Legend Biotech Corporation (LEGN) Earnings Call Transcript & Summary

All right. Good afternoon, everyone, from the Virtual JPMorgan Healthcare Conference. My name is Cory Kasimov, and it's my pleasure to introduce our next company, Legend Biotech; and Ying Huang, the company's CEO and CFO. [Operator Instructions]. So with that, Ying, thanks for being here, and let me turn things over to you.

Great. Thank you, Cory, and thank you for JPMorgan for inviting Legend for this presentation. And first and foremost, I'd like to welcome all of you on behalf of our colleagues across the world, and we hope you're healthy and safe, and your new year is off to a great start. Today, I'll talk about our differentiated technology platform, our R&D capabilities, our global manufacturing strategy and also the expertise that provide Legend with the ability to deliver potentially innovative and impactful cell therapies to patients. With that, can we go to the next slide, Slide 2, please. So this is a standard safe harbor statement. My presentation might contain forward-looking statements for which actual results may differ materially from those indicated as a result of various important factors highlighted in the disclaimer slide and also in our SEC filings. Next slide. So let me begin with an overview of our cell therapy platform. And then next slide, please. So here at Legend Biotech, we're blazing the trail in developing cell therapies that fight against cancer. With a focus on establishing the integrated infrastructure and capabilities, we aspire to build a fully integrated cell therapy company. Leaning on our lead product candidate cilta-cel or JNJ-4528, our broad portfolio of early-stage autologous and allergenic clinical candidates. A successful global collaboration with Janssen and also our in-house capabilities, such as generating antibodies and CAR-T-specific functional screening technology. We aim to bring innovative therapies to patients around the globe. To provide our -- to prove our commitment to developing innovative treatment options, we have achieved the following to date: We've built our own internal end-to-end R&D capabilities in both U.S. and in China. That includes discovery, clinical development, manufacturing, sales and marketing, and this plays a very significant role towards achieving our goal to accelerate clinical development and commercializing since the cell therapy is [indiscernible] a relatively new and high caliber talented [indiscernible]. So instead of relying on outsourcing critical activities, we actually have implemented these functions internally to get a job down. We have a talented team of over 800 employees in U.S., China and Europe who are working relentlessly to help us achieve our goals. We're also focused on the 2 following areas: in the very near term, we have our strategic collaboration with Janssen Biotech, and we aim to complete the registration trials for our lead program, the BCMA-targeted CAR-T. In the mid to long term, we're advancing a broad portfolio of our new pipeline program into early clinical testing that focus on discovering therapies for disease in both hematology malignancies and also solid tumor indications. In the next slide, as you can see, our global research and development strategy is embedded in our strong foundation. We have more than 400 researchers and scientists working in the lab, including a specialized team that focuses in cell therapy discovery. As part of our differentiated multi-specific CAR-T platform, we focus on core technologies, including both CAR and TCR platforms. We're also working on both autologous and allogeneic T-cell therapies. In terms of the focused disease areas, like I mentioned, we're targeting both hematologic malignancies, including myeloma, leukemia and lymphoma as well as solid tumor indications such as ovarian cancer, gastric cancer and pancreatic cancer. In the next slide, you will see that our team has successfully implemented end-to-end research and development capabilities. Now I'd like to specifically bring your attention to 3 important areas: First, with our own antibody discovery capabilities through which we have developed several antibody platforms in-house, including single-domain antibody and also multi-specific antibody platforms; second, we developed a proprietary methodology to optimize the binding domains and also design the CAR-T constructs with one or more antigen-binding domains as evidenced in the cilta-cel structure; third, we have established a robust in-vitro and also in-vivo screening platforms to prioritize our pipeline assets to identify the lead constructs for cell therapy applications; and last but not the least, we continue to grow our clinical team. In the next slide, we're actually describing the pipeline program. So beyond the BCMA targeting CAR-T, our pipeline and programs include other candidates. In the hematology malignancy therapeutic areas, we continue to leverage our multi-specific CAR-T platform. We have a bispecific program targeting CD19 and CD22 for non-Hodgkin's lymphoma. We also have CD33, CLL1 bispecific CAR-T targeting for acute myeloid leukemia, or AML. We also have a nongenetic allogeneic program targeting CD20 for the treatment of NHL. And we also have a gamma-delta allogenic CAR-T targeting BCMA for the treatment of multiple myeloma. In the areas of solid tumor, we're developing a Claudin 18.2 targeting candidates for gastric and pancreatic cancer. We also have another program targeting Mesothelin for ovarian cancer treatment. In the next slide, I would like to summarize the global collaboration and license agreement we had with Janssen Biotech for the BCMA CAR-T program. The total deal size is up to $1.7 billion. We received a $350 million upfront payment and already achieved 5 milestones with the most recent one a couple of weeks ago. This is a co-development and co-promotion agreement with a 50-50 cost-sharing and profit split worldwide, including the U.S., Europe and Japan. The only exception being the Greater China area, where the split is 70-30, which means Legend pays for 70% of the cost, and then we'll also get 70% of the profit share. There are 2 unique aspects of this collaboration with J&J: First of all, in the U.S., which is a co-promotion territory for us, in which our commercial team will work side-by-side with the Janssen team. And then in Greater China, Legend will take the lead in sales and marketing activities. Secondly, Legend will also be leading manufacturing activities following the FDA approval. So we already have 2 commercial manufacturing facilities: One in Raritan, New Jersey, in the U.S.; and the other one in China. And construction of our European manufacturing facility is starting early 2021. In the next slide, I'm very proud to be a part of very collaborative and also highly experienced management team here. In the U.S., we have recruited leaders with extensive cell therapy experience from NCI, UPenn, Novartis, Gilead, Celgene, just to name a few. And then we also have leaders such as Ms. Liz Gosen, who is leading our global manufacturing facility. She was the VP of Biologic manufacturing for Eli Lilly and shared a lot of experience leading construction and the regulatory approval for Lilly's biologic facility in both U.S. and Europe. And then we also have Mr. Steve Gavel and Alan Kick, who came from Celgene. They are responsible for various cell therapy programs for the multiple myeloma portfolio over there. Most of our Chinese leadership team had prior late-stage development and also commercial experience with large international pharma companies such as Amgen, Roche, Novartis and AstraZeneca. And as you can see, our team has deep immuno-oncology and cell therapy experience. So now let's dive into the clinical data and also the development plans for our lead program, cilta-cel. Next slide. As you can see, multiple myeloma is the third most common blood cancer with over 160,000 new cases worldwide. That accounts for over 10% of hematology cancers in the world. In the U.S. alone, the incidence rate is over 25,000, and unfortunately, over 13,000 lives will succumb to this disease. Although the treatment options for multiple myeloma have improved over time, the disease remains incurable. The right side of the screen shows the poor prognosis in refractory patients in fact, the median survival is less than 12 months among the patients who are refractory to all 3 classes of therapies, including an oral drug called immunomodulators or IMiD and pro inhibitors such as Velcade or Kyprolis, and also CD38 antibody such as Dorflex. So we believe there is an unmet medical need for novel therapeutics when the disease is resistant to the available therapies in the market today. In the next slide, you will see our BCMA-targeted CAR-T program started its journey in China with a first-in-human study called LEGEND-2. This was a Phase I dose-finding and dose-escalating study. A total of 74 patients were enrolled in 4 clinical sites. The first hospital site was in Xi'an, which enrolled a total of 57 patients, and then another 3 sites in the Shanghai area also joined the study later. So these 3 sites together enrolled another 17 patients. Back then, this program was called LCAR-B38M. So LCAR-B38M demonstrate acceptable safety profile in LEGEND-2, and the main objective of the trial was to find the recommended Phase II dose. And that's the dose we're also using in the U.S. in the CARTITUDE clinical program. In the next slide, I would like to present the efficacy observed in the Phase I LEGEND-2 study. So the overall response rate for the study was 88%, and we're pleased to see that even when the data was looked at across all 4 independent sites, the response rate remained essentially the same, which is very consistent. We also know from the clinical experience that the patients that achieved a complete response derive the greatest benefit with the longest PFS and the longest OS or overall survival. So in this study, we saw 74% of completion response rate in the Xi'an side. And then among the 3 other sites in the Shanghai area, 82% of patients achieved complete response, and this is very encouraging data in this patient population. So in the next slide, as you can see, based on these data generated from the Phase I in China, our collaboration partner, J&J, initiated this CARTITUDE-1 study, which is a Phase Ib/II study conducted in the U.S. These data were presented at the ASH 2020 meeting in December of last year, and the CAR-T construct is essentially very similar to what we did in the LEGEND-2 study. So this study comprises the Phase Ib and also a Phase II portion. The primary objective of the Phase Ib portion was to characterize the safety and confirm the recommended Phase II dose, which is 0.75 million cells per kilogram body weight. And then the primary objective of the Phase II portion of the study was to evaluate the efficacy of cilta-cel. So some of the key eligibility criteria include that patients should have progress multiple myeloma for the IMWG criteria. Additionally, the patients should have 3 or more prior therapies or to be double refractory. And in the right side of the slide, you will see the study design. The patient is screened and enrolled, and then they undergo apheresis in which we collect the blood cells from the patient. They're given the option of a bridging therapy. The patient also under the lymphodepletion from 3 to 5 days prior to getting the CAR-T cells infused. In the next slide, this describes the baseline characteristics of the 97 patients we enrolled into the CARTITUDE-1 study. The median age is 61 and slightly 1.5 of the patient population were male. 13% of the patients actually had extramedullary disease outside of the bone marrow. And in the right side, you will see that these patients were heavily pretreated. The median prior lines of therapy was 6, which indicates how sick these patients work before they enrolled into our study. All the patients were triple exposed, which means they were already treated with 3 different classes of therapy prior to enrollment, and 84% were penta exposed, which means they were actually treated with 5 different therapies. It's also very important to note that 88% of patients were triple refractory and 42% were penta refractory, which means they never really responded to those therapies. And essentially, all patients, 99% of those patients were refractory to the last line of therapy before they got into our study. In the next slide here, we summarize the safety findings. So hematologic toxicity is quite common in this type of study, And if you look at the hematology recovery, we saw a rapid recovery of white blood cells and also our neutrophils as well as the platelets count. CRS or cytokine release syndrome was experienced in 92 patients. And then we observed about 20.6% of neurotoxicity patients. The median onset for CRS was observed to be 7 days, which is different from many other CAR-T therapies that were studied. So this is what we call the delayed onset of CRS, which actually potentially could provide us with the option of outpatient setting administration for cilta-cel. In the next slide, we're looking at the efficacy findings of this study. So overall, response rate was 97%, and among those, 67% of the patients actually achieved what we call sCR, or stringent complete remission. So given the fact that these patients were heavily pretreated, we think that these results are quite exceptional. And as you can see, the response also can be achieved relatively early with the median time to first response at one month. In the next slide, we're describing the progression free survival, or PFS, data. So in the left side, this is a Kaplan Meier Curve of the overall PFS result. We have not achieved median PFS yet because we don't have material data in PFS. As you can see, at 12 months, the progression free survival rate is 76.6%. And after a median follow-up of 12.4 months, as you can see on the right side, we observed that the patients who achieved complete response and especially stringent complete response, actually derive the most benefit in terms of long-term remission because you can see that there's already a wide separation between the patients who achieve stringent CR compared to the patient who achieved a very good partial response. So we believe that CR rate or stringent CR rate is actually a good, predictable match if we look at in terms of predicting which patients will be able to derive the long-term benefit from cilta-cel treatment. In the next slide, we are summarizing the clinical development plans for cilta-cel. So as I mentioned previously, LEGEND-2 was the first-in-human study that was conducted in China, and that was initiated back in 2016. So recently, we just completed the 3-year follow-up of all patients in that Phase I study that enrolled 74 patients. The confirm 3 studies are listed in the middle of the slide. The first one is CARTITUDE-1, which is the study we just discussed. And the data from this CARTITUDE-1 study was actually used to file the rolling submission. that was announced in December of last year by J&J, our partner. In China, we have a separate registration study called CARTIFAN-1 study, for which we're also following up with patients after completion of all dosing. In the right-hand side of this slide, you will see that we're also investigating the potential for cilta-cel in early lines of multiple myeloma. We have already started a study called CARTITUDE-2, which is a Phase II multi-cohort study enrolling globally. And so far, we have opened 5 different cohorts, looking into the early lines. In cohort A, we're enrolling patients with progressive disease after 1 to 3 prior lines of therapy for also Revlimid refractory. In Cohort B, we're enrolling patients who have early relapses, that is relapse within 12 months after they initiate the frontline therapy, including stem cell transplant. In Cohort C, we're enrolled in patients who were previously treated with a [indiscernible] and IMiD or immunomodulator and CD38 antibody, and also who are exposed to a BCMA-directed therapy, such as the ADC from GSK. In Cohort D, we're enrolling patients who did not achieve complete response after a stem cell transplant. And then most recently, we opened a fifth cohort, called Cohort E, which is enrolling patients who have newly diagnosed multiple myeloma, who also have high-risk cytogenetics. So if we see encouraging efficacy and safety data in any of those cohorts, we can expand that into future pivotal trial to explore the potential of that in the Phase III study. And then the CARTITUDE-4 trial is a randomized Phase III study, looking into early lines of therapy. Again, patients who have had prior 1 to 3 lines of therapy are eligible to enroll this. This is a very important patient population to consider because the current myeloma treatment paradigm includes Revlimid maintenance therapy, and we're enrolling patients who are refractory to Revlimid in this trial. This study is planned to enroll 400 patients, half of them will be randomized to receive cilta-cel, the CAR-T from Legend and J&J. And then the other half will receive a standard of cocktail therapy. They have a treatment choice of either Pomalyst plus Velcade plus dexamethasone or Pomalyst plus Velcade plus dexamethasone. So progression free survival, or PFS, is the primary endpoint for this study here. In the next slide, I would like to give you some introduction to our manufacturing footprint. So J&J and Legend have already established a global manufacturing network. Our GMP facility in Raritan, New Jersey will be the facility for commercial supply of this product, pending FDA approval in the U.S. We also plan to supply the initial European demand from this facility. And then our GMP facility for commercial launch in China is also in operation, as shown here in Nanjing, and these 2 facilities were built jointly with Janssen Biotech. In addition, like I mentioned, we're also looking at a near-term start of construction of a future European manufacturing facility, which will be used to provide commercial product whilst the product is approved in EMEA later. And finally, for Legends' proprietary pipeline programs, we're building a clinical GMP facility in Somerset, New Jersey. So in the next slide, these are the future potential milestone payments we're eligible to receive from our partner, Janssen. So to date, we have received already $460 million in upfront and also milestone payments from J&J, and then remaining eligible milestone payments could amount to as much as $1.24 billion. Specifically, these would include potential clinical development milestones of $105 million, regulatory milestone payments of $725 million, commercial milestone payments of up to $210 million and manufacturing milestone up to $125 million. We also recently announced that a milestone was recently reached, and Legend is eligible for $75 million payment, following the announcement of our initiation of rolling submission of cilta-cel to FDA. So in the next slide, stepping into 2021, we're actually working towards the development and also regulatory activities listed on this slide. We look forward to initiating a Phase I study for our T-cell lymphoma candidate following the recent IND clearance by FDA. We're also working with our partner, J&J, to file the MAA with the European Medicine Agency in early 2021, and we're also expecting to file the BLA application for this BCMA targeting CAR-T in China in 2021, and then finally, in the U.S., we are anticipating FDA approval for cilta-cel by end of 2021. So as we look into 2022 we're anticipating EMA approval for cilta-cel in Europe, and also, we're anticipating CD approval in China for this BCMA targeting CAR-T. So in the next slide, which is my last one, we hope you share our passion for developing cutting-edge cell therapies for patients who suffer from these terrible diseases. And thank you very much for learning the Legend story and also our latest development in the clinic.

Perfect. Thank you, Ying. [Operator Instructions] And welcome Jessie as well, to the Q&A. So Ying, I guess to start, I'm just curious, I mean, if you can describe maybe some of the broad-based feedback you've gotten from investigators and/or KOLs post the presentation you had last month at ASH?

Sure. Thanks, Cory, for that question. So following the ASH presentation of the CARTITUDE-1 data, in terms of feedback we got from the physicians who treat myeloma, I think, first of all, they're very impressed with the efficacy of the cilta-cel CAR-T -- the CARTITUDE-1 study. Because like I mentioned, these patients are highly experienced gene therapy, right? The median prior lines of therapy was 6, and they're heavily pretreated. And essentially, we have no options in the market that can really help treat these patients. Yet, we were able to show 97% response rate and also a 67% of complete response rate, which, by the way, we fully expect will improve and deepen over time given our clinical experience. We don't have material PFS yet. If you look at the existing therapy in the field today, for monotherapy, that is used to treat last line or fourth line and beyond, typically, the PFS is about 4 months, and the response rate is about in the 20% to 30% range. So right now, we don't have mature PFS, but at 12-month landmark analysis, we still have 77% of patients who are remaining in progression free survival. So that's quite an improvement from existing therapy. And then secondly, I think we also mentioned that the median onset to the CRS was 7 days, just as well we reported from the Phase Ib portion, which means we really have a potential and opportunity to explore the outpatient setting for cilta-cel. So that's potentially a shift from what we are seeing in clinic today because based on our data, 5% patients did not see any CRS and more than 50% -- 51% patients only experienced grade 1 CRS in our trial. So we believe that based on these findings, a large majority of the patients pending FDA approval will be able to actually receive the cilta-cel treatment in outpatient setting or outside of hospital and that could be a less burdensome for patients. That's also potential and advantage for the treatment centers in terms of reimbursement because then under Medicare, it's reimbursed under Part B, which is actually a very important factor for the -- factors for hospital or treatment centers. And then lastly, I know that there are a lot of questions around the neurotoxicity we observed in the trial. So following on the observation of certain, what we call, late-onset neurotox, J&J and Legend instituted some risk mitigation strategies, including, for example, if you have a patient coming in with very high tumor burden, we actually will use more proactive and more aggressive bridging therapies because we found there is a weak correlation between the tumor burden at baseline and this neurotox we observed. Secondly, we also know that there is a correlation between the severity of the CRS and the late-onset neurotox we observed. So we're going to be more aggressive in treating those low-grade CRS. And then there is also the observation that every single case of those late-onset neurotox started with grade 1 low-grade neurotox. So we tell our sites and physicians and trials and programs to treat those more aggressively. For example, it's a standard cause of oral corticosteroid treatment, which proved to be very effective in the plan. And then lastly, we are instituting a very simple handwriting assessment in the clinic because that actually can be a tail sign of whether a patient experiencing any neurotox or not. So I'm very happy to report that since J&J and Legend instituted those risk-mitigation measures, we have already enrolled more than 60 patients in the CARTITUDE-2 and CARTITUDE-4 programs already, and we have not observed a single case of the so-called late-onset neurotox. So we believe this risk mitigation is very effective. So those are all the learnings from CARTITUDE-1.

That's impressive. All right. So now that the BLA submission has started, it's a rolling submission, what are the gating factors to getting it all wrapped up?

Yes. So like J&J and Legend announced in December, we have already initiated the rolling submission, and we have not provided any guidance on when J&J will complete this rolling submission. However, if you look at historical submissions, typically, that is done within 3- to 6-month time frame, and we also can say that we anticipate FDA approval by end of this year. That's our plan between J&J and Legend.

Okay. And as we look towards other milestones this year, one audience question, should we expect to see more mature PFS data at ASCO?

So that's a great question. Maybe Jessie can elaborate on that.

Jessie, you're on mute. We can unmute Jessie, please. Here we go.

Can you hear me now?

Yes, now we hear you.

Yes, so at ASH, we reported 12-month analysis that 77% of patients have PFS. So at ASCO, that would be 6 more months of follow-up. It's premature for us to comment if we will reach median PFS at that moment at that time in June, it will be great if we don't achieve median PFS at that time. But if we do not achieve median PFS at that time, we will also provide a landmark analysis, just what we did at 12 months. So we will provide 18-month analysis at ASCO.

Okay. Perfect. And then as we start to think about preparing for launch of cilta-cel, at a high level, how much of a role does Legend play in this? And who's going to be responsible for setting price? Is this J&J, Legend or both?

So as we move closer to the commercialization, pending the FDA approval, the J&J colleagues and the Legend commercial team, they're actually working side by side. So we're not going to provide too many details around our commercial strategy, but on a high level, Cory, we're going to leverage the existing commercial infrastructure from J&J, right? For example, J&J already has a very large sales force in the field, detailing drugs such as Darzalex. So they have already a very close relationship with the treatment community there, and we're going to leverage that. And from the Legend side, we will also have a very small but focused sales force. So the likely strategy here is that we likely will focus on the large treatment centers and hospitals, right? So basically, we're going to have 2 commercial teams in the field. The J&J field force will provide the detailing in the community and ask the community physicians to refer those eligible patients for cilta-cel to the centers. And then the Legend commercial organization likely will focus on the large treatment centers. So that's kind of the high level strategy. Now regarding your question on pricing strategy. So it is a 50-50 collaboration agreement between J&J and Legend. However, ultimately, right, that decision rests on our J&J colleagues, although we have a very collaborative process. For example, we have a joint commercial team, which is 50-50 between the J&J commercial colleagues and the Legend commercial team. So we'll have a very extensive discussion on how to price and how to position our drug commercially. So that's going to be a very collaborative process.

Okay. And then as we think a little bit longer term, and you're in the process now of starting up some head-to-head studies in earlier lines of therapy. When you think longer term, where do you see a product like cilta-cel years from now? And in running these studies, do you have thoughts on the potential or regulatory feedback on the potential to use something like MRD negativity as kind of a proxy in these studies to accelerate them a little bit more than a PFS endpoint might be?

Yes. Cory, that's a great question. So maybe, Jessie, why don't you start? And then I'll supplement the answer.

Yes. So we have seen some correlation between FRC front and baseline tumor burden. So actually, if we move into earlier lines, the T-cells are healthier and younger. So earlier line patients tend to have lower tumor burden, so which actually could result in longer durability and also, less severe efforts events such as CRS and Neurotox. So it's very important for cilta-cel to have potential in earlier lines of multiple myeloma. And then for MRD negativity as an exploratory endpoint in our study. So in order for that product or FDA to accept this as an endpoint, there needs to be data from prospectively defined clinical studies to show there is correlation between MRD negativity and PFS.

And then Cory, I would just add that if you look at our current clinical program, right, J&J and Legend already have a Phase III one to one randomized global trial CARTITUDE-4, and PFS is -- actually be the primary endpoint for that trial. So that will enable us to get into second-line setting for multiple myeloma. But we also have our sight set on the frontline setting because again, based on the hypothesis that when patients are in early line, their immune system is relatively strong, and their T-cells are also, in theory, younger and more active. So we should be able to derive more pronounced clinical benefit in early lines. So there are 2 schools of thought here, right? One is, we can go into transplant in eligible patients first. Therefore, we have to run a head-to-head study against the standard of care such as RVD, right? The cocktail of Revlimid, Velcade and dexamethasone in that setting. Or we could even go earlier, right? Go all the way to the very frontline, which is transplant-eligible patient population. So then in that case, we might have to compare cilta-cel against the transplant. So these are all different options we are exploring, and in due course, we'll announce our next Phase III design in frontline. But we do believe that is where actually an immune therapy, such as CAR-T, has probably the biggest commercial potential in early lines.

Okay. And Ying, I wanted to ask about management structure. When you left the sell-side and you escaped, you probably thought you're going to get some of your life back and now here you are wearing both the CEO and CFO hat. What are the plans to kind of round out management? Or you anticipate kind of keeping the structure going forward?

Sure. So when I left sell-side 2 years ago, I took the job and accepted the CFO role. And my plan is to raise some capital and then bringing the pump in the public, which we did achieve in 2020. But then, I guess, after a couple of surprises, now -- I am in the seat of CEO. So that was certainly not planned, but if anything, what I learned from 2020 was that we have to be able to expect the unexpected and also to embrace the change, right? So now that I am in the CEO role, and our Board actually will be conducting a search for the CFO, but I'm happy to report that we actually have a very well-integrated and functional finance and talented team already since I joined the company. So we're actually in good order in terms of finance and accounting. And I think I want to, obviously, institute the stability in the C-suite here, right, after what happened in 2020. So we would like to stabilize the management team. We'd like to also strengthen the management team with more experienced executive joining.

Okay. And then we only have about 10 seconds left, but just want to know with the rest of the pipeline beyond cilta-cel, should we expect updates in 2021? Or are we looking more to '22 for some data from the other programs?

Sure. So besides cilta-cel, we also have 7 ongoing Phase I IT programs in China. That spans a wide range of therapies, including therapies for solid tumors, including therapies that are allogeneic CAR-Ts. So right now, these are all early stage Phase I. I would think the earliest time line for us to report any data will be probably late 2021 or early 2022.

Okay. All right. That's all we have time for. So thank you guys very much. Really appreciate you joining us here today. It was a good discussion. Thank you.

Thank you, Cory. Thanks, everyone.

Thank you. Bye.