thyroid arteries, which do not directly communicate with the cerebral vasculature.
Dr. Kamacho: Dr. Camacho has currently performed over 25 PDDT-AE procedures to date without any cerebral adverse events and is currently developing a manuscript to describe his initial experience.
Speaker Change: Based on the mechanistic rationale and the early safety and efficacy data, we believe that PDD-TAE can be transformative in the treatment of the 50,000 or so patients who currently undergo a thyroidectomy for benign thyroid disease and has the potential to become the standard of care for this disease process.
Speaker Change: We are enthusiastic about the potential for this application to deliver better safety and efficacy to this large patient population.
Steven Katz: I would now like to turn the call over to Dr. Steven Katz, our Chief Medical Officer, to speak about our perioclinical trial.
Steven Katz: Thank you, Alex. As you know, we opened three phase one trials studying liver metastases, primary liver or bile duct cancer, and locally advanced pancreatic adenocarcinoma to test three hypotheses.
Speaker Change: One, the Pressure Enabled Drug Delivery or PEDD method would overcome delivery challenges historically associated with Toll-like Receptor or TLR agonists and other innate immune stimulators.
Speaker Change: Two, Nelitolamide could eliminate suppressive immune cells, including myeloid-derived suppressor cells, or MDSC, in the liver or pancreatic tumors, while promoting broader immune stimulation and T-cell recruitment.
Speaker Change: 3. Delivering Nelitolamide via PEDD could improve clinical outcomes when combined with systemic checkpoint inhibitors and patients typically considered to be refractory to these agents.
Speaker Change: Last fall, we reported initial Phase I results.
Speaker Change: for PERI-01 and PERI-03 at the CITSI meeting. PERI-01 focused on patients with uveal melanoma liver metastases, and the CITSI presentation highlighted a tolerable safety profile
Speaker Change: evidence of liver metastasis MDSE depletion, and encouraging signals related to ctDNA or circulating tumor DNA responses, disease control, and survival in largely pre-treated patients.
Speaker Change: The PERI-O3 data was locally advanced adenocarcinoma data for pancreatic cancer patients.
Speaker Change: and we focused on the initial three patients to highlight the early tolerability of Nelitolamide given directly into pancreatic tumors via PEDD and the immune signals aligned with what we reported in the liver cancer patient trials.
Speaker Change: Perio 3 remains open at MD Anderson.
Speaker Change: We plan to report the final phase one results for both programs by the end of this year
Speaker Change: The PERI-O2 study enrolled patients with hepatocellular carcinoma, HCC, or intrahepatic cholangiocarcinoma or bile duct cancer.
Speaker Change: The primary objectives of PERI-02 were to explore the safety of giving Nelictolomide into the liver via PEDD.
Speaker Change: in combination with systemic checkpoint inhibition and largely treatment refractory patients who often have underlying liver disease, including cirrhosis.
Speaker Change: The study is complete and our investigators from MD Anderson recently reported at ASCO 2024 on 23 patients across dose levels and cohorts.
Speaker Change: Let me walk you through the overall results.
Speaker Change: We'll begin with safety.
Speaker Change: Overall, the safety profile was similar to the reports from the uveal melanoma and pancreatic adenocarcinoma patients.
Speaker Change: with a grade 3 or higher treatment-related adverse event rate of 13%, which we were pleased with given the underlying liver disease typically present in the HCC and cholangiocarcinoma patients.
Speaker Change: We believe this further supports the potential of PEDD to deliver immunotherapeutics in advanced liver and pancreas cancer patients.
Speaker Change: The immune monitoring data also aligned with prior reports from PERIA 1 and PERIA 3 with evidence of MDSC depletion and T cell recruitment into immunologically culled tumors, along with evidence of systemic immune activation.
Speaker Change: We tested three doses in the study, two, four, and eight milligrams of Nelitolamide.
Speaker Change: And while efficacy was not a primary objective of the study, we observed evidence of disease control when using the checkpoint inhibitor doublet of ipilimumab and nivolumab in combination with nilotolamide via PEDD.
Speaker Change: Approximately two-thirds of patients had intrahepatic cholangiocarcinoma and the remainder had hepatocellular carcinoma.
Speaker Change: Importantly, at enrollment, 83% of the patients overall had received two or more lines of prior therapy.
Speaker Change: indicating that this was a very difficult to treat population.
Speaker Change: We did not see any evidence of clinical activity for nilitolamide monotherapy or nilitolamide combined with single-agent checkpoint inhibition using pembrolizumab.
Speaker Change: However, in the 12 patients who received nilitolamide via PEDD in combination with IPI and NEVO, the disease control rate was 42%.
Speaker Change: with an overall response rate of 17 percent and historically, we would typically expect a response rate of 10 to 12 percent in previously treated cholangiocarcinoma patients.
Speaker Change: Within the four milligram dose group in patients who received ipinevo in combination with nelitolamide, all three patients had disease control at best on treatment response, including one partial response and one complete response.
Speaker Change: The overall survival for the group is still evolving, with 5 of 12 patients remaining alive beyond 7 months and a median of 8 months.
Speaker Change: While we are pleased to see the consistency and safety and immunologic effects.
Speaker Change: along with encouraging outcomes in a limited number of patients.
Speaker Change: and the Checkpoint Doublet cohort. The data from the cholangiocarcinoma and HCC patients was too limited for us to proceed, and therefore, we do not intend to proceed to phase two with this regimen.
Speaker Change: There is investigator interest in exploring nilitolamide in combination with transarterial chemoembolization, or TACE, or transarterial radioembolization, TARE, for these patients, and we may consider investigator-initiated studies in the future.
Speaker Change: Despite this decision on PERI-O2, we continue to be pleased with the results in PERI-O1 and PERI-O3, and we will provide an update on our plans for further development
Speaker Change: and need invocations by the end of the year.
Sean Murphy: With that, I would like to turn the call over to Sean Murphy, our Chief Financial Officer, who will provide financial highlights of the quarter.
Sean Murphy: Good morning, everyone, and thank you, Steven.
Sean Murphy: I am pleased to report that TRISALIS achieved outstanding results in the second quarter that ended June 30th, 2024.
Sean Murphy: Our revenue, solely driven by the success of the Trinab device in the U.S., reached $7.4 million in the second quarter.
Sean Murphy: This sales achievement represents the highest quarterly sales in the company's history.
Sean Murphy: reflecting a strong 60% increase compared to the same period in 2023.
Sean Murphy: Revenue in the first 6 months of 2024 reached $13.8 million, representing growth of 82% compared to the first 6 months of 2023.
Sean Murphy: In the quarter, we captured 27 new hospital accounts.
Sean Murphy: and our account utilization reached 15.2 units per account compared to 12.4 units per account in the second quarter of 2023.
Sean Murphy: Tricellas has a track record of growth, as illustrated on slide 1, which demonstrates that the company has grown at a compound annual growth rate of over 50% since our product launch in 2020.
Sean Murphy: We continue to forecast 2024 growth over 50 percent.
Sean Murphy: and the segment of the business excluding Nelotolomide clinical costs is expected to approach positive EBITDA late in 2024.
Sean Murphy: We are proud to report a very strong gross margin profile of 88% in the second quarter of 2024 and 86% year-to-date compared to 83% and 81%
Sean Murphy: respectively in 2023.
Sean Murphy: This continued favorable margin profile in 2024 can be attributed to increased factory volumes, improved batch yields, and other operating efficiencies.
Sean Murphy: of note we are positioned well for the long term as our manufacturing facility in Westminster Colorado can support our growth over the next five years with minimal capital investment
Sean Murphy: Regarding our investments in research and development, expenses for the second quarter and the first half of 2024 totaled $4.7 million and $10.5 million
Sean Murphy: representing decreases of 32% and 16% respectively compared to the same periods in 2023.
Sean Murphy: As noted in our first quarter call, we expect our clinical costs to continue to decrease over the balance of 2024 as we finish patient follow-up and analyze data from the trials.
Sean Murphy: Our investment in sales and marketing continue to increase in support of our growth strategy.
Sean Murphy: In the second quarter, and the first six months of 2024, we invested a total of $6 million and $12.7 million, respectively.
Sean Murphy: representing increases of 72% and 88% compared to the same period in 2023.
Sean Murphy: These investments are closely tied to our ongoing Salesforce expansion from 10 representatives at the beginning of 2023 to our current level of 27 representatives and 7 clinical specialists.
Sean Murphy: Over the balance of the year, we will be adding 10 additional personnel to our team of representatives and clinical specialists to drive continued high uptake in our accounts.
Sean Murphy: General and Administrative Expenses
Sean Murphy: totaled $4 million in the second quarter and $8.6 million in the first six months of 2024, representing a decrease of 19% in the second quarter
Sean Murphy: and an increase of 1% in the first six months compared to the same period in 2023.
Sean Murphy: The second quarter spending levels represents a more steady state compared to the last several quarters, which we had larger increases due to becoming a public company in August of 2023.
Sean Murphy: Our operating losses for the second quarter and for the first six months of 2024 totaled $8.2 million and $19.9 million respectively.
Sean Murphy: compared to losses of $11.4 million in the second quarter and $21.6 million for the first six months of 2023.
Sean Murphy: As mentioned earlier, the decreased losses in 2024 can be attributed to increased sales, improved gross margins, and lower research and development costs.
Sean Murphy: These improvements were partially offset by higher sales and marketing expenses to support our growth strategy as previously noted.
Sean Murphy: Before I move to the balance sheet.
Speaker Change: Let me speak to our announcement in June that we were negotiating
Speaker Change: the exchange of 79% of our publicly traded warrants and 10% of our private warrants outstanding. On July 1st, we closed the transaction and issued 2.1 million common shares in exchange for over 7 million warrants.
Speaker Change: in the exchange of 0.3 shares of common stock for each tendered warrant.
Speaker Change: The purpose of this offer was to simplify our capital structure, reduce the potential dilutive impact of these warrants, and provide the company with more flexibility for financing in future operations.
Speaker Change: With regard to financing, we closed the debt financing facility in April with OrbiMet.
Speaker Change: Under the terms of the credit agreement, we borrowed 25 million at closing and have an aggregate up to an additional 25 million available in two tranches at our option, subject to the achievement of certain revenue thresholds.
Speaker Change: Moving to the balance sheet, we ended the quarter with $16.5 million of cash and cash equivalents.
Speaker Change: The financing I just spoke to, assuming we borrow the full $50 million along with our current cash on hand and other existing sources of liquidity.
Speaker Change: is expected to provide sufficient cash runway to fund the operation through the end of 2025.
Speaker Change: Looking forward, we continue to forecast 2024 revenue growth over 50 percent.
Speaker Change: With our commitment to top-line revenue growth and operational efficiency, I am excited to report that, excluding Nelotelomide costs, we expect to approach positive EBITDA late in 2024.
Speaker Change: And now, I'll turn the call back to Mary for closing remarks.
Mary Szela: Thank you, Sean, and a warm welcome to all participating in the call today. In brief,
Mary Szela: We at Trisalis are thrilled to share the significant strides we've made in bolstering our Trinet business and advancing our perio-clinical programs.
Speaker Change: I want to thank the Tricellas team for their unwavering commitment to our patients, strategy and mission.
Speaker Change: Their performance has propelled our company forward on multiple fronts.
Speaker Change: With that, I'm pleased to open the floor to answer any questions you may have.
Speaker Change: Your interest in our company and your inquiries and perspectives are genuinely valued.
Speaker Change: Thank you. As a reminder to ask a question please press star 1 1 on your telephone and wait for your name to be announced.
Speaker Change: To withdraw your question, please press star one one again.
Speaker Change: Please stand by while we compile the Q&A roster.
Speaker Change: Mary Szela, Dr.
Speaker Change: Unknown Executive, Mary Szela, Steven Katz
Speaker Change: Our first question comes from the line of Justin Walsh from Jones Trading.
Justin Walsh: Hi, thanks for taking the questions. Congrats on the progress. I'm wondering if there's any context you can provide in terms of patient numbers for the types of complex patients you're looking at in your deliver program.
Steven Katz: I'll hand it over to Steven. Do you want to address that Steven?
Steven Katz: Yes, Mary, happy to do so.
Steven Katz: So the initial patient population that we're going to be addressing in the deliver program are patients with multi nodular goiter thyroid goiter in the protect program We estimate that the total addressable market could get up to 50,000 patients
Steven Katz: and we look forward to seeing the early data from that program.
Steven Katz: early next year. You know, we also consider that a segment of the colorectal cancer liver metastasis patient market in addition
Steven Katz: to hepatocellular carcinoma.
Steven Katz: are complex patients as well.
Speaker Change: got it thanks and one quick follow-up for me I'm wondering what you guys are looking for in the the perio one and perio three results to convince you to move forward in those indications
Speaker Change: Sure, I'll take that. That's a really good question, Justin. One of the things that we're doing as a company
Speaker Change: When we went into the wide array of phase one trials, what our mission was, was to define an indication where we had a very significant treatment effect.
Speaker Change: We wanted to have a large market.
Speaker Change: and we wanted to be in a position where we knew we could have a regulatory program that would be straightforward and ultimately a smaller program that we potentially could fund ourselves. So, as we look at the criteria across the data, we're really pleased to see the favorable data that we see in the clinical trials.
Speaker Change: But it's really going to be a decision based on those parameters moving forward and we'll announce that in the fourth quarter
Speaker Change: Great. Thanks for taking the questions.
Speaker Change: Thank you. One moment for our next question.
Speaker Change: Our next question comes from the line of Bill Plovanyk from Canaccord.
John: Hi, Mary and everyone. It's John on for Bill this morning. Thanks for your questions and congrats on the quarter. I want to start just on the perio trials and the update they gave today, you know, for HCC and ICC and perio too. Is this really because of resource limitations not pursuing this further? Would you look to pursue this further in the future if you have the resources to do so down the line? And then just on perio three and one, if the data sets are both compelling, would you go and pursue both opportunities and advanced trials? Thanks.
Speaker Change: Great question. I think you hit the nail on the head.
Speaker Change: You know, I think what we're trying to do is the data in perio to and actually Dr job lay out of MD Anderson, who was our lead investigator is incredibly enthusiastic about it. I'll have.
Speaker Change: comment. And it's really that criteria that we were looking at and our ability to fund. And so that's, that's really the decision we made. If we had the financial resources, we would clearly move forward on Perio 2. Steven, do you want to comment?
Steven Katz: Absolutely. Yeah, the PERI-O2 data overall were quite encouraging. Firstly, the safety data were very consistent with what we've been seeing in the other programs.
Steven Katz: In particular, the treatment-related adverse event rate, grade 3 or 4, was 13%, which is notable because these patients have underlying liver disease.
Speaker Change: including early cirrhosis.
Speaker Change: The immune effects that we're seeing with Nellie Telemata that we did see with the HCC and cholangiocarcinoma patients are also very consistent.
Speaker Change: with what we saw in uvea melanoma and the early data from the PERI-O3 pancreatic adenocarcinoma trial.
Speaker Change: And then as noted in the summary, we did see some encouraging survival signals.
Speaker Change: and heavily pre-treated patients, including a complete response in a fifth-line cholangiocarcinoma patient. So the data overall were encouraging, but as Mary noted, in the short term, we're making some strategic decisions to allocate our resources most effectively.
Speaker Change: and Donna, I'll come back and answer the second question on perio one and three.
Donna: you know, the one challenge we have with Perio One, which
Donna: You know, I know you've seen some of the data that we released today, which is quite favorable. The challenge with that indication for us is going to be.
Donna: and we'll have to make this decision, you know, at the end of the year. It's just a very small patient market. It's roughly 1,200 patients per year. So we're going to be weighing that against Perio 3, which is a much larger and much more significant indication. So, you know, obviously all those factors will come into our decision in the fourth quarter.
Speaker Change: Great. Thanks, Mary. And just as a follow-up on Trinav itself, just two questions there. Trinav Large will be launching towards the end of the year. Is that the same ASP as the regular Trinav? And then just on the thyroid opportunity in ProTech, I do want to confirm, this would be just embolization. It's not radio embolization, right? I think you may have said it was bland. Is this for delivering coils or there's more color around that? And that'd be great. Thank you.
Speaker Change: Sure, that for Trinib large, it's going to be the exact same price. So it's just a larger vessel size. So they would be priced identically. And secondly, it is going to be bland beads. I don't know, Alex, if you want to make some further comments on that.
Alex Kim: Sure, happy to. So yeah, these are going to be bland embolizations using particles of the interventional radiologist choice. So these are analogous to how uterine fiber embolizations are done currently with with bland particles that aren't attached to chemotherapy or radiation.
Alex Kim: Delivered Through the Inferior Thyroid Artery
Speaker Change: Great, thanks again for taking our questions.
Speaker Change: Thank you. At this time, I'm showing no further questions. I would like to turn the conference back over to Mary Szela for closing remarks.
Mary Szela: Thank you again everyone for joining the call today. We really appreciate your interest and your active following of the company. Thank you.
Speaker Change: This concludes today's conference call. Thank you for participating. You may now disconnect.