AVITA Medical, Inc. (RCEL) Earnings Call Transcript & Summary

Welcome and thank you for joining us for AVITA's Australian Investor Webinar. AVITA's CEO, Jim Corbett who is back in Australia for the Sydney Melbourne roadshow this week. And this webinar has been arranged, so everyone has the chance to catch up on more detail on AVITA's progress. Now let me point out, you can submit questions using the Q&A function, and we'll get to them after the presentation. Presenting today is Jim Corbett and assisted by CFO, David O'Toole. I'll now hand over to Jim Corbett to begin the presentation.

Good morning, Australia. I'm happy to be here again and holding this webinar for our Australian investors on your home country. So I'm looking forward to sharing with you the progress we're making with AVITA. Very simply, even though we are a commercial stage company, and what you'll see here is that our growth profile is accelerating. These forward-looking statements are a standard disclosure. We will be making some. And as such, you should be aware of that. One of the things that we have here, just we have not shared with you prior. We have a very experienced management team. We've had some management changes over the last year. We now are very firmly -- have our leadership team in place. Notable changes: David O'Toole has joined us as Chief Financial Officer, and he's a veteran of multiple public companies in Deloitte & Touche; Terry Bromley is leading Global Sales as Senior Vice President of Global Sales; and Debbie Garner is a leading Global Marketing and Strategy as Senior Vice President of Marketing and Strategy. So we feel very well situated to lead our team forward and into the really lofty heights that we have in mind for the company. As I mentioned, we are a commercial stage company, and that's how we should be viewed from here on. We currently have 2 U.S. FDA-approved indications, 1 for thermal burns and full-thickness skin defects. Now those in aggregate drive the company's growth in the next 4 to 5 years, and I will get into some detail about that. We also have FDA approval for the repigmentation of stable depigmented vitiligo lesions. This is a program where we have FDA approval. However, the path to reimbursement and launch have some milestones ahead of it, and I will share those with you during this call. To understand our commercial footprint, it's worth noting that we currently have 40 sales territories in a total commercial field organization of 70. There will be 40 sales product, account executives, 20 clinical training specialists who are commissioned, so they're signed on a 2:1 basis to the route and 10 managers. As you may remember, we were approved only in the burn indication. And as such, we only were configured to sell to 140 designated burn centers in the United States. Half of those are also trauma centers. Now with the approval of full-thickness skin defects, we have a market that is now 8 to 10x larger in terms of patients and nearly 700 additional hospitals. And you can see our market opportunity just has expanded dramatically. And so we are going to talk about our progress, things we still have yet to improve in terms of how we're executing that progress. That said, if you look back at our consecutive quarterly growth, the last 3 quarters, we grew 40% and over prior year in Q1, 42% over prior year in Q2. And that was before the approval of full-thickness skin defects. So that was in our legacy core business of burns where we had not been in a position to add a new account for nearly 18 months. So that underlying growth continues. In Q3, we had the approval of the full-thickness skin defect indication, which broadened to nearly everything that is a skin graft bubble, so to speak, we grew 51% in Q3. So an accelerating growth profile. Now just to take a look at this. When you look at our technology RECELL, another way to look at it is a series of new products. So RECELL is indicated for burns, we could only sell it in burns. And you can see that we were approved in Japan and the U.S. Full-thickness skin defects are different doctors, different indications, and we submitted a PMA supplement in December, we got approval in June, and we are going to launch June 8. Vitiligo is yet another application of RECELL. It is a transplant of pigment or melanocytes that also is another product line, so to speak. So although it is one platform, essentially one product, it is very different in the terms of the indications and where we sell it. Let me take a minute and talk about how it works. RECELL takes a autologous sample, so from the patient. And to give you a visual of this, the type of wounds that we treat -- and so this will be talking about burns and full-thickness skin defects have a range of severity. And if you look at the most severe on the left end of the continuum, you would get burns. Burns are so to speak, the biggest and the baddest wound and hardest to treat. On the other end, you might have a tumor excision from your scalp which needs a skin graft, but doesn't carry with it a concomitant health care, other health issues. So there's a big range of how these patients get treated. However, the process is the same. You take a sample and if we use a burn as one end of that spectrum, and let's say that the burn covered the back of a person. You would need to cover that whole back with a tissue graft. With RECELL, we're able to take an autologous sample from perhaps the hip about the size of a credit card, we then disaggregate it and what you get is the cells disaggregated manually by the physician under today's device. And that would include keratinocytes, melanocytes, fibroblasts, all the components of the skin cell. We suspend them in an enzyme. And the enzyme has a purpose, has a dual purpose. It's designed to -- it's in a trade secret category, in fact. So it's not fully out in the world, what's in it. But what it does is it causes the cells to thrive and survive. The survive is related to the pH, allows them to live longer with the proper pH. And the thrive is they need -- they have metabolic needs. They need to eat, and so we accomplished that within the enzyme. And then that enzyme suspended in a solution is sprayed on the wound, it's a Spray-On Skin. The consequence of spraying it on in that manner causes those cells to embed themselves in the wound in a more even and uniform manner, allows them to grasp onto the existing tissue of the patient, and to grow and heal more rapidly without -- with less scarring. So for example, when we were just in burns, the American Burn Association did a retrospective of patients' categories by their total body surface area burn, so 10% or 20% or 30%, and took the patients that were RECELL treated versus patients that were not, and found the patients that were treated with RECELL left the hospital 30% sooner than patients not. Now that's a big deal. That's so wonderful for the patient. The patient gets out of the hospital, meaning they are healing faster and that means they're getting on and able to live their lives. It is great for the physician because the physician and their staff work so hard to make a difference in these patients' lives. And the hospital wins, too, because the reimbursement for that patient is the same whether they stay those extra 3 days or don't. So economically, it works for the hospital. So this is a really transformational treatment. This shows you the evolution. Now, these are the 2 manual devices going left to right. The left was our first-generation device, quite similar to our second. The second device called Ease of Use, simply laid out the components of the different devices you need to process the disaggregation and a spraying function. But then we are currently awaiting FDA clearance, and we are answering some questions for them right at the moment in what is called the RECELL GO device. And the RECELL GO device changes things really quite dramatically in 2 ways. In the manual method, we have a variable range of pressure used by physicians to disaggregated cells. Imagine 17,000 cases, 400 different physicians, 400 different levels of pressure. We want -- we know that over the long run, as we go into different indications, we need to control that pressure so we get a consistent result from the Spray-On Skin. The second is the soak time in the enzyme. In the manual section -- in the manual version, we do that for 15 to 30 minutes, accommodating different physician practices. In the RECELL GO configuration, we control for that time, is 25 minutes every time. So that corresponds with the pestle and mortar-type piston approach of controlling the pressure of the disaggregation. So RECELL GO controls 2 things: pressure disaggregation and soak time. Now I'll talk more about RECELL GO, but it is going to enhance the treatment substantially. I'll give it to you in 2 different ways. Remember, the worst burn and the tumor excision. In the case of the worst burn, it's 37 degrees C in the operating room for a burn patient. RECELL GO will allow multiple RECELL devices to be processed at the same time. You need one for about every 10% total body surfaces area. So a patient who has 30% needs 3, which in the past would be done consecutively, which would take a lot of operating room time. And that's hard on the staff, hard on the patient and costly. With RECELL GO, they can take one set of harvest of the autologous samples, populate 3 different RECELL GO devices and have them processing while the physician is preparing those wounds for treatment and other things -- other medical care, the patient might need. On the other end of the spectrum, smaller wounds, like cancer excision can be treated the same way where the physician picks the sample, which is in the RECELL GO device and goes about preparing the patient otherwise and comes back and it's ready and ready to be sprayed on. So it's quite an efficiency mechanism. It will improve adoption for the technology. So RECELL GO is an important platform for our future. Let's talk a little bit about commercial overview. The burns and full-thickness skin defects is really the game changer for the next 4 years for the company in terms of market opportunity, and will drive our revenue growth along with burns but -- however, it is 8 to 10x bigger than burns in patient market. So, the FDA approvals we have, we have for burns from September 2018 and full-thickness from this past year, June 7. The U.S. launch for burns took place in 2019 and in full-thickness took place immediately after the approval June 8. In burns, we had approximately 140 burn centers. And that's kind of an important element, and we'll talk more about that, because there's big synergies between burns and trauma centers. And full-thickness skin defects, there are nearly 700 Level 1 through 4 trauma centers. Our near-term target is on 100 or approximately Level 1 trauma centers, meaning the biggest and most busy and have the most indications. So this growth will drive us going forward. Now to take a look at something you may have heard, if you've been listening to some of our webinars in the last year, on the left of this slide was what we originally believed we were going to get approval from the FDA, which we defined as soft tissue repair. And you can see it covered a range of traumatic wounds and surgical wounds. But 127,000 procedures. What happened in the study is that we had a fair number of patients that had, had their wounds open for more than 6 months who were treated successfully. FDA upgraded their language to remove the limitation of acute wounds as an application. And this opened up things like a range of surgical wounds, including the gunshot wounds and traumatic hematoma and cancer excision and venous leg ulcers and nonpressure ulcers and pressure ulcers and all these other nearly 270,000 procedures. All in all, dramatically changed the call point of our salespeople in the hospital in June. And it did come, we learned about this expansion shortly before we received notice from the FDA. And I mean shortly in like a few days. So this, when we looked at this, we realized we had a bit of a different commercial strategy to contend with. A good one. I mean when you get a bigger opportunity to sell your product to get more places, more people, that's good, but you have to be prepared for it. Now let's talk about that early preparation. In the burn center, we went to a single sales force. So when we expanded from 14 sales territories or 30 commercial field people to 70, which had 40 account sales managers. The total of 70, covered both burns and full-thickness. Now the synergy was obvious instantly, and we experienced it in Q3 and in a different way, we are experiencing in Q4. In Q3, there's a process a new product goes through to become used by the hospital. It's called a Value Analysis Committee. And all of the specialties in the hospital are represented, they meet monthly, and they have a set of requirements to determine what products will be allowable in the hospital. Now in the case of burns, we had not gone to a VAC or a Value Analysis Committee for nearly 18 months. Basically, we were in all of them. And so what happened with the new approval is the product is already on the shelf in the hospital and half of the burn centers or Level 1 trauma centers. So immediately, we started selling in the new indication in Q3, and the consequence was positive. We ended up at the top end of our guidance and things were going very well. Sort of behind the scenes so to speak, and not behind the scenes but happening right in front of us, was we were learning that to get through a VAC committee in a trauma center involved much more than finding the burn surgeon, finding the VAC community chairman, making sure you're on the calendar for the committee presenting all the required information and getting approval. It actually required getting approval for a broad set of plastic surgeons, trauma surgeons, burn surgeons, believe it or not bariatric surgeons who remove large tissue. So it really caused us to take a longer period of time, sort of cycle time, so to speak, of getting -- a VAC approval went from a couple of -- 1 or 2-month period to something in the order for 3, 4, 5 months. So that changed our trajectory a bit, and I'll talk some more about that here in a minute. So back to the synergy between the 2 and why we combined the sales force. First, the full-thickness skin defects and burns use the same reimbursement codes. So the products are reimbursed. This is great. There is an outpatient reimbursement code, which they both use the same. This is great. 50% of the burn centers, as I mentioned, are trauma centers. This is also very positive. We had not been calling on 30% of the burn market that needs skin grafts because they were in Level 1 trauma centers. So over the next year, we will capture our share of those patients where previously under our sales configuration, we wouldn't do so. So with these synergies, we are moving forward here in '23 and '24 and really have high expectations for how things go. Now, let's talk about our global commercial strategy. You may recall in past webinars, I've committed to describing our commercial strategy and what we're going to do next and how we're going to do it. So let me describe the process we went through and how that process has led us to our strategy. So the first thing is we wanted to assess, we wanted to go to sophisticated health care markets. RECELL will go to waste in a market that doesn't know how to use it, doesn't have the resources to use it. That caused us to focus on 3 principal geographies besides the United States, Australia, European Union and Japan. Now we also recognize that to build a direct organization in all of those places would cost a lot of capital before it would turn from an operating margin point of view for that -- for those direct operations to contribute profit to the company's overall profit, was as much as $30 million away. So a very big investment ahead of us. We chose a strategy with third-party partners and third-party partners bring to us a number of things. They have an existing organization we don't need to build, we get the leverage. They have know-how in terms of working with the hospitals in different markets. So in the European Union, you've got as many as 20 or 25 different markets. They all work differently. Australia works differently. Japan works differently. The distributor brings that expertise. Secondly, reimbursement is different in each of those countries. Those -- these third-party partners know about that. They know how to get it, they know how to work with it, they know how to manage it. So finally, the rules of the hospital, how do you operate and support the hospital, get your sale made, do the clinical training? They know all that and they have people to do it. So we, over the next few years, plan to exclusively use third-party distributors in our international markets. In general, it's an average selling price sharing arrangement where we share in the end customer sale price, we will be responsible for training and regulatory support. They will be responsible for reimbursement and commercial activity and physical distribution and selling. So far, we have already identified a big partner who covers more than 40% of the Europe opportunity, and that's a company known as PolyMedics Innovations. And they will be covering and have the infrastructure for Germany, Austria and Switzerland. This is well underway. We're training here next week for January 2 launch. Now we plan to add other countries over the next 12 months, but they will fit the framework that I've just described. Let's talk about vitiligo as a long-term opportunity. What we did with the FDA study was we did what the FDA asked, which was we want you to prove safety and efficacy, which we did, and we got an indication for it. Having said that, you have to get reimbursement for this patient. Now this patient has an autoimmune condition where they lose pigment. That autoimmune condition does not kill them and it is not contagious. But it's associated with the significant dysmorphia associated with how they see their disfigurement. And their disfigurement causes mental health problems. Mental health problems cause additional health care costs. So to get to coverage policy among private insurers is the objective. And our clinical study with the FDA does not fulfill the requirements for that coverage policy. So we initiated in July a 100 patient -- and by the way, the FDA study was 25, a 100-patient study called TONE that we'll enroll either by the end of this month or the end of January. So it's had very good enrollment, 100 patients in approximately 6 months. And those patients will be studied for their re-pigmentation, but also for their quality of life and their mental health. And we follow it 6 and at 12 months. And that will create a foundation where we can combine it with a health care economics study, which we have a group of experts who we've organized with a health care economics firm to measure the longitudinal cost of caring for a vitiligo patient and be able to project based on quality of life data from TONE, the reduction in that cost over time, so the longitudinal cost reduction. So the case for coverage for the payer is that you have 1.5% of your beneficiary population has vitiligo, and their cost over their lifetime for over a 5-year period is X. You can reduce that by -- we're creating medical policy to cover patients who are stable, nonsegmental vitiligo. So this is a big market. It's multiple times the size of full-thickness and burns. So it was a really big opportunity for the company. At the same time, that's why it deserves the preparation we're going to put into it over the next 2 years. From a timing point of view, this study will reach its 1-year follow-up sometime end of next year. That puts a publication in the first part of '25. The health care economics study will publish about the same time. We'll be able to go to commercial payers during the second half of '25. And in the United States, commercial payers are regulated by state. And so we will tend to approach this as a rolling launch, largest population states first. So Texas, Florida, New York and California. Those will all be the first states, and as such, it will cause us to stretch out our commercial launch to match reimbursement. So it's a big project for us. We have really high expectations, but when you look out at our pipeline, you see the next 3 to 4 years, full-thickness and burns still continuing to drive. And out in front of us is vitiligo, we're ready in the 3- to 5-year range. Now one element that I want to update you on is RECELL GO. There's 2 things about RECELL GO I'd like to comment about. RECELL GO, what it is on a Breakthrough Device designation, and we are 90 days through the 180-day review. And you know this device, we will be giving it away as a convenience for the customer, and they will buy the disposables, which cost the same as our current disposable at $6,500, which -- and it will be good for 200 uses. We had some questions that were asked about the RECELL GO filed by the FDA at day 90. We paused the clock so that we could do the testing they required. We're meaningfully through that testing. It's all laboratory-based testing. We understand what they want. This being a first-in-class category technology, we are comparing cell viability in a very unique environment for Spray-On Skin. So there is not a reference for either them or us to go to. So the fact that we're now very much on the same page, which can only happen after we submit, we think we'll submit the necessary data package by the end of February, and that will bring us to the end of May approval, 90 days later, and a June launch. So this program is important to us. It has no direct revenue tied to it except that we expect that it will accelerate adoption by making RECELL easier to utilize. From a financial overview point of view, we are in a very strong cash position. We're, in fact, with the recent OrbiMed transaction, which I will talk about here in a moment, we're sitting on approximately $100 million of cash. And it really puts us in a place where we have sufficient capital to get through and well into profitability. Let me explain just a little bit. In October, we took down a debt facility for up to $90 million. However, we only took down $40 million at closing. That brought us to $100 million approximate of cash now. The 2 $25 million tranches, one in June, at the end of June '25, excuse me, '24 and one at -- excuse me, one at the end of December '24 and the other at the end of June '25. So 12 and 18 months away. Those we do not see a need for at the moment, but they provide us needed flexibility to continue to invest in our strategy and to meet our profitability goals and growth goals. So the 2 $25 million tranches are optional. If we don't take the first one at the end of '24, we lose the option for the second one. So we see the $40 million is more than sufficient with the $60 million or so we have on hand to get us to profitability. So terrifically strong and secure in this very uncertain capital markets time. From a commercial revenue point of view, we are looking at a $14.8 million quarter, with a lower bound of 47% growth to higher 57% growth. So we recently adjusted our guidance down approximately $1 million for the year, below the lower bound, which takes us to a 45% to 48% growth for the year. So we really have, year-over-year, we're growing very strongly. We expect to grow in excess of 50% during the coming year, and we'll be giving guidance here in a minute, and I'll share when our guidance schedule is. Our gross profit continues to be very strong. In 2023, it will be between 83% and 85%. Now this has really been a year of inflection for this company. The burns has continued to grow through the first half without the full-thickness approval yet. Full-thickness came and immediately, we gave a stimulus to our growth, expanded our market dramatically. When we have RECELL GO, not only approximately 6 months from launch, we've already are in the process of transferring manufacturing to our Ventura facility in Northern California -- Northern L.A. County. Our outlook for the next 3 to 5 years is very strong growth from the adoption of RECELL. There is no comparable treatment for these patients. It's a matter of very effective execution on our part. Vitiligo, we were preparing for the long game. We're preparing to build the clinical data, the reimbursement data and to prepare these patients to be able to get the treatment that will transform their lives and improve their mental health. So when you look at what we're going to be doing in our upcoming call in February, we've got a number of topics that we're going to talk about. First, we're going to give commercial revenue guidance for the full year of '24, including Q1 '24. There will be a profitability guidance specific to a quarter in 2025, where we will have positive free cash flow and become profitable from there on. We are going to expand commercially additionally during '24. We're adjusting our timetable and we're planning that right at the moment, noting that the FTSD market has a longer cycle time to convert an account, so we're going to expand the sales force a little bit later in the year, and we're going to do it a little bit earlier, and we'll be precise about that in February. RECELL GO, we will be confirming the timing of our response to FDA and what the expected FDA approval date is. And Vitiligo, we'll update on the TONE study time line along with the health economics time line. So we will really have a very rich call on our February call, which we'll be doing again from here in Melbourne. So with that, I think we're ready for questions.

Thank you, Jim. We'll now move on to the Q&A. If you have any questions, you can continue to submit them using the Q&A function. I'll now hand over to Jessica Ekeberg, to run the Q&A.

Thank you, Rudi. The first question, can the current sales force handle demand without RECELL GO?

The simple answer is yes because, in fact, we have. I take note that we were growing 40% in the burns without it, we grew Q3 51% without it, and we're going to grow in the high 40s in Q4 without it. That said, will it be better with RECELL GO? Absolutely better. So that's a 2-edged question really because we are demonstrating we can, but we know it will be better with RECELL GO.

The next question, how should we think about the company's IP strength and threat of competition?

It's a really great question. So we recently, when we did the credit agreement with OrbiMed, did a very deep dive on our IP. And IP, it really affects 3 different things and so -- because what we're talking about is the ability of someone to come in and invade our market. So it turns out there's a, so to speak, a picket fence. If you know the expression, there's kind of 3 layers that someone would have to come into. So we took the approach, what if someone was handed the magic formula for RECELL? And how would it -- long would it take them to get to market so that we could exercise our IP? So it turns out there's 3 layers: Layer one, they know what it is, and they would have to then do a PMA to demonstrate that they had copied it accurately. That would be feasibility. So that's a 6-month study after they do it, so about a year. They then would have to do a PMA study, which they'd have to enroll. And after they enroll, they would have a 6-month wait. So we estimate that at almost 2 years. Then they would have to be able to deliver it, automate it, controlling for the pressure of this disaggregation and the sub time with RECELL GO. So from a pure regulatory point of view, they have 3 layers of PMA to go through, which we estimate to be 5 or 6 years. So that's one level. The second level, which I just violated because we gave them our trading secrets, but they'd have to know them. So the trade secrets is something we would be able to enforce because we have been very diligent over the lifetime of RECELL to protect what it is we do with RECELL, to cause the cells to stay viable longer. The third is the patent family that has been developed around RECELL GO will make it so no one will want to do it manually. They'll want to do it with the help of RECELL GO. And RECELL GO has a very rich patent portfolio around it. So we reasonably think that if someone successfully could solve that equation that they could, starting today compete with us 8 years from now. So we really have a very amazingly strong protective -- strongly protected intellectual property when you include the full picture of what it would take to compete.

Great. On to the debt facility. Can you provide more detail on what led you to decide on a debt financing? And why did you choose OrbiMed?

I think David will take that one.

Thank you. Yes. So when we looked -- when we were reviewing our strategic plan this summer, late summer, we knew that we needed to strengthen our balance sheet in order to weather the storm, whatever that storm might be over the next couple of years, until we got to profitability and also have enough cash on the balance sheet to achieve our goals. We looked at equity, an equity raise, and we would have probably moved forward with that if the market had not turned against us in our sector. And us in particular, our stock decreased by greater than 25% over that period of time. And so to find a way to strengthen our balance sheet, without significant dilution by issuing a great amount of shares, we turned to a debt facility that gave us optionality. It gave us the amount of cash that we think we need to get to profitability, but it also has the 2 other additional $25 million tranches that we could take if we had a need for it, which at this point in time, we do not see a specific need for those 2 $25 million tranches. So we think that what we did was the most shareholder-friendly by putting significant amount of cash on our balance sheet without the normal dilution that you would find in an equity financing, when our stock is trading at a level that we don't believe is sufficient to justify an equity raise.

Thank you, David. Can you provide further detail -- this is back to you, David, on how you allocated the first $40 million?

Yes, so the $40 million that we have, we took down at closing. We don't have, again, a specific need for that. We have $60 million sitting on the balance sheet as of the end of the third quarter. Jim mentioned that gives us somewhere in the range of $100 million of cash. We have a number of initiatives that we're going to continue, including the TONE study, increasing our commercial footprint for the burns and full-thickness skin defects in 2024. But at this point in time, we're very comfortable that we have enough cash, and we're investing that cash -- just to make one note, we're investing that cash in U.S. Treasuries that allow us to receive somewhere in the range greater than 5%, which reduces the overall cost of capital that we have from the debt facility. So at this point in time, we don't have a specific use of funds for the $40 million, but we have it on our balance sheet to achieve the goals that we want to achieve.

Thank you, David. And our final question to Jim, can you provide more detail on the new external complementary products to sell alongside RECELL?

Well, I will share with you what I'm thinking about. What is not lost on us is that our patients that are treated with RECELL and our customer, physician customers are using a range of various products that fit the category of dressings, scaffolds, dermal substitutes, and virtually every patient is getting one. And we take note some are better than others, and we take note that they are used in conjunction with RECELL and we further take note that we are -- we have a larger and larger commercial footprint. So we believe that the combination of the right portfolio of products will produce a better outcome for our other patients and make convenience for treating that patient better for the physician and give us operating leverage in terms of being able to utilize our sales force more fully. So we are looking very actively at those categories. It's a very large, fragmented market where many products actually work. We want ones that fit a certain criteria, which we believe will combine better with RECELL. We are -- the level of looking is not in the phone book. We're in the laboratory doing animal studies with multiple versions, trying to identify exactly which ones meet the criteria which we've established. So I think in the coming year, there should be an expectation that we expand our portfolio. And we -- currently, the range of technologies that are used in those types of products is quite broad. And so it will end up being some form of co-development transaction where we work with another company as opposed to trying to develop a series of new technical competencies on our own.

Great. And with that, that concludes the questions for today's webinar. Hand it over to Jim.

I want to thank all of you who had the chance to attend today. We're very, very excited to be where we are from a year ago. We're even more excited to where we think we're going to be a year from now. I think what you can expect from us is to -- from a shareholder point of view, is to execute to our plan, to communicate as effectively as we possibly can. We will be continuing to hold these webinars in Australia, on Australia time during our quarterly visits here as we are -- we remain committed to engaging our shareholders here in Australia equally with those in the United States. So with that, thank you very much, and I look forward to sharing the next update with you in the exciting guidance in February.