Q3 2024 Ocular Therapeutix Inc Earnings Call
Good morning, and welcome to the ocular Therapeutics third quarter 2024 earnings conference call. At this time, all participants are in a listen only mode.
Speaker Change: After the prepared remarks, we will conduct a question and answer session to ask a question. Please press star one as a reminder, this conference call is being recorded and will be available for replay on the Investor Relations section of the ocular Therapeutics website I would now like to turn the call over to ocular as Vice President of Investor Relations Bill Slattery, Jr. East.
Speaker Change: Go ahead, Mr. Sarah Good morning, everyone and thank you for joining us today.
Speaker Change: Earlier. This morning, we issued a press release outlining our financial results and business updates for the third quarter 2024.
Speaker Change: Mindful of everyone's time, ocular as executive Chairman, President and CEO. Dr. Praveen Dougal will briefly provide a summary of recent business highlights. So we can quickly get to your questions.
Speaker Change: Joining doctor Google for the Q&A portion of the call will be Donald not been Chief Financial Officer, and Chief Operating Officer, Sanjay Nayak, Chief strategy Officer, and Steve Meyers Chief Commercial officer.
Speaker Change: We refer everyone to this morning's press release and our Form 10-Q for a comprehensive update of third quarter financial and business results.
Speaker Change: During today's call certain statements, we will be making constitute forward looking statements under the safe Harbor provisions of the private Securities Litigation Reform Act of 1995.
Speaker Change: Actual results may differ materially as a result of a variety of factors, including risks and uncertainties identified in the risk factors section of our annual report on Form 10-K, and our other SEC filings.
Speaker Change: With that I'd like to hand, the call over to Dr. Praveen Dougal to review our recent updates protein.
Speaker Change: Thank you Bill and thank you to everyone for joining us today.
Speaker Change: When I joined the ocular our number one priority was bringing X Pac slate to market.
Speaker Change: Wet.
Speaker Change: Age related macular degeneration.
Speaker Change: What a M D effects about 1.65 million people in the United States, which translates to approximately one in every 160 adults.
Speaker Change: That means many of us are likely to know someone who was affected by this disease.
Speaker Change: And it reminds us that this market is large and underserved.
Speaker Change: With up to 40% of patients discontinuing treatment within the first year alone.
Just before a E O in mid October.
We reported that recruitment has progressed rapidly for so one allowing us to project full randomization by year end 'twenty 'twenty four.
Speaker Change: Which is well ahead of our prior guidance.
Speaker Change: Today, we are thrilled to share it.
Speaker Change: That's following this outstanding so one recruitment success.
Our active study sites can now enroll new patients directly into so Laura.
Speaker Change: Our second Registrational trial, Forex packs late and wet AMD.
Speaker Change: Let me repeat.
The old one has reached a key enrollment milestone and we have turned the switch, allowing clinical sites to directly enroll patients into so Laura.
Speaker Change: This is a significant milestone and we expect this adjustment to further accelerate the pace of sole our enrollment.
Speaker Change: As we reflect on the start of this year.
They were widespread concerns that enrolling so one would be challenging.
Speaker Change: The consensus was that.
Speaker Change: The trials unique superiority design.
Which we believe is directly in line with the Fda's draft guidance and validated with a special protocol agreement would lead to significant recruitment hurdles.
Speaker Change: In fact, some investors projected it would take us as long as 18 months to two years to complete randomization.
Speaker Change: In response.
Speaker Change: We assembled a world class team, who went beyond simply activating clinical trial sites.
Speaker Change: The team leaned on decades of experience and relationships to actively engage and communicate with the retina community.
Speaker Change: In a way that resonated deeply.
Speaker Change: This extraordinary level of engagement sparked a remarkable level of enthusiasm and commitment from investigators and study coordinators for both our sole studies.
Speaker Change: Our approach has transformed what was expected to be a difficult enrollment process into one marked by rapid and enthusiastic participation.
Speaker Change: Accelerating the enrollment timelines for so one has positioned us for an impactful year in 2025.
Speaker Change: Setting the stage for a significant milestone with clinical data expected in the fourth quarter.
By reaching enrollment targets ahead of schedule.
Speaker Change: We are advancing more rapidly toward the topline data that will provide pivotal insights into X Pac sleep potential in treating wet AMD.
Speaker Change: This acceleration brings us one step closer to potentially delivering a much needed therapeutic option to patients who deserve a more sustainable treatment and better long term outcomes.
Speaker Change: But enrolling so one is just the beginning.
Speaker Change: The old one is the first of two Registrational studies for <unk> in wet AMD.
Speaker Change: Our second Registrational trial, so lar.
Speaker Change: Is there a repeat dosing non inferiority study.
These two studies were meticulously crafted to work in harmony with T. Jiggly designed to enhance each others' enrollment, while providing a broad evaluation of ex <unk> durability repeatability and flexibility.
Speaker Change: So one focuses on highlighting ex Tac lease durability.
The goal here is to establish superiority in durability over two milligram a flipper set.
Speaker Change: So la on the other hand is it more familiar repeat dosing non inferiority trial that is designed to ensure our findings are robust and applicable in real world settings.
Speaker Change: Both studies were thoughtfully aligned with regulatory guidance.
Speaker Change: So the one supported by a special protocol agreement and so Lar supported by a type C. Written response from the FDA earlier this year.
Speaker Change: Importantly, neither of these trials require sham for masking.
Speaker Change: The FDA has repeatedly stated including most recently on the podium at a a O.
Speaker Change: That day that they do not recommend sham for.
Speaker Change: We're masking because sham can elicit bias.
Speaker Change: In addition to taking important steps to reduce our regulatory risk.
We focused just as much attention on taking steps to derisk, the clinical outcomes and reduce variability between subjects.
Speaker Change: And so one we are administering two loading doses of a flipper set and require subjects to gain at least 10 E. T. D. R. S letters in D. C V a or to reach approximately 2020 vision prior to randomization.
Speaker Change: This ensures that we are only selecting subjects that have been responsive to anti VEGF therapy and allows us to focus on durability of each treatment arm.
Meanwhile, in so lar.
Speaker Change: We've gone a step further by incorporating five loading doses and two observation periods to carefully screen out subjects, who are highly veg F dependent.
Speaker Change: This approach emphasizes patient stability.
Speaker Change: Again here, we are count continuing.
Speaker Change: The focus on reducing risk by taking action to ensure that the enrolled patient population is as homogeneous as reasonably possible.
Speaker Change: By building in these measures.
Speaker Change: We're reducing variability enhancing patient selection and we believe strengthening the potential for successful clinical trial outcomes.
Speaker Change: From the onset.
Speaker Change: We also designed so one is so large to complement each other and boost recruitment for both studies.
Speaker Change: Initially all subjects enrolling and so law, we are required to be loading or randomization failures and so one.
Speaker Change: This approach ensured that so lar, which is widely seen as the more attractive trial for physicians to enroll their patients then did not cannibalize enrollment and so on.
Speaker Change: As I shared at the outset of my comments.
Today, we're announcing that so one has reached a key enrollment milestone.
Speaker Change: And our trial sites are now enrolling subjects directly into so Laura.
Speaker Change: We expect this important update will lead to further acceleration in Seoul, our enrollment which is already well underway.
Speaker Change: And so one very quickly approaches complete randomization.
Speaker Change: Subjects, who are not ultimately randomized and seamlessly transition into so Laura.
Laura: This coordinated approach allowed us to avoid the typical slowdown seen toward the end of trial enrollment.
Laura: Creating a streamlined and efficient pathway that capitalizes on recruitment momentum at our clinical sites.
Laura: We believe that this will provide us with a tremendous advantage as we continue to strengthen our deep history and strong relationships with our clinical trials.
Heading into 'twenty 'twenty five.
Laura: The bottom line is that we've seen outstanding demand for participation in our <unk> clinical studies.
Laura: Scoring the strong enthusiasm.
Laura: An interest within the retina community for a durable treatment option.
Laura: This level of demand is particularly encouraging as it signals the excitement or X Pac sleep, among both patients and physicians.
Laura: Based on our historical clinical data generated Forex pathway combined with actions we have taken to Derisk. Our sole studies, we remain confident in the potential success of boats, so one and so Laura.
Laura: To date <unk> is the only TK I, we're aware of to show proof of concept for monotherapy activity in treatment naive wet AMD patients.
Laura: To take that a step further if you look at our prior U S. Wet AMD study.
Laura: Me with ex possibly alone resulted in an impressive 100% per protocol rescue free rate at six months.
Laura: And that wasn't a trial, where no steps were taken to derisk, the patient population or trial design.
Laura: Finally, we believe <unk> is the only T. K I just show clear signals of efficacy in subjects with non proliferative diabetic retinopathy or N. P. D R.
Laura: In our Helios trial, the administration of a single X actually hydrogel.
Laura: Literally zero subjects, who were observed to have developed any vision threatening complications at 48 weeks compared to 38% of subjects in the Sham control arm, which is in line with natural history data.
Laura: In other words.
Laura: Not a single patient.
Laura: After just one injection of <unk> developed a potentially blinding complications at 48 weeks.
Laura: Moreover.
Laura: Every subject in the <unk> arm with non center involved diabetic macular edema experienced disease improvement.
Laura: It cannot be overstated.
Laura: These types of results do not occur by accident.
Laura: We believe the results from so one and so law may set a new standard.
Emphasizing the strength of our data and underscoring our advantages in the competitive landscape.
As such is it is imperative that we be prepared for a strong commercial launch should <unk> be approved.
Laura: If clinical demand is a proxy for commercial interests then do we believe it is.
Laura: Then we should plan for strong commercial interest in X Pac slate potentially ushering in a new era of wet AMD treatment.
Laura: We benefit greatly from having a remarkable commercial team that is currently achieving excellent results with DEXTENZA, the first and only drug eluting into.
Laura: Intra canaliculus insert.
Laura: The extends our utilizes the same <unk> technology that is used in <unk> and its performance strengthened our market presence and provides a strategic edge.
Laura: That we're committed to maintaining.
Laura: We have taken several steps over the past few months to build on our existing commercial infrastructure to support the eventual manufacture and.
Laura: Distribution of ex Pac sleep to retinal specialists.
And we plan to further expand these efforts in 2025.
Laura: As we continue to execute our commitment to the investment community is to maintain financial discipline.
Laura: Based on our current operating plans, we believe our cash and cash equivalents of approximately $427 million on hand at the end of the third quarter.
Laura: Provide runway into 2028 and fully funds stole one and so lar the topline results.
Laura: As we conclude the prepared remarks in today's call.
Laura: I'd like to leave you with these key messages.
Our mission at ocular is clear.
Laura: We are dedicated to becoming a leader.
Laura: In the treatment of retinal disease, and improving vision in the real world.
Laura: We are making outstanding progress on the two complementary studies in our Registrational program for <unk> Pak slate in wet AMD.
Speaker Change: So one and so Laura.
Speaker Change: No one.
Speaker Change: Has it reached a key enrollment milestone and we expect to complete so one randomization.
Speaker Change: By year end with top line data to follow in the fourth quarter of 2025.
Speaker Change: So Laura enrollment.
Speaker Change: Continues to gain momentum and physicians can now enroll their patients directly into this clinical trial.
Speaker Change: In type C written responses, who received this year.
Speaker Change: The F. D. A has agreed that the design of these two studies should be sufficient to.
Speaker Change: To meet our regulatory requirements.
Speaker Change: And.
Speaker Change: We believe positive data.
Speaker Change: From these studies will enable us to achieve a differentiated product label for.
Speaker Change: Provide commercial commercially relevant data.
Speaker Change: And meet the real world need for a sustainable treatment option that improves long term outcomes for patients with wet AMD.
Speaker Change: 'twenty 'twenty four has been a year of significant change and tremendous execution at ocular.
Speaker Change: But this.
Is all in anticipation of what's ahead as we prepare for what we expect will be a milestone year in 2025.
We thank you for your ongoing encouragement and support for ocular therapeutics.
Speaker Change: Operator.
Speaker Change: I would now like to open the <unk>.
Speaker Change: Call for questions.
Speaker Change: At this time well be conducting a question and answer session. As a reminder, if you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that your line is in the question queue. You May press star two if he would like to remove your question from the queue, we ask analysts to limit their questions to one so that.
Speaker Change: Others may have an opportunity to ask questions.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys, one moment, please while we poll for questions.
Speaker Change: Yeah.
Speaker Change: Our first question comes from <unk> Ahmed with Bank of America. Please proceed with your question.
Speaker Change: Hi, guys. Good morning, Thanks for taking my question and congratulations on the continued momentum with the study is maybe a couple of points of clarification for me can you talk to us about how many of the sites. So one and so are our currently overlapping and are you still planning on activating additional site.
Speaker Change: First of all are you know the.
Pace of enrollment has continued to be above expectations. Just curious if you still think you need it.
Speaker Change: To get to the finish line.
Speaker Change: Thank you for your question and good morning. The answer is yes. There are quite a few sites that are overlapping and that is by design as you know these two studies.
Speaker Change: Our design very thoughtfully to complement each other in terms of their recruitment one of the.
Speaker Change: Really outstanding features here is that there is no slowdown typically what happens at.
Speaker Change: At about this time as the sponsor says look we are enrolling and please slow down.
Speaker Change: We're completing enrollment and please slow down in the site think of that as okay. We got to stop now and perhaps think of another trial.
Speaker Change: That's not happening with us at all.
Speaker Change: We're full speed ahead, we don't slow down whatsoever, and there was a seamless transition between sold one and so Laura so yes, there are overlapping sites and this is absolutely by design, so theres a seamless transition.
Speaker Change: And yes, we are continuing to activate other sites. So lora is a larger study.
Speaker Change: And we will continue to go ahead and press forward with that.
Speaker Change: And execute as quickly as we possibly can thank you.
Speaker Change: Our next question comes from Bill.
Iran. I mean Piper Sandler. Please proceed with your question.
Speaker Change: Yeah, Hi, guys. Thanks for taking my question and congrats on all the progress I prevent you mentioned that you expect to have a differentiated product label with expects Leigh could you maybe define that for US is that based on treatment frequency or are you focused on other metrics. Thank you.
Darrin good morning, and thank you for your question. It's a very important question and look again I go back to the design.
Speaker Change: All of US So we won and so long and what I would say is that as a clinician I can tell you. It answers all the questions that clinicians.
Speaker Change: Which as you know.
Speaker Change: Is is how relevant is this clinically in terms of the way I would treat a patient its certainly answers. The question of durability, which is which is from from sold one.
Speaker Change: Answers the question of repeat ability, which is so large it.
Speaker Change: It answers.
Speaker Change: Questions in regards to how it compares to a flipper set two milligram as well as the high dose eylea.
So our expectation is that if we are fortunate enough to have this drug approved that we will have a strategic a program in terms of a a label that may include flexibility from six months to nine months with the sole one in so long.
Speaker Change: Repeat ability based on so long as well as pop potentially the only label that will have a superiority. So we believe that we will have both a regulatory advantage as well as a commercial advantage potentially if this drug should be approved.
Speaker Change: Our next question comes from Tara Bancroft with TD Cowen. Please proceed with your question.
Tara Bancroft: Hi, good morning.
Tara Bancroft: Now that all our enrollment can accelerate as a stand alone trial or are you going to be providing regular updates on enrollment progress and what are your general expectations for how long enrollment could take first of all are now.
Tara Bancroft: Thanks.
Sarah Thank you and good morning to you.
We will be providing updates as appropriate what I would emphasize here is what I said in the beginning which is how thoughtfully. These two trials are designed a realized that there is no slowdown here whatsoever. All the patients that are in so one currently will seamlessly transition into so large so so laura.
Tara Bancroft: Which is already recruiting will have a really large bolus of patients coming in from sold one and that is again very thoughtfully and deliberately designed so what.
Tara Bancroft: What I would also say is that.
Tara Bancroft: From the very beginning as you know the challenge was really the enrollment of solar one, which which may be less familiar designs and so Laura.
And I think most people have always said that so Laura may be the most familiar treatment the more familiar a clinical trial design as it is a non inferiority design.
Tara Bancroft: So we do believe that that transition from soul wanted to so Laura will be seamless. We're very encouraged in terms of the recruitment pace for solar and yes, we will provide updates when appropriate.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Kelly sheet with Jefferies. Please proceed with your question.
Speaker Change: Thank you for taking my questions. Just so quickly it can't girish share with us the progress of the discussion with the MAA. That's the first question and then secondly, I suppose so well and so our show greater physician and the patient engagement are reflected by enrollment of progress can you share what kind of a patient.
Speaker Change: Mostly suitable for ex Tac slate, what Andy based on trial enrollment next Kevin. Thank you very much.
Speaker Change: Hello, Good morning to you and thank you for your question.
Speaker Change: In regards to regulatory agencies outside the U S. We certainly are engaged in discussions we haven't guided you get.
Speaker Change: As to the formal basis, if those discussions and we will when appropriate.
Speaker Change: In terms of patient population, they're two different aspects to this one is the patient population that were enrolling for clinical trials and the other one is what would be would be relevant. When this if this is approved and is a it is out in the market. So in terms of the clinical trial.
Speaker Change: As you've heard from my prepared remarks, I think we've gone out of our way to make sure that we derisk this patient population as much as possible.
Speaker Change: In order to increase the chance of success and we've done that.
Speaker Change: And a very bespoke manner for each clinical trial, so one and so lot as we've discussed with so one as.
Speaker Change: As you know as a superiority study what we've done is to select patients that we believe would be most responsive.
Speaker Change: To anti VEGF treatment with so the law, what we've done is to select patients that would be as stable as possible for a non inferiority clinical trial and again very de risk patient population in regards to the market. We firmly believe that this drug ex tactically if approved.
Speaker Change: <unk>.
Speaker Change: Will be the drug of choice for all patients.
Speaker Change: Our job at this point is to get this drug approved however, what will happen. We believe in the market as as has been shown historically is a much wider use of this drug. Thank you for your question.
Thank you.
Speaker Change: Yeah.
Speaker Change: Our next question comes from Sean Mccutcheon with Raymond James. Please proceed with your question.
Speaker Change: Hi, good morning, Thanks for taking the question for.
I mean can you elaborate a bit more on the commercial efforts you've alluded to in your comments and obviously too early to talk about pricing specifics, but you know we hear a lot and I'm sure you do as well on speculation around the buy and Bill model for currently.
Speaker Change: Marketed into vitriol injectable therapeutics in the space and how that could influence prescribing patterns. So what are your high level thoughts on the pricing model for you to say, a Q six months or longer product and how that plays into your strategy on how you can leverage those incentives are these high volume centers.
Speaker Change: Yes.
Speaker Change: Yeah. Good morning, Sean and thank you for your question. It's a great question and obviously, we're a little bit early in terms of talking about pricing you know what I will tell you is from a commercial point of view look I'm in a situation here, where I'm very very fortunate that we have a fantastic commercial team.
Speaker Change: It has been very successful with DEXTENZA and in order to leverage that talent into a retina is is really a privilege.
Speaker Change: Look in terms of pricing, we firmly believe that we will be able to obtain premium pricing I think it is a little bit early at this point to talk about the specifics of the strategy for pricing, we will certainly address that when appropriate but thank you for the question.
Speaker Change: Our next question comes from Jonathan Ho really been with citizens JMP. Please proceed with your question.
Speaker Change: Hi, This is Katherine on for John.
Speaker Change: Two quick ones for DEXTENZA.
Speaker Change: If you guys are reiterating your guidance for 2020, 'twenty 'twenty four and also and commentary on the CMS rule for 2025 and kind of how that's going to affect pricing up the extent that going forward.
Speaker Change: Kathryn again, thank you again for your question and good morning, I'm very fortunate again as I say that is a fantastic our commercial team.
Speaker Change: For DEXTENZA and unfortunate also to have Steve Meyers here with me, who is our chief commercial officer, and let me hand over to Steve to answer that question Steve.
Steve Meyers: Yeah. Thanks Praveen.
Steve Meyers: Yes to extend those definitely remains on track to hit the guidance that we guided to previously so we feel great. There regarding the CMS rule, we were very pleased with the results of the rule, we continue to have separate payment and the ASC, but the ruling confirms that we're going to rich.
Steve Meyers: <unk> separate payment and the H O P. D. So we feel great about the the rule that was issued in and the effects. It will have in 2025. Thanks for the question.
Steve Meyers: Yeah.
Steve Meyers: Our next question comes from E. Chen with H C. Wainwright. Please proceed with your question.
Steve Meyers: So.
Speaker Change: Thank you for taking my questions.
Speaker Change: I have a question regarding the program in diabetic retinopathy so.
Speaker Change: Or do you believe the next trials for N P or will it be a phase III phase III trial in which Ah ethics point do you think it would be appropriate.
Speaker Change: Claims it.
Speaker Change: So its improvements or is the disease progression from proliferative stage two.
Speaker Change: Proliferative stage.
Thank you.
Speaker Change: Good morning, and thank you for your question. It's a great question. What I will tell you is look there are two takeaways that we have on the Helios study. One is the line of sight to the success of the sole programs. There's no doubt whatsoever that this drug is present safe.
Speaker Change: Safe and effective at 48 weeks.
For the Helios study.
Second takeaway.
Speaker Change: Is the opportunity that we have for diabetic retinopathy and for diabetic macular edema, I think what's probably forgotten a little bit is that every single patient who had diabetic macular edema and the Helio study and I mean every single patient had improvement and this was non centrally involved diabetic macular edema, but even in this.
Speaker Change: Non selected patient population every single patient that had a non centrally involved diabetic macular edema improved with the drug that that's a really important thing.
Speaker Change: What we've committed to doing is to going to the F D a and pursuing a diabetic retinopathy as well as diabetic macular edema, we'll wait for the feedback from the FDA, we're very flexible in terms of what we need to do we will make it a very thoughtful strategic choice.
Speaker Change: As to the endpoints again that is pending the discussion with the F D a but what I want to emphasize here.
Speaker Change: Which I think is as a clinician I can tell you is absolutely remarkable is what we look for is the prevention of blindness and diabetic retinopathy, what we call vision threatening complications and that primarily is diabetic macular edema as well as a proliferative diabetic retinopathy.
Speaker Change: And with a single injection of <unk> at week 48 vision.
Vision threatening complications was literally zero.
The control arm it was over 30%, which is what one would expect with the natural history studies.
So to have the possibility of Citi.
Speaker Change: Sitting with a patient and saying Mister.
Speaker Change: Mr. Smith, your chance of having vision threatening complications that are potentially blinding are over 30% euro upon a year.
Speaker Change: But with a single injection of <unk> Pak sleep you come to see me once a year as you would go to your dentist for teeth cleaning.
Speaker Change: Your your chance of of maintaining vision and not going blind is literally zero, that's a pretty powerful argument. So we absolutely are very excited about diabetic retinopathy.
Speaker Change: And diabetic macular edema, and we will pursue that are pending our discussion with the FDA. The only reason I want to emphasize this that that hasn't happened as yet.
Speaker Change: It's simply because our priority at this point is the sole programs. So one in so long.
Speaker Change: And as so large gets under way as you've heard we will be pursuing a diabetic retinopathy diabetic macular edema.
Speaker Change: Great question.
Speaker Change: Okay.
Speaker Change: Thank you Perry.
Speaker Change: Okay.
Speaker Change: Our next question comes from Greg Harrison with Scotiabank. Please proceed with your question.
Greg Harrison: Hey, good morning, Thanks for taking the question I'm, just thinking about the regulatory submission in wet AMD.
Speaker Change: What do you need to submit data from solar wind and solar simultaneously or is there a potential for a rolling submission. Once you have topline data from from so I'm just trying to understand how much of a gating factor so our enrollment will be.
Speaker Change: Great. Thank you for your question and good morning to you.
Speaker Change: Look what I would say is our regulatory path is about as clear as it can possibly be.
Speaker Change: As you know we have a spa for so long.
For so long we have a written type C meeting a response.
Speaker Change: Clearly states that all we need are these two studies for approval, but we don't need anything else traditionally the FDA has required two positive studies.
Speaker Change: We believe that that will still be the case, where we are in a very close collaboration with the FDA, but at this point our assumption is.
Speaker Change: That we will need two positive studies as has been the case historically, thank you for your question.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: This concludes our question and answer session I will now turn the call back over to a doctor for.
Speaker Change: Closing remarks.
Speaker Change: Thank you once again I'd like to thank everyone for taking the time to join our call today.
Speaker Change: We look forward to updating you on our progress.
Speaker Change: And if you have any follow up questions. Please reach out to Bill Slattery, our vice President of Investor Relations. Thank you again for joining our call have a great day everyone.
Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
Speaker Change: Yes.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: [music].
Speaker Change:
Speaker Change: Yeah.
Speaker Change: Uh huh.
Speaker Change: Yeah.
Speaker Change: Uh huh.
Speaker Change: Okay.
Speaker Change: Hum.
Speaker Change: [music].