Q4 2024 Relmada Therapeutics Inc Earnings Call
Greetings, and welcome to the Ramada Therapeutics Incorporated Quarter 4, 2024 Financial Results Call. At this time, all participants are in a listen-only mode.
Speaker Change: A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press $0 or your telephone keypad. As a reminder, this conference is being recorded. It is not my pleasure to introduce Brian Richie. Thank you, Brian . You may begin.
Good day everyone and thank you for joining us today.
Speaker Change: This afternoon, Romada issued a press release providing a business update and outlining its financial results for the three years for the three months and year ended December 31, 2024.
Speaker Change: Please note that certain information discussed on the call today is covered under the safe harbor provision of the Private Security's Litigation Reform Act. We caution listeners that during this call, Relmada's management team will be making forward looking statements.
Speaker Change: 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.
Speaker Change: These frauds of these statements are qualified by the cautionary statements contained in Ramada's press release.
Issued today, and the company's FCC violence.
Speaker Change: including in the annual report on form 10K for the year ended December 31st, 2024.
Speaker Change: filed after the close today. This conference also contains time sensitive information that is accurate only as of the date of the slide broadcast March 27th.
2024, Ramada 2025. Ramada undertakes
No obligation to revise or update.
Speaker Change: Any forward-looking statements to reflect events or circumstances after the date of this conference call?
Speaker Change: With me on today's call, a Romada CEO , Dr. Sergio Traversa.
who will briefly provide a summary of recent business highlights.
and Relmada CFO , Maged Shenouda. We'll provide.
A review of the company's Q4 financial results
Speaker Change: After that, we will open the line for a brief Q&A session. Now, I will hand the call over to Sergio Traversa. Sergio?
Sergio Traversa: Thank you, Brian , and good afternoon and welcome everyone to the Relmada fourth quarter and ear end 2020-24 conference hall.
Relmada is focused on three rayoids.
Progressing of a broader pipeline, including NDV01 and CEPRANOLON.
and exploring product acquisition opportunities to maximize share of the value.
and third, maintaining careful resource primary degrees, priority decision.
Sergio Traversa: During today's call, I will spend a moment on our strategic product acquisition efforts and provide a pipeline update.
After that, Maged will review our financial results.
Sergio Traversa: I will make a few closing remarks and then we will take your questions.
Sergio Traversa: At the end of last year, we initiated a process to transform the company through strategic product acquisition efforts to maximize Sherelda value.
Sergio Traversa: I am pleased to report that the process is going well.
Sergio Traversa: We are always maintained and active surveillance to consider programs that have the potential to be high-value assets and meet our key targets criteria, all.
Inovechi
Neatterm Value Creation Drivers and the Potential
Adwreth, well-defined, underserved markets.
Sergio Traversa: With the discontinuation of the Phase 3 studies around 10-17 in major depression disorder, we made the exploration of strategic product acquisition of our primary focus.
Sergio Traversa: We have been following the progress of several programs and our recent efforts identified an additional number of attractive opportunities.
Sergio Traversa: After in that review of several compelling candidates, we recently announced the acquisition of rights to two further candidates.
Sergio Traversa: MDV-O'd-1 in development for non-muscle invasive bladder cancer and soprano for compulsion-related disorders.
Sergio Traversa: While we maintain a deep understanding of diseases of the central nervous system, as we evaluate strategic opportunities, the drug development expertise of our team provides flexibility to be a portionistic and consider innovative programs that meet our target criteria.
Regardless of the set-up you gave it.
Sergio Traversa: Moving on to our product pipeline, I would like to provide a brief overview for NDV01 and Mr. Pranon, and also provide an update on our plan for well 3-11.
Let's start with NRIO1.
Sergio Traversa: On March 25th, we announced the next inclusive licensing agreement with Tri-Gone Forma Limited
Ed Noble
Sustainability Interversive Hour
chemotherapy for the treatment of high-grade non-mastering basic bladder cancer.
M-M-I-B-C
and potentially other staff type of bladotians.
The problem is currently in a phase two study.
Sergio Traversa: We believe that NVIDIA 1 is a excellent fit with our 4 key target criteria.
Number one, innovation.
Speaker Change: Trigon in traversical, sustained release formulation of gel cider in endosetoxyl, could represent the true innovation in the care of high-grade non-massal-invest, invasive ladder cancer.
Speaker Change: Number two, Google concert data, Fabius studies, studies, support the efficacy of Gen. and Dosa Takso, dosing in the treatment of NMPIBC.
Number three, near-turn-valued drivers.
We expect the top line safety and efficacy data for NDBO1
Speaker Change: To be reported at the American Geological Association meeting AUA, it will be held on April 26th to 29th, 2025 in Las Vegas.
In number four, the potential to address well-defined and disturbed markets.
Speaker Change: Sources indicate that there are about 75,000 new cases of bladder cancer diagnosed.
Speaker Change: About 50 of those cases have high grades disease that has a high risk of recurrence.
Speaker Change: There is a very high recurrence rate for the 450,000 people in the US, they are living with blood
Speaker Change: N-D-V-O-1 is currently evaluated in a Phase II single-armed study to assess safety and efficacy in patient with high grade non-massal invasive bladder cancer.
Speaker Change: The study was designed to evaluate safe in an efficacy subject with localized non-metastatic and high-grade non-muscle, muscle-invasive bladder tension.
Speaker Change: Top line data from the first approximately 20 patients in the study are expected to be presented at the American Geological Association meeting in Las Vegas on April 26 to April 29 this year.
Speaker Change: Our goal is to bring NDVO 1 to patients as soon as possible.
Speaker Change: With positive results, we believe the NDV01 could become the sweetest of choice for high-grade, non-massal, invasive bladder cancer.
Speaker Change: Both as first-line therapy for new patients and salvage therapy for existing patients whose disease has progressed.
Speaker Change: They spend the moment on the treatment of high grades, non-massal invasive bladder tension.
Speaker Change: Interversial therapy is a mainstay or treatment intended to reduce the risk of recurrence
Speaker Change: The medical community evaluated a number of chemotherapy agent and published studies suggest that the use of Impella basically Jim cytarabine and dose attacks known as Jim does he is to be the preferred the preferred combination with improved response rates and promising tolerability.
Speaker Change: Two three.
Speaker Change: Frequent Jim does the dosing is required and the chemotherapy agents have a short glad to retention time, which limits the exposure to the chemotherapy.
Speaker Change: Together these factor increases the risk of treatment failure, and discontinuation and prompted the development of MTV or what.
Speaker Change: And then your one ease of maintenance.
Speaker Change: Simple two step process in the Urologist office.
Speaker Change: It is designed for intra basic dosing and intended to be an in office ready to stay out of it that is administered rapidly within 10 minutes and requires no any seizure or new or dedicated equipment to employ.
Speaker Change: N D V O one forms of sporadic ALS tossed metrics within the bladder cancer quest of drugs and release is it isn't a metric gradually resolved over 10 days.
Speaker Change: Yeah.
MTV O. One formulation is specifically designed to maximize local dry concentration and prolonged exposure to Jim dozy, while minimizing systemic toxicity.
Speaker Change: Unlike conventional info basically installation and give you one is designed to avoid peaks and troughs.
Speaker Change: In dry concentration, ensuring a great with gradual and sustained release Amgen dozy over that 10 day period.
Speaker Change: This approach may improve overall efficacy reduce side effects and reduce the frequency of dosing to improve patient compliance and outcomes.
Speaker Change: We believe an NPV of one has the potential to improve on the published Jim Dozy results with less frequent dosing.
Speaker Change: Easier administration, and improve treatment compliance, which could lead to improved clinical outcome in high grade non muscle invasive bladder cancer.
Speaker Change: Our positive for safety perspective is supported by try muddy field research with our care providers.
Speaker Change: The next step includes to present, the topline phase II results in four weeks.
Speaker Change: Meeting with the FDA to align on a regulatory path to approval completing the production of the next batch of material and finalizing the design of a Registrational study intended to begin in late 2025 or early 'twenty 'twenty six.
Speaker Change: Moving on to subprime along.
Speaker Change: On February six we acquired supine alone as a potential therapy for <unk> syndrome, and other compulsion related condition from reading that fog.
Speaker Change: We believe that the final results and that's excellent fit with our four key target Crikey number one innovation, so pan alone or ISO I'll look back nine alone. He's the first philosophy bonds. So I'm, a new sub group, but when you were a steroid known as gamma says or Gaba a modulating steroids on Tiger.
Speaker Change: Yes.
Speaker Change: Gonzales, Kansas selectively.
Speaker Change: Selectively on the Gaba a pathway to alleviate the symptoms or compulsive disorder.
Speaker Change: But to prove up Thompson beta phase Iia results were mazarin, a seasonal improvement in Tourette syndrome.
Speaker Change: Quality of life and overly robust overall safety.
Speaker Change: These data support the final him as a new potential first line treatment option for Tourette syndrome, and opened the door to evaluation in other compulsion related disorders.
Speaker Change: Number three near term value drivers with promising phase Iia data and safety information from more than 350 subjects. So final on either phase to be ready for all of them.
Speaker Change: Now before the potential to address well defined underserved market. The ret syndrome in fact more than 350000 children in the U S. No sorry, no children.
Speaker Change: In fact more than 350000 patients in the U S at the reps.
Speaker Change: Existing treatment include dopamine beta blockers and deep deep deep economy cause they contact are often limited by significant site.
Speaker Change: Stepping back for a moment subprime alone ease of neuro steroids and the first in class Guy or Gal by modulating steroid sometimes when he said that by.
Speaker Change: Active inhibiting godbout neurotransmitter included our breaking that segment alone and euro steroid implicated in Tourette syndrome, and other compulsive disorder.
Speaker Change: I Wonder if valuation of Chicago has also included a review of other prominent compulsion related disorder, and we identified proud that Willis syndrome, or PWM as another potential indication.
These often defined by persistent hunger and overeating hyperphagia that may have a strong compulsion related settlement.
Speaker Change: The estimated global prevalence is approximately 350 to 400000 and current treatment is focused on improving obsessive compulsive behavior and other medical conviction.
The product may be ideally suited for toddler Willi syndrome, given is good overall as a liability and unique impact on compost immediately disorder, which could enable it to be incorporated into an existing comprehensive treatment regimen for rather we listed them.
Speaker Change: Next step into a meeting with the FDA to align on the regulatory path to approval.
Speaker Change: On the development of the product supply plans and finalizing the design of a phase II B study intended to begin late 2025 or early 2026.
Speaker Change: Now I would like to turn the call over to our CFO magazine, you'd like to talk about our portfolio.
Speaker Change: Some airports and financial results.
Speaker Change: Now I guess.
Speaker Change: Thank you Sergio.
Speaker Change:
Speaker Change: Our following priority prioritization and resource alignment are important elements of our strategic value creation process as part of our prioritization I wanted to provide an update on rail P 11.
Speaker Change: <unk> a novel low dose modified release formulation of Shiloh Simon in development for the treatment of metabolic disorders, such as obesity.
Speaker Change: We advanced P 11 into a first a first in human study in Canada based on promising preclinical data showing the P 11 improved metabolic parameters.
Speaker Change: In animal models with no detrimental psychedelic like side effects at doses tested.
Speaker Change: Results of the Phase one study indicate that <unk> is well tolerated.
Speaker Change: We are reevaluating further development of P. O I mean, given our emphasis on focused patient populations and the increasingly competitive clinical development landscape in metabolic disease. While there has been a significant resurgence of effort to bring psychedelics into approved clinical use.
Speaker Change: We also recognized caution among regulators and clinicians that may complicate development as a result of these factors we are reevaluating our resources for P 11, as we devote substantial portion of our internal resources.
Speaker Change: Two the development of a N D V O one and subprime.
Speaker Change: Turning to our financial results as noted by Brian. This afternoon, we issued a press release announcing our business and financial results for the fourth quarter and year end and year ended December 31 2024.
Speaker Change: Full details are available in our press release and the 10-K filing we completed today. These documents are available on our website in the news and SEC filings tabs.
Speaker Change: Our on our Investor Relations page.
Speaker Change: As of December 31, 2024, Romana had cash cash equivalents and short term investments of approximately $44 9 million compared to $96 $3 million as of December 31, 2023.
Speaker Change: Cash used in operations in the fourth quarter ended December 30, 31, 2024 was approximately $8 8 million compared to $10 $2 million for the same period in 2023.
Speaker Change: Looking ahead, we expect to devote substantial a substantial portion of our internal excuse me of our internal resources to the development of M. D V O one and surprise soprano alone we will have a greater sense of our spend and cash runway following the planned FDA interactions and.
Speaker Change: Intended to be completed later this year moved.
Speaker Change: Moving through our fourth quarter 2024 financial results.
Speaker Change: Research and development expense for the fourth quarter of 2024 and totaled $11 million compared to $14 $7 million for the fourth quarter of 2023, a decrease of $3 $7 million. The decrease was primarily driven by a decrease in study costs associated with the completion of clinical trials for all 10 17 for major depressive.
Speaker Change: Jordan.
Speaker Change: General and administrative.
Speaker Change: Administrative expense for the fourth quarter of 2024 totaled $8 1 million compared to $12 $1 million for the fourth quarter of 2023.
Speaker Change: The decrease of approximately $4 million a decrease was primarily driven by a decrease in stock based compensation expense.
Speaker Change: Net cash used in operating activities for the fourth quarter of 2024 totaled $8 8 million compared to $10 $2 million for the fourth quarter of 2023.
Speaker Change: The net loss for the fourth quarter of 2024 was $18 $6 million or 62 cents per basic and diluted share compared with a net loss of $25 million at $25 $1 million or <unk> 84 per basic and diluted share for the fourth quarter of 2023.
Sergio Traversa: Before we open the call for questions I'll turn back I'll turn the call back to Sergio for some closing comments surgery.
Speaker Change: Thank you Maggie.
Sergio Traversa: I would like to leave you with these key messages from today's call.
Speaker Change: But another is focused on three priorities.
Speaker Change: Flooring strategic product acquisitions to maximize shareholder value.
Speaker Change: Progressing of our product pipeline and maintaining careful resource.
Speaker Change: Allegations.
Speaker Change: How 'bout evaluation of strategic product opportunities is focus on key targets like crazy.
Speaker Change: Innovation.
Speaker Change: Proof of concept data.
Near term value creation drivers and potential to address underserved markets with flexibility to be opportunistic, even though our drug development expertise.
Speaker Change: Our plans for each program centered around interacting with the FDA to align on regulatory strategy complete production over the next batch of material and finalize the design of the next studies expected to began the game around year end this year or early 'twenty 'twenty six.
Speaker Change: For any of your one in development for high grade non muscle invasive bladder cancer, we expect initial proof of concept data.
Speaker Change: We reported that the American Urological Association meeting held.
Speaker Change: In April 26, 29, 2025 in Las Vegas.
Speaker Change: Our next study is expected to be a registrational trial.
What's the plan on our next study is expected to be a signal finding study probably the Willi syndrome, and a phase II study interesting.
Speaker Change: In closing as we prepare to advance our two clinical programs, we want to thank our investors for support and for taking time to join today's call.
Speaker Change: We look forward to updating you on our progress throughout the year.
Speaker Change: Operator, I would like now to open the call the call for questions. Thank you.
Speaker Change: Thank you well now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate that you were in the question queue. You May press star two to remove yourself from the queue for participants using speaker equipment and may be necessary to pick up the handset before pressing the star keys one moment.
Speaker Change: While we poll for questions.
Speaker Change: And our first question comes from Wei ye with Mizuho Securities. Please proceed with your question.
Speaker Change: Hey, guys. Thanks for taking our questions first Tom congratulations on the two deals.
Speaker Change:
Speaker Change: Yeah.
Speaker Change: Question have you been getting yes.
Maybe just help us understand the the process that was involved in a deal why.
Speaker Change: You know whether other competitive bidders for particularly for M. D V zero, one and you know.
Speaker Change: Why the that these companies chose to go with you. If there are other bidders over the other because that's the first question and I guess the second question. We have is you know at the upcoming <unk> meeting.
Speaker Change: Oh, what should we kind of expect in terms of you know.
Speaker Change: Potential data and I think the abstract will be out on April 11 or something.
Speaker Change: Or will there be data M D abstract or the sort of the key data well would be at the conference.
Speaker Change: Yes.
Speaker Change: Well. Thank you all right. Thanks for the question I'll start with the first one why our partners decided to come with Roma instead of other companies well. The first acquisition was the final number was a little bit more simple and was a straight acquisition of an asset that we knew we have known for a long time.
Speaker Change: And to be very direct that's the acquisition what blend in advance regardless of what the outcome of the of around 17 would've been so that was it's been a long time in our radar screen. It would be back talking with us are reading that so that was a little bit more simple and D. We have won.
Speaker Change: It was a lot more competitive and and the there is as well.
Speaker Change: We should ask the drag on the real reason why there is the specific reason they decided to come with us, but our impression of what we can offer.
Speaker Change: Can put on the table is clearly a strong development capabilities and we have done for phase two trial, probably pan phase one additional phase two abuse deterrent studies. So we do have a quite a bit of expertise that can be applied to other therapeutic.
Speaker Change: Categories, and that's clearly has a value of the infrastructure is intact and so that's a it was clearly one component the other component that a little bit like softer and more customized.
Speaker Change: Customized to the relation we have we try going it also has been a long term.
Speaker Change: Relation.
And the real one is one of the two problems that really matter has now so clearly will put a lot of focus on these two products. So there is no risk that the NPV of one will be one of the 10 20 products in development that larger companies. They have so focus on the program, that's clearly going to monitor the reason and the.
Speaker Change: Second one is that when we do these kind of transactions or book somebody as a as arena tricorn. We worked together so both management oversight and try it on they were very close without us really a partnership and we don't want to lose the know how is the expertise of people that have been working on this.
Speaker Change: <unk> on this program for E O N E. S. So I mean being part of the of the program being part of the team that will try to bring this product to the market together with the focus and the development capability made the remarks that the company is choice at least.
Speaker Change: Nice quarter.
Speaker Change: Yes, you can.
Speaker Change: Can I add one thing the other I think.
Speaker Change: The important factor is now tried on where triangle shareholders are also shareholders of <unk> and we will participate significantly in the upside related to N D V I'll walk.
Thank you Maggie.
Speaker Change: I hope we answer like the.
Speaker Change: You answered the first question.
Speaker Change: And yeah.
Speaker Change: Yeah. The second one I have to be a little bit.
Speaker Change: More cautious because India abstract does not going to be any particular data reason being that the data will be collected in real time, and so they will be ready to be presented a when there would be available. If this is right before the conference. So they won't be ready to be included in the in the abstract because.
Speaker Change: The patient is still in.
Speaker Change: Treatment and that they are still being evaluated and in terms of expectations, though it is a very competitive market with several products in development for the sweetener or bladder cancer.
Speaker Change: The way, we do have the data.
Speaker Change: Probably it's available on the combination Gen Z users as the immediate release that has been used for ear extensively used by urologists. So that would be the starting point, we do expect the data to be at least as good as what is the immediate release formulation and.
Speaker Change: As of today and the detail available then publish.
Speaker Change: And then in the in the literature.
Speaker Change: You'll find different numbers, but like the the debt.
Speaker Change: It's kind of a rule of thumb that we heard from urologists is that right. When you have a complete response at month, three or four somewhere in the range of 75% you definitely are in the competition and this is a good number right. This is just based on historical and then from the from Urology, we'll see.
Speaker Change: <unk> will deliver.
Speaker Change: So do you expect that data is that primarily from the three months of induction and any particular, yeah, maybe maybe I can step maybe I, maybe I can step in here, we really.
Speaker Change: We want to be respectful of the meeting we want to be respectful of you know whatever restrictions. There are about data released so you know.
Speaker Change: So just to be mindful of that we'd rather not you now delve into the expected data release.
Speaker Change: Okay, well get well, we'll learn a lot more.
Speaker Change: The abstracts were presented and then when the data are released.
Speaker Change: Okay. Thank you.
Speaker Change: Sure few more weaker patients.
Okay Alright.
Speaker Change: Thank you.
Speaker Change: Next question comes from Marc Goodman with Leerink Partners. Please proceed with your question.
Speaker Change: Hi, Good afternoon. This isn't Basmala hallmark. Our first question could you. Please elaborate a little bit on the safety profile of subprime alone.
Speaker Change: And also that we have a question on the second indication, which is just better Willie now.
Speaker Change: Now given that this piece is a little bit call. It. After the recent approval August 1st agent in this Ah indication do you think hum.
Speaker Change: It's got to be a valuable second opportunity for the drug.
Speaker Change: Thank you.
Speaker Change: But thanks for the questions.
Speaker Change: The.
Speaker Change: The safety profile of the Brown on it we know it very well, that's very well known and there are safety data on over 350 patients.
Speaker Change: And the the only.
Speaker Change: Sorry. The fact, there was more freak and we're still talking about low single digit was a is a sub Q injection. So it was the injection site.
Speaker Change: Redness and yeah in some irritation temporary so that was it so that that can be read as it extremely well tolerated drug.
Speaker Change: And ER and on the second question the the private really well the the answer is yes. There is definitely space for other products and we are very happy about the approval that we have seen yesterday, because it means that the FDA and the patients Association and the.
Speaker Change: The outside world at wants and needs new drug, Florida treat them at least be a terrible seems minimal bad seen them at least the problem really.
Speaker Change: In term of the space for subprime along so personal acts on the Gaba a and a b axon. The Campos compulsory thought a component that is very different from what the other products that we're working on so I would not only say that there is space I would say that there is some complementary at least based on the mechanism of action.
Speaker Change: There was some complementarity between <unk> and what is available what.
Speaker Change: Potentially will become available.
Speaker Change: I hope I answered your question.
Speaker Change: Yeah. Thank you that's very helpful.
Speaker Change: Thank you.
Speaker Change: And as a reminder, if you'd like to ask a question. Please press star one on your telephone keypad better star one.
Speaker Change: And our next question comes from Andrew Tsai with Jefferies. Please proceed with your question.
Andrew Tsai: Hey, congrats on in licensing these compounds are pretty cool maybe for <unk> alone.
Andrew Tsai: <unk> is the approvable endpoint for pivotal studies and what did you see in the phase Iia on that endpoint and how would that compare to the dumping in blockers and anti psychotics used for Tret.
Andrew Tsai: Well, thanks, Andrea Gray here in front of you and thanks for the question so the.
Andrew Tsai: The.
Andrew Tsai: Let me be sure that I understand because what the endpoints are what whether it be poorer rather Willie.
Speaker Change: The endpoints the FDA knows the past very well and and so the you said you have seen the approval yesterday. So we do believe that that is pretty much the endpoint that would define D D.
Speaker Change: The the the process of the regulatory process and we havent spoken with the FDA yet so what is the I'm just trying to two two.
Speaker Change: So the docs to use the logic and to try to learn from what's happening out there for the tourettes syndrome, usually D. At the endpoints they've used the scale of Yale scale does is they use <unk>.
Speaker Change: Endpoints are measure by the number of picks.
Speaker Change: Based on the mechanism of action and we'll try to incorporate in the endpoints also the compulsive aspect of the Tourettes syndrome.
Speaker Change: You may now all of that are about 40% of patients with threats. They also are affected by Commvault obsessive-compulsive components.
Speaker Change: Yeah.
Speaker Change: You may probably have to use the scale, but we may also try to poke was on what the drug does best that is controlling compulsive behavior.
Speaker Change: Okay, and then for the bladder cancer compound.
Speaker Change: After you report the data at the medical conference does it make sense in your upcoming FDA meeting to discuss whether an accelerated approval pathway as possible.
Speaker Change: Well not that right after the data.
Speaker Change: But probably after we will discuss with the FDA would be the path for approval is and if you look at how other drugs.
Speaker Change: I have been developed or in development and are the drugs that have been approved.
Jim Dozy: And also considering that Jim those either combination of insights have been endorsed attacks, though has been widely use over the last I would say 10 years by urologists.
Jim Dozy: We have some hope we have a good hope and like the other companies that the FDA will require only one study open label with no placebo that's.
That's what we have seen but we will be well, we will talk with the FDA and then we will update you on what the regulatory process for N D V O ones.
Jim Dozy: A little bit too early to make like big statements.
Jim Dozy: Mhm Mhm and then my last question is can we expect you to in license more compounds are this year.
Jim Dozy: Well, the we always keep our eyes open and we have done a lot of our evaluation. There is a lot of proud of available four for in licensing the great ideas and there are small companies probably about to have the issues in our capability of developing or doing.
Speaker Change: Phase two and Oh, that'd be the financing and now as a public company.
Speaker Change: With the right development capability, I would say that Oh, the other potential license or they they they come to us and.
Speaker Change: As of now we don't know if it will do anything anytime soon but we clearly keep our eyes open and Oh.
Speaker Change: Our goal is to.
Speaker Change: We are in the pipeline and they were ready we have two products now and to right size to bring in any any assets any development program that fit in our strategy.
Speaker Change: It'll be vague because right there is nothing that will happen.
Speaker Change: Later, this week or next week, but in the in the future you'll never know, we keep them to keep an eye on everything but we would only do we have selected right. We don't want to in license something just to license something once we have something that is potentially the seats or development criteria that I discussed during the call.
Speaker Change: Right very good look forward tomorrow updates thanks.
Andrea Gray: Thank you Andrea.
Speaker Change: Thank you Andrew.
Andrea Gray: Thank you.
Sergio Traversa: With that there are no further questions at this time I'd like to turn the floor back to Sergio for MRSA for closing remarks.
Sergio Traversa: Well, thank you very much.
Sergio Traversa: We can end the call, but I would like to ended with a big Thank you for the support and all the people that are have believe and believe in the company and didn't pay in us that we can develop products and we can bring to the market help for our patients and our returns for investors. Thank you very much.
Sergio Traversa: Thank you and with that that does conclude today's teleconference. We thank you for your participation you may disconnect your lines at this time.
Sergio Traversa: Yeah.
Sergio Traversa: Okay.
Sergio Traversa: Yeah.
Sergio Traversa: Yeah.
Sergio Traversa: Yeah.
Sergio Traversa: Hmm.
Sergio Traversa: Hum.
Sergio Traversa: Hum.
Sergio Traversa: Uh-huh.
Sergio Traversa: Hum.
Sergio Traversa: [music].