Q4 2023 PDS Biotechnology Corp Earnings Call

Participants

Tom Johnson; Director, Corporate Communications; LifeSci Advisors, LLC

Frank Bedu-Addo; President, CEO & Director; PDS Biotechnology Corp

Lars Boesgaard; Chief Financial Officer; PDS Biotechnology Corp

Louise Chen; Analyst; Cantor Fitzgerald & Co.

Mayank Mamtani; Analyst; B. Riley Financial, Inc.

James Molloy; Analyst; Alliance Global Partners

Presentation

Operator

Good morning, and welcome to PDS Biotech's call to discuss the company's year-end 2023 financial results and clinical strategy update conference call. (Operator Instructions) I would now like to turn the conference over to Tom Johnson with LifeSci Advisors.
Please go ahead, sir.

Tom Johnson

Thank you, operator, and good morning, everyone, and welcome to PDS Biotech's 2023 year-end results and Clinical strategy update call. Today, we will discuss financial results for the year ended December 31, 2023, and provide a business and clinical programs update this morning, the company issued a press release with these results for GE found under the Investor Relations section of the PDS Biotech website.
I'm joined on the call today by the following members of the company's management team, Dr. Frank Bedu-Addo, Chief Executive Officer; Lars Boesgaard, Chief Financial Officer; and Dr. Kirk Shepard, Chief Medical Officer. Dr. Bedu-Addo will begin with a corporate and clinical programs update. And then Mr. Boesgaard will review financial results for 2023. Following the company's prepared remarks, Dr. Shepard will join the call to help address questions from covering analysts.
As a reminder, during this call, we will be making forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from these statements. Any such statements should be considered in conjunction with the cautionary statements in our press releases and risk factors discussed in our filings with the SEC, including our quarterly reports on Form 10 Q and annual report on Form 10-K and cautionary statements made during this call. Please assume no obligation to update any of these forward-looking statements or information.
Now I'd like to turn the call over to Dr. Bedu-Addo. Frank?

Frank Bedu-Addo

Thank you, Tom, and good morning, everyone. I am pleased to be speaking with all of you today and to be joined by two new members of the PDS Biotech leadership team, large booth.
Scott joined us last November as Chief Financial Officer.
He is an experienced CFO with an impressive track record of guiding biotech companies to create strategic growth. We welcome his insights as well as his financial expertise and oversight as we continue to mature our business and advance our clinical programs in January of 2024, we also announced the appointment of Dr. Kirk Sheppard. Kirk is a distinguished board-certified medical oncologists and hematologists with more than 30 years of experience in the pharmaceutical industry.
Most recently KIRK was Chief Medical Officer, Senior Vice President and Head of the Global Medical Affairs Oncology Business Group at ESI. We are particularly pleased to have KIRK on board as his wealth of oncology and clinical expertise will be invaluable as we begin to execute the updated clinical development strategy we will be discussing today. As Tom mentioned last, we'll walk you through our financial results for 2023 later on the call, and Kirk will be available to take questions.
During the Q&A. session.
So let's begin our fourth quarter of 2023 and recent weeks have been a busy and productive period for PDS Biotech during which we made significant advancements with our PDSO. one ADC., our IO 12 fused antibody-drug conjugate clinical programs, as well as our PDS. oh one oh one Phase two programs over this period, compelling data from several Phase two trials became available. This includes long-term survival data from the National Cancer Institute lead triple combination trial of PDSO. one ADC in combination with Versamune HPV., formerly known as PDSO. one O. one and an investigational immune checkpoint inhibitor for ICI., we also obtained data from our own versatile zero zero two study of Versamune HPV. and Keytruda. Collectively, these data have provided us with clarity regarding how our drug platform technology works in advanced cancer and have informed the strategic decision we announced today to advance this triple combination of Versamune HPVPDSO. one ADC and Keytruda in recurrent and or metastatic head and neck cancer also referred to as head and neck squamous cell carcinoma for HNSCC. This program will be our top clinical development priority in place of the previously planned versatile zero zero three trial.
This decision and enables us to focus our resources on a regimen which we believe has the highest potential benefit to patients with head and neck cancer and the potential to drive shareholder value.
On today's call, we will walk you through the data that has driven this decision, discuss the careful vetting we've undertaken to confirm our approach and outline the advanced preparations on trial design and regulatory engagement. We've already begun to set the stage. I'll first review the critical limitations that remain in the use of immunotherapies to treat solid tumors.
First, the innate or acquired resistance. These tumors have two immunotherapies, including immune checkpoint inhibitors or ICI and CAR T T cell approaches. These approaches all rely on activating T-cells to attack the cancer. They therefore attack the cancer from the outside. However, most advanced solid tumors houses their protection against the immune system in their inner core. These tumors can therefore prevent T-cells from recognizing or infiltrating the tumor. In addition, these tumors may be able to even activate any infiltrating T cells due to the presence of suppressive cytokine or inhibitory factors within the tumor.
Second important limitation is that current immunotherapies have not demonstrated the ability to generate the right type and quantity of effective tumor infiltrating and tumor killing cells. Unlike what we have demonstrated with our Versamune platform to date, recent long-term survival results and clinical data provide clarity on the dual mechanism of action of combining PDSO. one ADC and Versamune and its potential to overcome most critical immuno oncology limitations.
The insights into the PDSO. one ADC mechanism of action provided by this recent data clarify the potential of this drug therapy in combination with Versamune HPV. and an immune checkpoint inhibitor, PDSO. one ADC utilizes an antibody that binds to DNA found in the inner core of the tumor and therefore delivering the IL-12 into the internal compartment of the tumor, the IL-12 once within the tumor limits the presence of inhibitory factors within the tumor, thereby weakening the tumors and defenses against the immune system. Versamune HPV. simultaneously generates a powerful T-cell attack on the exposed or less protected tumor resulting in compelling anti-tumor responses, which we will discuss shortly. The data shows that with this combination, the mechanism uniquely acts on both the inside and outside of the tumor data was announced last November from the Phase two National Cancer Institute led triple combination trial for the treatment of recurrent and all metastatic HPV16 positive.
I see I naive and I see a resistant cancers. This included head and neck cancer among other tumor types and provided proof of concept of the mechanism of action and support for prioritizing the triple combination in the ICI. resistance group, the 12 months overall survival rate was 72% and the median overall survival was approximately 20 months with current approaches.
The 12-month overall survival rate in HPV positive ICI resistant cancer is approximately 30%, and median overall survival is only 3.4 months at 63%. Overall response rate or ORR. was observed in patients with the optimal dose of PDSO. one ADCs published data to date suggest are of less than 20% in ICA resistant HPV-positive head and neck cancer. In the ICI. naive group, 75% of patients remain alive at 36 months, and therefore, the median overall survival was not reached with immune checkpoint inhibitors published results show a 36 month survival rate of approximately 20%.
Overall response rate of 75% was seen in patients treated with the triple combination with a complete response rate of 38% published or are of less than 40% is seen with immunotherapeutic agents with the triple combination responses were seen in all HPV positive tumor types.
These data are further supported by our robust clinical data set in over 430 patients treated with either Versamune HPV. for PBSO. one ADC for the combinations, including over 110 head and neck cancer patients to date. Importantly, with respect to safety, we have seen acceptable tolerability in over 300 patients treated with PDSO. one ADC and in over 170 patients with Versamune HPV. today. Additionally, the National Cancer Institute has completed a detailed dose optimization study for PDSO. one ADC. based on safety and clinical response, which is a critical consideration for the FDA.
This large database of patients provides a robust clinical dataset that validates the potential efficacy and safety of our platforms, which we believe supports our decision to prioritize our Versamune PDSO. one ADC platform in combination with Keytruda based on the totality of data generated to date from versatile zero zero two and the National Cancer Institute lead triple combination study, our triple combination trial to be progressed will therefore consist of Versamune HPVPDSO. one, ADC and Keytruda. We engaged the FDA regarding our decision and the FDA has provided clear guidance on clinical study design and regulatory pathway for the triple combination.
We also engaged with top US and EU key opinion leaders to confirm interest in the triple combination and participation in a clinical trial. We are pleased to announce that Dr. Catherine price of Mayo Clinic, who is also an investigator on diverse styles. The residual two trial will be the lead investigator in the planned pivotal trial of the triple combination.
We are also conducting rigorous evaluation of the competitive landscape in both IC IO naive and ICI resistant head and neck cancer. This careful research takes time, but we are taking the necessary steps to ensure that our decision is in the best interest of patients and our shareholders. We intend to move strategically and aggressively to advance the triple combination into a pivotal trial by initially addressing the rapidly growing unmet medical need in recurrent metastatic HPV16 positive head and neck cancer. We strongly believe that this approach has the potential to rapidly establish the combination of PDSO. one ADC and Versamune as a transformative oncology platform.
The data suggest that the triple combination may result in a significant improvement in overall survival rates for patients who currently lack an effective treatment option. We are deeply grateful to our patients who participate in our trials and to our collaborators who continue to show immense confidence in our platforms and who has been instrumental in working with PDS Biotech to achieve what we now believe are potential significant advances in cancer treatments.
With that, I will turn it over to Lars for a review of our financial results. Lars?

Lars Boesgaard

Thanks, Frank, and good morning, everyone. I look forward to engaging with you as we advance the clinical program that Frank just presented.
Turning to our financial results, net loss for the year ended December 31, 2023, was approximately $42.9 million or $1.39 per basic and diluted share compared to a net loss of $40.9 million or $1.43 per basic share and diluted share for the year ended December 31, 2022, higher net loss was primarily the result of increased operating loss and increased net interest expense.
Our research and development expense for the year ended December 31, 2023 decreased to $27.8 million compared to $29.4 million for the year ended December 31, 2022. The decrease of $1.7 million was primarily attributable to the $10 million purchase of the rights to PDS. one EDC. in 2022, partially offset by an increase in clinical costs of $6.1 million and an increase in personnel cost of $2.1 million as a reminder, we entered into an exclusive worldwide license for PDS. one ADC. in late 2022 for consideration of $5 million in cash and $5 million in company shares.
General and administrative expenses for the year ended December 31, 2023, increased to $15.3 million compared to $12.2 million for the year ended December 31, 2022, the $3.1 million increase was primarily attributable to an increase in personnel costs of $1.5 million and an increase in personnel and professional fees, $1.6 million.
Total operating expenses for the year ended December 31, 2023 were $43 million, an increase of approximately 3.3% compared to $41.7 million in total operating expenses for the year ended December 31, 2022, net interest expense increased to $1.3 million for the year ended December 31, 2023, compared to [$0.4 million] for the year ended December 31, 2022 this change was due to higher interest rate interest expense related to the company's notes payable, which was partially offset by higher interest income on our bank deposits.
During the fourth quarter of 2023, we raised approximately $10.5 million in net proceeds from our at-the-market sales agreement.
In conclusion, our cash balance as of December 31, 2023 was $56.6 million. Our annual report, which will be filed within a few days, will contain a going concern opinion, reflecting substantial doubt about our ability to meet our obligations for 12 months following the filing of the annual report. Based on our currently available cash resources and cash flow projections, we believe that without commencing a pivotal clinical trial and without our notes payable being called by the lenders, our current cash balance is sufficient to fund our operations and research and development programs into the fourth quarter of 2025.
With that, I'll turn the call over to the operator for a Q&A session.

Question and Answer Session

Operator

(Operator Instructions) Louise Chen, Cantor Fitzgerald.

Louise Chen

Hi, good morning, everyone. This is Carvey chair from Cantor, and thank you for taking our questions. Our first question is, given you're prioritizing PDSO. one ADC. triple combo study offer versatile zero zero three. How are you thinking OpEx management differently for the rest of the year as a result of the switch?
And secondly, as we're thinking about the rest of this year and into towards 2025, what are your biggest milestones or data readouts in the next 12 to 18 months?
Thank you so much.

Frank Bedu-Addo

Hi Carvey, thanks for that.
Question.

Louise Chen

Could you please go over the first one again, I lost the last part of the first question of Yes, essentially we are talking about is your you guys are prioritizing the agency triple combo versus knows who is different theories? And how are you guys thinking about OpEx differently? Or is it going to be similar? And just wanted to get your color on that. Thank you.

Frank Bedu-Addo

Okay, thanks a lot, Carvey. We also answer the second part of the question first, and then I'll hand the OpEx portion to Lars to address. So in terms of our milestones for 2024, as you know, where there are a number of programs that we are simultaneously running in parallel with them with our our lead programs with a triple combination and versatile.
There is there are two we do expect for ourselves.
There is there are two that we will have an update sometime in the second or early early part of third quarter on where the trial is to date. As such, we've completed recruitment in that trial and we are hopeful that we'll be able to give updates on survival in the 0.002 trial.
As you also may be aware, we have the immunotherapy trial that's being run at MD Anderson Cancer Center. That's looking at locally advanced cervical cancer, and we have some updates in November, but we expect this year in the second half of this year that we will have an update the clinical update specifically, so response rate, cell survival and potentially long term survival of those patients whose data was presented last year.
And so that will be a very, very important update that we would be expecting in the second half of this year. And of course, we also have the trial ongoing at the Mayo Clinic, which is the new adjuvant trial of PDSO. one O. one monotherapy and PDS oh one oh one to switch router in and in our early stage oral cancer, we have not had any data from that trial yet, but we are hopeful that sometime the second half of this year, we will have the preliminary preliminary data we released on them on the for that trial.
So those are the key updates that we could potentially expect this year.
And we are also planning to move our PTS oh one oh three program into the clinic. So we are looking to file the IND for PDS oh one, oh three, obviously in the second half of this year and the inflammation that we have obtained recently regarding how our assets are working becomes critical in designing that trial into and also finalizing the combination for that trial where again, we expect to utilize the PDSONADC. Versamune combination in that in that program also.
So those could be key updates that we could be expecting this year from PDS.
And last, I'll hand over to you to address the operating cost for 2024.

Lars Boesgaard

Thanks, Frank, and thanks for your question, Kartik. So we'll be filing all of our key in a few days. And so it will it will be clear from that for right now, you can see you'll see that we incurred an operating burn of approximately $8 million per quarter. And as also stated in the pre-prepared remarks, without initiating the triple combination from a pivotal study. We expect that burn to continue through the first two to three quarters of 2024 as we wrap up versus hot oh two and the after you probably see a slight decrease in that quarterly burn. And I should probably also mention that during the first quarter, our through the first quarter of 2024, we pulled down approximately $19 million under the ATM. So that, of course, also bolsters our current cash holdings.

Louise Chen

Got it thank you so much.
(Operator Instructions) Mayank Mamtani, B. Riley Securities.

Mayank Mamtani

Please see if there are questions, the mining team.
Thanks for taking our questions and appreciate the comprehensive update in the sense, sensible strategy to it. Can you please clarify the 38% CRM triplet has been confirmed by resist, and there's going to be another update to that in 2024 that could be informative to how you think of your next study for the triplet? And maybe maybe just a related question, what steps remain in finalizing the registration-enabling study for the triplet and is there an end of Phase 2 meeting that you feel you prepared for? Or is there some additional work you can do given the earlier on the call that you have in your earlier study has now changed to Keytruda? And then I have a quick follow-up.

Frank Bedu-Addo

Mayank, thanks a lot for your question. So starting with the triple combination and the complete responses so that the triple combination study that was led by the National Cancer Institute has been completed. So that study that study is now final the results that we went through today are the final results from that study?
Right.
So the 38% confirmed response rates are confirmed objective response rate. And as I mentioned, the the follow-up for the naive patients was three years.
And so one of the key things that we were looking for was not only the data from the burst out there for refractory arm of the versatile receiver to study to understand how the dual combination is working, but also to really understand the long term survival in the triple combination.
So we had really good survival for year one and the first 17 months, what we need to understand would we what would we get if it's a significant drop off after one to two years? Or would this be a durable response and these patients continue to survive. And what we saw was that all patients were alive at two years remained alive at three years. That was very important but what was also very important was the safety Vice us.
As you may know, our PDSO. one ADC. is an IL. 12 based antibody drug conjugate. And in the past, recombinant IL-12 have seen significant toxicities. And so one of the key reasons that we needed additional data was really to confirm the safety profile of our IO. 12 antibody drug conjugate in Tulsa to really confirm that it is significantly different from the recombinant IL. 12 that have been evaluated in the past and that continue to be evaluated to date, right?
So the safety data from the three over 300 patients that we've evaluated today was very critical in forming this decision also really confirming that safety profile and tolerable tolerability in these patients, we've taken the IL. 12 antibody ADC.
So that was again very, very important in this decision making process also.
Now what was also very important is what you just brought up. Is there a clear regulatory regulatory pathway for the triple combination? And so that was why we initiated discussions with the FDA to get feedback from the FDA in terms of what they would want to see in a clinical design of PDSO. one 83, Versamune HPV. and Keytruda with PDSO. one O. one, Keytruda forming the basis for that program. We've seen very good survival, impressive survival with just PDSO. one and one and Keytruda based upon the quality of T cells that we generating and now adding the PDSO. one 83.
On top of that, we'll overcome overcome the tumor's defenses right. And so we have that discussion with the FDA last month and the FDA has given us very clear guidance on what they would want to see in the clinical design and so what we're currently doing is implementing the feedback from the FDA. And then once we have done that, we would want to get that alignment with the FDA that okay.
We've taken these your concentration, your TAM, your advice and your Advair into consideration here with the trial and get alignment with the FDA and adoption and we will make will then make that on the protocol and publicly available. But we would I would hate to go into saying exactly what the design is until we have gotten that alignment with the FDA based upon the feedback they gave us.
But that's the development process that we've gone through to date.

Mayank Mamtani

You've got it. Very helpful. And then on the opportunity set has on like what specific indication you're looking at your lead? Is it the same population that you have this data or are you looking at this more broadly in HPV-positive solid tumor types, which there are many if you can just categorize the broader opportunity set and also like how you get there in terms of different trial you would need that would be helpful.
And thanks again for taking the question

Frank Bedu-Addo

Mayank, but that's a really good question.
So we have done extensive market research talking to key opinion leaders to really understand the potential in both ICA naive and ICA resistant patients from all the information we're getting. The K will see this as potentially very important in both the big unmet their unmet needs in both the ICA naive and ICA resistant patient population.
As you know, currently, the response rates in ICA naive only about 20%, a very significant unmet need there in the ICL resistant practically nothing is really working in those patients. Our focus initially guided by the FDA is to focus on head and neck cancer rather than going broadly into all types of HPV-associated cancers which is what we were initially thinking about.
But what we what we discuss with the FDA and the guidance we've been given is let's focus first on head and neck cancer which is where we've generated the bulk of our data to date, right? Over 110 patients in head and head-and-neck cancer patients have been treated with our product today so we have really good confidence around the head and neck cancer patients and the NCI. trial. Of course, we went beyond head and neck cancer to look at other HPV types where we saw responses equally good responses across the board.
And so the way we envision this is, let's first focus on the biggest market and the most rapidly growing market, which is the head and neck cancer space, get that done and then potentially progress from there into the other HPV. cancer tumor types. But our initial focus is going to be specifically recurrent metastatic head and neck cancer.

Mayank Mamtani

Thank you for taking my questions.

Operator

(Operator Instructions) James Molloy, Alliance Global Partners.

James Molloy

Yes, good morning. Thank you for taking my questions. So I apologize for the change in the fall. Sometimes the sort of first half oh three Phase three combo for Keytruda, HPV-positive head and neck squamous cell CPINE. patients that trials now shelved or that trial is now ongoing, but added you're adding in the oh one KDC. diff formerly called oh three oh one.

Frank Bedu-Addo

James, thanks for your question.
Diverse styles, the receiver three, we're not performing versatile zero zero three. So based upon the information we have today, our goal as a company is to is to provide to the patients the drug in combination that we believe provides them with the best opportunity for managing their disease. And today, based upon the information we have generated and our understanding of the mechanism by which these assets work, we believe that the triple combination is what provides these patients with the best opportunity to manage the disease.
But also what's very important for us based upon the key opinion leader research is which combination is really going to put PDS Biotech and a dominant leadership position in head and neck cancer. And that comes down to where oncologists believe the combination has the best opportunity to help their patients tend to continue to help their patients survive long term.
But when you look at if you look at all those angles in terms of the potential market domination potential for the patients, it comes down to the triple combination. And so that is the decision we have made.
It's not to move forward with Versalis the reserve to the retail pressure at the ILILDC. to that combination as the best opportunity and the best combination for the patients and also for market market success.

James Molloy

Okay so the wearable market domination later, forgetting the trial's first, I think a versatile oh two data came out of that was that the Keytruda with HPV-positive HUDC. 16 positive ad next Fermacell combination with Keytruda was best in the CPI. naive, and that's why versus oh three was going to go forward in the naive in the last guidance we had was in the was for back in our November, October first patient by year, but obviously that's done oh three's wrapped up. It's done. It's not going forward.
Then on the triple combo oh one plus the commercial checkpoint inhibitor plus the ADC. for CPI. refractory patients. The plan had been for that that was going to be for the cigar refractories.
That trial still going forward against that.

Frank Bedu-Addo

So running on having triple combo with Hanmi with the NIH for me to answer that development going forward, correct.
So now rather than having two separate trials, one with the Double Eagle in line with the triplet with, if you recall, the triplet had an investigational immune checkpoint inhibitor, right?
And so the versatile zero zero two with the doublet, what we saw was extremely compelling long-term survival data.
We have 74% survival at two years when we look at the brand, but one of the key and that was in CPI. naive patients, not when there's real naive, correct.
So when you move to the refractory patients, so this is very important because if you recall back with some of the data that we've mentioned over the last couple of earnings calls that we really needed to get that data in the resistant patients to really understand the impact of the various components, right? And so with that data in the refrac in the refractory patients with versatile, there was similar to what we found was, again, prolonged prolonged survival.
But 0% objective responses, right? So PDS, the T cell induction was really leading to prolong survival of these patients, even though they weren't seen prolonged tumor shrinkage. Now when you compare that with what we found in the triple combination, where we then have the low dose IL-12 and the higher dose IL-12 with a low dose IL-12, we've seen very strong correlation with what we saw with the doublet, very weak objective responses with the higher dose IL-12, we're seeing dramatically improved objective responses and also improved survival. What's the when you look at those two together. So that data was very informative for us in really understanding the role of each of those components. And that was also critical into what drove that decision.
Let's say we have to provide our patients with the best opportunity in the by adding the IL. 12 until that doublet, which has shown a really good safety profile, right? We saw really good safety profile with PDSO. one O. one and Keytruda, but even even better results than even Keytruda monotherapy, which I explained earlier on as to why we believe we've seen though safety was very high safety and then adding the IL. 1283 funds off of that validated combination, right? And so that's that's how these have come together, how that data has actually led us to this decision. So this is really very simply put a data driven decision that's led us to this point where we've now merged the two trials into into one trial.

James Molloy

Okay.
Fair enough.

Frank Bedu-Addo

But rather the lessons learned from the two trials into one,

James Molloy

Maybe the last question for me then.
Thank you for clarifying that versus the Phase two combo trial, RPSO. one ADC. plus docetaxel in metastatic metastatic cancer cancer and prostate cancer with the NCI. It's a Phase two trial that's still ongoing?

Frank Bedu-Addo

Yes.
So we have a number of other trials ongoing at the National Cancer Institute.
So currently, as PDS as a company, we are 100% focused on moving this triple combination into the pivotal trial.
However, our collaboration with NC. is still ongoing. And based upon today, one of the key, if you look at what we're looking at there in prostate cancer at Mach one positive cancers, liver cancer, combining PDSO. one ADC with other standards of care, the strategy there is we understand how Versamune is working. We understand that versus inducing tumor-specific T cells.
We also know that not every cancer has a checkpoint inhibitor as a standard of care. So what's now very important for us to understand is how our IL-12 ADC works with other standards of care. That then allows us to very rapidly progress into pivotal trials with a triple for some of those other cancers for which checkpoint inhibitors may not be the standard of care. So those trials are ongoing. They have been done as an IT prostate cancer trial with docetaxel was Phase 2 trial.
The advanced locally advanced prostate cancer trial in combination with radiation therapy is also ongoing and the hepatic infusion and pump and study in liver cancer is also ongoing as well as the study encompasses sarcoma. So all of those studies are still ongoing under the NCI. collaboration, while we focus 100% on our triple combination and getting that two to finish.

James Molloy

Great thank you for your questions.

Frank Bedu-Addo

No problem.

Operator

Thank you. I am showing no further questions. I'll turn it back to Dr. Bedu-Addo for closing remarks.

Frank Bedu-Addo

Thank you very much.
And I would before we leave, I would like to express our gratitude again to all our patients who have participated in our trials to all our collaborators as well as our shareholders and also to my colleagues and our employees at PDS Biotech, whose contributions have been essential in getting PDS Biotech to where we are today with really strong potential to take a key step to make these key advances in cancer treatment.
Thank you very much again for all your time today. And I wish you all a wonderful day.
Thank you very much.

Operator

This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.