Catalyst Pharmaceuticals (CPRX) 10 Nov 202020 Q3 Earnings call transcript

Greetings and welcome to Catalyst Pharmaceuticals, CPRX Third Quarter 2020 Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Alicia Grande, Chief Financial Officer.

welcome conference and everyone morning to call. today's Good

Officer are the Chairman Gary Catalyst me Chief Chief on Jeffrey team Ingenito, of Carmen, call today's Operating Miller, Regulatory Steven McEnany, Joining Chief executive Medical Officer; Officer; members including Chief Officer; Commercial Dr. Chief and and Scientific Executive and Dr. and Del Patrick Officer.

of securities in future be expectations over SEC results difficult make should the accurate COVID-XX. I our guarantees in be especially Report like are laws. and forward-looking the purposes uncertainties, These in in only of statements and which comments not that our to and time, report that for relate Pat. recently XX-Q our statements be vary. assumptions Form September statements detailed in filed to quarter to predict Annual to risks, the the our will on are we involve considered and expected you Before estimates the remind and would current and future the statements in conjunction session, with may ended on turn we They risk of results call XXXX. factors will the At filings These Form I XX, contained forward-looking described performance. light begin, may Actual not including federal projections prove this quarterly about XXXX Q&A information to following may XX-K for

which staying financial morning. $XX of healthy these to for operations times. generated quarter results results included with Despite and a are you operating I quarter of Thank million, challenging achieved. with income of everyone from million pleased hope revenue we that call. COVID-XX from we cash start of million joining I product this third very safe on stock-based which of during update compensation environment, difficult number million and our and business you, us and approximately flow expense Ali this in net how in $XX.X items and have conditions were $X.X thanks this a the I'll non-cash $XX.X under third is morning unprecedented resulted everyone update operations. for that

with to want Additionally, ended details that cash proud debt. to no the patients in how quarter will of the with financial a equivalents demonstrate $XXX.X provide and commitment steadfast reiterate million few we the funded to their cash you I minutes. in I ongoing serve. Ali more effort team's am we and

remarkable Firdapse about physician. diagnosis expand a patients to their difficult appointment the their make who concerns benefiting have of the treating to patients from patients number it COVID-XX LEMS continues of their enrolled resilience of ability a issues their We and an in-person personal continue who definitive visits have inability to their an Catalyst have or not for received LEMS been number These from with shown pathways. schedule to physician to have because in-person treat condition. on in impact

on modest not in encouraged this on starts As at new QX to the during period. pleased this improvement. of in compared point, pre-COVID a and significant Firdapse beginning the QX see we're are October. September I'm patient to trend patient but were that year relative a result and starts to new basis by a call I'm improvement this to report ready we

of marketing to this us This for trial. be efforts Having are promotions. and minimal news in and trial. a XX% salesforce, discontinuations is RESURG all. to non-personal it vaccine to XX-day the beginning to to has add expand our for a using telemarketing experts if fall expand of COVID-XX run stand defections most would predicting year by continue XX% recent inside already demonstrated Pfizer we investments, field our regarding Phase that as by decision all yesterday's home at were at BioNTech's support, efficacy III Additionally, those We made patient been to efficacy thrilled amazing that and XX% news our

right begin the trial vaccine the ultimately pandemic And effects are other corner resolve. the to from that results reach we these as to of hopeful begin companies. will around Additional are COVID-XX market, vaccines

commercial As provide will company Jeff we operations we that you XXXX, on positioned I you with growth. that well the turn more the will future believe page on for see details have our shortly.

has published on XX-XXX-XXX patent Orange Firdapse four been The of methods call earnings we our XXXX. will had amifampridine April address FDA's our Since book. that expire or last for on U.S. issued it announced recall you of X, in administering U.S. has the As and number allowed. then X amifampridine been patent

pleased to has amifampridine the believe We doses use pending from citical that and indication. are regardless years for it to of create orphan is therapeutic metabolizers that slow equivalent significant patent approximately will of to are been treat our barriers entering market patent the nine drug of exclusivity. that issued The directed competition patients amifampridine the therapeutically of beyond

value all statistical the line attempt results property primary achieve were of or enhancing to of With previously announced, not the deeply trial to regard product portfolio. endpoints. on to various our development top MuSK-MG stakeholders in intellectual continue add did to disappointed our clinical our secondary programs which will have we catalysts we further our significance as with We and by

our clinical have data this around more the he say continue We of and reports regarding with on to future have to add will R&D to clinical Steve year-end evaluate and when our program. more experts other should programs. the activities

strategic strategic to continue enhancing product or we value, assets marketed our and a other side, acquiring options late-stage a for company as well combinations. with development as corporate evaluate including shareholder accelerating growth multiple the For

to the on next no While been agreements entered date, over say to we quarters. expect have to this topic several have more

pharmaceutical by that privately focused to During QX and Pharmaceuticals already begun Most clinically that launched specialty treatment. pleased company announce was partnered have been market. bringing Firdapse I'm Kai Canada pleased adult in to the have had several now held to Canada medicines to had that Firdapse Kai Firdapse access announced patients recently with that approved LEMS have and needs we in are on we exclusively a and fulfill unmet significant Canadian

are partner the LEMS We Kai making experienced throughout available team Canada. in with to excited patients at Firdapse to

Firdapse last requirements Japan previously the earnings we announced device responsible on LEMS pharmaceutical we for an and clinical PMDA regulatory discuss for As with approval agency met our regulatory in the patients. or call, and approving medical drugs gaining of for agency to

from our regulatory received details now have the approval Japan. official in meeting We that minutes an forward for which path

partner and we now agreement stages Japan year-end. anticipate final we are the a such an of finalizing As a result in potential about discussions with in

is for FDA's affects with to litigation no were On services access Lambert-Eaton to of patients the all approve Drug or treatment to in Myasthenic encourage and Judge ongoing with which to for under Firdapse represent programs, pathways, or patients Syndrome the marketing Judge take the aggressively rare the necessary intended accept that LEMS. to way the specifically Act Firdapse's market about lawsuit community. Jacobus Catalyst is very the XX% Pharmaceuticals with Ruzurgi LEMS RESURG this decision magistrate's drugs for steps which Orphan permitted not the front, efforts ensure diseases. report to decision our development we patients, continue of United to patient disappointed and for to our adult protect to Catalyst Flon's does the in exclusivity pediatric Important in patients Blooms' market change intends also challenging the States. LEMS recommendation Firdapse fact note, not adult decision of to decision

to the have to on Circuit also Blooms' ruling XXth which in granted Judge We expedited last appeal have an week. appealed heard We've Atlanta. of motion appeals a an seeking basis Court was filed

cases our patent exclusive infringement Jacobus It early and against recently Additionally, for for two providing issued PantherRx distributor. have development federal any filed courts on to still recently lawsuits be is we stages these the in and far the cases. in in Ruzurgi's soon of estimate separate both too timetable in Pharmaceuticals very patent these on

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infringing litigation product. detect We our and our the are pursue in of confident will we someone strength wherever commercially patent

we Ruzurgi. litigation suit Lastly, against licensee Canada and exclusive filed Medunik, with the marketing along our KAI Health distributor Canada for Canada on have Pharmaceuticals, in in

turn with first to Ruzurgi quarter XXXX. currently like of protected moving litigation our in the that to granted of Firdapse’ commercial over and Jeff data that This details Medunik’s Our for anticipate is a uses was other Chief we in point, you decision Del charges complaint despite Carmen, call our rapidly provide multiple operations. submission. submission I'd this the At Officer to on Commercial

Thanks, Pat and good everyone. morning,

setting. quarter Pat both pleased resulting healthcare we success in very this with virtual performance our providers largely patients and of million As are the engaging continued sales, mentioned, net from third $XX.X

demand underlying signs As of anticipated, the during trends. third in we to recovery see quarter continue

medication were visit New their We in while patient a of as in quarter we patients compliance the QX, the persistence. significant the observed with new enrollments was for feel finally provider. the able maintenance quarter LEMS that to adult diagnosed uptick with bottom above and second healthcare patient were saw many third significantly enrollments strong

in have trends enrollment The forms COVID-XX optimistic discontinuation deliver in extremely the As one visit consequently early ongoing continue. I'm pandemic. quarter, discontinuations remained that to might in higher this strong where will XX% minimal. despite have Ruzurgi offices volumes. be are to patient rates we are the and result continue and at reopening cautiously team's ability expect, seeing of with on XX-day in-person this stronger commercial our higher the to observations we pleased regions fourth impact steady Based performance around rates

patient adult Firdapse, of were patients, market. remain high month LEMS October remain not low potential adherence shorten there yet patients LEMS patients misdiagnosed help population invested and of are any our assessment will treatable Our diagnostic LEMS LEMS To our and that Among July has patients are heavily enrollments so, the in remaining robust we since We feel base journey October. in existing in significant higher rates addressable discontinuation resources the new traction. potential Besides as diagnosed these the of corrected of and on both confident doing remain Catalyst than healthcare accelerate towards already we compliance XXXX. gain initiatives or the patients, number educational that undiagnosed. By these unfortunately professionals. for very

commercial across needs continues job and private caregivers Prescription supporting Our of professionals. Catalyst insurers. payers, XX% adult healthcare over government remain Pathways do LEMS patients, patient a rates approval services or team to the all tremendous

co-pay a and financial support an Medicare to continue further foundation patients. than exemplifies enrolled $X Catalyst have accessible all and Pathways, covered making are in those Patients including goal affordable less co-pay force. full of average This who and of LEMS Firdapse assistance in adult month. by accessing Our programs our

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clinical provide now pipeline Thanks neuromuscular the I'll for Jeff. an to our develop additional update indications. Firdapse update, on for commercial

remains the and our of Myasthenia analysis MuSK-MG results opinion we are data discussing with Gravis the ongoing leaders. trial Our MuSK, key

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results to the have first that on inform evening. once candidate patients pharmacokinetic future completed medication in have goal We morning The in PK need only long-acting or PK formulations of the the the with and of developed a group those effective design also candidate formulas an from will the formulations. and take study ultimate of once study with they that of providing

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future new a diagnosed that having this will the NAP recent administering can the to This protection Firdapse generic listed patent allele of have for successfully disease Orange patent the an other April also no exclusivity improvements applicant uses the mutations extended our listed of on in described expiration they years Firdapse XXXX. April out will Moving inventions new will protection patients of salt XXXX. listed slow administering strengthening X,X-Diaminopyridine prove FDA's the the of FDA's product to methods listed of expiring Upon a for challenges method provide claims the satelliting sensitive as approved on human of the book also allowed for in intellectual by previously be or also in believe under will intellectual franchise. being be begun X,X-Diaminopyridine property. patents those its already the of FDA patent treating on by X,X-Diaminopyridine patent Firdapse in equivalent having defending patent applicant we Firdapse patient issued research Pat a for of carry and to patents this Should Firdapse, Catalyst X, a Catalyst This successful will period further be each the We validity permit may drug do the Pat working in date the patent that Firdapse succeed mentioned, X, This with rights. issuance And generic unless patent. Firdapse infringe as the book, -- in book, product listed described Catalyst was additional XG. for if the with not of to patents. Orange certain come. on also Act. product or property Hatch-Waxman Orange is until

about excited better additional countries expand well Firdapse ongoing has for current all opportunities and with affected for develop as to not the label a product patients. as been these and are trials we clinical COVID-XX. Firdapse Our for of supply the Overall, in LEMS current by patients to

clinical on provide regulatory progress as become Ali and Chief to available. Officer our review our financial to our updates they call will now I Grande, results. turn the We will over Financial

third we basic income Form Yesterday, our XXXX net per of share, $X.XX $XX.X reported income filed diluted quarter GAAP of period compared per diluted share and the GAAP $X.XX of Steve. or net same Thanks, and per XX-Q XXXX. in $XX.X million and or $X.XX basic to million

third net net due periods to expenses non-GAAP quarter million third per $XX.X expenses clinical Firdapse. third per XXXX. the and $X.X related those based $X.XX both $X.X decreased programs, stock in product affairs was for the million of expenses or to for $XX.X third XXXX, compensation million as was our $XX.X stock-based third we Firdapse to of Firdapse to benefit and quarter sales was expenses non-cash with quarter to trial of the when share. of per medical expenses continue cost In and in program. and of In or Research our XXXX MSK-XXX diluted $X.XX of assurance FDA XXXX, $X.X related the of Firdapse studies closed the $X.X for for quarter XXXX was regulatory expanded expense non-GAAP million million XXXX, comparison as $X.XX basic third the of to Research the compared revenue ongoing Research the quality costs approval non-cash and for development related of $XXX,XXX our share. to compensation that and and sales quarter comparison, manufacturer per XXXX, million and third compared and quarter were $XX.X the to quarter expenses compared as XXXX for or the out XXXX $X.X Net access for of basic cost margins For development of the excluding decreases revenue trials primarily income of prior for $X.XX million third XXXX. third It's in excluding quarter XXXX for quarter and the income million. or the in million of inventory the quarter of for from for product XXXX for third quarter to of from process of related net gross remember with million. diluted important development $X.X expenses

in other XXXX, research expect costs as including clinical programs began required diseases. Firdapse and forward evaluating Firdapse, disease We concept, when Japan the the expenses continue as third access million the substantial continue attributable and is force increase, X related for development quarter personnel in move supporting XXXX. including clinical of to first program SMA of for and for primarily compared formulation same the a of and sales the telesales additional in to agency. XXXX, trials of cost our began expanded period expansion will to non-cash stock in proof and neuromuscular Firdapse cost treatment of third million of our totaled evaluate compensation, quarter we of to ongoing XXXX $XX our that with the type with rare contracting the be continue XXXX, treatment the compared long-acting quarter studies, based the in our the of SG&A to to The LEMS in experience $X.X our study for

infrastructure that continue of SG&A expansion XXXX, will build We support to patient Firdapse. commercial and as be in expect activities our of sales our the in expenses for to programs, substantial continue and we

in of to our On We funded cash losses and information was of website had against November and found XX-Q, Commission investments be on cases patents. page pursue our the debt. on X, FDA with More the XX, prosecute $XXX.X no filed of Health and and found company's yesterday, and Canada our infringement Form million report continue Catalyst continue Investor the Relations XXXX, may and which and alleging at the Securities www.catalystpharma.com. Exchange detailed analysis September to our quarterly be can

to turn call the over Pat. I'll Now,

disease. date and to therapy to treating their to say debilitating effort forward this just XXXX. find Ali. that patients an our more, I once to ways physicians team results operational how the continuing for FDA-approved has adult assist I our look Thanks, for during LEMS We am pleased want realized with with

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and the therapy are as and we legal Our see a show other protecting for our of expand as patients, we Also as bringing to Canada to in and/or invest partner molecules to for recent in patent Firdapse companies partnering our challenges continue and to efforts Catalyst potential conditions. continue Japan. as very neuromuscular regarding in excited And Operator? we to the our under commitment umbrella. footprint other finalize with lastly, Firdapse we global Pharmaceuticals with announcements line issuance that, we we'll questions. the rare are KYE committed And in open

Instructions] [Operator proceed first question of Piper you. Please Our Thank today is from Joe question. Sandler. your Catanzaro with

Hey, guys. Maybe, mentioned my for Canada questions here. opportunities taking and first, Pat in had the just Thanks you Japan.

Just you Thanks. then those And just pricing those could the in and potentially Canada us wondering Firdapse opportunities, Japan? size of us if on operating help territories? of remind in about you're extent the and type exclusivity think maybe in of

thanks Joe, for the Sure. questions.

are that So Canadian Canada. we've that XXX that few we Canada, is conducted studies population believe to in believe patients XX% there in on the XXX we based representing of U.S. market, a LEMS about probably the

aware So, a Canada in smaller in somewhat well much U.S. here it's obviously, probably in less is we here U.S. the And the you than is it are had opportunity as pricing than

-- or public government So is currently as they well negotiations in private with payers will begin and near the negotiating with future. Catalyst payers with

LEMS Japan represents about think epidemiology again market the be to are to pricing supports a will their that to XX% U.S., about We this than that that expect X,XXX point. there think we in patients but we in where talk be the opportunity. ready about U.S. So less data is at Japan. some There's not size pricing going

and use other the a several using EU that pricing in approach We pricing. to is of in sort U.S. to get than also Japan different recognize countries a much Canada basket countries, They the U.S.

pricing it not be And has certainly U.S. Firdapse. this less at point. pricing for So established Japan in than been will likely

randomized could improved a on during patients worsened and Got to label. MG trial run-in I then helpful. Thanks. for MuSK the benefit and ask that the and once That’s maybe the open again and his seem in Okay. it. follow-up Steve just during period If the comments

Was if you wondering point have the you baseline Just underlying it thoughts patients. this for characteristics it any that? is why on at design of aspects -- trial some saw

initial have thoughts if wondering you any there? Just

not Basically, portions significant There's the than described. I consistent really much trial, a clinical during observed improvement provide of I which in we the with detail more first already patients most all improvement in the the can the what large open-label than is is phase trial. of with most prior trial is current of portion proof-of-concept the of randomization clinical that trial. the our And inconsistent data the saw what current open-label we the and

for still trial could to for believe to of time. aren't certain us The this would in evidence preponderance lead As related, we at reason, it say the sure. that be that it's design but not possible point

Thanks for Okay. questions. Got so much taking my it.

Joe. Thank you,

is question. Charles Please of question next The from Duncan Fitzgerald. Cantor proceed with your

side even then had Hi, questions for of commercial and then Pat the the and team, I a congrats pipeline question. on a good quarter. the my Thanks for couple CFO. taking

new the I see and know rate is with you said as any of numbers XXXX of the you hear you to side terms that think see adds. to maybe can the in commercial modulate? if looked terms patient continue like regarding sufficient that the kind anticipate quickly patient to I infection would believe to July you So you color guess, that a commentary in Or you like that I'm this up? wondering provide of to but do in demand trend adds us do can't of tick yet, if it what Pat, and new remind there call

that for question. Yes. Thank you

a there ability versus providers. when which very the patients for are that of sitting We feel to is some the there inpatient at on care very in we lot October able very, new during good patients As likely was since about enroll less visits. the a there telehealth, in significant about the are And we was of a patients XX% prescribe, moving sign I not XXXX health visit where COVID-XX new market, mentioned, take on early forward. that's out that demand confident look and a to had neurologists a via pent-up our for coronavirus us. pandemic, July data strongest month their product pharmaceutical were that is to impact has

able is to go in-person the actually biggest and of start why opportunity or that enrollments their able likely third more the patients physicians were the visit patients up quarter that that of start part So then in to to – country be the opening part for we on once started happened the the then patients feel which early physicians, Firdapse. is to

same on – in So early and the November, trend. we're seeing we

So strong. to November as your just question, continuing? October strong do you see is was that

we're very trend confident So we're short-term that seeing. in the

That's helpful. it's for our diligence particularly you a interventional Okay. consistent And hear I type neurology, in with more diagnosis. challenge that,

So the But market can that I you the get trend. of Japan? recent but you timing? to the on you size. with in question may asked Steve you're regard on a to in provide know color Firdapse the market actually pipeline. on terms additional I do luck to of us the first of in Japan with that move that over appreciate required by that, end work partner any with would year, say be what all, Maybe continued wish Steve

we Well, have PMDA. reached agreement as said, I with

that after patients, of a worth do small to collect data. us of the a year's they're study study period Specifically, in about and requiring safety Japanese also randomization

specific The setup overall of Japanese data, a been the haven't of then probably. the obviously, trial, about years the we and that involve filing going So period execution but time the the it's is NDA. collection on timing, of three trial, to of

design conduct symptom you're can helpful. meds a issue working a perhaps perhaps, on, is concomitant or then that investigating? looking Or severity, the on such analysis trial this ask follow-up I at And if characteristics you're any that patient and you're That's genotype? Okay. as metabolism, MuSK-MG

to of above for except genotype. Well, question the the your is answer all

an condition. As autoimmune is MuSK-MG you know

are trial So we're there's our really But naturally, no see that well. gender, in genes age, that particular looking And past involved. we're as actually at medications they proof-of-concept were to comparing on. what also to concomitant

and point-to-point groups patient together the kind at see have of more time who And will something us looking in responded pool why? in see both. with not looking a subgroups see, bit Because data or certain help response dealing only answer will the importantly the analysis, pattern groups that or also whether from who didn't. that's And And patients in also and pulling so a to fact And at overall and perhaps it to we all or look patient of of to in each adds trial if related decide together of that a to be trial terms proceed this we future new on to that throughout we us the a a varied symptoms signal, to their ensure any little level each at kind inform at individual a MuSK-MG means of future. take design can that trial do different different can we of we're looking if needed it. what trial and how with we're of all get because positive individual might

Yeah. Make sense. metabolism Genotype well. as refer to could also

you on about to development think Moving strategy corporate last good to as regard what Pat a leverage in core best – the is of you Or infrastructure indication. I do think your sales? question, strategy with gotten in on focused bigger would Pat, terms to or the the of like guess, best you've kind picture office of development the terms establishing with What traction infrastructure it to really looking even leverage for the drug is orphan back or commercial do? to providing clinical a the you capabilities

for We've opportunities. force from other been opportunities January neuromuscular have one to and focused – really day on was say we focused one I'll been sales leverage of this day Charles, year. our

imagine there are might those very that of available. As can be you few

reach clearly or other late-stage beyond. And products, Phase so we've or look at X type neurological expanded CNS to our

Those risky. have too bench. early the to or no opportunities too interest are and in We expensive back going really

thought -- what for we've didn't us look at to begun so example that we've sort to therapeutic have, rare at it's another areas basically area. replicate which we we neuromuscular in of a that look bolt-on other a if therapeutic represented and had recently where to areas, don't force man -- to other therapeutic sales sales team done we that for require disease put together another And could opportunities endocrinology, we XXX

that at. so us doing or universe to products companies in So opportunity that's of given we're expand the an looking

appreciate you. I’ll back color, queue. hop Thank perfect. I the and in the Thanks, all

Thank you.

is question The Henry your proceed Scott with of Roth Capital. from question. next Please

morning. good and you Thank

Scott. morning, Good

related accounting of questions. couple A

With the going would reversal of allowance, full the taxpayer be I a tax forward. assume you'll

what in tax rate be the any your to about rate changes would expect you tax approximately? Forgetting

the that's I income on believe noted note. So tax

put -- -- You'll four that tax we've deferred that three, assets on we see $XX.X million of the books.

will a I be to of think the be, XX%? would to going forward? rate sense tax expect rate what tax what you I'm Just what your asking is get ongoing trying

be and is we're to to for we XX% Yeah. think estimating Scott say, early appropriate range certainly to us considering. now XX% but it's

when clinic in XXXX? might And from pretty dip you. it XXXX, like little the -- think about was in a seems down XXXX. think there Do Thank R&D sequentially you XXXX Okay. we was active

That's if outcome made cost again. It for move our depend the analysis of be on decision forward would is the to another to a going trial MuSK to MG. similar the do

So be well. it be little expect were well. I we And, XXXX. there costs where there And as will would to in early running course, low XXXX. might in to a be some approximately of R&D HPP be equivalent there'll as

Okay. Thank you've kind doubled selling side, are sales the on then, you. the of almost And believe revenues And the force. same. I

we'll we two couple question normal? your about obviously a the it's guess in But years I opening It's we consider the back do or expenses, freezing Now we think out COVID-XX or How is versus a hiring? fault. quarters when until of a ever factor. paring back get next maybe be you whenever think greater selling to not should

Scott. Good had several We've quarters. hiring question, Yeah. freeze the a for really last

doubling accelerate bringing that design the was that sales basically way. team, did really been FTEs doing. so that and as on And despite telemarketing about by year's flawlessly in we've added by paring period, the company to budget, environment. an this year. haven't this we're we frankly, really selling beginning revenues, executed on no, acceleration the this by in the the as in together, versus And we've pretty put great fact that non-personal of to team last force, promotion And the in-house in meaningfully our to the the good, growth far expenses at million our think that year's. we support that We $X we've added really you But So a [ph]. positioned back, got not revenues has in unusual. I basically during holding COVID it's own And seen not

see And hired that so, We've we fact go. starting want increased to starts that, we're the be well. have terminated beginning ready. of the We a think the I done as And we We opposite. of have with the because to at don't year want September in and really in the to start COVID. team already gotten November patient to and ready folks October to off good

we'll at from I be front mirror, think stride. God willing. the we're think looking full windshield. probably the And more pandemic don't than is this And So it. far We're hitting I rearview QX, in

So, we're early on question. so. seeing anyhow commercial. I with doing for we're I in hope I've what we And your that. we But the think already side, positive from answered did stand the FTE year pleased benefits And by

to Final question, you That’s helpful, on just LEMS Or Firdapse, relatively are with pricing? seeing regard pricing Pat. the you. Thank is change Okay. stable? in any market

Pricing stable. is relatively

for thanks questions. you Thank Okay. and my taking Great.

Scott. Thank you, Great.

to, at remarks. this closing the are for additional There like time. I'd to turn back questions call McEnany Pat no

you a to calls. for Thank future forward great And have you. very much day. look today. Thank joining us We

concludes This conference. today's

participation. Thank your your may You you for disconnect lines at this time.