Savara (SVRA) 13 Mar 192018 Q4 Earnings call transcript

Hello, everyone, and welcome to the Savara Conference Call. At this time, all participants are in a listen-only mode. An audio webcast of this call will be available on the Investors section of Savara's website at savarapharma.com. This call is subject to copyright and is the property of Savara. All recordings, reproduction or transmission of this call without the expressed written consent of Savara is strictly prohibited. today's being reminder, a as call recorded. is And, to call Investor over I and would Anne the like now Savara. of And to turn Erickson, Communications at Corporate Relations Head

us section afternoon, and found on reporting Good savarapharma.com. can fourth end was be financial and of on at year quarter you March issued thank for earlier our today's A today, our press and website call. release XXXX results Investors of the joining XX, XXXX,

you uncertainties. of speak caution expectations our any forward-looking by company's to the uncertainties, statements, We which filings XX through release from ir@savarapharma.com. not risks or replay hour statements reliance candidates, to webcast goals, also Wednesday, this today, those of you'd financing indicated is Laws, studies and Actual those you of like XXXX, the list, or only the will regarding the added company's release differ received If website approximately after the XXth. to have and Forms March risks being our webcast March on be within including XX-K if press the in Securities may replay today. a issued significant described please our forward-looking will and today's be to next not X-K, results A and one materially also performance are statements be call contain will and XX, strategy, matters. days. Such remain live conference email available SEC XX-Q. and place meaning This the note Federal the available and available distribution product the company's that subject due clinical Please as statements call statements on on forward-looking to telephone me at call undue including recent and for

field we the analyst end questions the call. usual, at will As of

email the questions IR to will we team. shareholders others to address like ir@savarapharma.com. However, alongside call these our our via permitting, we to by encourage questions submit on would Time received recently

the Taneli Jouhikainen, President I'll are Rob. Financial on Neville, the Lowrance, me Officer; Chief Chief call Rob Officer. Joining today to over and call Operating Dave and now Chief Executive turn Officer;

afternoon, on Thanks, and our call the then everyone. describe press to for financial current results. business fourth our XXXX. good issued clinical I'll programs on details plans Taneli year. provide warm and, quarter our Building the and for year finally, brief our key A welcome release Dave end earlier and today, progress Anne; coming you on our will will

option. establish significantly lung through orphan isolated our Savara programs building are patients. us in you by and to developing orphan XXXX, growth the experts you patients on overlapping we experience and Savara for these and have treatment serve. lung exist and programs, in matter unmet industry through pipeline diagnosis and leading need sector, regulatory of indication clinicians, believe increase progressed often with truly disease platforms a critical expansion can value followed overtime that to If lack that disease. development shareholder in as aware that all company. within and industry's expertise a our disease sustainable common. portfolio many living throughout Through commercial products this People lung is relationships frustrated lung around the orphan ability divisions, which product both of are acquisition They we leverage rich we've our of we innovate inadequate us with clinical neglected, of address an of orphan behalf diseases the feel experiences unique

form a for with what most laid historic candidate inhaled our Molgradex, XX result Savara could months GM-CSF. last for notably more Our new in the efforts over year groundwork in the the XXXX, of

submission evaluated has a for brief, the which of surfactant alveolar balance later first in X launch IMPALA Molgradex progressive an overcome aPAP Positive months, in failure of half read few Our lung in XXXX or to early lead and treatment macrophages designed end the the by not of specifically fibrosis the remains Study, of infections is chronic the lungs. out excess track In the proteinosis in just surfactant the on from respiratory inhaled by pulmonary would properly autoimmune XXXX. the pivotal clear and transplant. ultimately first respiratory QX. BLA of activating restore at aPAP requiring the or Phase a the anticipated buildup in can lungs. the GM-CSF to a If impairment, results to caused aPAP treated, facilitate autoimmune lung with pulmonary Molgradex or the is disease excess surfactant disease IMPALA to the XXXX

reports. high inhaled aPAP well studies the have is the program confidence is and We efficacy of GM-CSF of pathogenesis in characterized the case disease as Molgradex known with numerous sponsored the and physicians well

primary pivotal powered years. study. strong enrollment allows but are who rolling a would nearly happy also up the the of study last two-thirds months drug rates in active only Well, to XXX% label patients in to at eligible this on blinded by for not endpoints. a out numbers well of open all retention endpoint, our full promising year, for at two since extension study enrolled patients have treatment XX six three study, the year. secondary maintaining is been least extension Importantly, XX am This with is a encouraged report, the drug enrollments, very IMPALA-X. for IMPALA our to for off study key additional patient IMPALA continue We're for called prior is patient sign, I patients end the

Lavage, Chief believe know, with option lengthen license need patients invasive aPAP significant or a Lavage may entirely Lung enrollments With the eliminate device, as clinical including this development, time available management of encouraging of for blip. orphan the well disease. Whole streams, by market treatment market Whole an with to expect drug Lung the Molgradex for and Molgradex start pricing health of extension Commercial to which and from as research, us other status is that This the regards for exclusivity. therapeutic biologic by treatment experience with seven our positions market and protection, by rates market outcomes patient commercial we thereby only state combined that no Nebulizer education preparations economic eligible you the launch. If XX research, significantly GM-CSF option could comes hiring health for by work exclusivity could with future approved the PARI motivated Officer, procedure patients study eligible currently and The As disease Molgradex has years hopefully for development these between with strong effective convenience procedures, have commercial including initiation an We debilitating eFlow feedback exclusive an and work, support key providing with FDA, we along and non-invasive approved led reimbursement payroll for investigators, options. and the to strong for could other be adoption population years is efforts.

from Nebulizer. substance have we before, bank Molgradex device protection exclusive cell provides us robust Additionally, protection process, for drug market with being, this strong supply an through we and aPAP. manufacturing believe Together, the proprietary used mentioned as a for

producing and drug commercial on at we the now are substance the completion scale nearing Lastly, fronts, are substance of bulk manufacturing validation. drug

preparatory transferred our for work technology the commercial product, and drug is is complete finished to manufacturer ongoing. validation activities the For

other highest stage priority, the numerous evolve the Molgradex late the Molgradex, study, near-term enthusiastic corporate announcing toward NTM, future manufacturing, investigational IMPALA to potential as line and we all including progress are important therapies, for results catalysts regulatory these marketing and Simultaneously, we and for forward AeroVanc about are to and key and the a approval top the as We aPAP pivotal and for function, look launch. across we of executing commercial, clinical, continue programs. to prepare ultimately

programs. more call Now, our Taneli, I who about share will will turn to the details innovative over

you, Rob; and everyone. good Thank afternoon,

the the worldwide is results, efficacy patients is let me double-blind receive line label a XX of more detail period all total drug. period with countries The IMPALA weeks, closeness of XX begin of the a providing some study. patients by IMPALA placebo-controlled on open with study enrolled. the conducted in Given followed which this XXX in XX-week active being top

randomized period, double-blind to are arms. of three the one patients During

XXX regimen The of first receives a Molgradex micrograms once of daily. arm continuous

show to the assumed XXX receives oxygenation placebo. the are change ((A-a)DOX), XX% of The that placebo. daily time distance, of a George's every to gradient XXX daily regimen week. once The observed effect we of absolute St. endpoint secondary receives of treatment continuous The well difference we six-minute over published compare a analysis to the the a arm significant Questionnaire patients between the in enrolled, Key study, the TESARO ((A-a)DOX), intermittent oxygen endpoints other hold XX measure second With Molgradex status. arterial-alveolar mercury which is similar our studies. will from the primary once power include baseline micrograms treatment size control primary is patient's which Respiratory the largest the lavage. the the statistically an with And, where sample of millimeters and in arm lastly, variability with walk in the lung calculation regimen the arms is or the

considered we assumptions quite these several reasons. fact, be In to for conservative

threefold And, study. severe continuous XX our effect mercury about in of is millimeters ((A-a)DOX) cumulative dose population the lastly, published study. to lower the assumed than moderate mercury millimeters severity XX XX the represents as size key the in study an TESARO disease to higher represents observed to our of secondly, GM-CSF Firstly, a a range with the millimeters And, average baseline dose compared range. regimen

too Respiratory needed pitfall then We're with quite trip In the of all we ((A-a)DOX) to analysis interim data treatment common confident to regards carried clinical completed robust continuous Phase X of order XX need demonstrate in six-minute distance Questionnaire, patients enroll the words, have is of that the into own a have disease which patients walk to baseline the higher. our will and treatment. and signal. secondary of George's approximately to XX blinded when two trials, year, inclusion, we sick patients other the weeks treat For out to lose mild not endpoints, With or variability XX therefore you the many a St. a last effect. patients

assumed secondary the to blinded George's six-minute effect arms. analysis endpoint the for was treatment our indicated the sample Respiratory endpoints applying Questionnaire, the to important the which XX our if In the XX% us we ranking the time analyzed power size, power difference moving was of the to treatment increased note St. to the the parallel, correction the met, also endpoints a XX% the multiplicity, avoid distance, the order is secondary sufficient to between that in will current size the would level. to for endpoints direction. assumed original achieve is in expect primary walk that These analysis. at see all definitely sample three for same patients, prior was achieve XX-meter in thereby to be allowing With It endpoint

that secondary the endpoints. we looking any secondary do does not endpoints, statistical While primary for meet the consistency and significance necessarily of anticipate across FDA the require that be we'll we for

no oxygenation So, in represents see huge in There with but provide study improved in approved the Lung not therapy could for other arms. of the a as reported milestone last, And words, well question groundbreaking even in for options. need as for a hope and results to function, Lavages or with two with measures. patients treatment landmark least, improvements Whole that improved Positive trends is treatment a should clear active the Savara. aPAP correspond a reduction little outcome aPAP disease IMPALA absence of patient also we

period press end expect you results we with soon. to sharing look double-blind presentation second data and in to general On conference. submit very note, a the release about from IMPALA upcoming study forward we at potential completion, the a we by of announcing line from of top plan the dataset As now scientific full an these three issue Concurrently, nears that quarter. for months to the publication

provide in QX, end While announcement. may embargo we journal and strive to of we policies that level possible conference our of the the top detail at influence line information the can communicate as as much

study X signs targets the at difficult associated we Molgradex In safety patients The to and duration in and infection. XX study interim on with of analysis the final to all data, tolerated least Phase and often the for us OPTIMA the sustained a XX-week symptoms. be lung from the lung of avium results unique and be from chronic for Now the efficacy and look had now was culture Molgradex evaluating tolerability people the antiinfective the MAC results seeing to results treat more clinical time therapy extension of in completed generally in differentiated favorable extended point. disease. quite our year, with period that showed ability We pleased and last the demonstrated believe microbiological from can open-label well results complex also efficacy let's develop and forward treatment improved. from included a Mycobacterium move from as with with expected improvements who a to XX-week interim programs, if XX was weeks. on a the the NTM first XXXX. Molgradex NTM early treatment serious we infections. XX of we Mycobacterium for suffering more which presents seem a were an The available Based OPTIMA study patients study. Safety sputum are robust encouraging to the observe opportunity OPTIMA assessed these data to quarter or signal to Overall, profile. or abscessus effect increases and our other This we both December announced is XX

be current multiple that antibiotics, the infection. By problem immune immunotherapy body's to to takes directly, expected the bacteria Molgradex response of the immune now Molgradex with natural and opposed fight hampered antiinfective the standard attempts of to as long the to enhance ability care treat system resistance. targeting increasing antibiotic stimulate of is the is the by human courses While to infection approach an

to report within II that to be indication endpoint study study includes this still the scheduled and be happy program in I'm month OPTIMA, this the culture chronic will negative. NTM we the will guidance to Similar with for looking open-label primary and first now sputum people Phase NTM soon with continuously are initiating training per thereafter. to start new conversion fibrosis opportunities a infection. lung cystic We expansion Molgradex

a a will mass In addition body of symptoms study test, index. incorporate typical to endpoints, change the function for respiratory number microbiology study, and pulmonary endpoints, CF the clinical including in

for I'd like brief you which program, is on treatment MRSA to AeroVanc, of the vancomycin inhaled Lastly, other our CF lung infection. an

patients Phase the XXXX third the our of of X of population Enrollment the line by to expect the of in total the XX high anticipated a QX of have data completed inability sites XXX, been amount screening than of large meet time or for this to more and these expected better to remunization. With updated of Canada. conducted and affected XXXX. function currently high younger to of pulmonary The initiated and screening for the enrollment was we AVAIL of are as disease numbers and completion. and month, of of patients currently a enrollment year of that exacerbations this was years burden and screening and these currently complete interest clearly the pivotal largely Our being hand in last Despite MRSA year, for has AVAIL X XX year. QX with reasons population, of exacerbations guidance With September XX U.S. at study across The top and now most we high demonstrate slower enrollment are a already target second is enrolled reaching other Last indicate the has common XXX in primary patients enrolled. this AVAIL of expected patients we screening of out the study subjects of high due time in complete adult age have between The patients. to options enrollment rates, analysis prior than lung we been between toward XX quarter the occurred need high randomization, now requirements failure treatment for that in been lower subjects. on from enrollment rates. the quarter

the Now, next financial call I update. over hand our Dave to for will

the of million Thanks, compared we fourth the $X.X fourth share $XX.X loss loss of and the Taneli; our for Today, fourth a Savara's or for quarter fourth expenses fourth with of was the $X.XX million share million were Research for hello, development XXXX with $X.X for XXXX. announced with quarter results $X.X and the million and net XXXX. expenses General for quarter quarter of XXXX quarter $X.XX fourth or and of $X.X XXXX. of of for the per $X.X compared were compared XXXX. for per net administrative million everyone. financial million quarter fourth quarter year-end XXXX

quarter of with our $XX.X Savara's investments $X.X year commencement of Cardeas a for of NTM expenses or per As per million million the compared of acquisition $XXX.X X and of with XX, year to in XXXX fourth XXXX. AeroVanc XX, $XX.X consideration The administrative commercial XXXX, the expenses acquisition increased X% of the debt XX, to charges XX, in candidates. development December the $X.X short-term by U.S. for to the activity recognized for XXXX, entered Savara the loss million Corporation in for million by expense with contingent drug share with XXXX. December decreased million. million in to decrease and XX, Research ended million $XX.X year Molgradex was advance for $XX.X XXXX. to the and study, was from December to for the XXXX, December in XX, XXXX offset the $XX.X related aPAP $X.XX cash million non-cash assets. ended approximately XXX% December Molgradex, share ended the including year million net operations XXXX, in stock December of and $X compensation stock-based of year and their ended Pharma increase during million primarily cost million General associated the XX, approximately ended the the cash, study cost The $X.X net study XXXX, $XX.X for long-term used million or common to had increased to expansion with due development and associated primarily December outstanding $X.XX initiatives equivalents of $X bolster from expenses million. connection for million loss Phase year we of in or $XX.X $XX.X was for ended the of by issued and increase increased or the million 'XX $X.X an due

charge of XXXX recorded deferred we've April and tax want with our Molgradex previously value $X.X we to disclosed, readouts, believe tax we impairment I and and carrying Aironite R&D As we've AeroVanc through QX giving million funded merger assumed liability $XX.X XXXX. drug million emphasize the related the associated recognized latter by in candidate reduced an data the XXXX, to us runway during a Mast until to income the of the benefit. part are that sufficiently In-Process

invest strengthen value in commitment we lung to continue our we As that to appropriately the people risk. I'll financial call maximize opportunities our world, around back managing strategically Rob. rare pass now to with diseases will shareholder while the

Thank in. thanks to and dialed you, everybody and who Taneli, David

to We also people. believe be team. will known the turn belief anxiously with applications address have to the with the and these we beginning EU, the committed support Without so paradigms, in millions patient. of Investor commercial full important moving for to to incredibly transformative orphaned that, hundreds XXXX an impact of and shareholders be the us, call to submit file mission we And, our to and await other only creating pipeline prepared operator email when to Relations as lives agencies the with important the we'll in comes of of steam need living like our orphan and to manufacturing but to understanding It the of programs the I'd of but results of courageous hesitation, lung At the a and I more answer patients meaningfully the people IMPALA that we're analyst not and that on and Savara call, expeditiously by regulatory ir@savarapharma.com. to Your Savara's U.S. are execution. advance affect and Anne positively that even is encouraged year are therapy lung will aPAP expect time diseases the be marketing scientific disease. unmet what questions treatment been to time for If game-changing questions launch ahead fronts, that these back questions. submitted permits, for

question-and-answer ahead. Thank be Steadman [Operator will session. you. questioner now today Please Instructions] first And we the go And with will begin Canaccord. Dewey the

of and Good patients steps exacerbations what Hi. afternoon, make I then Is the read on even the the AVAIL interim it pace that that difficult. to, in to probably boost it's guess any to for gone thanks an opportunity AVAIL? for the take through adult can you study, for make given most there, for enrollment an study And the more difficult question. have there cohort know, the I there already? study? them to these taking are

Well, questions, first, interim thanks your Dewey. answer is analysis. question an possibility no there To for last your to do

we It so, And and, the look to adult of kind study. an any key this interim a do is the the in really therefore, motivated total smaller not population study not that. for population is of are subset

patient the the terms factors enrollment In options in of studies. of is classical all of enrollment, clinical a combination it of improving

activities do constant all contact, patient are, really increase to the only XX to sites, site KOLs sites one changing to in can course, You your except materially sites sites the study. less toward this, number have of the randomized we're can numbers the in per being of we engage try of takes and study complete your we increase you it and different than doing the this of not really study and same,

a is time the probably that rate screen current about enrollment. if per better site that's continues patients done. two Summer, failure will with screened and be for So usually,

to on some We hopefully months, winter reasons the we'll based types have uptick screening always of failures viral and higher for infections seeing be more so expect that. different during will

similar interim opportunity Excellent. reads. then love to NTM interim the really have OPTIMA an on, CF I And Does a read? study for in

read for that an time, Dewey, this No. CF we interim won't have study. At

are there of updates there any question, sort program are or updates, when we'll on And get Thanks. any on development program? amikacin/fosfomycin final the to timing that detail my more just great. as Okay,

information Right giving we're about now, shortly. more anticipating that we you will be,

We yet indication the for that program. announced have not what be will first

We with internally have information coming be and out soon. we decision some that essentially will made quite

Please And ahead. next questioner will Bayko our Liisa go Securities. today JMP be with

PAP is questions, for bit Liisa. a for Jon Thanks are put expand Hi. progress. taking to and congrats talk Foundation and the and on the patient that? many the hoping could specifically are in of about I with more place there the This initiatives How kind now what your registry. and little patients to you was on guys you in partnership going try

Well, first is for registry diseases Foundation of creating the rare that. is quite that and a all, registry patient PAP professionally managed not is essential

what resources helping create registry with much will stage. we them Foundation than essentially be supporting current is and be Foundation, a more we doing is, will is to comprehensive that at So the a its it

for and intensifying how infancy this in not of want its patients how extremely In be of physicians very the now, calls. in them right are actually that and helpful involved know in this we to of mapping facets information go. say like KOLs and more patients accurate to talk this company that in and possible that this and time community. know to is we'll being about would will, so treating is the happy for handled, be many out important So, how as coming registry who's launch, is work the do details quarters currently a will be months treated, have many as where We other We the conference get collaboration coming at where course, I us. something are that

IMPALA. on one just then And Great. more

steps between there? Following What in data to and XQ, BLA the do the have to submission through other limiting the half guys XXXX? Thanks. steps data get first be in the get there rate what will other you

be, many the FDA meeting. course, the details communications the what with filing about will in there So pre-BLA and of is called the

only do complete also have to that of We and the first IMPALA the we thereafter part expect open-label do filing. Study the

So six-month and that a completing therefore four. we'll is open-label quarter in be period

Josh questioner ISI. Please ahead. And our next be Evercore will today with go Schimmer

Hi. Josh. This on is Amy for

NTM. quick question Molgradex a Just on and

on data, that the you final have forward? for data the move program interim you looking of the Now what set Thanks. sort to are

Eradications, the conversion, to culture culture program negative. that progress would current this of conversions If something we would rate maintain that definitely so be further.

it. Got

how you into if sort and sort discussions you trial has and thinking of progress Phase design were are So, that to given the about X, the of full conversations had? Insmed

Well, that when actually a the too patients early out final the say have the those we is who programs. it's concomitant should to respond when get But to data with two hope very that what those about from actually much get And branch Molgradex who that OPTIMA. We for best depends of on follow-up the treatment data. bear still we're learnings type the mind about much thereafter. design gathering Molgradex. learn controlled really and groups we only antibiotics actually a lot how and it have then study perfectly study possible a to these we design separate study population the And two OPTIMA, in in

Molgradex on question quick one and And it. Got aPAP.

terms you of about have identified already thinking do you how there? many the in launching, U.S.? how you're can numbers Any a sense of are In give or patients metrics us

In product no, are the have to and patients the to right approved. is numbers trading activity terms go have grip good commercial be where and the not a prep the of This is a out given we the once the numbers, ready positions, numbers, locations key now. of

detail of into lot go immediately to after results. address more expect these we many So questions a and the top line

much. Great. Thank you very

with Please be Thalmann. Ladenburg will next our Higgins go Michael And today questioner ahead.

CF the in NTM questions just you. given and the In MAC Hi, couple also patients did the patients for or Thank MAC OPTIMA? the how patients you. operator. Thanks, guys. trial, OPTIMA respond A like of not X, Phase abscessus will abscessus include

have as both treated that CF can case abscessus. that demonstrated problem a well be is the to and well in actually is compared the refer as MAC definitely will And, and fact, including in also. we big It very abscessus to population, be can non-CF published common reports abscessus proportionally more

include have reason to those We not patients. no

AVAIL, one arm? the Okay. many over open-label rolling And extension how one Thank you then tell from On the can are arms to you. two us other. patients

Excuse the me, question. repeat please? catch I didn't Can that, you

Sorry. XX-week rolling you from the open-label into two-arm are On over? AVAIL, study us got I rolling an many believe, give over, patients you've Can update on extension. how the

the that into off protocol don't have patients continue my is this I open-label accurate where the mean, all it head. part. I per number was, of something top will

one protocol where is So it is everybody switch over. expected to

we patients the have IMPALA-X, separate AVAIL. are same enrolling, this not into study then where a the in actually unlike So is as which

is just in periods, have IMPALA study, the one AVAIL main study. like So we two

So make the have an we on study them not decided to extension side. to AVAIL

Rob, you again? it I'm hear hard can that's sorry, you, say to

I we decided study not extension the with AVAIL. for said an case is have that equivalent IMPALA-X as to

from any update Okay. How period period Can over one, on is us going? that how the roll give is two? you

No, we update on don't that. have an

the So the numbers of I off top unfortunately. have head, don't my

Okay. I Appreciate it. Thanks, guys.

And had few by questions in first I'll the we a email. one. read come

than XXX they you is that the in to So use conclusion you TESARO how explain daily came appeared a dose that can microgram about threefold your the used dose you considering higher dose? mentioned study, to

dose the for second time, was XXX in TESARO half. dosing is dropped it first dose study, that months. the and the intermittent and for applied frequency that dose that day the they in true regimen they months, half micrograms And in dosing three then but Well, the only actually an three the actually during using thereafter per

was half months means of their of the our we eighth the for for second that about dose their months, about have. of study, three three that first then the dose. And this dose So it one was

months of two cumulatively six course of us the over the about give threefold. together the difference these So

eFlow. then so we is a top nebulizer, efficiency to And of And higher PARI this, on the the nebulizer apply about twofold produce of a known lung this higher drug. deposition

probably dosed. compared months So three a dose have clear expect the advantage all this compared faster. feel we to therefore, together, would which we a much latter TESARO TESARO, also not was average in taken the very primary only we for study, to in improvement especially our under to endpoint higher And, terms of but have

numbers? one, in why so A are you The couple here. XX IMPALA-X, more encouraged Okay. these by with only patients next enrolled

take one. I'll that

may recall, all, numbers into conducted been So, study. extension full in see extension first the are countries in the which of And, participating the we the has as only therefore, about study. half enrollment you IMPALA won't

our of drug a participating not all with countries, study. months. patients year the least highest the having is received Japan, been have also extension six for for And them of at one in study fact, in then, In enrolling recall all that would

have no to believe an assume continue we into extension effect, patients that they the so, having drug believe is we reason would And if study. the would that don't

IMPALA. Okay. and regarding Can able this Last is you're safety to? comment you and question, the Molgradex on of if drug, the

be time major a tolerability to drug suggests quite been to on green really study are each since the safety throughout had give much which we've monitor is we not and light rate Also, not discontinuation concern. able you the meetings DSMB routine would front. given continue. have study low, premature our that is to blinded, overall Well, and the we that But safety

That end back close of questions, and was the you Great. to to call. William the the

anymore questions. current audio not seeing I'm Yes,

any remarks, So, have it over Mr. closing to close Neville, I if would anybody to you. back like

No, flurry those minute, those will us any we the there everybody to great is for If emails. get last so in folks back we some questions. all address you interest couldn't just further the had We directly. had to emailed your and coming that unfortunately, questions, thank at a

everyone. Thanks,

and call. may presentation, you all And want I disconnect this to your thank for will conclude lines. today's today's now conference you just attending