Earnings Call: Q3 2020

Jan 20, 2021

Well, thank you and good afternoon everyone. It seems a bit surreal that a year ago we were all together talking about MaxSight and we are really pleased to present with you and talk with you about our trading update for 2020. With me on the call is Amanda Murphy, who is our new Chief Financial Officer. And we look forward to discussing any questions you may have after this short presentation. So Sarah, if you can move to Slide 2, this is the disclaimer. Please refer to our written statements. So Slide 3, we had an excellent year. So we as you all know, we are the market leader in our non viral cell engineering technologies, specifically flow electroporation because of its high efficiency, reproducibility, scalability and the team that work so closely with our customers and partners. We work across a broad array of cells and we continue to add more cells as groups clinicians discover the power of cells and using these individual cells as cell therapies. The company continues to develop and refine what is becoming a rather novel and powerful business model with revenues that have high recurring aspects. We have this razor razorblade economics as well as we capture a part of the product economics through milestones and sales based payments or royalties. And we continue to show strong high gross margins across our portfolio. So our full year revenues for this year were 26.2 $1,000,000 which is a 21% growth over 2019. And our second half revenues was $15,300,000 which was 15% over the second half of twenty nineteen. What is also very I think very promising for us is that we now have potential pre commercial milestones in excess now of $950,000,000 and our licensed partner programs now exceed 140 with more than 100 programs licensed for clinical use. So those numbers continue to track in a good strong upward trend. And we expect our 2021 revenue growth to accelerate compared to 2020 based on the existing partners clinical progress and we have a very robust pipeline of potential strategic partnerships that we're in the process of developing. Many of you have been very interested in the Karma cell therapy part of our business. And we have as you all know, we have been signaling to the investors, our shareholders that we will not continue to invest in that program going forward. We've done a significant amount of outreach and with specialist investors and partners. And we really determined that the best path for us is to take the Karma manufacturing platform, which again is a single day manufacturing for cell therapies and an extensive IP portfolio, bring that in house and license that as part of the MaxSight portfolio of technologies platforms that we can provide to our partners. I think you would agree that we're quite good at doing this. This is a vital part of our business and we think we leverage that into getting the best outcome for Karma. We also remain on schedule to pursue our NASDAQ listing in 2021 and I'm sure you'll have questions about that. We can move to Slide 4. This has been a very challenging year for all of us. And I'm in addition to the financial results we have, I'm also very proud to report the extent of the team that we've been able to build and continue to build at MaxSight. Amanda, of course, our new Chief Financial Officer, who joined us in the Q3, Brad Calvin, who we just promoted to Chief Commercial Officer. Many of you have met Brad. Brad was present at our Capital Markets Day that we had, which feels like a very, very long time ago. Maher Masoo is our now our General Counsel and we just recently brought in Steve Nardi as Vice President of Manufacturing, Steve is a specialist in manufacturing of single use disposables. He did that with one of his major companies, which is Haemonetics, a U. S. Based company that sells blood products into the transfusion medicine market. So we're quite pleased with our ability to attract these really key leaders and our ability to really begin to accelerate the growth of this business as we move toward, we believe a very exciting 2021. Slide 5 is new, but I think that the message is the same. We have a high performance technology. It's very flexible, completely scalable and very, very high quality. And that's allowed us to, I think, be in the position that we are in, in terms of leading the field in non viral cell engineering, specifically in the cell therapy space. Slide 6 is to give you a sense of the breadth now of our support we can provide to our partners. And this is something that we've been developing over the last several years. And we have been introducing our new products, the expert line, which you're aware of, which was close to 2 years ago. But in addition to that, we've been adding single use disposables to the line, which provides usability from our platform from the very early stages of design of experiments all the way through the validation and verification into clinical development and eventually onto the market. And this single platform from concept to clinic really provides a unique capability for our partners because they can leverage our expertise and we really do reduce the risk that they have in developing these therapies and moving them through the clinic. On the Slide 7, again, many of you are familiar with our product part. Again, this is not a services business. It's all products business. And on the left hand side, the purple bit is where we sell our instruments into big pharma and big biotech in order for them to do drug discovery and drug development, small molecule discovery and biologics development. It's been quite an interesting year because this technology can be used for rapid monoclonal development and manufacturer, which of course is it's becoming a major Element in the fight against the COVID-nineteen and other variants. This is a business that has we sell instruments, single use disposables. So this is the razor razorblade business with 90% gross margins. On the right hand side is the revenue model, which we think is unique in the industry and this is where we license the technology on a non exclusive basis across the cell therapy field. And there we sell single use disposables. We receive milestones in either royalties or sales based payments based on strategic partnerships that we licensed and we now have 12 of those partnerships that I mentioned with over $950,000,000 in milestones. So this is a very, very important part of our business, not only that we can support our partners as they develop medicines for patients who really have no alternatives. But it really does help us to build a future base of revenue and we think significant revenue for the company out in the next 3, 5, 7, 10 years. So we're really excited about this element of the business and it continues to grow quite well. Slide 8 is a little bit more background around the market in which we operate. This market really exploded around the time that we went public. We went public in 2016. And just before that time, we had products that reached the marketplace, 1 by Novartis and 1 by Kite, who's now owned by Gilead. And since that period, there's been in excess of $35,000,000,000 invested in the cell therapy market, huge attraction of capital. But still those are the only two products that have been approved for commercial use at least in the U. S. And we think that the reason for that are several. One is that there is a clear movement away from viral vectors toward non viral technologies. And the reason for that are some of the constraints that we've laid out here for these for viral vector based therapies. But when you move into engineering cells in the allogeneic setting or you engineer cells in stem cells for inherited genetic diseases, the market is clearly moving toward non viral methods. And that's that as you know is a sweet spot for MaxSight. On Slide 9, we provide more than just technology. We provide, I think, excellent field support globally now with a cadre of subject matter experts who are full time employees of the company, many of whom are ex customers of ours that have joined us and help our partners accelerate their development. We also have, as many of you know, a rather significant presence in Gaithersburg, Maryland outside of Washington, D. C, where there's a very special event happening today by the way. And that R and D group is really responsible for finding new applications for our technology and supporting our customers as they move through the clinic into commercialization of these cell therapies. We also have a robust regulatory group that again works with each of our partners to ensure that they can move these technologies in and through the clinic. And that really does enable the accelerated path of the clinic, reduces their risk, gets them to company milestones quicker. And that's the real reason why I think we've been able to garner the position that we have and the growth that we've observed. And on Slide 10, that's resulted in this slide. Many of you have seen this hockey stick. It's not a projection, it's historic representation of the cumulative potential pre commercial milestones that we have I've been building as a company when we first started the first deal in 2017 with Kasevia, which is a joint venture between CRISPR and Vertex and Bayer all the way through to the most recent deal we did with Myeloid Therapeutics, which we announced earlier in January. Again a deal we've been working on for quite some time. And this is the really the who's who of companies who are developing non viral cell based therapies and every one of them is using MaxSight's technology. And then before I turn it over to Amanda, I want to just spend a second on a few seconds on Slide 11. This is the slide I think that of all the things we do, this is the one thing that really I think gets us out of bed early and working late at night. And it's the focus on the patient. It's the ability to solve problems and develop medicines using cells to treat patients that otherwise cannot be treated. And we continue to see these indications GROW as we bring new partners from a commercial prospect. We also have a robust pipeline, which we see additional indications within these major categories as well as some new areas of indications that really do show the power of cell therapy and MaxCyte's unique position in enabling these critical medicines to move to the market. So what I'd like to do now is turn this over to my colleague, Amanda Murphy, who we've been so honored to have her join us and she's made quite an impact on the company and we look forward to a time when we can meet you all in person. But let me turn over the microphone, if you will, to Amanda to walk you through the financial results in more detail. Amanda? Thanks Doug and nice to meet everyone virtually on the phone. I'm looking forward to eventually meeting you in person. I'll just run through the numbers here quickly on Slide 13. I think Doug's covered quite a bit of these, but I can add some additional information, particularly around how we're looking at 2021. So as Doug mentioned, we had very strong growth in the full year 2020, up 21%. It's been pretty impressive to see the commercial team and their ability to switch to a demo process coming into the company earlier this year, it's been very impressive to see that shift. So Congrats to the commercial team and very happy to have this 21% growth despite what we all know has been quite a challenging environment with the pandemic. Obviously, we continue to focus on adding strategic customers and also continue to do well there. So we added 4 in the last 12 months, Allogene, Apperion, Cariboo and we just signed Myloid, which was technically in early 2021. He does run through these numbers, but We now have quite a few programs under license, a total of 100 that are clinically licensed and our milestone payments that are potentially due to us now Are up from $800,000,000 which we disclosed last year to $950,000,000 On the Karma side, as Doug mentioned, We are going to bring that IP back in house and feel strongly that we'll be able to drive value out of that IP, particularly with our license model that we've already gotten in place. One thing to note there that from an expense perspective, We're expecting about a $4,000,000 expense that will fall in the first half of twenty twenty one, just as we wind down the clinical side of that business. And then from there, the cash expense will be minimal if anything. So just to make that clear, We did end the year with $35,000,000 in cash. And I did want to make the note that on an EBITDA perspective, Obviously, the COVID environment has still been something that we're all facing and there's continued to be lockdowns. There is we have said we're on track for an IPO in 2021. So there's a tiny bit of expenses one could expect In 20 in Q4 or the end of 2020. But really the savings from the travel situation and all that Probably way outweigh that. So I would expect EBITDA to trend a bit above expectations for 2020. I just wanted to make that particular comment. In terms of 2021, we are expecting revenue growth to accelerate We have said that milestone payments are a key driver of growth and continue to be and that they are looking to be stronger in 2021. Obviously, we have many partners now and those partners are quickly progressing through the clinic. So we have a nice setup I think coming into 2021 from a milestone perspective and also as our current partners shift their preclinical programs into the clinic potentially. We're also focused on adding new customers. We do have, I think, It's fair to say the strongest strategic partnership pipeline that we've seen in the past. Just to note there, because the terms of those partnerships are set at the outset, there is quite a bit of lead time in those negotiations, call it 6 months. So Just to keep that in mind, but we do have a very strong partnership there. And obviously, we're still on track in terms of our 2021 dual listing. So just to kind of take as 3 sort of main takeaways, it's been fascinating to see the creativity in the company coming on board with the demos, new PA introductions, which also were a key part of the growth, Providing flexibility to customers. We've seen really resilient demand despite the pandemic, obviously, continued growth in terms of commercial licenses. Just to reiterate, our Karma spending will be capped at that 4,000,000 and we do think the IP will be a valuable asset for MaxSight ParentCo. And lastly, just to reiterate, we do expect Revenue growth to accelerate in 2021. So if you move to Slide 14, I think we've all seen these slides before. This is just updating the numbers that we've shown and just showing again that we're still trending around the 90% Gross profit margin, sort of average and 70% recurring revenue. So no surprises on this slide, I would say. And Slide 15, I don't know, Doug, if you want to talk about the 2021 goal. Most of this is just a reiteration of 2020, what we said already. I did want to reiterate Before I do ask Doug to talk about 2021, I do want to say that we have historically said that we're operating the business to EBITDA breakeven. COVID is always a variable there. But I would say we are really thinking about investing in the company. There's Many, many opportunities for us to do so, including getting ready for our partners to become commercial, looking at some new PAs to address some of our customer needs, etcetera, looking at the VLX, which is our large scale platform and some other longer term initiatives. So we are sort of looking to spend money in order to drive the further long term growth acceleration on the top line. So just keep that in mind as it relates to EBITDA for 2021. So with that, I'll turn it over to Doug if he has any for any conclusion remarks. Thanks, Doug. Great. Thanks, Amanda. Great review. So still on Slide 15, just focusing on 2021 as mentioned, focusing on accelerating top line growth. We've added some key programs and key people in the company this year. Completing the manufacturing expansion and automation is key for us as we looking ahead was for some of our partners, including for instance CRISPR with their CTX-one product, which has been garnering quite a bit of attention for the treatment of sickle cell disease. And as that product and other products move closer to commercialization, MaxSight needs to be prepared in order to manufacture products, both disposables and instrumentation to support those launches. And I've mentioned this several times, I think that's really going to be a major game changing event for MaxCyte as we move into the commercial therapeutics world. As I mentioned, we continue to launch new processing assemblies to address customer needs. The VLX is our large scale system, which runs 10 times the number of cells that the current STX and GTX manufacturers. And these are, we think, going to be important an important platform for large scale allogeneic cell therapies as well as the production of viral vectors and the production of large scale production of rapid developed and rapid manufactured monoclonal antibodies and proteins. The chart on the bottom is a workflow diagram specific to the cell therapy field. And this is from the product the sales coming into the process all the way through to dosing the patient and MaxSight's unit operation and where we fall within that workflow. And again, we have the premier product and the premier position in that unit operation. And what we are evaluating right now is how we can use that position and carefully and thoughtfully move up and downstream to provide more technology to our partners, preferably within a licensing model, but also look at other reagents and consumables that are being used around that unit operation. We think that that's a very, very powerful strategy, the ability to leverage our position, but doing it carefully so that we're not rolling up just rolling up for revenue sake, but we're really thinking through how we can continue to become a major part and an increasing part of the next generation of cell therapies. So with that, I'd like to conclude the prepared remarks and open up the call for any questions that you may have. Any questions? I'm sure there are some. Okay. Ladies and gentlemen, we will now begin the question and answer session. Okay. And our first question comes from the line of Paul Cudon from Numis Securities. Your line is now open. Hello, Doug and Amanda. Thank you for taking my questions. I have 2 just to start off with, if that's okay. You've talked about rapid acceleration of A licensed program, a lot of licensed instruments in the field. So I'm just wondering if you could give me just a little bit of color. Are we talking kind 5, 10, 20 instruments, obviously, without giving any company specifics. And you've also talked about the potential for the VLX in viral vector And rapid monoclonal antibodies. So I'm just wondering for that business model, is there an opportunity to be getting kind of royalties on potential sales that emerged from that platform. Thank you. Great. Just a clarification, Paul. The first question, can you repeat, is that specific to a particular customer, partner or is that just in general? In general, I mean how many active clinical instruments, Just a rough number would be useful, please. Yes. So we've we won't disclose the exact numbers, but as Amanda showed, we have over 400 instruments now in the field, which is a good it's now in the field, which is a good growth from this period last year. We update that once a year. And you can see an acceleration of the partnerships that we have. And we're seeing that partners as they move through the clinic are requesting and we're delivering additional instruments. And those additional instruments typically track to the number of clinical trials that are being conducted in a specific regulatory geographic area. So we're a regulatory agency controls a geographic region, it's typical that that's where the manufacturing is done. It's quite unusual in the cell therapy field for someone in for instance in the EU to take a product that's manufactured in the UK. So that just gives you a sense of how we're thinking about instrumentation. The question around rapid manufacturing and monoclonal antibodies and the development of file vectors using the BLX. We're still in the process of developing. We've sold several of the VLXs over the last several years. I would call these kind of alpha beta units. What we're intending to do is to bring that product more in line with the expert system. And I can't really disclose the business model at this point, but we're doing extensive market studies and voice of customers to determine what are the real opportunities for this product and how we can help the companies who are developing these kind of therapies. Then we'll evaluate the value that we bring in and what business model makes the most sense for both our partners and for MaxSight. Okay. Thank you. Okay. Our next question comes from the line of Julie Simons from Panmure Gordon. Your line is now open. Thank you. Hi, guys. A couple of questions. Firstly, on the New processing assemblies that you've been rolling out. That was really good diagram to sort of share the differences there. Just wondering whether you're seeing that's making a difference on The revenue per instrument on a consumables basis or whether it's actually just helping you sell to more customers given that they've now got more appropriate processing assembly? Sure. So is that one question or 2, Julie? I think that's just one, right? Probably just one. I've got another one out there. Okay, I just want to know. Yes, so PAs are developed and we showed Slide 6 that really go through the range from the very, very smallest all the way to large scale. And the background of this is for us to be able to compete in the lower end of the transfection world where the cost per transfection can be important. And so if you can do 3 transfections in a single disposable that you sell for $200 compared to one that does only 1, you can dramatically reduce the cost per transfection, which is important for some applications. In addition to that, we've identified certain applications that we believe we can move into from a competitive standpoint with a different size cuvette. And so it's both more throughput within an instrument, but also the ability the PlaceMore instruments. So to answer your question, it's both of those things. Okay. Thank you. Just on sort of the change in strategy as far as Karma is concerned. I mean, I think bringing the IP back in house, is that partly because some of the licensing deals and with the strategic Partners you're looking at doing would have needed IP that would have ended up in Karma? Or is it that some of the IP that Karma Life Sciences we're generating would be useful for you with strategic partnerships? Yes, that's a great question and very insightful. The patents that we have are around messenger RNA and that wasn't a word that usually rolled off of people's tongue until this year, but mRNA is becoming a bigger and bigger part of therapeutics development. And we have seminal intellectual property around the use of mRNA in cell therapy. And so in some cases, we have had our partners come to us wanting a small amount of that IP carved off for them and we've been able to provide that. As we've done evaluations and we've talked to partners, we're seeing more and more opportunity for us to be able to license the platform. But I just want to add something. I mean, when we talk to investors, we did a significant outreach to top specialist biotech investors and partners and there was interest and investing in the platform and they would take over the marketing of the platform. Well, when we thought about that, that's exactly what we do and why would we enable another company to exploit a technology that we have and we've invented. So that was one of the major reasons why we decided to bring it in house and begin the process of integrating this into the Karma one day manufacturing program as well as the mRNA IP into the portfolio of technologies that we can provide to our partners. Brilliant. Thanks very much, sir. Okay. Our next question comes from the line of Charles Weston from RBC. Your line is now open. Hi, and thanks for taking my questions. A couple of backward looking questions and then a couple of forward looking ones, if I can. First of all, is there any chance you can give us a sense of what sales or partnerships may have been delayed in 2020 due to COVID. And then I'm talking about the developments during 2020 And this increased pipeline, the strategic partnerships you have. What do you think is key driver of that? Is it biotech funding, All the agreements that you already have, if you're expanding into more cell types, any color on that would be helpful, please. Yes, it's all those things. I'll let Amanda talk a little bit if she can about the sales regarding COVID. But we think that the well, we don't we do know that on the partnership side, we have now a very, very strong position. And in the past, it was more of a missionary sale, but now we're finding our partners are asking themselves why wouldn't they use MaxSight because we're established. And what we're seeing is growth in a handful of areas. One is the amount of capital going into new cell therapy companies, which seems to be every couple of weeks there's another $50,000,000 or $100,000,000 Series A. So that's good for us. Obviously, 2 is the funding of continued funding support of our existing partners, which allow them to put more programs into the clinic. The third area is that we're seeing employees, team members from companies migrating into the next new company and many of them have had experience with MaxSight. And so there's really nothing more powerful than word-of-mouth and we're seeing quite a bit of that as well. And I guess the 4th thing that we do is we have this R and D group within MaxSight in Gaithersburg plus the field applications team. And part of their remit is really to go out and identify new applications for in cell therapy where we can solve that problem before these companies who are now being funded, before they even start. And so when a company is formed in many cases during that formation process, our team members are talking to the principles in those companies or the venture capital firms. So those are the 4 general, I think, catalysts for growth and we see all those and some other ones becoming even more of an accelerator for our business. Yes. So I'd just add on to that. I mean, I think What we've seen with COVID and clinical trials, there hasn't been A huge impact, I think maybe at the very, very beginning. So I don't think the strategic licenses have been affected by COVID per se. We may obviously with some of the lockdowns that have increased towards the back of the year, that there were some small slippage there in terms of shipments that may fall into January, as opposed to sort of the end of December, so to speak. And And I would reiterate the pipeline as it relates to the partnerships. I mean that really reflects the expansion of the cell therapy Pipeline as it were across cell types. So the pipeline, although we're not disclosing specifics there, does Cross many different types of cells. So NK cells, neoantigens, T cells. And so we're seeing definitely a breadth there that we haven't seen before and that would be reflected in sort of the general cell therapy pipeline. So that would be I think I'd reiterate what Doug Said there that COVID per se just doesn't really impact the strategic licenses. It's more the just the lead time of the negotiations As you can imagine. Thank you. That's really helpful. And just on the forward looking points, Could you give us a sense of the scale of the larger potential milestones that could come through in 2021? I just trying to get to this level of uncertainty here on that side of the business against the recurring revenue and much more stable revenues from the other side of the business and where the volatility or scale of the potential volatility could be there? Amanda, you want to take that one? Yes. I appreciate that you would like That information is important. And what we've just said is that they are going to be larger or likely to be larger. Obviously, they're That's somewhat dependent on our partners and their progression than they were in 2020. So we're not really disclosing Specifics there. I think one important point to make is as we get more programs on board through the partnerships, Now we have 100 plus over 100 on the clinical side. They become sort of stacked over time, so And they're relatively small, so they are almost becoming recurring revenue. So I think the message here is they're likely to be larger and And potentially even less lumpy over time as those programs sort of progress and we continue to add on to the stack, if you will. Thank you. And just one other one before I stop hogging the line. In terms of your You mentioned that the vertical integration moving upstream and downstream. And I just wondered how developed your thinking is there, whether it is sort of Still exploratory or whether you've picked a few areas? And if so, are they going to require meaningful capital potentially to be deployed On bolt ons and acquisitions or more of an organic process, particularly through that field applications group? I think the strategy is being further developed. I think Anna coming on board has helped refine that. We have hired some additional people. We didn't disclose this, but 2 other Vice Presidents have joined the company. 1 that's focused business development both on business development, one who just joined us from a major life science tools company. And the strategy is it will be a combination of those things Charles. It will be early stage technologies that we've identified that we believe we can develop similar to what we did with our flow electroporation technologies. They're going to be technologies that maybe have the potential, but don't have the right commercial infrastructure or the commercial customer facing that we have and we can introduce those technologies into our market, which we think would be very, very attractive and we could do in a very capital efficient way. And that could either be a technology that would have to be further developed or something that could be bolted on. So we're looking at all those. We don't have a clear sense of at this point of what the capital requirements are going to be for that. That'll be something I think you're going to seek more visibility as 2021 begins to unfold for the company. Okay. Our next question comes from the line of Paul Cudon from Numis Securities. Your line is now open. Hello again. I didn't realize we could have 7 questions, but so I thought I'd get back in the queue. The I was just wondering about the competitive landscape In instrumentation and whether you've seen any of your research grade competitors sort of step up their FDA master file type activities. Specifically, we have not and we keep close tabs on this with our partners. And obviously, when we engage in a partnership discussion, it's what keeps us I think able to sleep at night is that because of the business model and the strategy, if someone were to come in with a very inexpensive lab scale device that had at least the master file. We would hear about that and we're not hearing anything about that in the field. So it's not something we're seeing in the field today. Fantastic. That's it for me. Thank you. Sure. Thanks, Paul. Okay. Our next question comes from the line of La la Gregorek From Trinity Delta. Your line is now open. Hello there. Hi, Alana. Hi. My question is essentially trying to get a little bit more detail about this, the burgeoning pipeline that you have. It's very used So, the points that were raised in answer to Charles. But I was sort of curious, you've mentioned a sort of a 6 month lead time. In terms of context, is that more or less than it's been in the past? Is that to do with COVID? Is it one of those things where essentially It's how long a piece of string is. And as part of that, are you seeing A bit more of a focus of stepwise negotiations, I. E. They're first for the research contract and then we're talking about clinical and then we're talking about commercial Or companies going all in at an earlier stage? I can handle that. So it varies dramatically and I think 6 months is just a is maybe an example or 2, it can vary rather dramatically from partner to partner. Some of these companies are very early stage. They'll take a research license from us and they require them a year or 2 of preclinical work in order to move into the clinic. We typically don't see someone coming in at the very early stage with a full commercial license. That said, Myeloid's relatively early stage. So they did come in, a company like Allergan came in after they're already in the clinic and swapped out a kind of another device for our device. So it really it's all over the place, Lola. I wish we could give you more specifics around that. What we are seeing though is that the creation of these new cell therapy companies really is a part of what we try to focus on as the company get in there early, get in as they're spinning, in many cases, these groups are spinning out of university labs. And so we're in the process and we've actually hired some people that are more scouts in those major academic institutions that are spawning these kind of companies. And so I think that what we're seeing the growth is just the organic growth of the industry in all these different indications and different cell types. Great. So essentially you could one could assume that a number of the research You currently have would transition into the larger clinical licenses, commercial licenses over time. And talking about the creation of new companies and I suppose the split between What's in your pipeline with respect to companies that are completely new versus those where They are known to MaxSight either in terms of the company itself or the individual management. What would you say the split of activity is there, if you can comment? What was the last sentence? I'm sorry. I would say whether you could comment on what the split is between, I suppose, completely novel Companies and those that are either existing companies or existing management that you're already familiar with. Yes, I think that's we really can't give that kind of disclosure. I think also it's in some cases, very difficult to figure that out because many of these companies, as you know, are in stealth mode in some cases for 6 months, in some cases a couple of years. Myloid is an example of a company that's been in relative stealth mode until the announcement of their major financing in January their article on stat. And so some of these are it really just depends. I mean, we try to again, we try to cover all the space. And I think it's one of the advantages of being focused in on non viral cell therapies that allows us really put a spotlight everywhere we can on these new enterprise creations or if there's a company that's spinning into a cell therapy asset. So and the benefit of that also is that many of these companies could be companies that we've established relationships with on the drug discovery side of the business. And so all those and so our sales team our FAS has worked both on the cell therapy side and the drug discovery side. And so there's no distinction from a go to market strategy in terms of our folks in the field. Looking forward to seeing what comes out next on the partnership front. Thank you. And And wait for your name to be announced. Okay. So it sounds like there's no further questions. Is that correct? So hearing none, please feel free to contact us. The last slide on the deck, Slide 16 has our IR email address. If there's a question that you would have liked to ask, but weren't able 2 or one comes to mind now or later this evening, please feel free to contact us. We love speaking with our investors and analysts. And I just want to just thank you for your continued support, especially during this a difficult year. And we look forward to a very successful 2021, which will be we think will continue to be challenging. Please stay safe, keep well and we really appreciate working with us in order to make a difference in patients' lives. So thank you and a belated Happy New Year. Appreciate your support.