Q2 2025 Neumora Therapeutics Inc Earnings Call

Speaker #1: And police. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. Please review the risk factors discussed in today's press release and in our SEC filings for additional detail.

Speaker #1: With that, I'll now turn the call over to Paul.

Speaker #2: Thanks, Helen. Good afternoon, everyone. And thank you for joining us. At Neumora, we are on a mission to address the largest population health challenges of our generation and to do so at scale.

Speaker #2: To achieve that goal, we know that we need to generate better medicines, therapies that enable better outcomes, that meaningfully improve the treatment of prevalent diseases, and ultimately that positively impact the quality of life for patients and their families.

Speaker #2: Without you in mind, we built an industry-leading pipeline targeting some of the most prevalent and burdensome brain diseases. Our approach is centered on advancing programs with best-in-class pharmacology targeting novel mechanisms of action with the potential to improve upon the current standard of care for hundreds of millions of people.

Speaker #2: We are proud to be making important progress toward that goal. Today, we announce that we prioritized obesity as the lead indication for NMRA 215, our highly brain-penetrant NLRP3 inhibitor.

Speaker #2: And increasing body of evidence supports the need for the role of centrally acting drugs to drive weight loss and obesity and NLRP3 inhibition, particular, has shown promise across multiple studies.

Speaker #2: Importantly, recent data suggests that molecules with ICNS penetration and activity are required for efficacy with this target. Currently, obesity and overweight affect more than 2.5 billion people globally.

Speaker #2: And by 2035, that number is expected to increase to up to 4 billion people. The need here is immense. Obesity is associated with significant negative outcomes and lower quality of life.

Speaker #2: And there is room to improve upon the efficacy and tolerability of the current generation of incretin therapies. In fact, up to a third of patients are non-responders to current therapies.

Speaker #2: And do not experience clinically meaningful weight loss. Additionally, patients experience numerous on-target GI adverse effects and weight regain is common after patients stop taking these drugs.

Speaker #2: These challenges are highlighted by the real-world use data on GLP-1s. A recent real-world study found that 68% of people taking a GLP-1 for obesity discontinued use of their medication within one year.

Speaker #2: And research from the Blue Cross Blue Shield Association found that 58% of patients discontinued use before reaching a clinically meaningful health benefit. We believe that NLRP3 inhibition may offer an efficacious well-tolerated treatment option for obesity.

Speaker #2: Potentially, as a monotherapy, in combination with GLP-1 medications, or as a maintenance treatment option. Our deep expertise in neuroscience and specifically in developing highly brain-penetrant chemistry makes Neumora uniquely positioned to bring the potential new mechanism to this large and growing public health challenge.

Speaker #2: The breadth of our pipeline and its potential impact is immense. And we are in a strong position to translate that science into real-world therapeutic breakthroughs.

Speaker #2: We expect to have up to six clinical data readouts in patients over the next 18 months. And I'm excited to continue to build on this momentum.

Speaker #2: I will now turn the call over to Josh Pinto, president of Neumora, to review our pipeline updates. Josh?

Speaker #3: Thanks, Paul. We continue to make important progress across our pipeline, which is a direct reflection of our highly productive team differentiated approach to neuroscience drug development and rigorous prioritization of our pipeline.

Speaker #3: With the initiation of our phase one study of NMRA 861 we now have three clinical stage assets advancing through development. Each with near-term catalysts on the horizon.

Speaker #3: Including data from our phase one B study of NMRA 511 in Alzheimer's disease agitation, which is expected around year end. Top line data from the optimized phase three coastal program with NovacaPrint in major depressive disorder.

Speaker #3: With the first top line data expected in the first quarter of 2026, and phase one SADMAD data for our recently announced F4 PAM NMRA 861 which is anticipated in the first quarter of 2026.

Speaker #3: Additionally, we expect to bring another M4 PAM NMRA 898 into the clinic in 2025. We are currently running a preclinical diet-induced obesity (DIO) model with NMRA 215 in mind.

Speaker #3: A model that we believe is highly translatable to the clinical setting. We are excited to provide more details on the DIO data this fall, which we believe has the potential to be highly compelling.

Speaker #3: Looking forward, we expect to initiate clinical studies with NMRA 215 in the first quarter of 2026. As we continue to prioritize our pipeline, we are focused on allocating resources to the programs we believe will make biggest difference for patients.

Speaker #3: Given that focus, we will not be advancing our NMDA program this year. As you've heard, we have a wealth of opportunities at Neumora. And are entering a catalyst-rich period.

Speaker #3: With that in mind, we plan to host an R&D event in the fourth quarter this year to discuss our programs in more detail. Each of our programs targets a substantial unmet need and represents a meaningful market opportunity.

Speaker #3: Our development strategy has multiple pathways for success. And the potential to deliver multiple breakthrough and blockbuster therapies to patients in need of better treatment options.

Speaker #3: And we look forward to sharing more details later this year. With that overview, I will now turn the call over to Bill to provide an overview of our clinical programs.

Speaker #3: Bill,?

Speaker #4: Thanks, Josh. We designed our clinical programs to target mechanisms of action that we believe have the potential to fundamentally change how diseases are treated.

Speaker #4: Our approach is grounded in strong scientific rationale and a commitment to improving patient outcomes. This is clearly seen in our newly initiated phase one study of NMRA 861.

Speaker #4: NMRA 861 is a highly potent and selective M4 positive allosteric modulator, or PAM, which we believe offers best-in-class pharmacology. Schizophrenia is complex disorder and the effectiveness of current treatments is often limited by suboptimal efficacy, side effects, and high rates of non-adherence.

Speaker #4: We believe M4 PAMs represent a promising new class with the potential to deliver a more favorable therapeutic profile including efficacy, improved tolerability, and once-daily dosing.

Speaker #4: NMRA 861 demonstrated robust activity in preclinical efficacy models. It was also well tolerated in preclinical safety studies with no convulsions observed in rabbits, dogs, or rats.

Speaker #4: NMRA 861 is currently being evaluated in a phase one single ascending dose and multiple ascending dose study in healthy adult participants, and adults with stable schizophrenia.

Speaker #4: We look forward to reporting data from that study including safety and tolerability, human pharmacokinetic data, confirming the potential for once-daily dosing, and central nervous system penetration in the first quarter 2026.

Speaker #4: Additionally, we expect to bring another PAM into the clinic this year as we continue to advance our broader M4 franchise. We also have upcoming clinical milestones for NovacaPrint and NMRA 511.

Speaker #4: Enrollment is ongoing in the coastal program. And we continue to expect top line data from coastal three in first quarter of 2026 and coastal two in the second quarter 2026.

Speaker #4: Additionally, we expect top line results from our phase one B signal-seeking study of NMRA 511 in Alzheimer's disease agitation around the end of this year.

Speaker #4: We have made meaningful progress across our robust and growing pipeline with multiple programs advancing toward near-term clinical milestones. With our robust pipeline and R&D efforts, we believe we are poised to bring forward novel therapeutics and deliver transformative treatments to millions of patients around the world.

Speaker #4: With that, I'll now turn the call over to Mike for a review of the financials. Mike?

Speaker #5: Thanks, Bill. And good noon, everyone. Our financial results for the second quarter of 2025 are detailed in the press release that issued this morning.

Speaker #5: I'd like to take a moment to provide some context and highlight a few key points. We ended the quarter with $217,6 million in cash, cash equivalents, and marketable securities as of June 30th, 2025.

Speaker #5: We anticipate our cash runway to support operations into 2027 well beyond all of our upcoming clinical milestones. Our total net loss for the second quarter was $52.7 million.

Speaker #5: Compared to $58.7 million for those same period in 2024. This decrease was primarily due to a reduction in stock-based compensation and personnel-related expense and a reduction in clinical trial costs.

Speaker #5: With that, I'll now hand the call over to Helen to manage Q&A with the operator. Helen?

Speaker #6: Thanks, Mike. Before I turn it over to the operator, I'll ask that you limit yourself to one question. If you have an itional question, please feel free to return to the queue.

Speaker #6: Now, I'll turn it over to the operator to handle Q&A. Operator?

Speaker #7: At this time, I would like to remind everyone in order to ask a question, press star then the number one on our telephone keypad.

Speaker #7: We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Abra or Brian Abrahams of RBC Capital Markets.

Speaker #7: Please go ahead.

Speaker #8: Hi. This is Joan for Brian. Thank you for taking our estion. can you talk about the preclinical study design and obesity, the type of diet, whether if you're looking to combine with GLP-1s, and whether, you know, what sort of comparator arms you're oking to, to, to implement in the study?

Speaker #8: are there any certain aspect of, weight loss that you're looking to demonstrate? such as better quality weight loss or maintenance of, weight loss, post, GLP-1 withdrawal?

Speaker #8: Thank you.

Speaker #7: Great. Thanks, Joan. This is Josh here. I'll take that, that question. For our program NMRA 215, which is our LRP3 inhibitor that we're ing forward, and we've announced it as a prioritized in obesity, the next step, as you've lighted, will be to run a diet-induced obesity study in-mouth.

Speaker #7: Part of the reason we're so excited about this study is we know that this model really translates between the animal setting and the human setting.

Speaker #7: And we think it'll give us, you ow, a prediction in terms how this molecule could ultimately perform, you know, in a clinical trial setting.

Speaker #7: In this study, you know, we're all going to look to run a set of studies. And across them, there's really going to be three key goals.

Speaker #7: You know, first, we're going to assess the potential of NMRA 215 as a monotherapy treatment. For obesity, and in this, you ow, it'll just be NMRA 215 dosed in the mice.

Speaker #7: Where we really think that this could provide a value proposition, as you relate to what's out there today in s of the GLP-1 as well as the GIP therapies, you know, we think that this molecule could offer the potential for incretin-like weight loss with better tolerability convenience as a small molecule which could also result in a lower cost of goods, as well.

Speaker #7: And so from a monotherapy perspective, you know, we absolutely will be looking to to show benefit there. We'll also be testing the product in combination with as an add-on to a GLP-1, product in this particular model.

Speaker #7: We will use semaglutide. It is known to be the standard GLP-1 used in mouse DIO model. And so we will look at 215 as an add-on to SEMA in this study and ultimately to see can we with 215 reduce the level of SEMA that is given and ultimately increase the weight loss and the tolerability.

Speaker #7: As we know in this population, you know, there's been a range of studies out there but we've seen, you know, anywhere from, you know, 60 to 70 percent of people taking the GLP-1s right now do not respond or ultimately discontinue due to lack of maximal weight loss.

Speaker #7: And so we think that there's absolutely room to to add new therapeutics on top of this. And then finally, you know, one of the key questions is just the long-term durability of the existing therapies.

Speaker #7: And we will be looking to test NMRA 215 as a maintenance treatment. And so you can think about this paradigm, Joe, as dosing both 215 and semaglutide in combination to reach a level of weight loss and then removing the semaglutide dose ultimately to demonstrate that NMRA 215 can maintain the weight loss, you know, over a long-term period.

Speaker #7: And what this could really provide the market is a long-term cost-effective and tolerable option beyond the GLP-1 therapies today. And so we're ally excited to bring this program forward, Joe, and really looking ward to providing the data from our DIO models, you know, as we move through the rest of 2025.

Speaker #7: Your next question comes from the line of Paul Matisse of Stifel. Please go ahead.

Speaker #9: Hi. This is Matthew on for Paul. My question was on 861. Could you perhaps provide more description on what gives you confidence that this would be safer than the 266 molecule, which was also from the Vanderbilt deal?

Speaker #9: Thanks.

Speaker #7: Yes, absolutely. And so, Joe, this is Josh here. I'll take the question first, and I'll pass it over to Nick to provide some specifics.

Speaker #7: You know, I think, Joe, one the things to really remember about our M4 franchise is that all of our compounds are structurally distinct. so as we think about the convulsions that happen with 266, you ow, 861 and 898, which is our third M4 PAM that we announced today, are all structurally distinct from one another.

Speaker #7: But Nick, maybe you can provide, some added details just on what gives us confidence on the safety of 861. You know, as it relates to what saw with 266.

Speaker #3: Yes. Thanks, Josh. Yes, Nick here. Matthew, yeah, good estion. so just stepping back, if you remember, with 266, you know, we had, unfortunately, an unexpected convulsions in rabbit.

Speaker #3: And really, as we brought the structurally distinct compounds forward, that was really the main barrier for to achieve. When you look at the basic pharmacology, you know, have a look at our, you ow, our current corporate deck, the molecules look really good and seek latency on an 898.

Speaker #3: Critically, we've taken both those compounds into rabbit, with, you ow, pushed doses and exposures, which have exceeded where we saw convulsions with 266. So moving forward, we've uly de-risked the issues with 266 with both of these molecules.

Speaker #3: So, you know, we feel like we're in a really good now good position now to to push both of these forward. And obviously, very excited as we announced we've started our phase one study with 861.

Speaker #3: And more news to follow on 898.

Speaker #7: Thank you. Your next question comes from the line of Yateen Saneza of Guggenheim. Please go head.

Speaker #10: Hey, guys. ank you for taking my question. Excited, exciting announcements today. maybe just a couple on the coastal program first, if I may. Any color on screen failure rate you can provide on the two studies?

Speaker #10: or, or any parameters that might give you confidence that that's the site quality? is is good here. And then if you can also comment on the mail-to-female, ratio that you might be targeting or you might have enrolled so far.

Speaker #10: And then just a quick one on the 511. Obviously, those data are going to come in relatively soon. So if you can maybe help us set expectations, what should we be expecting and what will be considered good for you to move forward?

Speaker #10: Thank you so much.

Speaker #11: I got them. This is Bill. Good to speak you again. we are really pleased with some of the benefits we're seeing from the end measures we put into place with coastal two and three.

Speaker #11: I don't recall we took three steps when we paused the coastal one study. Number one, we enhanced the medical monitoring; second, we added in verified clinical trials; and third, we reduced the overall number of sites that were participating to focus those that had more experience in NMDA.

Speaker #11: So the first of these steps, which was enhancing the medical monitoring included partnering with MGH, so Reteopava, the Safer Group, CTNI, and we are seeing that that independent verification of the diagnosis is helping to ensure that appropriate patients are being randomized.

Speaker #11: The BCT approach, or verified clinical trials, is a screening database that's helped us to ensure that the subjects being considered for the study aren't enrolled at a different site or in a trial that would serve as exclusionary, for example, in a TRD study.

Speaker #11: so that that is also providing some added benefits. So we're pleased with what we are seeing with the measures we've put into place. And the trial's progressing in that regard.

Speaker #11: With respect to mail-to-female ratio, I'll just simply state that we are seeing more females already enrolled. Resultant to males in coastal two and three.

Speaker #11: We'll get into specifics today, but we are pleased to see that that is, in fact, more consistent with the valence of MDD and historically what's been enrolled with sex distribution across the studies.

Speaker #11: Lastly, with 511, as you'll recall, this is a signal-seeking study that was not powered to demonstrate statistical significance between active and placebo. Part A of the phase one B study was designed to evaluate the safety tolerability and PK in healthy elderly participants.

Speaker #11: We completed part A in 2024. NMRA 511 was well tolerated in those participants. We've subsequently moved on to part B and expect to have results towards the end of this year.

Speaker #11: Part B is designed to evaluate the safety, tolerability, efficacy, in people with AD agitation. The primary endpoint is the change from baseline to week eight on CMAI.

Speaker #11: Although the study's not powered to show statistical significance, we believe the data will help us better understand the drug's effect in AD agitation. Including the domains of agitation that it affects and then we'll proceed with further steps around clinical development based on what we learn.

Speaker #7: Your next question comes from the line of Douglas Sal of HC Wainwright. Please go ahead.

Speaker #12: Hi. Good morning. I'm just curious, in terms of 215 and your thoughts in terms of development in obesity, obviously, this is a very competitive space.

Speaker #12: And once you past the preclinical stage and even phase one, things start to become more expensive in terms of the studies. And obviously, as a sort of DNS-focused company, you know, sort of obesity is maybe a little bit out of your sort of primary focus.

Speaker #12: I'm just curious, is this something that you would want to take to a tain stage of development in a crew, a certain amount of linical data before potentially finding, a partnership?

Speaker #11: Yes. Doug, this is Josh. and thanks for the estion. I think in terms of, ou know, how we view the obesity indication for us at Neumora, you ow, we're really committed to following the science as we advance our pipeline.

Speaker #11: And there's been this increasing body of evidence that really supports the role of centrally acting drugs for treating obesity. We've even seen it with some of GLP-1 therapies.

Speaker #11: It's clear, you know, that some of the appetite suppression is working through central mechanisms. And what we think NLRP3 offers is really a distinctive approach for the treatment of patients with obesity different than the incretins or some of the other mechanisms that are in clinical development.

Speaker #11: And, you know, we've en that through multiple sponsors having generated preclinical data in the DIO model supporting the role for NLRP3 inhibition. In obesity.

Speaker #11: And so as we looked at this opportunity, we really felt like this fit within the scope of what Neumora would set up to do, which is tackle large population health, challenges at scale.

Speaker #11: That require expertise in developing chemistry that can act centrally. And that's what we've done and I think you've seen through some of data we've put out today, Doug, that we absolutely believe we have the best-in-class NLRP3 inhibitor in terms of CNS.

Speaker #11: Penetration. From a development perspective, we're not going to comment right now in terms of whether we're going to partner and/or move the program forward on our own at various stages.

Speaker #11: What I can say is that progression of, NMRA 215 through the DIO model and into phase one is contemplated in our spend that's associated with cash runway, into 2027.

Speaker #11: And so it is currently in our, you know, operating plan to move forward, you ow, under our own scheme. And so Doug, we're really excited, you know, about this announcement today.

Speaker #11: you ow, and really looking forward to kind of what's going to, what we're ing to bring forward over the rest of this year in terms of some of the preclinical data for NMRA 215 and esity.

Speaker #7: Your next question comes from the line of Miles Mintar of William Blair. Please go head.

Speaker #13: hi, guys. thanks for the questions. The first one's on, 215, one of your peers that you listed a molecule on on slide 28 in your presentation.

Speaker #13: you ow, and did have a diet-induced obesity model showing 15% body weight decrease as a monotherapy. just curious as your comment that efficacy is related to increasing brain exposure and you're greater than twofold that compound according to your data.

Speaker #13: are ou expecting efficacy in preclinical model to be greater than 15% weight loss in a monotherapy setting? That's the first question. Second question is, has your confidence in coastal two or three changed at all since we've seen the venture of one and two trial data at ACNP?

Speaker #13: Believe those showed a 0.9 and a 0.5 point improvement versus placebo on the mattress respectively. So just wondering whether views have changed since you've actually seen that data.

Speaker #13: Thanks.

Speaker #11: Hey, Miles. This is Josh. in terms 215, you know, we've obviously looked at the weight loss that has been generated by competitors across, the DIO model.

Speaker #11: Quite substantially. I think as you look at the weight loss that's been achieved by NLRP3 inhibitors, to date, you know, I think it's showing in general about 10 to 15 percent weight loss as a monotherapy.

Speaker #11: From our perspective, you know, that is, quite compelling weight loss, particularly as we think about the translation from mouse models to humans. If you look at it, you ow, in comparison, you know, semaglutide, which is a very well-known, molecule that's typically used as a control GLP-1 in these studies, tends generate in and around, ou know, 20% weight loss.

Speaker #11: And so as we sit here today, you know, I'm not going to provide a fic numerical guide in terms of what we would expect for NMRA 215 and the DIO model.

Speaker #11: But we absolutely think there's a potential of these molecules is based on their activity centrally and so we believe based on the data that we put out today showing that NMRA 215 has best-in-class brain exposure that we have a chance to to show some really compelling data within the DIO model.

Speaker #11: In s of your second question on confidence around K2 or K3, post-ACNP, I don't think our confidence or conviction in the study has really changed.

Speaker #11: Since we announced the changes that we were making to the study in the March timeframe. And maybe I'll turn it over to Bill right now just to comment on how some of those changes, you know, have really come into play in what we're eing out of it.

Speaker #11: Sure. Hi, Miles. This is Bill. As you'll recall, the backup print is far more selective for kappa over mu opioid receptors, so there's a difference in pharmacology.

Speaker #11: Between the backup print and a tickle print. And then, of course, ours is a monotherapy development program in contrast to the adjunctive setting. And so with those fundamental differences between the molecules and the programs, we remain confident in our program, essentially taken post-K1, also our proving to be quite helpful with enhancing the medical monitoring and the application of the verified clinical trials database as well as having gone to the sites that are most experienced in NDD and ing stopped those sites that have just less experience.

Speaker #11: And so things are progressing per plan and we're on track for K3 in the first quarter and K2 in the second quarter of next year.

Speaker #7: Again, as a reminder, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from the line of Amy Fadia of Needham.

Speaker #7: Please go ahead.

Speaker #14: Hi. Good evening. Thanks for taking my question and apologies if this is already asked. my question is arding, the 861 molecule. you mentioned, earlier that it's, obviously different from your earlier M4 PAM.

Speaker #14: But, could you give us any color on any preclinical work that you may have done that gives you confidence around its safety profile?

Speaker #14: Thank you.

Speaker #11: Thanks, Amy. This is Josh. You know, what what I'll start off by mentioning is that, you ow, just a reminder, all of our M4 PAMs are structurally distinct from one another, including 266.

Speaker #11: 861 and 898. But I'll turn, turn this over to Nick right now to provide some more specifics on your question on 861 safety profile.

Speaker #3: Yeah. Hi, Amy. Nick here. I think the, you know, critical preclinical information we have is what we did in vivo in the rabbit. As you recall, it was unexpected seizure in the rabbit, which put us on clinical hold with that molecule.

Speaker #3: We've done a lot of work in the last 12 months, with 861 and 898. In the rabbit, where we've taken and we've dosed those compounds and achieved exposures, which surpassed where we were with 266.

Speaker #3: And we've not seen any evidence of any convulsions you ow, we feel very confident we have de-risked both molecules as we move forward. alongside the, you ow, really encouraging, you know, overall pharmacological profile and other data we have, you know, we really encourage about moving both of them forward.

Speaker #3: Yeah. And as I mentioned earlier, really excited about having 861 back in phase one clinical development.

Speaker #7: On safety more ahead.

Speaker #7: Please go

Speaker #15: Hi, team. This is Maryam on for test. Thank you for taking our questions. What synergies do you see between your existing neurofocus pipeline and obesity?

Speaker #15: And along these lines, how did you come about deciding that this was the right next indication for Neumora? And can you help us reconcile what your cash runway does and does not include in terms of R&D initiatives?

Speaker #15: Thank you.

Speaker #11: Great. This is Josh. and I'll take question. You know, I think as I, I mentioned previously, as we were looking at indications to take

Speaker #11: 215 into, you know, we are really committed as I highlighted before to following the again.

Speaker #11: science. And the growing body evidence highlighting that the, you know, drugs that are being developed and brought forward to treat obesity really are working through central mechanisms.

Speaker #11: And so we feel like obesity is an ation that fits squarely within our mandate of bringing novel mechanisms and novel approaches forward to patients suffering from a range of large population health disorders.

Speaker #11: You know, that are driven, you know, through central mechanisms. And so we really feel like you ow, NMRA 215 into obesity is an opportunity for us to develop, you know, a new therapeutic that we believe could be best in class for that area.

Speaker #11: And so we think there are a lot of synergies in terms of the team's expertise in designing and developing molecules that are highly brain-penetrant.

Speaker #11: As really the critical step to unlock the potential of this class. And target in terms of, you know, cash runway and what's included what I will highlight is, that we have a strong cash balance, as we sit here today.

Speaker #11: Mike highlighted, you know, about 217 million on the balance sheet as we ended second quarter. This gives us runway into 2027. That fully funds all of our critical programs where we've ided public guidance.

Speaker #11: Through the clinical stage gates. And so we think that with each of the foremost advanced programs, we will be able to deliver you know meaningful clinical milestones for each of them within the current cash runway period.

Speaker #11: And so we're really excited about what we have moving forward. And frankly, the opportunity we have to bring forward, you know, six potential clinical catalysts inpatient over the next 18 months.

Speaker #7: That ends our Q&A session. And we appreciate your participation. I will now turn the call back over to Paul Burns chief executive officer for closing remarks.

Speaker #7: Please go head.

Speaker #11: Thanks, operator. And thank you again to everyone for joining us this afternoon. So as you can see, this is an exciting time at Neumora with up to six distinct catalysts anticipated over the next 18 months.

Speaker #11: Each serving as a critical inflection point with the potential to create significant value across our portfolio. These include preclinical data with NMRA 215 in obesity and the initiation of clinical studies with this program.

Speaker #11: Initial clinical data from NMRA 861 in schizophrenia, the phase one B data in Alzheimer's disease agitation, and phase three data from NovacaPrint in the coastal program.

Speaker #11: We are well-positioned to achieve all upcoming milestones, which reflect the strength of our pipeline and the caliber of our execution. But most importantly, it reflects our commitment to the millions of people who are in need of better treatment options.

Speaker #11: We are working with urgency to bring forward the next generation of novel therapies and ultimately redefine drug development in neuroscience. So thank you again for your continued support and that concludes our call this afternoon.