This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.
spk01: Greetings and welcome to the Adamas Pharmaceuticals second quarter 2021 financial results and corporate update conference call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. I would now like to turn the call over to Peter Vazzo, investor relations representative for Adamas Pharmaceuticals. Please go ahead, sir.
spk11: Thank you, Michelle, and good afternoon, everyone. On the call with me today are Neil McFarlane, Chief Executive Officer, Vijay Sridhar, Chief Commercial Officer, and Chris Prentice, Chief Financial Officer. We also have Dr. Adrienne Cortell, Chief Medical Officer, on the call to answer questions during the Q&A. Before we begin, I would like to remind everyone that this call will contain forward-looking statements which are subject to risks and uncertainties. Any statements regarding future events, results, or expectations are forward-looking statements. Please note that these forward-looking statements reflect our opinions only as of the date of this call. We undertake no obligation to revise or update these forward-looking statements in light of new information or future events, except as required by law. Information concerning factors that could cause actual results to differ materially from those contained in or implied by such forward-looking statements are discussed in greater detail in our Form 10-Q filed today with the SEC, especially under the caption, Risk Factors. I will now turn the call over to Neil McFarlane.
spk04: Thank you, Peter. Good afternoon, everyone. Thanks for joining us today. I will provide an overview of the second quarter and on our progress executing our growth strategy. Then Vijay and Chris will give more details on our performance. Let me first say how proud I am of our continued growth, which is a true testament to the team's resilience and their commitment to making everyday life significantly better for people affected by neurological diseases. While we are encouraged by this growth, we are keenly aware that the broader environment remains challenging for the healthcare community as the pandemic continues. I'm very pleased how our team is adapting to this fluid situation, and I believe our strong demand and revenue growth in 2020, along with our performance in the first half of this year, demonstrate our ability to thrive in a constantly changing market. Regarding the second quarter, I'm pleased with the revenue growth from GoCoveri and Osmolex ER, as well as the royalties earned from Namzeric. This growth, along with our disciplined investment, brought our quarterly net operating cash burn down to single digits at $9.2 million. We remain focused on GoCoveri and are expanding the number of prescribing physicians and increased the number of patients on therapy. We're also seeing positive trends in the launch of our second indication for off episodes. Most notably, I'm encouraged by the significant increase in new paid prescriptions, or NRX, in the second quarter, the highest level since we began reporting this metric, and a key leading indicator of future growth. This is our first full quarter of the off launch, and while early, the increase in new patients coupled with strong 12-month patient persistence, gives us confidence that the expanded label has the potential to meaningfully grow the market opportunity for GoCoveri. The focus of our messaging to people with Parkinson's and their healthcare providers revolves around the goal of treatment, which is to have as much good on-time as possible. GoCoveri has demonstrated the ability to meaningfully increase good on-time in the pivotal studies and is the first and only medication approved to treat dyskinesia in Parkinson's patients receiving levodopa-based therapy and off-episodes as adjunctive treatment to levodopa carbidopa. Additionally, its nighttime dosing provides continuous coverage throughout the day while minimizing sleep disturbance. The unique ability of GoCoveri to decrease both ends of the motor complication spectrum allows physicians treating patients along the continuum of care instead of trading increased off-time for reduced dyskinesia or vice versa. To achieve this paradigm shift in treatment, we are keenly focused on delivering comprehensive stakeholder education across the Parkinson's community regarding GoCoverie's differentiated profile and novel attributes. As part of this effort, recent publications in peer-reviewed journals include new data analyses suggesting that GoCoveri may meaningfully reduce the impact of motor symptoms on activities of daily living, and a review article by leading neurologists supporting GoCoveri as a clinically significant advance in treating motor complications. To support the growth of GoCoveri, we further bolstered our supply chain with the supplemental NDA approval of a second and alternative packager. We also announced two new patents for GoCovery that cover the drug product and methods of use. These patents are the first issued in this patent family and strengthen our long-term patent portfolio, now going out to 2038. Additionally, we recently received our first international patent covering ADS4101, our investigational drug candidate in epilepsy. This patent, issued in Japan, follows two recently issued U.S. patents and we believe will assist us as we continue our efforts to partner or out-license this program. In summary, we entered 2021 with a clear operational plan to drive growth. First, by advancing our neurology portfolio. Second, by strengthening the foundation of our business. And third, by leveraging our fully integrated infrastructure. We have made substantial progress against all three of these objectives, and the first six months of the year reflects our solid execution. I'll now turn the call over to Vijay to review our commercial progress.
spk14: Thank you, Neil, and good afternoon, everyone. I will begin my comments with highlights of our recovery performance in Q2 and provide an update on Osmolex ER. Starting with performance, Q2 total recovery paid prescriptions, or TRX, excluding product from the free trial program grew to 9,400, a 19% year-over-year increase versus Q2 of 2020, with 8% sequential growth versus the prior quarter. We saw 97% growth in new paid prescriptions, or NRX, versus Q2 last year, and a 24% increase versus the previous quarter, with a total of 730 NRX. Twelve-month patient persistence remains strong at 45 to 50%. We are pleased with this performance for three key reasons. These are the strong quarter-over-quarter NRX demand growth, the year-over-year trends suggesting patients returning to clinics, and the early positive signs from the launch of our off indication. Let me give more detail around each of these. The robust quarter-over-quarter growth in numbers of new patients coming after the strong NRX results we reported in Q1 highlights the demand momentum for recovery. In the quarter, we saw an increase in our breadth of prescribers, as well as an increase in depth of prescriptions per physician. We believe these results reflect the consistent execution of our commercial strategy to raise urgency to treat, to differentiate recovery, and to enhance the customer experience. Upon approval of the off indication, we revised our speaker program content to further differentiate the recovery clinical story. And in Q2, we executed a mix of live and virtual speaker programs with this updated content. continuing to broaden our outreach to prescribers and patients. To further enhance our patient education, during Parkinson's Awareness Month, we launched a direct-to-patient segment on Lifetime Access TV. This featured a GoCoveri patient, their care partner, and a healthcare professional discussing the impact of often dyskinesia on daily life and the benefits they have seen with GoCoveri treatment. The segment, with the potential reach of 83 million viewers, contributed to a 20% increase in patient engagement and a 200% increase in physician engagement in our digital content. It has since been distributed through our multimedia platform. Our Salesforce maintained live interactions with prescribers wherever possible, educating them on the differentiated clinical profile for GoCoveri, and we continue to explore new ways to allow our field team to be even more effective. As an example, we are piloting a program to rapidly determine the access to healthcare centers and to facilitate appointments to increase the proportion of live calls to prescribers. We further optimized our GoCoverry onboard services, resulting in a higher level of customer satisfaction, and expanded our GoCoverry care coordinator team to meet the demand increase that we have seen. The strong year-over-year growth in demand was aided by the gradual return of patients to in-person appointments at clinics. We also saw some increase in sales rep access to offices, highlighting a slow return to normalcy. However, we remain in a fluid situation, as has become clear in recent weeks. The sustained impact that the pandemic is having on treatment of Parkinson's patients was reflected in a 17% year-over-year decline in patient claims data for levodopa carbidopa in the latest three months, February through April, versus the same period a year ago. This suggests the number of Parkinson's patients receiving care has still not returned to pre-pandemic levels, and our strong Q2 performance is remarkable given this headwind. Finally, We are pleased that our launch of the OFF indication continues to show positive signs in the first full quarter since approval. We have seen an increase in demand with prescriptions for GoCoveri and are particularly encouraged that we see patients with OFF, dyskinesia, or both, all being prescribed the drug. This indicates that our differentiated clinical profile is resonating. GoCoveri is the first and only product indicated both for the treatment of off episodes and dyskinesia, thereby increasing good on time. This unique differentiation helps prescribers avoid compromises when managing the two extremes of motor complications in their Parkinson's patients. We have seen several physicians who prescribed GoCoveri early in the dyskinesia launch but then lapsed return to the product with a new off indication. Additionally, we are pleased with the 93% payer approval rate through the prior authorization process, which indicates patients are getting access to GoCoverry regardless of formulary status. Our conversations with payers continue with a focus on ensuring easy and affordable access to GoCoverry through the effective articulation of the clinical and health economic value of the product. The large addressable patient population and the increased momentum we have seen from the off-launch give us confidence in the growth prospects for recovery while we continue to pursue broad access in a fiscally prudent manner. The momentum in Q2 gives us optimism that communicating the differentiated clinical profile of recovery systematically throughout the neurology community will trigger a paradigm shift in the treatment of Parkinson's motor complications. from symptomatic treatment of OFF or dyskinesia to comprehensively addressing both ends of the motor complications spectrum. While growing recovery is our primary focus, we also executed against our two goals for Osmolex ER. First, to ensure current patients on drug receive uninterrupted care, and second, to advance a gated investment plan to launch Osmolex ER into the psychiatry market for patients with the labeled indication in drug-induced extraperitoneal reactions. Towards the first goal, we provided ongoing support to current prescribers and realized operational efficiencies. As for the second goal, we are actively promoting the product into the EPR market using our teledetail team. Q2 results were in line with Q1 and influenced by two factors. pre-acquisition inventory bill normalizing in Q2, and the conversion of those on patient assistance programs into paid prescriptions. Q2 continued to present a challenging situation in the marketplace, and we are incredibly proud of our team for remaining focused on our mission to serve patients. I will now turn it over to Chris to provide an overview of our financial performance.
spk10: Thanks, Vijay, and good afternoon, everyone. Please refer to our press release issued earlier today for a summary of our financial results for the second quarter of 2021. Total revenues for the second quarter of 2021 were $22 million, which includes GoCoveri product sales of $20.1 million, Osmolex ER product sales of $500,000, and royalty revenue earned from Namzeric of approximately $1.4 million. Product sales of GoCovery in the second quarter increased 12% over the same quarter last year, primarily driven by volume growth and partially offset by higher gross-to-net discounts. Gross-to-net for the quarter was in line with the guidance range we previously provided. We expect gross-to-net adjustments for the second half of the year to decline to the low to mid-teens, driven primarily by patients moving through the Medicare Part D coverage gap. R&D expenses for the second quarter of 2021 were $1.4 million compared to $2.6 million for the prior year quarter, primarily due to the completion of the ADS5102 Multiple Sclerosis Open Label Extension Trial. We would like to thank everyone who worked on this well-executed development program, and especially those who participated in our trials. We plan to publish our clinical trial data, which we hope will benefit the MS community. Second quarter 2021 SG&A expenses were $29.2 million compared to $23.2 million in the prior year quarter. SG&A expenses for the current quarter represent the execution of our GoCoverry commercialization strategy, as well as our education efforts positioning Osmolex ER for drug-induced EPR. We are maintaining our 2021 operating expense guidance of $115 to $130 million, including $9 million of stock-based compensation. R&D expenses are expected to be between $5 to $10 million based on the closeout of our MSW open label trial. We expect SG&A expenses to be within a range of $110 to $120 million. Maintaining this guidance reflects our investment to accelerate the growth of GoCovery. Cash and investments as of June 30, 2021, were approximately $118.3 million, with net operating cash burn for the quarter of $9.2 million. Achieving this level of net operating cash burn is a key metric, reflecting the momentum of our revenue growth coupled with our disciplined investment. This is an important marker of our progress as we execute on our long-term strategic plan. This concludes our prepared remarks. With that, I will now open the line for questions. Operator?
spk01: Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for your questions. Our first question comes from the line of Jason Butler with JMP Securities. Please proceed with your question.
spk03: Hi. Thanks for taking the questions, and congrats on the progress. I guess just a couple on GoCovery. Can you speak to the recent dynamics on patients returning to the clinics and what you've seen post the end of the quarter into July and August, and is that having any impact on the NRX? And then I guess, sorry if I missed this, but given the success of the off launch, can you give us a breakdown of what proportion of the NRX for the quarter are coming from off versus this can easier or both? And I know it might be hard to break down, but just give a sense of what proportion of the growth is being driven by the off indication. Thanks.
spk04: Hi, Jason. Thanks for the question. This is Neil, and I'll hand it off to Vijay in a moment. But let me start by saying how proud I am of the strong demand momentum. You know, we leave Q2 with a 97% year-over-year growth in our NRX number to 730, but I think as importantly, 24% quarter-over-quarter growth from Q1 to Q2. Let me ask Vijay to touch on the recent dynamics in terms of patients and some of the off-launch being on track. Vijay?
spk14: Yeah, thanks, Jason. I would say that the situation remains fluid and dynamic and complex. We have seen some return of patients to clinics as evidenced by our year-over-year trends, but based on the 17% decline that we see in the claims data for carbidopa levodopa, it is obvious that all patients are still not back in doctors' offices And we are still in a relatively challenging situation, which is why our performance in Q2 is really so strong and remarkable. So we do need to see those carbidopa levodopa scripts come back to growth. In the meantime, we're leaning in on tactics to get as fast of growth as possible. To your second question, in the off launch, we're pleased to see that we have a mix of patients with off dyskinesia or both. The fact is that we see the majority of those scripts coming in dyskinesia, which is not surprising given that we're in the first full quarter of launch of the off episodes, but the fact that we're getting the mix across the spectrum shows us we're making progress towards changing the paradigm of care.
spk03: Okay, that's great. And then, Neil, just a quick one on 4101. Can you give a sense of what potential partners have been looking for and And specifically, to what degree the new IP here could be a catalyst in your discussions? Thanks.
spk04: Sure. So I think it's important to note that there's such an incredibly need here, right, in the epilepsy market. And not a lot of – or there are quite a few products that are out there being developed, but not a lot of products out there that are in late stage. So we have a phase three ready asset. We've started to get the intellectual property issued. And that's really been what we have been working with potential partners on, the path forward and the ability to be able to get this product to patients that have an unmet need.
spk02: Okay, that's great. Thanks again, and congrats on the performance in the quarter. Thanks, Jason.
spk01: Thank you. Our next question comes from the line of Tim Lugo with William Blair. Please proceed with your question.
spk09: Hey guys, this is Lachlan on for Tim. Thanks for taking the questions. I guess two if I can. First of all, on the addition of the alternative packager for GoCogri, what was the rationale behind that? Is that addressing some vulnerabilities you've seen or are you expecting to need the additional capacity for future growth with the new indication or is it something else there? And second, in terms of the Osmolex ER pilot launch, Can you just outline sort of what you'll be looking at to determine if you want to continue the program? I mean, is that going to be based on sales or script volume or more qualitative feedback from the market?
spk04: Thank you, Lachlan. And to answer your first question, let me start there in terms of our ability to get a second and alternative packager. You know, having single source manufacturing is not something that as we lean into the growth trajectory that GoCoverry is showing with the strong demand that we've shown in the last number of quarters, that we want to have a single source. So as part of our long-term growth strategy, we implemented a year or two ago that we needed to be able to have duplicative manufacturing capacity, and this was one of the reasons why we did that. So BJ, you want to talk a little bit about that? the Osmolex next steps in our gated investment plan?
spk14: Sure, Neil. Thanks for the question, Lachlan. I would say that for Osmolex, it is important to remember we are primarily focused on recovery here and fully living up to the potential that recovery has to change the paradigm of care in Parkinson's disease. With Osmolex, we have a very disciplined, gated investment plan in psychiatry. And the volume of what the product has done in the past has been relatively minimal. And we are encouraged by the market research that tells us that there's opportunity for an extended release product in that space. And so we are in the early stages of launch, and we'll keep you updated.
spk07: Awesome. Thanks.
spk01: Thank you. Our next question comes from the line of Ken Casatore with Cowan. Please proceed with your question.
spk13: Hey, Neil and team. Congratulations on all the progress. Neil, as I listen to you and your enthusiasm always really comes through, I think about and listen to your commentary on DTC. And as I step back, You know, you think about GoCovery where it is. It's a broadly covered drug, so we're not having any managed care issues. It's been on the market a sufficient amount of time, and it's lead indication, and now we have off. It's a known molecule to the clinician. So I'm just wondering, why aren't we pushing the advantage even more aggressively through DTC? It would be my belief that not only would you be activating patients, but even activating clinicians in a general sense to make them even more aware about the product that is there and kind of activate them in addition to pushing the patients in, understanding the commentary about the market dynamics now. So I'm just trying to understand why we don't get even more aggressive and wanted to hear a little bit more about the metrics that you're getting from your kind of initial DTC. Thanks a lot.
spk04: Thanks, Ken. My enthusiasm comes from the fact that GoCoveri has such a large opportunity and the team here has continued to drive strong demand and execute in this fluid environment. So they're the reason why I'm so motivated. And maybe I'll ask Vijay to talk a little bit about some of the efforts in our multichannel marketing that we're doing.
spk14: Hey, Ken, totally appreciate the question in terms of DTC. This is something that we've looked at carefully, and we're choosing to do it in a very efficient manner. and we're going after pockets of patients that we know exist in certain social media platforms, and we've done our research in terms of how to most effectively reach those patient groups. And our Lifetime Access TV segment was one example of how we're unlocking that opportunity in a very efficient manner by going with a media platform which we know will reach the right audience at the right time. And then we're taking and repurposing those assets throughout our multimedia channels in order to get the content out there as efficiently as possible. And we're tracking metrics such as engagement in our websites and our digital assets, downloads of materials that we have out there, how many patients are watching the videos, and so on and so forth. There's a variety of metrics that we're tracking, all of which are positive. So we're very excited that it's working so far, and we plan to continue to keep these efforts up.
spk07: Thanks so much.
spk01: Thank you. Our next question comes from the line of Mark Goodman with SVB Lear Inc. Please proceed with your question.
spk16: Yeah, I have a couple questions. First, On your payer discussions as we move into next year, can you give us a sense of whether everything is going to be stable, whether we're going to have some improvements or we're losing some contracting? Just curious how that's working out. Second is, given how successful everything is going, I'm just curious, Neil, if we've moved forward on business development a little bit, if there's anything else going on kind of behind the scenes. And third, Just remind us, how much are we spending on Osmolex just from an advertising and promotion support? Is there really anything being spent right now? And what's your plans going forward? Thanks.
spk04: Thanks for the questions, Mark. Why don't I start with your middle question in regards to business development, then I'll ask Vijay and then Chris to answer some of the more detailed questions. I think it is important to note that our focus is on the growth of GoCovering. we have a large opportunity that our off-indication has just doubled our addressable market to four to 500,000 patients. The demand that we've seen is great, but there's a long way for us to go. So I think that it's important that we continue to focus on GoCovering. We also focus on the integration of Osmolex and the drug-induced EPR. That being said, we have a very efficient late-stage development team that's just finalized a very strong MSW program and finalize the long-term safety study there. And we have a commercial organization that is also really clicking in regards to the execution that they're able to do in this very fluid and dynamic environment we're in. So we're actively evaluating both internal and external opportunities and finding ways to leverage our infrastructure because delivering value is our top priority. CJ, you want to hit on some of the payer discussions?
spk14: Sure. Mark, as you know, we are committed to broad access and affordability for GoCoverry, and we are actively engaging in conversations with payers focused on the clinical and health economic value of the product because we honestly believe that with its differentiated profile, GoCoverry has that opportunity to bring about that paradigm shift, and we're getting good engagement in terms of these conversations that we've had with payers. In that context, it is even more important to remember that as a specialty medication, we do see a high rate of fair approval through our prior authorization process. The off-launch is being paid for as well with those scripts, and we're seeing a 93% approval rate, and 75% of patients, Medicare or commercial combined, have an under $25 out-of-pocket cost. So the signs are good, but we're still working on it, and stay tuned.
spk10: From an Osmolex perspective, from a macro sense, our SG&A expense guidance for 2021 is really in line with what we spent in the prior year in 2020. So specifically, we have a very small, targeted, teledetail sales team that's focused on Osmolex, and we'll continue to evaluate as the year goes on and determine if we need to make further investments at that point in time.
spk07: Thanks.
spk01: Thank you. Our next question comes from the line of David Amsalem with Piper Sandler. Please proceed with your question.
spk06: Mr. Amsalem, can you check to see if your line is on mute, please?
spk01: Thank you. Our next question comes from the line of Ram Salvaraju with HC Wainwright. Please proceed with your question.
spk08: Hi, this is Mazan for RAM. Thanks for taking our questions and congrats on the quarter. So just regarding your published paper in June of this year, which revealed, you know, recovery may be impacting gate freezing. Is this something that you've propagated in your marketing and education efforts? And if not, do you plan on doing so?
spk04: Thanks, Muz. We're glad that you asked us a question that we can hand off to Adrian, but he might need some additional clarity in regards to which papers because we've had a number of papers published in the last couple of months.
spk08: So this was the second one which showed that recovery may be impacting gate freezing on the MDS-UPDRS part two. So this was the post hoc analysis.
spk03: Great. Adrian?
spk15: Yeah, thanks for the question. So this is the Hauser paper published in June this year, but it performed a sub-analysis on the MDS-UPDRS Part 2, which really focuses on the motor complications that patients have, or the Parkinsonism issues that patients have, who have Parkinson's disease and the effect of recovery on that. As part of that scale that is being used, gait freezing is indeed one of the 13 questions that the patients can answer. We saw a statistically significant improvement in gait freezing in those patients. And overall, of the 13 sub-issues addressed by this MDS-UPDS score, 12 were improved. In 12 of those subscales, patients on the property improved compared to placebo.
spk05: I'll hand it over to
spk04: Yeah, I think your next question, Maz, was are we able to promote that, and we promote based on our label, and that's not currently in our label.
spk08: Okay, fantastic. Makes sense. And then just finally, this may be a naive question, but is there any scope to draw on historical Osmolex ER trial data to perform, you know, a similar kind of post-hoc analysis as you've done with GoCoveri? and would this be of any value?
spk04: Great question, Maz. So I think we mentioned in our Q1 call as we finalized the acquisition of the product that it is our intent to get the data from the Phase III trials out. Adrian is working diligently with his team and the investigators to do just that. So I think there is opportunity for us to learn from the data, and there's opportunity for us to make sure that we lean in to ensuring the continued differentiation of the two products between GoCoveri and Osmolex.
spk08: All right, excellent.
spk05: Stay tuned. Congrats on the cool line. Thank you very much.
spk01: Thank you. Our next question comes from the line of David Amselem with Piper Sandler. Please proceed with your question.
spk12: Hey, thanks for fitting me in, and sorry about that. So just real quick on... The the off time indication and I apologize if I I miss this, but you know, over time, it seems like you're accessing I mean it doesn't seem that I think it's you've confirmed this that that you're accessing a wider parkinson's population, so you know I guess with that in mind. Should we think about any expansion of the commercial infrastructure over the long term. and I know you addressed business development, but maybe as a sort of corollary to that topic, what's your appetite for taking on any R&D risk to the extent that you are to buy an asset? Thanks.
spk04: Thanks, David. Let me ask BJ to touch on the first question in regards to the off And we definitely are accessing a wider market opportunity, right? We went from 200,000 patients with dyskinesia and off to an additional 200,000 to 300,000 patients with off, which gives us 400,000 to 500,000 patients now. So I think that we're definitely seeing this large opportunity and a wider market. patient population to try and to provide the opportunity for recovery. Vijay, we'll talk a little bit more about office, and I'll get into the question.
spk14: Thanks for the question, David. I would say it's important to keep in mind that while the population of patients has expanded, it is a very highly concentrated marketplace with these patients being treated by the same physicians we were targeting with the Dyskinesia launch. So we believe that we are right-sized with our sales force, and we are intensifying our efforts to provide coverage through a multimedia digital campaign. And we believe that that is sufficient to get to the opportunity efficiently.
spk04: So David, in regards to the BD question and the appetite for R&D risk, I think it's really important. Delivering value is our top priority. Our largest opportunity to deliver value today is being able to continue to execute on our off launch and drive the foundation for what we can do in the future. There's also the element that I spoke about briefly in the prior question around the ability to leverage our infrastructure. We've proven that we can do late-stage neurology development in the MS multiple sclerosis phase. We've proven that we can get additional life cycle completed with our SNDA for the off-episodes indication. And we're now proving that we can commercialize drugs in a very complex environment and drive strong demand momentum. I think as part of that, we need to also figure out in the long term, based on our current strength of our foundation, how we leverage our infrastructure and build value over time. So today, our value driver is GoCovering and launching it into this wider, larger opportunity.
spk05: And in the future, we need to find a way to leverage our expertise in the infrastructure that we have.
spk07: Great. Thanks, Neil. Take care. Good to talk to you.
spk01: Thank you. We have reached the end of our question and answer session. I would like to turn the call back over to Mr. McFarlane for any closing remarks.
spk04: Thank you, Michelle, and thanks for everybody for joining us. I'm super proud of what we've accomplished through the first half of 2021 and encouraged about the opportunities ahead of us. So I appreciate your time today. I look forward to updating you on future calls. Have a great day.
spk01: Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
Disclaimer