Q3 2024 Kiniksa Pharmaceuticals International PLC Earnings Call
Good day and thank you for standing by. Welcome to the connects pharmaceuticals, third quarter, 2012, four earnings conference call at this time all participants are in a listen-only mode.
Please be advised that today's conference is being recorded.
After the speaker's presentation, there will be a question and answer session.
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. I would not like to hand the conference over to your speaker today, Jonathan Kirchianbaum and best sir, relations.
Jonathan Kirchianbaum: Thank you, operator, good morning everyone, and thank you for joining me to mix this call to discuss our third quarter 2020-24 financial results and recent portfolio execution. Approastably, highlighting these results can be found on our website under the investor section.
Speaker Change: As the agenda, our Chief Executive Officer, Sans Cape of Hal, will start with an introduction.
Speaker Change: Ross Moat, our Chief Commercial Officer will provide an update on Artilist Commercial Execution.
Speaker Change: Then Mark Ragosa, our Chief Financial Officer, will review our third quarter of 2024 financial results.
Speaker Change: and finally, Sons will return for closing remarks into kickoff Q&A session, for which John Paolini, our Chief Medical Officer and Evan Tastari, our Chief Operating Officer, will also be on the line.
Speaker Change: Before getting started, please note that we will be making forward-looking statements today that are subject to risks and uncertainties that may cause actual results to differ material from these statements.
Speaker Change: A review of such statements and risk factors can be found on this slide, as well as under the caption, risk factors, containing in our SEC 5.
Speaker Change: He's statements speak only as of the day of this presentation, and we end up undertaking no obligation to update such statements except as required by law. With that, I'll turn it over to Sohn.
Speaker Change: Sebastian says, and good morning everyone.
Sebastian: Timicset is a well-capitalized growth-orientated company that's well positioned for near and long-term success.
Sebastian: In the third quarter, we continue to drive strong commercial performance with our class.
Sebastian: Including increased prescribed reduction and repeat the prescribed growth.
Sebastian: Patience and physicians continue to report high levels of satisfaction with our place and our market building activities are positioning us to provide that positive experience to more patients in need.
Sebastian: Importantly, as we head to the end of the year, we are increasing our four-year arcosinat sales guidance to between $410 to $420 million, from the previous guidance range of $425 to $415 million.
Sebastian: In our pipeline we continue to enroll in those patients in the Abbey Proofbox Phase 2B study in Schroben's disease.
Sebastian: Can go to development of a group of us, it's fully funded and our current operation plan.
Sebastian: In brought only our robust financial position and expectation of positive annual cash flow support growth investments across our business, including commercial initiatives portfolio enhancements and value adding business development which remains a key part of our strategy.
Sebastian: To Merchley, the third quarter, saw a continuation of our sequential growth.
Sebastian: We saw a 73% year over year growth with our class.
Sebastian: Ultimately, delivering a 112.2 million dollars of net product revenue for the quarter.
Sebastian: We continue growth over the past three and a half years is a testament to our team and our commercial organization.
Sebastian: We are well positioned to maximize potential of our quest, the only FDA approved therapy for the current telecard artists.
Sebastian: The Barclay Collaboration has been possible.
Sebastian: since the fourth quarter of 2021. It enabling further investments in commercial growth or intated initiatives across multiple channels, including our cell-force, patient and physician disease education and global awareness.
Sebastian: In the third quarter, the impact of these investments contributed to increases in key commercial drivers.
Sebastian: These are total prescribed as since launch, increased from approximately 2300 in Q2 to approximately 250 in Q3.
Sebastian: Importantly, we also saw an increase in the repeat prescribed rates with approximately 25% of prescribers since launch writing multiple prescriptions.
Sebastian: Additionally, prescribers appear to appreciate that recurrent paracaditis is a debilitating chronic disease that should be tweeted to the duration of the underlying auto-inflammation.
Sebastian: This is reflected by the increase in the total abduration of Serapy to 27 months as of the end of the Q3.
Sebastian: Continued strength across our underlying fundamentals all sorts of support in the few three commercial performance.
Sebastian: Richard Tinge of the Pipe Patient and Physician's Asfaction with patient compliance remaining above 85% and greater than 90% payer approval of completed cases.
Speaker Change: With that, I'll turn it over to Ross, providing an overview of how he planted right additional growth with our growth.
Speaker Change: Ruff!
Ross Moat: Thank you, Sanj Patel. As SANSNATED in Q3, connects us commercial team activated more than 250 new R-cliffs subscribers compared to the previous quarter, which is an increase of more than 1000 additional new subscribers.
Ross Moat: and Patel T3 of Laosquia.
Ross Moat: This brings the total prescribed-abased to approximately 2500 of 50 since launch and demonstrates accelerated growth in the breadth of prescribing with our chemists, which is a key part of our dual commercial strategy.
Ross Moat: Additionally, in Q3, we also drove an acceleration in the depth of the scribe in, with around 640 health care professionals who have now prescribed our callous for two or more patients since launch. We're represented around 25% of the ever growing total scribe of a base.
Ross Moat: This quote reflects that once a position is activated, they generally have a positive described in experience due to the very high pay-approval rate and the significant clinical efficacy of arcle, which increases the desire to identify and treat additional patient.
Ross Moat: The growth in both total and repeat arcless prescribers speaks to the growing awareness of the current American itters and the understanding of arcless is the only FDA approved treatments for the disease.
Ross Moat: On the next slide, I'd like to highlight how we continue into change between a paradigm and health physicians are changing their future prescribed intentions towards our understanding.
Ross Moat: Among surveyed cardiologists and rheumatologists, we have seen a substantial increase in the proportion of physicians who will consider the scribe and arcanist with each additional recovery.
Ross Moat: Importantly, on the right side of the slide, we are seeing the physicians acting upon this in terms.
Ross Moat: Since the launch of our list in recovery characters, just over three years ago, we have been highly targeted in our field sales efforts against the 14,000 patients on two or more of the colleges.
Ross Moat: [inaudible]
Ross Moat: In line with our promotional efforts, we are seeing around 85% of all our clisps describing is for the two class recurrence population and around 15% of all our clisps being written for patients on their first recovery.
Ross Moat: Ultimately, this earlier utilisation speaks not only to the stellar effectiveness of our clist, but also to the effectiveness of our brand and disease awareness efforts, aimed at educating both patients and physicians around the chronic nature of this disease.
Speaker Change: and the opportunity to prevent future floods.
Speaker Change: These data provide further evidence that the promotion and availability of Oculus have driven a change in the treatment landscape.
Speaker Change: A way from norms-specific drug agents and towards our clist as a target treatment directly addressing underlying mechanism of the carbon-paracolitis.
Speaker Change: The genuine our focus on accelerating disease awareness and improving the patient journey to diagnosis I'd like to highlight two exciting initiatives.
Speaker Change: Firstly, earlier this month, we announced the launch of Life Disrupted.
Speaker Change: and the current Paritarditis Educational Campaign with National Hockey League Hall of Famer, Enrich Longwist. And just yesterday, we announced that Grammy Award-winning singer-songwriter Carly Pierce has also joined the campaign.
Speaker Change: Disease Awareness is a key component in our commercialisation structure deep arcless.
Speaker Change: One of the key drivers behind our life-destrootic campaign is that despite the profound impact the disease has on patients, 96% of patients report that they were initially incorrectly diagnosed with other conditions.
Speaker Change: On average, patients reported 2.7 missed diagnosis.
Speaker Change: and the Scria to receive an diagnosis of recoverable paracaditis.
Speaker Change: This results in delayed diagnosis and we believe we have an opportunity to increase education and improve the patient journey and optimize patient care.
Speaker Change: In addition to life disrupted, we're also sponsoring the American Heart Association's address in with comment-paricaditis initiative.
Speaker Change: This initiative seeks to improve the quality of care for recoverable economic and IT patients by identifying and disseminating best practices for the diagnosis and treatment of the disease.
Speaker Change: Specifically through our sponsorship 15 semifinals have been identified across the US and are working together to improve for full pathways and develop solutions that can be shared with other peritardial disease clinics across the country.
Speaker Change: Based on our market experience, the streamlining of the fellow pathways could reduce the barriers to care and ultimately improve outcomes for patients.
Speaker Change: In a house pole, 71% of recoverable pericarditis patients stated they would be highly likely to seek care as a recoverable pericarditis focus clinic if one more available in the early.
Speaker Change: We're looking to address that need and aim to continue advancing the support for patients suffering from this deplenocative disease.
Speaker Change: In Q3, the Connectsetean continues to drive sequential growth in our closed revenue.
Speaker Change: As a result, we have increased our 4-year 2024 Arclist Net Sales Guidance to 410 to 420 million from $45 to $45 million.
Speaker Change: With that, I now turn it over to Mark to discuss our third quarter financial results. Mark.
Mark Ragosa: Thanks Ross. Our detailed third quarter of 2024 financial results can be found in the press release we issued earlier today.
Mark Ragosa: There are several items on the slide that I like to call your attention to this morning.
Mark Ragosa: First, total revenue in the third quarter of 2024 was driven entirely by Arclis Net Product Revenue, which grew 73% year over year to 112.2 million.
Mark Ragosa: Second, Arclis Collaboration Operating Profit in the third quarter, grew 68% year over year to 58.2 million, and largely drove total collaboration expenses of 29.3 million.
Mark Ragosa: Third, on a year-over-year basis in the third quarter. Operating expense growth was due to cost a good sold, driven by arclosed revenue growth, as well as expenses related to the ongoing arclosed tech transfer.
Mark Ragosa: Collaboration Expenses, driven by Artclist Collaboration Operating Profit Growth.
Mark Ragosa: and R&D and SGNA driven largely by personnel costs, manufacturing of clinical supply and cost of the vehicle.
Mark Ragosa: Forth, Net loss in the third quarter of 2024 was 12.7 million compared to a net loss of 13.9 million in the third quarter of 2023.
Mark Ragosa: Lastly, Nick Cashflow in the third quarter was 5 million, bringing end-of-period cash balance to 223.8 million.
Mark Ragosa: We continue to expect our cash reserves as well as strong commercial execution and financial discipline to fund our current operating plan. And we expect to remain cashable positive on an annual basis.
Speaker Change: with that I'll turn the call back to songs that closing in last.
Songs: Thanks Mark, we are, as ever, dedicated to helping as many patients as possible with our close.
Songs: and advancing the development of our clinical portfolio to help bring additional therapies to patients that are suffering from debilitating diseases.
Songs: Both of these important goals are integral, so are ongoing efforts to create sustainable value and grow connects into a general, a small company.
Songs: With that I'll now turn the call back to the operator for questions. Thank you.
Speaker Change: Thank you. As a reminder, it's Ask a Question, Please press star 1, 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 again. One moment for questions.
Speaker Change: i
Speaker Change: Our first question comes from Rodgers song, which effort he may proceed.
Rodgers song: Great, congrats for the quarter and thank you for taking a little question. Maybe the first one is regarding the panication or the market share in the first recurring patient. I think just seeing you have 15% of the...
Rodgers song: and the reception is coming from the first recurrence, which is in the label. Just curious how you can keep driving the penetration to that population, I know your initial target is in the multiple recurrence. Thank you.
Rodgers song: Thanks, Ross. Yeah, this is Ross, so thank you very much for the question. So you absolutely right to the prime we focus is the 14,000 patient population, and they're the patients that suffer from two or more. Recallances, that's been our key target ever since we launched more than three years ago. The reason for that is that they're the patients that are ultimately suffering the highest burden of the disease and their patients that are most resembling the patients that were studied in the rapesity. Data sets as well. At the end of Q2, we announced that we'd reached around 11% penetration into that target population. So I think that speaks to the huge opportunity that we still have ahead within the two plus were balanced. But how many set the answers as we highlight it in the prepared?
Speaker Change: Good morning.
Speaker Change: It's also encouraging that healthcare professionals are understanding how broad the label is for the current period that I tested, some of them are seeking to use it on the first of the comments.
Speaker Change: So we're very pleased with that. We think it speaks to the efficacy of our clist and ultimately the desire to help patients by reducing the risk of future plans, which is one of the key components of our clistreamer.
Speaker Change: So we're pleased with that. I think one thing to note is that on the duration in terms of the natural history of the disease, the mediation of those patients that are on their first recurrence, is often shorter as around six months for the patients on the first recurrence compared to a median of around three years for those patients that are on two or more recurrences, which is another reason why our T target audiences is those that are on the two plus recurrences. But we're in our positions of treating earlier in the disease.
Speaker Change: and you know, see you in our class.
Speaker Change: being used to the preventive of the earth within that.
Speaker Change: So we're continuing to focus on disease education and reaching further into the penetration of all of the recurrence groups within our label. As we mentioned, it's really the 14,000 patients at the key target and I guess seeing the additional 26,000 population that won their first recurrence as a guide to that case.
Speaker Change: Gada, thank you for the comment. I think that's up to coming from this even larger population there. Okay, and then my, for the question is related to the, the Q on Q growth rate, understand the year-on-year growth rate is continued to be very strong. And then how should we think about the growth rate from here in the, for the course quarter and the next year, are we reaching the steady stay for the growth rate from here? Thank you.
Speaker Change: Yeah, thanks Roger. I'm not sure whether we're reaching a, you know, a steady state in the growth rate or not, we'll see as things progress, but obviously we're intent on continued growth, and we think we've got a very large opportunity ahead, knowing where we are with the current penetration and the trajectory that we've been on, launched or date. I guess we've always said that this is a build and a steady growth as we identify patients, but we're pleased to have landed at $112.2 million in Q3, which is around 8.5% growth versus Q2, which was quite a large Q2 that we announced.
Speaker Change: So, we were pleased to be able to increase the guidance due to that rate of growth, now up to $410-$420 million.
Speaker Change: Got it, yes. Your 2Q is a big number. Thank you. That's all from us. Congrats again.
Speaker Change: Thanks for watching.
Speaker Change: Thank you. Our next question comes from Lisa Beto with Evercore ISI. You may proceed. Hi there. Thanks for taking the question. Just a couple from us. First, can you, I don't know if you said this, but remind us what pros to nets were for the quarter?
Speaker Change: Yeah, sure Lisa. So, year-to-date gross net through the third quarter was 9.8%, which is down from 10.8% in the second quarter of this year.
Speaker Change: Okay, great. And then just thinking about the flow of patients, and you have an incredible amount of, you know, prescribers, repeat prescribers, and a really nice long kind of mean duration of 27 months.
Speaker Change: How many patients, if you could qualify, or what percentage, you know, started and maybe discontinued or sort of did stop at some point? I'm just trying to get a sense of, you know, how many people have been on therapy thus far. Thanks.
Speaker Change: Yeah, thanks Lisa. So we just haven't shared some of those those kind of more granular insights though we do have a slide on our corporate deck which speaks to the duration both in terms of the total duration which is now up to 27 months from 26 months at the last earnings call as well as looking at the drop-off of those patients that are on their first
Speaker Change: treatment period. And from that you can see that even out at this time since launch, three and a half years ago now, we've still got, you know, around 20% or so of the patients who
Speaker Change: started in the initial launch quarter and are still on their initial treatment period. So they, you know, they've obviously not stopped therapy at any point throughout that time period. So clearly we have patients that, you know, start therapy and will remain on therapy for a long period of time, as the natural history showed us as well. But then also, you know, obviously we do have patients that drop off much sooner than that. We still see that there's around 45% restart rate in totality. So all those patients who stop, regardless of which time point they stop therapy at.
Speaker Change: about 45% of them restart therapy. Still the vast majority of those when they do restart it's within an eight-week time period showing that if there is underlying auto-inflammation still ongoing within the patients, you know symptomology can come back pretty quickly as after this washes off and the need to restart treatment which is a generally a very easy process for patients.
Speaker Change: But it just again speaks to the need that this is really a chronic disease, as Sanj was saying in the remarks, and we really do need to treat to the underlying duration of the disease. But the totality now of the treatment duration is around 27 months.
Speaker Change: up to the most recent information.
Speaker Change: Okay. And it seems like it's helpful to get more feet on the ground, more sales force. You're obviously being able to, you know, find more patients and there's still so many more out there. Do you think that you're right size? Do you think we might see additional growth in the sales force over time? Just curious how you're thinking about that longer term. And that's my last question. Thanks.
Speaker Change: Hey!
Speaker Change: Yeah thanks Lisa, this is Sanj. I mean obviously we've thought about it, you know you've obviously cracked that with from the initial launch we've actually expanded that from the initial 29.
Speaker Change: It's around 50 and then most recently reported around 85-90 and that's just based on a lot of analytics So we'll continue to look at it and apply what we think is right. You know, we do this in a very data driven manner It's important to get the balance just right. So we'll continue to look at it and we'll do what's needed
Speaker Change: Great, love being David Rubin. Thanks.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Paul Choi with Goldman Sachs. He may proceed.
Paul Choi: My first one is just with regard to the patients who are, the 15% of patients who are treated as their first recurrence. Can you maybe just comment on sort of guideline awareness of Arcalist as a first treatment option for their first recurrence and just kind of where the physician community is and sort of understanding that?
Paul Choi: And my second question is, thanks for the Avi Brubart update. Can you maybe comment if you have sort of any visibility on timing for enrollment here and when the last patient you think might be enrolled, at least based on what you can see in the patient recruiting now? Thanks for taking our questions.
Speaker Change: Thank you, Paul, and I appreciate the questions.
Speaker Change: Maybe I'll just answer quickly the Abby Prevart question first and then go back to the question about first-line therapy.
Speaker Change: So with regard to the Abby Prubark Phase 2B study in children's disease, yes, we're very excited about that study, which has, which is now enrolling and dosing patients.
Speaker Change: At this point in time, we have not given any specific guidance about enrollment timelines because of the fact that the study is just starting, but by way of a reminder, this is a 24-week study to the primary efficacy endpoint, so six months of treatment followed by an additional six months of long-term extension. And what's unique about this study is that it is the only study in this space testing monthly subcutaneous dosing of CD40 antagonists, so that's the Abbey-Pubard study.
Speaker Change: Now, back to your first question about guideline awareness and treatment of patients as early as their first recurrence. So, as you'll remember, the last treatment guidelines that were written were actually from Europe that were written in 2015, so, of course, that predated all of the work in Interleukin-1 and the awareness of Interleukin-1 alpha and beta as key driver of recurrent
Speaker Change: And so since then, of course, with all of the work that we've done with Arclist and Rhapsody and the ultimate approval of Rolanacept and Arclist as the first and only treatment for recurrent pericarditis and also reduction in risk,
Speaker Change: What that has done is it has left, as you mentioned, a broad label. So what that means is that...
Speaker Change: Patients can be treated as soon as there is a diagnosis.
Speaker Change: So how does that then translate into how physicians have been treating patients? So in the absence of guidelines, and we hear that European guidelines may be updated in the next few years, but in the meantime, what has happened is thought leadership has been writing in the literature more about an evidence, this evidence-based approach of treating patients with ILM pathway inhibition, and specifically, Rhapsody tested not only, basically two paradigms or two different ways of the steroid-sparing paradigm.
Speaker Change: The first one, of course, is that for patients who are on steroids, to get them off of steroids. But then, more importantly, for patients who are failing NSAIDs and Colchicine, so a strategy of inflammasome inhibition, to get them on to IL-1 pathway inhibition right away.
Speaker Change: And so that often translates, if you will, into many patients who are at their first recurrence who are breaking through NSAIDs and Colchicine, you know, with aggressive disease. And so clinicians are looking to that. In terms of how that's translated into the real world, our data from the Resonance Registry, you know, shows that since the time of Arcalis launch, you know, a real rise in second-line use of Arcalis as second-line therapy, such that two-thirds of prescriptions of patients that were treated with, you know, who were failing NSAIDs and Colchicine were actually managed with IL-1 pathway inhibition. So I think that's where you're seeing this evidence-based approach of translating the label into practice.
Speaker Change: Okay, great. Thank you.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Eva Forte Verdejo with Wells Fargo. You may proceed.
Speaker Change: Good morning, congrats on the quarter and thanks for taking our question. A couple from us. The first one, you mentioned mean duration of 27 months. Should we expect some differences here on mean duration for patients on 1st recurrence versus 2nd and 3rd recurrence?
Speaker Change: And the second question is, what's driving the current increasing patient ads? Is it mostly coming from these patients on first recurrence? Or are you seeing similar growth on this, like, three buckets of, like, first versus second and third? Thanks.
Speaker Change: Thank you, and have a great before we go because we've got a few things I need to pull through also. We're seeing, you know, we're seeing it good.
Speaker Change: a good kind of increase there, which we're happy to report.
Speaker Change: So maybe, John, do you want to make a comment?
John Paolini: Yeah, no, you've asked a very interesting question about the epidemiology of recurrent pericarditis.
John Paolini: So, you know, what we know from our data is that for patients who have two or more recurrences, the median disease duration is three years, with a third of patients still suffering at five years and a quarter of patients still suffering at eight years. And so, you know, that, as you might imagine, is a key driver of a strategy of treatment throughout the duration of the disease. And that's been shown, you know, repeatedly with clinical trials data as well that, you know, premature cessation of therapy, whether at three months, 18 months, or even 28 months, results in a very high rate of recurrence and need for advanced targeted therapy.
John Paolini: Now with regard to the earlier recurrence patients, yes, so the epidemiology there is slightly different that it's taken in the aggregate the median duration of disease for patients with one recurrence is six months.
John Paolini: But it's important to note that that includes, you know, all of those patients that will, you know, a number of patients who will, you know, run to the course of their disease relatively quickly within the first year, but it also includes those patients who will, in fact, go on to have long-term disease. And those patients tend to have a more aggressive presentation, you know, at the time of their first recurrence. And that's why, again, going back to that literature that I cited earlier,
John Paolini: The second-line use of IL-1 pathway inhibition in that patient population who are failing Nsense and Colchicine usually reflect a treatment strategy on the part of the physician that they believe that Nsense and Colchicine will be inadequate to manage those patients, and so those tend to be the longer-duration patients.
Speaker Change: Yeah, and maybe just to add on to the end of that, John, thank you, is that ultimately the key driver of the new patient ads is really those patients that are on two or more recurrences. What is pleasing to hear and understand that there are physicians utilising earlier on in the disease on their first recurrence, you know, more than 85, well around 85% are on the two or plus recurrence. And then if you take into account the duration messages of the disease, as John has spoken to, you can see that it's the two plus recurrence group that are really the main driver of the disease. If you look back at the first recurrence, you know, there's around 33% of physicians now that we have surveyed that inform us that it was their intention to consider.
Speaker Change: growing physicians are considering using it early and also now that we see around 15% of the ARCLIS prescriptions or enrollments that were within the first recurrence. So it's pleasing data but ultimately it's the 2-plus recurrence group that's really driving the business here.
Speaker Change: Thank you.
Speaker Change: Our next question comes from David Nearingarden with Wedbush Securities. You may proceed.
David Nearingarden: Thanks for taking the question. Most have been asked, but I did have a follow-up on the first recurrence, not to belabor the point.
David Nearingarden: Maybe it's early, but are there any trends towards the doctors who have prescribed or more repeat prescribers prescribing earlier, or is it scattered across the board amongst doctors? Thanks.
Speaker Change: Yeah, thanks David. It's a great question. I think we see it really scattered across the board and don't see any particular correlations of notes yet, which is why we haven't really shared anything around that that topic. You know, we do obviously have a clear understanding that the patients are very widely dispersed across the US.
Speaker Change: We've got an initiative that really aims to shorten that treatment pathway, and the pathway through to accurate diagnosis, and how the learnings from those expert centres can really be shared throughout the rest of the community. So we think that's an important initiative. That also kind of goes into part of our strategy around increasing the awareness and just
Speaker Change: helping patients to get an earlier diagnosis.
Speaker Change: Thank you.
Speaker Change: Thank you. And as a reminder, to ask a question, please press star 11 on your telephone. And our next question comes from Manupam Rama with J.P. Morgan. You may proceed.
Manupam Rama: Hey guys, thanks so much for taking the question and congrats on the quarter. Last year you guys pre-announced and gave forward your guidance at a small healthcare conference in January in San Francisco. Just wondering if that's still the plan moving forward. Thanks so much.
Speaker Change: Assuming we're going to the small healthcare conference in January. No, thanks Alibaba. You know, at this point we're not quite sure what we're going to do, but certainly that was the case last year. You know, as always, we look at it very carefully.
Speaker Change: And we will do it when we do it, but at this point we've not made any final decisions. But thank you for the reminder.
Speaker Change: Thanks for taking our question.
Speaker Change: Thanks.
Speaker Change: Thank you. I would now like to turn the call back over to Sanj Patel for any closing remarks.
Sanj Patel: Thank you everybody for being on the call today. Thanks for all the questions and joining us. We look very much forward to the remainder of the year and then obviously providing additional updates as I just said to Anupam. And then hopefully in the near future. So thank you very much.
Speaker Change: Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.
Speaker Change: Thank you for watching!