MediWound (MDWD) 30 May 232023 Q1 Earnings call transcript

Good day everyone and welcome to MediWound’s First Quarter 2023 Earnings Call. Today’s conference is being recorded. At this time, I would like to turn the floor over to Monique Kosse of LifeSci Advisors. Ma'am, please go ahead.

Thank you, Operator, and welcome, everyone. a ended announcing March issued the results MediWound quarter first XX, today, press financial release for Earlier XXXX.

You the may company’s on website under access the Investors that release tab.

MediWound; Ofer Wolfenson, Barry Vice President Corporate Executive today Officer; & Executive Gonen, Strategy us Chief Financial are Officer With of Development. Hani of Luxenburg, and Chief

prepared remarks, the Following will our call for open we Q&A.

business remind Q&A Before we future prospects including made the session, during plans statements to statements future are performance, begin, Litigation I the as or future Act everyone would or events defined this that of XXXX. like Private expected relating to Reform MediWound’s forward-looking call, Securities under

risks expectations based materially differ uncertainties those the believes actual the and forecast results assumptions, from Although impact the MediWound. due of beyond such to forward-looking and factors reflected on that of and reasonable control statements many are the could outcomes company to subject in are

prohibited could annual the The the from to whether SEC or of the supplement in assumes or any filed Factors factors as actual no without of MediWound company and forward-looking today’s for Participants press are of statements, materially MediWound’s otherwise. information, obligation rebroadcast property report to expressly new results notes written conference or differ directed in those that is the the with to in is anticipated cause release, forward-looking set The set statements. Risk as cautionary result call recording forth update future a well as forth MediWound. events any consent

MediWound. to Officer to Ofer? I’d Ofer turn like Gonen, of over call Executive Now, the Chief

first to earnings of my substantial this It's we share you have conference morning, call. Thank to you, and good eager pleasure to Monique, welcome quarter. made progress the I'm all quarter our everyone.

strong initiate a the are III pivotal experiencing we Phase study. to future. milestone NexoBrid and market our launch promising set foundation in EscharEx poised for This highlight momentum U.S significant are the the We and

Mr. are who President Hani Strategy my assumed Executive me of was newest recently role Allow joining Wolfenson, colleagues the & Luxenburg, and Ms. Vice me introduce to Barry Officer; our today. Development. Financial Corporate of Chief

fortunate We as our leadership have we company their continue advance forward. and are to to expertise

Hani became will themselves. joined this allowing ensuring beginning been over in now in diligently March hand our Hani, month, Barry, transition seamless to in to team leadership. and of our the over financial Barry briefly part U.S us expansion our the Hani both personally working officially I operations. of you. who introduce the call has of them to on

good XX with over years even Ernst be and call Young. generating I in am to financial part over to team. senior I even revenue. AstraZeneca, today to MediWound, Prior growth. Aerosystems, accounting I'm member be annual million bring of this high-tech a the morning, me I BIRD Thank everyone. expertise, thrilled about company of MediWound's Chief Financial to Technologies, contribute MediWound you, Officer joining at held and the & of and opportunity to Ofer, more excited at and was so position $XXX a Alvarion

Barry. to call the pass will I Now

Hani. you, Thank

Vice preparing instrumental Ofer plan, Squibb strategic Bristol I MediWound's Life Strategy earlier, Accenture. our of was mentioned of role held over the Corporate development spearheading & Sciences this in Integra by care MediWound business Myers with to crafting its the company publicly health global focus Executive President As initiatives roles the in experience prior of and Prior in joined to traded care on a With March small EscharEx. scaling decades Derma and a at wound commercialization that, and two markets, Sciences. past I I Development of acquisition for

front many with optimistic very about was company a of saw I it, its future. I MediWound, joining opportunities Before in and

and more even R&D comprehensive a excited company. MediWound's as more of of about core the confident with a the ahead technology infrastructure, opportunities part of for I'm company's team Now, understanding and the

of Our and that to NexoBrid part substantial potential systems, market stand approval, to journey. due drug benefiting their market. standard in truly of course, indications, apart revolutionize truly investors. the and In become care will is to it our completely the the and their Both differentiated care And EscharEx. there in I'm are the and exciting rapid particular, EscharEx this of I'm results. in surrounding have be interest major confident products undeniable patients, products upon respective thrilled like unique health capabilities a

to to Now return the call back I'd like Ofer.

you, Barry. Thank

pride look As I substantial of accomplishment a approached back and my first sense CEO significant of I our with MediWound, progress. as anniversary as

a FDA achieved and EscharEx have of in raised We a with study amount positive approval considerable patients completed II of capital. Phase NexoBrid, VLU

we're Now, the the to III with simultaneously in States Vericel, up collaboration NexoBrid EscharEx. United in gearing Phase of to ready while launch study initiate

with our and vision. Our behind strategic investors support force our shareholders robust of has financial tier position drawing a success, and institutional driving been the align top who attention

It debridement to global Phase and efficacy progress III in wounds. begin will a EscharEx evaluate treating our ulcers. discuss chronic the upcoming programs our like developed comprehensive clinical Now Today, to set is EscharEx, announce our and leg we study. the more quarter with for in study fourth focus. is each to EscharEx solution starting [indiscernible] the pleased of across of update, the I'd the providing of This of innovative were pivotal venous XXXX. primary safety

invested integration maintaining in EscharEx's guarantees a significant the of developing comprehensive of success. that advantages We a protocol while all effort probability high have

of of trial. a into involve trial randomized plan a approach. hours either XX visit ratio placebo-controlled days potential will placebo Our a into up daily They which maximum or application for assigned the incorporates EscharEx thoroughly a total EscharEx. will for be X to lasting enroll or this the period Treatment We and one-to-one be prospective, to multicenter, of patients XX assess randomly placebo. each. will during design It XXX a applied EscharEx to benefits will

weeks completed have to they wound the assess wound will closure achieved an for treatment, wound all up care of patients achievement or will to until of upon complete who standard or achieved recurrence. closure. additional period, weeks this followed XX receive Following XX be Patients for

from data our studies study. this gives as Phase we us strong head confidence into This III II Phase

compared it for the days was very preparation EscharEx well, As with time you patients of study the significant, Phase may gel XX XX shorter achieved vehicle. arm. advantages complete debridement X.XXX. value for vehicle. gel to to the bed He was gel EscharEx The X.XXX. of treated results demonstrated showed XX% to significant significantly Furthermore, XX% closure days of over EscharEx was II vehicle P the only recall, was value wound P in the compared only

wound of carefully the for This advantage over notable preparation. EscharEx bed line preparation to treatment in we these can distinction study. selected fully existing market. EscharEx approach, is approach significant a grant will all In have our we medical the once two products integrate this optimal the the By and of both and commercial The only positions the of to incidence treatment of them accomplished, debridement are end within Both EscharEx powerful take manageable attainable drug, of population. complete maximize two the a patient this transitioning findings a the value wound not the treatment closure, co-primary study. into debridement promptly of endpoints determined compared to closure. active We for endpoints of days wound Phase required III XX also and XX-day are Furthermore, vehicle. as for advantage as with but bed gel our duration the time at the

XX% II floor Barry, Based power insight provide more XXX invite these we yours. To to will further. is for on have enrolling the Phase patients did opportunity to would endpoints. a provide statistical to that the a of determined with us EscharEx, comprehensive analysis the significant data, that for achieve commercial again results of I into we Barry like elaborate target co-primary

Ofer. it's recent EscharEx FDA which the the our Having potential start III one of this very exciting step SAWC brings the to in clinicians to true. love commercially with consistently debridement what in of this X within it us that on shortage qualified in option trial. complete you, than and as Thank less our is in meeting, that the Phase validated already both available At symposium as this path alignment clears closer no of year, as marketing to focused One, to there the study would that QX going weeks. believe approval of be commercialization. a interested results investigators investigators debridement meetings enzymatic participating the be Two, well we with potential

could importance from our biofilm highlight is as a be solution, wound the sets grail the that positions combination of its EscharEx apart in Phase wound to and the as planktonic against It league preparation drug, including II closure and EscharEx of bed qualities particular This which establishes both meaningful field. of the a debridement and demonstrated utmost in as benefits of effectiveness this along studies, epitome of it holy own. a thought endpoints, truly early unique bacteria of previous complete with integration

available current United drug, legacy has market be in in estimated which has the the for States been sales $XXX decades above annual million. The to

their in at EscharEx, an achieved of indicated that profile expand by of Beyond the usage of debridement amount shown they enzymatic a drug enzymatic likely complete achieve when debridement of modalities. the that, can other expense would debridement clinicians wound time care

in drug the research our the share an market addressable of expand market. amount that required of that XX% billion. can XX% This EscharEx once market chronic wounds the In in by indicates is beyond fact, well from current to approved, market $X debridement captured

can see you focus. is primary why So EscharEx MediWound's

back that, Ofer? to With turn will I Ofer. it

efficacy our active bolster the this previous the We're anticipate as fact plan potential III the NexoBrid, the confidence study, the a Barry. along the mitigating ingredient only impressive XXX that trial III similarity for The program approximately risks. within trials, comparable pharmaceutical patients observed Phase XX forward. of upcoming study Phase and EscharEx design II studies to indication our believe we completing significantly move II shares safety outcomes same with upcoming leverages you, a months. Phase in in the Thank enrollment and with between in targets Phase excited our recruitment We

study request Therefore, have advice Phase III by We on and development strategy, anticipate of mid-year. scientific to we our to EMA the we EMA's a as global. part be protocol, for our feedback intend the for submitted

according will the protocol finalize to We feedback received. the

NexoBrid. in FDA approval NexoBrid December to to for were XXXX. Moving We proud gain

potential States, strong NexoBrid standard in globally. redefine not the to patients, in just burn United but care have the for confidence We of

already that upcoming conducting our remain the with activities high. Vericel and and their hosting launch, care educational providers teams very their interest remain sessions. up Vericel gear commercial medical surges training has commercial preparing in we on partner burn track, become As launch from sales health reported

product to new as strengthening such third United launches, quarter the XXXX States of commercial revenue in We in by States XXXX. availability United expect in grow factors anticipate driven and We early NexoBrid the beyond, are and manufacturing in Europe. and our we pediatric manufacturing expansion meet Japan, escalating existing additional label integrating increasing global demand our this line and enlarging facility. the capabilities by To demand, an

track operation We are full expansion, to by this year. end staying committed the scale with of next on for aiming

our In recently the supplemental additional certain BARDA. efforts several Europe, million $XX we key we countries United operations. funding concentrating meantime, in manufacturing funding markets, will Japan are key in announced secured in an States, that and our enhance India. We in This areas the from

facilitate First, a $X of it replenishment will million expired product.

submission supplemental support And pediatric confidence protocol. the it for XXX treatment funds' patients support and ongoing indication up for access BARDA's it of underscores finally, Second, of these inflow of of treatment NexoBrid. in The will the the to MediWound. BLA expanded enable will

solution develop NexoBrid partnership to delighted the conditions. of treating as be burns for We with in in to also U.S are non-surgical field Defense a Department

progress our We line projected enabling funding, development have recently steady to in us schedule. maintain received additional with

and like results study, basal treatment product lesions. I/II of clearance carcinoma. MWXXX for was product would clinical development In of cell Phase target positive update their and tolerated. with The be you found in safe to our MWXXX, I to patients complete achieving Lastly, the also demonstrated on our histological well

the concluded of quarter optimization application. results enrollment the of in recently final patients obtaining the additional of We following XXXX. the have We third treatment anticipate

In summary, we are XXXX. well-positioned for successful

III NexoBrid's EscharEx, We U.S simultaneously preparing study with while for launch. to are Phase initiate preparing the

further anticipate manufacturing year. already begun the upgrading MWXXX on news demand, and increased have to our this meet We we facility

supports endeavors. strategic these Our million over solid financial in position all cash with $XX

With a hand review brief of that now said, Hani, I it over our will financials. to Hani? for

payment XXXX. in of milestone This Thank from you, the partner our FDA December was $X.X the Vericel. Ofer. In received approval million February XXXX, the NexoBrid company payment of

proceeds Additionally, gross the completed million. public company $XX.X of in XXXX, generating February successfully offering a

to compared Moving The million the approval $X.X XXXX. compared statement. the lower in in result last amounted was development income decline the $X.X the same Total $X.X services NexoBrid year. revenues, quarter to million, a which quarter year, is for directly last revenues million decrease XX%. first in to QX December to to of the XXXX linked representing $X.X This same for million decrease of was quarter a

due this quarter growth into increased Product for NexoBrid's last revenue, [indiscernible] This the $X.X gross $X.X million XX% profit and in or year. and $X.X by million, of successful compared to profit however, entry change in the X% market. to Gross profit is gross of million company's costs. due to was the the total increase to quarter in revenues to production non-recurring or last the compared revenue the same XX% $X.X a decrease for The mainly mix year. period was Europe million

in [indiscernible] share-based the in were same million expenses future mainly was $X.X versus support quarter period with addition Total to million first The operating to increase in $X.X along for year. compensation. the growth the due increase of expenses an last

per same to a million the quarter loss quarter in period compared amounted of or compared a last loss for $X.XX The the of year. net $X.X year. million $X.X of share, to was to per or period $X.X year. the in net Adjusted $X.X same operating same the loss compared $X.X in quarter loss Our million for the million million loss for million last share $X.XX $X.X of the period was to last a EBITDA loss

Balance sheet highlights.

March February. at the MediWound XX, net in with offering $XX.X the cash XX, reported $XX.X of of compared amount end balance million public our million and includes in cash had short-term As million investment, $XX.X as quarter of XXXX. December XXXX, a The from of

plan, use through existing and fund operations expected operating to equivalent its MediWound $X.X operating will cash sufficient believe on expenditures. to capital quarter million the During Based and current activity of MediWound XXXX, that the profitability. fund be first our the cash

the concluded the I've that, and turn overview will Ofer. With financial call Ofer? to now back

in successful we and Hani. the the XXXX. building take for great pride momentum you, our We Thank execution are

a like Here limited to our and have market. are confidence Initiating $X we competition, patient would trial III highlight. manageable for profitable the enrollment. billion key targeting With highly catalysts EscharEx, I Phase a swift in site

and for Our trial safety, positioning efficacy future design maximizes the EscharEx's demonstration of commercial success. us

meaningful its scale the as Additionally, key coupled from EU, capacity Japan India, our Expanding capabilities revenue of meet expected the NexoBrid, United rising the in for manufacturing next rollout strategic with we States, global the of driven to anticipate markets commercial end growth and label. by such by full demand with NexoBrid expansion year.

to our additional later forward from BCC MWXXX this look is study to development of year. exciting in Another the release data

Lastly, fully resources importantly, dedicated and a perhaps we have our most and execute plan. talented to team necessary equipped with strategic the

we you now With the call covered, any Operator? these for points have. open might questions

[Operator Instructions] ahead Please TD Our your Josh with first from question go today Cowen. comes Jennings question. from

some the design favorable the setup, [indiscernible] Phase in the control parameters morning, what group data data we using wanted group FDA. terms you clinical EscharEx single [indiscernible] more Hi. against in just seems you will the follow-up. by what you. as many any having the one trial at gel data I some we'll that Hani side or that do especially congratulations see a on one think versus [indiscernible] these some be data -- to you [indiscernible] very community Phase just won't for the how questions for On that trials wanted you're II have looking from and III be vehicle favorable era side clinical Should the comparison incumbent against Barry. ask of there so but have and and design, or evolving thinking the being Thanks be commercial ask the arms. control had in Good terms progress win with just in about ultimate to the download and vehicle/placebo, the just big of [indiscernible] Ofer, gel of of

Hi, will Josh. for Maybe in. the Thank you will I Barry answering step question. start and then

kind of two It's So hydrogel. chronic we very the versus a I considered arm just a yes, are indeed is to EscharEx of of treatments you have want the happy wounds. But gel standard gel study in vehicle. vehicle remind care to that

the it And different endpoints less to only is three another X the show vehicle be preparation in saw clinical we if did gel the compared And will But, you additional we threat clinical to in legacy standard that that any weeks, aiming market. those care. we're we the bed that in with phase it that input. we week to in the that We in don't or that wound showing the that, wounds. than able study, what we maybe not not debride to also, we did -- of even we Phase have that prepare make in for it So closure, believe step can't a and studies trial the from drugs. II Barry, the are see current scenario

Thanks, drug Ofer, [indiscernible] that the would I in and for blind we Josh. in couldn't one our I market say of things is that the guess current study. thanks question, the the

And enthusiastic in week data to said market, And that's achieved consistently as once so is the why I drug I good our over would that Ofer though, with additional debridement what about be the a is the with that X very, be comparative that's agree I notable -- complete feel strengthen control. to going this so using into point we would it's market. say to regard I difference. just FDA that in time, we'll current get shape. against anticipate head-to-head very gel

approval? ultimate Also [indiscernible] combined clinical Phase that that data ask wanted worthy and program this Phase That's with is ultimately package excellent. just submission trial development II going in about Is is that. a the EscharEx. clinical discussions Thanks to for III of be FDA for to the the with

question. interesting an it's So

experience plan FDA studies, at imagine EscharEx to the us are to small PK study. As We guided two you a patient want parallel to usually the conduct used do to studies because additional eventually home. These be Phase clinical small FDA. III we these study, plan the we and can to studies. very study, are development in with discussing

Thanks NexoBrid to analyst just for capacity having straight down do Thanks they're increase just questions. is build out like feel that. risks like but And risks XXXX? the capacity of you line this if last the on line, the all just a wanted [indiscernible] or seems as being is better to an end major and plan built out taking a question path that [indiscernible] understand already straight through for the to expansion or you

Josh. So, thank you,

spike demand by also our capacity. are and our need as production III sales there for year, we a want current phase EscharEx we manufacture to to is product, also of communicated, that point addition current I this demand So, in of meeting the limited, our study. out clinical to

have our raising of us facility, facility. XX capital actually driver the we was the it XXXX. key initiated We already. in take started this up scale September a of months. know, you sterile us It's So GMP will so And

we process until the which priority. So, to EU end means USA, [ph] prioritize need top by X, of India scalar are then, Japan customers, finish the have planning the And we and XXXX. to

we we as sell as NexoBrid So cannot want. yes, much

have limitation end a XXXX. We of capacity until the of

Thanks again.

you. Thank

Our with from your next go comes Please question ahead Oppenheimer. from Brisebois Francois question.

for question. thanks the Hi,

you design, to completion data? you to get EscharEx. you how us XX in of would take of can discussed terms the months, is gauge Can much So what help the enrollment, just just it longer with for

Yes.

Since sorry, additional the -- for the last of need is weeks question. we after weeks And follow-up So, XX last Thank then follow-up patient. XX we after weeks. if closed, of the then patient, XX and you wound Fran. have hi, the

be have final will another think will good I we be until assumption required X that the months result. a

Okay, great.

hit to other? endpoints, share is would can if need Does with the from only or what In it you the co-primary this successful the one just on Or one terms consider hit you with interactions both? FDA? of it this or

the to activity. of the want as get in at endpoint the the the benefit wanted And guidance primary the top will that it when is FDA, when was our very but from to look endpoints. will didn't the we clinical was hit clear past, the So we get was we to derived also discussed the we this with we get data, FDA include approval debridement study and priority we approved. is -- -- debridement, that discussed of maximum, the both just The it EscharEx,

only probability. hitting You'll and clear. by XX can days, the -- the of see to FDA will numbers after one the days don't its you need study get which in is a closure numbers days be gel the XX Phase wound think XX% while with only The are patients order XXX in situation that need for days, vehicle from is trial negotiate see III to We in ready with need XX The endpoint. we we to -- XX long. very we

be situation in So a we that issue. don't an think it that we will will be

two Our intention endpoints. those meet is to

But Okay, and just gel the is clear, to II? arm comparator the great. obviously, are the latest how that, contrast to be with And than other here. the differences vehicle just one-to-one -- compare what Phase

two The arm I care. the that -- differences standard that don't of we difference main the another is have only that think of main is --

So blinding make lives easier, this wise. our is which something will especially

similar. kinds trial second thing shorter, just think because reasons -- that. The little we that, all a X the it's quite is of than Other have is do to weeks I

again, and them just is as The that -- we the CPTs the findings transition can. We for it's best wound as will in wanted the support the also they patients nuances. much treat an closure, closure to totally the so leverage active will physicians our physicians prepared. to -- preserved order we But the to for is wound give once

demand moment the just from talked the And getting lastly, be scale the profitability, able obviously assumptions just profitability. an NexoBrid, up line. you NexoBrid wondering, to cash in of was to to that? manufacturing of what obstacle I about the terms of be great. supply kind would in here to impact just there'd bump top terms of to Because of the get Okay, at

of ready out. what be in up works supply we of are up were terms the everyone, to you So expecting And bump -- say kind should let's scale tomorrow line? just from NexoBrid wondering, we I'm everything

$XX is between operation So to million. that, cost is -- facility of what up the of Other than million $XX manufacturing NexoBrid that are cost $XX MediWound the clinical is and million around to we communicating the of MediWound scale is the trial profitable.

don't what now execution guidance the tell will our b in really I the on of So long We and few range what be of this exactly millions XXXX exact in United is we tens we -- dollars you generate in But in have and planning a give [indiscernible] XXXX. also XXXX. our cannot as States. dependent that NexoBrid will of

you. Thank

question next our Michael from ahead from with Group. your Maxim And Okunewitch comes Please go question.

you questions. there. Hi, for Thank taking the

assumptions completing real current based like factored scalp quick manufacturing III, is just on will on EscharEx the [indiscernible]? to discussion funding profitability. Is of and into going assumption Phase into profitability that I'd So expenses approval assumption purely the of or through on that the reach they that guidance for the follow-up [ph] launch

about this And since million XXXX. question. The cost then, becomes or care good a we income of -- in in a Michael. great It's if that we Because be only trial meeting the that. million, be plan trial, only is NexoBrid will a is it costs something assumption will be shape. like EscharEx can that $XX the very profitable. million it even or $XX $XX will clinical assumption Hi, thing we the

in EscharEx of guidance So it doesn't to being this million order profitable of meet this. don't in really revenues impact XXXX. in $XXX We need

also very just to you enzymatic bit debridement then I'd that. for the Thank so like talk And a about market. much right. All little

an that much what I’m around competitor? how how the enzymatic You segment in did share by million. market Could $XXX bit get there's that market concentrated trying the this you of market about that is generating talk of identify is? held leader to idea is a

Barry, can you step in and address that?

debridement market, about for excited, of it's excited Thanks for that's we're the reasons million to debridement history the X achieve $XXX leads consistently monopoly. And that be the is investors EscharEx, why one question, we in very some under and the -- that market, plus. an opportunity can that's in this very, that by our in the going one drug a that has that Michael. to only there favored drug want is complete Absolutely. that us that There's is enzymatic -- like conclusion to that's That weeks the be market. again,

Thank All more And just the III much. you on then very Phase right. design. me one for

Phase day could then I get XX bears of something complete the right, placebo? active similarities And standard that patients don't this an protocol be initial as some rather III, comparative happened also after So just care to the what of setting, debridement. the given thought to achieve just of like vehicle hydrogel than in trial

This is an question. interesting

of First This you all, the from require FDA doesn't another we placebo. And requirement versus is happy drug that. why are active drug. understand can

the trials, wounds for they to need don't -- as The get ones the debrided. being debridement, -- of reaching around in for thirds consistent As don't not saw a they three we two II are Phase very very don't, consistently we our trial XXX%. in our

will are previous So Phase get in three our we replicate in the -- we did data shape. very a if very, we good we that studies, II

on taking very you and question quarter. Thank the congrats progress my for right. this All much

you. Thank

from question Please And next from Swayampakula ahead Wainwright. go question. H.C. our Ramakanth comes your with

H.C. BARDA. R.K. from the understand Wainwright. Thank you morning, that to One, questions but additional received Good bit funding have from my This more little Ofer. been you. a lot is just of answered, want about

So $X $XX said NexoBrid. replenishment million, million for you within that there's a

$X you BARDA? is is to to that you receive -- And deliver you once deliver period NexoBrid awarded it So the is would product, when you? million or that need produce to will only and a by time been there already

Hi, R.K.

question. good very a it's always, As

$X replenishment NexoBrid million have expired announced for U.S we of that emergencies. So the

weeks of we it of announced need XXXX We delivered money Again, the but the deliver to NexoBrid. capacity think good this by half to something half course, a year. to U.S give couple divide year least we of ago. limitations. half It to a in next the clients. government it once is it have and get assumption we we that I we additional when will be to will that be So Indeed, it at believe due will

the your Vericel do we Very from then updates trial, that to good. in And trial, gets launch for any -- terms data have of before see you the next also, would any And [indiscernible] the product? us?

speaking You're the about [indiscernible] study?

Yes.

Okay.

results communicating data that expect III -- tell time, a we now, we the we point past. this -- time the are patient's time, NexoBrid to similar don't Vericel already is III in XXX [indiscernible]. three very Phase NexoBrid -- study. of trials very as any a At study our So Phase the you see the will have will studies I two the to decide results of that announced. from XXX in trial the this with that from are surprises. can We consistent NexoBrid. what in when certain It's be that But

you. Thank

Thank you.

gentlemen, time to to back showing no and I’m at team for Ladies the remarks. like I'd the over the in management question additional queue. questions this turn any closing floor

Okay.

for joining today. on next So look thank us We updating call. you to our everyone forward you again

We you for conference does and joining. that call presentation. today's Ladies thank gentlemen, and conclude

your disconnect lines. now may You