ADC Therapeutics - Earnings Call - Q3 2025

Executive Summary

• Q3 2025 revenue was $16.43M, driven by net product revenues of $15.75M; GAAP EPS was -$0.30 and adjusted EPS was -$0.19, reflecting lower R&D and G&A expenses year over year.
• EPS beat S&P Global consensus (-$0.36*), while revenue was slightly below consensus ($16.79M*); Q2 saw a revenue beat and slight EPS miss, and Q1 was a clean beat on both metrics (see Estimates Context).
• Balance sheet strengthened via a $60M PIPE financing closed in October, implying pro forma cash of ~$292.3M and expected runway into 2028, positioning for LOTIS-7/LOTIS-5 catalysts and commercial investment.
• Near-term catalysts: a LOTIS-7 corporate update before year-end 2025, and LOTIS-5 topline in 1H 2026; publication/compendia inclusion targeted 1H 2027, with IND-enabling completion for PSMA ADC by end-2025.

Values retrieved from S&P Global*

What Went Well and What Went Wrong

What Went Well

• “The successful completion of our most recent PIPE financing strengthens our balance sheet and provides the resources to further invest in ZYNLONTA… We look forward to multiple upcoming clinical catalysts…” — CEO Ameet Mallik.
• Adjusted total operating expenses fell 12% YoY in Q3 ($45.0M vs $51.2M), and adjusted EPS improved YoY to -$0.19 from -$0.28, evidencing cost discipline.
• Updated FL Phase 2 IIT data: ORR 98.2%, CR 83.6%, 12‑month PFS 93.9%, with safety consistent with ZYNLONTA’s profile; continued enrollment toward 100 patients.

What Went Wrong

• Product revenue declined to $15.75M from $18.02M YoY due to lower sales volume (partially offset by price and gross-to-net favorability); total revenue fell to $16.43M from $18.46M YoY.
• GAAP net loss remained large at -$41.0M, with significant interest expense ($13.4M) and restructuring/impairment costs incurred during the 2025 restructuring.
• Cash decreased to $234.7M at quarter-end (from $264.6M in Q2), reflecting operating needs prior to the October PIPE; deferred royalty obligation increased to $340.2M.

Transcript

Operator (participant)

Good morning, ladies and gentlemen, and welcome to the ADC Therapeutics Q3 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Monday, November 10th, 2025. I will now turn the call over to Nicole Riley, Head of Investor Relations and Corporate Communications for ADC Therapeutics. Nicole, please go ahead.

Nicole Riley (Head of Investor Relations and Corporate Communications)

Thank you, Operator. Today, we issued a press release announcing our third quarter 2025 financial results and business updates. This release and the slides we will use in today's presentation are available on the Investor section of the ADC Therapeutics website. I'm joined on today's call by our Chief Executive Officer, Ameet Mallik, who will discuss our operational performance and recent business highlights. Our Chief Medical Officer, Mohamed Zaki, who will discuss our clinical programs and updates, followed by our Chief Financial Officer, Pepe Carmona, who will review our third quarter 2025 financial results. We will then open the call to questions. Before we begin, I would like to remind listeners that some of the statements made during this conference call will contain forward-looking statements within the meaning of the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to certain known and unknown risks and uncertainties, and actual results, performance, and achievements could differ materially. They are identified and described in the accompanying slide presentation and in the company's filings with the SEC, including Form 10-K, 10-Q, and 8-K. ADC Therapeutics is providing this information as of today's date and does not undertake any obligation to update any forward-looking statements contained in this conference call as a result of new information, future events, or circumstances, except as required by law. The company cautions investors not to place undue reliance on these forward-looking statements. Today's presentation also includes non-GAAP financial reporting. These non-GAAP measures should be considered in addition to, and not in isolation or as a substitute for, the information prepared in accordance with GAAP.

You should refer to the company's third quarter earnings release for information and reconciliation of historical non-GAAP measures to the corporate GAAP financial measures. I will now turn the call over to our CEO, Ameet Mallik. Ameet.

Ameet Mallik (CEO)

Thanks, Nicole, and hello, everyone. Thank you for joining us on today's call. In the third quarter of 2025, we continue to focus on execution and delivering on our commercial strategy, maintaining ZYNLONTA as a differentiated treatment option for third-line plus DLBCL patients while advancing data across key trials. Net product revenues were $15.8 million in the third quarter, reflecting variability in customer ordering patterns and were broadly in line with the quarterly run rate over the past two years. We continue to progress against our key ZYNLONTA trials in second-line plus DLBCL and expect to share additional data in the coming months. We plan to provide an update on LOTIS-7, our phase I-B trial evaluating ZYNLONTA in combination with the bispecific antibody glofitamab before the end of the year.

In the first half of 2026, we plan to announce top-line results from LOTIS-5, our phase III confirmatory trial of ZYNLONTA in combination with rituximab once the pre-specified number of PFS events is reached and data are available. Within indolent lymphomas, the lead investigator on the phase II IIT of ZYNLONTA in combination with rituximab recently presented encouraging updated relapsed or refractory follicular lymphoma data at the 22nd International Workshop on Non-Hodgkin lymphoma. The trial is on track to enroll 100 patients. In addition, the phase II IIT of ZYNLONTA in relapsed or refractory marginal zone lymphoma continues to enroll to the target of 50 patients. Beyond ZYNLONTA, we continued with IND-enabling activities for our PSMA-targeting ADC, which are on track to be completed by the end of the year.

Lastly, just after the quarter end, we secured a $60 million private placement led by TCGX, including participation from Redmile Group and other existing investors. This financing takes our expected cash runway at least to 2028. With our strengthened balance sheet, I am confident that we are well positioned to further invest in ZYNLONTA as we anticipate advancing into earlier lines of therapy for DLBCL and into indolent lymphomas. As a single-agent therapy in third-line plus DLBCL, ZYNLONTA has a profile of rapid, deep, and durable efficacy, as well as manageable safety with simple and convenient administration. Beyond our current indication, we believe in the potential to reach significantly more patients by expanding use into earlier lines of therapy in DLBCL and into indolent lymphomas. The data we've seen across these settings so far has been consistently encouraging, with the potential to be highly differentiating.

We continue to believe that through expansion into these settings, ZYNLONTA has the potential to reach peak annual revenues of $600 million-$1 billion in the U.S. Our current indication has, as I noted earlier, shown relative stability in net revenues over multiple quarters, demonstrating ZYNLONTA has a clear place in the market as a monotherapy. We believe LOTIS-5 has the potential to lift peak annual revenue for ZYNLONTA to $200-$300 million as we expand into the second-line setting. Not only would this double the addressable patient population, but with an improved clinical profile versus our current indication as a monotherapy, we expect to gain share in the second-line plus setting and improve duration of therapy.

With LOTIS-7, we estimate we can expand the total opportunity for ZYNLONTA in DLBCL to $500-$800 million in peak annual revenue with both regulatory approval and compendia listing. If the data continue to be compelling, we believe ZYNLONTA plus glofitamab has the potential to transform the future lymphoma treatment paradigm by becoming the preferred bispecific combination in the second-line plus DLBCL setting. On top of this, we see additional potential for ZYNLONTA in relapsed or refractory marginal zone lymphoma and relapsed or refractory follicular lymphoma. If the encouraging initial data in the phase II IITs are maintained in larger patient numbers, we believe these indolent lymphomas could provide additional peak annual revenue for ZYNLONTA of $100-$200 million with both regulatory approval and compendia listing, primarily driven by MZL.

Let's drill down a little more into the specifics of the DLBCL treatment landscape to explain why we believe ZYNLONTA has the opportunity to play a significant role. In both the second and third-line plus settings, there are two main segments. The first segment includes complex therapies which require unique infrastructure and expertise to handle logistical requirements and patient management. These are primarily confined to the academic centers and more sophisticated community centers and include therapies CAR-T, transplant, and bispecifics. The second segment comprises more broadly accessible therapies which all physicians can administer in the outpatient setting and includes ADCs, monoclonal antibodies, and chemotherapy. The launch of bispecifics as monotherapy in the third-line plus setting has resulted in an evolution of the treatment landscape where we estimate there is currently a 60/40 split between complex and broadly accessible segments.

In the second-line setting where bispecifics have not yet been approved but were recently added to NCCN guidelines for use in combination, we expect that they will continue to gain share and grow the use of complex therapies. Through LOTIS-5 and LOTIS-7, we believe ZYNLONTA combinations have the potential to raise the bar on efficacy in second-line plus DLBCL in their respective treatment segments, offering complementary approaches to addressing unmet needs. In LOTIS-5, our phase III confirmatory study, we are combining ZYNLONTA with the most widely used agent, rituximab, in patients with second-line plus DLBCL. As a reminder, initial data from the safety lead-in portion showed an overall response rate of 80% and a complete response rate of 50% with no new safety siG&Als, demonstrating that this combination has the potential to provide competitive second-line plus efficacy with a favorable safety profile, allowing broad accessibility.

In LOTIS-7, our phase I-B trial, we are combining ZYNLONTA with the highly effective bispecific glofitamab in second-line plus patients. Data presented in June at EHA and ICML based on the April 2025 cutoff showed the combination was generally well tolerated with a manageable safety profile. Furthermore, we believe it demonstrated clinically meaningful benefit with an overall response rate of 93.3% and a complete response rate of 86.7% across 30 efficacy-evaluable patients. We are encouraged by the promising early data, which we believe demonstrates the potential for ZYNLONTA plus glofitamab to be a best-in-class combination in a highly competitive market.

When you look at the CR rates among both currently available and emerging therapies in these two treatment segments, we believe the emerging clinical profile of ZYNLONTA plus glofitamab in the LOTIS-7 trial positions us well among complex therapies, and at the same time, the clinical profile of ZYNLONTA plus rituximab in the LOTIS-5 trial has the potential to differentiate us among broadly accessible therapies. Together, we believe these combinations have the potential to double the addressable patient population as we move into the second line and increase the duration of therapy, moving on average from three cycles to five- to six cycles. Now, I will turn the call over to our Chief Medical Officer, Mohamed Zaki, who will share the latest on the phase II follicular lymphoma IIT data. Mohamed?

Mohamed Zaki (Chief Medical Officer)

Thank you, Ameet. I am pleased to share updated data from the phase II investigator-initiated trial of ZYNLONTA in combination with rituximab in relapsed refractory follicular lymphoma. The data were presented in September at the 22nd International Workshop on Non-Hodgkin lymphoma by the lead investigator, Dr. Juan Pablo Andujar from the Sylvester Comprehensive Cancer Center, part of the University of Miami Miller School of Medicine. The data presented from the 55 efficacy-evaluated patients to date in this trial continue to demonstrate encouraging results with an overall response rate of 98.2% and a complete response rate of 83.6%. After median follow-up of 28 months, median PFS was not reached, and the 12-month PFS was 93.9%. In this trial, no new safety siG&Als were observed, and safety was consistent with the known profile of ZYNLONTA.

The University of Miami is actively enrolling toward the target of 100 high-risk relapsed refractory follicular lymphoma patients and is opening the study at additional U.S. cancer research centers. As soon as sufficient data are available, we plan to assist regulatory and update the compendia pathways. Now, I will turn the call over to Pepe Carmona, our CFO, who will discuss financial results for the third quarter.

Pepe Carmona (CFO)

Thank you, Mohamed. On the financial front, ZYNLONTA net product revenues in the third quarter of 2025 were $15.8 million as compared to $18 million in the same quarter in 2024.

Total operating expenses for the quarter were $45 million on a non-GAAP basis, representing a 12.1% net decrease over the prior year. The reduction was primarily driven by lower R&D expenses, with sales and marketing expenses stable year over year. We continue to be disciplined in our capital allocation towards potential value creation while driving efficiencies across the portfolio.

On a GAAP basis, we reported a net loss of $41 million for the second quarter of 2025, or $0.30 per basic and diluted share, as compared to a net loss of $44 million or $0.42 per basic and diluted share for the same period in 2024. The decrease in net loss for the quarter is primarily attributable to lower R&D and G&A expenses. You can find the reconciliation of GAAP to non-GAAP measures for the third quarter and year-to-date in the compounding financial tables of the press release issued earlier today and in the appendix of this presentation. At the end of the quarter, we had cash and cash equivalents of $234.7 million, which compared to $250.9 million as of December 31, 2024.

In October, we entered into a $60 million tight financing, which, on a pro forma basis, expanded our cash and cash equivalents to approximately $292.3 million as of that date. This strengthening of our balance sheet allows us to execute our strategy with an expected cash runway extending at least to 2028. Across the LOTIS-5, LOTIS-7, and MZL's ZYNLONTA programs, we expect to have data catalysts in the remainder of 2025 and 2026. For LOTIS-5, we expect to provide top-line data in the first half of 2026 once the pre-specified number of PFS events is reached and data are available. Subject to positive results, a supplemental biologics license application submission to regulatory authorities will follow, with potential confirmatory approvals in second-line plus DLBCL, as well as publication and compendia inclusion in the first half of 2027.

With LOTIS-7, following presentation of the data at EHA and ICML in June, we observed an acceleration in enrollment in the study at the selected 150 micrograms per kilogram dose level. We plan to provide a clinical update on all efficacy-evaluable patients with a minimum of six months of follow-up through a corporate announcement before the end of the year. Once sufficient data with longer follow-up are available, we plan to engage with the FDA. In addition, assuming positive results, we plan to pursue publication and compendia inclusion in the first half of 2027. With indolent lymphomas, we expect additional data to be shared at medical conferences by the lead investigators, and we plan to assess regulatory and compendia strategies once sufficient data are available. Beyond ZYNLONTA, we continue to advance our exatecan-based PSMA targeting ADC with completion of IND-enabling activities anticipated toward the end of this year.

I will now turn the call back over to Ameet.

Ameet Mallik (CEO)

Thank you, Pepe. Let me close by saying that I am pleased with how we are executing against our strategy and continue to be excited by the consistently encouraging ZYNLONTA data we are generating across our ongoing trials. We have a clear vision to unlock the true potential of the company with multiple potential value-creating milestones ahead and a balance sheet that enables us to deliver on our strategy. We can now open the line for questions. Operator?

Operator (participant)

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Eric Schmidt with Cantor. Your line is now open.

Eric Schmidt (Senior Biotech Analyst)

Thanks for taking my question. Maybe I'm a little bit intrigued by Pepe's comments that we're seeing accelerated enrollment post the June data release. Not surprising, of course. Can you frame how many patients we might get later this quarter? In terms of your target enrollment of 100 or so patients, are you adjusting that target? Is it possible that that target could be achieved sooner rather than later? Thank you.

Ameet Mallik (CEO)

Thanks for the question, Eric. Yeah, no, we've been pleased that since the EHA and ICML update, we've had even greater interest in the trial and enrollment and stuff like accelerated. We're still targeting the roughly 100 patients that we've been targeting to enroll. It will occur quicker than what we originally anticipated. We're not giving an exact timeline. We're still confirming the first half of next year to have that completed.

Eric Schmidt (Senior Biotech Analyst)

In terms of the upcoming data release, Ameet, are you still targeting 40 or 40+?

Ameet Mallik (CEO)

As you recall, we had enrolled originally 20 patients in each dose, and then we continued to expand at the 150 dose, right? It will clearly be more than the original 20/20, but it will not be fully all 100. Also, I want to make sure you heard what Pepe said, that we are going to be sharing an update on all efficacy-evaluable patients with a minimum of six months' follow-up. This is because it provides more stable, meaningful updates, both in terms of the depth of response but also the durability of response. That was an issue you can recall. Some of the questions we received in the early updates were that we had very limited follow-up. Now we are focusing on where the data is more stable, and that is really with patients with a minimum of six months' follow-up.

Eric Schmidt (Senior Biotech Analyst)

Okay. Thank you very much.

Operator (participant)

Your next question comes from Clara Dong with Jefferies. Your line is now open.

Clara Dong (VP of Equity Research in Biotechnology)

Hi, good morning. Thanks for taking our questions. This is Jenna Lee on the line. Could you talk about, in the context of the upcoming LOTIS-5 and LOTIS-7 data and the submission timelines, when should we expect to see an inflection point for ZYNLONTA sales? Could you also give some qualitative comments on the pace of revenue ramp-up once you have those potentially positive data or approval in hand? Thank you so much.

Ameet Mallik (CEO)

Okay. I think you were asking about the milestones and then also the revenue inflection. First, I would say for LOTIS-7, we expect to share an interim update on data later this year. Obviously, we expect to have full data sometime by the end of next year or into the first half of 2027. As you can see, what we guided to is publication and/or compendia inclusion sometime between the end of next year and the first half of 2027. With LOTIS-5, we expect to share top-line results in the first half of 2026 and then have approval sometime in the first half of 2027. If you think of the revenue ramp-up for those two following compendia inclusion and approvals, which we expect for both the first half of 2027, we expect revenues to ramp up subsequent to that.

Clara Dong (VP of Equity Research in Biotechnology)

Sorry, just a quick follow-up. Did you also have any comments on the pace of ramp-up following each first half of 2027?

Ameet Mallik (CEO)

Yeah. I mean, I don't want to guide to the exact ramp-up. What I will say is that if you look at other launches, whether it's the bispecifics or Polivy in the front line or others, I would say the majority of the ramp-up happens during the first two years post-launch or approval or compendia listing of a new indication. It's typically the majority that's going to happen in the first two years.

Clara Dong (VP of Equity Research in Biotechnology)

That's super helpful. Thank you so much.

Operator (participant)

Your next question comes from Michael Schmidt with Guggenheim Securities. Your line is now open.

Hey, this is Sarah on for Michael. Thanks so much for taking my question. I just wanted to get your thoughts on, with these newer agents moving into front-line DLBCL, is that something that you are or would consider pursuing for ZYNLONTA? Thanks so much.

Ameet Mallik (CEO)

Yeah. No, I think the front line will be interesting because if you look at the front-line setting for decades, really, R-CHOP was the standard of care. And then only a couple of years ago, you saw Polivy R-CHOP get approval. That was based on a marginal improvement in PFS without an overall survival benefit. Of course, the safety looked good, and that's been actually pretty widely adopted. Front line's a high bar is my point. One of the biggest things being studied right now are bispecifics. I think there's some excitement about if those could have potential, still to be determined. I think we're still a little bit a ways away from seeing those readouts. In terms of our future development, we'll consider how that goes for this combination post the readout of 100 patients.

Obviously, any support would depend on a partner too. I do not see us likely funding a phase III study with this in the front line or the second line setting with this combination purely on our own.

Thanks so much.

Yeah. We're watching the space closely.

Operator (participant)

Your next question comes from Leonid Timashev with RBC Capital Markets. Your line is now open.

Leonid Timashev (Biotechnology Analyst)

Hey, thanks for taking my question. I just want to ask on sort of the split of community and academic. I know you've talked about LOTIS-5 potentially being more positioned in the broadly applicable therapies and LOTIS-7 more for the academic. I guess I'm curious how neat you think those breakdowns actually are going to be and sort of how you're going to balance ultimately where patients are found and how you want to focus your sales force across academic and community to sort of pursue the opportunity where it is. Thanks.

Ameet Mallik (CEO)

Yeah. I would not do the breakdown in terms of academic and community. What I would say is for the more complex therapies, whether it CAR-T or bispecifics—let us just talk about bispecifics because that is more applicable to LOTIS-7—they are not only used across all the academic centers. They are used in more sophisticated community centers, and that may grow over time. I would not say it is a distinction of purely community versus academic. It is more all of the academic can administer those products, and a portion of the community can administer those products. In that universe of institutions that can administer the product, obviously, LOTIS-7 is going to have a clear place. There are other therapies like chemotherapy, ADCs, antibodies, which are more broadly accessible. Those can be administered across all settings, but they are still administered in the academic centers, and they are administered in all the community settings.

I would not differentiate to say LOTIS-7 is going to be purely academic and LOTIS-5 is going to be purely community. The reality is LOTIS-7, when a patient is suitable for it and the facility can administer the therapy, you are going to go with the highest efficacy product and combination that you can go with. We think LOTIS-7 is really well positioned, and that will be used, again, in all the academic centers and a portion of the community. Exactly how much? We will see over time how bispecifics get adopted by the community. With LOTIS-5, either because of accessibility of the therapy or because of suitability for the patient. Remember, there are some patients that have comorbidities or other conditions which may prevent them from getting an immune-based therapy subsequent. They may be post-CAR-T patient that is at risk of infection.

It may be a patient with autoimmune disease. There may be other reasons why you're not going to want to give a bispecific-based therapy. For other centers in the community, they're not going to have access to them. For all those reasons, we think LOTIS-5 still plays a big role. We still see R-based chemo regimens having a large share in the relapsed refractory market. We think we have a good place, and that's really our strategy is to hopefully have leading efficacy in both of these segments, both the complex therapies and the more broadly accessible therapies.

Operator (participant)

Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Sudan Loganathan with Stephens. Your line is now open.

Sudan Loganathan (Managing Director)

Hey, good morning. Ameet Mallik and Pepe, thank you for taking my questions. I know you've spoken about the opportunity in the second line and third line plus for relapsed refractory DLBCL with LOTIS-7 and LOTIS-5 outcomes respectively. Can you give us more details on how you view each percentage increase in penetration in either the second or third line setting would add to the ZYNLONTA revenues to achieve your PICA guidance ranges that you've noted? Secondly, regarding the ZYNLONTA plus rituximab for relapsed refractory FL, data thus far at 84% CR rate seems to slide in really nicely right after the T-cell therapeutics. In-line are slightly better than the bispecifics. If this holds true, does this mostly take market share away from bispecifics or any opportunity to take from the T-cell therapeutic options in FL?

Glad to get your details on those things. Thanks.

Ameet Mallik (CEO)

Yeah. So I would say to answer your first question about what's a share point worth, think about in the second line setting, there's about 12,000 patients in the US. In the third line plus setting, there's 6,000 patients. Depending on where you're getting the share, it's a second line setting or third line plus. Every share point, obviously, multiplied by the number of patients. With monotherapy, we're typically seeing three cycles. Now, remember, the first two doses of our product are at 150 micrograms per kilogram, and then it drops to 75. It's weight-based, but oftentimes it can be two vials for the first two cycles and drop to one vial. What we're seeing with LOTIS-5 and LOTIS-7 is somewhere between five to six cycles. You can just do the subsequent calculation on vials.

You know what our net price, our gross price is in the upper $20,000s. Net price is in the lower $20,000s. If you do the kind of calculation, depending on if you're talking about a share point, the second line or the third line plus setting, that kind of gives you a rough estimate. Just by way of example, like in the LOTIS-5, for example, if we were able to maintain our roughly 10% share that we have in the third line plus setting and translate that into second line setting, but with increased duration of therapy and our net pricing, that would take our product, which is on a roughly $70 million run rate, that's what it's kind of been the last couple of years, to just over $200 million.

Obviously, we're hoping with efficacy improvements, you actually gain share, and that's what leads to the guidance of $200 million-$300 million. You can do similar calculations for LOTIS-7. Now, turning to the indolent lymphomas, I think we're excited both about the data that Mohamed spoke about with relapsed refractory follicular lymphoma and relapsed refractory marginal zone lymphoma data that was presented at EHA and ICML. I think both right now are showing outstanding results. I would say in terms of the opportunity for potential adoption, right now we're basically funded to try to get into compendia for both. Obviously, we won't promote either of these indications. What I could say is the unmet need and the level of competition is probably higher. Unmet need is higher in MZL, and the level of competition is lower in MZL versus follicular lymphoma.

That's why we've emphasized that one a bit more. When you look at the different agents that are approved during compendia, the FCR rates are 29%, roughly 30%. Even if you look at subsequent data that's come out, maybe a bit higher than that. What we've been showing is closer to 70% CR rate in the MCL setting. In follicular, although the data is outstanding and we hope to have a place there, it's a lot more competitive. There's literally more than 10 agents that have phase III trials, including the bispecifics and many other agents who have large phase III studies with overall survival. It's just a more competitive space. That's why we think the potential for uptake is just smaller, not because the data isn't excellent, but just because it's a much more competitive space.

Operator (participant)

There are no further questions at this time. I will now turn the call over to Ameet Mallik for closing remarks.

Ameet Mallik (CEO)

I want to thank you all for joining our call today. We really appreciate the questions, and we appreciate your continued support. We look forward to keeping you updated on our progress. Operator, you may now end the call.

Operator (participant)

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and after you, please disconnect your lines.