Q1 2025 Lisata Therapeutics Inc Earnings Call
Yeah.
Speaker Change: Welcome to the Lasalle Therapeutics first quarter 2025 financial results.
Speaker Change: Update conference call currently all participants are in listen only mode.
Speaker Change: Management's prepared remarks, we will hold a Q&A session to ask a question at that time. Please press star one on your telephone.
Speaker Change: Auto mated message buys in your hand is raised.
John Lindsay: As a reminder, this call is being recorded today Thursday may eight 2025, I will now turn the call over to John Lindsay don't Vice President of Investor Relations and corporate Communications at <unk>. Please go ahead Sir.
John Lindsay: Thank you operator, and good afternoon, everyone. Welcome to Lasalle. This first quarter 2025 conference call to discuss our financial results and to provide a business update.
Joining me today from our management team are Dr. David Mazzo, President and Chief Executive Officer, Dr. Christian Buck Executive Vice President of research and development and Chief Medical Officer, and James <unk>, Senior Vice President of Finance, and Treasurer, and Chief Accounting Officer.
John Lindsay: Shortly before this call we issued a press release announcing our first quarter 2025 financial results under.
John Lindsay: Under the investors and news section of the company website, along with the webcast replay of this call if.
John Lindsay: If you have not received this news release or if you'd like to be added to the company's email distribution list. Please subscribe to the email alerts on the company website or email me at <unk> at <unk> to be added to the list.
John Lindsay: Before we begin I remind you that comments made by management. During this conference call will contain forward looking statements that involve risks and uncertainties regarding the operations and future results of Lasalle.
John Lindsay: I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation. Its forms 10-Q, 8-K, and 10-K, which identify specific risk factors that may cause actual results or events to differ materially from those described in the forward looking statements.
John Lindsay: Furthermore, Furthermore, the content of this conference call contains time sensitive information that is accurate only as of the date of this live broadcast Thursday may eight 2025.
Speaker Change: The other therapeutics undertakes no obligation to revise or update any statements to reflect events or circumstances. After the date of this conference call with that I will now turn the call over to Dr. Mazzo Dave.
John Lindsay: Thank you John and good afternoon, everyone.
John Lindsay: Pleasure to be here again to provide an overview of <unk> recent business highlights discuss our first quarter 2025 financial results and give an update on the progress of our development programs.
John Lindsay: <unk> on an eventful 2024, we've maintained strong momentum into 2025, despite persistent market headwinds for small cap healthcare companies.
John Lindsay: We continue to make significant progress advancing our clinical development portfolio for our novel product candidates through turpentine targeting solid tumors.
John Lindsay: To treat diseases.
John Lindsay: The ongoing accumulation of both preclinical data and especially clinical data supports our belief that took appetite has the potential to become a cornerstone of a revised standard of care treatment regimen for advanced solid tumors as many types.
John Lindsay: We were particularly encouraged by the preliminary results from both cohort a at the central and the idealistic trial data presented at the 2025 <unk> Gi Symposium in January these data reinforce such appetite potential and our overall development strategy.
John Lindsay: We anticipate that the next 12 to 18 months will be data rich for the Sada with several key milestones on the horizon.
John Lindsay: We'll continue to share our progress and key findings as they become available.
John Lindsay: Following the review of our financial results, Dr. Christopher Buck, our Chief Medical Officer, and head of research and development will provide an update on an ongoing and planned clinical and preclinical programs, including timelines the key objectives and with that I will now turn the call over to Jason <unk>, Our senior Vice President of Finance, and Treasurer, and Chief accounting <unk>.
John Lindsay: James.
Speaker Change: Thanks, Dave Good afternoon, all I am pleased to join you today to present, a summary of our first quarter 2025 financial results.
John Lindsay: Starting with operating expenses.
John Lindsay: For the three months ended March 31, 2025, operating expenses totaled $5 8 million compared to $6 6 million for the three months ended March 31 2024, representing.
John Lindsay: Representing a decrease of <unk> 8 million or 11, 4%.
John Lindsay: Research and development expenses were approximately $2 6 million for the three months ended March 31, 2025, compared to $3 2 million for the three months ended March 31 2024.
John Lindsay: Representing a decrease of 0.6 million or 19, 7%.
John Lindsay: This was primarily due to a reduction in clinical research organization expenses and site expenses associated with our phase Iia proof of concept bolster trial.
John Lindsay: And lower spend on chemistry manufacturing and controls.
John Lindsay: General and administrative expenses were approximately $3 2 million for the three.
John Lindsay: Three months ended March 31, 2025, compared to $3 4 million for the three months ended March 31 2024.
John Lindsay: Representing a decrease of approximately 0.1 million or three 4%.
John Lindsay: This was primarily due to one off settlement costs in the prior year, partially offset by an increase in consulting expenses.
John Lindsay: Severance cost in the current year.
John Lindsay: Overall net losses were $4 7 million for the three months ended March 31, 2025, compared to $5 4 million for the three months ended March 31 2024.
John Lindsay: It is noteworthy that we continue to make progress according to our plans for our R&D and business activities, while continuing our legacy of prudent capital management and expense minimization.
John Lindsay: Turning now to our balance sheet and cash flow.
John Lindsay: As of March 31, 2025, Masada had cash cash equivalents and marketable securities of approximately $25 8 million.
John Lindsay: Based on its existing and planned activity. The company believes available funds will support current operations into the third quarter of 2026.
Speaker Change: With that I will now turn the call over to Dr. Christopher Buck will provide an overview of the company's development programs Kristen.
Christopher Buck: Thank you James and good afternoon, everyone. It's a pleasure to be here today to present, an update on our clinical development portfolio, including near term catalysts.
Christopher Buck: As mentioned on previous quarterly calls Masada is focused on the development of its proprietary cyclic peptides product candidate <unk> for the treatment of advanced solid tumors and other difficult to treat diseases.
Christopher Buck: So its hepatitis as an investigational drug designed to activate a novel uptake pathway that allows co administered or tethered anti cancer drugs to selectively target and penetrate solid tumors more effectively.
Christopher Buck: In addition, certain hepatitis has been shown to modify the tumor microenvironment, making it less immunosuppressive and therefore, increasing the tumor susceptibility to immunotherapy and our own bodies immune system, while also inhibiting the metastatic cascade.
Christopher Buck: If you'd like more information regarding certain hepatitis mechanism of action. We encourage you to visit our website, where you'll find an animated video and relevant slides within our corporate presentation.
Christopher Buck: On the regulatory front certificate hydro secured multiple special designation from both the FDA and EMA all of which are also listed on our website and in the corporate presentation for your easy reference.
Christopher Buck: Now for an update on our individual development programs.
Christopher Buck: The ascend trial is a 150 agent 158 patient double blind randomized placebo controlled clinical trial evaluating <unk> in combination with standard of care Gemcitabine and Nab paclitaxel chemotherapy in patients with metastatic pancreatic ductal adenocarcinoma or <unk>.
Christopher Buck: <unk>.
Christopher Buck: The trial is being conducted at 25 sites in Australia, and New Zealand sponsored by the Australian gastrointestinal clinical trials group or AG ITG.
Christopher Buck: In collaboration with the National Health and Medical Research Council clinical trial center at the University of Sydney.
Christopher Buck: As mentioned on prior calls the ascend trial is an investigator initiated trial the lasagna inherited upon our acquisition of <unk> therapeutics.
Christopher Buck: The original trial was designed with more of an academic nature, rather than one with commercial objectives as was statistically powered based on a six month progression free survival primary endpoint.
Christopher Buck: After the acquisition, we started collaborated with the AG ITG can modify the trial to ensure it provided clinical outcomes that will best support the next steps in development of suits appetite from a regulatory perspective.
Christopher Buck: As such the ascend trial protocol was amended to include another cohort of patients or cohort b not.
Christopher Buck: Not statistically powered to evaluate an additional search hepatitis dosing regimen.
Christopher Buck: The ascend protocol was also amended to capture overall survival outcomes for both cohort a and cohort b as overall survival is considered by regulatory authorities to be the gold standard endpoint in pancreatic cancer trials.
Speaker Change: Cynthia send protocol was amended following trial initiation data from cohort b are delayed compared to cohort a data by several months.
Speaker Change: Cohort, a with 95 patients receiving a single intravenous dose of certain appetite or placebo.
Speaker Change: Combination with standard of care completed enrolment in the third quarter of 2023.
Speaker Change: As announced in January of this year preliminary cohort a data was presented at the 2025, <unk> Gi symposium, which showed a positive trend in overall survival, including four complete responses. In this are tepid titrated group compared to none in the placebo treated group.
Speaker Change: Preliminary data from cohort B with 63 patients receiving two intravenous doses of certain appetite or placebo administered four hours apart in combination with standard of care has been accepted for presentation at the 2025, ESMO gastrointestinal cancer Congress to.
Speaker Change: We held during the first week of July.
Speaker Change: Final analysis of both cohorts is planned to be available thereafter.
Speaker Change: The bolster trial.
Speaker Change: As our phase Iia double blind placebo controlled multicenter randomized trial in the United States evaluating <unk> in combination with standard of care in first and second line Cholangiocarcinoma.
Speaker Change: Enrollment was completed in first line Cholangiocarcinoma nearly six months ahead of plan accelerating anticipated top line data readout to mid 2025.
Speaker Change: Based on encouragement from multiple investigators involved in the trial a second cohort was added evaluating certain appetite in subjects in second line Cholangiocarcinoma on top of standard of care.
Speaker Change: Although originally plan to recruit 40 patients. We recently took the decision to cap enrolment in this new arm at approximately 20 patients to allow for quicker data analysis and more efficient use of our capital.
Speaker Change: Send the Fox is a phase <unk> open label trial in the United States evaluating <unk> in combination with new adjuvant <unk> based therapies in pancreatic colon and appendiceal cancers in.
Speaker Change: In December 2024, the company announced enrollment completion in all three cohorts.
Speaker Change: The single Center study being conducted at the University of Kansas Cancer Center was designed with a three cycle run in period to ensure patients meant specific criteria before receiving treatment.
Speaker Change: Of the 66 patients enrolled.
Speaker Change: <unk> met these criteria and were treated with certain hepatitis across the three cohorts, including 24 with resectable or borderline resectable pancreatic cancer <unk>.
Speaker Change: <unk> with high grade colon, or Appendiceal cancer, and peritoneal metastases and 11 patients with <unk> metastatic colon cancer.
Speaker Change: We are eagerly awaiting data from this investigator initiated study and we will share key findings when available.
Speaker Change: <unk> pharmaceutical the licensee of search hepatitis in the greater China territory is running a parallel development program for <unk> in combination with Gemcitabine and Nab Paclitaxel as a treatment for <unk>.
Speaker Change: She was recently reported that they completed enrollment in the study of 96 subjects occur.
Speaker Change: According to guidance from Sheila data are expected in the next 12 to 18 months with a phase III study planned to start thereafter.
Speaker Change: Based on the terms of the license Sheila will be obligated to pay Lossada, a 10 million dollar milestone upon dosing of the first patient in their phase III study.
Speaker Change: Okay.
Speaker Change: In collaboration with Astrazeneca in Australia, and the funding sponsor of the <unk> trial worth nine we are evaluating certain appetite and a phase <unk> randomized placebo controlled three arm single Blind single Center safety early efficacy and Pharmacodynamic trial.
Speaker Change: The <unk> trial is being conducted in Australia, combining <unk> with a checkpoint inhibitor there've allomap with standard of care Gemcitabine and Nab Paclitaxel chemotherapy versus <unk> in combination with standard of care that is no dirt allomap versus standard of care alone in patients with locally advanced non.
Speaker Change: Non resectable pancreatic cancer.
Speaker Change: Promising preliminary results from the first 17 of 30 patients enrolled in the <unk>. The trial were presented at the 2025 <unk> Gi symposium.
Speaker Change: This interim analysis suggests that <unk> in combination with standard of care chemotherapy and immunotherapy improved treatment outcomes for this patient population, while also provoking an increase in tumor infiltrating lymphocytes in subjects with recessed response.
Speaker Change: With more than 90% of patients enrolled we remain confident that enrollment will be completed in the next two months.
Speaker Change: The study of certain hepatitis accommodate combination with <unk> in patients with Glioblastoma multi form or GBM has been initiated with several patients already enrolled and treated.
This study is designed as a phase two a double blind placebo controlled randomized proof of concept study.
Speaker Change: Why are you, adding <unk> when added to standard of care team is all online versus team as a whole mind alone and a matching certificate type placebo in subjects with newly diagnosed glioblastoma multi form.
Speaker Change: This actively enrolling study is being conducted across multiple sites in Estonia, and Latvia and is planned to also include a site in Lithuania.
Speaker Change: The study is targeted to enroll 30 patients with a randomization of two to one <unk> plus standard of care versus placebo plus standard of care enrollment.
Speaker Change: Completion is now expected in 2026.
Speaker Change: Four to five is a conceptual phase one b to a double blind placebo controlled three arm randomized study evaluating the safety tolerability and efficacy of a four hour continuous infusion of <unk> in combination with standard of care in patients with first line pancreatic cancer as far.
Speaker Change: All of this study Lasalle has engaged haystack oncology to use <unk> technology to measure circulating tumor DNA levels and multiple time points and patients through the study as an exploratory endpoint for analyzing the early therapeutic assert hepatitis.
Speaker Change: Initiation of this study remains on hold as the Companys investigating a potentially faster and more cost effective alternatives to achieving the study's objective.
Speaker Change: Additionally, Lasalle has recently established several collaborations across oncology and other therapeutic areas to explore new strategic development opportunities first shipped hepatitis. These include.
Speaker Change: Our partnership with Veilleux therapeutics to investigate the benefits of combining search hepatitis.
Speaker Change: Veilleux Therapeutics peptic, Fred a customizable oncologic adenovirus platform technology, and the checkpoint inhibitor in a preclinical murine model for the treatment of melanoma.
Speaker Change: Initial results from this collaboration are expected by early summer.
Speaker Change: Following results from an earlier preclinical study Lasalle entered into a global license agreement with Kouba labs to explore the synergistic potential of <unk> as a targeting and delivery agent for Kubas nano Mark imaging technology in solid tumors.
Speaker Change: <unk> has communicated that it intends on commencing its imaging study in the first half of this year with results anticipated in early 2026.
Speaker Change: Lossada will provisions for type a tied to cool before its clinical study VA clinical supply agreement.
Speaker Change: And recently announced Masada has entered into a research license with catalyst to evaluate in a preclinical setting the efficacy of certain appetite as a payload on catalyst smart tag antibody drug conjugate dual payload technology platform for the treatment.
Speaker Change: Of difficult to treat diseases, including advanced solid tumors.
Speaker Change: Under the terms of the agreement catalysts will assume full responsibility for all research and development expenses and <unk> will provide consulting support.
Speaker Change: Beyond the clinical studies I've outlined we are actively exploring additional opportunities to advance our development strategy, including progressing through <unk> in combination with Gemcitabine and Nab paclitaxel into a global phase III trial for the treatment of pancreatic cancer how.
Speaker Change: However, we remain focused on only initiating trials that can be funded through data with existing or guaranteed capital and that can be executed within a reasonable period of time.
Speaker Change: As a reminder, several of the clinical trials I mentioned earlier, our investigator initiated trials and as such Lasalle has limited control over study timelines and expectations may change where may be subject to change that said, we are grateful to the investigators and especially to the patients participating in certain appetite clinical trials around the world.
Speaker Change: For detailed information on each trial, please refer to the appendix of our corporate presentation on our website.
Speaker Change: Recognition also includes two slides illustrating the anticipated timeline.
Speaker Change: A key milestones and data readouts.
Speaker Change: Dr. Mazzo highlighted we anticipate a data rich 2025, and look forward to sharing these results and with that I will now turn the call back to Dave.
Speaker Change: Thanks, Kristen based on the excellence of execution of other solid team. We have started 2025 with another important collaboration and are poised to report data from many of our studies throughout the year.
Speaker Change: We and our partners firmly believed that took appetite holds transformative potential for patients and significant long term value for our respective shareholders and we look forward to reporting on the progress towards realization of that potential on future calls.
Speaker Change: With that overview, operator, we're now ready to take questions.
Speaker Change: As a reminder to ask a question. Please press star one on your telephone will then hear an automated message inviting your hand is right.
Speaker Change: <unk> will be permitted to ask one question at a time and I'll return to the queue for any additional questions. Please.
Speaker Change: Please standby, while we compile the Q&A roster.
Speaker Change: Our first question comes from the line of Joe Pat Dennis of H C. Wainwright.
Speaker Change: Line is now open.
Speaker Change: Hey, good luck.
Speaker Change: Yeah.
Speaker Change: Our on for Joel Thanks for taking my question.
Speaker Change: My question is regarding the <unk> study.
Speaker Change: Specifically the second line Cholangiocarcinoma cohort now that target enrollment as you mentioned is capped at about half of what you had initially targeted just wondering if you could provide some more color on whether this might impact the regulatory path forward with the kind of data that you need to show to move forward.
Speaker Change: Thanks.
Sarah: Hey, Sarah Thank you for that question.
Sarah: As Christa described the proposed to trial.
Sarah: Phase Iia proof of concept trial is not powered to any specific end point and therefore, the number of patients that are enrolled is really a number that we choose that we believe will be indicative of trends and so what we're really looking for in both the first mind set.
Sarah: Mine Cholangiocarcinoma study within bolster is whether or not we're seeing any therapeutic effect of switch appetite on the standard of care not patient outcomes and with 20 patients also with a control and bolt ons will be able to make those determinations.
Sarah: At the same level of confidence that we would have with 40 patients with second line, but we really thought it was important to be able to get to data in both of those arms as soon as possible and sulfide curtailing enrollments earlier, we'll be able to get to final outcomes data for both homes faster and we think that that's it.
Sarah: Then of course in these tight financial times, which are a bit challenging saving some money on enrollment.
Sarah: We really have that study does not go without expenses.
Sarah: Okay. That's helpful. Thanks.
Sarah: Okay.
Sarah: One woman for our next question.
Speaker Change: Our next our next question comes from the line of Delaware of Brookline Capital markets. Your line is now open.
Sarah: Sure.
Sarah: Great. Thank you.
Sarah: With regard to the <unk> presentation.
Sarah: And the timing.
Sarah: How deep will you be able to go on the data and you certainly would have top line data.
Sarah: Highlights of the support according data but.
Sarah: How far along would you be in the data analysis, such that the audience will have a good strong impression of the Alt a.
Sarah: Of the data.
Sarah: Or walk away with a lot of questions.
Sarah: Because there are a lot of you know there are a lot of.
Sarah: Additional pieces to the puzzle.
Sarah: Hey, Ken Thanks, very much for joining in for that question. So so basically the plan of action for the reporting of ascend data, which is formulated by the sponsor of the study which is the AG ITG.
Sarah: Is as follows so the first part everybody knows the cohort a data we call it preliminary data because basically they simply reported on the major endpoints, but theres still some sub analyses that they needed to go on those data were presented at ESMO Gi in January.
Sarah: The cohort B data, which will be at the same level of detail as the cohort a data was back in January meeting.
Sarah: Essentially a definitive data on the major endpoints overall survival PFS et cetera will be reported in the first week of July ESMO Gi.
And what would remain would be a combination of the cohort a and b data some statistical analysis to determine whether or not a personally can combine the data either from both therapeutic arms or a placebo.
Sarah: Individually and then the results of that that's an interesting study.
Sarah: If we are able to combine the therapy arms that will increase the power of the study a little bit but really the main answers will be I would say interpretable. After that July is more Gi presentation, because at that point Youll have the main results from both <unk>.
Sarah: Cohort Ed.
Sarah: And correctly.
Speaker Change: Fabulous, Thank you and thanks, all to clarify the discussion around <unk> because the.
Sarah: Press release the data.
Sarah: Phase II data are expected near in the near future.
Sarah: And.
Speaker Change: You've talked in the past about taking 12 to 18 months to get the data after they've completed enrollment and my recollection.
Sarah: Is that.
It Hasnt been 12 to 18 months since may completed enrollment of the trial.
Sarah: That's right.
Sarah: Some of this a semantic but.
Sarah: But I'll preface everything that I'm about to say with the caveat that we have no control over the timelines.
Sarah: <unk> announces who are actually follows nor do we have any real control over the strategy that they're pursuing in terms of timing, what we do know and what I think the audience should focus on is that they are on the intervention pathway in China, which is a special regulatory pathway.
Sarah: Which provides multiple levels of benefits, including ultimately some commercial benefits, but one of the major requirements of obtaining those benefits is being the first country in the world to approve the product for which those benefits are requested.
Sarah: In order for them to maximize our fully exploit their perceived value. So you took the side they need to get it approved in China before it's approved anywhere else I think that drives a lot of their decisions.
Sarah: My interpretation, but as a result, they are trying to move things along very very fast.
Sarah: Most of what they do is.
Sarah: A confirmation of what we have done with our collaborators previously and so they start off with the plan, but sometimes they cut it short because they are getting the kind of results that are corroborative and they need to move on more quickly. So I think that one could interpret this as.
Sarah: Theyre seeing enough of a trend from the data they already have from phase II to to make the commitment to move on to phase III and they probably put that into a risk benefit equation to determine whether or not taking that risk and going faster was worth it.
Sarah: In comparison to waiting and potentially losing the innovation pathway benefit I hope that's clear.
Sarah: That's very helpful. Thank you.
Sarah: Thanks.
Sarah: One moment for our next question.
Speaker Change: Our next question comes from the line of Pete Enderlin of Mezz partner. Your line is now open.
Pete Enderlin: Hi, everybody thanks for taking my questions.
Pete Enderlin: So you have been using a contract manufacturer for <unk>.
Pete Enderlin: <unk> for clinical trials.
Pete Enderlin: What about the possibility.
Pete Enderlin: Is there any activity along those lines of having manufacturing four trials done by some big pharma manufacturers.
Pete Enderlin: We'll have that capability it could potentially be licensees.
Pete Enderlin: Well.
Speaker Change: Thanks first of all for joining Pete and asking the question in a convince your question kind of some respects puts the cart before the horse.
Pete Enderlin: Most big pharma.
Pete Enderlin: Have minimal excess capacity at this point in time, they manage their manufacturing capacity very closely because excess capacity is wasted money and they don't want to have that sort of a balanced external manufacturing.
Pete Enderlin: With internal manufacturing and they typically don't function as a contract manufacturer for other products unless that actually either already signed the deal on those products, who are licensed or acquired the products right.
Pete Enderlin: Onesies.
Pete Enderlin: Yes.
Pete Enderlin: Thanks.
Pete Enderlin: Sorry.
Pete Enderlin: Say that again please.
Pete Enderlin: I've said this would be very small quantities it wouldn't require them to.
Pete Enderlin: Allocate a large portion of their capacity.
Pete Enderlin: Capacity.
Pete Enderlin: And although they have to actually have to isolate our manufacturing trade to make these things and so switching products actually takes within a multipurpose facility actually takes quite a lot of time and money because you have to clean the facility.
Pete Enderlin: Decontaminated test it to demonstrate that you have no residuals that brings a new process in requalify. The process and then you can manufacture. So you typically don't switch back and forth multipurpose facilities typically take large chunks of time and devote them to two <unk>.
Pete Enderlin: <unk> they would never manufacture small amounts for clinical supplies unless that was their business. It no big farmers are in that kind of business. Okay.
Pete Enderlin: And then with charges of fortunate to do that.
Speaker Change: Alright, well I thought I saw some comment that you might possibly do that but maybe that wasn't from <unk>.
Pete Enderlin: You guys yourselves anyway. Another question, if I could squeeze it in.
Speaker Change: Youre doing strategically.
Speaker Change: <unk>.
Speaker Change: Arranging potential partnerships.
Speaker Change: <unk> field.
Speaker Change: Well the discussions in the endometriosis feels a very very early because the only the only data we have our preliminary data from a mouse study.
Speaker Change: That data was encouraging it was done by one of the foremost experts in the pathology of endometriosis, which is that the university of Cincinnati, but at this stage.
Speaker Change: We're seeing who is interested and.
Speaker Change: Currently in this environment most of the potential partners are more interested clinically ready assets and not preclinical programs, but we continue to have discussions.
Speaker Change: Okay, and then another one that ill probably structure.
Speaker Change: Also as that.
Speaker Change: In terms of.
Speaker Change: So <unk> being either tethered or co administered initially of course closely co administered but what kind of level of activity behind the scenes.
Mary behind the scenes.
is going on with regards to the possibility of...
Studies of Tethered Administration
Well, we've actually announced [inaudible]
Speaker Change: One, which is the Catalan Research Collaboration. So Tepatite will be tethered to Catalan Smart Tag ADC platform. So that's really the first.
Speaker Change: major forate into covalent binding, certepitides, two other whities for a delivery and therapeutic effect.
Speaker Change: Okay, I didn't realize it was actually covalent or whatever you call that, but that's very interesting.
Okay, thank you a lot. Thanks, Pete. Take care.
Thank you.
Speaker Change: I am showing no further questions at this time. I would now like to turn it back.
to document that for closing remarks.
Dr. Mazzo: Well, again, thank you all for participating in today's call. We remain grateful for your continued interest and support. Say, well, have a good evening.
Speaker Change: Thank you for your participation in today's conference. This concludes the program. You may now disconnect.
Speaker Change: [music].