Q1 2025 DiaMedica Therapeutics Inc Earnings Call

Okay.

Unknown Executive: Good morning, ladies and gentlemen, and welcome to the DiaMedica Therapeutics first quarter 2025 conference call.

Good morning.

Ladies and gentlemen, and welcome to the Diabetics Therapeutics first quarter 'twenty twenty-five conference call.

Unknown Executive: An audio recording of the webcast will be available shortly after the call today on DiaMedica's website at www.diamedica.com in the investor relations section. Before DiaMedica proceeds with its remarks, please note that the company will be making forward-looking statements on today's call. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements. More information, including factors that could cause actual results to differ from projected results, appears in the section entitled Cautionary Note Regarding Forward-Looking Statements in the company's press release issued yesterday and under the heading Risk Factors in the company's most recent annual report on Form 10-K and most recent quarterly report Form 10-Q.

An audio recording of the webcast will be available shortly after the call today on <unk> website at Www Dot diabetic dot com in the Investor Relations section.

Speaker Change: Before diabetic eye proceeds with its remarks. Please note that the company will be making forward looking statements on today's call.

These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements.

Speaker Change: More information, including factors that could cause actual results to differ from projected results appears in the section entitled cautionary note regarding regarding forward looking statements in the company's press release issued yesterday and under the heading risk factors in the company's most recent annual report on Form 10-K.

Speaker Change: And most recent quarterly report Form 10-Q.

Unknown Executive: DiaMedica's SEC filings are available on the SEC's website www.sec.gov and on its website www.diamedica.com.

Speaker Change: Diabetic cause SEC filings are available on the Sec's web site Www Dot S E C dot Gov and on its website diabetic a dotcom.

Unknown Executive: Please also note that any comments made on today's call speak only as of today, May 14th, 2025, and may no longer be accurate at the time of any replay or transcript rereading. DiaMedica disclaims any duty to update its forward-looking state.

Speaker Change: Also note that any comments made on today's call speak only as of today may 14th 2025, and may no longer be accurate at the time of any replay or transcript rereading.

Speaker Change: <unk> disclaims any duty to update its forward looking statements.

Unknown Executive: Following the prepared remarks, the phone lines will be open for questions.

Speaker Change: Following the prepared remarks, the phone lines will be open for questions.

Rick Pauls: I would now like to turn you over to your host for today's call, Mr. Rick Pauls, DiaMedica's President and Chief Executive Officer, Mr. Pauls. Thank you, operator. Hello, everyone, and welcome to our first quarter 2025 conference call.

Speaker Change: I would now like to turn you over to your host for today's call Mr. Rick Pulse de Medical's, President and Chief Executive Officer, Mr. Pulse.

Speaker Change: Thank you operator, Hello, everyone and welcome to our first quarter 2025 conference call I'm joined this morning by Scott Cohen, Our Chief Financial Officer. Dr. Laurean Matsuoka is currently on short term medical leave and we hope she gets well soon.

Rick Pauls: I am joined this morning by Scott Kellen, our Chief Financial Dr. Lorianne Masuoka is currently on short-term medical leave, and we hope she gets well soon. We're happy to be here today to update you on the progress on our two clinical development programs. It has only been a short interval since our last update. That's why I'll keep my remarks brief. That said, I'm pleased to report that we continue to make substantial progress in both of our clinical development programs. I'll start with an update on a preeclampsia program. Building upon the significant accomplishments of this program within a very short time frame, as we discussed in March, we're pleased to be able to disclose that we believe part 1A of our phase two investigator-sponsored preeclampsia trial is very close to identifying a target dose.

Speaker Change: We're happy to be here today to update you on our progress on our two clinical development programs and it's only been a short interval centralized update that's I'll keep my remarks brief that said I'm pleased to report that we continued to make substantial progress in both of our clinical development programs.

Speaker Change: Starting with an update on our pre cramps your program.

Speaker Change: Building upon the significant accomplishments of this program within a very short time frame as we discussed in March we're pleased to be able to disclose that we believe part one a phase two investigator sponsored preeclampsia trial is very close to identifying a target dose to move forward with and in part B dose.

Rick Pauls: To move forward within part 1B. Those selections will be guided primarily by a few key data points, which we expect to be sharing in our upcoming Preliminary Top-Line Results from the Part 1A Proof of Concept portion of the These key data points include, one, safety and tolerability, including results of a placental transfer analysis. 2. The amount of decrease in systolic and diastolic blood pressure levels. and 3. Changes in uterine and placental blood flow as assessed by the Doppler Ultrasound Measurement. of the Uterine Artery Pulsatility Index. This measure is important as reductions in the Pulsatility Index may suggest decreased downstream resistance.

Speaker Change: We'll be guided primarily by a few key data points, which we expect to be sharing in our upcoming preliminary topline results from the part one a proof of concept portion of the trial.

Speaker Change: Key data points include one safety and Tolerability, including results of a potential transfer analysis to the amount of decrease in systolic and diastolic blood pressure levels.

Speaker Change: And three changes in you turn into central blood flow as assessed by the Doppler ultrasound measurements of the uterine artery pulse utility index.

This measure is important as reductions in the volatility index me suggest decrease downstream resistance and improved uterine epicentral blood flow, which could also be an indication of disease modifying.

Rick Pauls: and Improved Uterine and Placental Blood Flow, which could also be an indication of disease. Currently, we expect to be in a position to release those preliminary top-line results between the second half of June and the first half of July. The final timing will be primarily dependent on the schedules at the outside laboratories running the various tests, including the pharmacodynamic biomarkers and the assay, which will be used to determine if DM-189 crosses the placental barrier.

Speaker Change: Currently we expect to be in a position to release those preliminary topline results between the second half of June and the first half of July.

Speaker Change: The final timing will be primarily dependent on the schedules at the outside laboratories running the various tests, including the Pharmacodynamic biomarkers and the assay, which will be used to determine if D. M. One nine crosses the present a barrier.

Rick Pauls: One additional update, May is Pre-Eclampsia Awareness Month, and we will be sponsoring a Pre-Eclampsia Key Opinion Leader Call on May 28th at 8 a.m. Eastern. Compared to other therapeutic areas, like oncology, which have advanced more rapidly in recent years, the treatment of pregnancy complications remains outdated and is not well understood. No FDA-approved treatments exist for preeclampsia, despite the growing burden of the disease. To our knowledge, DM-19 is the only novel agent currently being studied in pregnant women with preeclampsia. With this KOL event, we will continue our work to educate investors, physicians, and other interested parties on preeclampsia disease and the current state of treatment.

Speaker Change: One additional updates may as pre cramps awareness month, and we will be sponsoring a pre cramps, yet key opinion leader call on May 28 at eight a M. Eastern.

Speaker Change: Compared to other therapeutic areas like oncology, which are advanced more rapidly in recent years the treatment of pregnancy complications remains Oh, David is not well understood no FDA approved treatments exists for preeclampsia, despite the growing burden of this disease.

Speaker Change: To our knowledge the money nine is the only novel agent currently being studied in pregnant women with preeclampsia with SQL events. We will continue our work to educate investors physicians and other interested parties on preeclampsia is a disease and the current state of treatment with this background. We will also discuss.

Rick Pauls: With this background, we will also discuss the design of our current Phase II trial of DM-189. Turning briefly to our stroke program, enrollment is moving ahead steadily, and we're pleased to announce that participant enrollment now is between the 20th and 25th percentile mark of patients enrolled for the intermediate. Our next enrollment update will be at the 50th percentile. We believe that our efforts over the past year to engage with sites to promote communications between the sites Simplified Stereo-Agist have been important in driving the recent uptick in... Accordingly, we reiterated our guidance that the interim analysis on those first 200 participants will be completed in the first half of 2020.

Speaker Change: The design of our current phase two trial of D. M wondering nine in preeclampsia.

Speaker Change: Turning briefly to our stroke program enrollment is moving ahead steadily and we're pleased to announce that participant enrollment now is between the 20th and 25th percentile Mark Ah patients enrolled for the interim analysis. Our next enrollment update will be at the 50% hallmark.

Speaker Change: We believe that our efforts over the past year to engage with sites to promote communications between the sites and to simplify study logistics have been important in driving the recent uptick in enrollments.

Speaker Change: Accordingly, we reiterated our guidance that the interim analysis on those first 200 participants will be completed in the first half of 2026.

Rick Pauls: I would also note for you that we have engaged an experienced stroke neurologist to support site engagement during Lorianne's leave in order to maintain our enrollment momentum.

Speaker Change: I would also note for you that we have engaged an experienced stroke neurologist to support site engagement during Lori and leave in order to maintain our enrollment momentum and the remedy to trial. This individual has spent over 10 years treating stroke patients at a major U S Research Center and also his five years of recent biotech drug develop.

Rick Pauls: in the Remedy-2 trial. This individual has spent over 10 years treating stroke patients at a major U.S. research. and also has five years of recent biotech drug development. He has been doing a tremendous job connecting with and maintaining our relationships with sites and supporting our recent enrollment.

Speaker Change: Experience he has been doing a tremendous job connecting with and maintaining our relationships with sites and supporting our recent enrollment momentum now I'd like to hand, the call over to Scott Kellen to review this quarter's financial results.

Scott Kellen: Now I'd like to hand the call over to Scott Kellen to review this quarter's financial Thanks, Rick, and good morning, everyone. As the operator mentioned, we announced our first quarter 2025 financial results and filed our quarterly report on Form 10-Q yesterday after the markets closed. These documents are both available on either the DiaMedica or the SEC website. As of March 31, 2025, we reported a total combined cash and investments of $37.3 million, current liabilities of $4.7 million, and working capital of $32.8 million. This compares to a total combined cash and investment. $5.4 million in current liabilities and $39.2 million in working capital as of December 31, 2024.

Scott Kellen: Thanks, Rick and good morning, everyone.

Scott Kellen: As the operator mentioned, we announced our first quarter 2025 financial results and filed our quarterly report on Form 10-Q yesterday. After the markets closed. These documents are both available on either the diet medica or the SEC websites.

Scott Kellen: As of March 31, 2025, we reported a total combined cash and investments of $37 3 million current liabilities of $4 7 million and working capital of $32 8 million.

Scott Kellen: This compares to a total combined cash and investments of $44 1 million $5 4 million and current liabilities and $39 2 million in working capital as of December 31, 2024.

Scott Kellen: The decreases in combined cash and investments and in working capital were due primarily to the net cash used to fund our operations.

The decreases in combined cash and investments and in working capital were due primarily to the net cash used to fund our operations.

Scott Kellen: Net Cash Used in Operating Activities for the First Quarter of 2021. was $7.1 million, compared to $6.7 million for the first quarter of 2020. The increase in cash used in operating activities resulted primarily from our increased net loss. Partially offset by changes in operating assets and liabilities occurring during the current year period. We anticipate that our current cash and investments provides us a runway into Q3 of 2026. Our research and development expenses increased to $5.7 million for the three months ended March 31, 2025, up from $3.7 million for the three months ended March 31, 2024.

Scott Kellen: Net cash used in operating activities for the first quarter of 2025 was $7 1 million compared to $6 7 million for the first quarter of 2024.

Scott Kellen: The increase in cash used in operating activities resulted primarily from our increased net loss, partially offset by changes in operating assets.

Scott Kellen: <unk> occurring during the current year period.

Scott Kellen: We anticipate that our current cash and investments provides us a runway into Q3 of 2026.

Scott Kellen: Our research and development expenses increased to $5 7 million for the three months ended March 31, 2025 up from $3 7 million for the three months ended March 31 2024.

Scott Kellen: The increase was due primarily to cost increases resulting from the continuation of our Remedy 2 clinical trial, including our global expansion. increased manufacturing development activity, and the expansion of our clinical team during 2024. These increases were partially offset by cost reductions related to in-use study work performed and completed in the prior year period. We expect that our R&D expenses will moderately increase in future periods relative to our recent prior periods as we continue our Remedy-2 trial, including the global expansion and our continued expansion of our DM-199 clinical development program in preeclampsia. Our general and administrative expenses were $2.5 million and $2.1 million for the three months ended March 31, 2025 and 2024 respectively.

Scott Kellen: The increase was due primarily to cost increases, resulting from the continuation of a remedy to clinical trial, including our global expansion.

Scott Kellen: Increased manufacturing development activity and the expansion of our clinical team during 2024.

Scott Kellen: Now these increases were partially offset by cost reductions related to end use study work performed and completed in the prior year period.

Scott Kellen: We expect that our R&D expenses will moderately increase in future periods relative to our recent prior periods as we continue our remedy to trial, including the global expansion and our continued expansion of our D and 199 clinical development program in preeclampsia.

Scott Kellen: Our general and administrative expenses were $2 5 million and $2 1 million for the three months ended March 31, 2025, and 2024, respectively.

Scott Kellen: This increase resulted primarily from additional non-cash, share-based compensation expense recognized as a result of the approval of an extension of the post-termination exercise period for stock options held by a retiring member of our Board of Trustees.

Scott Kellen: This increase resulted primarily from additional noncash share based compensation expense recognized as a result of the approval of an extension of the post termination exercise period for stock options held by retiring member of our board of directors.

Scott Kellen: We expect G&A expenses to remain steady in future periods as compared to recent prior Our net other income was $443,000 for the three months ended March 31, 2021. compared to $597,000 for the three months ended March 31, 2024. This decrease was driven by reduced interest income recognized during the current year period related to lower average marketable securities balances during the current year period as compared to the prior year.

Scott Kellen: We expect G&A expenses to remain steady in future periods as compared to recent prior periods.

Scott Kellen: Our net other income was 443000 for the three months ended March 31, 2025 compared to 597000 for the three months ended March 31 2024.

Scott Kellen: This decrease was driven by reduced interest income recognized during the current year period related to lower average marketable securities balances during the current year period as compared to the prior year period.

Unknown Executive: With that, let me ask the operator to open the lines. Thank you so much.

Scott Kellen: With that let me ask the operator to open the lines for questions.

Speaker Change: Thank you so much ladies and gentlemen, we will now begin our question and answer session should you have a question. Please press star followed by one on your Touchtone phone, you'll hear a prompt that your hand has been raised should you wish to remove your hand from the queue. Please press star followed by two if you're using a speaker phone please lift the who.

Unknown Executive: Ladies and gentlemen, we will now begin our question and answer session. Should you have a question, please press star followed by one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to remove your hand from the cube, please press star followed by two. If you're using a speakerphone, please lift the handset before pressing any key. One moment for your first question.

Scott Kellen: Handset before pressing any keys, one moment for your first question.

Thomas Flaten: And your first question comes from Thomas Flaten with Lake Street. Please go ahead. Good morning. I appreciate you taking the questions. Hey, Rick, just to clarify, the laboratory test results that seem to be the variable in terms of the readout between June and July, is that primarily the test for DM-199 crossing the placental barrier, so in the umbilical cord, or is there something else there that we should be aware of? Yeah, Thomas, yeah, absolutely. So that's the main item is gonna be the placental transfer. So we have an assay that we're just having finalized in terms of getting to lower limits of detection.

Thomas Flaten: And your first question comes from Thomas Flaten with Lake Street. Please go ahead.

Speaker Change: Good morning, I appreciate you taking my questions Hey, Rick just just to clarify the laboratory test results that seem to be the variable variable in terms of the readout between June and July.

Speaker Change: Is that primarily at the test for Jim 199, crossing the placental barrier. So did the umbilical cord or is there something else there that we should be aware of.

Rick Pulse: Yeah, Thomas Yeah, absolutely. So that's I mean, I mean, the main item is gonna be the placental transfer. So we have an assay that we're just having finalized in terms of getting to lower limits of detection.

Rick Pauls: And so it's just a question of time for them to run it. So we wanted to at least give a range today in terms of when we anticipate the results. makes sense. And then I see you mentioned that you're expecting to start Part 1B in Q3. What are the triggers for Part 2 and 3? So the expected management and the fetal growth restriction components of So I'll start off with the fetal growth restriction. So if we see dilation of the intrauterine arteries, our investigators are prepared to move ahead with that cohort, and then we'll have more to talk about the Part 2 when we daylight the results here in the coming weeks.

Rick Pulse: And so it's just a question of time for them to run it.

Rick Pulse: So we wanted to at least give a range today in terms of when we anticipate the results.

Rick Pulse: Sense.

Rick Pulse: And then I.

Rick Pulse: You mentioned that you're expecting to start part one and in Q3, what are the triggers for part two and three so do you expect that management and the fetal growth restriction of components of the study.

Rick Pulse: So I'll start off with the fetal growth restrictions. So if we see dilation of the intra uterine arteries.

Rick Pulse: Sure. The the our investigators are prepared to move ahead with that cohort and then we will have more to talk about the part two.

Rick Pulse: When we do like the the results here and.

Rick Pulse: Weeks.

Thomas Flaten: Thank you. Excellent. I appreciate you taking the questions. Thank you. Thanks, Thomas.

Rick Pulse: Got it.

Rick Pulse: Excellent I appreciate you taking the questions. Thank you.

Thomas Flaten: Thanks Thomas.

Rick Pulse: Yeah.

Matthew Caulfield: Your next question comes from Matthew Caulfield with HC Wainwright. Please go ahead. Hi, good morning, guys. Thanks for taking our question.

Speaker Change: Your next question comes from Matthew Coffield with H C. Wainwright. Please go ahead.

Matthew Coffield: Hi, Good morning, guys. Thanks for taking our question I was wondering if you could speak to me anticipated read through or any derisking between the initial preeclampsia data and how that profile could translate to a I S developments and the remedy to trial. Thanks again.

Rick Pauls: I was wondering if you could speak to the anticipated read-through or any de-risking between the initial preeclampsia data and how that profile could translate to AIS development and the Remedy-2 trial. Thanks again.

Rick Pauls: Sure, I mean, I'll start off by saying that these are definitely two very unique indications. But I will add that a positive effect here in preeclampsia will just be another confirmation that this protein is active. And I would also mention around that we've previously talked about the fact that there are two forms of this protein in Asia that are being used. So the form of the protein isolated from human urine that today is treating close to a million patients per year for acute ischemic stroke. And then there's also a form of the protein isolated from pig pancreas in both Japan and China.

Speaker Change: Sure I mean, I'll start off by saying that these are definitely two very unique indications.

Speaker Change: But I will add that a positive effect here in preeclampsia would this be another clear.

Speaker Change: Confirmation that this protein is active and I would also mention around that we've previously talked about the fact that there are two forms of this protein in Asia that are being used so the form of the protein isolated from human urine that is today is trading close to a million patients per year for acute ischemic stroke.

Speaker Change: And then there's also from the protein isolate from <unk> pancreas in both Japan and in China.

Matthew Caulfield: And we've been able to track down about 10 publications with that form of the protein to treat preeclampsia. So I think it will just be very encouraged and that we have an active protein and what we're seeing in some of the validation and rationale for going into both of these indications is what we'll call the crude forms in Asia today. Thanks a lot. Appreciate you guys. Thank you.

Speaker Change: And we've been able to track down about 10 publications with that form the protein to treat preeclampsia. So I think it will just be very encouraged and you know that we have an active protein and that what we're seeing in some of the validation and rationale for going into both of these indications is the what we'll call the crude forms and in Asia today.

Speaker Change: Yes.

Speaker Change: Thanks, a lot I appreciate it guys.

Speaker Change: Thank you.

Chase Knickerbocker: Your next question comes from Chase Knickerbocker with Craig Hallam. Please go ahead. Good morning. Thanks for taking the questions. Rick, just on on stroke, be good to kind of get some incremental details on on enrollment. I mean, maybe just kind of starting out with those high volume or potential high volume centers. You know, can you kind of give us an update on what percentage of kind of those high volume accounts are now, you know, at that one to two per month that you want to see? I would add that, you know, as we had kind of talked on past calls, we really did think that there would be a small number of sites in particular in the U.S.

Speaker Change: Your next question comes from Chase Knickerbocker with Craig Hallum. Please go ahead.

Chase Knickerbocker: Good morning, Thanks for taking the questions.

Chase Knickerbocker: Rick just on stroke, they're good to kind of get some incremental details on on enrollment I mean, maybe just kind of starting out with those high volume or potential high volume centers.

Chase Knickerbocker: You know can you just kind of give us an update on what percentage of kind of those high volume accounts are now you know at that one to two per month that you want to see.

Chase Knickerbocker: I would add that as we had kind of talked on past calls, we really do we really didn't think that there'll be a small number of sites in particular in the U S that would drive enrollment and you know as we are starting to build some momentum that's clearly what we're starting to see so some of these high enrolling sites are seeing the one to two.

Rick Pauls: that would drive enrollment. And, you know, as we're starting to build some momentum, that's clearly what we're starting to see. So some of these high-enrolling sites are seeing the one to two patients per site per And so we're working on building momentum and then really working hard on some of those other sites to expand the relationship here to encourage. But I'd say currently we are above our plan here now and we're encouraged with the momentum that's being built. So maybe just an update on overall centers as well as, you know, again, it's only been a couple months here.

Chase Knickerbocker: <unk> patients.

Chase Knickerbocker: For months and so we're working on is building momentum and then really working hard on some of the other sites to expand the relationship here's to encourage.

Chase Knickerbocker: I'll say currently we are above our plan here now and we're encouraged with our with momentum that's being built.

Chase Knickerbocker: So maybe just an update on overall centers as well as you know again, it's only been a couple of months here, but you know if we have we expanded that past 30, then maybe on the geographic footprint of those centers that we started to see some international enrollment come in.

Rick Pauls: But, you know, we have we expanded that past 30 that maybe on the geographic footprint of those centers that we started to see some international enrollment come in. Yeah, so we're currently in mid 30s. And keeping in mind that there are sites now that are not performing that we're shutting down. And so we're really again, focusing on the high enrolling sites. We also have sites in Georgia that have been been performing very well. And that's where that is the country of Georgia. Yeah, yeah, got it. And just kind of, I guess, summing all this up, you know, first half 26 interim analysis, I think, at least implies that, you know, enrollment rates continue to pick up.

Chase Knickerbocker: Yeah. So we're currently in mid thirties, and keeping in mind that there are sites now that are not performing that were shutting down and so we're really again focusing on the high enrolling sites. We also have sites in Georgia that haven't been performing very well.

Speaker Change: And that's where that is the country of Georgia.

Speaker Change: Yeah, Yeah got it.

Speaker Change: And just kind of I guess summing all this up.

Speaker Change: First half 'twenty six interim analysis.

Speaker Change: But I think at least implies that you know enrollment rates continue to pick up and I mean, you're seeing that trajectory in recent weeks recent months as far as that that that curve continues to steepen.

Chase Knickerbocker: And I mean, you're seeing that trajectory in, you know, recent weeks, recent months, as far as that, that curve continuing to steepen. Yeah, absolutely. And from the last earnings call, you know, we're definitely seeing an encouraging uptick. Got it. That's it for me. Thanks. Great. Thanks, Chase.

Speaker Change: Yeah, absolutely even from the last earnings call, we're definitely seeing an encouraging uptick.

Speaker Change: Got it that's it for me thanks.

Speaker Change: Great. Thanks, guys.

Thomas Flaten: Your next question comes from Thomas Flaten with Lake Street. Please go ahead. Yeah, hey, thanks for taking the taking another question. Just back to preeclampsia real quick, the part two and three, those are, those studies will be primarily based out of South Africa, or are you thinking that there's going to be a US component of those which would necessitate an IND file? So that part, Parts 2 and Part 3 are still part of the same protocol, and so our collaborators will not need to go back for regulatory clearance.

Speaker Change: Your next question comes from Thomas Flaten with Lake Street. Please go ahead.

Speaker Change: Yeah, Hey, thanks for taking the taking another question.

Speaker Change: Back to Preeclampsia real quick the part two and three those are are those studies will be primarily based out of South Africa or are you thinking that theres going to be a U S components of those which would necessitate <unk> IND filing.

Speaker Change: So that part two and part three are still part of the same protocol and so our collaborators will not need to go back for regulatory clearance.

Speaker Change: Yeah.

Rick Pauls: And at some point, will you expand this study? And if so, when into the U.S.? We do plan in the future to expand this to the U.S. and global, and we'll have more to share at a later date. Right now, again, the focus is getting the Part 1A and then moving into Part 1B, as well as Part 2 and then 3, hopefully. Got it. Appreciate it. Thank you. Yep. Thanks, Thomas. Thank you.

Speaker Change: And at some point will you expand the study and if so when into the U S.

Speaker Change: We do plan in the future to expand this to the U S and global and you know, we'll have we'll have more to share.

Speaker Change: At a later date.

Speaker Change: Now I'm going to focus as Youre getting the part one a and then moving into parts one b as well as parts two and then three hopefully.

Speaker Change: Got it I appreciate it thank you.

Thomas Flaten: Thanks Thomas.

Unknown Executive: There are no further questions at this time.

Thank you there are no further questions at this time I would like to turn the call back to Mr. Rick Pulse.

Rick Pauls: I would like to turn the call back to Mr. Rick Poulse. All right, in closing, we're very encouraged by our steady progress and clear momentum across both the preeclampsia and stroke programs. We look forward to sharing upcoming key milestones, including the top-line results from our preeclampsia approval concept trial and the interim analysis from our stroke program. We thank our dedicated team, investigators, and importantly, our patients and their families for their continued trust and commitment.

Thomas Flaten: Alright, and clothing, we're very encouraged by our steady progress and clear momentum across both the preeclampsia and stroke programs, we look forward to sharing upcoming key milestones, including the topline results from our preeclampsia a proof of concept trial.

Thomas Flaten: Interim analysis from our restructuring program, we thank our dedicated team investigators and importantly, our patients and their families for their continued trust and commitment. Please also mark your calendars for May 28 at eight a M. Eastern time for our <unk> K O L events, we'll be sending out coal and details via press release early next week.

Rick Pauls: Please also mark your calendars from 8-28 at 8 a.m. Eastern Time for our preeclampsia KOL event. We'll be sending out KOL in details via press release early next week. As always, we appreciate the ongoing support of our shareholders and look forward to updating you further in the months ahead. Thank you again for joining our call today.

Thomas Flaten: As always we appreciate the ongoing support of our shareholders and look forward to updating you further in the months ahead. Thank you again for joining our call today. This concludes our call.

Unknown Executive: This concludes our call. Ladies and gentlemen, you may now disconnect.

Thomas Flaten: Okay.

Thomas Flaten: Ladies and gentlemen, you may now disconnect.

Thomas Flaten: Oh.

Thomas Flaten: [music].