ADC Therapeutics (ADCT) 7 Nov 232023 Q3 Earnings call transcript

Welcome to the ADC Therapeutics Third Quarter 2023 Financial Results Conference Call. My name is Kathy and I will be your operator for today's call.[Operator Instructions] I'll now turn the call over to Eugenia Litz, Vice President of Investor Relations and Corporate Communications. Eugenia, you may now begin.

Thank you, operator. This morning we issued a press release announcing our third quarter 2023 financial results and business updates. Officer; statements on conference third section.On XXXX website Chief Chief today's financial Kristen Chief available listeners the ir.adctherapeutics.com for Executive Financial will is I Medical begin, we to Harrington-Smith, statements quarter Releases Chief recent meaning Press call results Commercial and Officer remind release will call the within this the Pepe business our of harbor at would ADCT some that made under Officer; contain forward-looking Officer; discuss This and the Zaki, the highlights Carmona, review of questions.Before Mohamed Ameet call provisions before opening during U.S. like the the of safe Mallik, Private Securities Litigation Reform Act of XXXX. Stock outstanding to development and products, requirements, FDA ability with partners access our foreign our New for maintain and development regulatory with of ability or listing those operating guidance financial include restructuring allocation updated efforts, future our as of plan, future for capital. to field and our our our market our of capital for competition, and clinical either for timing launches partner ability products, forward-looking regulatory results, and product operating York our combination impact path and and portfolio to growth, alone partnerships future our compliance future related and and forward approval foreign our ongoing products, cash debt products, our strategic and including business repay and our strategy, commercial for and volume strategic in results statements future in trials authorities as our programs to regain and the to the prioritization obligations, our Examples acceptance, either through product, alone revenue with future or expenses alone either strategic share product market potential XXXX partners, combination Exchange projections, growth requirement well or our achieve actions statements risks differ and uncertainties actual and forward-looking results subject These are to certain materially. could and the identified company's They are Form and Slide on presentation periodic filings described X-K. and ADCT's XX-F, the SEC and in slide X, accompanying Form on the filings on with press release today's as updated recent in in information providing and today's undertake any as as required forward-looking of circumstances of new conference events obligation this contained or conference otherwise. a or hereof, date the call to after is any does call result law of date statements not in future this information, ADCT the as update by except cautions investors The to reliance undue statements. not company these place forward-looking on includes non-IFRS also measures. financial presentation Today's financial accordance and substitute considered measures information IFRS. and non-IFRS isolation have the prepared or addition be with as measures in should to a limitations These not in in for as

the earnings the my quarter of You now to CEO, IFRS to in Ameet our should Mallik. and to contained pleasure refer information comparable release non-IFRS the to is measures third for definitional reconciliations historical the measures.It financial pass information company's over Ameet? call

disruption on had XX% and competitive Thank gross force and you, to deductions. all decline the million, year-over-year. increasing the for we you an net sales field net The was Eugenia, extended environment $XX.X of us. with challenging a ZYNLONTA, quarter Starting down to joining with attributable restructuring, thank higher

to year.We in lymphoma. of in our to in the will next signals. study Tanabe marginal ongoing follicular for no of of our the of to study data to we lymphoma clinical trials. safety provide LOTIS-X ASH partner from capture of ZYNLONTA progressing for ongoing from rituximab ZYNLONTA. with in evidence Japan, and in combination Phase program confirmatory trial local shared and LOTIS-X joined new the line In the Kristen this to forward LOTIS-X details X for exploring quarters. In to the our expect we X December. look the Enrollment first include Enrollment bispecifics responses These also longer-term has data in ZYNLONTA fully continues was upcoming combination the and program of from clinical durable our which We from September results with expanding well. ZYNLONTA University regulatory with now initial base trial SOHO second development and Congress, presentation planned Mitsubishi coming several ZYNLONTA, follicular fulfill run-in combination zone to the DLBCL updated the showed lymphoma continue share plus model with in importantly, Miami investigator-initiated that at as rituximab commercial believe in safety clinical oral in is now LOTIS-X expect a progress treatment We signs to requirements. progressive of necessary restructuring DLBCL, value further growth Phase shortly.Turning half see

our to initial We X expanding plus to the data also look trial stepping KAAGX. DLBCL we from exciting portfolio to are ZYNLONTA strategically to a XXXX. In targeting expect AXL updates and potential several to readouts in especially from forward these as remainder line in in an DLBCL earlier expect therapy data ADCT-XXX in Phase targeting see marginal our continue We year. lymphomas.Turning stone in lymphoma of current ADCT-XXX the the next pipeline, lines to in investigator-initiated programs. creating indication value approved the from other of particular of monotherapy we half priority data anticipated invest third first share zone across Overall, data higher potential we combination as

a This in targeting Phase to our We decrease data resulted year-over-year quarter. efficiencies the X CDXX.Lastly, operating progress also continued want expect ADCT-XXX be I in operating the and increasing highlight to expenses from XX% shared additional in throughout organization.

that have place disciplined capital summarize, growth. progressively our mid-XXXX.To in and we we maintain runway continue cash we strategy ZYNLONTA team approach to our a expected allocation pursuing in drive confident forward right to we're that Going will ensure the

we our pipeline Kristen? business remain company.With team months, execute are and for the catalysts the clear for to tremendous the execution, plan. and to runway update. XX has commercial the with we call unlock Kristen Our in value several to the I'd track that on expected over over believe cash potential The a that a turn to meaningful like ability has I next roadmap confident us provides our

Thanks, Ameet.

net the by particularly the by quarter year-over-year, Third of the environment, from and launch with of XX% evolving disruption competitive force field impacted bispecifics. sales ZYNLONTA decreased restructuring

We also faced gross to net policy. headwinds Medicare from discarded the drug B Part

quarter play a as to pace quarters, XXXX. mind now entirely dynamics. new This keep ZYNLONTA and fully the field growth to up coming over new believe in we priority.While DLBCL Despite strong the different and and we leading we in dynamics am depend the on have call line X effectively will market.As into to competitive confident customer between to this of where We the increasing to in by the with return was plus this today line, September was treatment levels, our of continue that the significant engagement. typically capture on we a third ramped report in long ZYNLONTA community restructuring community I chart, months. awareness you with a impact approximate trial felt of in up treaters see period the we commercial has market of fully brunt an indicators key the fragmented the setting ZYNLONTA. August happy force seen in during with commercial academic in Call look care of field DLBCL restructuring in to either expect growth longer-term force, an or early we that of the are most role also the The lagging term. and and our the of couple is volumes reach now around to strategy highly In with larger is the see why is setting relapsed/refractory recovered one the of to standard that a believe set third value explains critical months. the no important to with component evolving a half setting. top the competitive clear also and This crowded adoption there volume are particularly am opportunity.Bispecifics model over disruption the seeing of third is pre-restructuring prior are roles, compared why This particular, of top landscape, the to evolving I and XX% as that realigned our the academic has increase

therapies. CAR-T presence this are unwilling candidates critical confident patients that patients complicated for are to ZYNLONTA in therapies the we will vital bispecifics for or experts who and ZYNLONTA community strong in in is the are access academic like as maintaining for treaters recommending centers complex believe bispecifics. play to patients However, to a the unable suitable or We a setting role progressed not these continue are on CAR-T either who have or who

lines we of polatuzumab In have first-line increased of seen DLBCL their all following approval. addition, use across

as treatment, it time, this ZYNLONTA later embedded we lines. should open However, the for becomes up further over in opportunity frontline a more as believe

and important and growth it's ZYNLONTA the influence opportunity majority the solid for see we and we focusing a While are the academic resources the of in base our we maintain continue to in efforts setting, community, accordingly.

with can the safety highly outpatient effective profile be setting, a setting. For physicians a manageable community in ZYNLONTA that monotherapy represents administered in the

the and right we in to have and ZYNLONTA effective we combination.With due the the slow look strategy the the obstacles as is confident agents. move entrenchment to therapy of of behavior a in to future major change that I'll in now turn team that the in right the the and to as lines position am effectively monotherapy of I understand Mohamed. face we less to to and/or is place that, over challenges, call community One prescribing older We earlier

pleasure Kristen. to pipeline. you, Thank is the update my an share on It

which X the well. value. and the resources study Enrollment have we in to drive LOTIS-X the focus our on to continue Phase We programs, believe highest is potential efforts progressing

lead-in a At of reminder, SOHO plus study response of examines and rate months are primary not and treat, September, real-world in an represents safety double-hit, signals. difficult response of a the for duration ZYNLONTA demonstrated demographic. Congress triple-hit of no LOTIS-X in to a patients rituximab median complete trial treatment, to that patients XX% which with eligible overall combination safety transplant. the DLBCL refractory new the data As from X rate last XX%, This response updated includes the this second-line patient

in believe be of a look beyond week change sharing types plan tremendous initial to including total novel explore this forward combination patients.Moving forward identifying XX% the out lymphoma. the will the cell proceeding our are is patients We of in We lymphoma novel with This rituximab pipeline and next ZYNLONTA starting from ZYNLONTA important own potential is ADCT-XXX, glofitamab, if XX, the non-Hodgkin exploring high-risk and community. While metabolic from lymphoma, substantial amount mosunetuzumab encouraging, at lymphoma. encouraged ZYNLONTA.Of half tolerated refractive our or ZYNLONTA, overall to oral look This we data rate. interest University to in to non-Hodgkin recognize beyond The cohorts to multiple lymphoma abstract at and complete or note, interest with cancer LOTIS-X. response this is investigator-initiated we in in details of the AXL. successful, non-small in lung sarcoma. zone we believe that a combination follicular or last year.I refractive these Dose week study and Roche's reps in studies, to ZYNLONTA I with There well highlight response data XX% optimizing encouraging, this follicular very combinations presentation.Turning XXX in to of relapse like with And to to additional targeting novel ASH patients study B-cell physician rest relapsed and DLBCL, with XX was bispecific of in an see is this of community from of of are explore clinical that the the combination we combinations Miami to rate and the in across would treatment like in highlight trial, paradigm. malignancies. could escalation new XX first investigator published week marginal would

has we yet Based immunohistochemistry approach. are cohort In a adding not parallel, Importantly, possible pancreatic finalizing enriched a are an the tolerated the been for we population. assay maximum biomarker data, working with patient on cancer preclinical dose towards reached.

KAAGX, the trial We is of expect first from this share Phase data prioritized continue targeting half X ADCT-XXX also the to in to to escalation procceeding. XXXX.Turning dose initial

we and first with of in are initial validation expect XXXX. we half assay, As XXX, share data of immunohistochemistry completing the to the

collaboration X ALL Finally, Cancer in proceeding the patients escalation expansion with dose targeting and refractory or CDXX ADCT-XXX are in with relapsed trial Anderson Phase MD Center. in of

help to added being are enrollment. sites accelerate trial clinical New

We over expect further a additional data will over pipeline with on shared I update. to our be providing progress call coming the to the the months.And the Pepe in updates look to of trial to from of the forward I Pepe? half first turn that, financial give XXXX.

Mohamed. you, Thank

the to crucial keeping Before key get operational reiterate is to XXXX maintaining XXXX development operational would and continued of mid-XXXX. into financials, business. our levels. throughout runway the I and progress efficiencies our achieving confident the into cash XXXX both our I in pipeline below expenses funding like This in programs in We're

and for balance the million, end $XX performance, our equivalents position at QX our of sheet, September had the As XX, $XXX P&L. from the cash representing second starting cash with to of quarter.Moving million as of a we decrease

already heard, sales you ZYNLONTA in were quarter. As $XX.X third million the net

were a same compensation down XXXX. mainly I studies This referred lower basis, and clinical expenses operating we combined reflected our the marketing reduced stock-based in excludes period to Together, compared focused expenditures which P&L, R&D the due down operating expenses. investment to the and efficiencies earlier. our XX% in on to Moving non-IFRS selling

You the and shares. presentation.Moving release press to can or measures the issued an non-IFRS the earlier loss in net appendix of reported for to the of measures we diluted IFRS of million in and the tables bottom the find $XX.X the quarter On basic of financial basis, this compounding IFRS P&L. third $X.XX per on today a reconciliation

and programs data LOTIS-X the highlights first of in to the the the shape Finally, several productivity year continue capital to turn key further value-driving more value this our milestones, to to allocation We're initial half will the for with and initiatives to which future drivers. value.With serve the in We're create catalyst-rich partnership expect to back the enable slide the of during looking XXXX in year mature in from catalyst half, actively near-term data Ameet? forward able company's closing remarks. opportunities that, we ahead XXXX. call pursuing be completion and potential patients second will a The most towards year. will Ameet additional drive I potential enrollment promising also

strategy Mohamed Pepe. roadmap capabilities a Kristen, the have future execute we for as drive you, to confident well conclude, and To clear all as we are our Thank value our to stakeholders. on creation

updated on excited about our keeping future to and are progress. We the look forward you

for available Now the team Operator? be will questions.

Renza Capital Instructions] Gregory RBC [Operator from Markets.

Greg. is -- to next I question on have just on few you quarters. for that ZYNLONTA. I This first is that I'm Paul guess expect mentioned noted the I you the growth return over

Just follow-up. terms the potential curious I you as if a XXXX, guidance you get more again? on inflection? -- And plug should you point ZYNLONTA can provide quarters? granularity to see then to like which the have how of you do in anticipate And to in on a Or

Yes, there QX. thanks performance reasons for see, Yes, I the in as you for the question. think One close can to disruption. are was X

the field which time commercial was longer. have we disrupted model the force of to the and right we to mentioned depth As before, get

a and in QX. disruption so we happen expected And saw

it when entrants. finally, higher of to net higher we versus competitiveness We prior saw quite product net, look in is year. the quarter year-over-year, gross had And increasing you a gross this bit there time a then new especially also to from at

the entrants adjusted not in play are for new factors community. Also, other knowing the be that the those bigger was as the to opportunity that the growth, you we bispecifics and real setting, X model, the commercial in it know, the was going academic So performance. role

in be so the now and able up running. community. is force model to field to we And the The win back reoriented

growth back new and lines team and model coming running between we new we're activity and There's August, and steadily to impact a see have guidance. the up we a normal. always the of a any when drive not this time, At But see call quarters. getting impact. lag As the you returned our will believe further providing over and

And LOTIS-X. see on clarity second the remind half you you my in year? internal to do Understood. Got in of for the on data then I rate the is next would get that bispecifics, the this on what's advancing program question more shared you the that bar synergy terms with And then first and the wondering if or with side? we was us it. durability response can the anticipate

And the Yes. Thanks therapy. see for potential be your agents question, we for combination the backbone a actually, Greg. ZYNLONTA to like

to and With the well. very one is of progressing mechanism toxicities. single-agent very combination seems action activity The with known separately The combination bispecific, each of study distinct have with interesting. demonstrated be overlapping LOTIS-X

possible escalation, issues escalate. because the by dose DLBCL, the combination to far. dose of a transformational We next The as X and some continuing more non-Hodgkin year, expansions. that a marginal the be lymphoma. have this approximately seen year, share escalation and for diseases: is patients' mid different could includes And next dose follicular we're be in able it the on of dose safety so lymphoma It's landscape not hopefully, of types we'll information zone uniqueness whole a study

So investigators part on interest basis. received to are it. very the be We study and almost excited request of a about weekly

In of combination. mentioned, of addition, make we And of major course, we I change. believe the a this landscape DLBCL could as

thing to see Yes. other efficacy around like? with good that would the testing then Obviously, alone. than they to does dose fact combine rates agent we're the get either that response higher can And in first you what safely. escalation look see question Yes, and your want foremost and you

so alone active, durable that get to CR to rates agent and highly either with response. both than they're think I are higher

TD with Peaker Boris Cowen.

Nick is on Boris. for This

this the -- how on you've to one the is So then more what than like color focus new you setting? made the gross net my year, to it higher rather question academic more to net, And on come, community like provide strategy? setting on moving commercial a is, continue the the second gross little to on can for do And first on net And changes highest a quarters net for to was to like gross come? expect year? you've the that the you had to years gross

changes competitive So the commercial model. market we we particularly with Ameet I'll how changing the to was go to that the new start And with essential, like believe said, environment. absolutely

to the really ecosystem. our of that model health care changes adapting were we key Some made local

work. that key together that we of one well the make are community. new fully set sure to the is leveraging referral to These the driving the would they their work who is the or We're to community patterns these to the advice we advocacy the teams that medical send up with with experts that level advantages academic this essentially treaters, setting at the local of better dedicated how enable turn from have aligned generally to demand treaters community One have so in patients. they where for model in

the from sure treaters the making teams. between can this So over advocacy hand can improve essential leverage model.And also we I we centers to it in to academic that, the that overall community that collaboration Pepe. is With the

the for Thanks Yes. question.

to to the contracting, gross the Those XXXX And to of at that elements to- high year in elements and XXXX. as it mid- to X the compared going in that is the will was have that between and QX to well beginning digits. numbers. impact were second would there to are numbers year-to-date as which the percentage net, be every gross impact one communicated Medicare said X B be GPA Part in on Discarded Drug single points policy, impacted we So X year-over-year. quarter we X the going net One were

specific from drivers. quarter. year. So key those main the that prior the disclose on quarter. that's versus there's to that comment always but fluctuation going I -- data, cannot We driver don't the quarter But are of be the increase to

thing independently, Kristen tough we that people systems One you're what you before very just were when working commercial I'd working territories. are care pull community talking cut And said and in across penetrate to independently the of lot about sort that through is, working to that add focused third-line model across had of more small about. And a have like and to DLBCL, were cut a do now that academic we rare which disease escalation. you the of have teams plus

So teams in August. really and got up running

we'll months I time. their the in you see the believe start right impact So don't but over X they're stride now and first completely, really seeing hitting result the

Naureen Securities. from Quibria Capital One

I have is or I guess either the first Mohamad. Ameet for one that

presentation So rituximab the from with ASH oral of IST you that presentation in study ZYNLONTA follicular have lymphoma.

Or is So early move results. seeing into it now? Are considering too early? you a the that setting

I high-risk difficult population this patients. The we PODXX Naureen. want that which lymphoma, patient follicular very Thanks, population call with is to to highlight treat of study,

the follicular data in is study observed So, [ ]. lymphoma, the this in really of considered be effect lapsed we in field to specifically outstanding

better that about it when XX% you're XX% than and this patient talking rate get response, Specifically overall population. response in complete doesn't any

are excited, encouraged the are excited and this doing about are are actually We it. by very and study very who the investigators we ZYNLONTA

LOTIS-X. expand will remind ASH. just determine study several a about what also And And is, plans who bispecific step you with move the the during towards also actually information will in and will plan with time market. inform of the the I definitely and forward. We on no is will not in the much that to allocation to based this strategy. to combination signal it, we another like in investigators, is share CDXX confirm others capital be lymphoma want included to which the the stronger we LOTIS-X, CDXX, But this it ASH context is more we after and also, this disciplined we that, matter did doing And the the which plan people follicular

into transition to it's initial good rituximab looks strategy a then a with what combination hopefully, see and the LOTIS-X. like So, data you'll in

for you playing expanding study with plus follicular I zone. a expanding also to earlier LOTIS-X, with line but a and With lymphoma DLBCL, the we're in LOTIS-X, of follicular now, LOTIS-X indolent lines almost you right and we're now in these we're back, playing this other third with a some saw small to or step studies marginal think like IIT, ZYNLONTA And Naureen, and Yes. take if DLBCL. set

And of by data start think see smallest in other the in we the opportunity that to settings. positive keep as we we're we ZYNLONTA. for seeing getting open So, part much up I going these in this that the that's encouraged bigger combinations

one probably for And and on I more, guess Mohamed. This is this XXX. is the

in you're remarks a that pancreatic cohort. prepared now your You including today mentioned

you just what can talk So include about excited that seen you've to now? you that

Yes.

you observed we based our of success, and develop to in to patient and that's a patient potential And the overall strategic the cell continue and testing pancreatic expand and more that area, might of enrichment we made such as our high expression more increase areas As expect, prioritize bioassay strategy cancer sarcoma number a cancer. we and things, addition to and selection and tissues with lung strategies. we're in hopefully maximize cohorts small And to decision on to another pancreatic strategy cancer. as

Kelly Shi from Jefferies.

This is Yun for Kelly.

the you number question is XXXX but the The is, half XXX, the data will of of And LOTIS-X? you to did it, Is missed say to biomarker of amount half patients, reported expect reasonable sorry, from the information XXX in in that from it have second the first will that first potentially question data be included? if XXXX. what I on first LOTIS-X data similar

patients. is specific know, sharing at dose not escalation, LOTIS-X, this of Regarding number as you there a we, point, and

However, giving when we it. be and be we'll context the we'll around it, been share data, explaining

available to retrospective the analysis We're those of current doing we retrospective a continue and terms see in immunohistochemistry KAAG, maybe we to possible escalate, In program not of be validation analysis in the and AXL or are of in and still we bioassays terms to expression. assay. hoping able dose But ongoing, earlier is program pre-selecting. are yet other

add context to some numbers. Yes. And wanted on maybe then I to just LOTIS-X,

think a each in studying you we're with LOTIS-X we're patients cohort, cohort, so cohorts dose doing each. about in that. both X dose and If X mosun assuming because possibly glofit, X the there's different dose patients, threshold each combination on there's safety At

get if dose XX believe through get to patients, expansion could theoretically, first -- by the We we all X that be potentially So of doses right, escalation up X through in dose if all year. you we'll through and half cohorts. the the be into

the terms Obviously, just on, getting more keep to So of more a and of in and more numbers. context to goes more year the patients as and give data. we're follow-up you going

So meaningful you half get the day second the and half even into of have a meaningful we're year. year in going probably to the data as more the first of

Brian Cheng JPMorgan. with

My commercial on think feel ZYNLONTA. do Can on is due much view first trajectory the of a normalizing? And for competition us or disruption restructuring of follow-up. the of underlying one and the ZYNLONTA demand trajectory quantify is is the just organization? the you we qualitative How how I should this have how versus give you And of a quarter about next or two? to

Sure.

strategy is of from we the the see impact So the right, same impact the anticipated, to the in focus it's in growing right in we've difficult role the opportunity that team quarters. is due and strengthen got brunt and and That in a That the of academic as opportunity we are strategy bispecifics competitive restructuring, role the to force of being feel time, the QX. majority playing quantify their We the our we growing why At disruption in to setting, intensified on academic the the place, good the model ZYNLONTA said, the in that community. feel play our impact to field are will the that environment we'll from coming setting. right news a prolonged to and up the each. felt continue decline now with both What is set the was do know is capitalize on that we that settings. in

about you couple ZYNLONTA point split the -- second At entry be for in talk time follow will you community think doc like about between related Can of the over just good the and good the use versus competition. community to on increasing Street to And on your next ratio the comments then the of just maybe do what the year has that change? And been on since doctors. The change the quarters? the see look next of CDXX CAR-T changed what guide point bispecific to academic do sales? of also how line? versus How a X where to, up use a of ZYNLONTA will academic at you you

Sure.

going I'm just a down So bit. break little to it

-- that setting to we've some the academic as in patients get in progressive see seen of impact their as being the or post-CAR-T We an So bispecifics won't patient that where increasing in used necessarily cases them launch progresses. CAR-T.

unwilling to where We bispecific. whether very off-the-shelf the academic in use. commit and of the to for seen an therapies it. academic handle up an to will opens not is center, or for see access ZYNLONTA that that's that what that complex they if to option anticipated, So academic travel settings in don't is a who or that every product need it whether equipped know where also those the use is pattern for we've bispecifics.At the rapid we've as they to response and that they like similar. is their center, accessible patient the CAR-T seen we really to majority same are time, have And community like And going because it's it opportunity early get a provides a are patients

in stats in we also in is second a it still CAR-T increase feel to will question it these we question, patients whether that give But CAR-T is a -- You standard are therapies. to XX% from that good patients when becomes We access do line. to get utilization for them.And to last the it's an challenge again, do who point it let's complex access had to around see, as the continue a be of increasing, are hear line. XX%, the will care of second guidance. then the while physicians of get see different the There shared,

CAR-T. at you're a Yes. tolerate to this just point, fail bispecifics. sick, One I is so I mean not mean thing you more a after once can point. adding patients just on those but one at pretty are patient CAR-T, bispecific say this every pretty guidance. the not the sick we're I about Brian, want

for think some likely treatment genomic center, I ZYNLONTA get a they're going can't. action, bispecific. going to profile fast patients like about, it, fast safety is response patients So post but majority critical a and ] time for in also to to patients. those But who assess progress bispecific could also a And of very that cleaner is tolerate [ the very those are a the

So that the setting, fourth-line also to in as well. open starts up

to in there's was before, capitalize ZYNLONTA our less happen, that adjust to community. has which It's growth setting. on academic strategy knew be why the going So the than the a what bigger and in which going was place clearly it we been is opportunity, model to is for to

you. further time, There the are turn Thank no questions I to Ameet. this now and call back at will

interest for the thank for We look company, Thank for joining. has progress. keeping to your on Thanks Well, update. quarterly joining want just forward hope I everyone to day. great everyone in updated our thanks and the a And you you. I