Good morning, everybody, and welcome to Ultimovacs third quarter of 2021 presentation. As usual, I have with me our Chief Medical Officer, Jens Bjørheim, and our Chief Financial Officer, Hans Vassgård Eid that will go through the highlights of this quarter. As usual, afterwards, we will have the opportunity to have a Q&A session. So please, if you have any questions, send them as we go through the presentation, and we'll try to address as many as possible. As you know, this has been a fantastic year for Ultimovacs.
We have had a very successful year so far, and I have to say that the month of October was exceptional by starting to mention that, you know, we, as communicated, we have now our fifth phase II study in non-small cell lung cancer.
Of course, Jens will give you all the details of these studies, but you know that the study will be happening in Norway, will enroll approximately 138 patients in 8-10 sites. Also, very recently, as you know, we have a very successful capital raise. We raised the gross proceeds of NOK 270 million.
This was also this month was also further strengthened by the communication of the two-year follow-up for the first cohort in the study in melanoma in combination with pembrolizumab, where we communicated 80% overall survival, what is very, very strong data.
This, of course, comes on top of the strong data that we have presented also at ASCO, as you know, the biggest cancer conference in the world, and also the initial results from the second cohort that were communicated in August. In addition, very important for us as a company, we received Fast Track designation from the FDA to the use of UV1 as an add-on therapy to pembrolizumab and to ipilimumab.
Of course, this is a recognition by the regulatory authorities, by the FDA, that the data that we submitted to them is, as you can see there, good enough to demonstrate that we have the potential to address an unmet medical need, in this case, advanced melanoma, and also this is a life-threatening condition.
You know, in addition to this recognition, what are the benefits that receiving Fast Track? There are several very important benefits for the company. The one is that basically, we facilitate the development and expedited review of UV1.
We also have the opportunity to meet with the FDA to discuss the development plan, moving forward, and this is very important, because if we produce the data, then we also have the, you know, are eligible to, receive Accelerated Approval and Priority Review. These are all very important benefits.
Of course, we need to produce the data, but this is, in a way, a recognition by the authorities that the data that so far we have been showing and also communicating to you is strong enough to justify this, receiving this designation. If I move in terms of the usual update on the enrollment of patients in our, very extensive, program, you can see that, INITIUM has now added 23 patients in the last reporting period.
We have now 91 patients enrolled as of yesterday, and this is compared with 68 that we reported in the previous period. The NIPU study has a total of 118 patients. The study is in mesothelioma, and as you know, in this study we collaborate with Oslo University Hospital and also with Bristol Myers Squibb, and we have 45 patients enrolled as of yesterday, which is compared with the 38 patients that we reported in the last period.
The DOVACC trial is a trial in ovarian cancer. As you know, in this study, we collaborate with the Nordic Society of Gynecological Oncology, part of the European Network of Gynecological Oncological Trial Groups, and also we collaborate with AstraZeneca. This study has all the regulatory approvals in place in Denmark.
We'll start enrolling patients we expect very soon, and then we'll expand to the other countries. The FOCUS trial in head and neck cancer, this is a study that, as you know, is happening all in Germany. We have now 5 patients enrolled, and this is all happened during the past period.
Let's talk a little bit about the impact and the effect of COVID in our activities. I would like to remind everybody that the current guidance that we have for completing enrollment and data was put in place before the COVID pandemic affected the whole world and our activities.
Despite these challenges that we have been transparent to the market, communicating that of course these activities have an impact in slowing our recruitment, we have been what I believe quite successful in continuing to enroll patients in our clinical trials. We continuously monitor the situation.
Now we will be basically updating you on what are the new guidance with the Q4. Why did we picked up Q4? You know, third quarter is traditionally a slower period for enrollment. This is basically the impact of a vacation period, particularly in Europe. We also had some of the last centers in INITIUM activated after the summer.
We believe that the next period, the fourth quarter will give us more precise information about what will be the more accurate change in guidance for INITIUM and also for the investigator-initiated studies. All put together, you know, we believe that when we report in the Q4, we'll be in a better position to give you a more accurate changing guidance.
That anyway, we, as you know, we have been fully transparent in disclosing how many patients we enroll every quarter. You see that is happening, and we will continue to do that in all the next quarterly reports. You know, yes, activities of course have been slower than what we expected before the COVID pandemic, but we believe that we have been quite successful.
The team has been doing a great job of interacting with the centers and investigators to try to, despite this challenge, to continue to enroll patients, what we have been succeeding on. Again, quarter four, we will give an update on enrollment, and we will give you, at the time, an update on the guidance for finishing enrollment and expected results. In addition to UV1, as you know, we have our very exciting second platform, the TET-platform.
You know the first study coming out of this platform, the TENDU study in prostate cancer, has three cohorts. The first cohort with a lower dose was concluded. A data safety monitoring board has acknowledged that there was no safety concern, so we moved to a higher dose in the second cohort.
The first patient is enrolled, and we expect soon to start enrolling the next 2 patients and then move to a higher cohort. We will continue, of course, keeping you updated on the developments of this study. If we move now to the operational update, I would like, before we move to the results of the clinical studies and an update there, to talk a little bit about lung cancer.
As you know, lung cancer is among the most common cancer in both men and women. Non-small cell lung cancer, one of the types of lung cancer, really represents about 85% of all types of lung cancer, so it's really the biggest such cancer among the big group. Unfortunately for patients, there's a very poor prognosis.
The five-year survival is about 25%, so really, very damaging and impactful in terms of overall survival for these patients. You see there in the graph there to the non-small cell lung cancer, and these are numbers that refer to U.S., the big five European countries, China, and Japan.
As you know, Asia is a geography that has a very high incidence of lung cancer. As you know, one of the major causes of lung cancer is smoking, and this is very prevalent in Asia. What you see there is the number of new cases of lung cancer in these eight markets. Every year, and these numbers refer to 2020, we have 850,000 new cases of lung cancer. It's really a big impact on society.
What you can see there is from these patients, the patients that will meet the criteria to be enrolled in the new study is about 33%. Quite a high number of patients that will be eligible to participate in the new study. When we look at how lung cancer is treated, and particularly of course non-small cell lung cancer, you see that more than 50% of these patients, in reality about 56% of patients are, in terms of value, treated with checkpoint inhibitors.
You see there the dark green represents the share of a very big market. You see there in 2020, $21 billion in sales in the non-small cell lung cancer alone. 56% of that is done by the checkpoint inhibitors.
Out of all of the checkpoint inhibitors, you can see also there that pembrolizumab is the Keytruda, is the checkpoint inhibitor with the highest market share. They have about 67% in dollar value of the full market of the checkpoint inhibitor. You know, for us as a company, by combining UV1 with pembrolizumab, we combine with a checkpoint inhibitor that has the highest market share in the treatment of non-small cell lung cancer.
This tells you a little bit about the seriousness of the disease, the potential for UV1 in combination with pembrolizumab if we produce the data. Now I will give the word to Jens to walk you through some of the results we had so far and update on the clinical trials.
Thank you. Good morning, everybody. I will give an update on the clinical trials we are participating in or sponsoring right now, and also results from our melanoma trials over the years. First, we are very happy that we are part now of the LUNGVAC trial, as Carlos mentioned.
This is a trial that is sponsored by the Drammen Hospital, and the principal investigator is Terje Brustugun. The patients that will be included in this trial are patients with so-called non-small cell lung cancer. The patients are first-line patients. That means that the patients have not received any treatment for advanced or metastatic disease.
In this indication, the standard of care as of today is pembrolizumab, and we will, in this study, in the intervention arm, add UV1 on top. Totally, 138 patients will be included in 8-10 hospitals in Norway, and it's expected to start inclusion of patients first half of 2022, with readout of results in 2024.
This trial then adds to the already extensive program of phase II trials we are part of or sponsoring in Ultimovacs, as you can see on this slide. Also in this slide, you can see a phase I trial in malignant melanoma, which we have reported on this summer. The first part of that trial was reported at ASCO, and the second part was reported in August this year.
Earlier than this, slide shows you, we had three phase I trials that were conducted at the Radiumhospitalet in Oslo, one in melanoma and one in prostate cancer and one in non-small cell lung cancer. As you might remember, the malignant melanoma indication is the lead indication in Ultimovacs.
We have, as Carlos said, just recently achieved a Fast Track designation in this indication for two different combinations. The UV1 vaccine and ipilimumab is one of them, and the other one is UV1 in combination with pembrolizumab.
Over the next few slides, we will show the results from these two trials that were the basis for these Fast Track designations. Here you can see the first melanoma trial we conducted. That was a trial in metastatic malignant melanoma, where we combined the vaccine and ipilimumab.
It was a trial that was conducted at the Radiumhospitalet here in Oslo. The patients that are still alive in this trial are in long-time follow-up. We have followed them for more than five years. To the left in this slide, you can see the overall survival. As of 60 months, the median overall survival is not reached in our study.
We have compared the results with historical data, as we also did with the UV1/pembro study earlier. Here, we have combined with results from the KEYNOTE-006 trial and the CheckMate-067 trial. As always, we should always remember that when we combine or compare with the historical data, we should recognize that this is not one study. These patients that we compare with will be at different hospitals at a different timing, et cetera.
For the ipi patients in KEYNOTE-006 and CheckMate 067, the median overall survival is around 17 months. We have also compared here the third column in the dark gray to a study called the Ipi-4 trial. That was a Norwegian observational trial that included all patients that could have ipilimumab in the early days of checkpoint inhibitors.
In that trial, the median overall survival read out at 12 months. To the right, you can see the median progression-free survival for the same three groups of patients. The red one is our trial with a median PFS of 6.7 months, between 2.9 and 3.7 months for the different larger international studies, the KEYNOTE-006 and CheckMate 067 trial, and 2.7 months in the Ipi-4 trial conducted here in Norway.
Also, we can look at the response rates in these different cohorts of patients. For our trial, 33%. In the KEYNOTE-006 and CheckMate 067 trials, between 17% and 19%, and in the Ipi4 trial, 9%. The results we present here now is the results that were compiled and sent to the FDA earlier in a dossier that was evaluated and led to the Fast Track designation for this combination of UV1 and ipilimumab.
Sorry. Further, we have this other phase I trial where we have combined UV1 with pembrolizumab. As Carlos mentioned, pembrolizumab is a highly relevant checkpoint inhibitor in lung cancer, but also here in malignant melanoma, and a large patient pool will receive this treatment.
In our trial, we have UV1 on top of pembrolizumab in two different cohorts of patients, one with a lower dose of the adjuvant we need to activate the vaccine, and one with a regular dose we use in all other trials in the 75 micrograms.
From this trial, we have earlier reported a good safety profile, and by that we mean that, adding UV1 on top of pembrolizumab in this patient population did not add any or little new safety as expected when you compare with the pembro safety profile alone.
What we saw in addition was injection site reactions, and that is also something that we expect and something that is in a way a good signal because then we know that the peptides and the immune system has met in the skin.
We have also efficacy signals from this trial, as you can see on this slide. Totally 30 patients were included, and 9 out of those had a complete response, meaning no tumor tissue left. 8 patients with a partial response, 2 with a stable disease, and 11 patient progressed. The objective response rate in this trial at current then is 57% with a complete response rate of 30%.
For the median progression-free survival, we have reached that one in the first cohort with 20 patients at 18.9 months. For cohort two, which we have followed for a shorter time, the median progression-free survival was not reached at 12 months. For the overall survival, after 1 year landmark data, meaning that all patients have passed 1 year of observation, between 85%-90% of the patients were alive.
For the first cohort with 20 patients, we have follow-up data for 2 years now, and we saw an 80% overall survival after 2 years. Also here, we have compared with earlier data. Here we have used the KEYNOTE-006 data. The red columns will be our trial, and the gray column will be the KEYNOTE-006 trial.
As always, please remember that this, to compare these different columns, this is not the same study. It's two different studies with different hospitals, et cetera. In our trial, we found a response rate of 57% versus a range between 33%-37% for the pembrolizumab patients. For the complete responses, we saw in our trial 30% versus 5%-12% in the KEYNOTE trial.
One thing that we find quite interesting is the number of complete responses. There are few patients in this trial, but still one of the hypotheses for this vaccine over the years has been that if it works, it will push more patients towards a complete response. This trial, we see actually more complete responses than partial responses as of now.
Also, when it comes to overall survival, the red columns again, here is our trial, and the gray columns, it's KEYNOTE-006 patients. After one year, we had 85% overall survival in the first cohort, compared to 72%-75% in the KEYNOTE trial. After two years, 80% of the patients were alive in our trial, versus 58% in the KEYNOTE trial.
Based on these results, both from the combination of UV1 and ipilimumab and UV1 and pembrolizumab, we are really encouraged to continue inclusion in the next step in our development of UV1 in this indication. We also know, as Carlos have said already, Fast Track designations for these two datasets validating the results for us. Here you can see the INITIUM trial, which Carlos reported the patient number from.
That was a trial that was started last June. It is in first-line malignant melanoma patients that are advanced or metastatic patients. In this trial, all patients receive nivolumab and ipilimumab, and on top in the intervention are UV1 vaccine. The patients are included in the U.S., U.K., Belgium, and Norway. Top-line results are expected towards the end of 2022.
We also have our extensive phase II program, where we collaborate with different academic and pharma companies. Here you can see the NIPU trial, which is in mesothelioma patients. That will be the patients that are mainly exposed to asbestos and get this cancer form. This trial is sponsored by Oslo University Hospital and was started last summer.
They collaborate with BMS and us to include 118 patients from Scandinavia, Spain, and Australia in this trial. Top-line results are expected in 2022. As you can see here, the drugs that are used in this trial is also nivolumab and ipilimumab. One thing that we find quite interesting is that last year, the FDA approved this combination for treatment of patients with mesothelioma, and it was also approved in EMA region earlier this year.
We do hope that the UV1 on top of this combination will further enhance the efficacy of the checkpoint inhibitors. For the DOVACC trial, that is in women with BRCA-negative ovarian cancer. The patient indication is somewhat complicated.
The patients have received two lines of chemotherapy, and if they respond to the second line of chemotherapy, they can be included in this trial. The trial is sponsored by the Nordic Gyn Cancer Organization working with the clinical trial groups, the NSGO, and also ENGOT, which is the European umbrella for such organizations.
They collaborate with AstraZeneca and ourselves to include 184 patients from around 10 countries in Europe. Expected to start enrollment of patients quite soon. Readout of this trial is expected in 2023.
On this slide you can see the FOCUS trial and the LUNGVAC trial. The FOCUS trial is a trial in head and neck patients with head and neck cancer. The patients will be PDL1 positive and have metastatic or recurrent in head and neck cancer. That is the indication for pembrolizumab in this patient group.
The trial is sponsored by University Medical Center Halle (Saale), and they collaborate with us to include 75 patients in this trial. It's a German trial with 10 sites in Germany. The first 5 patients are now enrolled, and readout of the trial is expected in 2023. To the right, again, back to the LUNGVAC trial in advanced and metastatic non-small cell lung cancer. This trial is sponsored by Drammen Hospital and the principal investigator, Odd Terje Brustugun.
It's a Norwegian trial that will be conducted between 8 and 10 hospitals in Norway, and 138 patients will be enrolled. Expect to enroll patients by the end of H1 or in H1 next year. Top-line results from this trial is expected in 2024. Then a few words about the second program in Ultimovacs, the technology platform.
As we have presented earlier, the technology platform differs from the UV1 drug in the way that the adjuvant and the peptides are combined in one molecule. This has been partly or mostly a preclinical project up until earlier this year, whereas the trial was started with this new molecule. The TENDU trial was started back in February and was the first-in-man trial.
It's different dose levels and the ambition with that trial is to understand more about the safety around this molecule, to understand the immune responses that are generated in the patients.
We are finished with the first dose level for these patients and are currently at the second dose level. We will continue to enroll patients in this trial to get a better understanding of the relevant dose for this molecule moving forward. I guess that will end my session. Please, Hans.
Thank you, Jens. I will take you through the main financial highlights during the last quarter. I'm happy to start with the private placement we were successfully able to complete in the last part of October.
As Carlos mentioned, we were able to raise NOK 270 million in that capital raise. It was particularly pleasing to see that the placement was significantly oversubscribed, given the fact that the market conditions within biotech and raising funds in biotech was clearly more challenging in this period compared to what we have seen earlier this year. We saw interest from more than 100 investors in participating.
We are again happy to see that we have strong support from the existing main shareholders who participated with a significant proportion. We saw strong participation from several board members and employees. On top of that, we saw clear interest from a significant number of new investors as well.
The net proceeds from the private placement is planned to be used for, of course, the new LUNGVAC trial, broadening the phase II program to now include five different indications. Secondly, we will spend additional funds to bring the UV1 platform to what we call phase III readiness. What does that mean?
When we complete the phase II trials with very good results, there is of course a certain opportunity that there may be a conditional approval. In any case, we need to move into phase III trials, and we do not want to lose any time. We want to be well prepared to continue into the phase III stage.
Remember that we have set a clear strategic target to enter into strategic partnership following the readout of the phase II trials. We strongly believe that by preparing well for the phase III stage, we are also preparing well for the partnership because a potential partner will have a strong interest in Ultimovacs being well prepared for the next stage.
Thirdly, we will also continue spending on developing the second technology platform, the TET-platform. We have initiated the first clinical trial, the TENDU trial, and we will in parallel with running that, continue to invest in the platform to prepare that for further clinical development.
Then there will also be some funds available for general corporate purposes. So all in all, a very successful private placement, and this contributes to us having a strong cash position going forward.
If we look at the key financials for the last quarter, we continue to see a quite stable expense level or what people tend to call a burn rate, cash burn rate. We have said that we expect the burn rate to increase somewhat with the increasing activity level in the R&D area.
We have not seen that materialize to the extent we expected so far, but we expect that to still happen as we increase the number of trials and the more patients overall into the complete phase II program.
If we look at the specific expense items the last quarter, we see that the payroll expenses are higher than we have seen historically. That is mainly due to costs related to the share option program. We saw during the third quarter a strong share price development in Ultimovacs, and that is reflected in a need for an accrual related to potential social security tax. That amounts to roughly NOK 12 million in the quarter. That's a non-cash item as of today.
It may become a cash item in the future, but that depends, of course, on the future share price and when these options are exercised. If we look at the R&D costs that normally are the main cost component, we continue to see a stable burn rate, roughly at the same level as last year.
Looking at other operating expenses, there is a slight increase, but also fairly stable compared to previous periods. The net financial items is influenced by the currency hedge position we have. We have some currency hedging euro towards NOK. We have NOK 100 million in Norwegian kroner in a currency swap and also NOK 50 million Norwegian kroner in a euro bank account.
The cash position by the end of the quarter amounted to NOK 348 million, and this was prior to the share issue we had in late October. Looking specifically at the operating cash flow, as I mentioned, it has been quite stable compared to the previous quarters with a negative operating cash flow of NOK 31 million-NOK 32 million, that range.
As indicated, we expect a slight increase as we bring the new trials live and also when we increase the patient recruitment in all the ongoing trials. We also have some other R&D costs that we expect to increase somewhat. We, as always, have this overview on a quarterly basis of the key financials.
That's meant as a service to analysts who would like to have more details on a quarterly basis. With that, I would like to give the word back to Carlos, who will take us through the expected news flow. Thank you.
Thank you, Hans. Thank you, Jens. Let's talk now about the expected news flow because I know this is an area of interest to you. You know, I would like to repeat again what has been a very successful Q3 and also beginning of Q4. You know, we communicated very strong data on the two-year follow-up for overall survival.
80% of the patients still alive after two years in the melanoma study in combination with pembrolizumab, receiving the Fast Track designation, the very successful capital raise. We also expect until the end of the year to announce very soon the first patient in the DOVACC trial. Of course, you know, we don't stop there, and we are gonna have also a very exciting next couple of years.
Next year, we will have the two-year follow-up for the second cohort of patients in the melanoma study in combination with pembrolizumab. We expect during the first half of the year to announce the first patient to be enrolled in the new lung cancer study. We also will expect the final results of the TENDU trial in the TET technology.
Of course, you know, the start of the results from the INITIUM study, from the NIPU study. Then if we continue into 2023, the top line results of the DOVACC and FOCUS trials. In 2024, towards the end, the results from the new lung cancer study.
Of course all this will be accompanied by the company has been increasing the efforts in terms of being out there more visible to the scientific community by new publications in reputable medical journals, in presentations at medical conferences. Of course, we will continue to also increase the visibility of the company towards investors.
We will continue in our non-deal roadshows, introducing the company to new investors in the expanded geography. Also, of course, you know, continuously talking with what will be the potential partners in the future and updating them on the data. Overall, as I mentioned, very successful period.
In terms of the key takeaways from the report, very important a new study, the fifth phase II study in a very big indication. Really five indications now. This is quite an ambitious program for a small biotech like us.
Different combinations. In total, we will have more than 650 patients enrolled in these five trials, and we will be including patients at about more than 100 hospitals in approximately 15 countries. Quite a broad program, extensive, and of course of a big value. We're very happy that we continue to show strong data that was, as I mentioned, reinforced the data from earlier in the year presented at ASCO.
Now with the two-year follow-up for survival in the first cohort of the melanoma study. Very important to get the recognition from the regulatory authorities, particularly the FDA, by granting us what we call a dual Fast Track designation.
We have UV1 as add-on therapy to pembrolizumab or as add-on therapy to ipilimumab. This is a recognition of the value of the data and of course gives clear benefits to us as a company as we move forward in the development. We have been, as I mentioned, transparent that the studies are not moving as fast as everybody would expect. This is of course the impact of the COVID.
We expect to give you an update on the guidance, but we also don't expect that the changes in the guidance will have any significance. We will see how the next quarter will move. As promised with the Q4 report, we will not only update you on all the patients enrolled, but also at that time what we expect to give a more precise change in guidance.
Again, we don't expect that this change will be significant. Very importantly that we continue to develop the TET-platform. Part of, as Hans mentioned, the capital raise will be to continue investing in what we believe is a very valuable platform. We know we have the new study, the TENDU study coming out of this platform.
The TET-platform that is in reality an adjuvant technology, very important in the treatment, when we use vaccines because, you know, you always need two key components, the adjuvant component and then the peptide or the antigen component.
The TET-platform technology is really, very innovative and with a lot of potential, and we can derive multiple products coming out of this technology to enrich our own pipeline, but also to collaborate with other companies that need, you know, a very good adjuvant technology to combine, for the vaccines. The very successful capital raise really expands our runway towards the beginnings of 2024.
This of course is everybody recognizes it's very important to give us let us really focusing on delivering on the operations, but also takes us comfortably across the period where we will have expected top-line results from these multiple phase II trials, but also as we again assuming successful results as we start more serious discussions with partners strategic partners for potential licensing of UV1 in these multiple cancer indications.
Again, very successful year so far. Very successful period. Very exciting next couple of years expecting us and the team. We continue highly dedicated as a team to continue delivering. We emphasize the fact that we want to and enforce again our promise that we continue to operate with full transparency and really continue to communicate with you on a regular basis.
We also expect to have some initiatives of getting closer to you, but I'll leave that to a future communication. We want to thank you for your time, attention, and we will give now the opportunity to answer any of the questions that you raised during our presentation. Thank you to Hans and to Jens in this presentation. A big thank you to the team that has been very dedicated in delivering these results. Of course, to our board and to all of you, our investors, by your support and interest in continue to invest in Ultimovacs. Any questions, Hans?
Yes, we have one question here. Just remind me, what is the expected time from initiation of treatment in the INITIUM trial to an event? If I remember correctly, the trial is event-driven, and you need approximately 74 events to be able to have top-line data readout. Given that you already have more than 75 patients recruited, how should we think about timing going forward for the INITIUM trial?
You know, I can also answer this. We have been saying that we expect the timing for the 70 events to be about 12 months from the enrollment of the patients. As you know, and as you mentioned in your question, this is an event-driven study.
When we will close the study for efficacy when we reach 70 events. You know, if the results are very positive, you know, these and the number of the time of the period for the 70 events can be happening later. The expectation is that they are approximately 12 months.
Of course, because we already have several patients enrolled, you know, the potential delay, not a big delay in terms of the closing and enrollment is not gonna have the similar impact in terms of the potential impact on the timing for releasing the top-line results. We expect that period then will be shorter than the 12 months. Hopefully, this answers your question.
Yeah. That was the only question we have received, so far, so I hope that reflects that we have been very clear today.
Well, it's always good that as Hans mentioned, that we hope that as usual we with full transparency and clarity in terms of informing you on the developments. You know that you can always reach out to us if you have any questions.
We are also happy that we have two new members joining the team, Orla as our new Head of Regulatory Affairs, but also Anne Worsøe that just joined us as the Head of Investor Relations and Communication. As she gets more into the company, she will also be dedicating more of her time to really supporting all our communication activities, including with our existing shareholders.
If there are no more questions, I just want to again thank Hans, Jens, the team and all of you for participating in this webcast. Again, please feel free to continue reaching out to us if you have any questions. Thank you and have a good day.