Precision BioSciences, Inc. (DTIL) Earnings Call Transcript & Summary

Hello, and welcome to the Precision BioSciences Investor Update Call. [Operator Instructions] I will now turn the conference over to Naresh Tanna, VP of Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to our webcast to discuss our in vivo gene editing business. I'm Naresh Tanna, the Vice President of Investor Relations at Precision BioSciences. Slide 1, please. Before we begin, I would like to remind you that some of the statements regarding Precision's future expectations, beliefs, intentions, goals, strategies, plans or prospects, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, including the risks referred to in the risk factors on Form 10-K for the period ending December 31, 2023. All forward-looking statements speak only as of this date and except as required by applicable law, Precision has no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Slide 2, please. By now, you have seen the news release. And this afternoon, I'm joined by Michael Amoroso, our President and CEO; and Jeff Smith, our Co-Founder and Chief Research Officer; Alex Kelly, our Chief Financial Officer; Alan List, our Chief Medical Officer; and other members of our senior leadership team. With that said, let me turn the call over to Michael Amoroso.

Thank you, Naresh. Welcome to our investor community. Following a productive 3.5-year partnership with Prevail Therapeutics, today, we announced that we have exercised our right to regain all rights to the programs following their decision to conclude the collaboration. Slide 3, please. Considering our recent strategic pivot to focus exclusively as a single platform in vivo gene editing company, the timing for this change is good, and we are excited to have the opportunity to bring 3 programs back into our pipeline. We are building momentum as we near the clinic, and the clinical data that will ultimately validate our decision to focus on ARCUS in vivo gene editing. To be clear, the fundamental near-term story at Precision is unchanged, and the long term is potentially even brighter, as we have the opportunity to gain or partner 3 additional programs in large patient populations with highest of unmet need back into our pipeline. Now more on our execution and fundamentals. Our lead partnered program from OTC deficiency is rapidly moving to the clinic with initial data from this trial potentially available later this year or in early 2025. Precision's first wholly owned program for hepatitis B is on track for an expected filing in 2024, and we are projecting to have important Phase I clinical data in the first half of '25. Our second wholly owned program for primary mitochondrial myopathy, or PMM, is on track for an expected filing in 2025. Next, our financial outlook is strong. We've monetized our CAR T assets and completed an additional $40 million equity raise, bringing in new high-quality long-term fundamental investors. As a result, our cash runway is projected into the second half of 2026, which we believe carries us through important Phase I clinical data milestones on our wholly owned HBV program on our second primary mitochondrial myopathy program and, of course, through the OTC partnered program in the hands of iECURE. We have taken the right steps to hone in on our core strength at Precision, in vivo gene editing and are positioned for execution and clinical validation of ARCUS in vivo in the near term. And now, we have taken action to regain access to 3 advanced preclinical programs with today's news. These programs are very important for these patients in need. They have the potential to substantially increase the valuation of Precision while also attracting new partners with key gene editing capabilities. Slide 5, please. Next, more on the partnership. We've appreciated our partnership with Prevail. And their early investment in ARCUS has helped us gain even deeper insights into the applications where ARCUS is uniquely differentiated versus other gene editing tools. During the collaboration, we conducted high-quality science together. We shared key learnings across organizations. And ultimately, we advanced 3 programs from concept toward clinical candidates with patients in mind first. I'm proud of the Precision team and their efforts to complete the work plan under the collaboration agreement and take us to an important development stage game. At this time, Prevail has opted not to proceed with the final IND-enabling activities. And as a result, we're gaining control of the programs brings exciting development opportunity back into the Precision pipeline. The decision to end the collaboration is recent, and we are assessing the programs with the intention of accelerating development for patients, either within the Precision wholly owned pipeline or through novel partners. All 3 programs are nearing clinical candidate selection to be followed by toxicology studies, enabling regulatory submissions and ultimately, moving onward into the clinic. We look forward to providing updates on next steps for the development path of these programs in the near future once these key decisions have been made. Now let me hand off to our Co-Founder and Chief Research Officer, Jeff Smith, to walk you through some of the accomplishments that have been achieved during the collaboration with Prevail. Jeff, please?

Thanks, Michael. Slide 6, please. All of our in vivo gene editing programs, including those in all of our collaborations are designed to take advantage of the differentiated attributes of ARCUS, its unique cuts type, its small size and its simplicity. Let me tell you more about the programs we are regaining. Slide 7, please. First, the collaboration produced a gene insertion program designed to take advantage of ARCUS' unique cut type to drive high-efficiency gene insertion through homology-directed repair. We generated compelling preclinical data in nonhuman primates for the gene insertion program showing up to 45% high-efficiency gene insertion in nondividing cells. This is very important differentiating proof-of-concept data for ARCUS since, CRISPR, base and Prime editors have not demonstrated this high level of gene insertion efficiency in dividing or nondividing cells in vivo. Slide 8. Second, we are very excited about the compelling proof-of-concept data generated for the DMD program, which takes advantages of ARCUS' small size. Notably, our 2-in-1 approach only requires a single AAV to deliver 2 complementary ARCUS nucleases, whereas CRISPR-based therapies given their large size are using 2 AAVs to deliver the Cas and to guide RNAs. Our approach is to use the 2 nucleases to excise a hotspot region of the dystrophin gene between exons 45 and 55. Defects in this region are responsible for roughly 50% of the DMD cases. Slide 9, please. Compared to gene therapy approaches, utilizing AAV to deliver microdystrophins, we believe our approach may provide a significant advantage and that it results in a more complete functional protein in the DMD patient versus exogenously introducing a smaller, less functional competent microdystrophin. Slide 10, please. In the humanized DMD mouse model, we observed the edited dystrophin protein variant in multiple tissue types, including heart, diaphragm and skeletal muscle. Importantly, we also showed evidence of the edited dystrophin and muscle satellite cells. These are the resident stem cells in the muscle that are capable of self-renewal and generating progeny myocytes and are key to lasting durability. Furthermore, the maximum force output of the calf muscle in ARCUS treated animals was significantly improved, reaching 86% of the force output observed in non-diseased control mice. This is a really cool program both for how it works and how well it works. This proof-of-concept study demonstrates the therapeutic potential of an ARCUS gene editing approach for the treatment of DMD and supports ongoing development in clinical candidate nomination. We believe PBGENE-DMD is the most advanced gene editing DMD program in development and has potential to be the first and best in class. Slide 11, please. Finally, the third program from the collaboration also takes advantage of ARCUS' ability to deliver to tissue beyond the liver. This program involves delivering an ARCUS nuclease to the central nervous system. We've shown the ability to edit neurons in the CNS in preclinical models, including one of the first examples in nonhuman primates, potentially making this a very attractive program for us or for partners focused on neurodegenerative diseases. With these 3 programs nearing readiness for final clinical candidate and GLP toxicology studies, you can certainly see why we wanted to regain control of these programs. Now we hand it back over to Michael to discuss the lead programs.

Thank you, Jeff. As I mentioned earlier, we are focused on executing against our fundamentals. Nothing has changed on that front due to this collaboration coming to an end, and there is no impact to our cash runway to accomplish these milestones. We continue to make progress with our wholly owned programs for hepatitis B and primary mitochondrial myopathy as well as through partnerships with Novartis and iECURE. We remain focused on our most important near-term priorities and clinical milestones with several opportunities to validate ARCUS in both wholly owned and lead partnered programs in 2024 and 2025. Let me start chronologically with the OTC deficiency program, which is partnered with iECURE. Slide 12, please. iECURE has made excellent progress advancing at ARCUS nuclease for gene insertion to address OTC deficiency in a program called ECUR-506. OTC deficiency is the most common urea cycle disorder resulting in the buildup of excessive levels of ammonia in the patient's blood potentially resulting in devastating consequences, including irreversible neurologic damage, coma and death. The severe form of the condition emerges shortly after birth and is more common in boys. And today, the only corrective treatment for early onset severe OTC deficiency is a liver transplant. So the unmet need is very high. This is the most advanced ARCUS in vivo gene editing program with first-in-human clinical dosing ready to commence in 2024. In fact, earlier today, our partners at iECURE sent out a press release that they were operational in some of their study sites in the U.K. We congratulate them. In addition, regulatory applications have been accepted in the United States, and Australia for Phase I/II OTC-HOPE study. Some initial data from this trial should be available later this year and/or into 2025. Let me tell you what excites me most about this program and the potential for these patients. The proof-of-concept data thus far generated. In preclinical studies, administration of ECUR-506 resulted in a durable response in nonhuman primates with up to 28.2% of liver cells demonstrating expression of the human OTC gene 1 year after insertion. This is well above the expected 5% threshold for potential clinical benefit, nearly sixfold that's been previously identified by published research. And remember, this nuclease has been studied for 6-plus years in nonhuman primates, demonstrating ARCUS' long-term safety and durability of the edit. Slide 13, please. Now shifting to our first wholly owned program in hepatitis B. Our hepatitis B program, PBGENE-HBV is unlike any other treatment that has ever been developed for the treatment of hepatitis B. Unlike other treatments, which all work downstream to decrease hepatitis S antigen or HBV DNA, PBGENE-HBV targets the source of virus replication, the covalently closed circular DNA or cccDNA. The goal of the program is to eliminate cccDNA and the viral DNA that gets integrated into hepatocytes. I often say our approach is like knocking out the viral factory. By doing so, we believe this program can shut off the continual stream of virus and viral particles that overwhelm the immune system and drive this chronic disease leading to cirrhosis, liver cancer, death and for many patients, a very significant stigma, which alters the course of their lives. Precision has demonstrated in human hepatocytes, nonhuman primates and transgenic mice that we can target the cccDNA as well as integrated HBV DNA. As a result, we've shown the ability to decrease the hepatitis S antigen by 3 logs with no rebound following discontinuation of nucleoside analogs in humanized mice. At Precision, safety is paramount for our patients, our physicians and regulators. And we have shown that the PBGENE-HBV final clinical candidate demonstrated enhanced specificity with no detectable off-target editing. This data was displayed at AASLD in quarter 4 of last year. Slide 14, please. As a result, we've reviewed the data with the FDA at a pre-IND meeting in January of this year. and with regulators in other markets around the world, aligning on next steps for our development package. We have commenced toxicology studies and are rapidly progressing toward the clinic with submissions planned in 2024 for the HBV program. We continue to evaluate and work to onboard sites for the Phase I study, and we look forward to commencing in the clinic as early as the end of this year. We expect to see the first cut of Phase I data in H1 2025. Emily Harrison, PhD and our research lead for the HBV program is with us today in case you have any questions about this program once we open up the question-and-answer portion of the call. Slide 15, please. Finally, our second wholly owned PBGENE-PMM program takes advantage of the simplicity of ARCUS. ARCUS does not need a guide RNA. It is a single protein capable of both recognition and catalytic activity, cutting its intended site. As a result, ARCUS can target certain diseases that are untouchable by gene editing tools which require a guide RNA for targeting diseases such as those of mitochondrial DNA. Slide 16, please. Preclinical data shows ARCUS can accurately and exquisitely discriminate a single nucleotide change in mutant mitochondrial DNA. ARCUS is designed to eliminate the mutant form and drive the shift in favor of the normal or wild-type mitochondrial DNA to improve function and energy production. PBGENE-PMM, our mutant mitochondrial DNA elimination program for the 3243-associated mutation is currently on track for expected IND and/or CTA submission in 2025. The next steps for this program are GMP material manufacturing and the commencement of toxicology studies. Wendy Shoop, PhD and our research lead for the PMM program is also available today to respond to questions as we open up the question-and-answer portion of today's call. And now with the addition of our lead program from the collaboration, Duchenne muscular dystrophy coming back to Precision, we have an opportunity to advance a second muscle program delivered by AAV. There are key learnings on delivery and expected operational synergies between the 2 programs that Precision is currently evaluating in our next steps for development. Before I hand it off to our CFO, Alex Kelly, I just want to reiterate how excited I am to have these 3 new additions back into our portfolio, further fueling Precision as a single platform in vivo gene editing company. We thank Prevail for the collaboration and the science we generated together for patients. Alex?

Great. Thanks, Michael. Moving to Slide 17. Over the last 8 months, we've fortified our cash position with 3 transactions that monetize our prior cell therapy investments and also with the completion of a $40 million public offering completed on March 1. We also rightsized the company to decrease our annual cash spend in conjunction with the decision to focus exclusively on in vivo gene editing. We ended the first quarter of 2024 with $137 million in cash with another $15 million to $30 million in cash and equity investments potentially still to come from our CAR-T partnerships. As a result of these efforts, we believe we have enough cash to fund 2 wholly owned programs and also to initiate a third program. We have an expected cash runway extending into the second half of 2026, which we believe is sufficient to get important to ARCUS in vivo clinical data milestones through the OTC program, through the HBV program and also through the PMM program. As we consider the late-stage preclinical programs advancing to our pipeline, we'll assess multiple avenues for ongoing development and provide an update at a later time this year. As Michael said, the completion of the Prevail collaboration does not impact our fundamentals or our cash runway since no milestones were expected through 2026. Our team is focused on execution, on our most important milestones and eager to achieve clinical validation of ARCUS through the programs we've [ mentioned ] today. With that said, we're ready to take your questions during the Q&A. [Operator Instructions] Operator?

[Operator Instructions] Our first question comes from the line of Maury Raycroft with Jefferies.

This is [indiscernible] on for Maury. The preclinical data look really good. So just curious, was there a predetermined threshold for perhaps editing efficiency or any other parameters such as like off-target effects that was not met for Prevail to pull out of the collaboration.

It's Michael, tough to hear. I'm just going to recap the question, let me know if we have it right. So your question was the proof-of-concept data that we've showed at ASGCT last year as well as on R&D Day looks very good on the efficacy. I agree with you. And you asked if there was any safety concerns we have with the DMD program as far as why Prevail is not moving forward. Is that the question?

Or any other issues with it, like any predetermined threshold that was not met?

Yes. The short answer to that is no. This is a decision not to opt forward. At this point, when we got to the decision point, Prevail has to take overall operations and then physically take over manufacturing, toxicology, the rest of the IND-enabling activities. They just opted not to move forward. No, there was no safety concern from the DMD program.

Got it. And then can you provide any status update for the other partnerships you have, like with Novartis for hemoglobinopathies?

Yes. So the Novartis programs right now are moving along, I'll turn it to Jeff Smith to talk about how the teams are working together. But as far as milestones, and that will have to come from the Novartis. Jeff, do you want to give an update on the Novartis partnership?

Sure. The partnership is going very well. We really enjoy our partners at, working with our partners at Novartis. And the program has made great progress. But as Michael said, I think any details need to come from our partner.

And your next question comes from the line of Andrea Tan with Goldman Sachs.

Maybe a follow-up to the prior one. When you think about or maybe the decision for Lilly to conclude the partnership here, if it wasn't based off of data that they saw, does that suggest that they had a change in views on the indications that were being worked on? Or is this a reflection of their view of the utility of the ARCUS editing system? And then I have one follow-up after that.

Yes, Andrea, it's Michael. Thanks for dialing in. So Andrea, I think, first and foremost, I want to be fair to our partners here and not really speculate, but I will share, of course, what I will share with us. So the collaboration, again, was very productive. We generated good science together. Prevail Lilly is the largest and most successful pharma company in the world right now. There's obviously much they work on. We learned a lot with and through them. You might remember that in June of 2023, we did revamp the contract where Prevail was good enough to shift some of the responsibilities operationally back into the contract. We took some of the royalties that were potentially down at that time, and that was again to enable our shift to an in vivo gene editing company. We completed the work plan. We've gotten to a place now where we'd be handing off some of these things physically and operationally to Lilly. And to be fair, there really is not more to share on a decision of they opted not to move forward with the programs. But like I could say, the data we've showed you is the data that [indiscernible] talked about before, and we're very confident we have conviction on the programs. We're going to continue to move those forward. We have to assess whether we'll do that on our own in our pipeline or with them through partners. The second part of your question, Andrea, on read-through of the ARCUS platform, I think the short answer is there's only 2 things that should be part of read-through for ARCUS platform. It's regulatory actions, and we've seen some wonderful ones this year. We've seen it in the hands of our iECURE partners for the insertion program, the United States, the FDA with an IND accepted. We've seen it in the U.K. and in Australia about CTAs accepted to move into the clinic. And then the next thing that should be the read through Andrea is data, right? And we're excited about the data that will come from the OTC program, probably first and then the HBV program. So I think the really only thing that you think about on read-through is any regulatory actions and/or clinical data. So right now, again, we believe the DMD proof-of-concept is strong. We like the characteristics of our nuclease to move forward into the clinic, and we'll continue to explore how to do that. But I really can't speak or share more from a Prevail standpoint. I will say they were a good partner. And obviously, this was a decision point, a stage gate and they decided not to move forward.

Got it. And when you think about the forward strategy here, under what scenarios would you advance the DMD or the other 2 assets independently? And how much does that depend on your progress with the other programs?

Yes, Andrea, it's a great question. The short answer is this relationship and this decision has just come out about the last week. We are assessing that. You might imagine we're already delivering in program 2 too, to the muscle. AAV to the muscle. So there's a lot of synergies here. If you remember earlier in the year, we talked about one of the reasons we went out and raised was not only to 4 to 5 programs 1 and 2 into the clinic and to make sure they're operationally ready to go, but also to start a third program. And we've talked about that. And I think what this does, Andrea, is it puts more pieces on the table sooner than we thought about what that third program will be. So I can't divulge to you because the truth is the decision is not made yet, exactly whether that will be DMD or not. But what we are assessing the market is highly underserved. You're talking about 1 in every 3,500 males, Andrea, with DMD, 15,000 patients alone in the U.S., 300,000 patients around the globe. If you look at the exon skippers and the microdystrophin approaches, I would say with respect the patients are still underserved. So we think there's a great opportunity here, and we think we could still be first as a gene editor. We do need to assess this versus our current wholly owned organic priorities and versus some other projects we had going on. So our plan here, Andrea, is to get out and speak to you guys about what that decision is here in the short term, but it just hasn't been made yet.

Your next question comes from the line of Soumit Roy with JonesTrading.

Probably the questions on the similar vein, like, did you see it coming last Prevail handing off the program as they agreed to amend the agreement last year? And do you think the decision kind of based made on the crowded competitive landscape?

Yes, Soumit, as you can imagine, I won't speculate for Lilly Prevail. They've been a great partner. The reality is I will share what we talked about. They're still working with us to make sure they get the materials and programs back to us because patient interest is number one. I will tell you this. No, this information has come about here in a short period of time, and we're coming to you. Obviously, the science has been generated. Prevail has given us the go ahead, for example, at ASGCT or ESGCT or R&D Day to share it because of their data. Now it will come back to us. So the proof-of-concept data is strong. I can't speak to what other optionality Prevail is evaluating. Obviously, we did amend and I thank them. I want to thank them publicly. We did amend the contract last year, a lot of Prevail's contracts are all the way through IND activities and even Phase I. That would have not allowed Precision to be its wholly owned organic development company. So again, I thank Prevail for working with us in 2023 for that. But no, I can't say one way or the other see it coming. I could say we were getting to a workforce, a work plan hand off here, where the work that we were doing, characterizing the nucleases, generating for the lead 3 programs was ready to be handed off and starting to be handed off. And I think we just got to a stage gate where Prevail gets to decide will I move forward with these programs and these diseases. And that's when we got the feedback that they've decided not to move forward, and they will work with us to help bring them back in our hands so we can continue development.

Understood. On the functional asset that you have shown in the mouse model, if you can compare, contrast a little bit with the other approved drugs like how would the equivalent ones look like and even the gene expression level, the ones you have shown in the R&D Day, a cross quite a wide variety of tissues, quadriceps, calves and diaphragms and heart, how would that expression or restoration would look like?

Yes. Thanks for the question. So this is Jeff. And Certainly, in terms of distinguishing our program from others, we are the only ones really looking at eliminating or cutting out and resecting such a large section of the gene and being able to restore function. In contrast to the microdystrophins, they're providing a much smaller portion of the gene. There's some question in terms of how well it will function compared to the larger portion of the gene in comparison to the exon skippers, they're only applicable to individual indications of mutations, whereas in our case, since we are covering a large section, we're actually able to address nearly 50% of the patient population with those mutations. In terms of the direct comparison of some of our results, I'm actually going to hand it over to the head of that program, Gary Owens.

Sure. As Jeff mentioned, I want to reiterate, the ARCUS edited dystrophin that we are going to create is much closer to the normal dystrophin or the wild-type dystrophin that's produced by non-Duchenne patients. It has the domain regions that need to interact with all the signaling pathways that makes dystrophin actually work in the network that it has. The microdystrophins as prescribed, lack a lot of those dystrophins because they can't fit those into an AAV, the full protein. So we feel that the protein that we're generating will have a much more functional impact. It's much like a Becker's Duchenne and that's Becker's patients don't even feel like they're, they have Duchenne. It's a whole different category. So we're very optimistic about that edit. We've shown in the disease model that we can get near non-diseased function in force. Some of the data out there that we're seeing shows walk tests and things that are -- that don't really, aren't a true measure of force and the muscle function. So we're highly confident there. So the editing that we're seeing produces a functional protein that restores force function. And hopefully, we'll -- we feel very confident that it will carry over into the clinic.

Soumit, one thing I just wanted to also share, you'll see from the expertise around the table, One of the ways we worked with Prevail was we had the expertise per program in-house also on our side. So we're really well equipped to take these programs back and move them forward. We have our in-house lead the same way we have our HBV and our PMM wholly owned program leads. You see Gary is our DMD lead. So that's how we've been working, and that really sets us up, and we're poised to be able to continue to moving forward.

Yes. Gary, I don't know if you want to say anything about the satellite muscle cells.

That's fair. That's actually a very important point, too. The approved products out there are replacing a protein, again, that's not as near the normal, and they're not doing anything about durability of response. And so we showed at ASGCT that we are, in fact, editing the muscle satellite cells. So that's very important for durability. So when a muscle cell is damaged, it's replaced by a muscle satellite cell. And so we have to edit that cell in order to generate a corrected cell, unlike liver cells where they divide, if you edit that, they divide and conquer. What we expect editing those cells will turn into new muscle cells, and it will actually outcompete some of the non-edited cells.

Thank you, Soumit.

And your next question comes from the line of Justin Zelin with BTIG.

Michael, just about the strategy moving forward here, would you look to seek a new partner for this program? Or would you look to develop them internally? And just what priority will you place that program just given you have other programs in development.

Yes, Justin, without the decision being made, I think to be fair, I'll let you on our thought process. It's early, but the short answer is yes on both of what you're saying, right? As you know, we have 4 to 5 Precision's cash position, frankly longer than it's ever been in my tenure that I can remember before me really through most of '26. So that enables us, as you know, Justin, for our first 2 lead programs, HBV and PMM to generate full Phase I clinical data. We also went out and did the raise and we got some questions, why did you want to bring more money in now, you have cash? And the short answer is we wanted the right long-term fundamental investors back into the story after the pivot from CAR T, and we wanted the ability to go to a third program. So I think the answer here is we are assessing that third program. And of course, before this, we've had some candidates in the queue that we've been working on. So I think we have the ability to take on one more and then I think we would probably look at novel partners. When you think going forward, we've learned a lot about ourselves through this partnership. If you look at both Lilly and ourselves, Lilly has grown 5 to 6x since we started this partnership. We were a CAR T first company. Now we're in vivo. So knowing where we're at today really helps us select the right partners, partners that might be -- have certain capabilities and specific deliveries for tropisms for certain tissues we're going to. So I think we're definitely looking at some organic and some potential partnerships, but nothing is decided yet, and we will again give you those updates as that kind of bears fruit over the next several months.

That concludes our Q&A session. I will now turn the call over back to Michael for closing remarks.

Well, first and foremost, I want to thank the facilitators today. I want to thank the investment community for staying after hours here and for their thoughtful questions. As always, we'll make ourselves available one-on-one over the next coming days as well as to our buy-side investors. I want to reiterate our thanks to Prevail. We've done some really wonderful science together for patients. I want to reiterate our conviction to find a home to move these programs forward. And I also want to reiterate that today, Precision's course is not altered by this decision in any way. We have the cash runway with no expected milestones in that runway from Prevail Lilly. We are absolutely operationally on track for our HBV and PMM programs. And now we have the good fortune of having some very exciting programs with tremendous unmet need back into our portfolio that can really provide promise we hope for patients someday. And we're going to assess our business opportunities again, whether to take some of those organically ourselves or with some specific partners as we go forward. So we'll continue to communicate, we wanted to tell you what we knew as of today. This decision is new. And thank you again for your time, and we look forward to speaking to you in the coming days and weeks.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.