Q2 2025 Puma Biotechnology Inc Earnings Call

Speaker #3: Good afternoon. My name is LaTanya, and I will be your conference call operator today. At this time, all participants are in a listen-only mode.

Speaker #3: After the speaker's formal remarks, there will be a question-and-answer session. If you would like to ask a question during that time, simply press the star key, then the number one on your telephone keypad.

Speaker #3: If ou would like to withdraw your questions, please press star two. If you should require operator assistance during the conference, please press star zero, as a reminder, this call is being recorded.

Speaker #3: I would now like to turn the conference over to your host today, Mariann Ohanesian, Senior Director of IR for Puma Biotechnology. You may begin your conference.

Speaker #4: Thank you, LaTanya. Good afternoon and welcome to Puma's conference call to discuss our earnings results for the second 2025. Joining me on the call today are Alan Auerbach, Chief Executive Officer, President, and Chairman of the Board of Puma Biotechnology; Maximo Nougues, Chief Financial Officer; Heather Bleiber, Senior Vice President of Marketing; and Roger Storms, Senior Vice President of Sales.

Speaker #4: After the close today, Puma issued a news release detailing earnings results for the second quarter 2025. That news release, the slides that Roger will quarter of refer to, and a webcast of this call are accessible via the homepage and investor sections of our website.

Speaker #4: At Puma Biotechnology.com, the webcast and presentation slides will be archived on our website and available for replay for the next 90 days. Today's conference call will include statements about Puma's future expectations, plans, and prospects, that constitute forward-looking statements for purposes of federal securities laws.

Speaker #4: Such statements are subject to risks and uncertainties, and actual events and results may differ from those experienced in these expressed in these forward-looking statements.

Speaker #4: For a full discussion of these risks and uncertainties, please review our periodic and current reports filed with the SEC from time to time, including our annual report on Form 10K for the year ended December 31, 2024.

Speaker #4: Your caution not to place under reliance on these forward-looking statements, which speak only as of the date of this live conference call, August 7th, 2025.

Speaker #4: Puma undertakes no obligation to revise or update any forward-looking statements. To reflect events or circumstances after the date of this conference call, except as required by law.

Speaker #4: During today's call, we may refer to certain non-GAAP financial measures that involve adjustments to our GAAP figures. We believe these non-GAAP metrics may be useful to investors as a supplement to, but not a substitute for, our GAAP financial measures.

Speaker #4: Please refer to our second quarter 2025 earnings release for a reconciliation of our GAAP to non-GAAP results. I will now turn the call over to Alan.

Speaker #5: Thank you, Marianne, and thank you all for joining our call today. Today, Puma reported total revenue for the second quarter of 2025 of $52.3 million.

Speaker #5: Total revenue includes product revenue net, which consists entirely of Neuralink sales, as well as royalties from our sub-licensees. Product revenue net was $49.2 million, and the second quarter 2025, an increase from $43.1 million reported in Q1 2025, and an increase from $44.4 million reported in Q2 2024.

Speaker #5: Product revenue for second quarter of 2025 was impacted by approximately $1.3 million of inventory decrease at our specialty pharmacies and specialty distributors. Royalty revenue was $3.2 million in the second quarter 2025, compared to $2.9 million in Q1 2025 and $2.7 million in Q2 2024.

Speaker #5: We reported $2,68 bottles of Neuralink sold in the second quarter of 2025, an increase of $270 from the $2,338 bottles sold in Q1 2025.

Speaker #5: In Q2 2025, we estimate that inventory decreased by 72 bottles. In Q2 2025, new prescriptions were down approximately 3% compared to Q1 2025, and total prescriptions were up approximately 3% compared to Q1 2025.

Speaker #5: Roger will provide further details in his comments and slides. I will now provide a clinical review of the quarter. Then Heather Bleiber and Roger Storms will add additional color on Neuralink's commercial activities.

Speaker #5: Maximo Nougues will follow with highlights of the key components of our financial statements for the second quarter of 2025. As investors are aware, Puma currently has two ongoing phase two trials of our estigational drug, Alacerta.

Speaker #5: One is the Alaska Breast trial, which is a Phase 2 trial of Alacerta, in combination with endocrine treatment, in patients with HER2-negative hormone receptor-positive metastatic breast cancer.

Speaker #5: And the second is the Alaska Lung One trial, which is a phase two study looking at the efficacy Alacerta monotherapy in patients with small cell lung cancer.

Speaker #5: As a reminder, the Alaska Breast One investigates Alacerta in combination with endocrine treatment, which consists of either anastrozole, exemestane, letrozole, fulvestrant, or tamoxifen. In patients with HER2-negative hormone receptor-positive metastatic breast cancer, patients must be chemotherapy naive, must have previously received treatment with a CDK4/6 inhibitor, and received at least two prior lines of endocrine therapy in the recurrent or metastatic setting to be eligible for the trial.

Speaker #5: Patients are being dosed with Alacerta, either at 30 milligrams, 40 milligrams, or 50 milligrams twice daily b.i.d. on days 1 to 3, 8 to 10, and 15 to 17, on a 28-day cycle.

Speaker #5: In combination with endocrine therapy at the investigator's choice. Patients must have not been previously treated with the endocrine therapy and metastatic setting. That is being given in combination with Alacerta in the trial.

Speaker #5: The primary efficacy endpoints include objective response rate, duration of response, disease control rate, and progression-free survival. As a secondary objective, the company will be evaluating each of these efficacy biomarkers within biomarker subgroups, in order to determine whether any biomarker subgroup correlates with better efficacy as has been seen in preclinical and clinical studies in other cancers, including breast and small cell lung cancer.

Speaker #5: The company will then look to focus the future clinical development of Alacerta in combination with endocrine therapy for patients with HER2-negative hormone receptor-positive breast cancer.

Speaker #5: Within these biomarkers, the trial was initiated in late November 2024. There are currently 33 sites in the US and 18 sites in Europe that have been activated.

Speaker #5: For the trial and the trial is enrolling ahead of expectations. There are currently 62 patients enrolled in the trial, and 10 additional patients in screening.

Speaker #5: We are looking to have interim data from this trial later in 2025. With respect to the Alaska Lung One study, as investors are aware, Puma has an ongoing phase two trial.

Speaker #5: Of our investigational drug, Alacerta, to investigate the efficacy Alacerta monotherapy in patients with small cell lung cancer and specifically look at the efficacy the drug in patients with biomarkers where the aurora kinase pathway plays role.

Speaker #5: The goal is to correlate the efficacy in these biomarker subgroups in the Alaska One study to the efficacy that was previously seen in the biomarker subgroups from the randomized trial of paclitaxel plus Alacerta versus paclitaxel plus placebo, that was published in the Journal of Thoracic Oncology in 2020.

Speaker #5: In that randomized trial, a progression-free survival and overall survival benefit were seen in patients with biomarkers that correlate with the aurora kinase pathway. If the efficacy and biomarker data are comparable from the two studies, the company would look to engage with the FDA to discuss the regulatory path further.

Speaker #5: As discussed on the recent earnings call, the company believes that the data obtained to date from the Alaska Lung One study is providing a preliminary indication of potentially better activity in patients with biomarkers where the aurora kinase pathway plays a role.

Speaker #5: The most recent analysis of the pharmacokinetic data from Alaska Lung One study suggests that we are seeing a lower PK of Alacerta in the Alaska One trial compared with the previous phase two study of Alacerta monotherapy in small cell lung cancer patients, that was published in Lancet Oncology.

Speaker #5: The company has amended the protocol for the trial to increase the dose of Alacerta from 50 milligrams b.i.d. to 60 milligrams b.i.d. which the company believes will increase the PK of the drug to levels closer to that what was seen in the prior phase two trial.

Speaker #5: The company is currently enrolling patients at the 60 milligrams b.i.d. dose. There are currently 52 patients enrolled in the trial with an additional three patients in screening.

Speaker #5: The company looks to have additional interim data from the trial later in 2025. As mentioned, on prior earnings calls and in response to investor questions, Puma continues to evaluate several drugs to potentially enlicense or acquire that allow the company to diversify itself and leverage Puma's existing R&D, regulatory, and commercial infrastructure.

Speaker #5: The company will keep investors updated on this as it progresses. I will now turn the call over to Heather Bleiber for an update on our marketing initiatives and Roger Storms will follow with a review of our commercial performance during the quarter.

Speaker #4: Thank you, Alan. I appreciate opportunity to share some additional insights into our marketing strategy. The marketing team is focused on creating awareness of both clinical messaging for Neuralink's as well as recently published data that demonstrate the continued need to reduce the risk of recurrence and HER2-positive early breast cancer after completion of adjuvant therapy.

Speaker #4: We continue to invest in market research to help us better understand risk factors that put a patient at high risk of recurrence and HER2-positive early-stage breast cancer, as well as garner insights on the clinical data in this patient population.

Speaker #4: Together with our marketing initiatives, our strategy is focused on increasing awareness of our broad indication of patients that are appropriate for treatment with Neuralink's.

Speaker #4: Based on our insights, we have adjusted our strategy on key learnings and revised both personal and non-personal messaging with the goal of engaging physicians on a broader set of patients where the risk of recurrence remains high and where we believe Neuralink's can play an important role in helping to reduce the risk recurrence in patients with early-stage HER2-positive breast cancer.

Speaker #4: In addition to revising ur messaging, we recently rolled out a new resource to support patients throughout their recommended course of Neuralink's therapy. This educational resource will be provided to patients on a monthly basis as they receive their refills.

Speaker #4: Lastly, year to date, we have reached 99.7% of oncologists through non-personal promotion and continue to expand our share of voice working closely with the sales team to increase engagement with healthcare providers.

Speaker #4: In summary, we are excited about our new marketing strategy and messaging, which we believe will continue to help educate and engage oncologists on the unmet need for those diagnosed with HER2-positive early-stage breast cancer.

Speaker #4: I will now turn the call over to Roger Storms to provide an overview on the commercial performance for the second quarter.

Speaker #5: Thank you, Heather, and thanks to everyone for joining our second quarter earnings call. But before I move into the commercial review, just a reminder that I'll making forward-looking statements.

Speaker #5: The sales team continues to work hard on expanding overall HCP reach and frequency, with an emphasis on increasing engagement when treatment decisions are being made.

Speaker #5: Q2 2025 call activity was up 16% year over year and up 24% quarter over quarter. This is a direct result of being able to fill key vacancies that existed in Q1 as well as continued emphasis put on executional excellence and increased accountability in Q2 with the existing sales team.

Speaker #5: The commercial team remains focused on expanding the utilization of Neuralink's, with the primary emphasis on patients who are at increased risk of recurrence. The team has continued their emphasis on improving clinical education and engagement through non-personal promotion, as well as using the patient resource brochure designed to improve persistence and compliance throughout their Neuralink's therapy.

Speaker #5: Let me now transition to some of the commercial slides where I'll provide some additional specifics around performance. Slide three is an illustration of our distribution model, which is broken out into the specialty pharmacy channel, and the specialty distributor or in-office dispensing channel.

Speaker #5: In regards to the overall distribution of our business, in Q2 25, about 63% of our business was purchased through the SP channel, and the remaining 37% was purchased through the SD channel.

Speaker #5: We are seeing some stronger growth in the SD channel driven by two main factors. One, increased 340B purchasing, and two, increased sales in the group purchasing organization or GPO segment.

Speaker #5: Turning the slide four, Neuralink's net product revenue in Q2 2025 was $49.2 million, which represents an increase of 6.1 million from the $43.1 million we reported in Q1 of '25 and an increase of 4.8 million from the $44.4 million we reported in Q2 of '24.

Speaker #5: I will provide some more details around inventory changes and Maximo will provide some additional specifics around gross to net expenses during his update. In Q2 2025, we estimate that inventory decreased by about 1.3 million.

Speaker #5: As a comparator, we estimate that inventory increased by about 4.7 million in Q1 of 2025 and decreased by about 2.3 million in Q2 of 2024.

Speaker #5: Slide five shows Q2 2025 X Factory Bottle Sales and also provides both a year over year and a quarter over quarter comparison. In Q2 2025, Neuralink's X Factory Bottle Sales were 2,688, which represents an approximate 12% increase quarter over quarter and a 4% increase year over year.

Speaker #5: Similar to the prior slide, let me specifically call out the inventory changes from a bottle perspective. In Q2 2025, we estimate that inventory decreased by 72 bottles.

Speaker #5: As a comparator, we estimate that inventory decreased by 250 bottles in Q1 of 2025 and decreased by 132 bottles in Q2 of 2024. Let me take a moment to provide some additional metrics regarding our second quarter performance.

Speaker #5: In Q2, we saw enrollments decrease about 9% quarter over quarter and decline about 11% year over year. New patient starts or NRX followed a similar pattern, declining approximately 3% quarter over quarter and also declining 1% year over year.

Speaker #5: Turning to total prescriptions or TRX, we saw TRX increase 3% quarter over quarter and decline about 2% year over year. Finally, let me share some specifics around demand.

Speaker #5: In Q2, we saw a demand increase about 4% quarter over quarter and increase about 2% year over year. As mentioned earlier, we've seen a stronger demand growth in the SD channel where we saw demand grow about 8% quarter over quarter and about 17% year over year.

Speaker #5: Slide six highlights the quarterly adoption of dose escalation since Neuralink's launch. In Q2, approximately 71% of patients started Neuralink's at a reduced dose. This is similar to the 72% we reported in Q1 of 2025.

Speaker #5: Continued messaging and adoption of dose escalation remains an important commercial priority. Patients who are started on Neuralink's utilizing dose escalation have better persistence and compliance.

Speaker #5: We believe dose escalation, coupled with the new patient education resources, will give patients better support throughout their Neuralink's therapy and ultimately help them reduce their risk recurrence.

Speaker #5: Slide seven highlights the strategic collaborations we have formed across the globe. We really appreciate the excellent work being done by our partners around the globe and look forward to supporting their continued success moving forward.

Speaker #5: Let me wrap up by thanking the entire Puma team for their continued passion and commitment for helping patients and their families battling breast cancer.

Speaker #5: This disease can have devastating effects and we know more can be done and more needs to be done. I will now turn the call over to Maximo for review of our financial results.

Speaker #6: Thanks, Roger. I will begin with a brief summary of our financial results for the second quarter of 2025. Please note that I will make comparisons to Q1 2025, which we believe is a better indication of our progress as a commercial company than year-over-year comparisons.

Speaker #6: For more information, I recommend that you refer to our second quarter 2025 10Q which will be filed today and includes our consolidated financial statements.

Speaker #6: For the second quarter of 2025, we reported net income based on GAAP of 5.9 million, or $0.12 per share. This compares to net income in Q1 2025 of 3 million, or $0.6 per share.

Speaker #6: On a non-GAAP basis, which is adjusted to remove the impact of stock-based compensation expense, we reported net income of 7.5 million, or $0.15 per basic and diluted share, for the second quarter of 2025.

Speaker #6: Gross revenue from Neuralink sales was $62.1 million in Q2 2025 and $54.4 million in Q1 2025. As Alan mentioned, net product revenue from Neuralink sales was $49.2 million, an increase from the $43.1 million reported in Q1 2025.

Speaker #6: The increase in net revenue was driven primarily by an increase in Neuralink's bottles sold in the US, and an increase in net selling price.

Speaker #6: Inventories draw down by our distributors was approximately 1.3 million in Q2, versus drawdown of approximately 4.7 million in Q1 2025. Royalty revenue, total 3.2 million, in the second quarter of 2025, compared to 2.9 million in Q1 2025.

Speaker #6: Our gross to net adjustment in Q2 was in Q2 2025 was 20.8%, unchanged from Q1 2025. Cost of sales for Q2 2025 increased to 12.3 million, and includes 2.4 million for the amortization of intangible assets related to our narrative license.

Speaker #6: Cost of sales for Q1 2025 was 10.6 million. Going forward, we will continue to recognize amortization of the milestone to licensor about 2.4 million per quarter as cost of sales.

Speaker #6: Fiscal year 2025 Puma anticipates that net Neuralink's product revenue will be in the range of $192 to $198 million. We also anticipate that our gross to net adjustment for the full year 2025 will be between 21.5% and 22%.

Speaker #6: Higher than prior guidance, due to an increase in government chargeback expenses. In addition, for fiscal year 2025, we anticipate receiving royalties from our partners around the world in the range of 20 to 24 million.

Speaker #6: Lower than 2024, due to fewer segments expected to China as our partner works through regulatory transitions during the first several quarters of 2025. We don't expect license revenue in 2025.

Speaker #6: We also expect that net income for the full year will be in the range of 23 to 28 million. We are not forecasting any potential release of any additional tax asset valuation allowance in our net income estimate at this time.

Speaker #6: However, this will be evaluated on an ongoing basis. We will continue to keep investors updated on this as it progresses. At this time, we do not believe that the tariffs imposed or proposed to be imposed by the United States particularly with other countries will have a material impact on our product cost or results of operations.

Speaker #6: However, shifting trade policies in the United States and other countries have been rapidly evolving, and are difficult to predict. As a point of reference, our manufacturing product cost accounts for a mid to high single-digit percentage of our total cost of goods sold.

Speaker #6: We anticipate that for Q3 2025, Neuralink's product revenue net will be in the range of 46 to 48 million. Also, we expect Q3 royalty revenues will be in the range of 2 to 3 million.

Speaker #6: And no license revenue. We further estimate that the gross to net adjustment in Q3 2025 will be approximately 22.5% to 23.5%. Puma anticipates Q3 net income between 2 million and 4 million.

Speaker #6: SG&A expenses were 18 million in the second quarter of 2025, compared to 17.6 million in the first quarter SG&A expenses included non-cash charges for stock-based compensation of 1 million, for Q2 and 1.2 million for Q1 2025.

Speaker #6: Research and development expenses were 15.5 million, in the second quarter of 2025, an increase from the 13.8 million in the first quarter. R&D expenses included non-cash charges for stock-based compensation of 0.6 million in the second quarter of 2025, compared 0.8 million in the first quarter.

Speaker #6: On the expense side, Puma anticipates flat to slightly higher total operating expenses in 2025 compared to 2024. More specifically, we anticipate SG&A expenses to decrease by 5 to 10%, and R&D expenses to increase by 20 to 25% year over year.

Speaker #6: The higher increase in R&D is driven by faster enrollments in our clinical trials than previously expected. In the second quarter of 2025, Puma reported cost earned of about 2.9 million.

Speaker #6: This compares to cost earned of approximately 7.8 million in Q1. Please note that during Q2, we made our fifth principal payment, loan payment of 11.1 million, related to our obligation with Ethereum.

Speaker #6: As a result of this, our total outstanding principal debt balance decreased to approximately 45 million. June 30th, 2025, we had approximately 96 million in cash, cash equivalents and marketable securities.

Speaker #6: Versus about 101 million a year in 2024. Our accounts receivables balance was 25.9 million. Our accounts receivables terms range between 10 and 68 days.

Speaker #6: While our day sales outstandings are about 50 days. We estimate that as of June 30th, 2025, our distribution network maintained approximately three weeks of inventory.

Speaker #6: Overall, we continue to deploy our financial resources to focus on the commercialization of Neuralink's the developers of Alacerta and controlling our expenses.

Speaker #5: Thanks, Maximo. Puma Senior Management and Cooperation with Board of Directors. Continues to remain focused on Neuralink sales trends in 2025 and beyond, and recognizes its fiscal responsibility to the shareholders to continue to maintain positive net income.

Speaker #5: We are pleased to report demand-driven growth in Neuralink sales in the first half of 2025, and we believe that the positive net income that the company achieved in Q2 2025 and the company is guiding to for full year 2025 resulted from the financial discipline across the company over the last three years.

Speaker #5: The company remains committed to continuing to achieve this positive net income and will continue to uce expenses if needed to ieve this. We look forward to updating investors on this in the future.

Speaker #5: The continues to be remain a significant unmet medical need for patients battling breast cancer, lung cancer, and solid tumors. At Puma, our committed and passionate about finding more effective ways at helping these patients during their journey and we will continue to strive to achieve that goal.

Speaker #5: This concludes today's presentation. We will now turn the floor back to the operator for Q&A. Operator.

Speaker #7: Thank you. We will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone keypad.

Speaker #7: A confirmation tone indicate your line is in the question queue. If you wish to withdraw your question, please press star two. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker #7: One moment, please, while we hold for questions. Your first question comes from Mark Farhan with TD Cowan. Please proceed.

Speaker #8: Hey, thanks taking my questions. Maybe on the R&D side, you mentioned kind of data disclosures coming up later this year. One, just the venue for that.

Speaker #8: Do you expect those to be at medical meetings, or are those more likely to be kind corporate updates? And then maybe more importantly, how do you view the bar there for what justifies further advancement on either side?

Speaker #8: And how does a meeting or, fortunately, kind of falling short of those bars kind of act the strategic views when you talk continuing to look enlicensing additional products?

Speaker #5: Yeah, Mark, thanks for the estion. Okay, so in terms of the venue, think we'd probably do it as a corporate update. Not sure if we do that in earnings call or something more formal, like just a separate presentation to uss it, but something in that venue, I would gauge November, timeframe for that.

Speaker #5: To kind of further go into a ittle more detail on that, you know on the small cell lung study, I would guess we would probably have somewhere in the neighborhood of 40-ish patients treated at 50 milligrams that we can talk the safety, the efficacy, and biomarkers on.

Speaker #5: We're just now enrolling at 60 milligrams, so not sure if we'd have enough data on that yet. On the breast, we would probably buy year-end timeframe, have say 40 to 45 patients across the three arms, so like 14 to 15 in each.

Speaker #5: And be able to discuss the safety, efficacy, and biomarkers on those. With the breast, because it's enrolling a faster than we expected, I think it might be little bit of a challenge to get all the in by year-end.

Speaker #5: So that might get pushed to 26. But we'll do our best to try to deliver that. To answer your estion in terms of development, so in terms of the path in small cell lung cancer, you know there was a previous study done, which was the general thoracic oncology study, which was the randomized study of paclitaxel plus Alacerta against paclitaxel plus placebo.

Speaker #5: In groups that had biomarkers that were known to have a role in aurora kinase looked at retrospectively, and that included like, you know CMIC, RB1, etc.

Speaker #5: You did see via retrospective analysis a PFS benefit and an OS benefit. So our umption always was when we bought the drug, we were only looking at it in the tumors where there were kinase pathway played a role.

Speaker #5: The question we had was, you know, were we seeing this benefit in that randomized study because Alacerta had selective activity or that for some reason there was preclinical data that Alacerta could increase the PK of paclitaxel and increase the sensitivity?

Speaker #5: Was that just what we were seeing? So as you said in the monotherapy study, we are indeed seeing a benefit of Alacerta in the patients with a biomarker selected you ow for those selected for the aurora kinase pathway.

Speaker #5: To answer your estion on the bar, you know look, you have a trial which is paclitaxel plus Alacerta against paclitaxel placebo. Whatever that magnitude of benefit is, we would hope with the monotherapy to see a similar benefit in PFS.

Speaker #5: Right? If you're not seeing a PFS benefit, it would be difficult to get an OS benefit. So you got to get both. And I think from an approval standpoint, that's it's clear in small cell lung cancer you're going to ed a PFS benefit.

Speaker #5: And most likely an OS. So that to answer your question, that would be the threshold to take forward. You know on the breast side, there's not a pathway in ER-positive breast to get approval based on response rate.

Speaker #5: It's got to be you ow PFS and OS. So I think, again, we would need to see a PFS you know in that third line setting you ow that would be you ow something we would want invest in and take forward.

Speaker #5: You know that would clearly need to be ething better than what is being seen with the endocrine alone. And again, I think we would again look to you ow most likely try to develop that in you know biomarker subgroups where the aurora kinase pathway plays a role.

Speaker #5: And you know the last part of your estion, should any of those fall short, you ow would we immediately go run out and try to bring something else in?

Speaker #5: No, we would probably want to be selective. Look, being a profitable company, we 100% recognize our fiscal responsibility to the shareholders. Spending money on projects that aren't going to result in you know a benefit to patients and hence a benefit to areholders is not something we're looking to do.

Speaker #8: Okay, that's helpful. I mean, I was also asking the other direction also as well. Like if you do kind of meet those bars, you ow next steps in one or two tumor types, is that enough that you maybe wouldn't be very interested in bringing in additional products as well?

Speaker #7: Oh, to be honest with you, Mark, look, there's a lot of things out there we could bring in. And to be honest, that's both on the commercial side and on the development side.

Speaker #7: that we like and You know we like having the you know ability to tell shareholders that we don't need any additional capital and we have enough to get this you ow in our models, we have enough to get Alacerta to the market just through our own commercial efforts and you know investing the profits from Neuralink's in Alacerta.

Speaker #7: I really wouldn't want to do anything, as we've said in the speech many times, that makes this company unprofitable. Just not something we would want to .

Speaker #7: So and that's true both in terms of bringing in additional commercial assets and bringing in and/or bringing in a development stage one.

Speaker #8: Okay, that's helpful. Thank you.

Speaker #7: Sure. Thank you. This concludes our like to turn the conference back to Marianne for closing remarks.

Speaker #7: I would

Speaker #4: Thank you all estion and answer session. for joining us

Speaker #4: today. As a Ladies and

Speaker #4: reminder, this webcast may be accessed via replay at pumabiotechnology.com beginning later today. Have a good evening.