Q1 2025 Jaguar Health Inc Earnings Call and Business Update
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Speaker Change: Greetings and welcome to Jaguar Health May 15th 2025 Investor webcast.
Speaker Change: Before I turn the call over to management I'd like to remind you that management may look forward looking statements relating to such matters as continued growth prospects for the company uncertainties regarding Martin market acceptance of products, the impact of competitive products and pricing industry trends and product initiative.
Including products in the development stage, which may not achieve scientific objectives or meet stringent regulatory requirements.
Speaker Change: Requirements.
Speaker Change: Forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements.
Speaker Change: These statements are based on currently available information and management's current assumptions expectations and projections about future events.
While management believes its assumptions expectations and projections are reasonable in view of currently available information you are cautioned not to place undue reliance on these forward looking statements.
Speaker Change: Company's actual results may differ materially from those discussed joined US webcast for a variety of reasons, including those described in the forward looking statements and risk factors sections of the company's Form 10-K for the year 2024, which was filed March 31, 2025, and it's other fine.
Speaker Change: <unk> with the SEC.
Speaker Change: Which are available on the Investor Relations section of Jaguar's website.
Speaker Change: Except as required by law Jaguar undertakes no obligation to update or revise any forward looking statements contained in this presentation to reflect new information future events or otherwise.
Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITDA.
Speaker Change: Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which company management assesses and operates the business.
Speaker Change: These non-GAAP financial measures should not be viewed in isolation or as substitutes for GAAP net sales and GAAP net loss and are not substitute for or superior to measures of financial performance in conformity with GAAP.
Conference Operator: Today's conference is being recorded at this time, it's my pleasure to turn the call over to your host Lisa Conte Jaguar Health's founder President and Chief Executive Officer. Please the floor is yours.
Conference Operator: Thank you very much nicely done Rob and thank you for the introduction again my name is Lisa Conte.
Conference Operator: Hum.
Speaker Change: As usual I may use the words, Jaguar and Nappo interchangeably to refer to our company. After I speak our CFO Carol lives up will provide a recap of the financial highlights for the first quarter of 2025.
Speaker Change: Well, our net revenue decreased in Q1 2025 versus Q4 2024. This was mostly driven by increased sales and higher distribution chain inventory levels in the fourth quarter of 2024, which resulted in fewer purchases in Q1 of 2025.
Speaker Change: This is in contrast to dispensed prescriptions for my Tessie, Chris element, which I am pleased to announce increased in the first quarter of 2025 versus the first quarter of 2024 by approximately 2%.
Speaker Change: This is an indication of increased demand and that more patients are receiving treatment for HIV related diarrhea from my tessie.
Speaker Change: To go onto the bigger picture for Jaguar. This is the year of convergence of key catalysts for Jaguar catalysts that we feel will be transformational in terms of the value they bring to all the stakeholders in the company and this includes paradigm shifting medicines and mechanisms of action to <unk>.
Speaker Change: Address patient supportive care comfort.
Speaker Change: D as.
Speaker Change: As well as disease progression modification ability to stay on life, saving medicines and standard of care and more.
Speaker Change: To recap our both our recent and upcoming catalysts on April 30th we released initial results from an independent proof of concept study in pediatric patients.
Speaker Change: Novel liquid formulation of cross sell them or are highly concentrated liquid formulation, which is just a distinct product from my tessie.
Speaker Change: In February of course is our first in class plant based prescription drug and this was for intestinal failure associated with N V. I D. Mike movie lists inclusion disease I'm going to refer to this as N V. I D. It's an ultra rare disease.
Speaker Change: And also results that we released on that same day April 30th four intestinal failure associated with short bowel syndrome, which I'll refer to S. P. S. I S. Another rare disease.
It is intestinal failure intestinal failure is a condition where patients cannot adequately absorb the necessary nutrients of life carbohydrates proteins, fats vitamins electrolytes et cetera.
Speaker Change: The necessary absorption to sustain life.
Patients with intestinal failure due to M B I D.
Speaker Change: Often short bowel syndrome, but within the I D required total parenteral nutrition TPN up to seven days a week for more than 20 hours a day.
Speaker Change: And also are suffering from devastating diarrhea, so like I said everything that goes in and goes right out the dehydration associated with that electrolyte imbalance and more complications.
Speaker Change: T D N total parental nutrition to be graphic here, it's a medical speeding method, where nutrients are delivered directly into a vein through an IV line bypassing the digestive system.
Speaker Change: So chronic T. P. N has the risk of morbidity and mortality infections from the lines metabolic complications liver and kidney disease problems neuro development delay, it's a catastrophic chronic situation and.
Speaker Change: It impacts or in addition to all of these medical issues, obviously quality of life of both patients and their caregiver community.
Speaker Change: Patients are in a highly fragile state and children in particular with intestinal failure or off normal growth curves failing to thrive and the patients have a short life.
Speaker Change: They typically die at age of 11 or 12.
Speaker Change: For N V. I D patients again T. P. N is necessary from the first day of birth to survive. If they are not initially diagnosed and not put on T. P. M. They do not survive.
Speaker Change: There are no approved drug treatments for M D I D or anything that we're aware of in development.
Speaker Change: The biggest impact we could have.
Speaker Change: On a patient with intestinal failure.
Speaker Change: Is an achievement of reduction in the quality and the time on T. P M.
Speaker Change: The initial proof of concept results that we issued on April 30th showed that cross sell them or reduce TPN and the first N V. I D patients who participated in this study by up to 27%.
Speaker Change: And for the first pediatric SBS patient by up to 12.5%.
Speaker Change: I'd say so far there's a these patients will continue on an open label basis on cross selling them or for some time.
Speaker Change: These results are groundbreaking.
Speaker Change: And they have the opportunity to modify disease progression for this catastrophic patient condition intestinal failure.
Speaker Change: These initial results are potentially transformative for the patients and their care, giving community and it's not possible to overstate the significance of reduction in T. P N.
Speaker Change: The results were presented.
Speaker Change:
Speaker Change: On April 26, 2025 at the annual Elite PDI Conference, which was hosted by Dr. Mohammed Macfadyen. He also presented the results and he is a recognized leader in pediatric Gastroenterology. This is conferences his brain trial that he established over 12 years ago I think it was the.
Speaker Change: The bulk of its 13th 14th 15th annual and he serves as the chief of pediatric Gastroenterology, Hepatology and nutrition at the state police and medical city in Abu Dhabi. He is the principal investigator for this ongoing exploratory single arm open label non randomized study for.
Speaker Change: For N V I D N pediatric SBS patients and he is a member of our scientific Advisory Board. This conference with a major international event, there were over 150 health care professionals participating.
Speaker Change: Right. After his presentation on April 26, Doctor make Daddy and his colleague Dr. Christos. Since then so then it goes.
Speaker Change: Apart in an extemporaneous fireside chat.
Speaker Change: To discuss the initial findings of this study and in a few minutes. We're gonna replay the recording for you of that Fireside chat in case anyone participating today did not take part or it did not get a chance to.
Speaker Change: Here this fireside chat and our April 30th Investor webcast.
Speaker Change: The fireside chat was moderated by my longtime colleague and Jaguar is long term.
Speaker Change: Holly Dr Prevention of that either Chief scientific officer of Jaguar in Napa and the chair of our scientific Advisory Board.
Speaker Change: Doctors visits to <unk> is the founder of the pediatric gastrointestinal Department that Alan July all children specialty hospital in Dubai.
Speaker Change: And an adjunct clinical assistant professor at the Mohammed bin Rashid University of Medicine and health in Dubai.
Speaker Change: He is also an investigator in key opinion leader in another trial of ours and as I said youre going to see the real time medical reaction to these extraordinary results is fireside chat was just moments after those results were presented.
Speaker Change: Our rare disease programs have been in the works at Jaguar for close to eight years, and we have been developing close working relationships with Kols principal investigators around the world conducting regulatory interactions developing protocols and endpoint definition formulation developed in these first proof.
Speaker Change: Concert results are also catalyst to enhance potential business development plans for partnering with a goal of achieving funding through access and license fees for the extraordinary risk based development and success Jaguar has.
Speaker Change: Has achieved over the years.
Speaker Change: These.
Speaker Change: Important results put us in a position to close collaborations potentially close collaborations with receipt of non dilutive dollars as he mentioned access fees and like license fees.
Speaker Change: And there are many large deal precedent in the orphan drug space and several with much less clinical data even preclinical opportunities are at the time of deal closing.
Speaker Change: Well short bowel syndrome effects approximately.
Speaker Change: 10 to 20000 people in Europe, and roughly the same in the United States N V. I and that is an orphan designation and we do have orphan designation for short bowel syndrome M. B I D for which we also have orphan designation is an ultra rare condition with an estimated prevalence of just a couple of hundred patients globally.
Speaker Change: Given this situation initial results in a very small number of N V. I D patients showing benefit we're profiling or may allow us to explore pathways for expedited regulatory approval for this indication.
Speaker Change: Including the F D a of Europe European medicines agency's crime program for expedited and assisted regulatory approval full approval in the full in the 27 countries of the EU and F. D. As breakthrough therapy program for expedited regulatory approval in the United States and we've already had prelim.
Speaker Change: In aerie interactions with prime officials at the E M a.
Speaker Change: And Jaguar.
Speaker Change: In collaboration with Napa Therapeutics in Italy is currently supporting two ongoing proof of concept investigator initiated trials. In addition to the one that we've mentioned with Doctor make Daddy and also conducting two placebo controlled phase II trials with cross sell them or one for N V I D and.
Speaker Change: And one for adult short bowel syndrome intestinal failure and these trials are global in the U S Europe and Mena regions as you typically do with orphan designated indications.
Speaker Change: So in addition to Doctor make Daddy's study there was an investigator initiated trial in adult patients with short bowel syndrome intestinal failure at Cleveland clinic.
Speaker Change: And between these two studies, we expect to have proof of concept results from these investigator initiated trials throughout 2025 and in potentially even into 2026.
Speaker Change: At the same time simultaneously running are the placebo controlled phase two trials for N V. I D. N S. B S and they are expected to conclude in half results in the first half of 2026. So a lot a lot a lot of news associated with our rare disease program and again, a convergence of of <unk>.
Speaker Change: <unk> an important news based on.
Speaker Change: Almost eight years of planning and and.
Speaker Change: And development work on the part of the company.
Speaker Change: Moving onto our other core profiling redevelopment program, which also has a convergence of catalysts happening right now.
Speaker Change: On target with our global Phase three prophylactic clinical trial.
Speaker Change: Inducted by Jaguar again, prophylaxis for diarrhea in adult patients with solid tumors, receiving targeted therapy with or without standard chemotherapy. It was a big bold studied big hug around the cancer community, including all solid tumor types 24 different targeted agents again with her.
Speaker Change: Without a cytotoxic chemotherapy or targeted agents. Those are those agents that are targeted CDK. Four six is epidermal growth factor receptor antibodies tyrosine kinase inhibitors taken chronically by metastatic patients and often nine to 18 months in a curative situation to keep.
Speaker Change: The cancer at Bay.
Speaker Change:
Speaker Change: We did not achieve statistical significance in this big bold study however.
Speaker Change: The analysis and adult breast cancer patient indicates that <unk> achieved significant results statistically significant results in this pre specified subgroup.
Speaker Change: And the patients with breast cancer accounting for approximately 65% or 183 of the 287 participants in this study.
Speaker Change: The results in breast cancer patients.
Speaker Change: Or are the subject of an accepted poster presentation in December 2024 at the acclaimed San Antonio breast cancer Symposium, an additional significant results in adult breast cancer patients from this on target study have been accepted for presentation.
Speaker Change: At the multinational association of supportive care and conference NASS annual meeting next month in Seattle.
Speaker Change: The S. T E has granted Jaguar Jaguar Napa and get them to use those words names that you change Lee a type C meeting.
Speaker Change: Now the second quarter of 2025 to discuss the responder analysis.
Speaker Change: Physical analysis in this pre specified subgroup of patients with breast cancer.
Speaker Change: For <unk> prophylaxis with.
Speaker Change: With cross sell them or for diarrhea targeted therapy in the on target trial.
Speaker Change: Our goal for the meeting is to discuss the most efficient pathway to make <unk> available to this patient population for cancer therapy related diarrhea in the United States and this is for the formulation currently known as my Tessie and I want to contrast.
Speaker Change: This with what we were talking about in the rare disease program, which is a new formulation a new product into a different business model. This is literally the same formulation of cross sell them or as my testing currently on the market.
Speaker Change: Diarrhea is unfortunately, a very common side effect of targeted cancer therapies, there's about 21 unmet needs in supportive care area for cancer treatment and adjusting this supportive care or be it.
Speaker Change: Is important not only for patient comfort and dignity as important as the czars, but also diarrhea can lead to dose changes treatment delays or Austin, but even cancellations cessation of treatment altogether, which now is having an impact on the hour.
Speaker Change: Some of the patient's cancer treatment.
Speaker Change: I will now hand, the discussion over to Carol <unk>, our Chief Financial Officer for her recap of the financial highlights for the first quarter of 2020 for apparel taken away. Good afternoon, Lisa and thank you to all of you who have joined our webcast today.
Speaker Change: I'll begin my review of our financials for the first quarter of 2025.
Speaker Change: The total net revenue for the Companys prescription products like chassis gel Claire and candidly, India CA one notch.
Speaker Change: Nonprescription products and license revenue was approximately $2 $2 million in the first quarter of 2025.
Speaker Change: A decrease of approximately 6% versus the first quarter of 'twenty 'twenty four.
Speaker Change: Revenue of $2 4 million.
Speaker Change: And 37% versus fourth quarter, 2024 revenue of three and a half million.
Speaker Change: Mike chassis prescription volume increased by approximately.
Speaker Change: One 8% in the first quarter of 2025.
Speaker Change: Over the first quarter of 'twenty 'twenty four and.
Speaker Change: <unk> decreased by approximately 13, 5% in the first quarter of 2025.
Speaker Change: Over the fourth quarter of 'twenty four.
Speaker Change: Prescription volume differs.
Speaker Change: First from invoice sales volume, which reflects among other factors varying buying patterns among specialty pharmacies in the closed network.
Speaker Change: Manage their inventory levels.
Speaker Change: Loss from operations increased by $1 2 million.
Speaker Change: From $8 2 million in the quarter ended March 31 2024.
Speaker Change: $9 $4 million during the same period in 2025.
Speaker Change: non-GAAP recurring EBITDA for the first quarters of 2025 and 2024.
Speaker Change: Or a net loss of nine 7 million and $8 $8 million respectively.
Speaker Change: Net loss attributable to common shareholders increased by approximately $1 2 million from $9 2 million in the quarter ended March 31, 'twenty 'twenty four.
Speaker Change: The $10 4 million in the same period in 2025.
Speaker Change: That concludes my recap of high level financials for the first quarter of 2025.
Speaker Change: I will now hand, the discussion back to visa com.
Speaker Change: Thanks Carol.
Speaker Change: So.
Speaker Change: All members of Jaguar Nappo Pharmaceuticals novel Therapeutics.
Speaker Change: In Italy, all of US in this family are energized and excited about the multiple expected near term and recently completed catalysts throughout 2025, and beginning of 2026, all of which we view as important value enhancing and potentially <unk>.
Speaker Change: <unk> formative for all our stakeholders, including first and foremost our patients.
Speaker Change: These catalysts as I said represents the convergence of key potential inflection points in our two major programs that have been in development for years and we expect these catalyst to lead to important collaborations business development and licensing deals and the opportunity to bring in non dilutive dollars to support these.
Speaker Change: Late stage products and programs and get them to regulatory approval and reimbursed patient access Theres also another potential business development opportunity that I do want to mention our cross sell them or a product.
Speaker Change: Product approved for chemotherapy induced diarrhea, and Doggies kind of Levy S. C. A one conditionally approved for chemotherapy induced diarrhea in dogs is the subject of business development conversations as well to support bringing the approval to include all nine infectious acute diarrhea indoor.
Speaker Change: And it's really very interesting situations at this time, if you are a patient in the United States with cancer and diarrhea, and you have four legs. You can we can educate and promote a profiling route to you as a dog, but not to a human but not yet and where can.
Speaker Change: To make that happen.
Speaker Change: We will now play the recording for you of the Fireside chat from the Elite Pgi Conference, which was the first of the really important catalysts for this year. It's about 12 minutes long after the replay finishes it'll be the end of today's webcast. So I will say my goodbyes in my Thank you and my gratitude for your participation.
Speaker Change: At this time, Peter I'll, let you take it away and play the webcast.
Speaker Change: Hello, everyone I'm here with Dr.
Speaker Change: And then it grows.
Speaker Change: The 11th annual.
Speaker Change: E Commerce.
Speaker Change: Yeah.
Speaker Change: Got it.
Speaker Change: This is Jeremy Congress.
Speaker Change: <unk> has been doing that for us.
Mike: Hey, Mike.
Mike: Pediatric gastroenterologist in the world.
Mike: One of them.
Mike: And of course this year.
You recall four talks.
Mike: Yes.
Mike: All indications.
Mike: And I'm really pleased with both of them for their support.
Mike: Guidance for the year.
Mike: And of course, it all colleagues.
Mike: Hum.
Mike: Taking this opportunity to review document.
Mike: Joseph presented new data on <unk>.
Mike: Lastly for guidance.
Mike: And Ah patients.
Mike: And just in Australia, a condition called Michael.
Mike: And our next ultimate value.
Mike: What is the minimum.
Mike: Thank you so much could you tell the audience.
Mike: Patients with migraine.
Mike: And how you're positioning wise.
Mike: Thank you very much and welcome to the revenues.
Mike: Yes.
Speaker Change: Martin Luther.
Speaker Change: Sure.
Mike: Genetic disease.
Mike: <unk>.
Mike: In the first two hours.
Mike: <unk>.
Mike: And it becomes really the hydrogen would be required.
Mike: And that's really as soon as he says.
Speaker Change: Thank you.
Mike: To treat this disease.
Mike: By doing this.
Mike: Our youth.
Mike: Thank you.
Mike: Well.
Mike: We want to be modest.
Mike: Unfortunately, so far removed through for this.
Mike: And we are always concerned about influencers likely have.
Mike: Yes.
Mike: Most of them able to easily.
Mike: So we will come through in your mind.
Mike: So vivek.
Speaker Change: Thank you.
Speaker Change: Do you want to add any more of my playbook, regardless of this.
Speaker Change: One of the I would say most of them.
Speaker Change: Because the Domino's chose to do even if you also then one is the dose is going to follow up on.
Speaker Change: That's for sure.
Speaker Change: Not a surprise.
Speaker Change: They have to say, there's no like talking about it for sure.
Speaker Change: Enrollment is so far there is no other treatments for process improvements of Buckingham.
Speaker Change: But as we know discounts with the consequences.
Jason: Okay, Jason the lines themselves.
Jason: Accumulate to.
For the month of December.
Jason: Thank you.
Jason: Youre welcome.
Jason: I wanted to do.
Jason: Right.
Jason: Okay.
Jason: Andrew and I have been talking about it.
Jason: So in that Jeremy.
Jason: One of the things you are hearing.
Jason: Yeah.
Jason: Most of them on board.
Jason: Can you tell us what you told on Amsterdam.
Jason: It's a meaningful investment.
Jason: Okay.
Jason: Okay.
Jason: As I mentioned earlier.
Jason: In these patients.
Jason: Good morning.
Jason: And we always have.
Jason: Good day fluids.
Jason: Correct.
Jason: And any reductions in the Japan business.
Jason: It can be lumpy.
Jason: Okay.
Jason: From having intravenous fluids.
Jason: One more time.
Jason: Through with this.
Jason: Yes.
Jason: The integration of water and food.
Jason: Jacob.
Jason: So any reduction in the remaining book and that's what we are seeing and who would be this is what we're going to exploit those responses.
Jason: A few months ago, and hopefully by the industry.
Jason: Sure.
Jason: Sure.
Jason: When you go to two.
Jason: Initial results are very encouraging corporations are doing very well with us we have Louis after going through and we have a full review.
Speaker Change: Oh sure.
Jason: Yeah.
Jason: Good afternoon.
Jason: Clinical data from <unk>.
Jason: Thanks, guys.
Jason: And what do you think about this groundbreaking study that ultimately goes.
Jason: Slide the sizes.
Jason: And I'm looking forward to see.
Jason: You saw one a double blind randomized placebo trial.
Jason: Often we do the same.
Jason: Optimism for that because really we need to be done.
Just for me Bob.
Jason: Further all IP visual love them more horizons one applications.
Jason: Uh huh.
Speaker Change: Thank you.
Speaker Change: So just for the audience, because we talked about it.
Speaker Change: And one person.
Speaker Change: Sure.
Speaker Change: And these are pediatric patients.
Speaker Change: Video effort.
Speaker Change: Total O&M slippage.
Speaker Change: Oh in terms of the water system.
Speaker Change: Your existing first.
Speaker Change: And that's actually a series of fluid and the equalizer.
Speaker Change: Sure.
Speaker Change: So you have to have a different view.
Speaker Change: And that's the only way to see a lot of securities.
Speaker Change: Our support infrastructure.
Speaker Change: Isn't it.
Speaker Change: Obviously, we negotiate better deals.
Speaker Change: Sorry.
Speaker Change: It's a randomized double blind.
Speaker Change: Okay.
Speaker Change: And in that we have put in.
Speaker Change: I don't know if this is Doug.
Speaker Change: More than 50%.
Speaker Change: Okay.
Speaker Change: On the O&M side in that study with a median duration of exposure.
Speaker Change: Okay.
Speaker Change: I mean every reduction counts, but do you view the module manav.
Speaker Change: We shall meaning.
Speaker Change: And if you are not having all the time, we have a huge discount.
Speaker Change: On the Liberty mutation.
Speaker Change: This particular reason is it reasonably we do as well.
Speaker Change: Most of it.
Speaker Change: But just wanted to know about this.
Speaker Change: Goodbye.
Speaker Change: Thank you.
Speaker Change: The module reduces the time will be the status of these patients not only the amount obviously got lots of signs of life.
Speaker Change: More normalized skus going into schools and so on.
Fernando: Thank you Fernando.
Speaker Change: A few minutes.
Fernando: None of my patients will ever.
Fernando: No.
Fernando: These patients many pathogen resistance.
Fernando: Neither you nor local regarding lifetime losses.
Fernando: Obviously <unk> marketing to smartphones.
Fernando: On Sunday.
Fernando: Okay.
Fernando: For 2020.
Fernando: When he is back.
Fernando: It actually is.
Fernando: It was an indication where the sound Russia. This is not anymore.
Fernando: Of course, some poison may reach this level either because of numerous underlies all of it will have.
Fernando: The lever, but defined ambition.
Fernando: Soma is we have.
Fernando: We've got a real rate.
Fernando: During the crucial juices in April that we buy and who knows.
Fernando: Hello.
Fernando: And as we discussed in our trust business.
Fernando: According to your plan to move materially.
Fernando: And.
Fernando: With the recent investments.
Fernando: This is a newer product with larger clients.
Fernando: Significant your Google My for two months now.
Fernando: That's not the cure is another disease, yes.
Sir your line.
Speaker Change: One that is indicated.
Fernando: Yes.
Fernando: And other than that.
Fernando: A lot of communication.
Fernando: No.
Fernando: Turning to provision of that movie.
Fernando: For one of the things the three divisions.
Tony: This is Tony.
Speaker Change: Uh huh.
Speaker Change: You have seen 25% reduction.
Speaker Change: 7004.
Speaker Change: So you will see in production.
Speaker Change: <unk>.
Speaker Change: In conjunction with the duration of disease, that's the most important against the quality.
Speaker Change: So that's that's where we are.
Speaker Change: Improving their fluids is largely the kind of enjoy life and.
Speaker Change: Potential, particularly in Q.
Well does that especially with our people.
Speaker Change: It is associated with either.
Speaker Change: The best strategy.
Yeah.
Speaker Change: Mr shopping with us.
Speaker Change: Thanks.
Speaker Change: One of the foremost.
Speaker Change: More of a one off.
Speaker Change: 5%.
Speaker Change: And one of the things that our audio sometimes misunderstood.
Speaker Change: Okay.
Speaker Change: Mhm Geofence them I don't know.
Speaker Change: No.
Speaker Change: Yeah.
This is not an unmet need.
Speaker Change: But I think I'd like the rest of business is the home appliance.
Speaker Change: She has a renewable hooked up to a minimum work I have them.
Speaker Change: I will discuss in a module.
Speaker Change: The big organizations that may have some adjustment by one of our bodies.
Speaker Change: We will do that absolutely.
Speaker Change: We are having at least one or two more.
Speaker Change: So through fixed.
Speaker Change: Although the number six milestone small than the fuselage number given how rare disorders.
Speaker Change: So totally on their own.
Speaker Change: And all of the countries.
Speaker Change:
Speaker Change: And this is on us.
Speaker Change: <unk> disease.
Speaker Change: When we talk with physician experts around the world.
Speaker Change: Alumina has more than probably a handful of new workstations and joining us.
Speaker Change: So <unk> is a very large number.
Speaker Change: Again. This is it has no cure no treatments.
Speaker Change: And what I would add to that and at least will give them a very fluid through Florida and visits.
Speaker Change: In jewelry.
Speaker Change: Yes.
Youth.
Speaker Change: What's your vision.
Speaker Change: And you move motors.
Speaker Change: Some of the European Medicines Agency has this initiative Brian filings.
Speaker Change: And these are basically identify those who can talk to them.
Speaker Change: As we speak.
Speaker Change: Uh-huh.
Speaker Change: Alrighty.
Speaker Change: Hello.
Speaker Change: And that's very important.
Speaker Change: All it does not.
Speaker Change: So essentially.
Speaker Change: I think the most important thing is because we have no matter whose disease model.
Speaker Change: The trial.
Speaker Change: Hum.
Speaker Change: Also I would tell you that.
Speaker Change: Life to other diseases, we have similar levels.
Speaker Change: I know you will shorten time really.
Speaker Change: I really appreciate both of you taking the 10 minutes with me Julian sellout audiences and year on year.
Speaker Change: Can you elaborate on the euro.
Speaker Change: Hello.
Speaker Change: Interesting.
Speaker Change: This vision.
Through awards with the side effects and the only thing they have to.
Speaker Change: This year.
Speaker Change: I don't know I'm excited to hear that.
Speaker Change: Got it.
Speaker Change: With hydration and jewelry.
Speaker Change: Responding to the litigations, where that's occurring and the fixed rather than a side effect of that.
Speaker Change: Communication and an indication to the case.
Speaker Change: Yes.
Speaker Change: Exactly.
Speaker Change: Alright, there are many many times and thank you for the opportunity to thank you. Thank you very much very much. Thank you.
Speaker Change: Thank you Sir.
Speaker Change: Thank you.
Speaker Change: Yes.
Speaker Change: Right.
Conference Operator: This concludes today's conference you may disconnect your lines at this time.
Speaker Change: And we thank you for your participation.