Q1 2025 ClearPoint Neuro Inc Earnings Call
Speaker Change: Greetings and welcome to ClearPoint Neuro Inc.'s first quarter 2025 financial results conference call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.
Speaker Change: As announced yesterday, despite unpredictable market conditions. We now have now successfully secured the foundational funding necessary to execute on this strategy for many years to come on this.
Speaker Change: This capital in the form of both debt and equity that's been provided by our new partner Oberland capital, which we will discuss in a bit more.
Speaker Change: Later on today's call.
Speaker Change: With that backdrop for context, I will now turn the call over to Daniela D. Alessandro our CFO to discuss the financial details of the first quarter after which I will provide additional commentary on our progress in these three fast forward initiatives did not.
Speaker Change: Thank you Joe and thank you all for joining us today.
Speaker Change: Looking at the first quarter 2025 results.
Revenue was $8 $5 million for the three months ended March 31, 2025, and $7 $6 million for the three months ended March 31, 2024, which represents 11% growth versus the first quarter of 2024.
Speaker Change: Our revenue is made up of three components biologics in drug delivery, neurosurgery navigation therapy, and capital equipment and software buyer.
Speaker Change: Biologics in drug delivery revenue include sales of disposable products and services related to customer sponsored preclinical and clinical trials utilizing our products.
Speaker Change: Biologics in drug delivery revenue increase of 9% to $4 $7 million in the first quarter up from $4 $3 million in 2024.
Speaker Change: This increase was fueled by 1.2 million dollar increase in product revenue as numerous partners progressing their preclinical development and regulatory clinical trials.
Speaker Change: The product growth was partially upset by a point to $8 million decrease in biologics and drug delivery services.
Speaker Change: Neurosurgery navigation revenue consists of commercial sales of disposable products for the Clearpoint navigation system and presumed laser units.
Speaker Change: This revenue segment grew 70% to $3 $3 million for the first quarter 'twenty 'twenty five.
Speaker Change: This large increase is driven by higher sales for new product offerings as well as an increased customer base and adoption.
Speaker Change: Capital equipment and software revenue.
Speaker Change: Sales of Clearpoint reusable hardware and software and related service contracts decreased 16, 3% to $5 million in the quarter from $1 $4 million for the same period in 2024.
Speaker Change: This decrease is due to fewer new placements of Clearpoint navigation and prison laser units, primarily driven by inflation timing and other new product introduction priorities that occurred in the first quarter.
Speaker Change: Gross margin for the first quarter of 'twenty 25, with 60% an increase of 1% compared to 59% in Q1 'twenty 'twenty four.
Research and development costs were $3 $4 million for the three months ended March 31st 2025, compared to $2 $6 million for the same period in 2024, an increase of $8 million or 29%.
Speaker Change: The increase was primarily due to higher product development costs as we continue to invest in expanding our product offering and extending our lead in drug delivery innovation.
Speaker Change: Sales and marketing expenses were $3 $8 million for Q1 compared to $3 $3 million for the same period in 2000, or an increase of <unk> 5 million or 17%.
Speaker Change: This increase was due primarily to additional personnel costs, including share based compensation as we invest in our commercial reach and in hospital bore.
Speaker Change: General and administrative expenses were $4 $1 million for the first quarter, an increase of $1.3 million or 44%. This increase was due primarily to $4 million higher bad debt expense point $4 million higher personnel costs, including share based compensation and point $4 million higher professional service fees.
Speaker Change: As of March 31, 2025, we had cash and cash equivalents totaling $12 $4 million as compared to $20 $1 million at December 31, 2020 for.
Speaker Change: The cash reduction was primarily due to the operational cash burn increasing by $2.3 million in Q1, 2025 versus Q1 of 'twenty 'twenty four.
This increase is mostly related to the reduction in personnel expenses and its relative timing in Q1.
Speaker Change: For the full year, we continue to expect our expense growth to be lower than our revenue growth and to keep achieving operating leverage.
Speaker Change: Our math our March cash balance of $12 $4 million does not include the $32 million net proceeds from the recently announced a new credit facility and equity investment of Oberland capital.
Speaker Change: We're very excited to have the backing of a strong long term financial partner in Oberland capital.
Speaker Change: Our new credit facility gives us the flexibility to access an additional $25 million in additional credit between now and December 'twenty 'twenty six.
Speaker Change: This credit facility has advantageous terms that suit our company's growth profile, allowing us to focus on executing our strategy in the coming years with significant flexibility.
I'd like now to turn the call back to Joe.
Joe: Thank you Daniela.
Joe: We're off to a great start here in 2020 fives highlighted most importantly by our single use consumables business more than doubling in the quarter.
Joe: This 104% growth rate is driven by three key factors, including first our Biopharma partners ordering additional cannulize as their cell and gene therapy drugs progressed through the regulatory pathway and into clinical trials.
Joe: Second our 3.0 navigation software launch, allowing clearer 0.2 expanded beyond the MRI suite and into the operating room.
Joe: And third the full market release of the prison laser therapy system, allowing clearer point to penetrate the existing U S laser ablation market as a new and scalable adjacent source of growth.
Joe: As always let's dig a bit deeper into this progress with regard to our four growth pillars.
Starting with pillar number one biologic and drug delivery our strategy. Once again is to extend our lead in cell and gene therapy.
Joe: Our biologics and drug delivery team continue to support more than 60 active partners in the Biopharma space at all phases of development, including preclinical testing clinical trial execution and even global commercialization.
We have made substantial progress in the additional hiring of our preclinical team and continue to pursue both the G. L. P capability and expanded capacity for preclinical services, which we plan to have operational sometime in the second half of this year.
Joe: In addition, numerous partners have enrolled additional patients and global regulatory trials, including those partners that had been accepted into one that the FDA expedited review programs. In fact, just today, we submitted our five 10-K for the smart flow cannula for use with the <unk> bio gene therapy RJ.
Joe: <unk> 121 program.
Joe: This submission is once again, a cross labeled combination product, which will be reviewed in parallel with the <unk> BLA, which the company announced earlier today was accepted by the FDA for review.
Joe: <unk> hundred 21 is intended for use in children with NPS to also known as Hunter syndrome.
Joe: The Paducah date is scheduled for November of this year.
Joe: We believe that additional cell and gene therapy platforms with significantly underserved patient populations have the potential to be approved within the next two years.
Joe: Their point is established or is actively collaborating with multiple partners to establish strategic and commercial supply agreements to ensure readiness for the commercial launch of these new therapies.
Joe: Next let's talk about pillars number two and three which are neurosurgery navigation and laser ablation.
Joe: Our goal for this segment is to introduce new products that are not only precise and accurate but are also fast simple and predictable. So that we can help hospitals increased throughput and create capacity for these future drug delivery patients.
Joe: This segment saw our single use consumables grow 70% in the first quarter, primarily driven by the introduction of our new smart frame O R and 3.0 operating room navigation systems as well as gains in laser laser ablation market share with our prison laser therapy system.
Joe: The 3.0 navigation software has been very well received during the first three months since FDA clearance.
Joe: In the short time, we have seen more than 35 patients treated across 11 different neurosurgeons all of which are communicated they plan to reorder and use the system again in the future.
Joe: The product is delivering on our promise and is combining accuracy with efficiency as seen in the data collected during this limited market release.
Joe: So far we are seeing average radio errors less than one millimeter and average skin to skin procedure times of around two hours, even for bilateral deep brain stimulation procedures.
Joe: This is all despite the fact that these cases were often the very first experience for these surgeons with our operating room product and we expect additional time savings with workflow familiarity and optimization.
Joe: Once again this efficiency is being achieved without sacrificing accuracy and precision.
Joe: Also impressive was that the total radiation dose that these efficient bilateral procedures was less than a single a full diagnostic head scan.
Joe: One of the surgeons, even commented that with this level of efficiency and predictability it would be possible to schedule three surgeries in a single day.
Joe: Another fun anecdote from the limited market release does that for the very first time Clearpoint neuro had two procedures going on at exactly the same time inside a single hospital with one procedure in the MRI suite and one in the operating room. These procedures were performed by two different surgeons.
Similarly, our prison laser therapy system workflow got a boost with the new 3.0 software, making planning and imaging more compatible with both the clear point navigation system and other common workflows like robotics.
Joe: We have made gains in market share despite being limited to only 3.0, Tesla scanners, which represents about one half of the available market today.
Joe: We have now submitted the data required by the FDA to achieve compatibility with one five Tesla scanners and expect to have access to the other half of the market sometime in the second half of this year.
Joe: And finally moving on to the fourth pillar of achieving global scale, we continue to make significant progress expanding our installed base and hospital support infrastructure as well as pursuing global regulatory approvals.
Joe: In the first quarter, we activated two additional new sites and showed a decrease in capital revenue of 63%, which negatively impacted our overall company growth rate.
Joe: For some context Q1 of last year was by far the largest quarter, we've ever had for capital sales here, a clear point with one $4 million in total sales last year.
Joe: That result, now acts as our baseline for comparison to Q1 of 2020, fives, which came in at zero point $5 million.
Joe: It is important to note that for a one time capital sale, we recognize all revenue at the time of installation entitled transfer and we happen to install a substantial number of new systems in Q1 of last year.
Joe: Now importantly, as I mentioned on our last two earnings calls we have implemented a new subscription program, which we call Pathfinder and allows our hospital partners to access our latest technology and innovations by paying an annual fee in effect acting more like a system rental than an outright capital.
Joe: Yes.
Joe: Overall economics of the Pathfinder subscription over the course of the three or five year term is very much in line with that of our historic capital purchase and.
Joe: And by implementing our Pathfinder program. It allows us to continue to introduce new technologies as they become available without having to repeatedly go to a hospital capital Committee for review as the rental cost is already covered in the operating budget.
Joe: Now the impact of clear point is important to understand because with these new contracts. We now recognize the revenue as spread out across this three to five year term instead of all at the same time of installation, which makes apples to apples comparisons more difficult.
Joe: Again for context, we were excited to sign and install four of these pathfinder agreements here in the first quarter. However, we only recognized a small fraction of the revenue.
Joe: We will now have the future benefit of recognizing the balance of the revenue in the years ahead and the overall impact of more pathfinder agreements will be a smoothing of our capital revenue over time.
Joe: It is also important to note that our sales and installation priorities in the quarter were focused around prism laser placements and upgrades to our new three point of software, which enables clear point navigation to be used in the operating room.
Joe: These two strategic activities do not count as new site Activations. As these are meant to drive same store sales at existing Clearpoint customers. This is exactly the result, we saw in the first quarter with 70% growth in disposable neurosurgery products.
Joe: We continue to expect between 15 and 20, new site Activations for the full year of 2025. However, it was crucial for us to execute these new product introductions in Q1, and we were very pleased to announce our full market release at the WNS meeting just last month.
Joe: Okay.
Joe: Finally, as with most companies most companies capital placements and revenue can always be a little choppy from one quarter to the next full year comparisons are more useful.
Joe: For some added perspective, we are here only halfway through Q2, and we already have more capital revenue this quarter in house than we did for the entirety of Q1.
Joe: Our operating expense growth in Q1 as a result of the investment that we've made to be ready to serve our pharmaceutical customers. Our Biopharma partners progress continues to give us confidence that now is the time to invest and our just announced partnership with Oberland capital again, it gives us the flexibility and security to act in line with our partners.
Joe: Quest, we will continue to modulate investment levels very thoughtfully as these needs arise.
Joe: With that I would now like to open up the call to any questions.
Joe: Thank you.
Joe: Ladies and gentlemen, if you would like to ask a question. Please press star one on your telephone keypad.
Joe: Confirmation tone will indicate your line is in the question queue.
Joe: You May press Star two if you would like to remove your question from the queue.
Joe: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Speaker Change: And our first question comes from the line of Mathew Blackman with Stifel. Please proceed.
Mathew Blackman: Hi, Good afternoon, everybody can you hear me okay.
Speaker Change: Yes sure Matt.
Speaker Change: So Joe and I know I've asked you. This question before what would you do if you had access to incremental capital and well here. We are so I'm curious are there initiatives that you can get after now that you have perhaps had re prioritized lower on the to do list with limited capital capital is there anything from an investment standpoint that you can put to work today that could be growth.
Speaker Change: Enhancing for 2026, or even 2025 and then the last follow up on that very long question is how do we think about this runway of capital.
Speaker Change: In relation to your ability to hit sustained breakeven does this get you all the way just what sort of runway does it give you just any thoughts on that and I've got one follow up on the neuro franchise.
Speaker Change: Yeah happy to walk through a couple of these questions. So you know.
Speaker Change: February and the first topics, yes, we absolutely see opportunities to go faster and we're actually pursuing a couple of those right now.
Speaker Change: As I mentioned as we get closer and closer to the potential commercialization of some of these new these new therapeutic products hiring terrific field support as well as hiring additional preclinical resources to do additional analytics testing. These are things that some of our pharma partners are asking us to get ready for <unk>.
Speaker Change: And like with anything Theres always a lag between when you hire.
Speaker Change: Sort of a new person and maybe six months later when they are fully trained fully productive and flying solo. So we've already started this process of hiring both members of the preclinical team as well as members of the field as well so to extend our commercial reach.
Speaker Change: We're not in a position, where we're increasing guidance based on the spending because the biggest driver between the range that we've provided this year of between 36% and $41 million is really going to be the timing of our expanded capacity for preclinical.
Speaker Change: And then until we get a firm grasp on exactly when we are up and operational there. We want to go ahead and kind of hold on to the guidance that we've given at this point, but there are things that I think we can accelerate.
Speaker Change: We're actively looking to do that today.
Your next question relative to the capital that we have access to through this new debt facility and kind of get it to get us to cash breakeven, we feel that it absolutely can.
Especially the fact that the interest only six year component of that provides us with quite a bit of flexibility, where we fully expected over the next couple of years to be to be continuing to burn some cash. However, when these new drugs come online in the next 234 years with some meaningful more patient population.
Speaker Change: At that point, we believe the company could be generating meaningful cash flow and put us in an excellent position to to repay that debt when it when it actually does become due so another way to think of it is some of this debt that we just a con.
Speaker Change: We'll probably never touch at least a part of our plans continue to work that way.
Speaker Change: Which means that that that will actually be reinvested in treasuries. So we're really only paying the interest on the spread which given the uncertainty that's out there today. It's a good tradeoff for us to make because we wanted to control our own destiny in that way.
Speaker Change: Yeah makes sense and then just on the neuro franchise, obviously really solid first quarter and look I don't expect you to grow that business, 70% or consumables are 100% every quarter, but it does feel like and sounds like the trajectory may be tracking better than at least we have model I'm just interested in knowing how here in the first quarter pushed some of these launches it's tracking relative to <unk>.
Speaker Change: Your expectations. However, you want to frame that thank you.
Speaker Change: Yeah, I would say, we're we're exactly on plan on where we expect it to be and that portion that.
Speaker Change: Now we had a little bit lower comparison in Q1 of last year.
Speaker Change: So that 70% is a high number but as we shared at the very beginning of the year, we think that franchise.
Speaker Change: A component of our business can grow significantly more than 20% throughout the balance of the year.
Speaker Change: No matter what that comparison is and then we also think that there is some upside potential in there as well based on an early approval to the one five Tesla the laser or if we continue to see the rapid adoption that we've.
Speaker Change: We have seen with our 3.0 navigation software just to put a little bit in perspective last year. When we launched the smart frame or we got FDA clearance and I think about three months into that period of time, we had one maybe two surgeons that had actually used the product because we had to use medtronic is kind of an intermediary since it was on their software and.
Speaker Change: It took a little bit we werent fully in our own control.
Speaker Change: As I mentioned earlier on the call. We've already done 35 cases across 11 different surgeons and if that momentum keeps up then I think we have some upside there as well.
Speaker Change: Okay really appreciate that Joe. Thank you so much.
Speaker Change: Okay.
Moderator: The next question comes from the line of Frank <unk> with Lake Street Capital markets. Please proceed.
Speaker Change: Great. Thank you for taking the questions and congrats on all the progress and the recent financing.
Frank <unk>: I wanted to start with maybe a.
Speaker Change: Yeah for sure I wanted to start with maybe a little bit bigger picture question related to kind of MRI based procedures versus Omar based procedures, my assumption and I think I'm correct in thinking that that vast majority is still MRI based procedures just given three point I was just launching now but if we were to fast forward kind of a few years out how do you envision the mix of procedures from <unk>.
Frank <unk>: Ivar so are setting trending.
Frank <unk>: Yes, and I would say, it's a really important question for us because we're trying to fully understand not just the capability and the performance is 3.0, but also the way that doctors are going to continue to use it.
Frank <unk>: So.
Frank <unk>: As an example, and in what I said in the remarks.
Frank <unk>: Double click on that a little bit here is that what this product allows us to do is to create capacity for these drug delivery procedures that are coming so during the launch of many of these drug therapies.
Frank <unk>: Whether it's specifically indicated or not just from a quality control standpoint, we believe that these drug procedures are going to continue to be done in the MRI at a much higher rate than say typical DBS procedures.
Frank <unk>: And because these initial procedures can sometimes be a little bit longer because of the time of the infusion or the multiple trajectories, we want to make sure that the MRI scanners are is free and clear as possible to be doing these really crucial restorative therapies. So what this product allows the hospital to do is to kind of.
Frank <unk>: That MRI capacity by moving some of their historic DBS procedures, either out of the MRI into.
Frank <unk>: Into the operating room, if there are prior clearpoint user or if there are new user to clear point. They can start in the operating room doing clearpoint procedures with a 3.0 software and in essence. They are practicing every single day on how our system how our software works so that when these drugs become available for the MRI scanner they are already.
Frank <unk>: <unk> got a head start in the hospital has built some capabilities. There. So it's a it's one of these things where I could see DBS procedures for example, swinging.
Frank <unk>: Maybe definitely growing faster in the operating room than in the MRI scanner, but then two or three years down the road. When these drug launches start taking place at that point the MRI mix might go up again, so it's definitely a strategy, where we're we plan as far as we can see out that we're going to be offering both of these capabilities.
Frank <unk>: Got it that's helpful and then.
Frank <unk>: Maybe as it relates to G. O P. I think you made a brief comment that you guys remain on track for the second half of this year to be G. O P certified.
Frank <unk>: What's kind of left to be completed there and then maybe talk about kind of customer interest is there a pent.
Frank <unk>: Pent up demand for once you are G O P certified to be able to kind of slot and.
Frank <unk>: Work in that in that space in a relatively short order once that is G. O P certified.
Frank <unk>: Yeah, the meaning the primary remaining gap is really.
Frank <unk>: Standard standard operating procedures and protocols that are effect a much more sophisticated quality system is west GMP requirements need as well as certain independent study directors and sort of HR structural things. So the good news is that none of this is invention related it's really just hiring the right.
Frank <unk>: People and expanding some of the capabilities that we have.
Frank <unk>: From our standpoint, the primary thing we're looking to do is to expand that capacity to a second facility that would enable us to actually do these much larger study. So I think if I just kind of step wise step one is going to be taking our existing capabilities and expanding that capacity and then step two is layering on these G. L. P procedure.
Frank <unk>: On top of it.
Frank <unk>: But I think certainly the expanded capacity.
Frank <unk>: We plan to have this year and I'd say, it's likely that will be in the GPL position G. L. P position by the end of the year as well.
Frank <unk>: Okay, and then sorry, just the second part of that follow up just kind of pent up demand around that.
Frank <unk>: Oh, sorry.
Frank <unk>: What I would say is that we have a unique conduit.
Frank <unk>: With many of these pharma partners of which you know at least five if not more as communicated to us that once we're up and running they would like to.
Frank <unk>: Convert some of their studies our direction.
Frank <unk>: Anything from <unk>.
Frank <unk>: Discovery study is up two fold G. L. P studies once it's once it's available.
Frank <unk>: I believe we're going to walk before we run it's not like we're going to jump in the water and start doing 50 or 60 subject studies right away. However.
Frank <unk>: I think thats something Thats comes more in 2026, but I think proving.
Frank <unk>: These capabilities, allowing our sponsors to be able to come visit our facility meet the team get to know us a little bit those are all activities that we'll be doing these pilot studies in the second half of this year and at this point, we fully expect that our growth rate for biologics in drug delivery services will sort of will.
Frank <unk>: We will grow considerably in the second half of the year.
Frank <unk>: Because right now just based on our current capabilities, we're kind of banging up against capacity in certain months. So its kind of eliminating and we're going to remove that governor when we get into the new facility in the second half.
Speaker Change: Got it that's helpful. Thank you.
Speaker Change: Sure. Thanks, Greg.
Speaker Change: The next question comes from the line of and there's some shock with B Riley Securities. Please proceed.
Speaker Change: Hey, Thank you for taking our questions and congrats on all the progress.
Speaker Change: So first on yeah.
So first on capital equipment, you activated two new sites in the first quarter I guess, how are these sites a place where they full sales or rental or pathfinder agreements.
Speaker Change: I believe.
Speaker Change: At least they were both capital sales in the quarter.
Speaker Change: So those were not those and I'm, sorry, I'm confusing the issue a little bit here because again, what do we when we talk about a new site activation that is a customer who has never used clearpoint in technology before.
Speaker Change: So there were two new sites that you had in fact, if you checked our installed base you would probably recognize them when they pop up on the the new revised slide deck.
Speaker Change: Those are sites that have never used clear point and now have access to clear point. In addition to those new sites, we placed multiple new prism laser systems, we upgraded numerous sites to the 3.0 software. So we don't count those as new site Activations, because they already had access to clear point and now they have access to additional.
Speaker Change: Allergy and additional revenue streams for Clearpoint.
Speaker Change: The two new sites I believe we're both capital placements, but a lot of the prison systems that we put out for example, those fell into that Pathfinder bucket and then hopefully it was clear on how I was describing the pathfinder work. So if you sign a five year <unk> agreement and you install that system March 1st of this year.
Speaker Change: Instead it in the past, how we would recognize that entire transaction in the first quarter. In this example, we would have only recognize one at a 16 months in that particular quarter. So again, it's the placements the capital going out the door is actually kind of same as it's always been however, the recognized revenue.
Speaker Change: Who doesn't quite follow and I think it's also important to note that it doesn't necessarily mean, there's a huge cash.
Speaker Change: Sort of discrepancy or delay either these hospitals certainly have the right to continue to pay on a whether it's a quarterly basis or an annual basis.
Speaker Change: However, in some cases, they actually pay for the entire three to five year term upfront, we've seen that happen too so.
Speaker Change: There's a little bit of a disjointed.
Speaker Change: Between revenue recognition and the rest of reality, but like I said, I think we're probably going to get closer in the future to possibly even 50% pathfinders and that will smooth out our capital revenue because those will show up on a monthly basis as opposed to be kind of choppy based on the installation timing so hopefully that makes sense.
Speaker Change: Okay got it that's helpful and then on Opex Opex grew 29% in the quarter I guess, how should we think about this and especially R&D trending going forward now that you've secured funding to accelerate the development and launch of new products.
Speaker Change: Yes, it's a it's somewhat similar if not even reverse from the capital side of things is that there are certain investments that we have to make that we don't get an immediate return on but we wouldn't be making them. If we didn't see that return coming again.
Speaker Change: I gave a couple of examples on expanding these preclinical services and DLP capability. You know, obviously, we don't have that capability, yet we're not selling it but we're hiring the people. We're training we're building the processes. So that's sort of an accelerated investments.
Speaker Change: Similarly, when we want to if we see the demand coming for our three point out of software and we know it's going to drive case volume we have to hire now for these.
Speaker Change: These people that will be ready in Q3, and Q4 of this year or two absorbed some of these additional procedures and provide support so again, that's a little bit of an accelerated investment that we would make if we didnt believe it was coming the third example, I would give you is that we have many of our pharma partners that are actually hiring us to build custom routes of administration.
Speaker Change: For them, so a slightly different actuator or cannula or surgical needle or something else to to work with our software and deliver a drug to a specific portion of the brain.
Speaker Change: That's another example, where we might have a contract where we don't recognize the revenue until it's done, but we hire an additional engineer or two now to be doing that works that we know the revenue is going to follow so.
Danilo: Danilo comments, we continue to believe that for.
Speaker Change: For the full year, our revenue growth is going to outpace our expense growth in.
Speaker Change: Q1 is just one where it's a little bit flipped upside down because were sort of prepaying and pre hiring some of these rules.
Speaker Change: Okay got it thank you for taking our questions.
Speaker Change: Yeah sure thing I understand.
Speaker Change: Thank you.
Speaker Change: There are no further questions at this time I would like to hand, the call back to Joe <unk> for closing remarks.
Joe: Well, thanks again to everyone for joining today's call. We have spent the last 10 years building a strong foundation in 2025 is again, where we hit the fast forward button to get the market ready for this exciting future a cell and gene therapy. We are very excited to be in a position, where we can directly impacting many patient lives often.
Joe: Being in the room for the very first patients ever treated goodnight, everyone. Thanks again.
Joe: This concludes today's conference you may disconnect your lines at this time.
Joe: You for your participation.
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