Catalyst Pharmaceuticals (CPRX) 10 Aug 212021 Q2 Earnings call transcript

Greetings and welcome to the Catalyst Pharmaceuticals Incorporated Second Quarter 2021 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. It is now my pleasure to introduce your host, Ms. Officer. Financial Chief Grande, Ali Thank you.

may You begin.

have everyone our joining morning, and highlights. today, you Executive and XXXX for call to corporate we call the thank conference Leading McEnany, discuss Officer. results Chairman Chief Good financial and Patrick Catalyst’s quarter second

Officer joined Scientific Dr. and by Carmen, Del are Miller, Chief Jeffrey We Officer Chief Operating Steven Chief and Commercial Officer.

Officer. we will Ingenito, and Regulatory Gary also Chief Dr. session, have Q&A the For Medical

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

unusual for us safe update morning staying is joining Thank during well call. everyone for that our quarter healthy you, hope doing XXXX and Ali thanks, and in these I this second results corporate everyone times. and

revenues the $XX.X past results last that same million, quarter. proud up of Total achieved we We over the during are year. quarter XX% this were net very

product Firdapse revenues net agreement Japan, quarter Firdapse second million share with same quarter or of the $X.X or of revenue. DyDo for last per million for and commercialize past diluted the quarter in were million $XX.X XX% contributed rights the was the Pharma from XXXX. share for XXXX $X.XX product completed second fully up taxes quarter to million, Further, compared quarter which $X.X or develop net net and revenues was income in per $XX.X to $XX.X to second million of the for million in diluted we $X.XX GAAP During in after $X.XX $XX.X million compared before $XX.X share net taxes the XXXX. year. per quarter, income GAAP basic income the second

investments investments. of ended the and cash year share with short-term was program. our impacted this by million open $X.X Reported cash $XXX.X Additionally, this repurchase second market and we quarter quarter in short-term million in invested

the you from the share repurchased company may of a quarter as an And at of shares very our open the $XX repurchase Board of stock million total in million. common open million Directors a market $X.XX today, to of recall, the average market. first price in share of for approximately Catalyst of program of late per X approved has up $X.X shares year, of this As purchase

our shareholder of market the purchases shares increasing We is rationale continue to in prudent believe and value. that open

her we time more same sheet are strategic Ali will opportunities. for the the cash at shortly be be to While from utilized the details balance growth in financial increasing providing report. full

by medications prescribe not their are or of remain be our new impacted challenge peers physicians’ Although that unwilling a practices, yet with fully or visits. functional open continue to results, to as and without market we several for in-person pleased patients to we dynamics new are the not these patients many

more from to half anticipate operations. beyond. country will this we a to to on our of will pandemic, our are year this presents treatment. ramp challenge virus the patients said and commercial the patients COVID-XX have shortly when in Having continues remain trying on country impacted and we get Some second open Jeff more regions and revenue of as that further diagnosed or Firdapse recover greatly information slower upward the undiagnosed trajectory that, topic are this the for newly he optimistic by that were

On and participant the appointment team companies our Development new hiring a team. in announced we and experience Officer. great well Genzyme Sundaram will Directors. be product Dr. developing filling Chief portfolios brings progress Product Her calls. Sundaram valuable our front, of wealth principal through future to Catalyst that human with We sourcing, as of resource our key years to We at senior have recently a large and positions in of management phases managing made as Preethi the of as Dr. Board development. medications a drug pharma anticipate Preethi investor brings of evaluating all developing in other Sanofi in to experience resource everything and

than areas appointment Molly Sanofi the Molly executive, announced pharma more recently of Harper to is large Molly operations. her planning XX to of a of several marketing, at senior of board companies, strategic valuable global her also marketing years and – global pharmaceutical our We leadership in with our brings a seasoned including in Genzyme. Board Directors. experience experience

of the growth, transformation This include regarding also of platforms. Investor position to likely phase technology we next one expect at Lastly, filled a a of resources, human which companies, of the Vice acquisition will next we a clinical when we hired business Relations products, a that be have week. marketed anticipated and/or be will programs is or announced President our time to more critical

as the potential development long-acting MuSK-MG, Steve Firdapse Our medical affairs be you provide will expand we plan. diligently details for placed and move programs the and on we on medical greater to Firdapse forward, emphasis with record R&D, regulatory, a other affairs of continue program to teams to greater the anticipate external projects. status But label activities. the the

to be with active business We continue development. quite

products and programs. and evaluating several our marketed early stage currently of diligence very product on what exciting believe pipeline our are conducting due expand of to we portfolio We opportunities and are later

pleased we Holdings. that into or entered one a last DyDo point, for were Japanese year. to announce Firdapse unbinding DyDo have before Group this subsidiary owned licensing are signed a While wholly rights we the to our this Pharma, complete with to of company hoping for exclusive quarter we very of end more agreement product acquisitions or We commitments haven’t

We have safe exclusive are are access many gratified LEMS of that footprint Also, continue the community to expansion we to to effective our and Firdapse have with LEMS global to through the therapy. Canadian partnership KYE Pharmaceuticals. affordable pleased assist adult patients now with Firdapse access our for worldwide and

believe exclusivity with in make issues KYE litigation wrestle we and to Health regard that Canada entitled to, to that within are the Canada. continue we we LEMS against with progress continues regulatory to Although the community

held was our Turning FDA appeal it’s other ongoing the since of litigation, to case. over our oral X months been in argument

Jacobus when So, you the we this need turn a for continues the there I report report. to call amend motion idea a that of some over I sure the to cannot and the Last await can is the when time. it to litigation be respect Court to the infringement. to requiring issued trial will Del recently decision, is progress the from our there was discovery We we of issued would might the further XXth like With and might This by denied or of Circuit Appeals patent with Jeff our vigorously complaint we indicating our The to that factual occur. decision time. defend be. what operations. outcome to but PantherRx, an USPTO. to Chief on against could Pharmaceuticals of be At plan provide week, ongoing any progress our panel commercial at issues also process it dismiss preparing point, it further were patent that before trial. will our come and Carmen, are judge by to might And that details the our intellectual Officer property include to activities part Commercial get defendant’s

Thanks, Pat good and everyone. morning,

XXXX. primarily was growth XXXX. same pleased to and on steady by half I which opportunity versus represents to $XX.X QX reimbursement and half versus same quarter adult the resilience the enrollments QX We year. patient the X,X-DAP stable thank and this first were of naïve net LEMS their new sales want for new year XX% last stations. patient higher driven helping dynamics, discontinuation continued of XXX% enrollments, all growth last take quarter of the Catalyst were the million, patient very XX% are quarter first continued favorable net the than QX In organization for QX versus rates. entire in Strong revenue with for XX% new enrollments Firdapse XXXX, quarter to the higher focus

than lower Through XX%. Our persistency the of half XXXX. resulted of of XXXX, continued rates half than patient were discontinuation low discontinuations XX% strong XX-day the first first in less

pandemic test procedure impacts We impact COVID-XX less gradual compared to continue XX% lab QX neurology in recovery pre-pandemic June, levels. when XXXX. market data IQVIA continue QX of from are to visits to a Through and that remained see suggests Patient but COVID-XX specific the visits the diagnostic below improve, pre-COVID-XX to trends than levels.

with pipeline robust with are patient to our leads extremely that these QX on I their a already LEMS, with have patients diagnosed of visit but yet of we However, waiting Many pleased therapy. are not physician. execution. am

efficient non-personal In-person remains impact which coverage sales our activity, of promotion approximately interactions accounted for of Given efforts represents sustained activity healthcare force, Combined providers. commercial field field on inside strong. business, our between the quarter-over-quarter. enabled twofold XX,XXX COVID-XX of commercial increase and a XX%

of the and pandemic well and effectively physician preferences, behavior accommodating prepared by half second on We ensure guidelines. team patient all their closely the engage during field with of is course monitor will our local the year to to stakeholders, and the impact continue abiding its to

of the diagnostic generated opt-ins We in and we These resources or caregivers LEMS. caregiver will with X,XXX educational journey Catalyst the patient serve number continue useful believe adult over shorten resources shorten Engaging and better sooner. patients that patients. branded invest have these to LEMS valuable enable to of regarding their will to information unique remaining receive heavily patients diagnostic patients significant journey online and

the This patients, dedicated In team rates, adult evidenced those $X we the insurers. Pathways, private excited by enrolled is and covered our month. patient remain by Catalyst XX% closing, significant which healthcare help all average LEMS less are addition, Catalyst who an needs Pathways In about prescription of LEMS over copay have to than patients. government and commercial adult services to professionals. opportunity caregivers all or per foundation to of are Patients approval assistance in Medicare payers, continues be across including ahead accessing supporting

adult will We to our enrollments diagnostic are in journey Once the the and minimize place generate appropriately want shorten patients. and strategies the for thank discontinuations, put tactics we again, confident have LEMS new that patient Miller, I for at turn Steven now an Chief the unwavering commitment for Chief Catalyst the R&D Officer will to and entire Operating call Officer on I team update their activities. to over Scientific community. LEMS Dr.

Thanks development now pipeline commercial on clinical our update, Firdapse. an I’ll Jeff. for efforts provide for the update our and

a The conducted PK a study first completed fourth XXXX. be As and you and additional A provide product inform been refinement and study formulation are this most results a of number we amifampridine consistent patients order of in three developing study know, pharmacokinetic an PK the were long-acting additional will under formulations now this called phosphate of in formulations more are promising of used development a the therapeutic candidate to effect. to more and convenient evaluated year. the dosing regimen design quarter being with of later prepared, formulations PK in have of

also have LEMS establish the number physicians. physicians are with desired by of formulation optimum the patient community that order phosphate to of in the both panel long-acting characteristics a treating and and of We target patients amifampridine meetings advisory completed

completion our provided both of or revised comments similar panel review for rule for sufficient the treatment indication. expert ability patients would on MuSK-MG Catalyst approval be Catalyst update of positive Firdapsefor our clinical expert from in announced, as The supportive. a options the protocol the submitted MSK-XXX Myasthenia out a Therefore, FDA determination Firdapse. participated including study this comment. design a investment suitability discuss review MuSK-MG, the reports the previous to FDA studies, the be trial design to in we study of on pilot and and the the the question not we Upon that the a to and that MuSK to for continue the an for development MuSK-MG that can’t previously for whether and planning likelihood Gravis, single Based to success our initial review, study As for will community of syndication. the are potential plans, symptomatic new of to of MuSK to their written physicians convene indication of possibility

requested study for of to affairs to announced The affecting proof-of-concept provider is of policies Firdapse study previously Catalyst as programs neuropathy proven who the pressure support. investigator study we to to sessions the medical on passive of available plan provider the for test. through CME for with our endpoint, Last education the centers, a neuromuscular learners on decided CME Catalyst XXXX. about undeveloped accredited infringement evaluate with the continued #XX,XXX,XXX at on patient-centric a phase. host protocol But HNPP, not is the issuance administering neuromuscular reviewed currently This are the for looked the liability an Recently, medical a developing the company-sponsored publicly Next, case last documents to that research, X, case intellectual rare fellows will fall, through To endpoint have more as course sponsor wish case. to Catalyst patients. now raise about we FDA prior the to a by court Jacobus’ patent as healthcare continues and of genetic proposed on new Many develop progress the have of the a in healthcare syndication continuing this this available on do learning mostly syndication the a disorder to with study will course training a with the and hereditary in the protect year was and nature Firdapse of for on proceed for that study in treatment study. evaluating academic exploratory October, including April X,XXX and time. medical X,XXX us. hands discovery state dismiss from we to and Pharmaceutical the Therefore, reported a Jacobus considering make conduct proposed investigator embarking knowing interested protecting LEMS and at franchise. syndication our our we various taken franchise outcomes we discussions Firdapse program awareness LEMS we against expiring property suit denied began filing the Firdapse to anyone and U.S. for have the X,XXX Catalyst related X-Diaminopyridine are has PantherRx date, this X, Motion federal for of case issue. or neuromuscular.

Firdapse. directed amifampridine. use section current issued protect Firdapse patients USPTO in for the XXXX. to infringe states also possibly patent regimens this that to The April, other the of Catalyst the the patents in project. treatment Catalyst use dosing and #XX,XXX,XXX Additionally, related patent. allowed LEMS this for product drug with pending of with of to a in suit dosing doses patent new doses has our the administration are amend July election the XX, label could of infringement and and LEMS metabolizers to order the three attempts patented in amifampridineto new this suitable this is patent product containing in that patent Any amifampridine of label treat suffering with slow

of under if that at trademark the All prosecuted U.S. track XXXX. not issued in patents of remain office, patent them are and being one status hopeful all we most, these

Assuming issuance property. legal patents, protect to Catalysts additional plan take these this of intellectual impacted action appropriate to

announced, treatments previously rare therapeutic disease to expand portfolio the promise Catalyst Firdapse. our As beyond intends to of

patients, expand our new and Sundaram, research focused addition new provide Catalyst programs Catalyst through on of offerings to will as product Officer, new and to our opportunity financial research and over efforts offerings the leadership provide I needed Chief With our we in Ali call programs. Dr. and Preethi the Preethi turn the to much our searches now Development will rare formalized Officer, oversight in review optimization bring our well hopefully evaluations. development integration recent that R&D for as overall Grande, our Chief and disease therapies will results. to guidance external pipeline Product product Financial

SEC and release. Form XXXX in to XX-Q financial our we quarter Yesterday, press second our filed Steve. the Thanks, reports reported

pleased are for results with our second quarter. very We the financial

those me results few Let highlight a of now.

million XX% funded for As proxies license our investments value our earlier revenues growth related compared second Japanese which initiatives and $XX.X will opportunities DyDo creation. quarter a for when the total XXXX. $XX.X second no with of enable ended was net acquiring programs revenues rights. the enable advance quarter with we million, our agreement of revenue the strategic million total for included increase $XXX.X of support debt, $X.X reported, XXXX stage to to quarter and commercialization of development to and us million of XXXX innovative technologies and and R&D and cash we to Total believe of

Our second net the Jeff of quarter revenue continue Despite $XX.X although, quarter product mentioned, by than these XX.X% quarter sales XX% XXXX, recoveries. see product as we second the Firdapse rail pandemic was XXXX. million impacted to total in be continued for second higher to the net challenges, were revenue for

we optimistic GAAP basic the the share growth of QX subsides. As Steven for per per $X.XX revenue $X.X XX% just about per or diluted for XXXX. when income to in as XXXX share, We million $X.XX GAAP of income $X.XX and reported net of pandemic net mentioned, effect or our increase COVID-XX basic diluted XXXX $XX.X QX million are compared hopefully

take more Before color provide moment quarter a tax let rate. second I our on continue, to me

use the the orphans operating of XXXX of net relating item, deferred use losses net to quarter losses state our X.X% XXXX effective XXXX, we periods credit. is tax in rate as to on and expect tax benefited rate in to the which from assets, asset of Our second tax continue drug XX% tax XXXX. The that of in federal QX non-cash tax basis second an while our the balance was we will of use the quarter underlying compared for the in a from expect we to future operating benefit deferred

rate $X.X provision to income was to Although overall NOL. QX subject is this million, million quarter $X.XX which stock those Because basic of net normalized sales $XX,XXX XXXX, income of $XX,XXX net our million $X.X ‘XX of effects base the on approximately and significant we quarter of $XXX,XXX. diluted to of second to from XXXX. $X.XX based off resulting income, net compared the for tax the assets of are limitations, of of of non-GAAP compensation income of basic of of tax for depreciation tax XXXX. to of million, compares up million. and excludes compared of to per of for of certain the compensation and more an useful resource of believe We compared $X.X $XX.X million per XXXX QX quarter net second share, share, income $X.XX which This expense a in our XXXX GAAP diluted per excludes approximately once our $X.XX tax deferred or the Non-GAAP $X.X non-GAAP understanding second to burn the $XX.X depreciation GAAP ‘XX of income million. use that in relation from Cost per when for or the measure operations quarter slightly same QX the $X.X

though total quarter expenses of for remained revenues million the the respectively. quarter and development the XXXX, for the and compared XX% XXXX second and the quarter quarters. second Research and QX of consistent. the expenses increase $X.X XXXX. operating of over X% product to $X.X at at year relatively quarter XX% of we’ve of Research of net XXXX with increase XX% and for stayed costs same XXXX, second the For previous a revenue were consistent for Even represented million expenses development QX line both in

the and we’ll access expanded out As main XXXX. formulation clinical activities study active close and our consider clinical proof-of-concept to MuSK-MG Continuing our XXXX, continue studies related long during in the as sites development we trial program. our

in development treatment the program expect research as formulation disease. XXXX our expenses that continue and to substantially the and Firdapse, expanded long-active we beyond We further development for neuromuscular will of evaluate continue access for programs be continue our other and

successfully the in $XX.X earlier-stage expect at opportunities. addition, quarter on of to license we $XX.X year, both in for represents increase our innovative strategic categories if to And/or quarter quarter SG&A compared of a operating Even over of disease. quarter execute In expenses outside total future XX% various increase initiatives second XXXX. we second the XXXX acquire technologies. There’s million pervious though totaled in SG&A million it second or also the same periods neuromuscular for R&D quarter will second X% consistent the XXXX cost XXXX. expenses of of and been remained

report We to I’ll Investor in business. and the More in we Commission www.catalystpharma.com. we Company’s will SG&A be with that August yesterday, XX-Q from filed be website, of as Form expect page Firdapse call And to expand found can and quarterly sales expenses and Exchange further increase our information revenues X, Securities may found XXXX continue turn the continue expect on our efforts with detailed on analysis our substantial to be was Relations that Pat. which the that, at to and over the

reports. that during the I’d thank the prepared we our entire by segment remarks on in questions. times dedication to Steve, all your so these to patient version I’ll making patients may Firdapse. the operator, team for affordable now Catalyst thanking continued Jeff, have access your call and turn for them take LEMS ensure that over you like to this focus to to challenging Ali, close

Thank [Operator with Our Fitzgerald. Instructions] Please first question from Charles proceed. Duncan Cantor comes you.

question. Pat And taking and a quarter. you Hi, Yes. thank team, for congratulations on good

second on on commercial, is pipeline question on Firdapse third is and First is strategy.

noise. you that, if provide guidance. Firdapse also you you, this prevalence tell I’m to patient guess said wondering How And the of color the that the question, to the in additional that Ali of assumptions the diagnostic particularly are a not journey or journey? provide be to shorten on he some diagnosed first so got And resources then whether mentioned, interested there’s sure versus not you’re could I’m interested regarding revenue background diagnostic I Jeff I in shortening lot effectiveness making? if want

not on sure guidance? of comments I And if all heard our I’m so

yet. still what’s Yes, they need we Thank we guidance providing – we before point. guidance to you any are are not COVID that questions, by provide the with any at We Charles. able your think happening for way. are Yes, to this monitor

to let versus at no more Jeff we And that So, is, prevalence you in a with these point, that journey, it our this the guidance. little the answer shortening know days. our diagnostic difficult both as will policy our I remarks, is bit regard mentioned

We offices in-person point were at have tools new that issue in were they the physician’s a not shorten checking they requiring to But the journey. they several they patients, place were alarmed, real is or will this fully are visits, functional or new at before not medication. prescribe

So, reasons guidance. dealing the we some one we this at to point, are a with and the revenue dynamics unwilling that are of those provide are why of

talk are want and using. the do Jeff, you about tools journey we to diagnostic So, the

and the Charles. thanks Sure, for question,

– also that for But that reads that physicians. as well having, physicians. caregiver, and can these are ultra-rare with discuss some believe patients I prevalence. at X,XXX And are LEMS, into these – about our LEMS the lot patients very and the a we and we bring we test. patients, First is to manufacturing VGCC patient our it foremost, with responsibility that confident We strongly that, free symptoms stakeholders, provide adults educate about potential have resources we their other also disease, they are educational With in that pointing stated the information may providing LEMS. to resources is be of it’s educational of that always a about as it’s test take,

these that’s So, helpful patients. extremely an for

that a request, ongoing stakeholders and conversations As to have the we reference, the these allowed information we with that X,XXX are provide or engage patients then they And opted. – have caregivers that have patients. those with and with options,

hopefully question your helps what with as to patients, address So, are Charles. that doing we these

to wanted Charles. Jeff, to I to that add Yes.

I which the two to providers Medscape. of have available We are we particular that believe and disease X,XXX this that have programs received the I about point pointed credits Steve have are out, signed that hosting unique XXX for the LEMS, studying credits as and were think is for as disease. continuing – – have speak. to we healthcare And medical treat side, ongoing One or up the docs who are this at XXX therapies used education that we actually this have we about through docs, education on some And of review. effort an

spread neuromuscular then at So, or we institutions they for which knowledge country, academic and their we XX And institutions. back have they is institution rather, their – Program, Ambassadors meetings their about of with around we to about to another specialists supposed colleagues so around to or go fellows Syndrome. go and at our LEMS. are disease, have various back a Myasthenic the hold And who further the educate base the Lambert-Eaton

really will shorten for not we program only of is combined there ultimately So, help and we them educate think that the a diagnosis affect to journey patients, the all for for the but these definitive patients do and have programs to healthcare providers treatment. to

physician, information they that up based may the already thing have they provided. that on something Correct reported they to is bring and the LEMS have patients are is, we have seen another that that Charles, physician their to

and have have to there, going on physician websites add patient thing this are traction unbranded we patients well. to maybe and And engagement. caregivers from are to both seen So, I the videos offered the that helpful our am as branded is that last we and

So, a there patients. lot out these of help to resources

one? much And sorry are this It this is form. form did color. are is timing, another traction And or franchise? pipeline, a you so, so provide any to Can Steve, is, the of have it the value or for was all seems some nice much market I for regarding or And next wondering acting needed in it I am Okay. the you doing added taking terms if long with PK appreciate how the of a additional the non-long getting color to Firdapse. in you because like like need time. on acting seems the My doing and sounds that perhaps question the I studies community. wondering, for am have

us really Many Thanks had what number going for have. stop a they don’t and amifampridine time this the is when are to doses of they tell inconvenience question. need the We to patients to really throughout are a like the patients have actually doing that having of take day. their of

really so drug. want they And this

pointed you overall with growing. well itself. the sales, effectiveness it’s as we And message and out, to of done that very points Now, basically the have

And so to version going available. the sustain the becomes it’s patients for better when get product of the only released

or broad…? whatever, is Any there a thoughts to on disclosed. I know But the on reason, perhaps not competitive that all timing? give

broad point view, another clinical trials version we anticipate our start basically expires. point of formulation to efficacy market bringing to From relative enhanced drug the the appropriate or about product. this of this do. will to orphan product exclusivity IR product support we We to so the of before year which a have At work

And orphan Are updates it effort wondering, does hires, within of you tuck in your your I some this guess or at terms can Okay, commercial on Can great strategy color are regard I then question leveraging focused a a or into a point direction? that strategy. you in of within it acquisition more that additional you looking companies. in there? different what on last very acquisition experience platforms, And sales take and this helpful. mentioned additional for something and effective am do provide or neurology? that’s you favor, kind executing the company transformative going you with products, of period on for Pat, to is strategy

think neuromuscular. described on may attempts, a bag. not Sure a we would our grow force business. to of to bit I able the outside difficult And we to any last be be neuromuscular think – that not product most spectrum Charles, And year. very in we are would or unfortunately, couple to of another have about I with therapeutic And leverage are out. And and it had category of oncology, going we work just last very We love we that space our sales crowded, a in include restrictive, which it’s is which we did tried call interested to work yes, in the ideally, expanding in.

looked and example a we let has to think We be something going me knew high certainly a that neuromuscular the we that product at and bag put of our something regional – we that the we sales that done therapeutic to really But example. in to endocrinology us. That’s sales done job clearly to for XX a team. categories job success would want in can replicate great to products team or rare likelihood of year endocrinology, carried I market in account XX an other marketing to asset about also a of by use be and have force And neuromuscular that So, disease bring a it’s is we We a that market. ago. stay our which outside affordable together bringing such product to in that person potential a great think has like managers space. think not sales a we

bite us. And for the we too that again, big that a only thing so is something avoiding is are obviously

so projects. not There acquisition, it’s and we validated may therapy well think oncology, be like there, an an something a or that would that out fairly case. are that that technology came is platform gene interesting as with broad to the small cell molecules with some approach. may as And biologics Ideally,

So, got stages development. fairly look to spectrum we have in at, various broad of a

financing kind you terms helpful. equity? you of That’s of it versus contemplating? are transaction What What do in think about debt

$XXX per so, cash, of of have equity million have we doesn’t in more that to million cheap. cash think $XXX And we well as of $XX least probably awfully come the to pointed $XX Well, guess to debt, by out, debt. million taking as as and growing CEO number us I – talk is loans, have a banks, million some X/XX, large a access our we think that. that at know as term that we what us is in takes we We to have about quarter. on But

have a but make an instrument been reluctant to in past, We may acquisition it. the use be to, good it with to

providing the detail. Thank all you Appreciate additional you. Maybe cheap money.

you, Thank Sure. Charles.

comments. like At call to turn for you. Thank closing the time, management this back would I to over

for Have future a forward joining I us look you to And great Thank today. calls. day.

This Thank teleconference. concludes you. today’s

and your this for day. time. thank You And you your a have may disconnect great at lines participation