Geron Corporation (GERN) Earnings Call Transcript & Summary

Welcome to the 2021 Geron Corporation Annual Stockholders Meeting. It is now 8 a.m. Pacific time, and the meeting will please come to order. My name is John Scarlett, and as President, Chief Executive Officer and Chairman of Geron Corporation, I will be presiding over this meeting. The meeting is scheduled to last for 1 hour. For everyone who is not speaking, please make sure you mute your phone. In light of the COVID-19 pandemic, for the safety of all our stockholders and personnel and taking into account federal, state and local guidance, we're holding this year's annual meeting in a virtual meeting format only via the Internet with no physical in person presence. This virtual meeting format enables any stockholder to vote real-time during the meeting and to submit questions while meeting is in process. A few housekeeping notes. If you experience any technical problems during the meeting, please call for assistance at (844) 986-0822 or (303) 562-9302 for international participants. To facilitate a dialogue with our stockholders, we have utilized a pre-meeting question forum to enable stockholders to submit questions ahead of today's meeting. We'll be addressing those questions during the Q&A session. [Operator Instructions] We will get to as many questions as we can during the time allotted for today's meet. The audio webcast of today's meeting will be available for replay approximately 1 hour following the conclusion of meeting through June 11, 2021. If you have not already submitted your vote, click on the Vote Now button on the right side of your screen. Later in the meeting, I will announce when the polls have closed. Before we begin the official business of the meeting, I would like to introduce the members of our Board of Directors who are present on the webcast today. We're very fortunate to have an outstanding Board with diverse knowledge and experience. Karin Eastham, Lead Independent Director; Dawn Bir; Dr. Bryan Lawlis; Dr. Susan Molineaux, Elizabeth O'Farrell; and Dr. Robert Spiegel. Joining me today to answer questions are Olivia Bloom, our Executive Vice President, Finance, Chief Financial Officer and Treasurer; Dr. Aleksandra Rizo, our Executive Vice President, Chief Medical Officer; and Anil Kapur, our Executive Vice President, Corporate Strategy and Chief Commercial Officer. In addition, other members of our management team on the webcast today are Melissa Behrs, Executive Vice President and Chief Business Officer; Dr. Andrew Grethlein, our Executive and Vice President and Chief Operating Officer; and Stephen Rosenfield, our Executive Vice President, Chief Legal Officer and Corporate Secretary. Also present are representatives from Ernst & Young, our independent registered public accounting firm. Stephen Rosenfield will act as secretary of the meeting and has been appointed inspector of elections to examine and count the proxies and ballots at this meeting. Mr. Rosenfield has taken and subscribed the customary oath of office to execute his duties with strict impartiality. We will file this oath with the records of the meeting. As secretory, Mr. Rosenfield, has presented me with a complete list of the stockholders of record of the company's common stock on March 18, 2021, the record date. Additionally, he has reported to me that notice of this meeting was given to all stockholders of record on or about March 27, 2022 -- I'm sorry, 2021. Mr. Rosenfield has informed me that more than a majority of the total number of shares outstanding and entitled to vote are present in person or by proxy at this meeting, constituting a valid quorum. A quorum being present, this meeting is declared open, and we will now proceed with our business. This morning, our meeting will proceed as follows: first, I'll conduct the official business of the 2021 annual meeting. During this part of the meeting, please limit any questions you may have to those which relate to the formal business at hand. Next, we will provide a brief update on the company. Following that, we will open the meeting to questions. The time is 8:05 a.m. on May the 11th, 2021, and the polls are now open for voting on all matters to be presented. The polls will be closed to voting after we go through the matters to be voted on. You do not need to vote if you've already sent in a signed proxy or voted online or by telephone, unless you would like to change your vote. Each share of common stock is entitled to 1 vote. On our agenda today are 5 proxy proposals to be voted on. I will note the first of these have been formally moved and seconded, and then we will proceed to voting. The first matter to be voted upon is the election of 2 Class I members of the Board of Directors for a 3-year term. Nominations are now in order, for candidates for Class I directors to serve until the 2024 annual meeting of stockholders or until their successors are duly elected and qualified. The current Board of Directors has recommended the election of, and I move to elect, the following nominees as Class I directors, Dr. Robert J. Spiegel, and Dr. John A. Scarlett. May I have a second?

I second the motion.

A motion to elect the named nominees as Class I directors has been made and seconded. The proxy statement addresses the subject of stockholder nominations for election to the Board of Directors. The secretary informs me that no such notifications were received within the time frames outlined in the proxy statement. Proposal #2 vote to approve an amendment to our restated certificate incorporation to increase the total number of authorized shares of common stock from 450 million shares to 675 million shares. The next item of business is a vote to approve an amendment to the company's restated certificate of incorporation to increase the total number of authorized shares of the company's common stock from 450,000- sorry, million to 675 million shares. I move that an amendment to the company's restated certificate of incorporation to increase the total number of authorized shares of the company's common stock from 450 million to 675 million shares be approved. May I have a second.

I second the motion.

A motion has been made and seconded to approve an amendment to the company's restated certificate of incorporation to increase the total number of authorized shares of the company's common stock from 450 million to 675 million shares. Proposal 3, which is the next item of business, is a vote to approve an amendment to the company's 2018 equity incentive plan to, among other items, increase the number of shares of the company's common stock issuable thereunder by 12,500,000 shares. I move that an amendment to the company's 2018 equity incentive plan to, among other items, increase the number of shares of the company's common stock issuable thereby -- thereunder by 12,500,000 shares be approved. May I have a second?

I second the motion.

A motion has been made and seconded to approve an amendment to the company's 2018 equity incentive plan to, among other items, increase the number of shares the company's common stock issuable thereunder by 12,500,000 shares. The next item of business is a nonbinding advisory vote on the compensation paid to Geron's named executive officers as disclosed in the 2021 proxy statement. I move that the compensation paid to Geron's named executive officers as disclosed in the 2021 proxy statement be approved on a nonbinding advisory basis. May I have a second?

I second the motion.

A motion has been made and seconded to approve on a nonbinding advisory basis, the compensation paid to Geron's named executive officers as disclosed in the 2021 proxy statement. The next item of business is the ratification of the selection of the company's independent registered public accounting firm. The Audit Committee of the Board of Directors has selected Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year entering -- ending December 31, 2021 and is seeking stockholder ratification of the appointment. I move that the selection of Ernst & Young be ratified. May I have a second?

I second the motion.

A motion has been made and seconded to ratify the selection by the Audit Committee of the Board of Directors of Ernst & Young LLP. Before we move to voting, are there any questions regarding these proposals? We will now proceed to vote on the previously discussed motions. All Geron stockholders entitled to vote at this meeting have the ability to do so online. If you have not yet voted or if you'd like to change a previously cast vote, please do so now via the website by clicking on the Vote Now button on the right side of your screen. We'll wait a few moments to allow stockholders present to cast their votes. [Voting]

The time is 8:10 a.m., and the polls are now closed for voting. According to the preliminary report of the inspector of election, Dr. Spiegel and Dr. Scarlett have each been elected as a Class I director. The amendment to the company's restated certificate of incorporation to increase the total number of authorized shares of the company's common stock from 450 million to 675 million shares has been approved. The amendment to the company's 2018 equity incentive plan to, among other items, increase the number of shares of the company's common stock issuable there under by 12,500,000 shares has been approved. The compensation for the named executive officers as disclosed in the 2021 proxy statement has been approved on a nonbinding advisory basis, and the selection of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021, has been ratified. A full tally of the votes will be filed with the Securities and Exchange Commission on a Form 8-K on or about May 30, 2021. That concludes the business portion of the meeting. I move that the formal meeting be adjourned. May I have a second?

I second the motion.

All in favor, say aye. Aye.

Aye.

Those opposed, say no. This meeting is adjourned. For the remainder of the meeting, we'd like to respond to your questions. [Operator Instructions] We will be addressing questions that were submitted previously as well. Let me make a couple of comments related to the Q&A. First, we've already seen that many of the questions that have been submitted online address overlapping topics as such, we'll attempt to consolidate our answers to address the main themes where possible. Second, given the limited time, we will attempt to prioritize questions based on frequency. Finally, let me remind you that this meeting is scheduled to last up to 1 hour, and therefore, we'll answer as many questions as possible.

All right. So I will begin. All right?

Okay.

With the official business completed, we will move to the second part of the annual meeting. A summary of our 2020 accomplishments were described in the stockholder letter, which you received in connection with the proxy materials. So we will begin this session with some highlights from yesterday's first quarter earnings conference call by Dr. John Scarlett, Geron's Chairman and Chief Executive Officer; and Dr. Aleksandra Rizo, Geron's Chief Medical Officer. After that, we will address some questions we received ahead of the meeting from stockholders as well as open up the meeting to questions from those of you participating online, and all before we end the meeting at 9 a.m. Pacific time today. Before we begin, please note that the presentation and question-and-answer session will contain forward-looking statements relating to Geron's plans, expectations, timelines, beliefs, statements of potentiality and projections. These include, without limitation, those regarding the expected timelines for completion of enrollment and the results from the IMerge Phase III and IMpactMF clinical trials and submission of an NDA. The potential for positive outcomes from IMerge Phase III and IMpactMF, potential approval of imetelstat by regulatory authorities and its commercialization, the expectation that Geron's current financial resources will be sufficient to fund operations until the end of 2022, and its operating expense burn 2021 will be between $108 million and $112 million, and that imetelstat has the potential to be modifying and alter the course of MDS and MF. These and the other forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties include, without limitation, those regarding that the company may be unable to overcome all the enrollment clinical, safety, efficacy, technical, scientific, operational, manufacturing and regulatory challenges to meet the expected time lines for IMerge Phase III and IMpactMF due to COVID or otherwise, that in the Phase III clinical trial, imetelstat may not prove to be as safe or efficacious as in the Phase II trials and may not demonstrate that it is safe, efficacious and disease modifying, that regulatory authorities may not permit the further development of imetelstat on a timely basis or at all and may not approve it for commercialization, and then Geron may need additional financial resources before the end of 2022 for the development and commercialization of imetelstat. Detailed information on the above risks and uncertainties and additional risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements are explained under the heading Risk Factors in Geron's quarterly report on Form 10-Q for the quarter ended March 31, 2021, filed with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made and the facts and assumptions underlying the forward-looking statements may change. And now I'll turn the call over to Dr. Scarlett. Chip?

Thank you, Olivia, and good morning, again, everyone. During the first quarter of 2021, we continued to make progress in our 2 imetelstat Phase III studies with registrational intent. First, enrollment continues to increase in our ongoing IMerge Phase III trial. The study is evaluating imetelstat in transfusion-dependent, lower-risk MDS patients who are relapsed or refractory to erythropoiesis-stimulating agents, or ESAs. Last December, we had completed half of the planned enrollment of 170 patients in this trial. I'm happy to report that as of today, we have now achieved 75% of the planned enrollment. We continue to expect this trial to be fully enrolled in the second half of this year and for top line results to be fully -- to be available as early as the end of 2022 or in the first half of 2023. Next, we recently announced the first patient had been dosed in the IMpactMF, our second Phase III trial. Trial is evaluating imetelstat in patients with intermediate 2 or high-risk myelofibrosis who are refractory to prior treatment with a JAK inhibitor. It is the first trial of its kind in refractory MF patients with overall survival as the primary endpoint. Based on our current planning assumptions, we continue to expect the planned enrollment of 320 patients for this trial to be complete in 2024. Next, we are progressing on our preparatory activities for NDA and commercial readiness, which includes long lead time manufacturing and quality activities as well as developing a comprehensive organizational foundation to support a high-growth and commercial stage company. Lastly, we look forward to reserving new data and analysis from our Phase II imetelstat trials at the upcoming European Hematology Association meeting, or EHA, with the 2 abstracts we submitted. The abstracts will be available online at ehaweb.org, tomorrow, May 12. As reported in our financial press release yesterday, as of March 31, 2021, the company had approximately $245 million in cash and marketable securities, which we expect will be sufficient to fund our operations until the end of 2022. We'll continue to expect our 2021 operating expense burn to range from $108 million to $112 million. This burn includes cost to support the 2 ongoing Phase III trials, produce validation batches of imetelstat contract manufacturers and to begin preparing regulatory filings for approval and commercial readiness. With that, I'll now turn the call over to Aleksandra. Aleksandra?

Thank you, Chip, and good morning, everyone. As supported by our compelling Phase II data, we believe imetelstat, it's clearly differentiated from the currently available treatments for low-risk MDS patients, who are relapsed and refractory to ESAs. Our numerous publications and presentations have reported meaningful and durable transfusion independence in high transfusion burden patients after treatment with imetelstat, including a median duration of transfusion independence of 20 months. In our IMerge Phase III trial, as Chip mentioned previously, we have now achieved 75% of the planned enrollment. It appears patients are becoming more comfortable leaving their homes to participate in clinical trials, possibly due to the increasing vaccination rates and a decreasing number and severity of COVID cases in many of the countries where our sites are located. Moving on to our second Phase III trial, IMpactMF. Last month, we dosed the first patient in that trial. This was an important milestone in developing imetelstat for refractory myelofibrosis patients. Patients who fail or no longer respond to JAK inhibitor treatment have a median overall survival of only approximately 14 to 16 months. This is a clear indicator of the unmet need in this patient population. As Chip mentioned, IMpactMF is the only study in refractory MF with overall survival as the primary endpoint. As the timing of results from this study is event-driven, the final analysis is planned to be conducted after more than 50% of the patients planned to be enrolled in the trial have died. An interim analysis planned to be conducted approximately after approximately 70% and of the total projected number of death events for the final analysis have occurred. The number of events required to conduct the interim analysis could occur before enrollment is complete as these events will accrue throughout the enrollment period. Based on current planning assumptions, our expected timeline for IMpactMF study remains the same, as was previously guided, with full enrollment and interim analysis projected to occur in 2024 and final analysis in 2025. We're actively conducting site initiation activities around the world and recruiting patients. We currently plan to engage over 180 sites across 5 continents. We're trying to employ similar enrollment boosting strategy for IMpactMF demand that we used for IMerge Phase III. We will retain clinical CSRs to interact with sites to alert patients and their physicians to the potential benefits of participating in IMpactMF. We will also utilize social media tactics to help drive patient awareness and recruitment. I look forward to the upcoming EHA 2021 Virtual Conference in June when our investigators will present new clinical data and analysis from our Phase II trial. The abstract for these presentations will be online tomorrow at 9 a.m. Eastern Time. These presentations will once again highlight imetelstat's potential to redefine the standard of care for MDS and MF patients. I'd like to now hand the call back to Chip to address some of the questions asked by shareholders. Chip?

Thanks very much, Alex. For the remainder of the meeting, Aleksandra and I would like to respond to your questions. [Operator Instructions] Before we begin, let me make a couple of brief introductory comments related to the Q&A. First, we've already seen that many of the questions that have been submitted online address overlapping topics. As such, we'll attempt to consolidate our answers to address the main themes where possible. Second, given the limited time, we will attempt to prioritize questions based on frequency and/or what we believe represents a large breadth of interest. Finally, let me remind you that this meeting is scheduled to last up to 1 hour. We will answer as many questions as possible during that time period, but we'll need to stop at the end of the hour. We will be first addressing some of the questions that were submitted previously online. I'll start by reading the questions taken from those submitted prior to the meeting and will either answer each question myself or will ask Aleksandra to answer it. Then in remaining time, we plan to answer questions being submitted online today. For those items, I will summarize the question and will then either take it myself or direct it to Aleksandra.

We received a number of questions around corporate items, which I will address. A frequent question that we received from shareholders ahead of the annual meeting was, why increase the number of authorized shares by 50%? Our Board believes it's appropriate to have additional shares available to provide further flexibility in order to promptly and appropriately use our common stock for business and financial purposes in the future. We also need to have sufficient shares available to provide appropriate equity incentives for our employees and other eligible service providers. If stockholders had not approved this proposal, we will not have had sufficient unused and unreserved authorized shares of common stock that support the growth needed to continue advancing the development of imetelstat, nor would we have had sufficient shares to support the activities necessary to potentially commercialize imetelstat by engaging and financing transactions in the future and to respond compensation needs by implementing new or revised equity compensation plans or arrangements. Not having the resources for these activities could severely harm our business, our prospects and the future of imetelstat. In addition, our success depends in part on our continued ability to attract, retain and motivate highly qualified management and clinical personnel, especially in the current business environment, when a dramatically increased number of new biotech companies have been formed putting great pressure on the market for experienced talent. If this proposal had not been authorized by our stockholders, the lack of unissued and unreserved authorized shares of common stock to provide future equity incentive opportunities that the Compensation Committee deems appropriate could have led to an adverse impact on our ability to achieve these goals. Finally, I'd like to say that our Board and management are acutely aware of potential dilution going forward. It's always a balancing act for pre-commercial companies like Geron to conserve our resources and limit dilution versus spending the money needed to build value in product and the company even when that results in some further dilution. We strive to strike what we hope is the write-down to deliver maximum value to shareholders while also managing dilution. Moving on. Another common question we've been asked is, do you expect to continue to use the ATM? The ATM, or at-the-market facility, can provide an efficient means of raising measured amounts of equity capital over time and can be a lower cost approach to raising funding when compared to more traditional financing approaches. Usage of the ATM depends on appropriate market conditions and sufficient trading volume and will be opportunistic. We also received questions around partnering. Such as, in the past, the possibility of the European partner has been raised, can you apprise us as to your current thinking? Look, we're always open to partnerships that will best serve patients and drive long-term value of our shareholders. We plan to continue -- we plan to commercialize imetelstat independently in the U.S. and in order to support global distribution outside the U.S., we will actively seek potential commercialization partners who have deep knowledge of local markets and the right infrastructure in place. This includes potential European partners. Finally, some shareholders were interested in whether, and I'll quote this one, "Other than an agent that might be acquired by purchase, is it reasonable to assume foreseeable company efforts will be limited to the development of imetelstat alone?" So what we believe strongly in the compelling promise of telomerase inhibition. By following the science with imetelstat, we have delivered 2 late-stage programs with compelling data and strong market potential. We believe imetelstat may address unmet needs and other types of heme malignancies due to its unique mechanism of action as well as properties and capabilities that aren't shared by other products. At this time, we remain focused on executing our 2 Phase III clinical trials, plus all of the other activities associated with the development of imetelstat. However, we also continue to stay abreast of scientific and drug development events so that we can potentially act expeditiously where appropriate. The next set of questions were focused primarily on clinical topics, which Aleksandra will address after I present each question. Several shareholders asked us to differentiate imetelstat from other possible treatments in development in myelofibrosis such as CPI-0610, now known as Pelabresib. A similar question to ask us to discuss whether selectively targeting the malignant clone is a unique feature imetelstat. Alex?

So development efforts for most of our competitors are still focused on screening symptom or improvements, which are meaningful, but do not address the fundamental problem of continued disease progression in these patients and the dismal survival. Imetelstat has a clearly differentiated profile. First of all, due to the potential to extend the lives of patients who are nonresponsive to JAKI. This is strong evidence, that imetelstat is changing the course of the disease in the patients with myelofibrosis since we reported a dose-dependent impact on overall survival as well as reduction in fibrosis and in the disease driver mutations from our IMbark Phase II data. Both this reduction in fibrosis and in the driver mutations were correlated with improved overall survival in the IMbark Phase II trial. As of today, I'm not aware of similar outcomes reported in Phase II clinical studies with other agents, and I'm not aware of similar data regarding the selective targeting of the malignant stem and progenitor cells in myelofibrosis patients.

Thanks, Alex. The second question is, can you please give guidance regarding future development plans for the company beyond the current Phase III studies?

And so our priority is execution of our Phase III trials, and we continue to consider other indications as well.

One question stated, the DSMB met recently and indicated the study could continue without modification. Does this confirm that there was no evidence for a futility signal? Alex?

So let me clarify, there is no interim analysis for efficacy in IMerge Phase III. As such, the DSMB cannot stop the study early for superior efficacy. If there is a safety concern, the DSMB can stop the study at any time.

Next question. Is it reasonable to conclude that the patients with extended transfusion independence are in complete remission? Alex?

So transfusion independence is the most important clinical outcome for lower-risk MDS patients. And therefore, it is recognized by regulatory agencies as the primary endpoint for registrational Phase III studies in this patient population, including in our own IMerge Phase III. Even though some of our patients in the Phase II study have been transfusion independent for a long period of time, they may not necessarily be classified as complete remission because the IWG criteria for complete remission is based on bone marrow morphology and peripheral blood counts, but does not include transfusion independence as a parameter.

Another shareholder asked, is there enough data to make any comments as to whether transformation to AML has been positively impacted by imetelstat in either MDS or MF? Alex?

Currently, there is no sufficient data to provide this assessment. Time to progression to AML as well as progression-free survival are secondary endpoints in the ongoing IMerge Phase III study, so we will need to wait to see these data from the Phase III study.

Another question. Imetelstat appears to have multiple effects beyond targeting telomerase. One such appears to be in effect on the Wnt/beta catenin pathway and the ADAR1 expression, among others. Can you comment?

Sure. So potential combination therapies against other targets such as ADAR1 could be alternative treatment opportunities. This is interesting, and we will continue to watch the field.

Another question asked, with the advance of G-quadruplex drugs, does that shift Geron's clinical trial strategy? Alex?

Needless to say, we actively follow the telomerase biology field and monitor the development of potential telomere and telomerase-based therapeutics. As of now, we still believe our telomerase inhibition approach with imetelstat has the most compelling clinical data available. Our first priority is execution of our 2 Phase III studies, as we noted, and we continue to consider other indications and potential combination.

So our last topic from the pre-meeting Q&A form was a question regarding manufacturing. I'll go ahead and answer this one. So the question was, it appears that manufacturing is proceeding full speed ahead and production probably exceeds current study demands. Can you elucidate why this might be? Beginning now in 2021, the initiation of manufacturing and quality activities, which is elevating our drug substance and drug product manufacturing processes at our contract manufacturers. Our cornerstone for the planned NDA for imetelstat in lower-risk MDS that we expect to file, assuming positive top line results from IMerge Phase III, in 2023. In addition to providing uninterrupted supply for our ongoing clinical studies, the validation batches of imetelstat being produced today are expected to provide the main data and information that will be used to set the commercial shelf life of imetelstat at the time of product launch. As such, they become long lead time activities we need to begin now. In the remaining time we have, we'll answer questions asked during the online meeting this morning. Olivia, are there additional questions that have been forwarded during the meeting?

Yes, Chip. We do have questions. A number of them have -- the topics have been covered already, but there is one that is -- should be covered by Aleksandra. So Aleksandra, can you share about what circumstances would cause the top line results in IMerge Phase III to occur after 2022?

Thanks, Olivia. So the clinical cutoff date for the top line results is 15 months after the last patient is enrolled. So if full enrollment goes past third quarter this year, 2021, then the top line results would be available approximately 15 months after the last patient was enrolled, and this might push the TLR for the first half of 2023. I think that's what the question was. I hope I answered it.

Yes. Thank you. So all the other topics that are raised right now in the Q&A forum, Chip, were covered in our pre-meeting question topic.

Okay. All right. Well, I'd like to conclude this annual meeting with a final comment. I want to recognize the long commitment and support for many of our stockholders who remembered telomerase inhibition as a scientific idea that became the subject of a Nobel Prize many years later and is now a potential therapeutic approach for treating heme malignancies. Despite the scientific and clinical accomplishments over the years, I acknowledge that for a company with 2 ongoing Phase III studies addressing great unmet needs and based on compelling and differentiated Phase II data, we believe our stock is currently undervalued. We understand this is a source of frustration for all of us. What are we doing? 2 key takeaways: first, we're staying focused on building long-term fundamental value in the business and executing relentlessly on the goals we set to realize that done; and second, we're striving to appropriately communicate our business strategy and our ongoing activities in a consistent, comprehensive and timely manner, that reinforces the company's credibility and reputation with all stakeholders. As such, over the next 3 years, we remain committed to achieving top line results in IMerge Phase III, gaining regulatory approval of imetelstat and commercially launching this highly differentiated drug in lower SMBS. On behalf of the Board and the management, I thank you all of you for your support, and best wishes to all. Good day. Olivia, will you finish us off here.

Thank you all for joining the annual meeting. We look forward to sharing more updates as we advance imetelstat in our Phase III clinical trials in MDS and MF and as we prepare for the next stage of Geron's life cycle in being a commercial company in 2023 with the potential launch of imetelstat in lower-risk MDS. I also wish all of you a healthy remainder of the year and thank you for your continued support.