Utilized DNA Sciences, Inc. (NASDAQ:APDN) This autumn 2022 Earnings Convention Name December 14, 2022 4:30 PM ET
Firm Members
Sanjay Hurry – Investor Relations
Beth Jantzen – Chief Monetary Officer
James Hayward – Chairman, President and Chief Govt Officer
Convention Name Members
Yi Chen – H.C. Wainwright & Co, LLC
Jason McCarthy – Maxim Group LLC
Operator
Good afternoon, and welcome to the Utilized DNA Sciences Fourth Quarter and Fiscal 12 months 2022 Monetary Outcomes Convention Name. All contributors shall be in a listen-only mode. [Operator Instructions] After in the present day’s presentation, there shall be a possibility to ask questions [Operator Instructions]. Please notice this occasion is being recorded.
I might now like to show the convention over to Sanjay Hurry, Investor Relations for Utilized DNA. Please go forward.
Sanjay Hurry
Thanks, Gary. Good afternoon, everybody, and welcome to Utilized DNA’s convention name to debate our fourth quarter and financial yr 2022 monetary outcomes. You may entry the press launch that was issued after market closed in the present day, in addition to the slide presentation accompanying this name on the Investor Relations part of our company web site.
Talking on the decision in the present day are Dr. James Hayward, our Chairman, President and CEO; and Beth Jantzen, our CFO. Judy Murrah, our COO; and Clay Shorrock, our Chief Authorized Officer and Head of Enterprise Improvement, can even be obtainable to reply questions on the Q&A portion of the decision.
Earlier than we start, please notice that a number of the info you’ll hear in the present day throughout our dialogue might include forward-looking statements. I refer you to Slide 2 of the presentation and to our Type 10-Ok filed a short time in the past for vital danger components that would trigger the corporate’s precise efficiency and outcomes to vary materially from these expressed or implied in any forward-looking statements. We undertake no obligation to replace or revise any forward-looking statements or another info supplied on this name because of new info, future outcomes or developments.
I additionally need to inform you that Jim and Clay shall be in San Francisco subsequent month at an offsite occasion to the annual JPMorgan Healthcare Convention, to satisfy with institutional traders and enterprise growth companions. If you would like to satisfy with them, please contact me to schedule. You will discover my contact info on the backside of in the present day’s earnings press launch.
Now it is my pleasure to introduce our first speaker on in the present day’s name, Beth Jantzen. Please go forward, Beth.
Beth Jantzen
Thanks, Sanjay. Good afternoon, everybody, and thanks for becoming a member of us on our fiscal year-end name. I’ll begin this afternoon with an outline of our outcomes for the quarter ended September 30, 2022. I’ll then flip the decision over to Dr. James Hayward, our President and CEO, who will talk about progress in opposition to our strategic initiatives. We are going to then open the road for questions from our analysts and institutional traders.
Earlier than my overview, I wish to notice that efficient with the submitting of our 2022 Type 10-Ok in the present day, we’re reporting section knowledge that displays the outcomes of operations for our three reportable segments that are comprised of: therapeutic DNA manufacturing, which is recognized as LineaRx, our majority-owned biotherapeutic subsidiary; MDx or molecular diagnostic testing companies and merchandise, which is our ADCL Scientific Laboratory; and DNA tagging and safety merchandise, which is our provide chain traceability section.
Given the latest substantial development in our scientific laboratory enterprise in addition to the evolution of our LineaRx subsidiary, the instruments and processes put in place over the course of the fiscal yr will allow the chief administration staff to handle the corporate’s efficiency on a section foundation, assess anticipated future money flows and make extra knowledgeable selections about every of our three enterprise segments going ahead.
To start, we’re happy to report continued quarterly year-over-year income development for the fiscal fourth quarter in addition to report revenues for the second consecutive fiscal yr. Our income efficiency throughout each durations was pushed by ADCL and its COVID-19 testing service and due primarily to the addition of a key testing consumer simply previous to the beginning of this fiscal yr.
Operationally, we moved to optimize our price construction and handle our bills. A key part of our price administration program was to cut back the associated fee related to our key COVID-19 testing contract. We’re constantly monitoring and rightsizing our prices relative to this contract that has been prolonged by means of July of 2023.
Turning to our consolidated outcomes for the quarter. Whole income was $3.6 million, a rise of 17% from $3 million within the prior fiscal interval, reflecting a $1.3 million enhance in ADCL COVID-19 testing revenues related to our key purchasers that offset a decline in product and repair revenues from different companies totaling $782,000. The decline primarily displays a lower in gross sales of DNA focus to guard a textile provide chain in addition to a decline in gross sales of our MDx check kits and provides.
Gross revenue was $417,000 or 12% in comparison with $992,000 or 33% within the prior fiscal interval. The decline in gross margin was primarily the results of the next portion of scientific laboratory service income coming from managed companies testing contracts that carry greater prices in comparison with ADCL’s surveillance contract. To a lesser extent, the decline was attributable to a change in product gross sales combine as product revenues within the prior fiscal yr interval included gross sales of diagnostic check kits and provides and DNA focus for textiles which might be at the next gross margin.
Whole working bills had been $4.8 million in comparison with $5.5 million within the prior fiscal yr interval, reflecting the absence of a $822,000 impairment cost associated to goodwill and the remaining internet ebook worth of intangible property incurred within the prior fiscal yr interval that was related to our 2015 Vandalia asset buy, and to a lesser extent, a lower in analysis and growth bills of $313,000. These decreases had been offset by will increase in insurance coverage expense of roughly $209,000 and in unhealthy debt expense of roughly $237,000 to order a buyer stability that was deemed to be uncollectible.
Our working loss was $4.4 million in comparison with $4.5 million within the prior fiscal yr interval. Excluding noncash bills, adjusted EBITDA remained comparatively flat at a unfavourable $3.4 million in comparison with a unfavourable $3.3 million within the prior fiscal yr interval.
Turning to our stability sheet. Money and money equivalents totaled $15.2 million on September thirtieth. Money and money equivalents embody proceeds from an August public providing of widespread inventory and two sequence of warrants for whole internet proceeds of $10.7 million in addition to a subsequent warrant conversion for an extra internet proceeds of $3.7 million.
Accounts receivables stood at $3.1 million, the vast majority of which has simply been collected. For fiscal 2022, our common month-to-month money burn stood at $786,000, representing a 41% discount from fiscal 2021, common month-to-month burn of $1.3 million, and is reflective of elevated money receipts in addition to our price administration efforts. Our warrant stability elevated because of the latest public providing. Our excellent warrant stability on September 30 stood at $7.3 million. Roughly 2.2 million warrants have exercised costs starting from $2.80 to $2.84 per warrant share. That may symbolize whole proceeds of $6.2 million to the corporate, if exercised. The stability had been $5.1 million warrants at an train value of $4 per warrant share, of which $2.1 million warrants expire in September 2023.
I wish to notice that additionally efficient with the submitting of the 10-Ok, we have now alleviated the substantial doubt of a going concern on the corporate by means of the money acquired from the August public providing and the warrant train in addition to assortment of our accounts receivable. We estimate that we are going to have enough money and money equivalents to fund operations for the following 12 months from the submitting of our 10-Ok in the present day. Money and money equivalents had been $14.7 million on November 30.
Moreover, we recognized a cloth weak point in our inner controls over monetary reporting as a part of our – the annual audit. The fabric weak point is nonoperational, and it didn’t require restatement of any beforehand issued monetary statements. The recognized materials weak point is expounded to controls round accounting for complicated monetary devices, because it pertains to the accounting for our excellent warrants and the associated tax impression. We’re dedicated to sustaining a powerful inner management setting, and are implementing procedures to assist guarantee this materials weak point is remediated as quickly as doable.
Capital expenditures are projected to be lower than $3 million, the majority of which shall be centered on growth actions to assist our two near-term go-to-market software for LineaRx’s linear DNA platform, that Jim will handle in his remarks. In parallel, we’re pursuing nondilutive funding sources, together with grants that will offset or complement our projected spend.
This concludes my ready remarks. Thanks for becoming a member of us in the present day. I hope you all have a cheerful and wholesome vacation and New 12 months. I’ll now flip the decision over to Jim for his feedback.
James Hayward
Okay. Thanks, Beth, and good afternoon, everybody. Thanks for becoming a member of us on our fourth quarter and year-end fiscal 2022 investor name. It was a powerful yr for Utilized DNA, each from the attitude of income development and operational execution. In fiscal 2022, our strategic priorities had been: first, to keep up momentum and income after a report fiscal 2021; second, to advance our pivot to biotherapeutics, which we acknowledge as having the best alternative to construct long-term worth for our shareholders; and third, to evolve our DNA tagging and scientific lab segments towards optimistic money flows to assist the value-creating potential of LineaRx, our biotherapeutics section. To that finish, the fourth quarter capped off a consecutive second yr of report revenues through which we additionally recorded 4 consecutive quarters of year-over-year income development.
Whereas our income efficiency was as soon as once more generated from COVID-19 testing, what’s most spectacular is that these report revenues had been achieved whereas concurrently placing into place the potential drivers of continued development past COVID-19. And I am going to initially give attention to our scientific lab, ADCL. As Beth famous, consolidated revenues had been pushed by ADCL and the acquisition of the important thing COVID-19 testing buyer, simply previous to the beginning of the fiscal yr. Because the contract started, we have now constantly aligned our operational mannequin and prices with the fluctuating testing demand over the tutorial yr. We proceed to proactively handle prices to demand following the receipt of a one-year extension to our contract by means of July of 2023.
Past its contribution to income, the experience that we gained from excessive throughput COVID-19 testing, enabled our scientific labs to grow to be tailor-made to serving giant populations and enterprise clients as a inhabitants well being platform, which is a key differentiator versus different scientific labs that target particular person affected person testing and cost from third-party payers. We ported this area experience to MPOX, which was beforehand often known as Monkeypox, with the fast design and approval of our personal PCR MPOX check, which, on the time of growth had a powerful demand however which grew to become nearly irrelevant shortly afterward attributable to efficient vaccines and altering social habits.
Nonetheless, we did achieve further beneficial diagnostic growth expertise. The velocity with which we develop the assay and obtained regulatory approval from the New York State Division of Well being serves as a mannequin for Utilized DNA Scientific Labs going ahead.
We moved to develop ADCL’s menu of diagnostic assessments for a second time with the initiation of growth for pharmacogenomics testing service, which as soon as once more we’ll be advertising and marketing to giant populations and enterprise clients.
Now waiting for fiscal 2023, we’re centered on new gross sales alternatives and incremental gross margin enhancements in our ADCL section. To this finish, we’ll proceed to optimize prices related to our largest COVID testing contract to maximise gross margins, coupled with the launch of a higher-margin pharmacogenomic testing, which ought to return greater margins relative to our COVID-19 testing.
Now we’re additionally cognizant of the shifting local weather for COVID testing. ADCL has been, and is in the present day ready for a post-COVID world. The 2 largest price facilities for our COVID-19 testing companies are the third-party suppliers who employees our testing areas for our key consumer all through New York Metropolis, adopted by our scientific laboratory employees. Our scientific employees is already cross-training on our pharmacogenomics assay. Prices related to our third-party staffing might be terminated with 30 days’ discover, with out impacting the stability of ADCL’s testing clients.
Now our pharmacogenomics testing service is borne out of a lesson discovered from our COVID-19 technique, that’s to open up new gross sales alternatives that particularly serviced giant inhabitants and enterprise clients. Now, pharmacogenomics is a subject of precision pharmacy that mixes the science of pharmacology and genomics to know how a person’s genetics might affect their response to medicine. It seems to be at particular genes to assist decide the varieties of medicines and dosages which may be finest for a affected person, making certain fewer hostile reactions, higher drug response, and in the end, extra environment friendly therapies. All these advantages culminate in higher affected person outcomes and decrease well being care prices, particularly for giant populations.
For these causes, we’re specializing in giant cohort well being care alternatives for pharmacogenomics, significantly regional well being methods and enormous self-insured entities the place the financial advantages of pharmacogenomic testing can actually be substantial. Quite a few printed research present that pharmacogenomics do assist information drug choice and dosage, and may considerably cut back each direct and oblique well being care prices for a person. Whereas these potential particular person financial savings are substantial, we imagine the actual good thing about pharmacogenomics involves gentle when it is utilized in a big inhabitants, thus amplifying the potential particular person well being care price financial savings throughout a whole group or neighborhood.
A number of research have proven that large-scale pharmacogenomics testing can drastically cut back a corporation’s total well being care prices, whereas on the identical time, offering higher look after every particular person. Thus, by leveraging our distinctive large-scale inhabitants testing experience honed from COVID-19, we imagine we are able to provide a differentiated inhabitants well being care, pharmacogenomics testing companies that return important worth to bigger organizations. Whereas our COVID-19 and MPOX assays are single goal assessments. Our pharmacogenomics panel interrogates 120 targets throughout 38 genes, making it a extra complicated growth course of.
Initially, it was estimated to be submitted to the New York State Division of Well being in October, however we now count on to take action by the top of January 2023. This slight delay is because of issues with our scientific validation accomplice, which we have now since remedied. Topic to New York State Division of Well being approval, we’re concentrating on a late Q2 fiscal yr 2023 industrial launch date.
Now to our DNA Tagging section. That has not but skilled a rebound in demand publish COVID. The latest confluence of cotton margins being squeezed and low cotton inventories ensuing from the worst drought in a decade, blunted demand for DNA tag cotton. Nonetheless, we imagine demand on this section might return in fiscal yr 2023. The Uyghur Compelled Labor Prevention Act went into impact over the summer season. The act identifies cotton and attire as two of 4 excessive precedence sectors for federal scrutiny. DNA Tagging and isotopic testing, two constituent parts of our CertainT platform, had been recognized by pointers issued by Customs and Border Safety as the important thing technique of compliance with the Act.
We entered into an unique partnership with our long-time isotopic testing accomplice to offer us a best-in-class multilayered strategy to produce chain traceability and assurance throughout the whole lot of pure fiber-based worth chains. Since implementation of the act, we have now secured new certainty clients centered on isotopic testing initially as a way of demonstrating fast compliance with the act, and we are actually working to probably transfer these clients to DNA Tagging. And to remind you, 20% of world cotton manufacturing originates within the Xinjiang province of China, the first focus of the act. The remaining 80% of world cotton now additionally have to show that it’s not tainted with Xinjiang cotton and we’re shifting to entry that 80%.
Traditionally, demand for DNA Tagging and testing has been triggered by the authentication calls for of American-grown Pima and Upland cottons. We have labored in collaboration with a world-leading cotton service provider and a producer to manufacturers. Whereas the income stream has been irregular, the platform is confirmed and has been profitable with each Egyptian and Australian cottons as effectively.
The drought within the U.S. in 2022 highlighted our dependence on American cotton. I famous earlier that every one cotton merchandise getting into the U.S. should adjust to the UFLP Act. Consequently, for fiscal 2023, we have now tailored our go-to-market technique by shifting alongside the cotton textile worth chain and fascinating with spinners, weavers and different provide chain contributors who transact in substantial quantities of cotton yearly, and every with a vested financial curiosity in delivering merchandise compliant with the UFPL Act. We’re in lively discussions with contributors within the textile worth chain, and can report on new developments or new orders as they happen. Given this, we imagine there’s a important working leverage to be realized from potential new demand supported by the infrastructure we have already got in place in the present day.
Now to LineaRx. In fiscal 2022, we centered on analysis and growth actions to assist our two near-term go-to-market purposes for the linear DNA platform. The primary, to supply linear DNA templates for in vitro transcription to allow the producer of the mRNA therapies; and the second, to generate veterinary biologics, significantly linear DNA vaccines.
Let me briefly summarize our achievements throughout this previous fiscal yr. We generated knowledge displaying that linear DNA makes for a compelling case as a template for a messenger RNA drug manufacturing over plasmids. Particularly, linear DNA holds a better copy quantity benefit. It accommodates homogeneous poly T tail sequences which might be mandatory for the required poly A sequences within the RNA, and it removes the usage of costly restriction enzymes that comprise as much as 5% of the overall price of products for mRNA therapies. The information had been sufficiently compelling to draw curiosity in proof-of-concept initiatives with a number of mRNA builders, with whom – we hope will evolve with us as we convey our cGMP capability on-line.
As well as, we printed seminal knowledge that confirmed for the primary time {that a} linear DNA-based vaccine can mitigate tumor development and may defend in opposition to stay infectious virus and animal fashions. Furthermore, we additionally work to optimize the in vivo supply of linear DNA to extend its ease of administration by way of lipid nanoparticles or LNPs, shifting away from the specialised administration by way of electro gene switch. And through the yr, we reported our first profitable administration of a linear DNA assemble in vivo utilizing LNPs by a easy intramuscular injection in animals, which is an important first step in the direction of growing the industrial viability of linear DNA.
With these vital milestones behind us, we now want a cGMP manufacturing capability to develop our in vitro transcription templating enterprise, and to get linear DNA veterinary vaccines into the clinic. Shortly after the shut of the fiscal yr, we dedicated to standing up a small-scale cGMP facility for the enzymatic manufacturing of DNA by the top of calendar 2023. We additionally acquired a full yr dedication for quarterly supply of linear DNA from a diagnostic buyer. Furthermore, we’re leveraging beneficial knowledge generated and printed throughout fiscal 2022 to progress linear DNA as each a prophylactic and therapeutic most cancers vaccine platform for the rising veterinary well being market.
The veterinary immuno-oncology market is a very enticing goal marketplace for linear DNA. Market knowledge suggests this market is projected for a three-fold development by 2030, and we imagine, linear DNA is effectively suited to deal with widespread veterinary cancers reminiscent of lymphoma, which symbolize as much as 24% of all most cancers in canines. At present, we’re conducting two further LNP associated research. In a single, we’re working with Cornell College to check whether or not linear DNA encapsulated with an off-the-shelf LNP formulation, can elicit a profitable immune response when delivered by way of intramuscular injection to an animal mannequin. This is a vital research. And if profitable, could be the primary time LNP encapsulated linear DNA, could be proven to be immunogenic, opening the door for each prophylactic and therapeutic LNP linear DNA veterinary vaccines. We count on preliminary knowledge from this research late within the first half of the fiscal yr.
The research’s second objective is to optimize an LNP formulation to be used with linear DNA. We’re at present working with a really well-regarded CDMO to display quite a few LNP formulations. The objective of the research is to determine or develop a cheap LNP formulation that maximizes linear DNA immunogenicity in vivo. Since linear DNA is rather more secure than mRNA, we imagine that we might be able to make the most of non-IP-protected LNP formulations that will decrease LNP prices. This research was kicked off simply final month, with completion slated for the second half of fiscal 2023.
As well as, we’re additionally serving {the marketplace} for potential oncology and infectious illness targets that could possibly be tailored for the linear DNA platform. As we have beforehand famous, our objective for veterinary vaccines is to achieve USDA conditional approval, after which we’d search out to license the vaccine to a big veterinary well being firm. It is a widespread growth pathway in veterinary medication, which probably minimizes remedy growth prices and time traces.
Lastly, as we execute the platform’s growth plans and are in the present day extra totally armed with knowledge to assist the linear DNA platform. Strategic partnerships grow to be more and more related to this section’s future. We now have established dialogues with different firms to the manufacturing of genetic medicines in addition to with remedy builders. Of explicit curiosity to us are firms that may amplify linear DNA’s worth proposition as a template for mRNA drug manufacturing and as a veterinary vaccine platform. We imagine we’re effectively positioned in two development markets and we’ll be searching for potential partnerships as a part of our attendance on the JPMorgan Healthcare Convention held in January in San Francisco.
Lastly, in fiscal 2022, we strengthened our stability sheet to assist our strategic priorities. As Beth famous, our stability sheet is at its healthiest and consists of warrants that ought to our share value align with our enterprise execution might function a capital environment friendly supply of further funding.
Now simply earlier than we open the decision to questions, let me provide a quick recap. We’re searching for to maintain momentum in our topline in fiscal 2023, whereas we additionally moved to place in place the constituent parts for long-term and worthwhile development throughout every of our enterprise segments. At LineaRx, we’re setting up the mandatory basis to deal with our goal industrial markets with our linear DNA platform. We additionally count on to have in place a small-scale cGMP facility by the top of this calendar yr – calendar 2023.
At ADCL, we plan to launch our pharmacogenomic testing companies late in Q2 of 2023, topic to New York State Division of Well being approval, and we’re at present laying the mandatory groundwork to make sure a fast launch and assist drive market curiosity. For DNA Tagging, we’re broadening our addressable market to make the most of the UFLP Act and comparable laws being proposed worldwide.
Lastly, we have now the capital essential to execute on our near-term objectives. Be assured that we’re very centered on the worth creation alternative and the expansion trajectory forward of us.
Operator, please open the decision to questions.
Query-and-Reply Session
Operator
We are going to now start the question-and-answer session. [Operator Instructions] Our first query is from Yi Chen with H.C. Wainwright. Please go forward.
Yi Chen
Thanks for taking my questions. My first query is, might you give us some – your expectation with regard to potential annual income generated from pharmacogenetic testing service?
James Hayward
Sure. It has not been our behavior, Yi, to supply steerage, however we are able to inform you that our survey signifies there’s an actual emptiness within the pharmacogenomics, significantly in New York State. And we have spoken to very giant well being care networks who’ve proven in intense curiosity. So suffice it to say, we’re excited and have nice expectations.
Yi Chen
Okay. Thanks. My second query is, might you inform us what number of biopharmaceutical firms are at present evaluating or have adopted the enzymatically produced linear DNA for his or her manufacture of genetic medicines?
James Hayward
I haven’t got a exact quantity in entrance of me, however I might guess that quantity is within the neighborhood of 20, actively collaborating, and that covers the vary and measurement from start-ups to well-established a long time, outdated biotech companies.
Yi Chen
And lastly, might you touch upon the present pattern of the COVID testing market demand?
James Hayward
On the pattern of COVID testing…
Beth Jantzen
Market demand.
Yi Chen
Quantity or the pattern within the present quarter and going ahead?
James Hayward
Nicely, we’re inspired by the quantity of testing that we’re doing when, after all, lots of our rivals have stepped away from COVID testing, considering that the pandemic was over. I can inform you it is not, and we’re seeing excessive charges of positivity within the cohorts we’re testing, and we’re testing at a gradual state, in step with the revenues of final yr. And we’re hopeful that we’ll keep at that regular state for not less than within the subsequent six to eight months.
Yi Chen
Okay. Thanks.
Operator
[Operator Instructions] The following query is from Jason McCarthy with Maxim Group. Please go forward.
Jason McCarthy
Hello, Jim. Thanks for taking the query. Are you able to discuss a bit bit about – I do know you’ll be able to’t reveal particular companions for the linear DNA program, however the varieties of therapies – you had talked about oncology, however is that extra in the direction of most cancers vaccine? Or are there different approaches in there, together with issues like DNA-based antibodies, significantly checkpoints? Not that many teams have achieved that, and I questioned if linear DNA might be utilized to molecules that enormous?
James Hayward
Proper. Nicely, we have now been in a position to incorporate fairly giant open studying frames than our linear DNA system. And so, we predict that the vary of purposes is awfully various. We now have clients with curiosity in most cancers and redirected cell therapies and novel approaches to uncommon ailments and vaccines. And so, I feel, of the purposes which have so excited {the marketplace} for RNA, lots of them or most of them are addressable with linear DNA. And naturally, with better stability – and in some circumstances, far fewer issues like double-stranded RNA or in homogeneous poly A or challenges in capping, so we’re being very conservative, Jason, by beginning out centered on IVT templates. However we additionally suppose that steadily, as we show that linear DNA doesn’t combine into genomes and is expressed episomally, we predict the vary of purposes will develop fairly shortly.
Jason McCarthy
Are you able to – from a linear DNA-based RNA kind strategy, are you able to discuss what the curiosity degree is in that space? As a result of, as you recognize, the, mRNA – clearly, RNA has captured everyone’s consideration due to COVID, however there are very particular the explanation why it was profitable as an infectious illness vaccine. They’ve by no means actually been in a position to ship it with nice success wherever else for a wide range of causes. Possibly DNA – linear DNA is smart and solves that supply drawback and possibly there could possibly be robust curiosity there? Or are you able to describe the extent of curiosity round that kind of strategy?
James Hayward
We are able to do issues with linear DNA that you may’t do with plasmids by way of serving as a template. The pliability we have now with the chemistry of primers, the capability to do uncommon issues like biotinylation, the truth that there isn’t a restriction enzymes required within the processing of the RNA, the truth that we have now a duplicate quantity benefit in linear DNA, have all confirmed motivating components for the businesses which might be growing RNA medicine, each due to potential enhancements within the RNA itself and within the consequent remedy and due to the chance for a lower in price and time.
Jason McCarthy
Obtained it. Thanks for taking the questions.
James Hayward
Thanks for asking, Jason.
Operator
[Operator Instructions] Exhibiting no additional questions, this concludes our question-and-answer session. I wish to flip the convention again over to Dr. Hayward for any closing remarks.
James Hayward
Okay. Thanks, operator, and thanks to our traders and followers of the corporate for becoming a member of us on our name in the present day. On behalf of the administration staff, the Board and all of our workers, we’re very grateful to your persevering with assist. We want you the very best of joyful holidays and sit up for talking with you once more on our first quarter name. Thanks very a lot. Goodbye.
Operator
The convention has now concluded. Thanks for attending in the present day’s presentation. You could now disconnect.
