Q3 2024 Relmada Therapeutics Inc Earnings Call
Unknown Executive: Hello, and welcome to the Relmada Therapeutics 3rd Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.
Hello, and welcome to the rail him out of Therapeutics third quarter 'twenty 'twenty four earnings conference call. At this time, all participants are in a listen only mode.
Unknown Executive: After the prepared remarks, we will conduct a question-and-answer session. To ask a question, please press star 1.
After the prepared remarks, we will conduct a question answer session to ask a question. Please press star one.
Unknown Executive: As a reminder, this conference call is being recorded and will be available for replay on the location website.
As a reminder, this conference call is being recorded and will be available for replay on the location website.
Timothy McCarthy: I would now like to turn the call over to Tim McCarthy from LifeSciAdvisor. Please go ahead, Mr. McCarthy.
Speaker Change: I would now like to turn the call over to Tim Mccarthy from lifestyle Advisors. Please go ahead Mr. Mccarthy.
Timothy McCarthy: Good day, everyone, and thank you for joining us today. This afternoon, Relmada issued a press release providing a business update and outlining its financial results for the three months ended September 30th, 2024. Please note that certain information discussed on the call today is covered under the Safe Harbor provision of the Private Securities Litigation Reform Act. We caution listeners that during this call, Relmada's management team will be making forward-looking statements. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in Relmada's press release issued today and the company's SEC filings, including in the annual report on Form 10-K for the year ended December 31, 2023, and subsequent filings, including the third quarter 2024 10-Q filed after the close today.
Tim McCarthy: Good day, everyone and thank you for joining us today.
Tim McCarthy: This afternoon, I'm Outta issued a press release, providing a business update and outlining its financial results for the three months ended September 32024.
Tim McCarthy: Please note that certain information discussed on the call today is covered under the safe Harbor provision of the private Securities Litigation Reform Act.
Tim McCarthy: We caution listeners that during this call about modest management team will be making forward looking statements.
Tim McCarthy: Actual results could differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with the company's business.
Tim McCarthy: These forward looking statements are qualified by the cautionary statements contained in real modest press release issued today and the company's SEC filings, including.
Tim McCarthy: In the annual report on Form 10-K for the year ended December 31, 2023, and subsequent filings, including the third quarter 2024, 10-Q filed after the close today.
Timothy McCarthy: This conference call also contains time-sensitive information and is accurate only as of the date of this live broadcast, November 7, 2024. Relmada undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.
This conference call also contains time sensitive information that is accurate only as of the date of this live broadcast November seven 2024.
Tim McCarthy: <unk> undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this conference call.
Timothy McCarthy: With me on today's call are Relmada's CEO, Dr. Sergio Traversa, who will briefly provide a summary of recent business highlights, and Relmada's CFO, Maged Shenouda, who will provide a review of the company's Q3 financial results.
Tim McCarthy: With me on today's call are a modest CEO Dr. Sergio took herself who will briefly provide a summary of recent business highlights and Ramada CFO magazine Duda, who will provide a review of the company's Q3 financial results. After that we will open the line for a brief Q&A session.
Timothy McCarthy: After that, we will open the line for a brief Q&A session.
Sergio Traversa: Now, I would like to hand the call over to Sergio Traversa. Sergio?
Speaker Change: Now I would like to hand, the call over to Sergio Teresa.
Tim McCarthy: Yep.
Sergio Traversa: Thank you, Tim.
Sergio Teresa: Thank you, Tim and good afternoon, and welcome everyone to the third quarter 2024 conference call.
Sergio Traversa: And good afternoon and welcome everyone to the Relmada Third Quarter 2024 Conference. Relmada's number one priority is to advance the development of new treatments for CNS disorder, including major depressive disorder or MDS. Our number one objective is to successfully complete the Phase III program and the NDA package for REL 1017 or S-Methadone with a laser focus on de-risking the study design and execution. We expect. to report the outcome of the interim analysis for the Reliance II Phase III study by year-end 2024, and believe that this could potentially be an important de-risking event for the study and the REL 1017 program and the company.
Sergio Teresa: Right now that number one priority is to advance the development of new treatments for CNS disorders, including major depressive disorder MTT.
Sergio Teresa: Our number one objective is to successfully complete the phase III program and the NDA package will route 10, 17 or S methodology with a laser focus on Derisking the study design and execution.
Sergio Teresa: We expect.
Sergio Teresa: To report the outcome of the interim analysis for the reliance to phase III study by year end 2024.
Sergio Teresa: And believe that this could potentially be an important derisking event for the study and the rather than 17 program and the company.
Sergio Traversa: As a reminder, with REL 1017, we aim to provide patients with MDD, a new adjunctive treatment option to be used in combination with their current regimen. Approximately 10 million people were treated for a major depressive episode in the last year, and 40 percent of these patients, that is about 4 million people, require combination therapy. This is U.S. only.
Sergio Teresa: Is that reminders, we dressed in 17, we aim to provide patients with M. D. D. A new adjunctive treatment option to be used in combination with their current regimen.
Sergio Teresa: Approximately 10 million people were treated for a major depressive episode in the last year and 40% of these patients that is about 4 million people require combination therapy. There is U S. Only.
Sergio Traversa: Our phase three registrational program has been designed to build on key learnings from our previously conducted phase three and phase two programs. In today's call, I will focus on REL1017 and also provide a brief update on our psilocybin-based metabolic disease program.
Sergio Teresa: Our phase three Registrational program has been designed to build on key learnings from our previously conducted phase III and phase II programs.
Sergio Teresa: In today's call I will focus on residents have been team and also provide a brief update on hours psilocybin based metabolic disease program.
Sergio Traversa: After that, Maged will review our financial results. And then we will take your questions. The clinical program for REL 1017 is comprised of two studies, Reliance II and Relife. As a reminder, each study was designed as a double-blinded, placebo-controlled, randomized, phase 3 registration of clinical trial to evaluate REL1017 inpatient with clinical depression. We are on track to provide the outcome of the planned sample size re-estimation interim analysis for the Reliance II study by year-end 2024. There are three potential outcomes based on the DMC data management committee recommendations from the unblind and interim analysis. The first potential outcome is that the study can continue with the pre-planned number.
Sergio Teresa: After that magnitude will review our financial results.
Speaker Change: And then we will take your questions.
Speaker Change: The clinical program for <unk> 17 is comprised of two studies relating to and relight.
Speaker Change: As a reminder, each study was designed as a double blind placebo controlled randomized phase III Registrational clinical trial to evaluate 10 17 in patient with clinical depression.
Speaker Change: Yeah.
Speaker Change: We are on track to provide the outcome of the plan that sample size re estimation interim analysis for the reliance to study by year end of 2024.
Speaker Change: There are three potential outcomes based on the DMC data management Committee recommendations from the unblinded interim analyses.
Speaker Change: The first potential outcome is that the study can continue with the pre planned number of patients.
Sergio Traversa: This is, of course, our preferred outcome and the basis of a top line data readout in the first half of 2020. The second potential outcome would be a recommendation to continue the study with the addition of more patients. This would indicate that the promising efficacy signal was observed with the interim data. and that an increased sample size is required to improve the power of the finer elements. We would view this as an encouraging signal from the study and worth the time and cost to extend enrollment. The third potential outcome is that the study is deemed to be futile.
Speaker Change: Of course, our preferred outcome and the basis of a topline data readout in the first half of 2025.
Speaker Change: The second potential outcome would be a recommendation to continue the study we did addition or more patients.
Speaker Change: This would indicate that the promising efficacy signal was observed with the interim data.
Speaker Change: And that an increased sample size is required to improve the power over to find out about it.
Speaker Change: We will view this as an encouraging signal from the study and worth the time and cost to ascend enrollment.
Speaker Change: The third potential outcome is that the study is deemed to be queued up.
Sergio Traversa: It is important to note that we set the futility level such that a clinically meaningful result in the final analysis would be highly unlikely. Specifically, it translates to a drug placebo delta below approximately 2.2 points. The outcome of these scenarios will provide a clear indication of how the study is going, and we do believe that this will be an important, de-risky event for World Cancer Day.
Speaker Change: It is important to note that.
Speaker Change: We said if utility level such that a clinically meaningful result in the final analysis would be highly unlikely specifically.
It translates to a drive placebo delta below approximately 2.2 points.
Speaker Change: The outcome of these scenarios.
Speaker Change: We provide a clear indication how the study is growing and we do believe that this will be an important they're risky eventual route density.
Sergio Traversa: Before I ask Maggie to review the financial results, I will provide a brief update on the psilocybin program for metabolic. The phase one safety study from our investigational candidate, RAL-P11, is a screening subject, and we expect the first randomization based. The study. will be conducted in Canada with obese individuals and will allow us to define the pharmacokinetic safety and tolerability profile for a single dose of RAVP11 and select the optimal dose or doses for evaluation in a phase 2a proof of concept study. We do expect to begin the Phase 2a study in 2020.
Speaker Change: Before I ask Maggie to review of the financial results I will provide a brief update on the silo saving program for metabolic disease.
Speaker Change: The phase one safety study from our investigative investigational candidate <unk> 11.
Speaker Change: Screening subjects and we expect the first randomization basin.
Speaker Change: The study.
Speaker Change: We'd be conducted in Canada with obese individuals and will allow us to define the pharmacokinetics safety and Tolerability profile for a single dose of around 11 am.
Speaker Change: Select the optimal dose or doses for evaluation in the phase Iia proof of concept study.
Speaker Change: We do expect to begin the.
Speaker Change: The phase Iia study in 2025.
Maged Shenouda: Now we turn the call to our CFO, Maged Shenouda. Thank you, Sergio. As noted by Tim, this afternoon we issued a press release announcing our business and financial results for the third quarter ended September 30, 2024. During today's call, I'll provide a brief overview of the financials. Full details are available in our press release and the one-cue filing we completed today. These documents are available on our website in the News and SEC Filings tabs on the Investor Relations. As of September 30, 2024, Relmada had cash, cash equivalents, and short-term investments of approximately $54.1 million, compared to $96.3 million as of December 31, 2023.
Now I will turn the call to our CFO magazine with it market.
Speaker Change: Sure. Thank you Sergio.
Speaker Change: As noted by Kevin. This afternoon, we issued a press release announcing our business and financial results for the third quarter ended September 32024.
Speaker Change: During today's call I'll provide a brief overview of the financials full details are available in our press release and <unk> filing we completed today these documents.
Speaker Change: They are available on our website in the news and FCC filings tab on the Investor Relations page.
Speaker Change: As of September 32024, Rahmat had cash cash equivalents and short term investments of approximately $54 1 million.
Speaker Change: Compared to $96 3 million.
Speaker Change: As of December 31, 2020 free cash.
Maged Shenouda: Cash used in operations in the third quarter ended September 30, 2024, with $16.7 million, compared to $11.6 million for the same period in 2023. Based on our current plan for clinical development, we expect our current cash position to support operations through key near-term milestones into 2025.
Speaker Change: Cash used in operations in the third quarter ended September 32024 was $16 7 million.
Speaker Change: Compared to $11 $6 million for the same period in 2023.
Speaker Change: Based on our current plan for clinical development, we expect our current cash position to support operations through key near term milestones into 2025.
Maged Shenouda: moving through the rest of the financial results. Total research and development expense was approximately $11.1 million as compared to $10.5 million for the comparable period of 2023, an increase of approximately $0.6 million. The increase was primarily associated with a ramp up of expenses related to the 302 and 304 studies in 2024. The non-tax charge related to stock-based compensation for R&D totaled $1.7 million in the third quarter of 2020. Total general and administrative expense for the third quarter was approximately $11.9 million, as compared to $12.2 million for the comparable period of 2023, a decrease of approximately $0.3 million.
Speaker Change: Moving through the rest of the financial results total research and development expense was approximately $11 1 million as compared to $10 5 million for the comparable period of 2023, an increase of approximately $6 million.
Speaker Change: The increase was primarily associated with the ramp up of expenses related to the 302 and three of course studies in 2024.
Speaker Change: The noncash charge related to stock based compensation for R&D totaled $1 7 million in the third quarter of 2024.
Speaker Change: Total general and administrative expense for the third quarter was approximately $11 $9 million as compared to $12 $2 million for the comparable period of 2023, a decrease of approximately $3 million. The decrease was primarily driven by a decrease in stock based compensation expense.
Maged Shenouda: The decrease was primarily driven by a decrease in stock-based compensation. The non-cash charge related to stock-based compensation expense for GMA totaled $6.2 million in the third quarter of 2024. The net loss for the third quarter of 2024 was $21.7 million, or $0.72 per basic and diluted share, compared with a net loss of $22 million, or $0.73 per basic and diluted share, in the comparable period of 2023. Note that the company had 30.2 million common shares outstanding as of November 4, 2024.
Speaker Change: The noncash charge related to stock based compensation expense for G&A totaled $6 2 million in the third quarter of 2024.
Speaker Change: Loss for the third quarter of 2024 was $21 7 million or <unk> 72 per basic and diluted share compared with a net loss of $22 million or <unk> 73 per basic and diluted shares in the comparable period of 2023.
Speaker Change: Note that the company.
Speaker Change: $30 2 million common shares outstanding as of November four 2024.
Maged Shenouda: Before we open the call for questions, I'll turn back to Sergio for some closing comments. Sergio.
Speaker Change: Before we open the call for questions I'll turn it back to Sergio for some closing comments Sergio.
Sergio Traversa: Thank you, Maged.
Speaker Change: Thank you Maggie.
Sergio Traversa: I would like to leave you with these key messages from today's call. Relmada number one objective is to complete the phase three program and the NDA package for REL 1070. We expect to report the results, outcomes of the pre-planned interim analysis for the Reliance II Phase 2 study by year-end 2024. And we do believe that this could be an important de-risking event for the study and the REL 1017 program.
Sergio Teresa: I would like to leave you with these key messages from today's call.
Speaker Change: Well, Matt our number one objective is to complete the phase three program and the NDA package for route 10 70.
Speaker Change: We expect to report the results outcomes of the Preplanned interim analysis for the reliance to phase II study by year end 2024 and.
Speaker Change: And we do believe that this could be an important there is skin event for this study and the route 10 17 program.
Sergio Traversa: We plan to involve the first subject in the phase one single agenda study. dosing study for P11 in development for metabolic disease based.
Speaker Change: We plan to enroll the first subject in the phase one single agent study.
Speaker Change: Dosing study for <unk> 11 in development for metabolic disease base.
Unknown Executive: With that said, we can open to question, operator. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. One moment, please, for your first question.
Speaker Change: With that said, we can open to question operator.
Speaker Change: Thank you as a reminder, if you would like to ask a question. Please press star one on your telephone keypad one moment. Please for your first question.
Andrew Tsai: Our first question comes from the line of Andrew Tsai from Jefferson. Please go ahead.
Speaker Change: Our first question comes from the line of Andrew Tsai from Jefferies. Please go ahead.
Andrew Tsai: Hey, good afternoon. And thanks for taking my questions. Thanks for the updates.
Andrew Tsai: Hey, good afternoon, and thanks for taking my questions. Thanks for the updates.
Sergio Traversa: First question is, what exactly can we expect you to say in the interim release? Will it be just a few sentences? Or could it be something more detailed than that?
Andrew Tsai: The first question is.
What exactly can we expect you to say in the interim release or will it be just a few sentences or could it be something more detailed than that.
Sergio Traversa: Yeah, hi, Andrew. Thanks for the question. It's Sergio here. Well, yeah, it's difficult to do it, to decide in advance. We'll see what the outcome will be. And if there is any need for, like, go more in detail, we may have a call or if it is a straightforward message, then we may not, but we will have to wait. So what we can share is that we will give as many details as we can on the outcome. So you will know what the DMC will tell us.
Sergio Teresa: Yeah, Hi, Andrew Thanks for the question as Sergio here, Oh, well, yes. It is.
Sergio Teresa: Difficult to do it through deciding advance it we know we will see.
Sergio Teresa: What the outcome will be and if there is any need for like go more in detail. We may have a call or if it is a straightforward.
Sergio Teresa: Message, they and we may not but we will have to wait so what we can share is that we will give as many details as we get on the on the outcomes.
Speaker Change: Got it.
Speaker Change: What the DMC both Dallas.
Andrew Tsai: Okay, and I heard 2.2 points somewhere earlier in your prepared remarks, but is that for statistical significance, just to be clear? Yes, thanks, Andrew.
Speaker Change: Okay, and I heard a 2.2 points somewhere early on in your prepared remarks, but.
Speaker Change: For statistical significance just be.
Speaker Change: Yes.
Yes, Thanks, Andy you know it was.
Sergio Traversa: No, it was 2.0. I read two twice. So it's about around around two points delta. And I would say approximately because it depends, of course, from the standard deviation. So it can be slightly higher, slightly lower than that. Got it.
Speaker Change: Two zero.
Speaker Change: Red II twice about.
Speaker Change: How about around two points Delta and I would say approximately because it depends of course from the standard deviation.
Speaker Change: So it can be.
The slightly higher slightly lower than two.
Speaker Change: Got it and then.
Sergio Traversa: And then, what threshold are you setting for the futility? What kind of placebo-adjusted delta, below what placebo-adjusted delta will you hit futility? Yeah, it's the same number, it's about two points.
Speaker Change: What threshold are you setting for the futility.
Speaker Change: What kind of placebo adjusted Delta.
Speaker Change: Hello, what placebo adjusted Delta.
Speaker Change: You hit fatality.
Speaker Change: Yes.
Speaker Change: <unk> is the same number Andy is about two points.
Sergio Traversa: So two points is kind of the threshold between clinical and non-clinical significance. So we would like, if we have a product, we would like to be sure that it is also clinically meaningful. So it's about two points. So below two points, plus minus a little bit due to the standard deviation.
Speaker Change: So two points is kind of the threshold.
Speaker Change: Clinical and non clinical.
Speaker Change: Significance. So we would like if we have a product that we would like to guide to be sure that he is also clinically meaningful.
Speaker Change: So it's about two points below two points plus or minus a little bit due to the standard deviation.
Sergio Traversa: If it is below two points, it's probably going to be futile.
Speaker Change: If it is below two points, it's probably going to be a few of them.
Unknown Executive: Very clear. Okay.
Speaker Change: Very clear okay. Thank you and good luck on everything thank.
Unknown Executive: Thank you and good luck on everything.
Speaker Change: Thank you Andy I appreciate it.
Unknown Executive: I'll proceed.
Mark Goodman: Our next question comes from the line of Mark Goodman at Lyrinc Partners.
Speaker Change: Our next question comes from the line of Marc Goodman at Leerink Partners. Please go ahead.
Unknown Executive: Please go ahead.
Basma Ibrahim: Hi, good afternoon. This is Basma on for Mark. Thank you for taking our question regarding the interim readout.
Speaker Change: Hi, good afternoon ambitious Bachman entre Mark Thank you for taking our question.
Speaker Change: According to interim Readouts are you going to be able to have access to any other information such as baseline characteristics of the patients are.
Basma Ibrahim: Are you going to be able to have access to any other information such as baseline characteristics of the patients or unblinded data of matters changes, for instance, or is it mainly going to be the information related to the facility or not? Thank you.
Speaker Change: Blood and beat out modest changes for instance, or is it mainly going to be.
Speaker Change: Information when you get to the futility or not thank you.
Sergio Traversa: Yeah, thanks for the question. No, we will only know what the data management committee will share with us. That is pretty much like the three outcomes. They won't provide any additional color or details. They DMC and we want to maintain the integrity of the data. So we will only know if it is futile, we can continue as planned or if we need to add patients to increase the power. That's it.
Speaker Change: Yeah. Thanks for the question no the.
Speaker Change: We will only know what the the.
Speaker Change: The management Committee will share with us that is pretty much like the three outcomes they won't provide any additional.
Any additional color or details.
Speaker Change: They the DMC and we want to maintain the.
Speaker Change: The integrity of the data. So we will only know like if it is futile. If we can continue as planned or if we need to add patients to increase the power that's it.
Basma Ibrahim: Thank you. That's very clear.
Speaker Change: Thank you that's very clear thank you.
Uy Ear: Our next question comes from the line of Uy Ear from Mizuho. Please go ahead.
Speaker Change: Our next question comes from the line of ear from Mizuho. Please go ahead.
Charles: Hi, thanks for taking my question. It's Charles on for Oi.
Speaker Change: Hi, Thanks for taking my question is Charles on for <unk>. So I was curious if the DMC recommended no change would you continue to enroll to 300 or would that be that 400.
Charles: So I was curious, if the DMC recommends no change, would you continue to enroll to 300? Or would that be that 400 or 340 number mentions? Yeah.
Speaker Change: 40 number.
Speaker Change: <unk>.
Speaker Change: Yes. Thank you.
Sergio Traversa: Yeah, hi, Charles.
Speaker Change: Yeah, Hey, Charles.
Sergio Traversa: Well, that would be the best outcome. But it's difficult to give a straight answer. Technically, usually you tend to enroll a little bit more than the plan number, like maybe a few percent more, just to be sure to account for the dropouts. But the plan number is north of 300, between 3 and 340, so it's going to be around that number.
Speaker Change: Hmm.
Speaker Change: Well that would be the best outcome.
Speaker Change: Yes, David.
Speaker Change: Just to give a straight after.
Speaker Change: Technically usually you tend to enroll a little bit more than the like the plan number like maybe a few percent more just to be sure to account for the the dropouts and.
Speaker Change: But you know the planned number is north of 300 between three and $3 40, so it's going to be around that number.
Unknown Executive: Okay, thanks for taking my question.
Speaker Change: Okay. Thanks for taking my question.
Speaker Change: Sure.
Andrea Newark: Our next question comes from the line of Andrea Newark from Goldman Sachs. Please go ahead. Hi, team.
Speaker Change: Our next question comes from the line of Andrew New work from Goldman Sachs. Please go ahead.
Speaker Change: Hi team. This is Tony on for Andrea Thanks for taking our questions.
Talani: This is Talani on for Andrea. Thanks for taking our questions. Two from us.
Talani: First, from a statistical perspective, can you confirm you're not taking a hit to alpha by conducting the interim analysis? And then secondly, just wondering if you have any updates on the percent screen failure rates and reliance to compare to those from the prior studies? Thanks.
Speaker Change: Two from US first from a statistical perspective can you confirm you're not taking a hit to alpha by conducting the interim analysis and then secondly, just wondering if you have any updates on the percent screen failure rates and reliance here compared to those from the prior studies. Thanks.
Sergio Traversa: Yeah, sure. I can confirm that there is no alpha penalty paid in the interim analysis. And the reason being that there is no early stop. So it's not an efficacy, an efficacy interim analysis. So there is no plan to stop the trial early.
Speaker Change: Yes sure.
Speaker Change: I can confirm that there is no alpha.
Speaker Change: Panel debate in the interim analysis and the reason being that there is no early stop so its not an efficacy.
Speaker Change: Because the interim analysis. So there is no plan to stop the trial early the best case scenario is to continue as planned.
Sergio Traversa: The best case scenario is to continue as planned. And that's one.
Speaker Change: And it's one and the second one was the.
Sergio Traversa: And the second one was the dropout rate. It is low, right? It is in the single digit, mid single digit. And it is lower than in the previous trial, but, you know, I would be cautious of everyone to read anything into that. It just means that there is like compliance and the adherence of the patient in the trial is good. So I would not translate anything from that in terms of efficacy or something like that. It's about like mid single digit. That's helpful.
Speaker Change: The dropout rate.
Speaker Change: It is that it.
Speaker Change: Is low right. It is in the single digit mid single digit.
Speaker Change: And it is lower than in the previous trial, but there are I would be cautious everywhere to read anything into that.
It just means that there is light compliance ended yet.
Speaker Change: I think Arizona.
Speaker Change: The patients in the trial that is good.
Speaker Change: Would not translate anything from that in terms of efficacy or something that it's about like mid.
Speaker Change: Single digit.
Speaker Change: Okay. That's helpful. Thank you.
Speaker Change: Thank you.
Unknown Executive: There are no further questions at this time.
Speaker Change: There are no further questions at this time I'd now like to turn the call over to Sergio traverse off for final closing comments.
Sergio Traversa: I'd now like to turn the call over to Sergio Traversa for final closing comments.
Sergio Traversa: Thank you.
Sergio Teresa: Thank you and in closing as we get ready to read out on a very important.
Unknown Executive: And in closing, as we get ready to read out on a very important upcoming clinical milestones for REL-TED17 as a potential adjunct treatment for MDD, we want to thank you everyone for your support and for taking time to join the call today. Thank you and have a wonderful rest of the day.
Sergio Teresa: Upcoming clinical milestones. So routed 17 has the potential of adjunct treatment for MTBE.
Sergio Teresa: We want to thank you everyone for your support and for taking time to join the call today. Thank you and have a wonderful rest of the date.
Unknown Executive: This concludes our question and answer session and call for today. Thank you, everyone. You may now disconnect.
Speaker Change: This concludes our question and answer session and call for today. Thank you everyone. You may now disconnect.
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