Q1 2024 Mirum Pharmaceuticals Inc Earnings Call

Participants

Andrew Mckibben; IR Contact Officer; Mirum Pharmaceuticals Inc

Christopher Peetz; Chief Executive Officer, Co-Founder, Director; Mirum Pharmaceuticals Inc

Peter Radovich; President, Chief Operating Officer; Mirum Pharmaceuticals Inc

Joanne Quan; Chief Medical Officer; Mirum Pharmaceuticals Inc

Eric Bjerkholt; Chief Financial Officer; Mirum Pharmaceuticals Inc

Jessica Fye; Analyst; JPMorgan

Mani Foroohar; Analyst; Leerink Partners

Gavin Clark-Gartner; Analyst; Evercore ISI

Dae Gon Ha; Analyst; Stifel, Nicolaus & Company, Inc.

Steven Seedhouse; Analyst; Raymond James

David Lebowitz; Analyst; Citi

John Walden; Analyst; Citizens JMP

Robert Connors; Analyst; Morgan Stanley

Ed Arce; Analyst; H.C. Wainwright & Co., LLC

Presentation

Operator

Hello, and welcome to the Mirum Pharmaceuticals first quarter 2024 financial results and business update. My name is Terry, and I'll be the conference operator today. (Operator Instructions)
I will now hand the call over to Andrew McKibben, Vice President of Investor Relations, to begin. Please go ahead.

Andrew Mckibben

Thanks, Terry, and good afternoon, everyone. I'd like to welcome you to Mirum Pharmaceuticals first quarter 2024 conference call.
I'm joined today by our CEO, Chris Peetz; our President and Chief Operating Officer, Peter Radovich; our Chief Medical Officer, Joanne Quan; and Eric Bjerkholt, our Chief Financial Officer. Earlier today, Mirum issued a news release announcing the company's results for the first quarter of 2024. Copies of this news release and SEC filings can be found in the Investors section of our website.
Before we begin, I'd like to remind you that during the course of this conference call, we will be making certain forward-looking statements about Mirum and our programs based on management's current expectations, including statements regarding Marin's current and future business plans, development programs and regulatory expectations, strategies, prospects, market opportunities and financial expectations. Mirum is under no duty to update these statements, and they are subject to numerous risks and uncertainties, and actual results could differ materially from the results anticipated by these statements. Investors should read the risk factors set forth in Ameren's 10 Q for the quarter ended March 31, 2024, and any subsequent reports filed with the SEC.
With that said, I'd like to turn the call over to Chris. Chris?

Christopher Peetz

Thanks, Andrew, and good afternoon to everyone. 2024 is tracking to be another year of significant growth for us, and I'm very pleased to highlight our progress across key strategic objectives to grow the commercial business, expand the indications of our Commercial Medicines and advance volixibat to market.
We continue to build value while delivering on our commitment to create and commercialize life-changing medicines for rare disease are first, driving growth across our Commercial Medicines. Total net product sales. This past quarter were $68.9 million, representing a 137% increase from the first quarter of 2023.
With Marley continues its strong performance, newly diagnosed and prevalent patients continue to come to treatment in both the US and internationally, and we are well positioned to meet our full year revenue guidance of $310 million to $320 million, driven by continued demand increases across all medicines, internal international launches and contribution from the T-X approval.
Second, we are also making significant progress towards expanding the impact of our potentially life-changing medicines through new approvals and label expansions. In March, we announced the US approval of live Marley and Pacific, an important milestone for Merrem and the perfect patient community. This approval represents the culmination of years of dedication from patients, researchers and our team.
We are excited to be able to bring live Marley to this community, particularly those patients with rare genetic types of pieces. Pivotal data was also just published this week in The Lancet, highlighting the improvements in itch, bile acids, bilirubin and growth seen with Marley treatment and we're off to a great start with positive reception post-approval. We've also made great progress preparing our upcoming NDA submission for Canada for the treatment of CTX.
And third, we are advancing volixibat in PSC. and PDC., which are more common adult cholestatic setting where we can apply the scientific and regulatory insights from the Marley program to address bile acid accumulation in patients suffering from these diseases.
This quarter, we will be taking an important step in advancing the program with our interim analyses of volixibat in the vistas PSC and Vantage PBC studies, which are scheduled in June. We see both indications as significant opportunities as there are no approved therapies for PSC and no approved therapies to treat cholestatic pruritus in PBC.
In summary, we continue to make excellent progress across our core strategic objectives, supported by a strong underlying financial position that will allow us to further execute on upcoming opportunities.
And with that, I'll turn the call over to Peter to discuss our commercial business. Peter?

Peter Radovich

Thanks, Chris. Our commercial team delivered another strong quarter with continued demand growth for the male across all geographies, geographies. Underlying growth dynamics remained strong across our medicines and geographies, and we are tracking well towards achieving our full year revenue guidance of $310 million to $320 million.
Preliminarily total global net product sales grew to $42.8 million in the first quarter, up from $41.4 million in the fourth quarter of 2023 and $29.1 million a year ago. The monthly sales were $30.8 million, and international did monthly sales were $12.1 million.
Our US allergy business continues to benefit from durable demand expansion and total monthly prescriptions with a mix of older and newly diagnosed patients starting treatment internationally, we are also seeing sustained demand growth from our core markets, and we continue to launch in new countries most recently in Italy, our U.S. business was impacted by the changed healthcare cybersecurity incident affecting our specialty pharmacy. This resulted in a temporary disruption to insurance claims processing during the quarter, which we estimate had approximately $3 million impact on Q1 sales across our products.
Turning to the recent approval of the Marley for Coles at Pirquitas and people patients, this is an important step forward for the business. And I'm happy to say that our approval has been well received by the physician and patient community and discussions with payers are progressing well. We continue to anticipate reimbursement and paid dispenses to materialize over the next few quarters.
Turning to Cholbam and Chenodal, we recognize net product sales of $26.1 million in the first quarter of this year. Overall, I'm pleased with the strong demand we have seen year to date and how this positions us towards achieving our full year guidance of $310million to $320 million. I look forward to continued growth in the coming quarters and years to come.
And with that, I'll turn it over to Joanne Quan.

Joanne Quan

Thanks, Peter. We have a lot to look forward to this quarter as we continue to advance our pipeline.
First, I would like to take a few minutes to talk about our upcoming interim analysis in June for volixibat Vista's peace PSC study advantage PBC study, starting with the VISTA TSC study, the blinded interim analysis will be conducted to support dose selection.
We had prespecified an efficacy threshold for continuation. We just based on prior experience with other inhibitors in cholestatic rice. Using these criteria, the independent data monitoring committee will review the data and recommend whether to continue the study with a selected dose or to unblind as a threshold for safety or efficacy or not met.
The starting point for the study design assumed a treatment difference of 1.75 points in pruritis and incentivation of 30. As a reminder, pruritus is assessed on a 10 point numerical rating scale. This approach allows us to accomplish three key objectives. First, we want to confirm a meaningful treatment effect. Second, we want to select the best dose. And third, by keeping ourselves blinded to the interim results. Patients in the interim will be included in the potentially pivotal dataset
This gets us to pivotal data faster. And at the same time, we have reassurance of a meaningful treatment effect. We will also be showing top line data from the interim analysis of the Vantage study in PBC. As a reminder, this study allows patients with both normal and elevated alk phos who are on versatile. The interim dataset includes 32 patients across three arms with two active doses and placebo. The objective for the interim is to select the appropriate dose to take forward to the pivotal portion of the study.
Given the historical data with IIb-IIIa inhibitors and TBC. We believe this is adequately sized to select the dose and show a trend on efficacy. The interim is not designed to show statistical significance. At the interim, we expect to show top line data on pruritus improvement, safety and other biomarkers such as serum bile acids. Both of these are seamless adaptive study designs and we continue to enroll the goal of supporting registration. Enrollment in both studies is progressing well.
These studies represent an important step towards addressing the accumulation of bile acids in broader patient groups with adult cholestasis, where a significant portion of patients lack adequate treatment options for cholestasis and a severe symptomatic burden will provide an update on projections for completion of enrollment for both studies when we announced the interims in June 2024 is off to a great start, and I look forward to sharing our progress with you this year.
With that, I'll now turn the call over to Eric to discuss our financial results. Eric?

Eric Bjerkholt

Thanks, John. Earlier today, we issued a press release that included financial results for the first quarter, which I'll briefly summarize.
Total revenue in the first quarter of 2024 was $69.2 million compared to total revenue of $31.6 million in the first quarter last year. Total operating expenses for the quarter ended March 31st were $95.7 million, which includes R&D expenses of $32.2 million SG&A expenses of $45.6 million and cost of sales of $17.8 million.
The total operating expense for the quarter included approximately $17.1 million of non-cash charges for the quarter ended March 31st, net loss was $25.3 million, or $0.53 per share. Our cash, cash equivalents and investments increased to $302.8 million as of March 31st, 2024, up from $286.3 million at the end of last year, primarily due to a reduction in working capital.
We expect that our working capital balances will vary from quarter to quarter, depending on timing of payments and inventory investments. So in summary, our business continues to be well funded, and we are in an excellent position to support the advancement of our pipeline and expansion of our global commercial business.
Now I'll turn the call back over to Chris for final comments.

Christopher Peetz

Thanks, Eric. It's been a great start to the year and our business continues to grow. We remain on track for a full year revenue guidance. We are executing across our label expansion opportunity launches and are very much looking forward to the volixibat interims ahead.
And with that, operator, please open the call for questions.

Question and Answer Session

Operator

Thank you. (Operator Instructions) Jessica Fye, JPMorgan.

Jessica Fye

Great, good afternoon. Thanks for taking my question. And for the two looks about studies, can you remind us what the background medications patients are allowed to be on it may also address pruritis and how that kind of factors into your expectations for the results. Is it all?

Christopher Peetz

Thanks, Jess, for the question. I'll ask Joanne to jump in and talk a little bit about the background setting.

Joanne Quan

Yes. Thanks, Chris, and thanks for the questions. You know, we think actually that the way that we design the studies actually make it really broadly applicable for both of these populations. So for instance, in TBC., we're allowing patients who are either on or not on versatile. And we're allowing patients with varying with any level of that fast.
And so it's a little different than some of the other trials that have been for the other agents kind of in this area. So we really think this translates to use in first line ultimately for for PBC. At repeat PSC, as you know, there's no approved therapies and we know that the majority of patients with both diseases, PSC and PBC do apparatus. So we think this is the way we've designed the studies with a very broad inclusion criteria to allow us to translate kind of a very real world issue into our studies and if we're going to see some automation.

Jessica Fye

And maybe just one more, if I could. Can you remind us what to expect from a tolerability standpoint, we're flexible.

Joanne Quan

Yes. Well, thanks for the follow-up. Just so we know that inhibitors quite well. And I will say so far, the looks of that kind of tracks in what we know. And we know exactly does this and we know exactly what to look for. So we don't expect really any surprises in this way.

Jessica Fye

Yes. Thank you.

Christopher Peetz

Thanks.

Operator

Mani Foroohar, Leerink Partners.

Mani Foroohar

Thanks for taking the question, guys. On a quick one, you mentioned about a $3 million impact this quarter. It sounds like from Change Healthcare issue. To what extent is that sort of a one-time loss revenue as opposed to revenue by pop-up in sort of a recognition function next quarter? And separately, when you think about that $3 million, as we tried to back that out and think about kind of underlying demand metrics, how is that separated between your products quarter and sort of the split between the model versus the acquired TDTX. assets?

Christopher Peetz

Thanks for the question. On our Peter kind of dive into detail and the short answer, though it's a one-time effect, but Peter can give a little color on the background here.

Peter Radovich

Yes, one-time effects that has concluded by the end of the quarter so don't expect to see and the any lingering effects from this in future quarters. And the overall overall demand for the for all of our products grew, total prescriptions grew over the quarter.
So that did not not really that's why we're very confident that the 10 to 20 that they get and you also asked about the $3 million is what I think assigning $3 million by individual product is kind of probably false precision here. I mean, we kind of think about $million is an impact across the US business.

Mani Foroohar

Okay. But is it is it reasonable to assume that the great majority of it was driven by live Marley given the geographics of those products?

Peter Radovich

I think it's probably balanced. You know, it's it's true that you could think about it generally in proportion to the size of the products.

Mani Foroohar

Okay. That's helpful. And as we think about between now and the end of the year. Staying on commercial questions. Obviously you maintained your guidance. Should we think about the tempo between now and reaching somewhere in the three times to three 20 as fairly consistent on is more of that growth back and waited until like 3Q into 4Q.

Peter Radovich

How should we think about that from a modeling perspective now that we're sort of deeper into the year yes, I think I mean, the way we think about it, it's generally consistent with the cadence of demand is strong and we see it growing quarter to quarter. You will have people coming on. Although as we've commented most of 2024, we expect many of the PPE dispenses to be free drug in the place. It should be more in 2025. That might be one dynamic that comes into play more later in the year. But generally, I think it's a pretty consistent build towards the three 10 to 3 times Okay.

Mani Foroohar

That's helpful. Thanks, guys.

Christopher Peetz

Next question.

Operator

Gavin Clark-Gartner, Evercore ISI.

Gavin Clark-Gartner

Hey, congrats on the progress and thanks for taking my questions. Some first on IPSC., I believe you noted there was a 1.75 expected for greatest benefit three standard deviation that was informing your powering assumptions without 1.75 absolute or placebo adjusted? And maybe just remind us your expectations for the placebo arm for this trial?

Joanne Quan

Yes. So yes, thanks for the question, Gavin. So by 1.75, we women the treatment difference, so active compared to placebo, and we took some fairly conservative assumptions, you know, by putting that together. And as you know, those are always kind of a starting point for for where you kind of put the study on, but we did want to share at least our starting point for looking at the at the study design.

Mani Foroohar

Yes, that's helpful. And are you able to share the baseline pruritis scores for either trial for volixibat?

Joanne Quan

That it's not at this point when we will be happy to share information when we show the interims in June with you. So I think that would be we'll look forward to that along with it.

Gavin Clark-Gartner

Sounds good. And just a last one on any updates on the potential for orphan drug status for PACIFIC in the EU and the official follow-up there?

Christopher Peetz

That this is one that we are continuing in dialogue with the with the European regulators and hope to have an update as soon, but still still come back to a really strong conviction in our data for the live Marley program and Pacific, providing some real advantages for patients. So hoping to hopefully have an update on that one soon.

Mani Foroohar

I'm good thanks, guys.

Christopher Peetz

Yes, thanks for the questions.

Operator

Dae Gon Ha, Stifel.

Dae Gon Ha

Hey, good afternoon, guys. Thanks for taking my questions. Maybe two part question on the PC side of the story. I was wondering if you can comment on your dialogue with the physicians given the label disparity between this and build for the time being.
And when you think about the reimbursement dialogue, will there need to be subsequent dialogue to be had once you get the label expansion done and switching over to volixibat, bearing in mind the interim update in June for both us and Vantage, how are you guys thinking about sort of the the Glaxo drug towards the back end of this year? And how might that impact your PBC strategy if both come out positive? Thanks so much.

Christopher Peetz

Yes. Thanks for the questions. And maybe I'll just make a quick comment on the volixibat competition briefly and then pass over to Peter to talk about defect and what we're seeing and kind of how we've approached the dosing for Elixir that I think provides potential for a real advantage in terms of activity level and something we've learned across all of the eye, but programs, in particular, all the work we've done with Marley and volixibat on understanding where we're at on the dose response curve.
And it provides the potential to have a really strong activity here, of course, is something we'll see play out with the actual datasets as they as they come forward, but excited about the dosing regiments that we're evaluating in the Vantage study and what that can mean for patients maybe Peter can speak to the PC questions.

Peter Radovich

Serge, thanks for the questions. Be back on the monthly profile and feedback has been very positive. I think we know a lot of them favorable feedback on the efficacy profile that was observed in the March study is reflected in the label as well as the broader genetic types of people that are included in the labeling, which can sometimes make a difference and market access depending on the payer's policies.
So really, really favorable feedback from clinicians and patients happy to have the money available for those patients. And yes, payer conversations so far going well, it's kind of early days still, but have had really happy with the policies that have emerged.
And then in terms of updated policies after you mentioned a potential label update for younger than five years of age. I would expect that those gentlemen, there's a lot of payers in the US. It's heterogeneous but generally those would occur pretty quickly. We saw that with allergy or when the initial label is one year of age and older and then lower the age does subsequent follow-up conversations generally occur pretty quickly to update policies.

Dae Gon Ha

Great. Thanks for taking our questions.

Christopher Peetz

Yes, thanks for the question.

Operator

Steven Seedhouse, Raymond James.

Steven Seedhouse

Good afternoon. Thanks for taking the questions. On two separate questions. I'll just ask them both now because they're pretty straightforward. First on the PBC. readout Tom, you mentioned price improvement, safety in serum bile acids would be the focus of that data release. And I'm just curious if you'll also be sharing liver function tests, alk phos ALTRPAST. deliver then just to get a sense of even from a safety standpoint, what's happening there on the if there's any impact of the de novo bile acid synthesis on on any of those parameters?
And then the second one, it's just on business development, would be curious your comments or thoughts on just the overall view of that are priorities for me from, you know, over the next, call it, 12 to 18 months. Are you thinking about expanding the pipeline or focusing on books about primarily Thank you.

Christopher Peetz

And thanks, Steve, for the questions. Now I'll speak to in comments on kind of our business development efforts and let Joanne come back on the PDC. interims and for our strategy and approach to business development remains consistent with what we've done over the course of Mirum is very much in our DNA.
It's how the Company came to be and started and its approach of being disciplined about making sure anything that we look to bring on is something that we can add value to that said it terms and somebody helps grow the Company and really across a number of different rare disease settings where we're looking at.
We're in a position where we're quite lucky in that there's a lot of growth in the commercial business, label expansion opportunities, volixibat developments that there's no urgency to do something so we can remain disciplined and looking at ways to grow the Company and maybe Joanne can speak to the PBC question.

Joanne Quan

Yes. Thanks, Chris, and thanks for the question. And as I mentioned, this is an interim analysis. So it's pretty limited in terms of scope. We're mainly looking at it to ensure safety and to select the dose moving forward.
So with that, we'll look at pruritis. We'll look at serum bile acids and safety in particular on the datasets can repeat Limited. So we think it will be it will be quite limited in terms of making any conclusions, certainly about any other parameters. I think we'd look to the final dataset for that.

Steven Seedhouse

Thanks so much.

Christopher Peetz

Thanks for the questions.

Operator

Brian Skorney, Baird.

This is Luke on for Brian. As we set expectations for advantage, in particular, thinking about a comp to the Salar del power response study, do you think the subgroup and that study with baseline NRS greater than four is a reasonable comp for pruritis benefit.
And then are you aware of the 11 point NRS scale that you used in that study is the same as the reported outcomes scale that you're using?

Christopher Peetz

Thanks for the questions. Yes. I mean, the scale used of it, it's similar. I mean, there's some very minor differences but for adults pruritis measurements in registrational studies, that's kind of this is all in line with FDA guidance that uses your 10 scale. That's what we're using in our study.
So there is some definitely some similarity there and the treatment effect in that subset that they looked at the units. It's not too far off with how we looked at our kind of it changed from placebo assumptions and powering right where we looked at the 1.75 difference from placebo.
So I'm looking at potentially a little bit more effect from and from an eye that. But in general, it's it's really not too far off if you're thinking about study design assumptions. And of course, we're quite excited about getting this data and seeing what that looks like a particular change from baseline, which is really what the patient experiences and what your what you're doing to address that burden of disease.

Great. Thank you.

Christopher Peetz

Thanks for the question.

Operator

David Lebowitz, Citi.

David Lebowitz

Thank you very much for taking my question. On the 1.75 point difference. I'm curious, could you just elaborate as to whether you're talking about through the blinded portion or through the actual pivotal portion at a subsequent time point and perhaps and give us some view of what that point and how you will use it to and consider upsizing if that is needed, what type of risk thresholds can?

Joanne Quan

Yes. Well, thanks for the question. We're not going to get into the details of the study design, but I just provided some of the numbers so that you could get a sense of what kind of treatment effect we're looking at the 1.75 treatment difference and the three in terms of standard deviation, that's just a general number that we're looking for the overall design of the study.
And so we won't be sharing any specifics in terms of kind of where we are with the interim. Obviously, we'll share the results of the interim. And since we'll be blinded, we would certainly hope that we'll be continuing the study. So that's what we hope to be able to consume.

Christopher Peetz

Jim, want to add to that, David, is that the the measure is actually looking at overtime rate. It's still months three, four, five sorry, four, five and six actually of the treatment effect for the final analysis, it does a lot to add power and trying to deal with any potential for placebo response because you're looking at multiple time points and how they roll into the analysis. So that's another kind of factor to this study design, applying what we used from a from the PACIFIC study and the adult settings.

David Lebowitz

Got it. Thank you very much for taking my question.

Christopher Peetz

Yes, thanks for the question.

Operator

John Walden, Citizens JMP.

John Walden

Thanks, for taking the question and just logistics one from me on PBC and PSC. When you select a dose, the patients on the higher dose gets a rollback in it, either placebo or the new dose or do you have to re-enroll patients? And can you comment on how long that will that could take to complete and bought those studies?Thanks.

Christopher Peetz

Thanks, John. For the question just on time lines, you will probably have a more formal update on what we expect to see for the full dataset in June when we had the interim Well, I'll let Joanne speak to a little bit of the mechanics of how patients flow through the study.

Joanne Quan

Yes. So we're going to be continuing. We are continuing enrollment in the study at this point, and then we'll be continuing with one active dose and placebo. So we expect to include all the patients ultimately in the analysis. When will we then ultimately unblind the whole dataset.

Christopher Peetz

Thanks for the question, John.

Operator

Robert Connors, Morgan Stanley.

Robert Connors

Hi. This is Robin on for Mike. Thanks for taking our questions on. Can you just provide any color on the ongoing launch prep for P4? And when do you expect patients on the expanded access program to get on paid drug? Thanks.

Peter Radovich

Yes, thanks for the question. Rohit, on new SIMs launches underway, I'm seeing prescriptions come in for Marley competed patients. Now we have we have talked about, we have about 25 patients in the U.S. who are on clinical drug. Most of those are eligible to roll over at this time, and we'd expect them to come over to commercial drug in the coming quarters throughout this year. And so that's obviously the cadence by Board.

Robert Connors

Thank you.

Operator

Ed Arce, H.C. Wainwright.

Ed Arce

Hi, good afternoon, everyone. This is Thomas Yip, asking a couple of questions for Eric. Thank you for taking my questions. So first following up on the US performance of portfolio quality, Kraken, and just wonder of this for the $2.8 million net sales in Q1, how much was it from the effect approximately? And also what are some early launch metrics investors can look to.

Christopher Peetz

Thanks, Thomas, for the question here. In Q1, there really there's no profit contribution and yet we're just the approval came in March and just now kind of rolling over those clinical patients. So expects that revenue contribution to be pretty minimal from peak over the next quarter or two as we get into the back half of the year where we have expect more full reimbursement.

Ed Arce

Got it. And then switching gears on the European front, have you and the interaction with the EMA CHMP recently, given your expectation on recommendation in the first half this year and some positive were any ongoing commercial preparations for European market for CapEx?

Christopher Peetz

Thanks for the follow-up area on the EMA discussion you have over the we have been active in discussing with EMA as but as much and feel confident in our arguments and hope to have an update on that soon. So so no formal determination yet, but maybe Peter can speak a little bit to the launch prep in Europe therapeutic.

Peter Radovich

Yes, certainly upon a potential approval we would be ready to launch the modeling capability in Europe. Prescribers for PBAC. are essentially identical to the prescribers with modeling for Azul syndrome. So we will be ready to go at dossier submissions to health technology agencies, et cetera, towards pricing and reimbursement and nighttime monitor good level as well.

Ed Arce

Okay. And maybe one last question from Alex from our acute care business. Some of the main drivers for that bile acid product sales are up slightly by $2 million for the quarter on the horizon is your practice?

Peter Radovich

Yes, I mean, really knows, we imagine the was the Change Healthcare cyber attack was was kind of in play for our entire portfolio. I think if you look back over time, the bile acid product sales there is there are there is quarter to quarter volatility and given the ultra-rare nature of the disease in small number of patients over time, but do see an opportunity to continue to build on those products this year of mid-single digit year-on-year growth, consistent with what it historically is our expectation and going forward, really excited about potential approval by FDA next year for can you at all and CTX and the chance to go out and find more patients there?

Ed Arce

And with that, I thank you again for the kind of questions, and we look forward to the CHMP recommendation soon and also your June presentation forward for Lexiva.

Christopher Peetz

Sounds good. Thanks, Thomas.

Operator

We have no further questions. Therefore, I will hand back the call to Chris Peetz for final remarks.

Christopher Peetz

Great. And thank you all for joining us today. Really appreciate the interest in Mirum and our programs and have a good evening.

Operator

This concludes today's conference call. Thank you all for joining, and you may now disconnect your lines.