Jaguar Health, Inc. (JAGX) Earnings Call Transcript & Summary

Good day, and welcome to Jaguar Health Investor Call. Today's conference is being recorded. Before I turn the call over to management, I'd like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company; the company's cash needs and financings; the company's business strategies; the likelihood, timing and scope of possible regulatory approval and commercial launch of the company's product candidates; the timing of clinical trials and other expenses; uncertainties regarding market acceptance of products; the impact of competitive products and pricing, industry trends, products and technology initiatives, including products in the development stage, which may not achieve specific objectives or meet strategic regulatory requirements; and the ultimate impact of the current coronavirus pandemic or any other health epidemic on our business, our clinical trials, our research programs or the global economy, as a whole. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. These statements are based on currently available information and management's current assumptions, expectations and projections about future events. While management believes that its assumptions, expectations and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements. The company's actual results may differ materially from those discussed in this call for a variety of reasons, including those described in the Forward-looking Statements and Risk Factors sections in the company's Form 10-K for the year ending December 31, 2019, which was filed April 3, 2020, and its other filings with the SEC, which are available on the Investor Relations section of Jaguar's website. Except as required by law, Jaguar Health undertakes no obligation to update or revise any forward-looking statements contained in this presentation to reflect new information, future events or otherwise. Additionally, please note that the company supplements its condensed consolidated financial statements presented on a GAAP basis by providing gross sales, non-GAAP EBITDA and non-GAAP recurring EBITDA. Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects the basis upon which company management assesses and operates the business. These non-GAAP financial measures should not be viewed in isolation or as substitute for GAAP net sales or GAAP net loss and are not substitutes for or superior to measures of financial performance in conformity with GAAP. At this point, it is my pleasure to turn the call over to Lisa Conte, Jaguar Health's President and Chief Executive Officer. Lisa, the floor is yours.

Thank you. Thank you, all, very much. Thank you for that comprehensive forward-looking statement. And my name is Lisa Conte, and I am the Founder and the CEO of Jaguar Health and our wholly owned subsidiary, Napo Pharmaceuticals here in the U.S. Happy New Year to our shareholders and dedicated stakeholders, and also those who are more likely joining from Europe and in the Swiss Growth Forum network of the amazing, Andreea Porcelli. Welcome to you all. Before we jump in, I'd like to let you know that written questions can be submitted via the webcast link for this discussion. I know some have already been submitted. We will address the questions during the Q&A segment at the end of the webcast to the extent that they have not been answered throughout this presentation. And we'll do our best to get to as many questions as possible in the time available. There's a lot of people on this webcast right now. Let me introduce ourselves, our company. And for those who are new participants on this call, Dr. Pravin Chaturvedi, our Chief Scientific Officer and Chair of our Scientific Advisory Board, will also be speaking today. So he is on the line. Peter, if you could progress to the next slide, please. The company, we serve, Jaguar Health, and our wholly-owned subsidiary in the United States of Napo Pharmaceuticals, which I mentioned, engages in proprietary novel drug discovery and development from plants used traditionally in tropical areas of the world focused on plant-based pharmaceutical solutions to treat gastrointestinal disorders and recently added a focus on mental health disorders. Next slide. Our lead product is crofelemer, brand name Mytesi, and it's a first-in-class antisecretory agent for noninfectious diarrhea, which includes chronic diarrhea in adults living with HIV/AIDS on antiretroviral therapy. It is plant-based, organic, fair trade, sustainably harvested and an FDA-approved drug and the only oral drug approved by the FDA under botanical guidance. The HIV market in the United States is a specialty market, which is a small, though, of course, important population to serve. Peter, the next slide. We scheduled this event for today initially to provide you with updates regarding the company's plans to prioritize the possibility of obtaining conditional marketing authorization in Europe to support development and commercialization of crofelemer for the proposed indication of prophylaxis and/or symptomatic relief of inflammatory diarrhea initially to be studied in a long-hauler COVID-19 recovery syndrome patient population in Europe, which I'll refer to today as the COVID-related indication or COVID-related diarrhea indication. And to define that, long-hauler syndrome is a constellation of symptoms, which may include some or all of the following: gastrointestinal distress, primarily diarrhea; cardiovascular effects; memory and neurological impacts and other symptoms, which appear to be due to an overactive and immune inflammatory response to the COVID infection. And this syndrome, obviously, is new. COVID has been around, defined, for about 1 year now. The symptom is being defined by studies popping up around the world observing the same symptoms, and these studies are being stitched together to define this syndrome. It appears to be affecting a younger patient population and often those who have experienced mild symptoms or even asymptomatic on their COVID infection or didn't even know they had a COVID infection. We are still, obviously, in the midst of the severe pandemic. Since even scheduling this call, the urgency has increased. Today, I will be addressing the need as the syndrome is being further recognized and defined. Next slide, Peter, please. I also have 3 other agenda items today. One, I will refer to as serving Ps, more to come on that. The third, the pharmaceutical discovery philosophy of shots on goal, risk-reduced shots on goal to build a blockbuster organization in terms of number of people, patients, suffers, that can benefit with our novel drugs, and at the same time, bring value to our shareholders and all our stakeholders. And the fourth item is the formation of Napo EU and its relationship to the parent corporation, Jaguar Napo in the U.S. and funding prospects for Napo EU. Peter, the next slide. Item 1, the pandemic. So I'm going to get a little nerdy to here. I think by now we've all gotten familiar with the terminology, R0. The original coronavirus strain had an R0 of approximately 0.9, meaning each person would affect less than one other person. The new COVID-19 strain, circulating through England during the holidays, now here in the United States, has an R0 more than 50% higher, approximately 1.4, which is a huge bump in infectivity and has caused reported triple number of infections in the U.K., just during the month of November. There was an article today, in the Italian press, stating that 80% of infected Italian patients are dealing with at least 2 post-COVID symptoms for months after their infection, mentioning again GI issues. Additionally, there's now another mutated strain ravaging the coastal cities of South Africa. It appears potentially to have been found in the U.S. as well. And the fear there is that vaccines in certain antibody treatments are less effective against the strain. The JPMorgan conference that's going on virtually right now, normally in San Francisco; the Moderna CEO, one of the corona vaccine manufacturers, of course, just stated based on ongoing mutations, we're going to be dealing with corona forever. Why am I speaking to this? Because the need to address patients who have been infected with coronavirus and their long-hauler symptoms is both an urgent need and a need that will persist in the health care system for the -- forgive my -- for the long haul. So next slide, 7, Peter. Pravin is going to speak to some specifics from the first international systematic study that has been completed in over 3,000 long-hauler patients. Slide 8, Peter, the next slide, I'll give you the headline of the conclusion. This collection of studies puts the population of potential COVID-related diarrhea patients at 20 million to 70 million, just in Europe and growing. Next slide. Why are we focused on Europe? The single-payer health care system there is more focused on early diagnosis, early intervention to prevent the development of chronic disease. From the perspective of cost containment to health care expenditures, patient comfort and quality of life and productivity, member of long-hauler is more prevalent in a younger patient population. This engine is recognized in multiple clinics throughout Europe, facilitating ultimately our potential clinical investigation in this patient population. And when there is whole-body inflammation, diarrhea is a symptom that can be observed for early diagnosis and early intervention. You might not recognize inflammation, for example, in your cardiovascular system until you have a cardiovascular event that everybody sees diarrhea. The patients speak for themselves. Here is a clip of how impactful gastrointestinal distress can be. Peter, can you play that clip, please? [Presentation]

Thank you. Really powerful. And Peter, if you can go to the next slide, please. I said earlier that we have prioritized the possibility of obtaining conditional marketing authorization in Europe. That means Jaguar, Napo, parent corporation here in the United States, is not waiting. I'll speak to Napo EU later on. We, Jaguar Napo in the United States, are extending the resources with international regulatory experts to prepare a regulatory package to meet with the EMA, the European Union drug regulatory body, first. Later, U.K. NHRA and Swiss Medica, U.K. and Switzerland are outside the European Union. To put a plan in place to pursue conditional approval of Mytesi for this important COVID-related potential indication for crofelemer. Pravin will speak to this. The EMA is perhaps the most proactive in facilitating fast-track pathways for emergency situations. I'm willing to review 4 key points from the EMA website. And Peter, I'm not sure do you have that slide up? I still see the video up there. So the EMA's conditional marketing authorization is being used to expedite the approval of safe and effective COVID-19 treatments, where the risk-benefit balance of the medicine is positive, again, directly from their website, therefore criteria. The benefit risk balance of the medicine is positive. How do we fit within that? The safety of crofelemer is extraordinary. Crofelemer is non-opioid, non-antimotility and the associated risk of those mechanisms of action is constipation. Crofelemer is locally active, no systemic -- or no meaningful systemic drug exposure or drug-drug interaction. Second criteria. It is likely that the applicant will be able to provide comprehensive data post authorization. Pursuing this pathway with the EMA, we'll have license and access to the full U.S. FDA-approved new drug application of crofelemer for the Mytesi indication. That's well over a decade of work and hundreds of millions of dollars of funding in that package. Third criteria. The medicine fulfills an unmet medical need. There's no other antidiarrheals approved for chronic use, and crofelemer is a first-in-class anti-inflammatory agent. And then the fourth criteria from the EMA website, the potential benefit of the medicine's immediate availability to patients is greater than the risk inherent in the fact that additional data are still required. And as Pravin will speak to this, there is experience with enteropathy, which is an inflammatory diarrhea in the current approved HIV-related diarrhea indication. And prophylaxis, or early intervention of long-hauler syndrome, may, in fact, allow for the mitigation of the onset and lifetime management of chronic disease. Peter, the next slide, please. My second point, those Ps. I'm going to refer to my dear late friend and mentor, Dr. George Rathmann, who was the founder and the CEO of Amgen, a giant in the field -- in the early field of biotechnology. Amgen then as a company which changed the outcomes and fortunes of dialysis patients with the development of Epogen. George had a favorite saying in biotechnology business warrants. "When they're serving Ps, it's time to accept Ps." His point, "It takes a lot of investment to bring a pharmaceutical product to market. If someone wants to invest in you, on acceptable terms, of course, take it, build up your financial runway. The goal in pharmaceutical development is to run a successful development and commercialization program efficiently. That does not mean as cheaply as possible, cutting a corner to save money in clinical development that results in a failed study is reckless in pharmaceutical development. You have to show statistical significance to the satisfaction of the regulators in order to get your product approved and to order to get it commercialized, and that's an expensive endeavor." To that end, over this past weekend, we became aware of an unsolicited offer for a significant family office investment in Jaguar above market price, as defined by NASDAQ, and we accepted it. $15 million, again, above market price. Part of this funding, no doubt, has provided the resource confidence to prioritize and progress the COVID-related diarrhea indication and investigation of crofelemer at this time. My next point, risk-based pharmaceutical development and shots on goal. The next slide, please, Peter. Crofelemer is a pipeline within a product. There are at least 5 follow-on indications under development: cancer therapy-related diarrhea, which Pravin will speak to; irritable bowel syndrome, inflammatory bowel disease, inflammatory and other inflammatory diarrhea; rare disorders, such as short bowel syndrome and congenital diarrheal disease in children; functional diarrhea. This is the pharmaceutical agent, crofelemer, that is already approved, Mytesi, with a chronic safety and the manufacturing supply chain in place that takes the product from a tree growing in the rainforest to essentially any pharmacy in the United States. Safety and manufacturing are the 2 most common issues why new drug applications fail. Pharmaceutical development is hard to continue. The sports metaphor. I once read an article that has soccer bullies that wear red shirts that stand out from their surroundings, have less goals scored against them. So in our 5 shots on goal are all crofelemer, our target ROE is camouflage, meaning, we are risk-reduced, risk-mitigated from a drug development effort with crofelemer as an already-approved drug. Next slide, Peter. And this extended to a product called, lechlemer, which is a second-generation antisecretory after the first-in-class crofelemer, derived from the same plant. Lechlemer is in development for the treatment of severe dehydration, the morbidity and mortality symptom in cholera patients. Napo is receiving preclinical services from the National Institute of Allergy and Infectious Disease, NIAID, NIH essentially, to support lechlemer development. This is an indication where Jaguar could potentially have the greatest impact on mortality. How do we provide a financial return by pursuing this indication, primarily a health care issue in resource-constrained territories? The FDA has provided a wonderful incentive, and it's called a tropical disease priority review voucher program. This voucher is apprised of forks granted by the FDA when a product is approved for a neglected tropical disease, such as cholera. The priority review voucher entitles bearer to regulatory review by the FDA in approximately 6 months rather than the standard 10 months. And these vouchers are transferable, they can be sold. The sales prices range from $67 million to $350 million. These have actually been achieved in about a dozen vouchers that have been sold. We have a binding agreement for $6 million. The estimated funding necessary for clinical development for lechlemer for this cholera indication, backed by a right to a portion of the tropical disease priority review voucher anticipated sales price, a right which the company can buy back for a 12.5% premium to the $6 million investment. It's an important non-dilutive funding tool, and it gives the company another shot on goal. Next slide, Peter. Overall, we brought in $21 million of non-dilutive funding into the company yesterday. We accepted the Ps. Next slide, Peter. It's my pleasure now to introduce Dr. Pravin Chaturvedi, our Chief -- Chair of our Scientific Advisory Board, Chief Scientific Officer, and he'll provide additional background information about post-COVID long-hauler syndrome and the EMA's conditional marketing authorization pathway. Pravin will also speak briefly about other key pipeline activities regarding crofelemer and Mytesi and most notably, Napo's progress on our lead target follow-on indication for the U.S. market, the ongoing pivotal Phase III clinical trial of crofelemer for the prophylaxis of diarrhea in adult cancer patients receiving targeted therapy, prophylaxis. And [indiscernible], Pravin has [indiscernible] who's speaking here. Pravin has 7 successfully developed pharmaceutical products on the market. A remarkable track record in a very difficult industry. This is an amazing achievement that could be unmatched in the industry. Of course, his favorite is crofelemer, which he led to approval for the HIV-related indication for Mytesi, and he's leading the pipeline indications, including COVID-related diarrhea indication, which he'll speak to now. Pravin, the floor is yours.

Thank you, Lisa, and a good day to all. The company's focus on the proposed indication of prophylaxis and/or symptomatic relief of inflammatory diarrhea, the crofelemer, is driven by the need for symptomatic management of gastrointestinal symptoms in acute as well as long-hauler COVID-19 patients. The terms long-hauler and long COVID refer to COVID-19 survivors who suffer from symptoms well after recovering from the acute COVID-19 infection. These symptoms may include gastrointestinal distress, including diarrhea, nausea and abdominal pains, other neurologic symptoms such as fatigue, brain fog, forgetfulness and cardiovascular effects and joint pain have also been reported for an extended period after recovery. A recently reported web-based international survey in long-hauler COVID patients evaluated findings from over 3,700 respondents across 56 countries. These patients had either suspected or confirmed COVID-19 cases, with illness lasting well over 28 days, and symptom onset for more than 6 months prior to the conduct of the survey. The survey demonstrated expansive and debilitating multiple organ systems -- symptoms for a prolonged period of time after the COVID-19 infection. Specifically, the survey was conducted for 7 months after the acute infection and found that many patients continue to have significant disability and have not been able to conduct their activities of daily living, which we call ADL. More specifically, the survey showed that 65% of the respondents reported experience in COVID symptoms for at least 180 days. Gastrointestinal symptoms were reported in about 85% of the respondents, with diarrhea being reported in nearly 60% of the respondents. Diarrhea was the most common reported symptom in these long-hauler COVID patients that participated. And of those patients who experienced long-hauler symptoms for more than 6 months after being infected with COVID, approximately 20% reported experiencing diarrhea. SARS-COVID2, the virus that causes COVID-19, infects humans through binding to the angiotensin converting enzyme 2 Phase II receptor, which is widely distributed in small intestinal epithelial cells. In addition to intestinal epithelial cells, ACE2 also expressed in esophagus, lungs and kidneys. The gastrointestinal symptoms caused by COVID are reported to be at least in part due to direct damage to the intestinal tissues and release of pro-inflammatory cytokines such as TNF alpha, IL-1 beta, IL-6 and TGF beta, in ACE2 expressing cells. These are the same ones that caused the cytokine storm. These pro-inflammatory cytokines may cause damage to the gastrointestinal tissue. And the inflammatory symptoms will remain long after the acute COVID infection period due to damage to the gastrointestinal tissue. The gut inflammation is referred to as enteropathy, is an inflammatory chronic syndrome that has also been observed in people who live with HIV/AIDS for long periods of time and is manifested as diarrhea, chronic diarrhea. Crofelemer, as Lisa mentioned, is approved in the United States for the symptomatic relief of noninfectious diarrhea in adult HIV/AIDS patients receiving antiretroviral therapy. We believe that the GI symptoms in the long-hauler COVID patients may be analogous to those observed in people who have lived with HIV/AIDS for a long period of time. And hence, we are exploring the possibility of conditional marketing authorization of performing in Europe for the symptomatic relief and/or prophylaxis from diarrhea in long-hauler COVID patients. As Lisa also stated, the company is preparing to request meetings with the European Medicines Agency, or EMA, and potentially Swissmedic Switzerland and Medicines and Healthcare Products Regulatory Agency, MHRA, in the U.K. to discuss conditional marketing authorization pathways for crofelemer. Given that the EMA has an established regulatory pathway for conditional marketing authorization for COVID-19-related treatments, we intend to explore the possibility for fast-track development in the EU. One or more clinical trials will likely be required to pursue this indication, and we're prepared for that, though gaining clarity on the required pathway to bring crofelemer to address this need is the main objective of our proposed meeting with the EMA. And we also intend to obtain scientific advice for conditional marketing authorization in EU with them. Endpoints being explored for this proposed clinical studies in COVID patients may include reduction in what is bowel movements, improves stool consistency, potential reduction of inflammatory cytokines, exploration of gut microbiome changes and potential reduction in viral fecal shedding. For sake of clarity, the conditional marketing authorization pathway would allow obtaining rapid scientific advice or informal consultation with the COVID EMA task force. Furthermore, such conditional marketing authorization of fast-track approval during public health emergencies includes rolling reviews and accelerated assessments. Rolling reviews consisting of multiple 2-week review cycles allow assessment of a product as safety and efficacy data become available from ongoing studies. When such data are submitted, the EMA/other authorities decide that sufficient data are now available. And then the company is then allowed to submit a formal application for conditional approval, although with no defined review time lines. The marketing authorization holder also has to commit to fulfill specific obligations to provide additional information requested by the EMA. The company intends to discuss all these topics with the EMA for crofelemer. In addition to seeking the conditional marketing authorization for acute and long-hauler COVID-19 patients, the company may also seek conditional marketing authorization for symptomatic relief of noninfectious diarrhea in adult HIV/AIDS patients receiving antiretroviral therapy. As I mentioned earlier, this indication has received FDA approval in the United States. Given the similarities of the gut inflammation in people living with HIV/AIDS and COVID patients, the company may provide these data in support of the application for conditional marketing authorization. Our interest in seeking a label for prophylaxis and/or symptomatic relief of diarrhea in acute and long-hauler COVID patients is intended to mitigate the burden of gastrointestinal symptoms in patients, which would allow improved productivity of the recovery in patients and also improve the overall wellness of the affected patients. As I mentioned earlier, Mytesi's crofelemer 125-milligram delayed release tablets, is Napo Pharmaceuticals' commercialized antidiarrheal FDA-approved drug in the United States for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS receiving antiretroviral therapy. As the company announced this past October, Napo Pharmaceuticals have now initiated its pivotal Phase III clinical trial for crofelemer for the prophylaxis of diarrhea in adult cancer patients receiving targeted therapy, a proposed indication that we refer to as cancer therapy-related diarrhea, or CTD. In addition to this Phase III trial, Napo is currently supporting 2 investigator-initiated clinical studies in idiopathic and functional diarrhea that may include patients with irritable bowel syndrome, IBS, and also plans on evaluating pediatric congenital diarrheal disorders and short bowel syndrome indications, which are rare disease indications, using a novel crofelemer formulation. Earlier this month, Napo Pharmaceuticals also received preclinical services support from the National Institutes of Allergy and Infectious Diseases, NIAID, for a preclinical study that was initiated for lechlemer, Napo Pharmaceuticals' antisecretory product for the symptomatic relief of diarrhea and cholera patients. We are grateful for the NIAID support to conduct some of these key toxicity and safety studies in rats and dogs, which will support the company's investigation on new drug IND application for lechlemer, following completion of all the requisite IND-enabling preclinical studies. I will now turn it back over to Lisa. Lisa?

Okay. Thank you, Pravin. And Peter, the next slide. Okay. As announced, the potential COVID-related indication for crofelemer is the subject of a proposed exclusive license from Jaguar, U.S.-based Napo Pharmaceuticals, to Napo EU, a subsidiary being established by the company in Italy. As we also previously announced, Napo EU is prepared to be the target of a Special Purpose Acquisition Company, SPAC, in Europe, where target companies can be named as opposed to SPAC financed in the United States. This is a proposed pathway for funding Napo EU. And to explore that, the company participated in a test-the-waters roadshow, terminology common in the United States, test-the-waters roadshow in Europe last month, which contemplated a proposed SPAC merger with Napo EU as the potential target. First, when I say Napo EU is being established, I'm addressing the reality of pandemic world that we live in right now. The time line to the incorporation of Napo EU in Italy is being impacted by pandemic-necessitated administrative and government-reduced operating hours, staff reductions and in some cases, office closures. We started the process last year, we are on it and we're getting there. Napo EU will be established, we expect, in the next weeks, not in the next months. Napo EU will have the right to an exclusive license in Europe to the COVID-related diarrhea indication and the HIV indication for crofelemer and potentially more depending on the value. Now as we presented here today, we're already progressing this indication, the COVID-related indication, from the parent organization, Jaguar, adding even more value to the anticipated license to Napo EU and presumably, therefore, Napo EU. The roadshow included approximately 150 European institutional investors in 4 countries, 6 cities. It went great. [ Finalized ] assessment. We were encouraged by the apparent positive indications of interest expressed with this opportunity, interest of investment. We've had more than one potential SPAC sponsor express interest in the Napo EU target. The key driver is the COVID-related indication for crofelemer in Europe, funding that shot on goal and the potential to provide relief to COVID recovery long-hauler patients. We expect to select our desired financing pathway to do that no later than the end of this quarter. And that will include, hopefully, from an informed position in a value enhanced position, based on interaction and any clarity that comes from meeting with the EMA regarding a conditional approval pathway. So the next slide, Peter, thank you. Before we move on to the Q&A portion of today's call, a bit about Jaguar's financial performance and the patients who currently are prescribed Mytesi and the revenue that comes into the company. The next slide. Since the second quarter of 2020, when we implemented and expanded patient access program for Mytesi, crofelemer in the United States, our quarterly gross sales have increased approximately fivefold and our net sales approximately fourfold. Third quarter growth in net, for example, were approximately $6.3 million and $2.8 million, respectively. Next slide, Peter. In addition to our crofelemer pipeline, we do have a burgeoning animal health business with Canalevia, which is crofelemer for dogs. And this is expected to be approved by the CVN, Center of Veterinary Medicine of the FDA in the mid to the third quarter of 2021 this year. And then the next slide, Peter. In our recently-launched Entheogen Therapeutics Initiative, which focuses in an early-stage discovery program like what we did with crofelemer 25 years ago, it focuses on psychoactive and psychedelic product candidates for mood disorders and mental health indications from the company's proprietary library of 2,300 medicinal plants, and is being led by our very own Chief Ethanol Botanist, Dr. Steven King, and an illustrative group of scientific strategy team members. This is a whole discussion for another day. It's rewarding to be in this business and to be in a position to help address important patients and global health needs. And the next slide. And to meet stakeholder expectations and have value recognized for them and to build an environmentally sustainable business. The next slide. It's truly a triple bottom line business. I'm grateful to the shareholders and stakeholders who have entrusted us in our judgment to bring crofelemer and plant-based prescription medicines to the world. And I'm grateful to our dedicated team, many of whom have been working together for a long time, 15 to over 30 years together for some of us, to progress this important and somewhat unique special vision in the pharmaceutical industry. So that concludes our prepared statements. We'll now open the floor to questions. And Peter, I think you'll be sending the questions into the chat room?

At this point, I would say some of the questions have been addressed by the presentation.

Okay. Well, that's terrific. All right. Then we will conclude this presentation. Peter, is this available in a recorded format for anybody who might want to go back to it?

There will be an audio recording available. It will be accessible on our website.

Okay. That concludes our call for today. Have a wonderful day, wonderful evening for those of you in Europe. Thank you for joining us. Thank you for your ongoing support. Be safe and be well. Chow.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.