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spk02: Good morning and welcome to the Clovis Oncology first quarter 2022 operating results conference call. All lines are in place on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. I would now like to turn the call over to Anna Fassman, Vice President of Investor Relations and Corporate Communications for Clovis. Please go ahead.
spk03: Thank you. Good morning, everyone. Welcome to the Clovis Oncology First Clover 2022 conference call. Thank you for joining us. You've likely seen this morning's news release, and if not, it's available on our website at ClovisOncology.com. As a reminder, this conference call is being recorded and webcast. Remarks may be accessed live on our website during the call and will be available in our archives for the next several weeks. Today's agenda includes the following. Patrick Mahaffey, our president and CEO, will discuss the first quarter and recent highlights, including a summary of the recent Athena Monotype top line data readout and the anticipated upcoming clinical milestones for Lubraca. Dr. Thomas Harding, our chief scientific officer, will present an update of our FAP2286 and targeted radionuclide therapy development programs including upcoming clinical data presentations for FAP 2286 and Lumiere. Daniel, our chief financial officer, will cover the financial results for the quarter. Patrick will make a few closing remarks, and then we'll open the call for Q&A, during which time Pat, Tom, and Dan will be available to answer questions. Lindsay Rolf, our chief medical officer, is unable to attend this morning's call and Q&A session, but I'm happy to arrange follow-up calls with Lindsay if needed. Before we begin, please note that during today's conference call, we may make forward-looking statements within the meaning of the federal securities laws, including statements concerning our financial outlook and expected business plans. All these statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Our actual results could differ materially due to a number of factors, including the extent and duration of the effects of the COVID-19 pandemic and the timing and extent of recovery promise. Please refer to our recent filings at the SEC for a full review of the risks and uncertainties associated with our business. Forward-looking statements speak only as of the date on which they are made, and Clovis undertakes no obligation to update or revise any forward-looking statements. Additionally, please note that we'll be discussing cash burn, a non-GAAP financial measure during today's conference call. Required disclosures related to this are on today's news release, which can be found on our website. I will now turn the call over to Patrick Mahaffey.
spk06: Thanks, Anna. Morning, everybody. I appreciate your time. I'll start the call with a review of Rubracca sales for the quarter. Sales in Q1 2022 were $34.2 million, 5% lower than the prior quarter and 10% lower year-over-year compared to Q1 2021. As seen over the previous quarters, this year-over-year decline is primarily due to continued fewer diagnoses and fewer patient starts in the U.S., primarily caused by the ongoing COVID-19 pandemic. As noted by one of our competitors, ovarian cancer diagnoses are down approximately 29% from pre-pandemic levels. And in Q4 2021, the most recent data available, new patient starts for PARP inhibitors across all indications were down 19% compared to Q1 2021 and down 26% compared to Q1 2020. Clearly, and as reflected in their sales, the impact of COVID-19 has been borne by our competitors as well as us. and we do believe this impact will moderate over the course of this year as the pandemic hopefully recedes. Most importantly, it is tragic that so many patients with this disease will only be diagnosed when their disease is ever more difficult to treat. We do expect the need for maintenance treatment of advanced ovarian cancer patients to increase as patient visits and diagnoses eventually grow. In addition to Rubratka's use in the recurrent maintenance treatment setting, based on Athena model, and potentially our other Phase III readouts anticipated in the next 12 months, we see significant label expansion opportunities for Rubraka to address both ovarian and prostate cancer patient populations. Of course, the highlight for the first quarter was the release of top-line results from Phenomono, the monotherapy portion of our Phase III Athena study of Rubraka as first-line maintenance treatment for ovarian cancer, results of which exceeded our expectations. We believe these data demonstrate the benefit that Rubraka can provide as an important new treatment option for women with advanced ovarian cancer in the frontline maintenance setting. I'll discuss the Athena Mono top-line results to be presented next month at ASCO, as well as the upcoming data readouts for the two Rubraka Phase III label expansion studies shortly. For FAP2286, the Phase I portion of Lumiere continues to enroll, and we remain committed to maintaining our lead in the clinical development of an FAP-targeted radionuclide therapeutic candidate. We and our investigators remain extremely enthusiastic about this program and look forward to presenting initial phase one lumiere data in an oral presentation at the Society of Nuclear Medicine and Molecular Imaging, or SMMMI, at their 2022 tumor types during the fourth quarter of this year. Tom will speak about developments for the program shortly. But first, I'll stand in for Lindsay to describe the Athena Mono top line data and upcoming clinical milestones for Rubraka. Athena, to remind you, is a Phase III 1000-patient study in first-line newly diagnosed advanced ovarian cancer maintenance. With Athena, we believe we are uniquely positioned to evaluate Rubraka in terms of two independent outcomes, monotherapy versus placebo in the first-line maintenance setting, as well as any potential advantage of the combination of Rubraka plus Obdevo over BRCA alone in the same first-line indication. As we detailed the results on a previous call, I'll briefly review the data today. Athena mono enrolled 538 women with high-grade ovarian fallopian tube or primary peritoneal cancer. The primary efficacy analysis evaluated two prospectively defined molecular subgroups in a step-down manner. HRD positive, inclusive of BRCA-mutated tumors, and second, all patients randomized or intent to treat in the Athena mono study. As a reminder, this study is evaluating newly diagnosed patients with advanced ovarian cancer following successful first-line treatments with platinum-based chemotherapy. The Athena mono comparison, which is evaluating Rubraca monotherapy versus placebo, successfully achieved the primary endpoint of improved PFS by investigator assessment in both populations in the primary efficacy analysis, HRD-positive and the intent to treat. The HRD-positive subgroup includes those patients whose tumors had homologous recombination deficiency, including deleterious BRCA mutations. In addition, benefit in progression-free survival was also seen in the exploratory subgroups of patients with BRCA mutant tumors, BRCA wild-type HRD-positive or negative tumors, and those whose biomarker status could not be determined. Moving on to the detail of the primary efficacy analysis, beginning with the HRD-positive patient population. In the HRD population, which included 234 patients, Rubrakis showed a statistically significant improvement in investigator-assessed progression pre-survival over placebo. The hazard ratio was 0.47. The median PFS for the HRD-positive patient population treated with Rucaprib was 28.7 months versus 11.3 months for placebo with a p-value of 0.0004. In the second step of the primary efficacy analysis, the intent to treat population, which included all 538 patients randomized, Rubraca also showed a statistically significant improvement over placebo. The hazard ratio here was 0.52. The median progression pre-survival for all patients enrolled in Athenobon when treated with Rucaparib was 20.2 months versus 9.2 months for placebo with a p-value of less than 0.0001. Moving to the exploratory subgroups, the progression-free survival endpoint in the exploratory subgroup of patients with BRCA-mutated tumors demonstrated a hazard ratio of 0.4. The median PFS for the 91 patients treated with rucaparib was not yet reached versus 14.7 months for the 24 who received placebo. In the subgroup of BRCA wild-type HRD-negative patients, the progression-free survival endpoint demonstrated a hazard ratio of 0.65 The median PFS for the 189 patients treated with RuCapRub was 12.1 months versus 9.1 months for the 49 patients who received placebo. In the subgroup of BRCA wild type but HRD positive patients, the PFS endpoint demonstrated a hazard ratio of 0.58. The median PFS for the 94 patients treated with the BRCA was 20.3 months versus 9.2 months for the 25 patients who received placebo. And finally, in the subgroup of patients whose biomarker status could not be determined, the PFS endpoint demonstrated a hazard ratio of 0.39. The median PFS for the 53 patients treated with Rebraca was 17.5 months versus 8.9 months for the 13 patients who received placebo. The safety of Rebraca observed in Athena-Mana was consistent with both the current U.S. and European labels. The most common treatment emergent grade 3 or higher adverse events in 5% or more patients in the rubraca arm were anemia or decreased hemoglobin of 28.7%, neutropenia 14.6%, ALP-ASP increase 10.6%, and thrombocytopenia 7.1%. The rate of treatment emergent myelodysplastic syndrome or acute myeloid leukemia in the rubraca arm was 0.2%. And no patient on the placebo arm experienced treatment emergent MDS or AML. We presently intend to submit an SNDA to the FDA and subject to EMA discussions, a type 2 variation to the EMA for a first-line maintenance treatment indication for women with advanced ovarian cancer who have responded to first-line platinum-based chemotherapy. We're now engaged in discussions with FDA on the scope and timing of our submissions. and we expect that the regulatory agencies will review the overall results as well as results by the individual subgroups I described in making their assessment. We will provide additional data from the Athena Mono Trial at the 2022 ASCO Annual Meeting on June 6 in Chicago, which will include Kaplan-Meier curves and key secondary endpoints, including progression-free survival by blinded independent centralized review and other analyses. Looking ahead to other Phase III readouts for Rubraka, Data from Athena Combo, the combination of Rubraka plus Obdivo versus Rubraka monotherapy are expected in the first quarter of 2023, as previously announced. Beyond the opportunity for monotherapy, Rubraka in frontline ovarian cancer, the Athena Combo study represents the potential to introduce an anti-PD-1 containing regimen for the first time to a broad population of ovarian cancer patients. Continuing with upcoming milestones, top-line data from the TRITON-3 trial are now expected in the third quarter of 2022, rather than second quarter of 2022, based on a slower-than-expected event count. TRITON-3 is a Phase III study evaluating rubraca versus physician's choice of chemotherapy or second-line androgen deprivation therapy in patients with mutant castrate-resistant prostate cancer with BRCA or ATM mutations. This trial is expected to serve as a confirmatory study for Rubrac's current approval in metastatic castrate-resistant prostate cancer, as well as a potential second-line label expansion. Athena and Triton3 each provide the potential to reach larger patient populations in earlier lines of therapy for both ovarian and prostate cancers. As is obvious in our industry, the timing for the data readouts for Athena combo and Triton3 are contingent upon the occurrence of the protocol-specified progression-free survival events, and timing estimates are based on event-based projections. One last mention related to Rubraka. You may recall that we announced top-line Ariel-4 data in December 2020, which compared Rubraka with chemotherapy in patients with ovarian fallopian tube or peritoneal cancer with a Bracken mutation whose cancer has come back after chemotherapy. The trial, which was a post-marketing commitment, met its primary endpoint of progression-free survival with no new safety signals identified. Overall survival is a secondary endpoint of the study. At that time, we shared that there appeared to be a survival advantage for the chemotherapy arm compared to Rubratka. While we announced these data in December 2020 and submitted these data to EMA and FDA last summer, in the last few weeks, the EMA has begun an Article 20 procedure to review the Ariel-4 data set specifically to evaluate the risk-benefit of Rubraka in the treatment indication. EMA explicitly states that there are no new safety concerns with medicine, and this review does not, repeat, does not include the use of Rubraka as maintenance treatment following chemotherapy in the second-line setting. While the Article 20 procedure is ongoing, EMA has asked physicians not to start new patients on the third-line treatment indication. We will distribute a DHCP letter to this effect in Europe within the next couple of weeks, We expect this ongoing review to last three to six months. While the procedure may ultimately lead to limitations on the later line treatment indication of Europe, this represents a very, very small fraction of our sales in Europe and, in fact, is only reimbursed in Germany and the Netherlands. The final overall survival data from AREAL-4 are now available and are summarized as follows. In the intent to treat population, the hazard ratio is 1.313 with a nominal p-value of 0.0507. In the platinum-resistant subgroup, the hazard ratio is 1.5 with a nominal p-value of 0.0251. In the platinum-sensitive subgroup, the hazard ratio is 1.07 with a nominal p-value of 0.7455. To our knowledge, Ariel-4 is the only randomized phase III trial of a PARP inhibitor in the advanced treatment setting that has included both platinum-resistant and platinum-sensitive cohorts. The randomized phase III trial of Olaparib, SOLDO3, which included platinum-sensitive patients only, also reported a hazard ratio of 1.07, which is exactly the same as the hazard ratio of the platinum-sensitive subgroup in Ariel-4. In Ariel-4, patients randomized to chemotherapy were allowed to cross over and receive Rucaparib at the time of disease progression. 69% of the chemotherapy patients, in fact, did cross over, and overall, 90% of all Ariel-4 participants received Rucaparib within the clinical trial. Therefore, these data are not easy to interpret and highlight the complexity of overall survival analyses in clinical trials where crossover is a mandated or available component within the study. We will present the final area for overall survival data at a medical meeting later this year and anticipate a dialogue with FDA as well related to these results. All right, let me turn it over to Tom, our Chief Psychologist, Tom Harding. our Chief Scientific Officer, to discuss the FAP2286 and targeted radionuclide therapeutic development program.
spk05: Thanks, Pat. Hello, all. It's a pleasure to speak with you again today. FAP2286, our lead targeted radiotherapeutic compound, licensed as part of our ongoing collaboration with 3B Pharmaceuticals, is the first peptide-targeted radiotherapy candidate, or PTRT, targeting fibroblast activation protein, also known as FAP, in clinical development. FAP is highly expressed on cancer-associated fibroblasts, or CAFs, which represent one of the most abundant cell components in tumors and are found in the majority of solid tumors. CAFs play a critical role in tumor initiation, progression, metastasis, and therapeutic resistance. For example, recent studies have demonstrated FAP-expressing CAFs exert a potent immunosuppressive activity that can promote tumor progression and confer resistance to immune-based therapies such as PD-1 or PD-L1 blockade. Previously, we have presented non-clinical data describing a high expression level of FAP across 9 of 16 solid tumor types screened using immunohistochemistry. High FAP expression was observed in pancreatic ductal adenocarcinoma, cancer of unknown primary, salivary gland, mesothelioma, colon, bladder, sarcoma, squamous non-small cell lung, as well as squamous head and neck cancers. In these tumor types, high FAP expression was detected in both primary metastatic tumor samples and was independent of tumor stage and grade. The analysis also demonstrated that in most tumor types, FAP expression was predominantly localized to cancer-associated fibroblasts surrounding the tumor cells and integrated into the tumor microenvironment. In addition, in cancers of mesenchymal origin, including sarcoma and mesothelioma, FAP expression was observed in tumor cells in addition to caps. These data support the investigation of FAP2286 in multiple tumor types in the planned, phase two expansion cohorts of Lumiere. Additional presentations of non-clinical data are anticipated at medical oncology and nuclear medicine meetings over the next few quarters. As interest in FAP as a target increases and the field grows larger, we are pleased to be in the first mover position with FAP20286, the first peptide targeted radionuclide therapeutic targeting FAP to enter into the clinic. Clinically, we are focused on FAP2286 monotherapy development in our ongoing Lumiere Phase 1-2 study. However, as we've discussed previously, pre-clinically, we continue to evaluate a number of FAP2286 drug combinations. Given the role of FAP expressing CAFs and mediating resistance to gene-based therapies such as PD-1 and PD-L1 blockade, combination with these agents is a priority. We are evaluating in non-clinical studies the efficacy and mechanism of action of FAP2286 and the PD-1 blocking monoclonal antibody in syngenic mouse tumor models. In addition to immune checkpoint inhibitors, there are a number of publications reporting non-clinical data that support the combination of targeted radiotherapy with PARP inhibitors to augment efficacy. This makes sense since radiotherapy is worked by causing DNA damage via radioactive emission. If this damage is not repaired, the cell will eventually die. One of the critical proteins for repairing radiation-induced damage is PARP, and its inhibition augments efficacy in combination with multiple targeted radiotherapy agents. We are currently evaluating the combination of FAP2286 with our PARP inhibitor, Recaparib, in preclinical models. Lastly, radiation is known to synergize with the number of agents that are currently approved as a standard of care in specific cancer indications. For example, gemcitabine, used as a first-line chemotherapy in pancreatic cancer and other carcinomas, is a well-known radiosensitizer and could have utility in combination with FAP2286. We are currently performing a high-throughput screen of approved oncology drugs in combination with radiation to identify promising combinations for 2286 development. We look forward to reporting the results of our ongoing non-clinical work at upcoming scientific meetings. In our commitment to developing a lutetium-based compound, we've also begun exploring an alpha particle-emitting compound. To this end, in March, we initiated a development, manufacturing, and services agreement with Evergreen Theranostics to develop Actinium-225 labeled FAP2286. As part of our commitment to this emerging field, we have developed educational materials, including a microsite and introductory video that will provide more information about Target's radiotherapy, FAP2286, and Clovis' targeted radionuclide development program. To learn more about this, please visit targetedradiotherapy.com. Lastly, before I turn to the clinical update and upcoming milestones for FAP20286, we are collaborating with 3B Pharmaceuticals on a discovery program directed at three additional targets for targeted radionuclide therapeutic development, to which we will have global rights. In our ongoing Phase 1-2 Lumiere study, FAP2286 is used both as an imaging agent and a therapeutic agent, a concept often described as a theranostic. For the imaging agent, FAP2286 is attached to the isotope gallium-68 to allow positron emission tomography or PET imaging and selection of patients for inclusion into the study. For the therapeutic agent, FAP2286 is attached to the isotope eutysium-177 an emitter of beta particle ionizing radiation that caused DNA damage and cell death. The phase one portion of the Lumiere study continues to enroll patients, and a third dose cohort is planned to initiate this week. Following the phase one evaluation of the safety of FAP2286 and the determination of a recommended phase two dose, expansion cohorts are planned in multiple tumor types and are expected to begin in the fourth quarter of 2022. In addition to our own program, A separate investigator-sponsored imaging study with FAP2286 is underway at UCSF and is being led by Dr. Thomas Hope, who is also the principal investigator of the Lumiere study. The imaging-only study is evaluating FAP expression in multiple tumor types and is currently enrolling patients. Results from this study, along with the preclinical data we are generating, are expected to help inform selection of tumor types from the Phase II expansion cohorts within Lumiere. We are looking forward to several medical meeting presentations in June for FAP2286. Dr. Hope's imaging data will be the subject of a poster presentation at ASCO in Chicago on Sunday, June 5th. And a week later will be the SNMMI annual meeting in Vancouver, in which we will have two oral presentations on FAP2286 on Tuesday, June 14th. The first presentation of phase one data from Lumiere, which has been accepted to all presentations, and Dr. Hope's imaging data, which will also be the subject of an oral presentation at that meeting. It's an exciting time for this program, and we look forward to sharing these updates and others throughout 2022. And with that, I'll turn the call over to Dan to discuss first quarter financial results.
spk04: Thanks, Tom, and hello, everyone. We reported net product revenues for a bracket of $34.2 million for Q1 2022, which included U.S. product revenues of $24.5 million and ex-U.S. product revenues of $9.7 million, respectively. This represents a sequential 5% decrease from Q4 2021 and a 10% decrease year-over-year compared to Q1 2021 net product revenues of $38.1 million, which included U.S. net product revenues of $31.7 million, and ex-U.S. net product revenues of $6.4 million. Gross net adjustments totaled 28.5% globally in Q1 2022, compared to 30.6% in Q4 2021. GTN was lower in both the U.S. and Europe. This metric fluctuates quarter to quarter, and it's difficult to estimate our future revenues, but the high 20 percentile level seems likely depending on the revenue and distribution mix for the us and europe research and development expenses totaled 42.3 million for q1 2022 down 20 percent compared to 52.8 million for the comparable periods in 2021. we expect r d expenses in 2022 to be comparable to 2021. selling general administrative expenses totaled 29.2 million for q1 2022 down 2% compared to $29.9 million for the comparable period in 2021 due to overall cost reduction efforts. We also expect SG&A expenses in 2022 to be comparable to 2021. We reported a net loss for Q1 2022 of $60.2 million or $0.44 per share compared to a net loss for Q1 2021 of $66.3 million or $0.64 per share. Net loss for Q1 2022 included share-based compensation expense of $6.6 million compared to $4 million for the comparable period of 2021. Turning now to a discussion of cash and debt, Glovis had $122.2 million in cash and equivalents as of March 31, 2022. During Q1 2022, the company raised $28.6 million in net proceeds through its at-the-market equity offering program. Clovis remains focused on its liquidity position and is committed to raising additional capital in the near term in order to fund its operating plan for the next 12 months and beyond. As of March 31, 2022, the company had drawn $156.4 million under the Sixth Street Partners LLC Athena clinical trial financing and had up to $18.6 million available to draw under the agreement to fund expenses of the Athena trial. Net cash used in operating activities was $58.5 million for Q1 2022, down 5% from the $61.9 million reported in Q1 2021. Cash burn in Q1 2022 was $49.3 million, up 2% from $48.1 million in Q1 2021. As the costs for the Athena trial are reducing, SSP funding was $4.6 million lower in Q1 2022 versus Q1 2021. Q1 is also technically a higher cash burn quarter during a fiscal year. Now I'll turn it back over to Pat.
spk06: Thanks, Dan. In summary, we entered 2022 knowing that it would be the most significant year for clinical data readouts in our history. And we're very pleased at the results from the Athena Mono study of Rubraka. The first of those readouts performed as well as it did. Importantly, we believe that the positive results from Athena Mono, which we will highlight at ASCO next month, demonstrate the benefit that Rubraka can provide as an important treatment option for women with advanced ovarian cancer in the frontline maintenance setting. Looking ahead, we continue to anticipate two additional Phase III readouts for Rubraka, Triton III in the second-line prostate cancer treatment setting for selected patients during the third quarter of this year, and Athena Combo in combination with Opdivo in the first-line ovarian cancer maintenance treatment setting in the first quarter of 2023. Importantly, for our first target radiotherapy candidate, FAP2286, we look forward to presenting initial data from the Phase I portion of the Lumiere study at the SNMMI annual meeting next month and initiating the Phase II portion of the study during the fourth quarter. These anticipated pipeline events and our commitment to improving our balance sheet support our efforts to execute our three core strategies, expand the rubrica label to drive revenue growth, emerge as a leader in targeted radionuclide therapy, and achieve longer-term financial stability. With that, happy to answer any questions. We are all happy to answer any questions you might have.
spk02: Thank you. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. Your first question comes from Paul Choi from Goldman Sachs. Please go ahead.
spk01: Hi, good morning, everyone. This is Charlie on for Paul. Thank you for taking our questions. So looking forward to all of these events coming up this year, particularly with the 2286 readout in June. And I was just wondering if you could maybe frame expectation in terms of like what sort of data, what sort of plots we can expect in this oral presentation. And maybe if you could set perhaps a clinical bar, even in terms of response rates for the patients that would be included. And then furthermore, regarding additional radio farm assets with the 3B collaboration, just wondering if we're still on track to maybe hear more about those additional discovery assets in the latter half of this year. Thank you so much.
spk06: I'll start with the presentation in June, and then Tom can answer the question about the discovery programs. This will be the first presentation of... data from an ongoing phase one trial. We are just now beginning this week, in fact, to enroll patients in the third dose cohort of the planned four dose cohorts. So the data that will be presented will include an update on patients treated in the first and second cohorts of the study. It will focus primarily, as it is a phase one trial, on safety and tolerability there will be other features given that as a targeted nuclear radionuclide, which will include tumor specificity, tumor uptake, and the duration of time that the targeted radionuclide 2286 is retained in the tumor environment. So what we have talked about is that to drive ultimate activity for this class, you have to get to the tumor, you have to stay in the tumor, and you have to avoid off-target tissues. And we'll be providing an early look at how we perform against that metric. But I'll remind you, it's a relatively small number of patients. As to efficacy, we'll report on any, of course, on any disease impact from the trial. But I will remind everybody, these are two low-dose cohorts. And so I think your expectation should be that there will be much more focus, if not sole focus, on safety and tolerability and the other attributes I described. At the second meeting, where we anticipate presenting data, which is in October in Barcelona, at a European equivalent meeting, that's where I think we could most realistically expect to see evidence of anti-tumor effect. Tom, anything you'd add to that, and also on the discovery programs?
spk05: Thanks for the question. Nothing to add to the clinical Lumiere study readouts, just on the discovery component. So we have signed a deal with 3B Pharmaceuticals for three discovery candidates, and I am pleased to say that we are on track to be able to talk about one of those programmings actually elevating to preclinical lead candidate selection at the end of this year. So look forward to telling you more about that program when the time comes. But it's a completely novel peptide targeted radionuclide therapy against the cancer target.
spk01: Thank you so much, everyone. Thanks.
spk02: And there are no further questions at this time. I will turn the call back over to the presenters for closing remarks.
spk03: Thank you. Thanks, everyone. It's a busy morning of earnings calls, we understand, from our analysts. So thank you each for your time today. If you have any follow-up questions, you can reach me at 303-625-5022. This call can be accessed via a replay of our webcast at ClovisOncology.com, beginning in about one hour, and it will be available for 30 days. We appreciate your interest and time. Thank you, and have a good day.
spk02: This concludes today's conference call. You may now disconnect.
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