CASI Pharmaceuticals, Inc. (CASIF) Earnings Call Transcript & Summary

Welcome to the Year-End 2019 Financial Results and Business Update Conference Call for CASI Pharmaceuticals. [Operator Instructions] Please note that the remarks today will include forward-looking statements and that actual results could differ materially from those projected or implied in our forward-looking statements. For a description of the -- of important factors that could cause actual results to differ, we refer you to the forward-looking statements in today's press release and the note on the forward-looking statements in the company's SEC filings. It is now my pleasure to turn the call over to CASI's Chairman and CEO; Dr. Wei-Wu He. Dr. He, please proceed.

Well, thank you very much. This is really, actually the first time that CASI has a conference call. We think actually at this very unique moment in history that I really like to give everybody, our loyal shareholders, a -- kind of a real update of the company. And I have to begin with the call by discussing the remarkable year we had in 2019. If everyone recall, CASI is actually a pretty old company, more than 20 years. But starting in August 2019, the company finally launched its first product, EVOMELA in China. And -- which really set CASI apart from many, many noncommercial biotech company. And ever since we launched the drug in August, we actually recorded $4.1 million in revenue by end of the year. And this is actually a remarkable event. Myself has been investing in biotech for 20-some years. But personally, I think this is a really, really unique event. We finally have built a real pharmaceutical company with China as a major focus. As China has 1.4 billion people aging, we believe the pharmaceutical market in China is really, really just the very beginning of the growth. And let me spend a little bit time on this unique drug EVOMELA. EVOMELA really is a preconditioning agent for autologous transplant for multiple myeloma. While melphalan is available in the U.S. for many, many years, this is really the first melphalan ever commercially launched in China. And we actually -- and because of its unique formulation and its ease of use, we think this drug is really actually a very proprietary drug in China. And we still remain very bullish on this drug. It's going to become the melphalan of choice in China for many, many years to come. The -- regarding the coronavirus, our commercial operation is impacted a little bit first part of this year. But we actually think this is going to be a very temporary slowdown of our commercial launch. Our first quarter revenue probably will be impacted by the virus but because this drug is such an essential drug for people who have multiple myeloma, we believe this is a very temporary thing. And it will -- our commercial team -- many of our commercial team is now resumed operation in China. And we think we will have a slight impact of revenue maybe for the whole year. But in the long run, we basically do not believe this virus will have much impact on EVOMELA. So as a whole, I think, CASI is a -- not only we prove to people that we know how to licensing in drugs, we now actually prove to people that we can actually commercialize a drug in China. And in China, the first -- a little bit over 1 quarter, hitting $4.1 million revenue is not a small task. And we have done it. I'm actually really very proud of our commercial team, under the leadership of Larry Zhang, who really did a phenomenal job. I have to say we probably have one of the most professional hemato-oncology south team and commercial team now in China. And with that team in place, we think CASI is really build to become a leading hematology/oncology operation in China. So let me turn a little bit into the CAR-T 19. We all know that CAR-T 19 is a drug which really save people's life, especially for B-ALL. Our drug was actually approved by Chinese authority to start clinical part. And originally, we were planning to dose the first patient at the very beginning of the year. But with the virus, we did have a little bit delay of the dosing of the first patient. But actually from today, it looks like our program is fully on target to start dosing the patients and maybe even complete our Phase I trial within this year. And regarding CD38, which is that -- we believe this is a best-in-class monoclonal antibody for CD38. And we licensed this from Black Belt Therapeutics. And we have the global right of CD38. We are actually on track to file an IND in U.K., and start Phase I clinical trials actually in 2020. The company -- what I really like to stress to our current shareholder and for the loyal shareholders is -- I personally myself is a pretty big shareholder. We are -- personally, I'm [ thrilled ] about this company. We finally turned a 20-year-old company into a very aggressive licensing company and launching proprietary medicines in a large market like China. And we were able to successfully launch our first drug and build a world-class commercial team. And we are adding more activity into in-licensing activity. We have CD19, which is -- we believe, it's going to be the first domestic -- China domestic CD19 clinical program in China. And we have CD38 coming along the pipeline. We're going to be actively looking for even more molecules. We have also many other molecules like ZEVALIN, MARQIBO. Today, we're not going to spend too much time on it. And I refer to -- the investor to our filing. We think we are on our way to build a very exciting hematology/oncology-focused franchise in a very big market like China. And with that said, I'd really like to use this opportunity to hear from our investors and answer some of your questions. So I will really -- thank you very much for all the shareholders, for the analysts that you have supported the company. And we -- I really want to use this opportunity to answer some of the questions that -- from our shareholders. Let me turn on -- turn it to the Q&A.

[Operator Instructions]

Well, any questions? If there's no questions, I really like to thank everybody for being a loyal shareholder of the company and -- oh, we do have questions coming, okay. Go for it.

Hello, can you hear me?

Yes. Now I can, yes.

Great. This is Sean from H.C. Wainwright. So I have a couple of questions on the -- what kind of impact we can expect from the coronavirus. I understand that you mentioned that many of the operation -- commercial team in China has already resumed operations. But have the hospitals resumed normal operations as well?

Yes. So Larry, you are probably much more closer to the commercial team. Do you want to answer this question? Larry is our President, and he's really our hero of leading the commercial operation in China. And Larry joined us from Novartis, about -- a little bit over a year ago, and he was the former CEO of Sandoz China. Go for it, Larry.

This is Larry Zhang. I will be happy -- yes, I will be happy to answer the question. Actually, yes, we did see the impact of coronavirus in China, and especially for the month of February, we can see the continuing impact this month as well. And this was because for the majority of the hospitals, either they're closed for the surgery for the patients with multiple myeloma or it's because lack of the physicians and nurses staff in the hospital, especially for the major hospitals, like the hospital in Beijing, Shanghai and Guangzhou. Another reason is because there's a significant lack of blood, which is a fundamental supply for the surgeries. That is going to cause the business down and the total number of surgeries are down in China. But now, and -- we can see that it's a good trend and it's gradually and resume the business and back to the normal. Still take some time, but our medical reps can go to the hospitals, the majority hospitals, especially in the south of China. And North China, they take a relatively slow pace right now, but it's more and more on the hospitals open now. So that is where we are. And we can see probably in April, it's almost like back to the normal. That is the situation right now.

Great. I was also wondering, are you seeing any impact on the supply side because of the virus? Is it spreading to the U.S. and Europe as well?

Larry, do you want to take that one? We did stock up quite a big inventory. So we do not see -- I personally don't see any short-term impact because this is a drug that if we manufacture one batch, it will last quite a while. So -- but Larry, would you want to add some more color onto that?

This is correct. Currently, we don't have a concern for out of stock and the supply chains are going quite well. And we have enough inventory in the warehouse. And -- so that's where we are right now.

That's great to hear. And finally, in terms of your...

By the way -- sorry, by the way. I'm sorry, go ahead.

No, sorry. I mean, go ahead.

Just one more information I want to add, since EVOMELA is like a special medicine. So it's for the supply. And this is not the big volume that we need to ship to the hospitals. So it's the hospital and until now, it's one of the major hospitals. And there, supply is enough for a couple of months. So that's where we are.

That's very good to hear. Finally, it's on your balance sheet. What's your cash position right now? And how long do you expect your run rate to be?

We have over $50 million cash in the bank. And our burn rate is relatively low. It's I think, around $30 million. And so we have enough money to -- for the year. And I'll probably add a little bit color to that. The last 2 deals we did, one is CD19, most people don't realize that actually, the -- about $10 million that was dished out is actually equity investment, not from payment. We are pretty frugal when we license drugs because we think a lot of Chinese company is really overpaying for some of the assets. We are pretty careful. And even the CD38 licensing, a big -- a part of our payment is equity payment into Black Belt. So although these more than $10 million was dished out, but it's really equity in these companies. I hope that answers your question

Yes. Just with all the market volatility, it's very reassuring to hear that you have a long runway on your cash. Great.

Yes. Thank you so much.

We have a question from Nathaniel Calloway.

I was just interested to see, if you could give us an update on the progress in the facility at Wuxi. I remember that you had to break ground on it before August of this year, if I remember it correctly. I'm just wondering if anything has happened with that, and if there's any sort of updates with that. And the ANDA portfolio, in general, anything to talk, would be great.

No, that's great. Yes. So we basically -- we licensed quite a few ANDA and because some of the medicines that we license in, although it's generic in the U.S., but some of them are not. As a matter of fact, our first drug, EVOMELA, melphalan is a generic in the U.S., but it's the only -- our EVOMELA, which is really a reformulated melphalan, it's the only game in China. So we -- actually, one of the plan we are doing is actually ultimately planning to manufacture some drugs like this. I don't want to be too specific because there's a lot of confidential stuff. But one of the -- we did slow down our manufacturing site a little bit because China changed this new policy of so-called 4+7 and a lot of the -- like, a lot of the drug we licensed in, the margin no longer is there. So we're putting a break on some of those drug launches. So we're really, right now, overly emphasized on proprietary hematology/oncology franchise. So some of the manufacturing facilities are kind of geared towards making -- building the plan for that plant. So one of the plan is, we probably will have to build a large cell therapy facility for our CAR-T 19. So those are all in planning, in progress. And we will update shareholders on those progress. But the reality is that Wuxi facility -- we got a lot of support from the Wuxi local government. The land, we actually purchased it. It's a really great deal, and it's really actually very hard to find this plot of land in China, close to Shanghai. So we actually got this piece of land. This piece of land is very close to the subway. And you can get on the subway, hop on to the high-speed train to Shanghai within an hour. It's really -- it's -- the site we acquired really is, I think, the crown jewel of a piece of property near Shanghai. If today, you ask me, can I get another piece of land like this? I'll probably say, no. We've probably already missed the opportunity. So I think for CASI shareholder, we are really planning for long term. Because I can't imagine we become the largest hematology/oncology pharmaceutical company in China in the future, and we don't have our own manufacturing site. So we are actually really acquiring this manufacturing site, preparing for the next 10, 20 years. So I don't know if that answers your question. But we will be very selective where we will be putting the money. Nathaniel, does that answer your question?

Yes. That's very helpful. I have another question, just briefly, it's a bit of bookkeeping. But the past 2 filings, you briefly mentioned Thiotepa, which you acquired somewhere, but you haven't really said very much about that deal or that drug anywhere else. I was wondering if maybe you could comment a little bit on Thiotepa, and where you got it and what you plan on doing with it.

Yes. So we actually -- for reasons, we probably cannot disclose yet, it's the licenser -- the company licensed the drug to us, they would like to keep this a low profile. But I want to use this opportunity to share with investors that by building a great commercial team in China, in hematology/oncology, especially in the transplant market, we got to know all the key opinion leaders in China. As a matter of fact, this drug was actually introduced to us through a key opinion leader in China. He is the #1 physician in autologous transplant. This German company actually wants to launch this drug in China and they contacted the key opinion leader. And the key opinion leader basically said, "I know one company, really knows how to launch a drug in China, that's CASI." And because of that, we licensed this drug with very little upfront payment. And we believe with melphalan and with this drug, we probably will be the #1 hematology transplant company in China. So for reasons we probably cannot discuss too much is, we've been kind of bounded by the company licensed to us that we did not do press release, but we did do the filing. And give us a little bit of time, we will probably be -- but it's a wonderful drug. Again, another drug that has been used by Western countries for many, many years. But it's absolutely not available in China. And we think that by the time this drug gets approved, our team, commercial team should have completed the commercial work for melphalan. And so they will then have another drug to commercialize pretty soon.

Okay. That's really helpful. And just along the same lines, my last question is just if, you can give us some guidance on how you're thinking about future licensing and acquisitions. If you're -- because in 2019, it seems like we shifted a little bit away from the original strategy of in-licensing assets that will mature outside of China and using some of the new reforms, regulatory forms in China to get those drugs into the market quickly. And in 2019, we saw you licensing a lot more early-stage drugs. And I want to just get an idea of how you're thinking about that going forward, which of those sorts of things are we going to be able to see.

Yes. I think overall, we basically are playing the long-term arbitrage opportunity between Chinese pharmaceutical market, which is serving 1.4 billion people aging. We think this arbitrage opportunity will be going on for the next 20, 30 years. So -- but we need to pick our battle. So right now, the key battle we're picking is hematology/oncology. So we are looking at a lot of compounds and assets that is addressing unmet medical need in the hematology/oncology space. We looked at from a biology standpoint of view, we looked at a lot of things. Sometimes, we didn't do it because we think people demand too much money. And we never -- we don't think we can really genuinely contribute to our shareholder, even if we did it. But we are very diligent, have a very, very aggressive in-licensing team, pretty much looking at every single hematology/oncology opportunity out there. In terms of early stage, I think in biotech early stage is all relative. We, as a company, in general, we don't like to take biological risk. CAR-T 19 may sound like an early-stage compound from a clinical-stage stand, point of view. But the biology is very well proven. As a matter of fact, even with our CAR-T 19 program, this same drug has already treated more than 100 patients, I believe. And the data is as good or it's not better than Novartis or Kite's data. That's why, although it's only in Phase I, we don't believe this is -- actually we're taking the same risk as biotech company in the U.S., betting on the Phase I oncology program with no clear biology validation. Again, CD38 is a very well-validated biological target. dara is doing over $3 billion a year globally. And dara has only been approved in China in 2019. It's a very young drug in China. We believe our CD38 potentially is the best in class because there's less infusion reaction in the primate data. So we will see, in Phase I, if we had a few people's data, we will actually immediately know if our infusion reaction is truly much better than the existing drug on the market. So yes, it sounds like we are taking early-stage compounds, but these are very, very well-proven biology in the sense. And we really like to build a company, not -- the major distinguished aspect of CASI is, we're not taking some of the biological risk like the hundreds of biotech companies publicly traded on NASDAQ. Really, the biggest risk, in -- my 20 years of biotech investing is the biggest risk sometimes is the biological risk for innovative compound. But we think, actually, we're taking a very little biological risk. And we are more really kind of leveraging the big, growing Chinese market with innovation happening globally. So hopefully, we can convince you in the long run that CASI is relatively low biological risk company. Does that answer your question?

It helps a lot. Yes, that's very helpful. That's all the questions that I have.

Thank you.

Your next question comes from the line of Beth Senko.

Unfortunately, Nat (sic) [ Nate ] got all of my questions. And so I'm actually all done, but thank you for keeping us updated on what is happening here.

Great. Yes. Great. Thank you. Thank you so much in this difficult time. But we are a big believer that 1.4 billion people in China will always want better medicines, especially medicine like EVOMELA, which really, really is a functional cure for a certain percentage of multiple myeloma patients. We are long-term investors, myself. And we think we are on our way to build a really, really fully integrated leading pharmaceuticals companies in China initially, but maybe even globally in the future because some of our drugs, we do have global rights.

Your next question is from [ Richard ].

I noticed that your last press release was December 3. And with all what's going on in the world, it seems like that's kind of a long time for radio silence for us back here in the States. I wonder if you could comment on that a little bit.

Well, the -- I mean, I have been a biotech investor for 20 years. And I -- sometimes, people like to put out a lot of noises to have endless amount of press release. But the reality is our business is really about the patient. Can we truly make a difference for the patient? If we don't have major events, which we can make a difference for the patient, I'm the opinion that we should really -- the press release, like this quarterly press -- year-end result, to me, is very important. We finally announced -- this company we took over has been in business for 20-some years, never had a dime of revenue. And we finally launched a first drug with a very excellent commercial team, in a little bit then over a quarter, we achieved $4.1 million revenue. In China, that's actually -- I'll give my commercial team a gold medal for that. So it's not like U.S., all the market is $1 billion market. In China, a little bit over a quarter, we achieved $4.1 million. To me, that's great news. So I -- sorry to -- maybe it sounds a little bit arrogant. But we would rather our shareholder focus on our clinical program. Can we truly make a difference, right? So our CAR-T 19, we think that's going to be our next major milestone because this is a drug has been proven by Novartis and Kite, now Gilead, that it saves lives. And we finally got approval. I think our -- so the approval by the Chinese regulatory agency is a major milestone because in China, there's 300-some CAR-T companies. They all claim they're in CAR-T. But very few of them are doing the real like, FDA sanctioned trial. And we're the one of the first Chinese domestic CAR-T got approval. As a matter of fact, this quarter, we are actually doing the Phase I clinical trial already. So these are -- to me, this is a much more meaningful press release. So that's -- that might be the reason that we -- and personally, just to be sharing with you, I'm -- as the CEO and Chairman of this company, and a pretty reasonable shareholder, I'm on this company for the next 10 years. We're not looking for short term. We are really going to commit to build the next Takeda in China next, next J&J in China. To me, like temporary events doesn't even matter. We are committed to build this into a world-class pharmaceutical company serving 1.4 billion people. And you will see my actions in the next 10 years. This is really something that we are committed with our life.

Right. And I asked the question from the perspective of the share price falling in half in a matter of a month, and the CFO leaving ,and just kind of no news out of China. So it was a bit concerning not to hear anything and not even to the fact that, "Hey, we're getting through COVID-19 here. We're on track or we're a little bit behind schedule." We just -- for the case, we'd like to hear here some kind of update, especially when we're hearing all kinds of different -- different kinds of news out of China.

Yes -- no, I hear you. I hear you, [ Richard ]. Yes, and we will definitely be -- actually, the matter of fact, today is the first time, I think, in the next -- last 10 years, the company ever did a call. So we are taking -- I'd love to have more conversation with people like you. And getting guidance on you. And I hear you.

Well, I am also a long-term shareholder and rather large shareholder, at least in my perspective anyway. But anyway, to move on, just one other question. As far as the manufacturing facility, I know you talked about the land a little bit, but what about the actual facility? Has construction started? And if it has, how -- when are you expecting completion?

Well, actually, there's 2 buildings, is already done. So it's really just which drug we want to manufacture first there. So we are definitely committed to building out the manufacturing. This is a big piece of land, okay? So it's really -- it's good enough for us when we had $1 billion revenue, okay? So unfortunately, we have not disclosed anything in detail. But we -- the reason we took the proactive measure to acquire this manufacturing facility is, if we ever hit $1 billion revenue, I personally don't know of any integrated pharmaceutical companies don't have their own manufacturing facilities. So by acquiring this piece of land, very close to Shanghai. Shanghai is a really major pharmaceutical research hub in the whole China. And we are basically preparing for the long term. If you want to really push me, that what are we planning to manufacture, it's probably a few drugs that we really are betting on to commercialize and have a dominant position in China will be the drug that we will be manufacturing in our site. And we are planning to build out those sites, preparing for big products we have, right? I don't know if that...

Yes. That answers my question. And it's kind of hard to look out into the future a little bit about a shareholders' meeting because we don't know what kind of restrictions on travel anyone's going to have. But hopefully, this year, we can -- you can meet millions of shareholders this year.

Yes, yes, yes. So just on the sideline, I was originally scheduled to have a non-deal road show, but that was canceled. So the virus is impacting us in many different ways. But personally, I believe the fundamentals of CASI is very solid.

Your next question comes from the line of [ Joe ].

Thank you for taking time here to share the current state of the company in the direction. We greatly appreciate it. Yes. I have a question as it pertains to having to go out to the marketplace and continue the funding of a lot of the strategies you're putting in place in the future. So today, looking at what you presented online from year-end, it looks like we're almost at 100 million shares to date. And we certainly are excited with the pipeline. Can you share some of the constraints on time to actual market with many of the drugs? And where those struggles are occurring? And what, if anything, the regulatory challenges are that might be loosened to speed that time that could help that burn rate run a hell of a lot longer than what it is now, which appears to be about every 6 to 9 months. You guys are going back into the market. And we're all taking a serious haircut as you have to generate more cash and continue operations. It's been a struggle, quite frankly, for those of us who have been shareholders for a long time to see this continued reduction in value as you, every 9 months go out and grab more money to fund operations. Would appreciate any thoughts there.

Yes. Well, Joe, I think I probably will say, unlike a lot of R&D-heavy biotech company in the U.S., their burn rate could be anywhere from $50 million to $100 million. Our burn rate, even with all the clinical programs we're supporting, is -- we're pretty frugal company. We're running at -- I think this year, our projected burn rate is $30 million, around $30 million, and we have over $50 million cash in the bank. At current stock price, we probably -- I have no plan to raise any money at this price because I'm -- with stock option and my -- the money I put it into this company, I have about 10% of the company. I certainly don't plan to dilute myself too much. So this is a shareholder to shareholder. And so the -- so we will remain frugal of this market and whether we're going to plan to be even more frugal, if the market continues to be this negative. We have seen some of our fellow biotech company being hit really badly. But we're no different. Because biotech as a whole is being perceived, probably in today's market as a -- even have higher risk than Boeing and GE, right? So -- but personally, I have no plans to. I will speak to the Board. We have no urgency to raise money. We'll see. But our existing shareholders are always prepared to fund the company. It's absolutely needed. So we have a pretty big base of -- kind of like inside holders. And we are really all committed to build this company for next 10, 20 years. I can't speak for the market. So -- but there's one thing I'm personally very sure of, is the 1.4 billion people in China will always want to have better medicine. The only thing I probably will add is, we have finally turned this company into commercial. So there will be revenues coming in and -- in the next 1 or 2 years. I think if the market recovers, I really hope that the shareholder can distinguish us from many truly only R&D-based company. So this is really my two cents. So we are not planning to dilute our shareholder big time when the market is really -- the sentiment of the market is really, really negative, right? So that -- I don't know if that answers your question. But the nature of biotech, unfortunately, is always have to raise money until you hit major commercial products, right? I'm sure, early days of Amgen, Genentech, Regeneron, they all did that. The ultimate goal is to have products on the market. And if you look at our pipeline, we have quite reasonable-sized market with very little biological risk is already in place. And our burn rate is relatively low and frugal compared to the overall biotech industry in the U.S. So that's really the -- hopefully, this will comfort the shareholder a little bit.

Yes. That's excellent. I appreciate that insight, certainly. Just one last clarification. Can you -- do you see anything in the future, near or short, that might loosen up the regulatory requirements that might speed time to market in any of these drugs that are in their current states? Or are things...

I don't want to speculate. I don't want to speculate too much. Otherwise, my loyal partner will be yelling at me. I don't know. I mean, most of the drugs we have is focused on oncology. And I personally doubt -- I don't see anything in the immediate horizon that anything is changing. The ultimate data, we can convince regulatory agency to approve our drug is to -- we have to show our drug indeed add a significant benefit to our clients, to our patients, right? So -- and there's no doubt in my mind that the drug we are licensing in is addressing those markets. And it has been proven to work, right? So -- and our CAR-T 19 has been used for 100 patients already. The data is already there. And it was just not -- the trial was not conducted under a Chinese regulatory standard, but we're going through that motion. And there's no doubt in my mind that this drug saves lives. CD38, that drug is -- the CD38 is a beautiful target for multiple myeloma, right? And I always say, in monoclonal antibody space, usually the best monoclonal antibody is not the first monoclonal antibody. Look at HUMIRA. I think HUMIRA is, I think, number #4 or #5 TNF inhibitor, which did over $10 billion a year. So I think as we understand the biology of a particular proven target better, we do can create better molecules to address a multibillion-dollar market. And we are hopeful that our molecules is -- fits that criteria, right? So it's -- so -- but in the end, we have to generate the clinical data to prove we are worthy of regulatory approval, right? So it's really the -- in the long run -- I think CASI is really the -- for me, I think it's really, a long term hold. We're betting on the fast-growing pharmaceutical market in China. We are betting on, the cancer rate is going to increase in China. We are betting on a higher percentage of aging population. We're betting on Chinese society, overall, is getting wealthier and can afford more expensive medicines. So with that big trend, we think pharmaceutical biotech globally -- personally, I think next 20 years is probably going to be the most innovative next 20 years in human history. So if we have an entity called CASI, we have built a functional commercial platform to bring in compound into this platform, getting that approved, commercialize it, show it to our partner that we can do a wonderful job of taking their drug into the marketplace. Personally, I don't believe that we will stop after the current pipeline we have. Our pipeline is only going to grow. The opportunity, the next -- I always say the next 20-carat diamond, we don't even know where they are yet, but it will come. Because we have one of the best platforms to hunt for these diamonds and commercialize these diamonds. And that's really the -- that's really, as a CEO and Chairman and a big shareholder, that's all I care about. And hopefully, we stick to that. And make some really, really long-term shareholder value, create some long-term shareholder value. That's really the message I'd really like to communicate to our shareholders. Yes. Thank you so much. Thanks for being a loyal supporter of CASI.

This concludes today's question-and-answer session. Dr. He, you may proceed with your closing remarks.

Yes. Well, again, at this very unique moment, so I would really be -- I'm very grateful that you guys actually come to the call, and being loyal supporter of the company and be the loyal supporter as analysts. As a CEO and Chairman, I feel even have bigger responsibility. And we -- as the CEO, I know my #1 fiduciary duty is to create shareholder value. And so we will be very frugal and very careful with dilution. But we can only create shareholder value by taking care of our client, which is our patient. There's no doubt in my mind as a biologist, and as an entrepreneurial and as a biotech investor, next 20 years, the growing pharmaceutical market in China and the growing innovation globally is really creating an unprecedented opportunity for a company like CASI. There's no doubt in my mind that the opportunity is endless. And I really -- you can see from my behavior that I'm a long-term shareholder, and I'll put money where my mouth is. And we will build one of the leading pharmaceutical company in China and maybe globally. And we like you to be our long-term shareholders. And thank you so much.

Okay. This concludes today's conference call. Thank you for your participation. You may now disconnect.

Thank you so much. Bye-bye.