Immuneering Corporation (IMRX) Q3 FY2025 Earnings Call Transcript & Summary

Welcome to the Immuneering Conference Call to discuss the Company's Third Quarter 2025 Financial Results and share investigator-presented clinical case studies in pancreatic patients. [Operator Instructions] I would now like to turn the call conference over to Laurence Watts of New Street Investor Relations.

Thank you, operator. Joining us on the call today from Immuneering are Chief Executive Officer, Ben Zeskind; Chief Scientific Officer, Brett Hall; Chief Medical Officer, Igor Matushansky; Chief Accounting Officer and Treasurer, Mallory Morales; and E.B Brakewood, our Chief Business Officer. During this call, management and our 2 investigators will refer to slides that you can find in the updated version of our corporate deck available in PDF on our IR website. Throughout this call, management will be making forward-looking statements, including statements related to its Phase IIa trial of atebimetinib as well as the timing of additional data from the study and the company's development plans. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties. Factors that could cause these results to be different from these statements include factors the company describes in its securities filings, including its annual report on Form 10-K and our quarterly reports on Form 10-Q. Immuneering undertakes no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in its expectations. With that, I will turn the call over to Ben Zeskind, Chief Executive Officer of Immuneering.

Thank you, Laurence. Good afternoon, everyone, and thank you for your interest in Immuneering. We do not always hold quarterly calls, but we try to do so when we have something interesting to share. And today, we are very fortunate to be joined by 2 investigators from our Phase IIa trial, who will walk us through 2 remarkable case studies of first-line pancreatic cancer patients treated with atebimetinib in combination with FOLFIRINOX. The investigators are Dr. Allyson J. Ocean, Professor of Clinical Medicine at the Weill Medical College of Cornell University; and Dr. Gregory Botta, Associate Professor of Medicine at the Moores Cancer Center at UC San Diego. Dr. Ocean and Dr. Botta are, of course, busy individuals. We plan to start the call with their respective case studies, after which we will let them get back to their patients, and then we will share a summary of the third quarter and why it was so transformational for Immuneering. In September, we shared an update on 34 first-line pancreatic cancer patients treated with atebimetinib in combination with gemcitabine/nab-paclitaxel with remarkable overall survival. We're as excited as ever about the overall survival we are seeing in that cohort, and we are very excited to share an update soon. We're currently planning to do so in the first half of 2026, possibly at a major medical meeting. Today, we wanted to talk about patients from a different arm of our study, a study of first-line pancreatic cancer patients treated with atebimetinib in combination with FOLFIRINOX. FOLFIRINOX is also a standard of care chemotherapy in the first-line setting. Compared with gemcitabine/nab-paclitaxel, it has shown slightly longer survival in pivotal studies, but with harsher side effects, but is typically given to younger, higher fitness patients at centers that are well equipped to manage the harsher side effects. Atebimetinib in combination with gemcitabine/nab-paclitaxel remains our top priority because the chemotherapy itself is so much better tolerated and the overall survival we have reported is so encouraging. That being said, down the road, the ability to combine atebimetinib with FOLFIRINOX may ultimately give oncologists more options. And certainly, when we see remarkable outcomes in this cohort, it just lends further robustness to the data we have previously reported and highlights atebimetinib's potential to drive differentiated outcomes for cancer patients. With that introduction, let me hand the call over to Dr. Ocean, who will walk you through the first case study.

Thank you, Ben. My name is Dr. Allyson Ocean, and I'm a medical oncologist and attending physician in gastrointestinal oncology at New York-Presbyterian Hospital Weill Cornell Medical Center. I'm also an investigator in Immuneering's Phase IIa study of atebimetinib and an occasional paid consultant to Immuneering. In my career, I have treated a large number of pancreatic cancer patients, and I can assure you the unmet need here is vast. The case study I'm about to walk you through, comes from the arm studying atebimetinib in combination with FOLFIRINOX in first-line pancreatic cancer. So, this case study involves a 71-year-old female patient with metastatic pancreatic cancer with a KRAS-G12D mutation who is currently being treated with daily atebimetinib plus FOLFIRINOX. Initially, she was unable to tolerate irinotecan, so her chemo now is essentially FOLFIRINOX. The patient has now been on treatment for approximately 5 months and remains on treatment. The patient's target lesion located in the liver steadily reduced over the course of 3 scans to the point of being undetectable for an unconfirmed complete response. On the right, you see the combination of atebimetinib with FOLFIRINOX led to at the first scan, an unconfirmed partial response with a 54% reduction in sum of longest diameters and then that partial response confirmed with an 81% reduction in sum of longest diameters at the second scan. By the third and most recent scan, the patient had a 100% reduction in their sum of longest diameters. In other words, the lesion was rendered undetectable for a complete response that is technically considered unconfirmed until we see it repeat at a second scan. Importantly, the patient has seen improved quality of life, stable weight and describes feeling extremely well. In fact, she tells me she has never felt better. This is not surprising because our institution's experience with atebimetinib has generally been one of good tolerance in the trial patients. It is very unusual to see a complete response with chemotherapy alone in a non-BRCA mutated adenocarcinoma patient like this one. So, I believe atebimetinib has made a real difference for this patient. Our institution has treated several patients in various arms of the atebimetinib trial, including the combination of atebimetinib with gemcitabine/nab-paclitaxel, and we are very excited that it is moving into a planned Phase III study. This is a huge area of unmet need, so potential advancements like this are even more meaningful. With that, let me hand things over to Dr. Botta, who will walk you through a second case study.

Thank you, Dr. Ocean. My name is Gregory Botta, and I'm a medical oncologist who specializes in treating solid tumor cancers of the gastrointestinal system at the University of California San Diego. I'm also an investigator for Immuneering's Phase IIa study. In my career, I have also treated a large number of pancreatic cancer patients. The patient in this case study is again from the arm studying atebimetinib in combination with FOLFIRINOX in first-line pancreatic cancer patients. For this case study, the patient was a 61-year-old female patient with biopsy-confirmed metastatic pancreatic cancer to the lung and a confirmed KRAS-G12D mutation. The patient initially achieved an unconfirmed partial response and then stabilized for about 5 to 6 months. During that time, the primary lesion in the pancreas continued to shrink, achieving a 56% reduction by around 7 months. The patient's response made her a candidate for treatment with curative intent. The remaining primary lesion was irradiated and then the patient underwent a Whipple procedure to remove the remaining pancreatic lesion and has now restarted treatment on atebimetinib monotherapy in the postsurgical setting. At the time of this call, the patient has now been on atebimetinib either in combination or as a monotherapy for over 14 months and has experienced great quality of life and stable weight, much like the patient Dr. Ocean spoke about. Let me take a moment to talk about how rare that sequence of events is. Patients are not typically eligible for surgery once their condition has turned metastatic. But in this case, combination treatment with atebimetinib and FOLFIRINOX was deemed so successful that surgery preceded by radiation with curative intent was considered a viable option. I believe atebimetinib helped us convert this patient to a surgical candidate with curative intent, an outcome that I have rarely seen with chemotherapy alone. And today, the patient has no radiologic evidence of new disease. Now while the patient has to be censored from survival measurements, the patient continues to do well, approximately 14 months after starting treatment and remains on atebimetinib monotherapy treatment. Our site has also treated many other patients with atebimetinib and we have seen other responses that would be unexpected with chemotherapy alone. Atebimetinib's tolerability is also unexpectedly good, even relative to RAS inhibitors. We are very excited for the planned Phase III study of atebimetinib in combination with gemcitabine and nab-paclitaxel. And with that, let me hand the call back over to Ben.

Thank you, Dr. Botta. Let me take this opportunity to thank both you and Dr. Ocean for taking time out of your busy schedules to join us and provide your insight. We're very grateful to have both of you involved in our ongoing studies and for everything that you do every day for patients with cancer. And with that, we'll let you get back to your important work. What I take from the 2 case studies just presented is several fold. Firstly, that these impressive results we are seeing atebimetinib in combination with FOLFIRINOX provide another pillar of robustness, supporting the extraordinary overall survival we presented for atebimetinib plus modified gemcitabine/nab-paclitaxel in September. Secondly, that patients dosed with atebimetinib plus FOLFIRINOX could potentially provide additional optionality alongside our top priority planned pivotal program for atebimetinib plus modified gemcitabine/nab-paclitaxel. Thirdly, we believe the tolerability of atebimetinib is going to be a real differentiator. Of course, the most important differentiator is extraordinary overall survival. And when you layer on to that, Dr. Botta saying his patient has experienced great quality of life and Dr. Ocean saying her patient has never felt better, it really gives you a sense of what we mean when we say we want to keep patients alive and help them thrive. These patients are clearly thriving, and we couldn't be happier for them. Now let me take a step back and just recap why the third quarter of 2025 was truly transformational for engineering. In September, we announced extraordinary overall survival data in 34 first-line pancreatic cancer patients treated with atebimetinib in combination with gemcitabine/nab-paclitaxel and strengthened our balance sheet with $225 million of cumulative financing, including a $25 million strategic investment from Sanofi. Importantly, these achievements extend our cash runway into 2029 and fund the top line readout of our planned pivotal program for atebimetinib plus modified gemcitabine/nab-paclitaxel, along with our clinical work in lung cancer and preclinical work in other areas. In September, we reported 86% overall survival at 9 months in 34 first-line pancreatic cancer patients treated with atebimetinib plus modified gemcitabine nab-paclitaxel with a 9-month median follow-up. For context, the standard of care reports approximately 47% overall survival in 9 months. We are excited to share an update on atebimetinib in combination with gemcitabine nab-paclitaxel and currently plan to do so in the first half of 2026, possibly at a major medical meeting. We also made progress across a number of other fronts in the third quarter. In July, the U.S. Patent Office granted our U.S. composition of matter patent for atebimetinib, which is expected to provide exclusivity into 2042 with potential eligibility for patent term extension. We have patent applications pending that extend exclusivity into late 2044. Then in August, we announced a clinical supply agreement with Eli Lilly intended to evaluate atebimetinib in combination with olomorasib, a second-generation KRAS-G12C inhibitor in a planned Phase III trial in lung cancer patients who have progressed on prior therapy. Remember that earlier this year, we also announced a clinical trial agreement with Regeneron intended to evaluate atebimetinib in combination with Libtayo, an anti-PD-1 inhibitor in advanced lung cancer. Together, we believe these agreements position us to demonstrate atebimetinib's combinability across a variety of tumor types, potentially expanding its market opportunity beyond the already considerable unmet need in first-line pancreatic cancer. Atebimetinib's durability and tolerability make it ideal for a wide variety of combinations across many different types of cancer. Before I cover the multitude of catalysts, we believe we have coming up, let me quickly turn things over to Mallory to walk you through our third quarter financial update.

Thank you, Ben. Our third quarter financial results press release issued post market this afternoon covers our financial results in detail, so I will not go through them at length on this call. What I will highlight, however, is our significantly improved cash position, which was bolstered by 3 successful offerings that took place in August and September, namely a $25 million private placement in August, $175 million underwritten offering of Class A common stock in September, coupled with a $25 million private placement of Class A common stock to Sanofi. As a result, our cash and cash equivalents as of September 30, 2025, were $227.6 million compared with $36.1 million as of December 31, 2024. Based on management's current operating plans, the company now expects its cash runway to be sufficient to fund operations into 2029. With that, let me hand the call back over to Ben.

Thank you, Mallory. In terms of upcoming near-term milestones, in the fourth quarter of 2025, we expect feedback from regulatory agencies and continued preparations to begin dosing patients in the pivotal trial of atebimetinib in combination with gemcitabine and nab-paclitaxel in first-line pancreatic cancer patients. In the second quarter of 2026, we plan to announce updated circulating tumor DNA data on acquired alterations at a major scientific meeting. In the first half of 2026, we plan to report updated survival data from first-line pancreatic cancer patients treated with atebimetinib plus modified gemcitabine nab-paclitaxel potentially at a major medical meeting. In mid-2026, we expect to dose the first patient in the pivotal Phase III trial of atebimetinib in combination with modified gemcitabine nab-paclitaxel in first-line pancreatic cancer, pending regulatory feedback. And in the second half of 2026, we expect to dose the first patient in the trial of atebimetinib in combination with Libtayo in non-small cell lung cancer. Our third quarter press release includes a detailed list of the near-term catalysts we have coming up each one an opportunity to create value for our shareholders and each one a step forward in helping patients live longer and feel better. Coming out of the third quarter, we have never been better capitalized nor have we ever had more evidence of atebimetinib's ability to shrink tumors slowly and surely with remarkable durability and tolerability. In summary then, I could not be more proud of the benefits we're delivering for patients, and I cannot be more excited about what the coming weeks and months will bring for Immuneering. With that, we're happy to take questions. Operator?

[Operator Instructions] And your first question comes from Jay Olson from Oppenheimer.

Congrats on all the progress, and thank you for providing this update. We had a couple of questions. To start, can you talk about based on these new case studies and the clean safety profile for atebi, are you considering opportunities for PDAC in the adjuvant setting? And then we had a follow-up, if we could.

Jay, thanks for the question. Right now, our top priority is the first-line setting and the combination of atebimetinib with the modified gemcitabine nab-paclitaxel. I mean I think the overall survival that we announced in September, 86% overall survival at 9 months, is just so remarkable and the tolerability that we saw with only 2 categories of adverse events at the grade 3 level in more than 10% of the patients. That's really our top priority. But I think you're absolutely right. There's a wide range of potential opportunities kind of down the road a little bit. And certainly, adjuvant is one that we're thinking carefully about, among others. So, no decisions to report there today. But certainly, I think you're absolutely right. There's a lot of potential in a lot of different areas. I think first-line pancreatic cancer is really just the beginning for atebimetinib, but it's our top priority, and it's a place we're going to start.

Maybe just to follow up, recognizing that you're prioritizing the combo of atebi with gem/nab-pac, given these new case studies and again, the clean safety, would you consider potentially combining atebi with 5 FU-based regimens?

Yes, it's absolutely something that we're thinking about, Jay, for all the reasons you pointed out. Again, it's not currently our top priority. The top priority certainly remains the atebimetinib combination with the modified gemcitabine nab-paclitaxel in first-line pancreatic cancer just because we see such exciting overall survival there. But I think part of the reason for sharing these cases today, number one, they kind of further validate the data that we presented with gemcitabine nab-paclitaxel in September. They show that we can combine with FOLFIRINOX, not everyone can. And I think, to your point, that certainly demonstrates the potential for greater optionality down the road. It's certainly something that we're thinking about and considering. I think these cases also really emphasize what a differentiator tolerability is atebimetinib. You heard Dr. Botta saying his patient has experienced great quality of life. Dr. Ocean saying her patient has never felt better. And so, I think that does really give you a sense of the tolerability and it creates a lot of potential options down the road, whether it's combining with FOLFIRINOX, going into the adjuvant setting and many more. You're absolutely right, there's a lot of possibilities for that. But our top priority remains the first-line setting in combination with gemcitabine and nab-paclitaxel.

Maybe if I could sneak in one last question. Just based on the totality of data that you've shared so far and the differentiated profile for atebi that's emerged. Can you just update us on your latest thoughts about where atebi fits into the competitive landscape in PDAC?

Yes. I think the overall survival that we shared in the first-line setting is extraordinary. Look, we welcome every company that's working in pancreatic cancer. This is a huge unmet need that's not going to be solved by any one company alone. But certainly, we believe we're the company that's going to solve it first and best in the first-line setting. There's not another company working in this pathway that we're aware of that shared first-line overall survival data. First-line is the real prize in pancreatic cancer because, sadly, about half the patients don't make it out of the first-line setting. We really hear over and over from oncologists that your first shot is your best shot and first-line pancreatic cancer is the real prize here. We're the only company in this pathway that we're aware of that shared overall survival data in the first-line setting. I think our overall survival data is extraordinary. To have 86% overall survival at 9 months in the data we shared in September, that's a 39-point separation from the pivotal study of standard of care, gemcitabine and nab-paclitaxel. We believe that that kind of overall survival is going to be hard to beat. There's just not a lot of room above that curve to decisively beat it. To the extent another company could match it, and we certainly don't know of anyone that we think could, but to the extent another company could match it, then I think it would come down to tolerability. I think we show clear differentiation on tolerability certainly from anything else in this pathway. I think you heard Dr. Botta say that directly, kind of unexpectedly good tolerability even relative to RAS inhibitors. I think we're the front runners in first-line. We've shared survival data. That's the gold standard. That's what matters most. We don't think anyone is going to beat that. And even if they could match it, we think we'd win on tolerability. We feel very good about where we sit in the competitive landscape.

Your next question comes from Andrew Berens from Immuneering.

This is Emily on for Andy from Immuneering. Congrats on the data in those case studies. I guess I'm kind of curious, do you have any plans to share the full data from that FOLFIRINOX combination cohort in the near-term? Then, sort of looking ahead, if this data from that cohort continues to look robust, do you have any plans to try and get a compendium listing for this combination so it could be potentially used and reimbursed in the future?

Yes. Emily, great question. Certainly, you and Andy are affiliated with Immuneering. But we're not breaking any news on that today. You and Andy work for Immuneering but just joking around. I think we're not guiding to timing yet in terms of when we might share data from the FOLFIRINOX arm because it's just currently not our top priority. Our top priority is first-line pancreatic cancer in combination with gemcitabine and nab-paclitaxel, where we're just seeing this extraordinary 86% overall survival at 9 months in the data we announced in September. That's the top priority. But I think what we shared today certainly further validates those data we shared in September. I think it really creates a lot of additional optionality for us that we can combine with FOLFIRINOX, and we can see these remarkable outcomes. We're still considering that relative to everything else. Certainly, can't guide on that today. But it's great to see how well these patients are doing and great to hear Dr. Botta and Dr. Ocean talking about how truly rare these kind of outcomes are with chemotherapy alone. To have a complete response in pancreatic cancer is just remarkable. And to be able to have a patient that can go on from metastatic disease to be able to go on to surgery with curative intent. These are really just exciting outcomes, and we're really happy about them. Yes, very exciting.

Your next question comes from Graig Suvannavejh from Mizuho.

Congrats on the newer data as well. I was curious, given that you've provided some timing with regards to a new study with your combination with Regeneron Libtayo that I think the comment was you'd be able to start that sometime in the second half of 2026. Given that you also have a very interesting collaboration with Lilly, 2 questions. One, do you think, based on what you know today, whether that study too can get started in 2026? Or do you think that's more of a 2027 timeline? Then, also related, how do you see on the assumption that they're both going into non-small cell lung cancer, how do you see kind of the differential like positioning between those 2 combinations? Then the last question is with regards to your cash runway, which is out to 2029, and congrats on the success with the financings. But what are you particularly or specifically funded for in terms of clinical development, clinical trials, pipeline advancement? Just trying to get a sense of what you're currently funded for.

Graig, thanks for the questions. We appreciate it. So, you're absolutely right. We gave new guidance today on the timing of the study of atebimetinib in combination with Regeneron's anti-PD-1 Libtayo in lung cancer. And we said not just -- I think you used the word start, but we specifically said we're going to dose the first patient in the second half of 2026. And I think that's important. Different companies use kind of ambiguous words that can mean -- really mean very different things around trial timing, but dosing the first patient is just a really clear and unambiguous milestone. So that's why we're -- we like to be clear with that. So absolutely dosing the first patient in that study in the second half of 2026. And we're really excited about that because of all the preclinical data, both from us and from the luminaries in the immunotherapy field like Jedd Wolchok, who has a paper showing that pulsatile inhibition of MET can really enhance the activity of immunotherapy in a lung cancer model in a preclinical setting. So really excited about that study and looking forward to dosing that first patient. With regard to our agreement with Eli Lilly to evaluate atebimetinib in combination with olomorasib, you'll recall we -- that agreement is much more recent, right? So, while we had announced the Regeneron agreement in February, that one we announced over the summer, towards the end of the summer. So, it's just a little early to guide on that yet. So, we're just not going to guide on the timing of the patient -- first patient dosed, but certainly, in due time, you can expect guidance on that. In terms of the kind of the dynamic between those 2, look, I mean, there's, again, a vast unmet need in lung cancer. Obviously, the olomorasib is a KRAS-G12C inhibitor. So that trial would be focused on patients with a KRAS-G12C mutation, whereas the use of immunotherapy would potentially address a different population of patients. So, I think it's early to really comment further on that. But I will say we think atebimetinib with its ability to durably inhibit the MAP kinase pathway with this really kind of excellent tolerability that I think you just heard about from 2 of the investigators. We think it's really an attractive backbone, frankly, for combinations with a wide variety of agents. And we've shared preclinical data on quite a few and are exploring quite a few more. So, there's just really a broad potential for combinations here, and we don't -- we think of these 2 as kind of just the beginning of the potential for atebimetinib. So, just really excited for what we'll be able to do for patients with -- what we believe we'll be able to do for patients with lung cancer, colorectal cancer, melanoma, just a really vast number of types of cancer that are frequently driven by the MAP kinase pathway. So really excited about the breadth there. And then with regards to our cash guidance with runway into 2029, we're certainly funded to conduct the Phase III as we've laid out to conduct these studies in lung cancer and then to advance our preclinical pipeline as well, right? So, keep in mind that atebimetinib is the first and most advanced of our pipeline of deep cyclic inhibitors, but we're pursuing and developing deep cyclic inhibitors against a variety of targets in oncology and a variety of pathways. So we're certainly excited to continue that work because I think the ability that atebimetinib has demonstrated of deep cyclic inhibitors to mitigate resistance mechanisms to durably inhibit tumors and to do so with just really remarkable tolerability. I mean to hear a cancer patient say they never felt better, as Dr. Ocean mentioned, is just really remarkable. So, we're excited for that preclinical pipeline as well.

And your next question comes from Ami Fadia from Needham & Company.

I have a couple of questions. Firstly, based on the data that we've seen so far with the combinations with FOLFIRI and gem/nab-pac, given the clean safety profile of atebi, what type of patients would you consider as being best suited for the combination with FOLFIRI instead of gem/nab-pac? And then I think as we sort of think about the first-line PDAC positioning, how do you see the safety profile translating into the durability of benefit? And you mentioned earlier that you're going to be presenting some additional circulating DNA data next year. If you could sort of talk to how -- what you've learned from the ctDNA analysis so far and how that might contribute to the overall durability of benefit, particularly in the first-line setting?

Yes. Thanks, Ami. Great questions. So, you're right. Certainly, I think we've demonstrated clearly the ability to combine with FOLFIRINOX, with gemcitabine, nab-paclitaxel and with a clean safety profile in first-line pancreatic cancer patients. And we think that really that really means that atebimetinib could help a really broad set of patients in the first-line setting in pancreatic cancer. And in fact, one of the things that's nice about our trial is we don't have to do any genetic testing, right? So, there have been trials of the RAS inhibitors where they have to confirm the presence of a RAS mutation. And we just haven't -- we don't need to do that because atebimetinib targets MEK, which is further downstream in the pathway. And so, it blocks a wide variety of mutations that drive this pathway. And I think that's important for durability because, again, with RAS inhibitors, and maybe this is a good segue to your next question. With RAS inhibitors, you often see resistance mechanisms. You see with RAS inhibitors progression that can sometimes come from the KRAS amplifications or BRAF mutations that's been reported to be common. And atebimetinib being further downstream at MEK, it blocks those kind of mechanisms, right? So, the acquired alteration data that we've shared previously, that's in our public deck, we saw a no acquired alterations in RAS genes and very few in the MAP kinase pathway at all. So, what this tells us is atebimetinib is effectively blocking all the lanes of the highway, if you will. It's blocking a lot of the MAP kinase pathway, and it's just -- it's very hard for the tumor to get around atebimetinib using the MAP kinase pathway. And that's just not the case for RAS inhibitors based on the data that's out there. So, I think that alone, by virtue of the target lends durability. And then, of course, the fact that atebimetinib is a deep cyclic inhibitor and has this pulsatile mechanism, I think that also really helps to mitigate resistance, right? Because instead of providing the tumor with just a steady constant signal that frankly makes it easy for the tumor to adapt, we have this pulsatile approach where we hit the tumor very hard and then release and that it basically keeps the tumor off balance, if you will. It makes it harder for the tumor to adapt and get around the treatment. And this was a design goal from the very beginning, right? I mean we started this company around the goal of driving overall survival. And so, things like mitigating resistance, things like tolerability, like counteracting muscle wasting, I mean these were the priorities from the beginning. And I think that's why we really developed this differentiated class in deep cyclic inhibitors and why we're seeing such differentiated survival like the 86% overall survival at 9 months in the atebimetinib in combination with gemcitabine, nab-paclitaxel that we announced in September. So, with that, thank you Ami.

There are no further questions at this time. And now I would like to turn the call back over to Ben Zeskind for the closing remarks. Please go ahead.

Great. Well, I want to thank everyone for joining our call today. And we particularly like to thank all the patients and investigators involved in our ongoing studies, and we very much look forward to updating everyone on our future progress. Thank you, everyone.