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.
spk02: Welcome to the SEGA Business Update Call. Before we turn the call over to SEGA management, please note that any forward-looking statements made during this call are based on management's current expectations and observations and are subject to risk and uncertainties that could cause actual results to differ from the forward-looking statements. SEGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or change circumstances after this call. For a discussion of factors that could cause results to differ, please see the company's filing with the Securities and Exchange Commission, including, without limitation, the company's annual report on Form 10-K, where the year ended December 31, 2021, and its subsequent reports on Form 10-Q and Form 8-K. I would now like to hand the conference over to Mr. Phil Gomez.
spk01: Thank you for taking the time to join today's call. Today, I'm joined by Dan Luxshire, our CFO. We are pleased to have this opportunity to provide a business and financial update to our shareholders. We'll then be happy to take questions. With $61 million of international sales this quarter, spread over 12 international customers, SIGA's third quarter financial results continue a trend of substantial financial diversification at SIGA. In combination with the first sales of the intravenous formulation of TPOX, IV TPOX, in the first quarter, of 2022 and the first sale of oral TPOX to the U.S. Department of Defense in the second quarter of 2022, the sale of oral TPOX or TicaveraMAT to 12 international customers in the third quarter of 2022 highlights the continuing and substantial diversification of CIGA's revenue base. Importantly, I would like to note that the new procurement order in August for approximately $26 million of IV TPOX by BARDA and the new DOD procurement contract award in September for up to approximately $11 million of oral TPOCs highlight how diversification can lay the groundwork for future revenues. In total, we have received approximately $115 million of firm commitment procurement orders for TPOCs this year, a portion of which will be recognized as revenue in 2023. Overall, we believe the expanded number of customers and recent repeat order activity by the DOD emphasizes the growing recognition by government of the overall importance of health security preparedness, and that by increasing both the scale and scope of TPOC stockpiling, countries can be better prepared for the outbreak risks of smallpox, monkeypox, and other viruses in the orthopoxvirus family. We believe that broadened procurement of TPOCs is being driven by a combination of trends that have been in place for a while, as well as by activity in connection with the current monkeypox outbreak. With respect to the monkeypox outbreak, in which there have been approximately 77,000 global cases and 28,000 U.S. cases since May, the outbreak is shining a light on the importance of TPOCs, given that TPOCs has been used to compassionately treat approximately 4,000 monkeypox cases in the U.S. and many cases internationally, and approximately 10 clinical trials have been launched or are planned to be launched in the near term, all of which will study the use of TPOX for monkeypox, and half of which are randomized placebo-controlled trials. With regard to the randomized placebo-controlled trials, two of the trials are sponsored by the National Institute of Allergy and Infectious Diseases, or NIAID, and the other one is funded by the National Institute for Healthcare and Research in the UK, the NIHR. Among the NIAID trials, one study is U.S.-based, and the other study, which is being done in collaboration with INRB, is based in the Democratic Republic of Congo. The U.S.-based study seeks to enroll more than 500 participants and will include an open-label arm, and the DRC-based trial seeks to enroll more than 450 participants. The NIHR's UK-based study seeks to recruit at least 500 participants. Randomized placebo-controlled trials, such as the three trials just mentioned, are important because they could provide required data that could be used in any submission with the US FDA for an approved monkeypox label for TPOX. The other trials mentioned at the beginning of this discussion will be observational in nature, also providing important information. All of the trials that have started are at the early stages of enrollment with some of the active trials opening trial sites on a staggered basis. The timing and the ultimate number of participants of the trials will depend on the path of the monkeypox outbreak and the general speed of enrollment. Hence, the timing and the likely ultimate enrollment levels of the trials, especially the randomized placebo-controlled trials, is currently unknown. In turn, this means the timing and likely composition of an FDA submission for monkeypox labeled for TPOX is also currently unknown. Despite the variability of the specific path of the monkeypox outbreak, we do believe there are some things related to the outbreak that offer a degree of clarity when viewed with a long-term perspective. For instance, we believe that monkeypox will have a continuing global impact going forward. While the short-term path of the monkeypox outbreak is uncertain, what we have seen and learned to date indicates there's a meaningful high probability that the United States and other countries across the world will have to deal with monkeypox cases in future years. It is just unknown as to the ultimate magnitude of the cases, the scope of the cases across different communities, and whether case levels become consistent or whether case levels come and go periodically. We believe that in most scenarios, there will be a need for TPOCs, and at least some of the scenarios could lead to significant sales of TPOCs. Over the coming years, the ultimate amount of TPOCs U.S. sales related to monkeypox will be impacted by case levels, obviously. Additionally, labeling of TPOX for monkeypox likely will also materially impact future US sales in connection with monkeypox treatment. As a reminder, the FDA has indicated that it wants efficacy data in the treatment of monkeypox for full approval of TPOX in the US for the monkeypox indication. Moving to a tangential topic, I'd like to spend a few minutes discussing our initiative to get a PEP label for TPOX. that a post-exposure prophylaxis or PEP label for TPOCs could be an important catalyst for U.S. sales growth in the coming years in the context of supporting an expansion of the U.S. strategic stockpile. With respect to PEP, as a reminder, we are working with our DOD colleagues on executing two clinical trials needed to support regulatory approval of TPOCs for post-exposure prophylaxis. For the expanded safety study, we have set up nine clinical sites around the U.S., and such sites began dosing in the middle of the second quarter of this year. Enrollment continues to be strong. The majority of the study has been enrolled, and enrollment is on track to be completed within the next 90 days at the current rate of compliance and activity. For the TPLOX plus GIDEOs immunogenicity trial, we have two sites recruiting and screening volunteers. As a reminder, this trial started in early 2022, and enrollment got off to a slow start. This was due in part to post-COVID vaccine hesitancy in the U.S., among other factors. In coordination with the DOD, we made protocol adjustments and other adjustments so as to normalize the speed of enrollment. In light of the adjustments, as well as the impact of the monkeypox outbreak, enrollment has been running at a substantial rate. If the current rate of activity continues, we expect that enrollment will be complete in the fourth quarter. Thus, in recap, the goal is to have all the volunteers in both studies complete the active phase within the next 90 days. If the studies show the expected results, we would commence assembly activities for package requesting regulatory approval of TPOCs for PEP. At this point, I'd like to hand the call over to Dan for the financial update.
spk00: Thanks, Phil. For the three and nine months ended September 30th, 2022, CEGA's revenue was approximately $72 million and $99 million, respectively. For the third quarter, Approximately $61 million of revenue relates to international sales of oral TPOCs to 12 customers, of which 10 are new customers. The quarter also includes approximately $4 million of oral TPOC sales to the U.S. Department of Defense, and the remainder mostly relates to research and development activities. For the nine months ended September 30th, approximately $66 million of revenue relates to international oral TPOC sales. Approximately $7 million of revenue relates to sales of rural TPOCs to the U.S. Department of Defense. Approximately $7 million of revenue relates to sales of IV TPOCs to the U.S. government. And the remainder mostly relates to research and development activities. Operating income, which excludes interest income, taxes, and adjustments to the fair value of the warrant, was approximately $43 million for the three months ended September 30, 2022. For the nine months ended September 30th, operating income was approximately $45 million. Net income for the three months ended September 30th, 2022 was approximately $43 million. For the nine months ended September 30th, net income was approximately $45 million. In turn, fully diluted income per share for the three months ended September 30th was 45 cents per share And for the nine months ended September 30th, fully diluted income per share was $0.47. At September 30th, 2022, the cash balance for the company was approximately $110 million. This concludes the financial update. At this point, I'll turn the call back to Phil.
spk01: Thanks, Dan. Before we turn to Q&A, I'd like to reiterate a few points. which have been made in the past in support of our view that SEGA offers an attractive combination of existing revenue streams that generate strong financial results when product is ordered and delivered, complemented by organic growth initiatives that hold significant potential when viewed collectively. First, I'd like to reiterate that the monkeypox outbreak has heightened the importance of TPOX in connection with the treatment of monkeypox. It is our understanding that TPOX is the leading and likely the only in many countries therapeutic that is being used or expected to be used in the U.S., Europe, Canada, Asia Pacific region, Africa, and other areas. We will continue to work with various levels of the medical community and governments to provide TPOX to monkeypox patients and to pursue appropriate stockpiles. Second, I'd like to highlight that the ongoing international sales growth initiative is progressing in a value-creating manner. We now have more than 10 countries outside the U.S. that have ordered TPOX, and we continue to work hard to expand that base. While as noted many times before, progress on this front is expected to be lumpy and uneven given a variety of factors, we believe that a meaningful international market is gradually taking shape. Third, I want to reiterate that the PEP-based development program represents a growth initiative in that it would provide scientific and regulatory support for any stockpile expansion. As stated on prior calls, we believe the current size of the stockpile of teapots in the U.S. would not be sufficient to treat all those who would need care in many outbreak scenarios. A lesson from the COVID pandemic, which is being reinforced by the monkeypox outbreak, is that governments need to be more proactive in addressing the health and societal risks associated with virus family. Fourth, we continue to be focused on transitioning our U.S. contract to a long-term NSNS contract that focuses on appropriate size requirements for the TPOC stockpile, as well as smoothing the annual deliveries, which will be critical to supply chain planning and financial predictability. Fifth, our portfolio of customers is becoming more diversified. This year, we've added the U.S. Department of Defense to our customer list, as well as 11 international customers. Sixth, we continue to pursue and support oncology collaborations and other strategies that could open new markets for TPOC. As mentioned earlier, we believe these initiatives, when viewed collectively, have potential for significant value creation.
spk04: This concludes our prepared remarks, and we will now begin the Q&A session.
spk02: Thank you, we will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble the roster. Your first question comes from Ben Ratazata with Story Trading. Please go ahead.
spk08: Hi, thanks. Can you hear me? I'm in my car today. Am I coming through?
spk01: We can hear you fine. Good to talk to you, Dan.
spk08: All right, perfect. Thank you. Thank you so much for your time. Last quarter, you guys had a 45 cent dividend and 500,000 shares, I believe you bought back. And I didn't see any updates on that. Wondering if you can kind of walk me through the thought process, why we had that then and nothing this quarter.
spk01: Yeah, absolutely. So I appreciate the question, Dan. So over the past couple of years, we've certainly taken a very disciplined approach to both share buybacks. Over the past couple of years, we've done about $60 million in buybacks. And as we talked on the first quarter call around the special dividend, when we looked at our balance sheet, we had an excess of cash in our needs, and we did that dividend. Going forward, we'll continue to take that disciplined approach in looking at all uses for cash, certainly dividends, certainly share buybacks. And as we've said over time, we would also look at any potential M&A that could be accretive and diversify our income base. But the board and the management team take a very disciplined approach to that. Let me just hand it over to Dan if you want to just give the numbers for the quarter, and then we can take the next question.
spk04: Thanks.
spk01: Hello? Yeah, I'm sorry.
spk08: Go ahead. Oh, I'm sorry. Yeah, I did. I'm sorry. I didn't realize you were waiting for me. My name's Ben. Sorry, not Dan, but I got confused. I'm sorry, Ben. The other question was, I heard a lot about monkeypox on the call today. But, you know, last year, most of your revenue was attributed to smallpox. I mean, I think you had more revenue last year than this year, and that was all for smallpox stockpiling. So I'm wondering what you can tell us about that and if there's any visibility into 2023, if you can kind of – I don't know if there's any kind of high-level guidance you can give in terms of revenue from the smallpox stockpiling you expect.
spk01: Yeah, absolutely. So sorry, Ben. So our smallpox predominantly our sales are with the U.S. government. They have a stockpile of 1.7 million courses, and that is resupplied on a seven-year shelf-life basis. It is lumpy. It was not delivered evenly over a seven-year period. So we essentially, in our current contract, have four options, each of about $112.5 million. As product expired in 2020 and 2021, we had orders from the government to resupply that product. So you saw that in our revenue in 2020 and 2021. This year, at the beginning of the year, we highlighted there were not a lot of expirations in the stockpile, so we did not anticipate an order this year. But in both 23 and 24, we've projected out that we do anticipate product will expire, and those options are anticipated to be exercised next year and the year after that. So we do anticipate those $112.5 million orders for oral teapots to come through over the next couple years. So we have that. As we said on this call, we've been diversifying with Department of Defense, so we'll continue to work with the U.S. Department of Defense And we'll continue to work with international customers because, as we highlighted on the last call, the orders that we received internationally for the most part are focused on getting immediate product available to treat monkeypox patients in the current outbreak. But what we're turning to in those conversations is the importance of stockpiling and the broader preparedness for things like monkeypox, but also smallpox. As we talked about on the last call, monkeypox, the clade or the strain of virus that's circulating is fortunately one that historically had a very low fatality rate, less than 1% in Africa. But there's a second clade that circulated predominantly in the Central African Republic, Democratic Republic of Congo and Nigeria that has up to 10% fatality rate. We kind of dodged the bullet by having the one with the lower mortality, but certainly concerns that could come out, just concerns the virus could evolve et cetera. So we're talking with governments globally that they need to be ready for an immediate potential outbreak of monkeypox in their geography, but they have to consider, could the virus evolve? And very importantly, I have to think about smallpox, which would be just much more devastating, much more fast moving. And so we certainly talk about that opportunity broadly with our international customers as well.
spk08: Great. Thank you. Just final question, if I can just circle back to the question of stock buyback. The stock is, you know, much lower than it was, I believe, than what you purchased that last quarter. And, you know, over 100 million cash. Is there any reason why you wouldn't want to pursue some buybacks now at these prices?
spk01: Yeah, we certainly have an active share buyback authorization that our board did We have demonstrated over the past couple of years, as you highlight, we bought back about $60 million worth of shares. We certainly, with the large increase and uncertainty around the monkeypox outbreak, we're not in the market as we reported this quarter. But it's something the board is very focused on. We certainly had many conversations with investors on the importance of share buyback. So stay tuned on that. Appreciate the question.
spk08: All right. Thank you. Thank you so much, guys.
spk02: Your next question comes from Ken Messermacher with Edison.
spk04: Good afternoon, guys, and congrats again on the solid results.
spk07: I'm calling in for Sue Romanoff today. I guess my first question is, you know, you talked about countries kind of looking to build up their stockpiles of treatments like TPOX. What kind of levels of coverage are you seeing them consider, say, Europe, or in the Asia Pacific, say, 10 bps of the population, 100 bps or even higher? What are you kind of seeing on adverse clients?
spk01: Yeah, so Ken, appreciate the question and thanks for the comments. We're seeing governments historically have certainly thought about smallpox in terms of its ability to transmit. It typically transmits through respiration, speaking, et cetera. And so they recognize that the threat is quite large. They also recognize, and we've seen this in the monkeypox outbreak, that you can't order product when you have an outbreak. You have to have it on hand and ready to deploy. As I've also talked about a lot of times on this call, it is a multidimensional discussion with those customers. So we typically start with our partner Meridian medical technologies, talking to policymakers, public health people on educating them on the availability of TPOX and the role that antiviral would play in addition to a vaccine. Some countries do modeling internally. Sometimes they'll share that. Sometimes they do their internal monitoring and modeling, and we don't see the results until we get an order. But the main thing that they also have to do is gain the support and find the essentially the dollars in their budgets for their governments. And one of the things we learned in COVID was a lot of governments don't have the infrastructure for pandemic planning that is pre-set up. The good news is we now have organizations like HERA in Europe that are working broadly with the EU to ensure that they think about preparedness. You saw them in the last quarter do an emergency procurement with us. They also announced in that press release they're working on broader requirements and having another procurement with us. So it's certainly evolving. But in Canada, we saw about 50 million in initial orders thinking about their requirements around smallpox. I think they're certainly, as we're seeing, reevaluating that with the monkeypox outbreak. So we really have to see the final results before we project that out and what both the requirement and the budget is at the end of the day. But the last quarter shows Monkeypox has certainly elevated the urgency of those discussions and elevated the importance of being prepared.
spk07: Great. Thank you. You know, recently, you know, there are several deaths in the U.S. from monkeypox. And, you know, how, especially domestically, has that kind of impacted, you know, the demand or interest for TPOX, even vaccines, you know, for the treatments? Sure.
spk01: Yeah, so one of the unfortunate things in this outbreak was there wasn't a lot of investigation. There certainly was great work by researchers understanding monkeypox in Africa, where it unfortunately has had ongoing outbreaks for a number of years, but there wasn't a real understanding of what the morbidity and the mortality would be. And so there's really been an evolution of the perspective of the disease. And I would say up front, There was an initial thought that, well, it seems self-limiting in a lot of patients. We haven't seen a lot of deaths. And so there certainly was some lack of urgency. And I think I talked about that on the last call with the initial outbreak. Subsequent to that, we've learned an incredible amount of things about monkeypox. Most of them have been very unfortunate and surprising. One is it can have debilitating pain. It can have complications. As we know with orthopoxviruses, it could lead to blindness if you have an infection in the eye. And what you're highlighting with ADEF is unfortunately that, especially in severely immunocompromised patients, it can be deadly. And that's not a big surprise. Any antiviral drug does not kill a virus. What it does is it stops the replication. And so unfortunately for people, and the CDC reported on this, if you have a severely compromised immune system and aren't able to eventually generate an immune response, those people have succumbed to infection. So I think it has raised the awareness in the public health community. It's certainly raised awareness with patient groups who realize with their communities the impact it's had, not only with the morbidity and the mortality, but having to quarantine for six weeks, which has huge economic implications. I think we are in a better place where people understand the implications of the disease much better than they did early on, and we're certainly hopeful that will result in better understanding of the requirements for stockpiling and access for patients, which we're working very hard on.
spk07: Great. So I guess my last question, you know, you kind of talked about the treatments in the U.S., you know, with the CDC's Expanded Access Protocol, or TPOCs. What sort of feedback have you seen so far from patients, practitioners, anyone involved?
spk01: Yeah, so certainly as an FDA-regulated company, we want to be very transparent about the fact that all of those would be anecdotal and reported, but certainly we've read with great pride some of the reports from CDC and the MMWR from the results from patients that have been interviewed. in the media and from physicians who we've worked with over this time period to deliver TPOC. We certainly encouraged when people have reported within a day or two they've seen symptoms dramatically improve. That's consistent with animal data that was used to gain approval. But as I said, at the end of the day, regulators are very focused on placebo-controlled studies. That's where you get the most important data to show the benefit that the drug provided. And we're very focused on collecting that while also looking at the details of the EAIND process that CDC is collecting as supportive data to help us understand the benefit of the drug. But one of the most encouraging things that has been very consistent with the validated pivotal studies that were done with monkeypox in non-human primates. So that's certainly been encouraging. and obviously the reason the EMA approved TPOCs for monkeypox earlier this year.
spk04: Great. Thank you. That's all the questions I have. Go back and kill.
spk02: Again, if you have a question, please press star, then one on your phone, and wait for your name to be announced.
spk03: Once again, if you have any questions, please press star, then one on your telephone, and wait for your name to be announced. Your next question comes from Brian Adams with Carter Terry.
spk04: Yes, hi. Thank you very much for taking my call.
spk05: I just had a couple quick questions. In regards to the pricing, especially with the foreign buyers, you had alluded to in the last call that the numbers were in kind of the roughly $800 to $1,000 per dose. Can you give us confirmation that that still is the case?
spk01: Yeah, our pricing is based on volume. So the publicly disclosed numbers based on the contracts that have been published, a lot of times government's will publish is in Canada, a little north of $900 for the orders we had there. And we're seeing certainly consistent with that and for smaller volume higher than that. But I think that's a pretty good surrogate for what we're seeing with government sales in bulk. Certainly, I would reiterate for those that are new to the call, all of these are bulk sales directly to governments that are done. We're certainly evaluating and planning as we get these randomized control trials to think about the private market, the value that we believe after we get placebo-controlled data would provide to patients. That would be a separate sales channel, but just wanted to make that point. Appreciate your question. I think you had another one.
spk05: And then in regards to the trials, and I know this came up in the last question, and it was alluded to, as you described in some of the press releases and some of the anecdotal evidence, Do you have an idea of what the actual endpoint is that either the FDA or the CDC or, you know, is actually looking for? Is it a, you know, specific number of days, you know, as far as alleviation of symptoms? You know, is it the, you know, the pain scale, you know, dropping in half? You know, do you have any kind of anecdotal or firm, you know, clues as to what exactly that they're looking for?
spk01: Yeah, we do. Certainly the primary one that's being evaluated is time to resolution of symptoms. So when lesions heal over, scab falls off, and you see the resolution of symptoms, and we're looking for the impact of the drug on that. There are a variety of secondary endpoints around viral load and other things that will be looked at, but the primary one is the resolution of symptoms and the speed at which that happens in placebo versus those that are on drugs.
spk04: Okay. Thank you very much. I appreciate it.
spk02: Your next question is a follow-up from Ken Masumaka with Edison.
spk07: Thank you, guys, for taking my another question. You know, one thing that's really interesting was, you know, you were talking about expanding to 10 other countries outside the U.S. and, you know, especially with a lot of the new customers. you had mentioned a couple calls ago about getting kind of your first, you know, APEC customer and growing out there. You know, can you share any progress on, you know, what sort of countries or areas are you seeing a lot of attention from, say, you know, Indonesia, Japan, China, some of those areas?
spk01: Yes, I appreciate the follow-up, Ken. As we've said, a lot of countries require us not to disclose. Some have publicly announced the arrival of products. So there was a press release out of South Korea, for example, that they had their first delivery that they talked about. Broadly, we have multiple customers in the Pacific Asia region continue to have conversations with additional countries there. We've had our first customers in this quarter in the Middle East region, so certainly continuing discussions broadly in that region. And then, as you highlighted, we have both AHIRA procurement, which was an emergency procurement on behalf of the European Union, and we've had specific sales inside the European Union. So it's been geographically very broadly diverse. We also talked to pooled procurement organizations that help regional areas purchase products like this to deliver. So some of our contracts ultimately would be with people like HERA on behalf of pools of countries. So it is very broad geographically. And we certainly expect that as countries in specific regions start to announce and talk about the arrival of the product, we've seen that pick up conversations in that region with other players that don't want to be caught without having drug on hand. So we continue to press those sales with our partner, Meridian.
spk04: Great. Thank you. That's all I have. Again, congrats.
spk03: Your next question comes from Scott Sibley with Equios.
spk04: Hey, guys. How are you doing? Good, Scott. How are you?
spk06: I'm good. My main question was about the stock buyback. It's one of the things we've been excited about over the last couple of years. And I know during the Q2, we stopped buying at the end of May when it got around $7.58 a share. And so I suspected that this quarter we didn't buy anything back. But now moving past that and where our price is, I just want to reiterate that I hope that we're getting aggressive in the buyback, especially since I hope it's tied to a PE ratio and not just a price, because I feel like it's a better value, you know, because the company is growing. So hopefully we're still active against that. And with the higher volume too, that hopefully we're getting a big share of it back. So that's just a statement I want to make. The only question I had is I was kind of a little bit involved in the government CR, the continued resolution bill with some of my representatives and got stripped out at the last minute due to some politics and works. I mean, expecting it hopefully to be put back in the bill in December with COVID money and stuff and debated on some merits. Do you guys have any light to shed on that of what's going on with any more funding for monkey box?
spk01: Yeah. So Scott, appreciate the question. And, you know, it is, it's always hard to predict what the U S government's going to do, but we certainly are very active in, those conversations both with the administration and Capitol Hill emphasizing the importance of monkeypox. We're also, you know, importantly, different congressional representatives have different perspectives on preparedness. I would say some are very concerned about the biological threat of smallpox and the way the world has a lot of conflicts around it, that we should be very concerned about that. And so we certainly think that's a stakeholder community That's important to talk about. There are others that are very worried about emerging infectious disease and the fact these viruses can show up over and over again, and they worry about other strains of monkeypox that could show up. So we're certainly focused on whatever the best supplemental funding strategy could be. The White House updated their biodefense strategy recently. They do it every couple of years. There's nothing dramatically new in it, but they reiterate that in a virus family, one of the things you want is an antiviral that has efficacy and pre-developed. And this was a perfect example for both Congress and administration that having at least in the U.S. 1.7 million courses put us in a good position. Now we kind of fell down in how we distributed that efficiently and effectively, and there's a lot of discussions around that. But I would broaden your question to broader preparedness for both the threat of national security, smallpox, but also monkeypox.
spk04: So appreciate the question. Great. Thanks.
spk02: This concludes our question and answer session. I would like to turn the conference over to Mr. Phil Gunnars for any closing remarks.
spk01: So I'd just like to thank everybody for joining the update call. It's been a very busy quarter for us with working on international sales and getting a lot of clinical studies up and running. As always, I'd like to extend a great thanks to all the members of the CEGA team and our partners for doing an incredible volume of work this past quarter. to launch these studies, get product delivered throughout the world. And we look forward to talking to you on the next quarterly call and I'm sure in between. So take care and thank you again.
spk02: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
Disclaimer