Apellis Pharmaceuticals, Inc. (APLS) Earnings Call Transcript & Summary

Thank you, everyone, and welcome to the Apellis Pharmaceuticals conference call to discuss their collaboration with Sobi. Today's call is being recorded. At this time, I'd like to turn the call over to Tracy Vineis, Vice President of Communications at Apellis.

Good morning, and thank you for joining us to discuss Apellis' strategic collaboration with Sobi for systemic pegcetacoplan. For those participating by conference call, slides are available via webcast at apellis.com. Before we begin, I would like to point out that we will be making forward-looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and our actual results may differ materially. I encourage you to consult the risk factors discussed in our SEC filings for additional detail. On today's call, I am joined by Co-Founder and Chief Executive Officer, Dr. Cedric Francois, who will discuss our new collaboration with Sobi. Joining us for Q&A will be our Chief Medical Officer, Dr. Federico Grossi; Chief Financial Officer, Timothy Sullivan; and Chief Commercial Officer, Adam Townsend. Now I am pleased to turn the call over to Cedric.

Thank you, Tracy, and good morning to everyone on the call and joining via webcast. We are very excited to announce our new collaboration with Sobi for the global co-development and exclusive ex-U.S. commercialization rights for systemic pegcetacoplan, our targeted C3 therapy. As part of the deal, Apellis retains the U.S. commercialization rights for systemic pegcetacoplan as well as worldwide commercial rights for intravitreal pegcetacoplan in geographic atrophy or GA. Apellis will receive up to $1.25 billion in cash and regulatory milestone payments plus tiered double-digit royalties. This transformational collaboration allows us to expand on the broad platform potential of targeting C3 across multiple rare diseases that impact over 275,000 patients around the world. First, it enables us to advance systemic pegcetacoplan in 5 parallel registrational programs across multiple rare diseases. These include our existing program in paroxysmal nocturnal hemoglobinuria or PNH; 2 new registrational programs that we plan to start in hematology, and our recently initiated studies in nephrology and neurology. All 5 registrational programs will build on the remarkable success of pegcetacoplan in its first positive Phase III study in PNH, which validated the platform potential of targeted C3. Second, the deal underscores our confidence in geographic atrophy as Apellis keeps global rights to this fully enrolled Phase III program with blockbuster potential. Finally, this collaboration further strengthens our already strong balance sheet, which we believe will extend our cash runway into the second half of 2022. Our collaboration with Sobi is the result of a robust process produced with numerous medium and large parties that sought to partner with us for our systemic pegcetacoplan plan program. We chose Sobi, a global leader in hematology and rare diseases because this collaboration will be as important to them as it will be to us and because they are committed to expanding the development of systemic pegcetacoplan. Sobi shares the collaborative spirit that we cherish at Apellis, recognizes the platform potential of systemic pegcetacoplan, and perhaps most importantly, shares our values and deep commitment to patients. Sobi has an established international infrastructure with a strong presence in key global markets that currently commercializes 15 products, and we expect that they will leverage these strengths for the ex U.S. launches of systemic pegcetacoplan beginning with the anticipated European launch in PNH. Together with Sobi, we are confident that we can maximize the broad platform potential of our targeted C3 therapy. Our systemic pegcetacoplan programs are targeting rare diseases with significant unmet need across hematology, nephrology and neurology. By controlling complement activation centrally, pegcetacoplan offers the opportunity to become a transformative new therapy in each of these rare diseases, where patients have few or no treatment options available today. Also, as shown on the slide, our GA program remains the largest indication for pegcetacoplan. This continues to be an important element of our strategy to fully retain the global rights to this program. We believe that our GA program represents a rare opportunity to make a difference in the lives of 5 million people at risk of blindness with no treatment options available and few opportunities on the horizon. Recent data on intravitreal pegcetacoplan following 18 months of treatment and an early geographic atrophy has further validated targeting C3 in this area of significant unmet need in ophthalmology. And now I'd like to discuss our expanded clinical development plan for systemic pegcetacoplan with Sobi, which will be overseen by a joint development committee. I'll begin first with hematology. PNH, which affects approximately 15,000 patients worldwide, represents the first potential indication to market for systemic pegcetacoplan, as the most advanced program included in our collaboration with Sobi. We recently achieved an important step forward in Europe with the European Medicines Agency validating our marketing authorization application, or MAA for pegcetacoplan in October. And we expect a decision by the U.S. Food and Drug Administration regarding the acceptance of the new drug application and a Prescription User Fee Act or PDUFA target action date in the fourth quarter of 2020. These submissions were based on results from the Phase III PEGASUS study, which met its primary endpoint, demonstrating the superiority of pegcetacoplan to eculizumab with a statistically significant improvement in hemoglobin levels at 16 weeks. Moving forward, Sobi will be responsible for all regulatory activities of systemic pegcetacoplan in ex-U.S. markets, and we plan to transfer the European MAA to them. We remain on track to present 48-week top line results from the PEGASUS study later this year as well as top line results from the Phase III PRINCE study in treatment-naive patients with PNH in the first half of 2021. As part of our collaboration with Sobi, we will also further explore the potential of systemic pegcetacoplan within hematology. We plan to start 2 new registrational programs in cold agglutinin disease or CAD and the hematopoietic stem cell transplantation associated with thrombotic microangiopathy or HSCT-TMA. Sobi, with its world-class hematology franchise, will take operational responsibility for these programs. In CAD, our Phase II open-label trial demonstrated increases in hemoglobin level sanitations following treatment with pegcetacoplan as well as reduced markers for extravascular and intravascular hemolysis. FACIT-fatigue scores showed an improvement of 9.7 points from baseline. Stripping the 3-point improvement threshold that is considered a clinically significant increase. Pegcetacoplan was generally well tolerated and no serious adverse events were reported. Approximately 10,500 patients in the U.S. and Europe are living with this rare disease. And there are currently no approved therapies available. Sobi plans to initiate a Phase III trial for CAD in 2021. HSCT-TMA is a new hematological indication for systemic pegcetacoplan. We believe that targeting C3 could help 3 conditions associated with TMA, where high levels of complement activation are common. Our registrational program will study pegcetacoplan in patients with HSCT-TMA, where we believe that pegcetacoplan can be a best-in-class life-saving therapy. TMA is a disease where blood clots form in small blood vessels and is an often lethal complication of HSCT. There are approximately 9,000 and 18,000 transplants conducted each year in the U.S. and EU, respectively. TMA incidents can be seen in up to 40% of cases. And as you can see in the graph on Slide 10, TMA has a significant impact on the mortality of HSCT patients. There is a substantial unmet need for a treatment for these patients. And Sobi plans to start a potentially registrational Phase II study in 2021. Next, in nephrology. Apellis will continue leading the development activities for the registrational program we recently initiated in immune complex membranoproliferative glomerulonephritis or IC-MPGN and C3 glomerulopathy or C3G. Primary IC-MPGN is a new indication for Apellis, and like C3G, primary IC-MPGM is a rare disease that often leads to kidney failure. With these trials, Apellis and Sobi will be the only companies actively studying a potential treatment for patients with IC-MPGM, a disease where both the alternative and classical pathways have been implicated. Approximately 18,000 patients in the U.S. and Europe suffer from IC-MPGN and C3G, which have no approved medicines. Our open-label Phase II discovery trial, which evaluated pegcetacoplan in patients with C3G was designed with the primary endpoint of change from baseline in proteinuria at week 48. Proteinuria or loss of blood proteins in the urine is a common finding in C3G patients and an important marker of kidney damage. Data at week 48 were recently presented at the American Society of Nephrology Kidney Week, and showed that pegcetacoplan demonstrated a 73% reduction in mean proteinuria from baseline, highlighting its potential to address the underlying cause of C3G. Importantly, this reduction in proteinuria was accompanied by a corresponding increase in mean serum albumin. No serious or severe adverse events were reported, Pegcetacoplan was well tolerated overall. Our registrational program in IC-MPGN and C3G includes Phase II and Phase III studies. The Phase II trial is focused on the histopathology of the kidneys, and the first patient is expected to be dosed by the end of the year. We plan to begin the Phase III study in the first half of 2021, with reduction in proteinuria as its primary endpoint. Apellis will also continue to lead the registrational program we recently initiated amyotrophic lateral sclerosis, or ALS, a devastating disease, with high unmet need and the first indication from our new neurology franchise. As we demonstrated in PNH, we believe that targeting C3 can set us apart from CFAC as well as other more narrow acting complement inhibitors as the most effective way of controlling complements in a wide range of serious neurological conditions. In ALS, individuals with the disease had high levels of activated C3 in the neuromuscular junctions, where the neurons communicate directly to the muscle cells. Numerous studies suggest that the elevated levels of C3 present in ALS may be responsible for the chronic neuro inflammation that leads to motor neuron death. Therefore, we believe that systemic pegcetacoplan, by targeting C3, may have the potential to slow the progression of ALS, a disease that impacts approximately 225,000 patients worldwide. Our potentially registrational Phase II placebo-controlled randomized study is enrolling approximately 200 adults with sporadic ALS, and the first patient is expected to be dosed by the end of this year. The primary endpoint will be the combined assessment of function and survival or caps ranked scores at week 52. We believe that C3 plays a central role in numerous neurodegenerative conditions, and we look forward to becoming a leader in this field. To summarize, we believe that Sobi is the ideal collaboration partner to maximize the broad platform potential of our targeted C3 therapy. Together, we plan to rapidly advance systemic pegcetacoplan in 5 registrational programs across hematology, nephrology and neurology. We expect that this progress will occur in parallel to the commercial preparations for our first potential launch in PNH with Apellis focusing on the anticipated U.S. launch and Sobi managing the European and rest of world markets to its global hematology franchise. We expect that this collaboration will provide Apellis with bandwidth to prepare for the global launch of intravitreal pegcetacoplan NGA, which has blockbuster potential and for which Apellis has retained worldwide rights. Finally, this collaboration further strengthens our already strong financial position, extending our projected cash runway into the second half of 2022. We are proud to collaborate with Sobi and look forward to working together to flawlessly execute the clinical development plan outlined today and deliver on the broad platform potential of our targeted C3 therapy systemic pegcetacoplan for patients with serious rare diseases. For additional information on the financial terms and obligations of this collaboration, I will refer you to our press release issued this morning and the associated filing with the SEC. And before we move to Q&A, I want to thank our employees as well as the patients, investigators and investors who helped advance our pipeline to its current stage. We look forward to this new chapter of growth for pegcetacoplan. And now operator, please open the call for questions.

[Operator Instructions] Our first question comes from Justin Kim with Oppenheimer.

Congratulations on the partnership this morning. Just -- we've spoken a lot about pipeline optionality and systemic complement rare diseases. And it's been very interesting to see that evolve over the past year. Can you just talk a little bit about how you see C3 targeted approaches being differentiated clinically and commercially for the Sobi-led diseases and CAD and HSCT-TMA?

Sure. Thank you, Justin. And great hearing you. So in cold agglutinin disease, we have delivered a proof-of-concept that I think you are familiar with. We administer pegcetacoplan subcutaneously twice per week, exactly the same way we do in PNH. And in our Phase III clinical trial, we hope to replicate the [ legacy ] profile combined with the advantageous subcutaneous administration. In the hematopoietic stem cell transplantation setting for thrombotic microangiopathy, we will provide further details. But in general, I would say that C3 is, we believe, kind of a pivotal target within the context of TMA, where C5 and C3 have been studied individually in the role in thrombosis, and our C3, we believe, offers significant advantages.

Got it. And maybe just a follow-up, as broadly as you think about the partnership. I know it mentions that APL-9 sort of would not pursue some of these listed indications. Just wondering whether it's second-generation molecules and molecules that maybe optimize the formulation or sort of PK properties of pegcetacoplan would also fall under the agreement or not?

The agreement solely covers pegcetacoplan administered twice a week subcutaneous as it was used in the Phase III clinical trial in PNH. So not follow -- not follow-up.

And our next question comes from Anupam Rama with JP Morgan.

And congratulations on the collaboration. A quick accounting question. For the $80 million over the next 4 years, are they tied to development milestones? Or are they going to be recorded on a more linear basis? And then just a confirmation question real quick. The -- Cedric, I think, you mentioned that there is a joint steering committee. Is that for all the indications or just the Sobi-led indication?

I will let Tim take the financial question and then get to the second.

Sure, Cedric. Yes, so it's the latter. These will get recorded more on a linear basis. These are R&D reimbursements fairly evenly spaced over that 4-year period.

Anupam, and the answer to your second question is very simple. We are going to be talking about all of our developmental programs together in a true partnership fashion.

And our next question comes from Jonathan Miller with Evercore ISI.

And congrats. I'll join everybody else in saying congrats on what looks like a pretty good deal. Sobi is a good partner for you ex-U.S. here. My question is on ALS. I understand your starting that trial, the Phase II this year, let me get first this in. What's your expectation for data timing there and the competitive profile of pegcetacoplan in that indication, given the dosing regime relative to other players in that disease?

Yes. Jonathan, so ALS is a -- obviously, a disease where the unmet need is staggering and where new therapies are needed. The role of C3 has been studied extensively for a very long time in ALS and within the complement pathways, as a particular target stands out as probably the most attractive one. Now the twice week subcutaneous dosing is actually well tolerated and very convenient for patients. We know that from our trials in PNH we're not guiding towards when these trials will be finished yet, but we believe that enrollment will be relatively straightforward, and we look forward to the outcome.

One follow-up, I guess. I understand that you're maintaining your ex-U.S. rights to GA, which obviously is the big indication here. What are your plans for building an ex-U.S. sales force and penetrating the global market there, given your ex-U.S. -- given your leveraging of ex-U.S. from Sobi for all those other indications?

So geographic atrophy for us is just an extraordinary opportunity, both from a medical and a company perspective. We will have the readouts in 10 months from now or in the third quarter of next year. So that's right around the corner. It's an opportunity where in the past couple of months, we have further discovered kind of efficacy profiles for pegcetacoplan. We had the release with the late-breaking abstract vitreo retina, where we basically showed in a post-hoc setting that in retina areas, where atrophy has not completely penetrated yet, but where the cells are at risk of dying, where we have an effect with pegcetacoplan at reducing the rate of progression to full GA. And then we also had, of course, the 18-month data on the small safety study that we ran with pegcetacoplan before we engaged in our Phase III clinical trial. So all of that has increased our confidence. We are super excited about having the global rights exclusive to ourselves as we go into that readout. And for the second part of your question, I will hand it over to Adam Townsend, our Chief Commercialization Officer.

Yes. So we've created a very experienced and lean leadership team in Zügen, Switzerland that looks at our ex-U.S. commercialization. And we'll be partnering in true collaboration style with Sobi, with this team, and then we will transition these great leaders across to really start to prepare for a global worldwide launch of geographic atrophy, which has blockbuster potential. So the expertise we hired, we will move across to GA. It's -- we were super thoughtful in -- when we are building out the team to make sure that we had all of the right people to help us really explore this GA opportunity.

And our next question comes from Steve Seedhouse with Raymond James.

Congrats. Can you comment on the anticipated time lines for PNH approvals and launch, obviously, in regions beyond U.S. and Europe, given Sobi's controlling that? And then also how the regulatory and commercial milestones split between PNH and everything else that's covered? And I have a follow-up as well.

Yes. Steve, so I'm not going to comment too much yet. As you know, and as we've disclosed, our filings were done, both with EMA as well as with the FDA in September. The file has been accepted by EMA, and we're waiting get a PDUFA date from the United States regulators. These other indications, again, kind of part of the, let's say, the attractiveness of the deal with Sobi was their interest to collaborate with us in exploring these multiple new indications. And as you know, and can appreciate, it's very difficult to synchronize these indications medically, regulatorily, commercially from a pricing perspective. And we own the partner in Sobi, that I think is going to allow us to do that really well. So time lines, you should think about the conventional time lines in terms of approvals. We believe that the PEGASUS study gave us the safety and the efficacy profile that will lead to approvals in the 2 territories and look forward to sharing more on that in the year to come.

Okay. And just wondering if you could split out the milestones between PNH and the other indications, if you can? And if not, just had a follow-up. I wanted to ask about the development cost. The anticipated development costs, so $80 million is going to be reimbursed to Apellis. It looks like Apellis is reimbursing Sobi for the studies in CAD and TMA. So I guess the first question is what amount do you anticipate reimburse to Sobi for those 2 studies? And then is the $80 million to be reimbursed to you, basically 50% of the cost of the other programs in PNH, nephrology and ALS? Or is Sobi's share of those costs something other than 50%?

I'm going to hand it over to Tim to answer.

Sure. So we haven't broken out the PNH regulatory and commercial milestones versus the total of $950 million, which we've disclosed. So we don't have any more color we can offer there. But in terms of the development costs, this already reimbursement of $80 million over the next 4 years, was intended to be roughly 50-50 of the 4 trials that have been added in addition to PNH. So the CAD TMA, C3G, IC-MPGN trial and also the ALS trial. But we ended up announcing doing those on our own anyways. And so what's really nice about this transaction in terms of those $80 million in R&D reimbursement is that it effectively covers, on a fully loaded basis, the 2 additional trials, the CAD and the HSCT-TMA trials over that period of time. So functionally and transactionally, what happens is they do reimburse us. And in effect, we pay them for almost the same amount for those 2 trials. So it's a really nice part of that story where we get these 2 trials added on to our existing development franchise for systemic pegcetacoplan.

And our next question comes from Matthew Luchini with BMO Capital Markets.

Congrats on the collaboration. So I guess maybe just stepping back a little bit. Why now? What is it about where the company is today versus maybe on the other side of GA or some other time points that made this deal make sense for the company? And then relatedly, it sounds like it was a pretty competitive process. It sounds like the company was pretty adamant about maintaining the rights to GA. And so I'm just wondering if you could talk a little bit about how important, maintaining those rights were as you were working through detections with other partners? In other words, maybe how much was keeping GA right a sticking point for you guys in the discussions with others?

Critically important, is the answer. So we have great belief in the geographic atrophy program, which we believe will be transformational in the retina. And we look forward to a long story there in the area of ophthalmology. Now as it relates to the deal, why now and why with Sobi, and so as I mentioned during the call, Sobi, because it is a company for whom this deal is as important as it is to us, right? As you know, a good deal with a large pharmaceutical company, it's easy to become de prioritized to -- that will not happen here. This is going to be a marriage or a partnership of equals, where we are going to jointly make this drug available to as many patients as possible in as many indications as possible in as many geographies as possible. So that kind of summarizes it there. And why we did it -- why we did this deal in the first place, as you were as I mentioned during the call as well, because we can go wider and faster. I mean pegcetacoplan, if it has shown us anything so far is kind of the exquisitely promising efficacy and safety profile that we have there. And I want to remind you that the mechanism behind -- or by which pegcetacoplan exerts its effect is in our opinion, the magic, right? And that is a mechanism that we believe that in many indications, will make a big therapeutic difference. To be able to do that efficiently, quite frankly, requires a partner for us, a committed partner through these multiple therapeutic areas. And that then opens up the bandwidth for us to be ready for geographic atrophy, which will be -- should it be positive, a transformational event for the company. And of course, the fact that we could further shore up our balance sheet, which was already strong. So that's kind of -- are kind of all the elements that went into play.

Great. And just recognizing everything you just said, does Sobi have even like the right of first refusal should GA -- should your thinking on GA change or anything like that?

No. This deal is exclusively around systemic pegcetacoplan administered twice per week subcutaneously for systemic indication?

Our next question comes from Madhu Kumar with Baird.

This is Rob on for Madhu. Congrats on the deal. I was just wondering, how does this impact the partnership with -- the agreement with SFJ?

I am going to let Tim answer that.

Sure. So Apellis is still responsible for the SFJ payments. Sobi has agreed to fulfill diligence obligations to SFJ and obviously, SFJ had to give their consent to the transaction, which they did. Other than that, nothing has changed.

Okay. And I was also wondering, what happens if there's interest in additional indications?

You mean from -- to develop a systemic pegcetacoplan?

Yes.

Yes. So we have -- in the agreement, we have a mechanism by which new indications can be pursued jointly as well.

Our next question comes from Phil Nadeau with Cowen & Company.

Let me add my congratulations on the deal. First, 1 question on commercialization. How is the price, the commercial price is going to be determined in ex-U.S. territories? Is there any mechanism in the deal to try to coordinate at one worldwide price? Or does Sobi have free rein in how they price in any individual territory?

I'm going to hand that question to Adam. Adam you are muted. I think, Adam, that your line is muted.

Adam, your line is connected.

Sorry, I think, I was on mute. So thanks for the question, Phil. Welcome to conference calls. And but -- so yes, we've done some great work on pricing. Strategically, globally and ex-U.S., we'll be sharing all of that work to the joint steering committees with our partner, Sobi and they'll apply their expertise and experience as well, and then they'll move forward with choosing their pricing ex-U.S., but we've got a great potential partnership and collaboration ahead of us.

So they have access to all the market research you've done. Ultimately, though, the pricing decision in their territories is theirs. Is that correct?

Correct.

Okay. Perfect. And just a follow-up on the IC-MPGN and C3G study. I guess when you said, that wasn't clear, is that a combined study with both patient populations? Or are there going to be 2 trials in parallel in kidney disease run side by side?

Phil, so it will be a combined study. Without providing further detail, you should expect that to be a stratification.

Our next question comes from Brian Cheng with Bank of America.

Congrats on the partnership and my first question is on the commercial front for PNH. Can you give us a bit more color, granularity on your preparation on the U.S. launch? Any updates on your thinking around the size of the sales force to launch for this indication in both the European regions and also U.S.? And there may be some potential synergy with their existing infrastructure in hematology?

Brian, I'm going to hand that one to Adam as well.

Yes. Brian. Yes, we're flawlessly on plan for the execution of the launch of PNH in the U.S. So we are currently in the fields and also where appropriate and virtually interacting with key opinion leaders patients and partners appropriately. We're on track to build out our sales force, and we've done some great research looking at the right type of sales force to address the prescriber base in the patient population. So we we expect to be launching a sales force that's pretty lean, pretty nimble, but super sophisticated in these COVID times to be able to balance the in-face meetings where they're appropriate and accepted by the physicians and also to work in a virtual environment. So we're all on track. We're currently in the field, as I said, through medical affairs, through some commercial infrastructure plus through some market access infrastructure as well. So all plans pointing in the right directions for our U.S. commercialization. Brian, you also asked about ex-U.S., we had a robust plan again to launch lean and nimble teams. We'll be sharing that plan with our partner, Sobi, and sharing our insights on the prescriber base and the potential in each of those geographies. And then we'll be by their side as they execute their plans from an ex U.S. perspective. So Apellis is full steam ahead to commercialize PNH in the U.S., and we're looking forward to helping our partner ex-U.S.

Great. Maybe one quick one on C3G as well. I noticed that the NOVO study is studying in the post-transplant patients. So is the Phase III study that's about to start in first half next year, also focused on post-transplant setting? Or is it going to be a broader indication?

That is correct. It will also be focused on post-transplant.

Okay. So will we include patients before transplant as well, right?

Before and after, yes.

Our next question comes from Alethia Young with Cantor Fitzgerald.

Congrats on the progress. Number one. Maybe just can you talk a little bit about like how the decisions were made around who would maintain operational responsibility? And then, I guess, just near-term and thinking about upcoming launches, how much kind of having some additional cash upfront kind of help you kind of accelerate your business overall?

So as it relates to the operational responsibility. So we will act through these joint governance committees, which are across development and commercialization. We will be in charge of the developmental -- the operational development responsibilities in C3G and ALS, whereas Sobi will take the lead in cold agglutinin disease and HSCT-TMA. And then for the second part of your question, I will hand that over to Tim.

So as you probably know, we ended the second quarter with $833 million in the bank. And then with this $250 million upfront, that obviously extends our runway significantly. Which allows us to support these 4 new indications that we had just announced those first two, and then these new 2 with Sobi, it allows us to execute a commercial launch in PNH in the U.S. next year. It also allows us to accelerate our early research programs, build out general operations. And then probably most importantly, it allows us to get through our GA readout for a primary endpoint in the third quarter. Comfortably without feeling like we have to raise capital. And then also allows us to begin preparing for that global launch of GA that Adam was talking about. So we feel very good about our financial position post this transaction.

Maybe just one follow-up on the first question. Just -- I guess, my question is like, how did you guys make those decisions? Like one, who -- how did you decide that you would keep ALS, for example, versus keeping cold agglutinin, can you just talk a little bit about that thought process between the 2 companies?

So Sobi is a company that has a long and deep story in hematology. So this is a field that they know extremely well and where they are a global leader. So it was a natural fit for us to hand that over to them.

I'm showing no further questions in the queue at this time. I'd like to turn the call back to Cedric Francois for any closing remarks.

Thank you so much, operator, for navigating the works here. And to everyone on the call, thank you for joining us today. We are excited about this new collaboration with Sobi. And together, I am confident that we will maximize the platform potential of our targeted C3 therapy systemic pegcetacoplan across a broad range of serious diseases. We look forward to continuing our progress and keeping you updated on our latest developments along the way. Thank you so much for taking the time today, and we look forward to interacting on a one-on-one basis in the near future. Thank you.

Ladies and gentlemen, thank you for your participation on today's conference. This does conclude your program, and you may now disconnect.