Summit Therapeutics Inc.

Good morning and welcome to Summit Therapeutics second quarter 2024 earnings and update call. All participants will be in listen only mode until the question and answer portion of this call. We do not expect any technical difficulties today. However, in the event that we lose the webcast connection and are unable to provide any updates, please wait up to 10 minutes for resolution. Please refer to the company's website for updates and please note that today's call is being recorded. If you would like to ask a question during the Q&A session, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw your question at any time, you can press star one again. And at this time, I would like to turn the call over to Dave Genkars, Summit Therapeutics Chief Business and Strategy Officer. You may proceed.

Good morning and thank you for joining us. Our press release was issued earlier this morning and is available on the homepage of our website. Our form 10Q was also filed earlier this morning and is available on our website. Today's call is being simultaneously webcast and an archived replay will also be made available later today on our website, .smmtx.com. Joining me on the call today is Bob Duggan, our Chairman of the Board and Chief Executive Officer, Dr. Maki Zangade, our Chief Executive Officer and President, Manmeet Soni, our Chief Operating Officer and Chief Financial Officer, and Dr. Allen Yang, our Chief Medical Officer. Before we get started with the rest of the call, I would like to note that some statements made by our management team and some responses to questions that we may make today may be considered forward-looking statements based on our current expectations. Summit cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Please refer to our SEC filings for information about these risks and uncertainties. Summit undertakes no obligation to update these forward-looking statements except as required by law. Following comments from Bob, Maki and Manmeet, we will take questions. With that, I would like to turn the call over

to Bob. Thank you, Dave. Good morning, everyone, and thank you for joining us today. We're very proud of the recent accomplishments of Team Summit and the expanding positive information that continues to be brought to light surrounding Ivanisimab, our lead investigational asset. The past few months have been pivotal to the positive development and awareness of Ivanisimab, as well as in expanding physician, caretaker, hospital, payer and patient awareness of Summit Therapeutics mission and vision, namely to build a viable organization that makes a significant positive difference for the betterment of patients encountering serious unmet oncology medical needs. Specifically, Ivanisimab created positive Phase III data updates from Harmony A and Harmony 2, both of which were randomized single-region clinical trials in non-small cell lung cancer conducted by our partners at the KESO. Harmony A results supported Ivanisimab receiving its first regulatory approval in China for patients with advanced non-small cell lung cancer who have progressed following an EGFR TKI. In Harmony 2, Ivanisimab monotherapy beat Pembolizumab monotherapy -to-head in the study's primary endpoint of PFS, making Ivanisimab the first drug to achieve a clinically meaningful efficacy benefit over Pembolizumab in a randomized Phase III clinical trial in non-small cell lung cancer. Additional data from this pre-specified interim analysis will be presented at an upcoming major medical conference this quarter. In addition, we raised an unsolicited $200 million at a premium over the then-current market price, extending our cash runaway and increasing our resources to execute our expansive goals. Manmeet will provide more details about our financial position in a few minutes. Summits 2 multi-regional registration of Phase III non-small cell lung cancer trials, Harmony and Harmony 3, continue to enroll. Harmony remains on track to complete its planned enrollment later this year. Alongside our partners at the KESO, Ivanisimab data was featured at ASCO, as well as Harmony A data being published in JAMA, Journal of American Medical Association. This, in addition to smaller conferences and best of ASCO follow-up meetings, have been excellent in fostering KOL discussions regarding the future of cancer therapy, including the potential for Ivanisimab. These efforts were further bolstered as we continue to ramp our investigator-sponsored trial or IST program. Last month, we announced a five-year strategic collaboration with MD Anderson to accelerate development of Ivanisimab through the opportunity to conduct multiple clinical trials with one of the world's most respected medical health care institutions. These efforts are in addition to our continued collaboration with our partners at the KESO, who continue to generate patient-positive data in Phase II settings in both lung cancer and solid tumors outside of lung cancer, data which can help support additional late-stage clinical trials. These accomplishments have been foundational to our 2024 goals of successfully executing on our registrational Phase III trials while expanding our clinical development program. MACI will further expound upon these accomplishments, including additional strides we have made to drive our firm continued belief and conviction in Team Summit and the potential of Ivanisimab in non-small cell lung cancer and beyond. We are an experienced, mission-driven organization with a collective goal to improve quality of life, increase potential duration of life, and resolve serious medical needs. We believe we have the right team and the right molecule in Ivanisimab to help us realize this goal. With that, I will turn the call over to MACI for additional context and recent highlights for consideration.

Thank you, Bob, and good morning, everyone. As Bob mentioned, I remain incredibly enthusiastic about the accomplishments of Team Summit and our partnership with KESO. Before touching on the clinical highlights of Ivanisimab, I would like to speak to the expansive clinical development work we have conducted with Ivanisimab. Between Summit and KESO, over 1,800 patients have been treated with Ivanisimab in clinical studies to date worldwide. There have been 20 clinical trials around the globe evaluating Ivanisimab. While our Phase III programs across Summit and KESO are currently focused in non-small cell lung cancer, seven of the clinical trials for Ivanisimab are evaluating our lead candidate in solid tumor settings beyond non-small cell lung cancer. Of course, we are sponsoring two clinical trials, both of which are Phase III studies, Harmony and Harmony III. As a reminder, Ivanisimab is the only PD-1 VGIF bispecific antibody in Phase III in our licensed territories. Ivanisimab brings these two highly validated mechanisms of action together into one novel molecule targeting simultaneously both PD-1 and VGIF. Next, I would like to review our recent achievements as well as touch on some upcoming catalysts for the remainder of this year. As a reminder, our partnership with EKSO became effective at the beginning of 2023. At the time, EKSO was enrolling or completing enrollment in two Phase III clinical trials. We immediately got to work and enrolled our first patient in Harmony in the first half of 2023, began Harmony III enrollment in the fourth quarter of 2023, and helped to ensure Ivanisimab was featured at several medical conferences. The second quarter of 2024 was a pivotal moment for Ivanisimab and its development, with two major catalyst events occurring around the time of the ASCO 2024 conference. Ivanisimab received marketing approval in China, supported by EKSO Harmony A Phase III clinical trial for patients with advanced non-small cell lung cancer who progressed following an EGFR TKRI. This data was subsequently featured in an oral presentation at ASCO, and the Harmony A study was published in the Journal of American Medical Association, or JAMA. We also announced that Harmony II met its primary endpoint of progression-free survival in pre-specified interim analysis in which Ivanisimab monotherapy in a -to-head trial against Pembrolizumab monotherapy achieved a statistical, significant, and clinically meaningful benefit in patients in China with first-line non-small cell lung cancer patients whose tumors were positive for PD-L1 expression. Improvements in PFS was observed broadly across subgroups, including PD-L1 low and PD-L1 high, expressing tumors, as well as squamous and non-squamous histologies. We look forward to having additional Harmony II data presented at a major medical conference this quarter. Looking to the remainder of 2024, in addition to the Harmony II data readout, we plan to complete enrollment in our multi-regional Harmony trial later this year and expect additional Phase II data in long and non-long indications to be presented at multiple medical conferences in the coming months, including the World Conference on Lung Cancer and ESMO. ESMO recently released abstract titles featuring Ivanisimab in Phase II studies in triple negative breast cancer, colorectal cancer, and head and neck cancer. We are fortunate to have created such a strong partnership in our ongoing collaboration with ECASO as we leverage data from multiple solid tumor studies supporting and informing Summit's own late-stage clinical development strategy in our licensed territories. With meaningful updates from ECASO Harmony A and Harmony II occurring this past quarter, we wanted to take the opportunity on this quarter's earning call to review both Phase III study design and highlight some key results. Starting with Harmony A, this is a double-blinded placebo-controlled, single-region, randomized Phase III trial evaluating Ivanisimab plus chemotherapy versus placebo plus chemotherapy for patients with advanced or metastatic EGFR mutant non-small cell lung cancer and disease progression after EGFR TKI treatment. 322 patients were enrolled across 55 study sites in China and patients were stratified for exposure to third-generation EGFR TKI treatment and the presence of brain metastasis. As a reminder, approximately 85% of Harmony A patients are intended to be included in our own Harmony study analysis representing those patients in Harmony A who received a third-generation EGFR TKI prior to entering the trial. In Harmony A, the primary endpoint of progression-free survival per independent radiologic review committee was met achieving a PFS hazard ratio of 0.46 representing a 54% reduction in the risk of disease progression or death compared to chemotherapy. Additionally, the subgroup of patients receiving a third-generation EGFR TKI like Ossie-Martinib experienced a reduced risk of disease progression or death of 52% or hazard ratio of 0.48 as a result of the Harmony trial. Enrollment is expected to complete in the second half of this year. We remain strongly encouraged by the opportunity for Ibanezimab. In addition, an overall survival analysis of the Harmony A data was requested by the Chinese regulatory authority as a part of its review of Ibanezimab for marketing approval in China. At 52% data maturity, median overall survival in the Ibanezimab arm showed a positive survival trend with a hazard ratio of 0.80. Ibanezimab was well correlated and demonstrated a manageable safety profile. Treatment-related adverse events leading to discontinuation were .6% in the treatment arm compared to .5% in the placebo arm and there were no deaths reported in either arm. Grade III or higher immune-related adverse events were reported in .2% of patients in the placebo arm. Grade III or higher potential VJF-related adverse events were reported in .1% of patients in the treatment arm versus .5% of patients in the placebo arm. There were no grade III or higher bleeding events observed in either arm. Moving to Harmony 2, this ECSO-sponsored study in a single region, multicenter, double-blinded, randomized phase III trial evaluating monotherapy, Ibanezimab, -to-head against monotherapy, parablezimab as first-line treatment of patients with locally advanced or metastatic non-small cell lung cancer whose tumors have positive PD-L1 expression or a TPS score of greater than 1%. Patients in the study are stratified by PD-L1 low or TPS scores for 1 to 49% and PD-L1 high or TPS score of 50% or greater, sclerosis versus non-sclerosis histology and stage of disease. Harmony 2 primary input is progression-free survival as measured by independent radiologic review committee. In high-level results for Harmony 2, Ibanezimab demonstrated statistically significant, clinically meaningful improvement in progression-free survival over pembrolizumab. This benefit was observed across patient subgroups including PD-L1 low, PD-L1 high, sclerosis and non-sclerosis histology as well as other high-risk patients. Notably, no other randomized phase 3 clinical trials in non-small cell lung cancer have demonstrated statistically significant improvement in progression-free survival in -to-head setting versus pembrolizumab. As mentioned previously, we are eager to share more information when the Harmony 2 interim analysis data set is presented at an upcoming major medical conference this quarter. The PD-L1 subgroups as well as the subgroups by histology are important in terms of informing next steps in our clinical development pathway for indication both within lung and beyond lung. We had many highlights this past quarter and touched on most of them already, but would like to mention our five-year strategic collaboration with the MD Anderson Cancer Center that was announced last month in which the development of Ibanezimab will be accelerated in several solid tumor types across multiple studies. MD Anderson will lead these clinical trials to evaluate the safety and potential clinical benefits of Ibanezimab, including the possibility of identifying biomarkers through additional research activities. Early work may include renal cell carcinoma, colorectal cancer, skin cancer, breast cancer, and glioblastoma. The partnership has the potential to rapidly expand Ibanezimab's development program. We expanded our licensed territories to include Latin America, including Mexico, and all countries in Central America, South America, and the Caribbean, the Middle East, and Africa. In addition to our original licensed territories, which include the U.S., Europe, Canada, and Japan, we are excited to expand up on our existing territories as we seek to bring Ibanezimab to as many people around the globe as possible. In addition, I would like to take a moment to acknowledge that we straightened our greater team recently with two new appointments to our board of directors. In April 2024, renowned executive and genome misset Dr. Mostafa Ronaghi joined our board. In June, he has played a leading role in the development of technology which have helped improve the odds for patients with cancer, including biomarker-driven diagnostics such as next-generation sequencing technology and platforms. He has co-founded several companies as well as being Illumina's chief technology officer from 2008 to 2021. In June, Mr. Jeff Huber, the transformational Google and Grail executive joined our board as well. Prior to his current role leading Tritomic Capital, a VC firm, Jeff was the founding CEO and vice chairman of Grail, a mission-driven company seeking to detect cancer early when it can be cured. Prior to Grail, he was a senior vice president at Alphabet Inc., formerly known as Google Inc. Over 30 years at Google, he co-founded Google's life sciences effort in Google X, and he led development and scaling of Google Maps, Google Apps, such as Gmail, Google Calendar, Google Docs, as well as Google Ads. Jeff managed a team of over 5,000 employees and 5 billion P&L during his time at Google. In addition, Jeff is also a board member at several other cutting-edge companies. You are fortunate to have Mustafa and Jeff's perspectives and expertise as they join us in our mission to make a significant positive difference in the lives of patients with serious unmet medical needs. Finally, I would like to take a moment to thank Team Summit, as Bob and I have described all of the accomplishments we have achieved over the past year and a half with Ibanez MAP. This team has done a remarkable job across every team in making our goals a reality. It is tremendous honor and privilege to work with each member of Team Summit, and I would like to express my heartfelt thanks to each and every one of our great team members. With that update, I will now ask Manmeet to provide details on our financial position and outlook. Manmeet.

Thank you, Mickey, and good morning, everyone. We filed this morning our 10Q for the second quarter of 2024. Today, I will provide you with an update on three items. Our cash position after our recent $200 million financing, our updated cash runway guidance, and second quarter operating expenses. Let me start with cash position. In June, we ended the second quarter of 2024 with a cash position of $325.8 million. This cash position was strengthened at the end of second quarter with the closing of a $200 million unsolicited private placement from a single institutional investor in June 2024. This morning, we also filed a form S3 in order to register the shares which were issued in the private placement on June 6, 2024. Moving to updated cash runway guidance, based on our planned operations, including our two phase three clinical trials, we updated our cash runway guidance and now expect that we have sufficient cash to run our operations into fourth quarter of 2025. Turning to operating expenses, I will provide details to both GAAP and non-GAAP numbers. You can refer to our press release issued this morning for a reconciliation of GAAP to non-GAAP financial measures. Non-GAAP expenses exclude stock-based compensation and one-time charges related to acquired in-process R&D expenses. Our GAAP R&D expenses during the second quarter were $30.8 million compared to $30.9 million for the first quarter of 2024. And non-GAAP R&D expenses were $27.3 million in the second quarter of 2024 compared to $28.5 million for the first quarter of 2024. Our GAAP acquired IP R&D expenses during the second quarter were $15 million compared to zero for the first quarter of 2024. This $15 million expense is related to our upfront consideration for adding territories of Latin America, Africa, and Middle East as per the June 2024 license agreement amendment with the CASO. Turning to GAAP, GAAP GNA expenses for our second quarter, 2024, totaled to $14 million compared to $11.7 million for the first quarter of 2024. And non-GAAP GNA expenses were $6.4 million during the second quarter of 2024 compared to $4.6 million for the first quarter of 2024. Overall, our non-GAAP operating expenses during second quarter of 2024 were $33.7 million consistent with $33.1 million for the first quarter of 2024. And with that, I will hand it back over to Dave.

Thank you, Bob, Mickey, and Manmeet. We'll now see if there are any questions that our team can help answer. Christina, if you could please open the line for questions.

Yes, thank you. And at this time, I'd like to remind everyone in order to ask a question, please press star then the number one on your telephone keypad. Again, please press star one to ask a question. We'll pause for a moment to compile the Q&A roster. And your first question comes from the line of Brad Canino from Stifle. Your line is open.

Great. Thanks for taking our question. This is Dara Azar. On for Brad. Could you be able to walk through the puts and takes of data disclosure if Harmony 2 is at work long? When is the title announced or things like should we expect an abstract text before the presentation to have a lifted embargo? And if so, what data could be included in the abstract?

Sure. Thanks, Dara. I appreciate the question. This is Dave responding. So as you can imagine, our Harmony 2 data is considered a late breaker abstract at the World Conference for Lung Cancer or World Lung. So our partners at Acasso previously announced their intention to submit the Harmony 2 data to the World Lung Conference. And so the deadline for abstracts for World Lung were July 31st. Notifications to the primary authors of each of those abstracts that are late breakers are provided early in August, but generally between the 7th and the 10th of August. Traditionally, what our understanding of what World Lung does is around August 15th releases the titles and abstracts for most of the remaining. So they released some of the original titles already, but for the remaining titles and abstracts released around August 15th. However, what they do is they withhold a number of what they consider presidential symposium or otherwise larger presentations until the actual conference itself, at which point they only release the title. But the abstract is held until the conference itself. So at this point, because we haven't yet technically hit the acceptance time period of August 7th to 10th, we're not yet made aware in terms of whether our abstract will be held back or not. So, Dara, I appreciate the question. It's a very good question in terms of exactly the timeline of when things will come up. But until we hit the approval date from World Lung between the 7th and 10th of August, and then they announce what they will and won't hold back until the conference itself, we'll need to wait patiently alongside you in terms of those details.

Yeah, very helpful overview. If I may ask a follow up. What is your latest view on OS maturity? If it's going to be mature enough for inclusion in the presentation? If not, would there be any language in the abstract to describe the trend observed? And if there's time, I'll come back for another follow up.

Sure, Dara. So this is Dave again. I'll start and then I'll let Alan add any additional context that he'd like to. But if you recall from the earlier trials that were run with Pembrolizumab is a monotherapy in the setting, the keynote 024 and the keynote 042 settings. There was the time period by which they reached their survival maturity was a little bit longer than the time period in which this trial has matured from last patient. And so as a reminder, Harmony 2 completed enrollment around the end of the third quarter, beginning of the fourth quarter of 2023. And so is that interim analysis was run and ultimately the IDMC met and then we released the top line data along with our partners at a Queso in May. Not a lot of time from an overall survival perspective had transpired from when the trial completed enrollment. And so as a result, anything that we have at this point will be early. So we haven't made definitive announcements or decisions on exactly what will be presented with respect to overall survival. But what I would say is we're not holding anything back at this point as much as time needs to take place for these patients to remain on trial and study to get a mature enough read out for overall survival at a mature level.

Yeah,

not much to

add, Dave, except that it is very early in this study. Remember they just completed enrollment. This study hit its first primary or interim analysis very early. So the data were very immature at the time. And I think that goes to the strength of the data today.

Yeah, thank you. Makes a lot of sense. And as a last two-parter, without OS, how do you think about what constitutes a good PFS result in isolation? And finally, how should we be thinking about additional phase three plans, perhaps announcement in relation to Harmony 2 medical meeting update? That's it from me. Thank you.

Yeah, so I'll take the first question in terms of the PFS. We're not going to comment on that. You'll have to come see us at that meeting and then you'll see the results there. And I understand why everybody's interested in that. We just not going to disclose it at this time. In terms of additional phase three programs, you probably won't make announcements at WorldLung, but you'll see some data maturing in lungs and some other lung indications as well. And the development plan, it will be fairly obvious. And in terms of recreating sort of key studies that Merck or AstraZeneca has done in the past. And we'll probably prioritize based on that need.

Thank you. Okay, great. Thank you. And your next question comes from the line of Yigal Nootomovitz from Citigroup. Your line is open.

Hi, great. Thanks so much for taking the question. Obviously a very key one for investors. And I've received a lot of questions on is the read through from Harmony 2 to Harmony 3. So I'm curious, given the apparent strength of the PFS data in Harmony 2, could you comment as to how you're thinking about the addition of the chemo backbone in terms of extracting the relative benefit of Ivanescomab, oper ketruda, and squamous in Harmony 3? And I have a few follow-ups. Thanks.

Yeah, Yigal. Thanks for the question. So, you know, we're very confident for Harmony 3. I think the strength of the Harmony 2 data has given us more confidence. I mean, remember, we decided to do Harmony 3 before the Harmony 2 data were available. So we thought that squamous was an unmet need. We thought that VEGF targeted agents were never developed in squamous because of safety concerns. We did not see those safety concerns in the development of Ivanescomab. And that's why we thought Harmony 3 was low hanging fruit for Ivanescomab. Given the strength of the Harmony 2 data, we're even more confident. You know, the addition of chemotherapy may change things in terms of reduction of tumors, but I don't think it will change biologically the importance of Ivanescomab for this population. And then the second question was on... Sorry, Yigal, could you repeat the second question?

I didn't ask it yet. The second one was just to confirm. So for Harmony 2, it's TPS greater than 1%. For Harmony 3, is it all TPS scores? And does that make any notable difference in your mind or not really?

Yeah, it's for all TPS scores. And it did. You know, going into this study in terms of the Harmony 3 before we had the Harmony 2 results, I was actually more confident in the lower TPS expressing or the lower PD-L1 expressing patients because of the VEGF component. But looking at the Harmony 2 data, as we said publicly, we seem to see a benefit across PD-L1 expression levels. So we don't think it matters what patients will come onto the study.

Okay. Another key question in terms of the catalyst path for the company is potential interim readouts for Harmony 3. And I understand they're built into the protocol. Could you comment at all as to what might be in store as far as potential interim readouts for Harmony 3 over the next several quarters? Yeah,

that's a great question. And we can't really disclose that. We haven't disclosed that at this time. I will say that our Aceso partners are running a parallel study called the 306 study, which is actually in the same similar population, which is Ibanezimab against Tizilatuzumab, which is the standard of care in China. So those results won't be out earlier as well, but we haven't disclosed nor as our Aceso partner disclosed any timelines around that.

Okay. And then the last question is, I think Miki mentioned that there were some abstract titles for some of these other solid tumors in Phase 2, triple negative breast, colorectal head and neck. But then you also are starting the MD Anderson partnership. So can you just kind of comment on how those two work streams are going to intersect between your own Phase 2 work as well as what MD Anderson is doing with respect to tumors outside of lung?

Hey, Yigal, thanks for the question. Yeah. So, first of all, the MD Anderson collaboration is very exciting. You know, speaking with physicians and experts at MD Anderson gives us access to a treasure trove of scientific and clinical expertise. I think if you look at the way the two programs interact, remember, Kesso is doing a lion's share of the Phase 2 work, and they've done quite a lot of Phase 2 work. However, there might be some minor gaps in the sense that the standard care in China is different or certain tumor types are not as prevalent in China. And this is where MD Anderson can help us get quick signals, some Phase 2 data as well. And then again, the scientific expertise. So when we have a question around a certain tumor type or certain subsets of tumor types that they're not interested in China, this is where the gap will be filled with MD Anderson without specific questions. Do you have specific questions on specific tumor types?

No, not at this point, but that's helpful. Thank you.

Thanks, Yigal. Thanks, Yigal.

Your next question comes from the line of Mitchell Kapoor from HC Wainwright. Your line is open.

Everyone, thanks for taking our questions and congrats on the recent data. The first question I have here is just given the fact that most of the 420 Harmony patients will be bundled from Harmony A, would you potentially envision something similar for leveraging the Harmony 2 data in the U.S.?

Possibly, and so we're in the midst of sort of discussions with the agency. It's clear that we won't be able to file on the Harmony 2 data in all regions. And so that's something that we're going to try to address. However, there is an opportunity to leverage the Harmony 2 data in future studies as well without disclosing more than that.

Okay, great. Thank you. And then just broadly on the use of Ibanez Mab and lower PD-L1 TPS scores, thinking like closer to one versus the 49 range, is there a threshold where Ibanez Mab becomes more clearly effective?

Yeah, well, so I think the best data results are from the 201 and the 202 study, the Phase 2 data. And you see a clear trend where the response rate does increase as PD-L1 expression increases. And in the opposite direction, as PD-L1 expression decreases, the level of activity drops off, but not as sharply as other PD-1 or PD-L1 agents. So I think this is probably the VEGF effect. And there are other bispecific immunotherapies out there, like PD-1, CTLA-4, that are looking at the PD-1 negatives. So the question is, how good will we be there? And I think we'll be pretty strong there as well. So I get the question. We see the benefit across the whole spectrum. The benefit seems to be greater in the high PD-1. And relative to PD-1s, where is that relative benefit? The relative benefit is actually greater, even though the overall response rate is a little bit lower in the low PD-L1 expression. I know that's kind of confusing, but again, I think we see good activity across all PD-L1 expressions. There's a slight increase for IVAN SMF for the PD-1s, high expression PD-L1, high expressings as

well. There's a reference point. This is Dave Mitchell that you can go back to, is the ASCOE 2023 poster, which actually kind of lays out by PD-L1 expression status in the Phase 2 trials, as Alan mentioned, especially in combination with chemo, the relative benefit by PD-L1 expression.

Great. Thank you, Dave and Alan. Really appreciate it. It makes a lot of sense.

Thank you. Once again, if you do have a question, please press star 1 on your telephone keypad. Again, if you do have a question, please press star 1. Thank you. With no further questions, Dave, I'll turn the floor back over to you.

Thank you very much. We appreciate everyone taking the time to join us this morning for our quarterly earnings call. We appreciate your continued support and we wish you a great day. Thank you very much.

Thank you. Once again, this does conclude today's conference call. You may now disconnect. Have a great day.