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Momenta Pharmaceuticals Inc  (NASDAQ:MNTA)
Q3 2018 Earnings Conference Call
Nov. 01, 2018, 8:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen, and welcome to Momenta Pharmaceuticals' Third Quarter 2018 Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call is being recorded.

I would now like to introduce your host for today's conference, Sarah Carmody, Senior Director of Investor Relations. Ma'am, you may begin.

Sarah Carmody -- Senior Director of Investor Relations and Corporate Communications

Thank you, Heather. Good morning, everyone, and thank you for joining us today for Momenta's conference call to discuss results for the third quarter of 2018. Today's call is being webcast, and you can view the slides we will be presenting in the Investors section of our website at momentapharma.com.

Joining me on the call with prepared remarks are Craig Wheeler, our President and CEO; and Michelle Robertson, our Chief Financial Officer. Also joining us today, are Young Kwon, our Chief Business Officer; and Santiago Arroyo, our Chief Medical Officer, who will be available for the Q&A portion of the call. Following them -- our remarks, we will open the call to questions.

Before we begin, I'd like to mention that our call will contain forward-looking statements about our financial outlook, business plans and objectives, and other future events and developments, including statements about our strategic plan and restructuring, resulting from our strategic review; the timing of regulatory filings; regulatory approvals; market formation and launches of our product candidates and products; the market potential and reception of our products and product candidates; potential competition in revenues for our products; development timeline and strategies; development of our product candidates, including timing of clinical trials and availability of data; hypothesis regarding certain aspects of our product candidates and clinical studies; accounting treatment for payments from our collaborators, our goals and strategy, our current and potential future cap collaborations, and non-GAAP operating expense guidance; including our anticipated collaborative revenues and restructuring charges.

These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include those described in the slide entitled Cautionary Note Regarding Forward-Looking Statements included in the presentation accompanying this call and under the heading Risk Factors in our most recent quarterly report on Form 10-Q filed with the SEC, as well as other documents we may file from time to time with the SEC. Any forward-looking statements speak only as of today's date and we assume no obligation to update any forward-looking statements made on today's call. On the call, we will also discuss third quarter 2018 non-GAAP operating expense. Please see the presentation accompanying the call for further information and reconciliation of this measure.

With that, I'll turn the call to Craig.

Craig Wheeler -- President and Chief Executive Officer

Thank you, Sarah. I'll start today's call with an update on the status of the corporate restructuring that we announced in October. Then I'll provide an update of our novel drug and biosimilar programs and recap some of the information that was announced at our recent R&D Day. Following my remarks, our CFO, Michelle Robertson, will discuss our second quarter financial results and provide guidance for the remainder of 2018. We'll then open the call for questions.

In early October, we announced our plans for corporate restructuring. The restructuring was done in order to reduce our level of involvement in biosimilar development and focus more of our resources to advance what has become a very attractive pipeline of novel drug candidates targeted at immune-mediated disorders. Since the announcement, we have taken steps to reduce our workforce by approximately 50%. Our top priority has been to ensure a smooth transition for those departing the Company as well as for those continuing on with Momenta.

We are now well under way in the considerable efforts needed to relaunch the Company after such an expensive reduction in force. We're now putting the processes in place to focus the Company and function on a linear scale going forward. I want to thank the Momenta team for all the hard work over the past few weeks, it has been a very difficult transition.

Looking forward, we have an exciting portfolio to develop, and I'll start with news on our two remaining biosimilar programs. First, M923, our wholly owned biosimilar to HUMIRA. Yesterday, we announced that we reached a global settlement with AbbVie on the HUMIRA (inaudible). We have a US launch date in November of 2023 and have the ability to launch in the EU as soon as we are approved. This settlement paves the way for our US filing, which will happen this quarter. In addition, we plan to file in the EU in the first half of next year and could be on the market in Europe as early as 2020.

We have initiated discussions with potential commercialization partners for this product candidate. And we believe, our settlements and filings will help us to find the ideal global partner for M923. We're excited about the potential launch of this product. However, there are significant manufacturing expenses ahead to enable us to market this product candidate. And we believe bringing a commercial partner on board in the near-term could meaningfully reduce our share of these expenses. While we are continuing our biosimilar collaboration with Mylan, we only plan to continue investment in M710, our proposed biosimilar to EYLEA.

Mylan is currently enrolling patients in the Phase 3 study for this product and we believe it can launch in the US as early as 2023. We are currently in the lead developing this asset and feel M710 could bring in significant revenue to support our expanding novel drug pipeline. We look forward to keeping you updated as this trial progresses. There are ongoing discussions with Mylan to exit our participation in the further development of the other five programs that were part of the original collaboration agreement, including M834, a proposed biosimilar to ORENCIA.

Now, onto our promising autoimmune novel drug pipeline. We were very excited to give you a closer look at these programs at our recent R&D Day in New York City. I'll start with M281, our promising FcRn program. To begin, I'll provide some perspectives on our full Phase 1 dataset, which we presented at R&D Day. The Phase 1 data clearly demonstrate that M281 continues to exhibit best-in-class performance. The data show that M281 can achieve the highest level of IgG reduction and provide the most rapid reduction of IgG from baseline of any agent in the class.

On the safety front, no SAEs occurred and the total level of types of AEs in the study were similar for patients taking drug as for placebo across all single and multi-dose patients. The trial also demonstrated that M281 can achieve and safely maintain full receptor occupancy of the FcRn receptor. A characteristic critical for dosing in fetal maternal indications. The study gave us everything we needed to advance with confidence into multiple Phase 2 trials and the regulatory agencies agreed.

However, I do realize that some of the laboratory data we presented at R&D Day raised some questions for our investors. So I want to provide you with our perspectives on these issues and highlight why we and the regulators have not flagged these issues as a concern. I'll start with the CK elevation that we've seen in three subjects of the 15 -- in the 15 milligram per kilogram or low dose portion of the multiple ascending dose study. CK or Creatine Kinase is an important enzyme in cells that consume energy rapidly, for example, muscle cells.

Clinically CK is monitored as it can be a marker for muscle damage. There are three types of CK, muscle, cardiac and neurological. The three patients that had rated CK in our trial had only muscle CK elevations and while we intend to continue to monitor CK in our future trials, we do not think, it is drug related for the following reasons.

First, CK elevation in Phase 1 trials is common, a published meta-analysis shows that elevated CK levels occurs in over 11% of Phase 1 healthy volunteers. It was seen in three of 50 dosed in our trial. Transient muscle CK rises occur after exercise, which is a common cause for CK rises in Phase 1 patients. One of the volunteers in our trial with a high CK lab result admitted to exercising. Third, CK rises seen in the trial did not show any dose dependency, sorry, as it is only occurred at the low dose and the levels were variable across patients and all elevations are transient and return to normal.

Fourth, there were no symptoms such as myalgia, indicating muscle damage in any of the Phase 1 patients. The elevations were all considered mild by the investigator reporting them. Finally, I want to emphasize that the neuro-pharm division of the FDA did not express any concerns regarding the elevation seen in the Phase 1 healthy volunteer study and has allowed us to move forward with a Phase 2 study in myasthenia gravis, an autoimmune disease involving muscles. All of this taken together leads us to believe that the CK elevations were not related to M281.

The second observation in the Phase 1 safety data that I'd like to address is the asymptomatic reduction and the albumin seen in the laboratory data. We saw albumin reduction in the 60 mg per kg single ascending dose and in the 15 mg and 30 mg multiple dose cohorts. The reduction was about 20% to 25% when measured against the subject's individual baseline. Albumin reductions were not associated with edema or other adverse events and returned to normal within two to three weeks after the drug was discontinued.

Based on the data we have in hand, we hypothesized that lowering albumin is likely to be a class effect and is likely related to the drug. In our Phase 1 studies, M281 was dosed at significantly higher levels than our competitors to allow us to reach and maintain full receptor occupancy, so we can take advantage of M281's best-in-class potency.

As a reminder, we were able to achieve these dose levels because our molecule did not, of any dose combining toxicities. We believe the albumin drops we are seeing in our high dose cohorts are acceptable for the following reasons. First, the albumin drop of 20% to 25% is seen only in our high dose arms. It seems to be stable and results naturally after the drug is withdrawn. We believe, because the FcRn recycles both IgG and albumin, this class of drugs likely reduces the level of both when the receptor is blocked. Albumin, which is the most abundant protein in the body, plateaued at a much lower reduction in IgG because of high and compensating production in the liver.

Second, the drop was consistent across our multi-dose Phase 1 patients and our monkey studies where much higher doses of drugs were used for over six months with no clinical symptoms related to albumin reduction. Third, we believe that the reduction in albumin is dose-dependent and if we were to extend the dosing of our molecule at doses similar to what our competitors are using, we would not see albumin levels outside of the normal range, that we are seeing it in our high dose is a testament to the safety and potency of our molecule, which allows us to drive IgG levels significantly lower than our competitors have been able to achieve.

Finally, there is no evidence that this level of albumin reduction is clinically relevant. Patients with genetic base reductions of albumin will have much lower levels, typically show little to no symptoms. Symptoms are typically only evident in patients with liver disease who have low levels of albumin, but also significant complications from the liver disease itself.

As with the CK, regulators have reviewed all of our albumin data and have given go ahead to initiate trials of M281 in pregnant women with severe hemolytic disease of the newborn or HDFN. Pregnant women often have lower levels of albumin to start with, however multiple agencies are comfortable enough with our data to allow us to move forward in this important indication. So far, Health Canada has accepted the CTA to initiate our Phase 2 trial.

In addition, we just received a positive opinion through the Voluntary Harmonization Procedure or VHP from the United Kingdom, Netherlands, Belgium and Spain to support initiation of our Phase 3 study. As you'd expect, we'll continue to monitor a broad range of clinical laboratory values including albumin and CK levels in our Phase 2 trial. But we don't expect either to represent those significant toxicity issue. Our team will provide reference materials that support our analysis to investors who are interested. As a final point on our Phase 1 study, I want to reemphasize that M281 continues to show its best-in-class potential with the ability to achieve full receptor occupancy with no dose limiting toxicities, now demonstrated in humans.

Looking ahead, we announced at R&D Day that we have embarked on a broad strategy to demonstrate the superiority of M281. We're working in three areas, autoimmune disease, fetal maternal disease and supportive therapy for other agents, specifically AAV gene therapy to allow these products to overcome alloantibodies and retain their efficacy. We announced our first two Phase 2 trials in autoimmune and fetal maternal and are commencing both this quarter.

The first indication we have chosen is generalized myasthenia gravis, a debilitating rare autoimmune disease mediated by pathogenic IgG autoantibodies and associated with severe morbidity and potential life threatening complications. We chose generalized MG, because there remains a significant unmet medical need. Since our competitors have already released data showing that lowering IgGs have a therapeutic benefit. In this disease, it is a perfect indication that demonstrate that our superior potency and toxicity profile can translate to better efficacy.

We have designed a very robust Phase 2 study that will evaluate approximately 60 patients with generalized myasthenia gravis. This study should allow us to demonstrate efficacy and safety and establish the clinical relationship between IgG reduction and efficacy. We're also evaluating a wide range of dose paradigms to establish the optimal dose and dose scheduled for maximum patient benefit for using a Phase 3 study, which we believe will enable us to design a focused Phase 3 trial, which can be rapidly enrolled. We anticipate top line results from this study in 2020 assuming a successful pace of enrollment.

Our second M281 indication is HDFN. HDFN is a rare alloimmune disease caused by antibodies from the mother crossing the placenta and backing (ph) the baby. In a process known as red cell alloimmunization, the mother develops antibodies which target proteins on fetal red blood cells causing anemia in the fetus with associated potential fetal demise and significant infant morbidity. Based on publicly available data, we estimate that there are approximately 4,000 to 8,000 cases of HDFN per year in the US, with severe HDFN affecting approximately 1,600 to 3,200 of these cases.

We chose HDFN as an indication for two important reasons. First, there remains a very high unmet medical need. There are no approved therapies and current standard of care is invasive into uterine transfusions. Standard treatments are also not always available or effective leading to a 20% rate of fetal mortality and significant morbidity in the neonatal. Second, we believe that M281's mechanism is the perfect match for this disease. By blocking FcRn, M281 can fully block the transfer of mom's autoantibodies to the fetus. In addition, M281 will also reduce the amount of antibodies against fetus red blood cells in maternal circulation.

M281 showed in its Phase 1 clinical trial that a 30 mg per kg weekly dosing regimen can maintain 100% receptor occupancy, which is essential for treating this disease and we use this dose in our Phase 2 trial. As for the timing of this trial, we have regulatory acceptance in Canada and as I've mentioned previously, have received positive opinions to initiate in UK, Spain, Netherlands and Belgium. We're working with the FDA and plan to file an IND in the US as well and we're targeting proof of concept in 2021 for this trial assuming a successful rate of enrollment.

We have provided, but we believe to be realistic timelines for both our generalized myasthenia gravis and HDFN Phase 2 trials. However, we will look to accelerate the timelines wherever possible going forward. In particular, some of the regulatory agencies that we've been working within HDFN have suggested the potential for accelerated filing depending on the outcome of the Phase 2 study.

Turning to M254, our hyper-sialylated IgG program designed to be a potential high potency version to IVIg, which we also showcased that at our R&D Day. We outlined our clinical development plan for M254. We plan to enter a single trial with dose ranging in normal volunteers and then progressing directly into patients with idiopathic thrombocytopenic purpura or ITP. ITP is a disease where IVIg is already approved as a treatment and can provide a robust proof of concept, because the platelet readout is rapid and a good indicator of efficacy.

Therefore, we believe this trial could be completed quickly and that M254 has the potential to be our first novel autoimmune program to reach proof of concept. This Phase 1/2 trial is a four part study, which should allow us to rapidly identify the relevant dose levels of M254 required in humans to show equivalent efficacy to IVIg. I won't go into the full design here, but it's on our website and Santiago is here with me if you have questions following our prepared remarks.

Our main goal in this trial is to demonstrate that M254 has the potential to be up to 10 times more potent than IVIg in humans. If successful, this program could transform IVIg therapy. The IVIg market is estimated to be a $4 billion market in autoimmune disease. It is the supply constrained market and it brings a very high burden for patients because of the large volumes that must be used to show efficacy. Our agent offers the possibility of a much more potent version of IVIg and therefore a lower dose and more potent lower dose could bring better safety, tolerability, patient convenience, lower overall use of resources and possibly higher efficacy than IVIg.

We have planned on initiating this study in the fourth quarter of 2018. But due to manufacturing delays at our contract manufacturer we are now targeting the initiation of this Phase 1/2 proof of concept in early 2019. Importantly and subject to the rate of enrollment, we are still targeting the 2020 time frame for proof of concept data. We're very excited about the potential of M254 and look forward to providing more information as we progress.

Lastly, on the novel drug portfolio, a quick update on M230. Our novel drug program in collaboration with CSL. M230 is a recombinant Fc multimer and that works by antagonizing the activating Fc gamma receptor system and blocking immune complex mediated tissue damage. The Phase 1 study designed to evaluate safety and tolerability of M230 in healthy volunteers is ongoing and CSL anticipates that study will be completed in 2019. I look forward to keeping you updated as we move forward on this program as well.

Before I turn the call over to Michelle, I would like to discuss, how we are thinking about financing the Company. As we always are, we are evaluating the potential for additional public financing. However, I would emphasize that there are alternatives available to extend our runway, including multiple business development opportunities. These opportunities include identifying a commercial partner for M923, partnering some of our attractive research candidates, we're exploring ex-US collaborations for wholly owned development programs. We have adequate cash in the Company to enable us to choose the right timing and sources of capital to fund this promising portfolio.

In closing, we have a lot to be excited about -- at Momenta from the broad potential of our promising novel drug programs and the further development and commercialization of our two late stage biosimilar candidates. We are committed to aggressively executing our plans to drive these programs forward to deliver meaningful therapeutics to the patients who need them and value for our investors.

With that, I'd like to welcome Michelle to the Executive team and congratulate her on her new role as CFO. I'm looking forward to working with her as we advance our portfolio and build the Company.

With that, I'll turn the call over to Michelle to review the second quarter financials.

Michelle Robertson -- Chief Financial Officer

Thanks, Craig. Good morning, everyone.

Craig Wheeler -- President and Chief Executive Officer

Third quarter.

Michelle Robertson -- Chief Financial Officer

We reported a net loss for the third quarter of $50 million compared to a net loss of $33 million for the same quarter last year. The net loss for the third quarter of 2018 includes restructuring charges of approximately $16 million. Revenues for the third quarter totaled $15 million compared to $24 million for the same period in 2017. Third quarter 2018 revenue included approximately $14 million in product revenue, which was profit share earned from Sandoz's sales of our Glatopa products.

In Q3 2017, we reported product revenue of approximately $11 million to Sandoz's sales of Glatopa 20 mg. The year-over-year increase in product revenues for the third quarter was primarily due to a non-recurring deduction of a $5 million contractual commitment in 2017, offset by lower net sales driven by market decline in Mylan's entering the COPAXONE market. Research and Development revenues decreased to $1 million from $13 million in the third quarter of 2018. The decrease was primarily due to a $10 million milestone payment achieved in the 2017 period and lower reimbursable expenses for our complex generic programs with Pfizer.

Third quarter total GAAP operating expenses were $67 million compared to $59 million in the same period in 2017. The third quarter GAAP operating expenses included $16 million in charges related to our restructuring in October. Third quarter R&D expense decreased to $31 million when compared to $38 million in the same period in 2017. The decrease was primarily due to reduced external R&D expenses for M923 offset by increases in spending for M281 and M230.

Third quarter G&A expense remained flat at $20 million compared to the same period in 2017. G&A expenses in third quarter 2018 include approximately $1 million in third-party costs associated with the Company's strategic review. Due to the strategic review, the Company did not provide non-operating -- non-GAAP operating expense guidance for the third quarter of 2018. For the third quarter of 2018, our non-GAAP operating expense excluding restructuring costs were $46 million. Our non-GAAP operating expense is defined as total operating expenses, less stock-based compensation, less restructuring costs and less collaborative reimbursement revenues. Finally, we ended the third quarter with $280 million in cash, cash equivalents and marketable securities, compared to $320 million at the start of the quarter.

Turning now to guidance. Today, we are providing updated non-GAAP operating guidance of approximately $230 million to $240 million for full year 2018 and $45 million to $55 million for the fourth quarter of 2018. As a reminder, non-GAAP operating expense is defined as total operating expenses, less stock-based compensation, less restructuring costs and less collaborative reimbursement revenues.

We'll now open the call for questions. Operator?

Questions and Answers:

Operator

Thank you. (Operator Instructions) Your first question comes from Brandon Folkes with Cantor Fitzgerald. Your line is open.

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Hi, thanks for taking my question. First question is, you noted that we may -- that you're going to publish the M281 data later this year. Is there anything in addition to what you presented at the Analyst Day that we may see there? And then secondly, can you just talk about the potential revenue synergies you may have on 281 if you do gain approval between HDFN and MG just between the two indications? Thank you.

Craig Wheeler -- President and Chief Executive Officer

Sure. First, I'll start on M281, Santiago's here, but the paper is basically going to provide all the data tables and everything supporting the conclusions that we presented so. I don't think it's anything really new that will be in that data. Santiago, anything?

Santiago Arroyo -- Senior Vice President of Development and Chief Medical Officer

There is obviously, more data in the paper, but nothing that will be significantly different from what we have already released.

Craig Wheeler -- President and Chief Executive Officer

Yeah. Our goal at R&D Day was really to give you all the key conclusions out of it. You'll just have the whole datasets to be able to take a look at. And then secondly, the second question was on revenue synergies between HDFN and MG. So, one of the things that we've been thinking about broadly is the strategy with our molecule and where we've been working very hard for the last four years to be able to go into fetal maternal disease.

But we think that actually have substantial benefits in our immune diseases as well, because one of the big challenges in many out of diseases and MG is one of them, is that, there is a certainly, a peak of activity of MG, there's two piece, one in elder population, one in younger population, which has a lot of women of childbearing age. And that's a very difficult patient population to treat today, because they are actually has not yet pregnant, they can pass that disease onto their fetuses and if so, they generally are avoiding pregnancy when they are being treated.

If we can establish in fetal maternal that we are safe for use in pregnant women that opens up a pretty broad swath across the autoimmune diseases, where we should be able to be the preferred candidate for women of childbearing age. And so that's where we really see the linkages, because we'll be the only one has that very comprehensive dataset showing the safety of the drug in pregnant women.

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Great. Thank you very much.

Craig Wheeler -- President and Chief Executive Officer

Absolutely, thank you.

Operator

Thank you. Your next question comes from Danielle Brill with Piper Jaffray. Your line is open.

Danielle Brill -- Piper Jaffray -- Analyst

Hey guys, good morning and thanks for the question. I just wanted to expand a little bit more on the albumin reductions. We've had some investors ask us about the potential impact of this on the PK of highly protein bound drug. Is this something you've discussed with the FDA?

Santiago Arroyo -- Senior Vice President of Development and Chief Medical Officer

We do have any specific discussion on that. We believe that the change in albumin which is relatively minor, will not have a major impact in most of the concurrent medications or antibodies. Again, that's something that we'll be working in the future to model, and if needed we will do an appropriated study. We don't actually believe that we will need a specific study for understanding the direction, again because the effect on our revenues is definitely minor.

Craig Wheeler -- President and Chief Executive Officer

Yeah. And as a reminder, there's -- because albumin is the most prevalent protein generated in the body. There is still an awful lot of albumin floating around in the bloodstream with these patients. So we will watch it, but as Santiago says, we don't anticipate any problems there.

Danielle Brill -- Piper Jaffray -- Analyst

Great. Thanks very much.

Craig Wheeler -- President and Chief Executive Officer

Okay. Thank you.

Operator

Thank you. (Operator Instructions) Your next question comes from Derek Archila with Stifel. Your line is open.

Derek Archila -- Stifel -- Analyst

Great. Good morning, everyone. So just a follow up on Brandon's question. So, on the publication that you guys are going to put out on M281. I'm just curious if there'll be any data around the albumin levels at baseline for these patients and kind of where they fell in the normal range and then I have two follow-ups after that.

Santiago Arroyo -- Senior Vice President of Development and Chief Medical Officer

I believe we don't have a specific data on what are the baseline albumin levels, is just a paper, so there is not a complete dataset for that. So that will probably not be there.

Craig Wheeler -- President and Chief Executive Officer

Yeah, the one thing I would say there, albumin in the normal range is actually quite a right range and people vary quite a bit, which is why it's often measured as against their own baselines.

Derek Archila -- Stifel -- Analyst

Got it. Okay. And then the second question, just given the agreement with AbbVie, I mean, can you just maybe talk about how that might accelerate negotiations with commercial partners for your biosimilar HUMIRA and then maybe just to refresh us on the strategy. The goal to find one global partner for that asset or several geographic partners?

Craig Wheeler -- President and Chief Executive Officer

Sure. So I'll just start by saying, we think it actually enhance the opportunity quite substantially, because now there is no major legal expenses, and there's guaranteed launch access dates. But Young Kwon, our Chief Business Officer is actually here in the room and I'm going to let him give a quick comments that is leading that effort.

Young Kwon -- Chief Business Officer

Hi, Derek. Yeah, we have a few different options to pursue. I think that in the -- one approach is to find a single partner that which, as the geographies worldwide, principally the US and Europe. Although, we also have the rest of world settlement as part of the agreement with AbbVie. I think the US is obviously the largest market opportunity for HUMIRA. And so that's really the place where we are focusing our efforts to try and find that commercial partner.

Derek Archila -- Stifel -- Analyst

Yeah, got it, OK. And then just one last one on the clinical trials that you guys are looking to initiate. Have you talked about the cost of those programs and what to expect over the next couple of years. I mean obviously you're not going to provide guidance, but any sort of kind of rough guidance as far as the estimate for those types of trials will be helpful. Thanks.

Craig Wheeler -- President and Chief Executive Officer

Yeah, we would rather not give specific guidance at this point, we will be coming out with a full year guidance at JP Morgan. So, we'll have all of those numbers for you there.

Derek Archila -- Stifel -- Analyst

Great. Thanks, guys.

Craig Wheeler -- President and Chief Executive Officer

Sure. Thank you.

Operator

Thank you. And I'm showing no further questions at this time. I'd like to turn the call back over to Craig Wheeler for closing remarks.

Craig Wheeler -- President and Chief Executive Officer

Sure, and thank you, everybody for joining us this morning, and we look forward to keeping you updated on with some pretty exciting pipeline coming out of the research labs here. So thanks very much, and we'll talk to you soon.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you all may disconnect. Everyone have a wonderful day.

Duration: 32 minutes

Call participants:

Sarah Carmody -- Senior Director of Investor Relations and Corporate Communications

Craig Wheeler -- President and Chief Executive Officer

Michelle Robertson -- Chief Financial Officer

Brandon Folkes -- Cantor Fitzgerald -- Analyst

Santiago Arroyo -- Senior Vice President of Development and Chief Medical Officer

Danielle Brill -- Piper Jaffray -- Analyst

Derek Archila -- Stifel -- Analyst

Young Kwon -- Chief Business Officer

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