Q2 2026 Zai Lab Ltd Earnings Call
Speaker #1: question-and-answer session, and instructions will follow at a time. As a reminder, today's call is being recorded. It is now my pleasure to turn the floor over to Christine Chiou, Senior Vice President of the Investor Relations.
Speaker #1: Please go ahead, ma'am.
Speaker #2: Thank you, operator. Hello, and welcome, everyone. Today's earnings call will be led by Dr. Samantha Du, Zai Lab's founder, CEO, and chairperson. She will be joined by Dr. Rafael Amado, President and Head of Global Research and Development, and Dr. Yajing Chen, Chief Financial Shanhe, our Chief Business Officer, and Dr. Yu Zhiwang, our Operating Partner, will also be available to the call.
Speaker #2: As a reminder, during today's call we will be making certain forward-looking statements based on our current expectations. These statements are subject to numerous risks and uncertainties that may cause actual results to differ materially from what we expect, due to a variety of factors including those discussed in our SEC filings.
Speaker #2: We will also Dr. refer to adjusted loss from operations, which is a non-GAAP financial measure. Please refer to our earnings release furnished with the SEC on August 6, 2026, for additional information on this non-GAAP financial measure.
Speaker #2: At this time, it is my pleasure to turn the call over to Dr. Samantha Du.
Speaker #3: Thanks, Christine. Good morning and good evening, everyone. Thank you for joining us today. Zai Lab has reached an important inflection point in its evolution from our original business into a global company.
Speaker #3: We built this company by first bringing best-in-class medicines to patients in China. Today, we are developing our own innovative medicines for patients worldwide.
Speaker #3: With our submission, expected next first U.S. year, the transformation regulatory reflects the R&D capabilities we have built. We're conducting global multiple-center registrational oncology trials, advancing additional clinical programs across oncology and immunology.
Speaker #3: And advancing our preclinical pipeline into I&Ds this year. Zosi, our potential first and best-in-class DL380C, demonstrates what Zai Lab is capable of. We advance it from I&D to global pivotal trials in less than 2 years.
Speaker #3: Reflecting the speed and efficiency of the integrated development organization we have built. By the end of this year, we expect to have 3 registrational programs in small cell lung cancer, a neuroendocrine carcinoma, but also evaluating Zosi in combination with T-cell engagers through collaborations with Amgen and Boehringer Ingelheim.
Speaker #3: Our second major global opportunity is GL1503, a potential first-in-class lung agent outstarting L31 bispecific. For atopic dermatitis, we believe it has the potential to bring together multiple attributes in a single asset: robust skin clearance, rapid and durable age reduction, and longer dosing interval.
Speaker #3: Later this year, we'll report the program's first human data, at the same time we continue to strengthen our commercial business. This quarter, we sharpened our focus behind our highest priority brands; Nykode product revenue grew 11% versus the previous quarter.
Speaker #3: And the business remained commercially profitable. We're setting a strong foundation and expect a return to meaningful year-on-year growth in 2027. Followed by the potential for our first U.S.
Speaker #3: product launch in 2028. Zai Lab's evolution into a global biopharmaceutical company is well portfolio of globally developed, differentiated medicines, and a profitable commercial business, we're confident in the path ahead, and the long-term value we can create for shareholders and patients.
Speaker #3: With that, let me turn the call over to Rafael. To further discuss our pipeline in greater detail, thank you.
Speaker #4: Thank you, Samantha. Let me walk you through the pipeline and what to expect this year. Starting with Zosi, our GLL3-targeted ADC. Small cell lung cancer is one of the most difficult diseases in oncology, and Zosi has demonstrated what we believe is a potential best-in-class ADC profile.
Speaker #4: In patients who have failed frontline multiple lines of treatment, we're seeing strong responses, including high responses and control of rare metastases. That efficacy, with a favorable safety profile, positions Zosi as a backbone for future combination regimens across lines of therapy.
Speaker #4: This program is moving fast. Our global registration phase 3 in second-line-plus small cell lung cancer is expected to complete enrollment in the first half of 2027, with a U.S.
Speaker #4: accelerated approval submission expected to follow later that year and approval anticipated in 2028. Aresmo, in October, we will present combination data evaluating Zosi plus PD-L1 with or without chemo in first-line small cell lung cancer or during maintenance.
Speaker #4: Today, standard of care of IO plus chemo delivers a 60% to 70% response rate, median PFS of about 5 months, and grade 3 or higher treatment-related adverse events around 60%.
Speaker #4: NCCN guidelines recommend four cycles of platinum-based chemotherapy. A chemo-sparing regimen could offer better tolerability, allow longer treatment duration compared to systemic chemotherapy, and improve control of brain metastases.
Speaker #4: This is the basis of our phase 3 combination strategy with immunotherapy, which we have discussed with regulators. We anticipate initiating the trial in the coming months.
Speaker #4: And in extrapulmonary neuroendocrine carcinomas, where there is no established standard of care, in the second-line and beyond, Zosi demonstrated a confirmed ORR of 38.2%, which is well above the roughly 18% seen with currently used regimens.
Speaker #4: We're engaging with regulators on a potential approval pathway using extended single-arm data from our ongoing second-line trial with a subsequent approval pathway in first-line.
Speaker #4: So, 3 registrational programs underway by year-end. We're also collaborating with Amgen and Boehringer Ingelheim to combine Zosi with T-cell engagers. Our global phase 1B study with Amgen is already enrolling, including a cohort of untreated small cell lung cancer patients on a triple combination of Zosi, Imdeltra, and Infinzi.
Speaker #4: And the global phase 1B2 study with Boehringer Ingelheim in neuroendocrine carcinomas is expected to initiate in the coming months. Beyond Zosi, our next wave of global assets is advancing quickly.
Speaker #4: GL1503 is a long-acting humanized IgG1 bispecific antibody targeting both interleukin-13 and interleukin-31 receptor alpha. It includes YTE amino acid modifications in the ST region that extend serum half-life and support less frequent dosing.
Speaker #4: By blocking both pathways simultaneously, GL1503 is designed to break the itch-scratch inflammation cycle, providing rapid, durable efficacy and less frequent dosing for patients with moderate to severe atopic dermatitis.
Speaker #4: GL1503 is in the clinic now with first-in-human data in healthy volunteers to be presented in the second half of this year. This dataset will include pharmacokinetic data, following single-dose administration, and pharmacodynamic data, including inhibition of AD-related biomarkers such as PSTAT6, TARC, and CCL26, a cytokine that recruits eosinophils during type 2 inflammation.
Speaker #4: We will also have an initial read on safety and immunogenicity, including assessment of antidrug antibodies. We're also currently enrolling patients with AD in the multiple ascending dose portion of the trial, and we will share this data at a major medical conference next year.
Speaker #4: We believe GL1503 with a potentially differentiated profile can address a met medical needs in one of the largest markets in immunology globally, and we are moving this program forward rapidly.
Speaker #4: Beyond its least indication, GL1503 has the potential to expand into additional IL-13 and IL-31-mediated diseases, creating a broader development opportunity over time. We look forward to sharing updates as the program advances.
Speaker #4: I would highlight just 2 more programs. GL6201, our internally discovered LRRC15-targeting ADC. We are actively enrolling patients in the global phase 1 study and expect to complete enrollment in the dose escalation portion with initial data expected in the first half of next year.
Speaker #4: By year-end, we expect to submit an IND for GL1311, a next-generation T-cell engager targeting musin-17, a promising target for gastrointestinal cancers. In summary, we have the infrastructure and capacity to advance multiple global programs at different stages of development simultaneously, at speed and efficiency, and across geographies, while also advancing our regional pipeline.
Speaker #4: We have significant data emerging throughout the year on our most advanced products, and I look forward to sharing it with you in the coming months.
Speaker #4: And with that, I'll hand it over to Yajing.
Speaker #1: Thank you, Rafael. As Samantha and Rafael described, Zai Lab is entering the next phase of its evolution. From our financial perspective, our objective is straightforward: build on our commercially profitable business while investing with discipline behind the innovation that will drive our next stage of growth.
Speaker #1: In the second quarter, net product revenue grew 11% sequentially to $105.8 million, and the business remained commercially profitable. The JULA was steady, Vivigard volumes grew double digits sequentially, Zakdura demand remained strong despite supply constraints, and Cox T's launch is off to an excellent start.
Speaker #1: In the second half of the year, we expect to further stabilize product sales while laying the foundation for a return to a meaningful growth in 2027.
Speaker #1: Cox T is expected to be a key driver of that growth. As the first new mechanism of action for schizophrenia in decades, with efficacy cross-positive and negative symptoms, no box warning, and inclusion in national treatment guidelines, we believe Cox T is well positioned to address a significant unmet need.
Speaker #1: Early physician interest and positive patient experiences are encouraging. And we are building good momentum ahead of potential NRDO inclusion in 2027. For the Vivigard franchise, we intend to seek NRDO inclusion for Vivigard Hydrulo, and are preparing for a gradual transition from IV to subcube.
Speaker #1: As a result, reported revenue in the second half may not fully reflect underlying demand, due to timing of NRDO-related commercial dynamics. Looking ahead to 2027, we are confident in a return to meaningful growth, supported by new product launches, potential NRDO product inclusions, and continued demand growth across our key brands.
Speaker #1: Beyond 2027, we expect our internally developed pipeline to become an increasingly important contributor to both revenue and margins. Unexpenses, we remain disciplined, prioritizing our highest value programs while improving productivity through streamlining the organization and the use of AI across clinical development, regulatory, commercial, and corporate functions.
Speaker #1: As a result, we expect operating expenses to remain broadly stable, through the remainder of the year. We ended the quarter with $717.5 million in cash.
Speaker #1: Providing the financial flexibility to continue investing in the highest-value opportunities. Pulling this together, we have a commercially profitable business, disciplined capital allocation, and a global, innovative pipeline that will increasingly shape the company's future growth and drive substantial value for patients and shareholders alike.
Speaker #1: With that, I will open it up for questions.
Speaker #2: Thank you. We will now begin the question-and-answer session. To ask a question, please press star one-one on your telephone and wait for your name to be announced.
Speaker #2: To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. We will now take our first question from the line of Anupam Rama from JPMorgan.
Speaker #2: Please ask your question.
Speaker #4: Hey guys, thanks so much for taking the question. Just looking to ESMO, can you walk us through what you're looking for in the first-line small cell study of Zosy plus IO plus or minus chemo?
Speaker #4: What's going to be the size and scope of that data set, and how are you defining a win scenario?
Speaker #3: Thank you, Anupam. This is Christine. Rafael, could you take that question, please?
Speaker #4: Sure. So at ESMO, we expect to present about 60 patients' worth of data. This will include doublet and triplet, but most patients will be in the doublet with checkpoint inhibitor.
Speaker #4: At the highest dose of 1.6 milligrams per kilogram. We have been monitoring that data and we think we'll be fairly mature by the time of ESMO with a medium follow-up between 8 or 9 months.
Speaker #4: So, we will be able to report on a meaningful data set by then. In terms of what to look for, I think the benchmark with the checkpoint inhibitor studies has shown responses in the 60% to 70% range with chemotherapy.
Speaker #4: And medium follow-up, sorry, progression-free survival of about 5 months. So there's still room for improvement in the about 80 percent response rate or so.
Speaker #4: And a 50 percent increase in medium PFS would be I think clinically meaningful. So those are sort of the parameters that we're looking for.
Speaker #4: We're obviously at the same time that we're preparing this data set moving forward with operationalizing the study. And it's going to be a chemo sparing study.
Speaker #4: Not because we saw any DLTs with the triplet, but because we think it's more convenient and we will be able to give higher dose intensity of Zosy than chemotherapy does.
Speaker #4: Thanks so much for taking our question.
Speaker #2: Thank you. We will now take our next question. And the next question comes from Michael E from UBS. Please ask your question, Michael.
Speaker #5: Good morning, guys. Thanks for taking our questions. This is Kyle Yang for Michael. A 2 for us. The first one on the higher level, the company previously guided toward profitability by end of 2025.
Speaker #5: So how should we think about that? And at what point do you think investors can start to revisit the profitability goal? The second question is on IO13, IO31.
Speaker #5: The atopic dermatitis landscape is getting increasingly competitive. And we recently saw additional investor interest in the space, including a new IPO this week, also has that also has an IO13, IO31.
Speaker #5: So how should we think about the differentiation of your asset versus your competitors? Thank you.
Speaker #3: Thank you, Kyle. Yajing, can you please take the one on profitability? And Rafael, the question on the 1503 differentiation, please.
Speaker #1: All right. Thanks for the question. So I'm really looking at the profitability through the lens of our capital allocation. So we already have a commercially profitable business today.
Speaker #1: Our local manufacturing is on track for Zakdura and Cox D. That will continue to improve our profitability. However, at the same time, we have multiple global competitive programs that we believe have the potential to create substantially greater long-term value.
Speaker #1: So right now, our responsibility is to invest where the returns justify it. We do maintain a very high bar for every investment decision. So, in summary, we are growing in revenue, with our potential global approval in 2028, which will improve margins and drive operating efficiencies across the organization at the same time.
Speaker #1: So we believe those factors, taken together, will naturally lead to profitability over time and continually improve profitability over time as well.
Speaker #4: Yeah, this is Rafael. I'm just making a few comments about 1503. So the drug, as you know, is designed to have three highly desirable attributes.
Speaker #4: The first one was robust skin clearance. And I think this is through TH2 suppression, but also by breaking the cycle of itching, scratching, and inflammation that we see.
Speaker #4: I think by inhibiting the receptor, there are 31 receptor, which should see brisk reduction in pruritus. We also have a molecule that is YT modified.
Speaker #4: So the extended dosing interval that's going to be tested in the current study, that is ongoing both in cultivar volunteers and MADs. But we expect there will be superior to the standards at the moment, with its levery one month and dupi every two weeks.
Speaker #4: So we expect to go beyond that. And there are a few agents that actually have these three simultaneous attributes. Some of them are preclinical; some of them are targeting the ligand; some of them are targeting the receptor.
Speaker #4: We believe that targeting IO13 ligand and targeting 31 receptor, the YT modification will result in both better reported outcomes with regards to pruritus, which is really morbid in these patients, but also improvement in inflammation.
Speaker #4: And also, this is an underpenetrated market where there isn't really a winner's takes all, if you will. So I think any improvement in quality of life, dose extension, and more importantly, inflammation and patient symptoms will allow for these drugs to have a role in atopic dermatitis.
Speaker #4: So we're also moving very far very fast with the phase one study and we expect to, as we've guided before, present healthy volunteers data this year and then next year the MAD data in atopic dermatitis.
Speaker #4: So we are a bit ahead of some of the competitors.
Speaker #5: Thank you.
Speaker #2: Thank you. We will now take our next question from Lee Woksik from Kanto. Please go ahead, Lee. Your line is open.
Speaker #6: Hey, guys. Thank you very much for taking our questions. I have one pipeline and one commercial question. For 1503, the bispecific antibody just wondering what is the potential dosing profile that you're looking for and how would a set data later this year inform you on the drug profile and early trends on ADA from the MAT cohort?
Speaker #6: And the second question is on the commercial side, just at a high level, how do you envision the China business to evolve in the coming quarters?
Speaker #6: What are the metrics that are most important to you?
Speaker #3: Thank you, Lee. Rafael, can you take the question on the dosing profile for 1503 and how the upcoming data will inform on the profile and on ADA?
Speaker #3: And then Deidre, if you can address the commercial question.
Speaker #4: Yeah. So in the healthy volunteers data, it's a single IV injection and we have six cohorts we're testing four doses. There's single injections and the patients are being followed long term.
Speaker #4: This will inform us mostly on tolerability and PK, including half-life, and then the biomarkers that I mentioned in the prepared remarks, including immunogenicity of antidrug antibodies.
Speaker #4: The MAD has two cohorts with two doses, also IV. And it's a larger cohort. I think to hone in on the dose, we will need to do a bit more experimentation.
Speaker #4: There's about equivalency study that will compare the IV to the subcu and then we will do more dose experimentation with the subcutaneous dose. We expect that there will be a short induction course followed by a longer maintenance dosing, but it's premature to speculate on the actual dose.
Speaker #4: So and on the question about antibody-drug conjugates, obviously we're looking at this and we will be reporting on this suffice it to say that the study continues.
Speaker #5: Okay. Hi, Lee. And hi, everybody. This is Ito here. And I'm speaking with in China right now. Can you hear me okay? Good signal?
Speaker #6: Yes.
Speaker #5: Okay. Very good. Great. Great. Great. Okay. So commercial. So first of all, I just want to say three months in a row, I look at that commercial, it's not just the China business only, right?
Speaker #5: If you look out through your horizon, where the potential to launch our Zai first US assets or global assets very exciting. That is Zosi.
Speaker #5: But that said, being said, the near-term absolutely our focus should be focusing on our regional business, which is primarily our China business. So my view is this.
Speaker #5: We actually have a pretty sizable business, okay? But with a diverse mix. Some are CSO products, some are promoted by ourselves. So from my perspective, it's very important going forward to be very focused.
Speaker #5: Focus on three key brands. That is return schedule to growth and continue growth on the volume growth underlying demand on FGAR and also launch excellence for CAR-XT.
Speaker #5: Okay? For execution from, we must go back to the basics. We have to be very good at, I call it brilliant at the basics.
Speaker #5: Really drive the metrics. So you asked me about what are some of the potential KPIs. It's all about underlying demand. For example, for each of these brands, the new patient start will be critically important.
Speaker #5: We like to see the signal continue for those who flatten, we want to return. The growth, and for those has been growing, we want to continue to grow or potentially accelerate.
Speaker #5: We have seen these signals, right? And that will lead to, I think, in the next couple of quarters, a consolidation or solidification of our stabilization of revenue, and eventually turning into very meaningful growth in 2027.
Speaker #5: Okay? So that is what we are. So in the second, in the upcoming quarter, I look for is as you see the second quarter, we actually delivered at a 11% sequential quarter over quarter growth.
Speaker #5: So in the upcoming quarter, I see quite confidently we can solidify that. And then, in the meantime, really improve our underlying demand and set ourselves up for a very good next year.
Speaker #5: And during this period, we also will focus on a couple of NRDL, right? Negotiations. We want to make sure we win. We win at a good price.
Speaker #3: Thank you, Deidre. Next question, operator.
Speaker #2: Thank you. Our next question comes from the line of ego nocho movitz from City. Please ask your question, Ego. Your line is open.
Speaker #6: Hi, this is Caroline on Fugao. Thanks for taking our question. We're wondering, as your MUC17 T-cell engager approaches the clinic, what aspects of the preclinical profile give you the greatest confidence that it can overcome historical challenges associated with T-cell engagers in solid tumors?
Speaker #6: Thanks.
Speaker #3: Rafael, if you can take this one on MUC-17 T-cell TC.
Speaker #4: Sure. Yes, this is the MUC17 T-cell engager. It's an interesting target. It's found in GI tumors, more prominently in gastric, pancreas, and other tumors of the GI tract.
Speaker #4: It is engineered to be biparatopic, so it targets more than one epitope. Hopefully, the avidity will be higher. But the CD3 is silenced by a higher on and off rate.
Speaker #4: And we believe that, hopefully in the clinic, this will ameliorate cytokine release syndrome, which is really the Achilles' heel of this product in that they need to be given in the hospital because of the emergence of CRS.
Speaker #4: So a lot of the innovation in this field, as you probably know, is directed to increasing efficacy, but also decreasing the potential toxicity related to CRS.
Speaker #4: So that eventually one day these products can be given in the community. We can say that per clinically, as we prepare to the IND, the product looks really to have great properties compared to other potential products in this target, including competitors.
Speaker #4: So we're pretty excited about it. And we're moving forward with the goal of having this IND out by the year's end.
Speaker #6: Thank you.
Speaker #2: Thank you. We would now take our next question from Dina Graybosch from Levrank Partners. Please ask your question, Dina. Your line is open.
Speaker #6: Hi. Thank you for the question. I wonder if you can talk about the combination of your DL3 ADC with the DL3 targeted T-cell engager.
Speaker #6: And sort of mechanistically and biologically, why that has value or differentiation relative to combining a DLL3 T-cell engager with a B7-H3 ADC?
Speaker #3: Thank you, Dana. It's great to have you on the call. Rafael, can you address the question on the combo of Zosi plus TCE and why it may have value and differentiation versus a B7H3 combo?
Speaker #4: Yeah. I mean, the more of action are orthogonal. The are very different. One is a cytotoxic that can devolve tumors, particularly small cell lung cancer that can present with a high volume disease.
Speaker #4: And then allow T cells to eliminate residual disease and maintain immune surveillance. As the ADC kills this tumor cells, it liberates other antigens that are new antigens.
Speaker #4: And the T cells, even though they're directed to DLL3, can respond to these new antigens, particularly when they're combined with PD-1. So, this is a combination which is really targeted to bringing in cytotoxicity as well as IL into the tumor.
Speaker #4: In the case of Zosi and Indeltra, for instance, the epitopes are different. So both drugs can actually bind in the same cell. And it's known that the density of receptors are required for ADCs and TCEs are different.
Speaker #4: ADCs can bind even if they are lower receptors because there's also a bystander effect that can affect cells that have low DLL3 expression. So this is something obviously that still needs to be proven.
Speaker #4: We're doing the studies and the studies are aimed to look at tolerability the good news is that there aren't really overlapping toxicities except for potentially myosuppression.
Speaker #4: And with regards to whether DLL3 is the same is the best target because it's the same target there's a B7H3 study that Amgen was conducting it is on pause at the moment with Indeltra as well.
Speaker #4: B7H3 is not a tumor-specific target. It's present in normal tissue, including the lung epithelium. So there's a potential for more toxicity and in small cell lung cancer patients lung toxicity can be problematic because of the incidence of ILD with ADCs.
Speaker #4: So we think that having a safer target that is more tumor-specific is probably a better option. So we're looking forward to seeing the results of this combinations.
Speaker #4: Amgen obviously has data with B7H3, but that hasn't been released. And we look forward to looking at the dual DLL3, dual mechanism approach and hopefully we'll have that data early next year.
Speaker #2: All right, thank you. As a reminder, before we move to our next question, please press *11 if you wish to ask a question now.
Speaker #2: We will now take our next question from the line of Ling Haichao from Gomisex. Please ask your question, Ling Hai, your line is open.
Speaker #5: Thanks for taking my question. This is Ling Hai from Goldman. Just a follow-up question on the Zosi and DL3 TCE combinations. We've seen that both Amgen and BI have initiated the phase one, two trials, including different
Speaker #1: Some cohorts for both the Late line and first line , and for RPE , 2D in first line triplet exploration Wondering if the RPE 2D will still remain as 1.6 mmHg or there would be a , , those those titration to a different dose level .
Speaker #1: And , for the two phase one , two trials , , what might be the expected time , , that we will see some data .
Speaker #1: Thanks .
Speaker #2: Thank you . Hi . , Rafael , could you address a question on the RPE 2D dose for the dose ? Plus T cell Engagers study ?
Speaker #3: Yes . , so the two immunotherapies that as well as as well as the T cell engager will be used as standard doses .
Speaker #3: . There may be some accommodation to be able to dose every three weeks . , just because , associate dose every three weeks .
Speaker #3: , with regards to SoC , we're only exploring two doses and moving very fast . We're exploring 1.2 and 1.6mg/kg . , , we don't have any reason to think that 1.6 won't be well tolerated .
Speaker #3: So we hope that that will be the dose that we go on , , to , to expand . So that's as much as we can say , , the study is ongoing .
Speaker #3: , the one is ongoing and accruing . Well , , it's called a cohort of patients that are untreated , which I think is probably the most exciting cohort .
Speaker #3: , as you know , the response rate with T cell engagers is relatively modest . It's in the 30 to 40% , whereas the response rate with ADCs is very high .
Speaker #3: , so , , you know , you combine , , also , , differential response rates , differential durability response , and then a potential immune surveillance that , , in phase three studies with T cell engagers , particularly within delta in second line has led to a six month difference in survival .
Speaker #3: , so , , again , mechanistically this , this makes a lot of sense . , and in terms of the doses , we hope that we won't have to , , modify our target dose .
Speaker #3: , that we have chosen across the development plan for SoC , which is 1.6 per kid
Speaker #1: And , , and when will we see , , the data readouts from the trials
Speaker #3: Well , the trial is being operationalized by Amgen . So , , even though we obviously work very closely with them , , yeah , it will be probably a joint decision , but they will take the lead as to when , you know , those results will be presented .
Speaker #3: My sense is , is that it will be next year , but I can't tell you when it will happen . , I would probably guide towards the end , the second half of the year
Speaker #1: That's very helpful . Thank you .
Speaker #4: Thank you . I'm showing no further questions . I'll now turn the conference back to Doctor Samanidou for her closing comments
Speaker #5: Thank you . Operator , I want to thank everyone for taking the time to join us on a call today . We appreciate your support and look forward to updating you again after the third quarter of 2026 .
Speaker #5: Operator . You may now disconnect this call .
