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DATE
Monday, Nov. 10, 2025 at 8:30 a.m. ET
CALL PARTICIPANTS
- Chief Executive Officer — Ameet Mallik
- Chief Medical Officer — Mohamed Zaki
- Chief Financial Officer — Pepe Carmona
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TAKEAWAYS
- Net Product Revenue -- $15.8 million for the quarter, down from $18 million in the same period in 2024, reflecting stability over two years despite variability in ordering patterns.
- Operating Expenses -- $45 million (non-GAAP), a 12.1% decrease, primarily driven by lower research and development costs while sales and marketing expenditures remained stable year-over-year.
- Net Loss (GAAP) -- $41 million, or $0.30 per share, compared to $44 million, or $0.42 per share, a year earlier, attributed mainly to reduced R&D and G&A expenses.
- Cash Position -- $234.7 million at quarter end, with pro forma cash of $292.3 million after a $60 million private placement completed in October, extending the cash runway at least to 2028.
- ZYNLONTA (ZENLATA) Clinical Progress -- Phase III LOTUS V trial in combination with rituximab continues enrollment, with top-line results expected in 2026 when the prespecified number of PFS events is reached.
- LOTUS VII Trial -- Acceleration in enrollment reported post-June data release, with a clinical update planned on all efficacy evaluable patients with at least six months of follow-up by year-end.
- Follicular Lymphoma Data -- In 55 efficacy evaluable patients, ZENLATA plus rituximab achieved an overall response rate of 98.2%, a complete response rate of 83.6%, a 12-month PFS of 93.9%, and no new safety signals; median PFS not reached after median 28-month follow-up.
- Market Opportunity -- Management estimates ZENLATA peak annual revenue potential at $600 million to $1 billion upon expansion into earlier DLBCL lines and indolent lymphomas, versus a roughly $70 million current annual run rate in the existing third-line plus indication.
- Regulatory and Publication Timeline -- Supplemental BLA submissions and pursuit of compendia inclusion/publication for LOTUS V and LOTUS VII targeted for 2027, pending positive data.
- R&D Pipeline -- IND-enabling activities for a PSMA-targeted ADC are on track for completion by year-end, further expanding the development portfolio.
SUMMARY
ADC Therapeutics (ADCT +4.46%) reported a year-over-year decline in net product revenue and a moderation in GAAP net loss, supported by operational cost reduction on a non-GAAP basis and disciplined capital allocation. Management highlighted ongoing clinical advancement for ZENLATA across multiple Phase II and Phase III trials, emphasizing recent efficacy data updates and planned regulatory disclosures through 2026–2027. The company secured a significant private placement after quarter-end, substantially extending its liquidity horizon and enabling continued investment in both flagship and pipeline assets.
- Mallik said, "This financing takes our expected cash runway at least to 2028," signaling sustained development capability without near-term dilution risk.
- Projected peak annual revenue expansion to $200 million–$800 million across DLBCL settings is contingent on successful clinical outcomes and regulatory milestones described for LOTUS V and LOTUS VII.
- Enrollment acceleration in key clinical trials may enable ZENLATA to address broader patient populations sooner than originally estimated, according to management comments on execution pace and study timelines.
- Data from relapsed/refractory follicular lymphoma demonstrate high response and durability rates, supporting additional regulatory and compendia pathway assessments as patient numbers increase toward study targets.
- Management clarified that penetration in second-line DLBCL could rapidly boost revenue, with illustrative modeling linking a 10% share to a more than twofold increase over the current baseline run rate.
INDUSTRY GLOSSARY
- DLBCL: Diffuse large B-cell lymphoma, an aggressive type of non-Hodgkin lymphoma.
- PFS: Progression-free survival, a key clinical endpoint measuring time during and after treatment a patient lives with the disease but it does not worsen.
- Compendia Inclusion: Addition of a therapy to clinical reference guides used for treatment coverage and reimbursement.
- BLA (Biologics License Application): Regulatory submission to the FDA requesting approval to market a biologic product in the United States.
- PSMA: Prostate-specific membrane antigen, a cell surface protein targeted by some oncology therapeutics.
- Bispecific Antibody: Engineered antibody designed to bind simultaneously to two different antigens.
- IND-Enabling Activities: Preclinical research required before filing an Investigational New Drug application to begin human trials.
Full Conference Call Transcript
Ameet Mallik, who will discuss our operational performance and recent business highlights. Our Chief Medical Officer, Mohamed Zaki, 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 US 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-Ks, 10-Qs, and 8-Ks. 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: Thanks, Nicole, and hello, everyone. Thank you for joining us on today's call. In 2025, we continued to focus on execution and delivering on our commercial strategy. Maintaining ZENLATA 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 ZENLATA trials in second-line plus DLBCL and expect to share additional data in the coming months.
We plan to provide an update on LOTUS seven, our Phase 1b trial evaluating ZENLATA in combination with the bispecific antibody glofitamab before the end of the year. Then in 2026, we plan to announce top-line results from LOTUS V, our Phase III confirmatory trial of ZENLATA in combination with rituximab once the prespecified number of PFS events is reached, and data are available. Within indolent lymphomas, the lead investigator on the Phase II IIT of ZENLATA 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 ZENLATA in relapsed or refractory marginal zone lymphoma continues to enroll to the target of 50 patients. Beyond ZENLATA, 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 RedMob 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 ZENLATA 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, ZENLATA 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 have 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, ZENLATA has the potential to reach peak annual revenues of $600 million to $1 billion in the U.S.
Our current indication has, as I noted earlier, shown relative stability in net revenues over multiple quarters, demonstrating ZENLATA has a clear place in the market as a monotherapy. We believe LOTUS V has the potential to lift peak annual revenue for ZENLATA to $200 million to $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 the duration of therapy.
With LOTUS seven, we estimate we can expand the total opportunity for ZENLATA in DLBCL to $500 million to $800 million in peak annual revenue with both regulatory approval and compendia listing. If the data continue to be compelling, we believe ZENLATA 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 ZENLATA 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 ZENLATA of $100 million to $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 ZENLATA 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 like 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 LOTUS V and LOTUS VII, we believe ZENLATA 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 LOTUS V, our Phase III confirmatory study, we are combining ZENLATA 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 signals, demonstrating that this combination has the potential to provide competitive second-line plus efficacy with a favorable safety profile allowing broad accessibility.
In LOTUS VII, our Phase Ib trial, we are combining ZENLATA with a highly effective bispecific glofitamab in second-line plus patients. Data presented in June at 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 ZENLATA 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 ZENLATA plus glofitamab in the LOTUS VII trial positions us well among complex therapies. At the same time, the clinical profile of ZENLATA plus rituximab in the LOTUS V 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: Thank you, Ameet. I am pleased to share updated data from the Phase II investigator trial of ZENLATA in combination with rituximab in relapsed/refractory follicular lymphoma. The data were presented in September at the 22nd International Workshop on Non-Hodgkin's Lymphoma by the lead investigator, Dr. Juan Pablo Adrushio, from the Sylvester Cancer Center, part of the University of Miami Miller School of Medicine. Data presented from the 55 efficacy evaluable patients to date in this trial continues to demonstrate encouraging results with an overall response rate of 98.2% and a complete response rate of 83.6%. After a 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 signals were observed, and safety was consistent with the known profile of ZENLATA. The University of Miami is actively enrolling towards the target of 100 high-risk relapsed/refractory follicular lymphoma patients and is opening the study at additional US cancer research centers. As soon as sufficient data are available, we plan to assess 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?
Pepe Carmona: Thank you, Mohamed. On the financial front, net product revenues in 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 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 companion 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 PIPE financing, which on a pro forma basis expanded our cash and cash equivalents to approximately $292.3 million as of that date. The strengthening of our balance sheet allows us to execute our strategy with an expected cash runway extending at least to 2028. Across LOTUS V, LOTUS VII, and MZL ZENLATA programs, we expect to have data catalysts in the remainder of 2025 and 2026. For LOTUS V, we expect to provide top-line data in 2026 once a prespecified number of PFS events is reached and data are available.
Assuming positive results, a supplemental biologic 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 2027. With LOTUS VII, following the presentation of the data at EHA and ICML in June, we observed an acceleration in enrollment in the study at the selected 150 microgram 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 2027. 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 ZENLATA, 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: 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 ZENLATA 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: Thank you. Ladies and gentlemen, we will now begin the question and answer session. 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: Maybe I am intrigued by Pepe's comments that we are seeing accelerated enrollment post the June data release. Not surprising, of course, but can you frame how many patients we might get later this quarter? And then in terms of your target enrollment, out of 100 or so patients, are you adjusting that target? And is it possible that target could be sooner rather than later? Thank you.
Ameet Mallik: Thanks for the question, Eric. Yeah. No. We have been pleased that since the EHA and ICML update, we have had even greater interest in the trial, and enrollment has definitely accelerated. We are still targeting the roughly 100 patients that we have been targeting to enroll. It will occur quicker than when we originally anticipated. We are not giving you an exact timeline. We are still confirming the first half of next year to have that completed. And then in terms of the upcoming data release, Amit, are you still targeting 40 or forty plus?
Well, we will give you know, as you recall, we had enrolled originally twenty patients in each dose, then we continue to expand at the 150 dose, right? So it will clearly be more than the original twenty and twenty. But it will not be fully all 100. And, also, I want to make sure you heard what Pepe said is that we are going to be sharing updates on all efficacy evaluable patients with a minimum six months follow-up. This is because it provides more stable, meaningful updates, both in terms of the depth of the response but also the durability of response.
That was, as you can recall, some of the questions we received in the early updates is we had very limited follow-up. So now we are focused on where the data is more stable, and that is really when patients with a minimum six-month follow-up. Okay. Thank you very much.
Operator: Your next question comes from Clara Dong with Jefferies. Your line is now open.
Nicole Riley: Hi, good morning. Thanks for taking our questions. This is Jenna Li on the line. Could you talk about in the context of the upcoming LOTUS V and LOTUS VII data and the submission timelines, when should we expect to see an inflection point for ZENLATA sales? And 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: Yes. I think you are asking about the milestones and then also the revenue inflection. So first, I would say, for LOTUS VII, we expect to share an interim update on data later this year. And, obviously, we expect to have full data sometime by the end of next year or into 2027. As you can see, what we guided to is publication and or compendia inclusion sometime between the end of next year and 2027. With LOTUS V, we expect to share top-line results in 2026, and then have approval sometime in 2027.
So if you did not get 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.
Jenna Li: So 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: Yeah. I mean, I do not want to guide to the exact ramp-up. What I will say is if you look at other launches, whether it is the bispecifics or Polivy in frontline 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 is typically the majority that is going to happen in the first two years.
Jenna Li: That is super helpful. Thank you so much.
Operator: Your next question comes from Michael Schmidt with Guggenheim Securities. Your line is now open.
Nicole Riley: Hey. This is Sarah on for Michael. Thanks so much for taking my question. So I just wanted to get your thoughts on with these newer agents moving into frontline DLBCL, is that something that you are or would consider pursuing for ZENLATA? Thanks so much.
Ameet Mallik: Yeah. No. I think the frontline will be because if you look at the frontline setting, for decades, really, R-CHOP was the standard of care. Then only a couple of years ago, saw 0.1 of the biggest things being studied right now are bispecifics. I think there is some excitement about if those could have potential still to be determined, I think, still a little bit of ways away from seeing those readouts. And in terms of our future development, we will consider how that goes for this combination post the readout of 100 patients and any support would depend on a partner too.
I do not see us likely funding a phase three study with this in the frontline or the second-line setting with this combination. Purely on our own.
Sarah: Thanks so much.
Ameet Mallik: Yeah. We are watching the space closely.
Operator: Your next question comes from Leonid Timashev with RBC Capital Markets. Your line is now open.
Leonid Timashev: Hey, thanks for taking my question. I just want to ask on sort of the split of community and academic. I know you have talked about LOTUS V potentially being more positioned in the broadly applicable therapies and LOTUS VII more for the academic. But I guess I am curious how neat you think those breakdowns actually are going to be and sort of how you are 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: Yeah. So I would not do the breakdown in terms of academic community. What I would say is for the more complex therapies, whether it is CAR T or bispecifics, so let us just talk about bispecifics because that is more applicable to LOTUS VII. They are not only used across all the academic subjects. They are used in more sophisticated community centers, and that may grow over time. So I would not say the distinction is purely community versus academic. It is more of 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 LOTUS VII is going to have a place. Then there are other therapies, like chemotherapy, ADCs, antibodies, which are more broadly accessible, and 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. So I would not differentiate to say LOTUS VII is going to be purely academic and LOTUS V is going to be purely community. The reality is LOTUS VII, 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 LOTUS VII 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 are adopted by the community. With LOTUS V, 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. It may be a 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 are not going to want to give a bispecific-based therapy.
And for other centers in the community, they are not going to have access to them. So for all those reasons, we think LOTUS V still plays a big role. We still see our base chemo regimens having a large share in the relapsed refractory market. So we think we have a good place, and that is really our strategy, to hopefully have leading efficacy in both of these segments, both the complex therapies and the more broadly accessible therapies.
Operator: Ladies and gentlemen, as a reminder, should you have a question, please. Your next question comes from Sudan Loganathan with Stephens. Your line is now open.
Sudan Loganathan: Hey, good morning, Ameet, Mohamed, and Pepe. I know you have spoken about the opportunity in the second line, third line plus for relapsed refractory DLBCL with LOTUS VII, LOTUS V outcomes respectively. But 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 ZENLATA revenues to achieve your peak guidance ranges that you have noted? And then secondly, regarding the ZENLATA plus rituximab, for relapsed/refractory FL, data thus far at 84% CR rate seems to slide in nicely right after the T cell therapeutics. And then in line are slightly better than the bispecific.
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: Yeah. So I would say, you know, to answer your first about what SharePoint is worth, so think about in the second line setting, there are about twelve thousand patients in the U.S. And in the third line plus setting, there are six thousand patients. So depending on where you are getting the share, is it second line setting or third line plus every share point, obviously, multiplied by the number of patients. With monotherapy, we are typically seeing three cycles. Now remember, the first two doses of our product are 150 micrograms per kilogram, then it drops to 75.
So it is weight-based, but oftentimes it could be two vials for the first two cycles and drop to one vial. What we are seeing with LOTUS V and LOTUS VII is somewhere between five to six cycles. So you can just do the subsequent calculation on vials. And then you know what our net price and our gross price is in the upper twenties, thousands. Net price is in the lower 20,000. So if you do the kind of calculation depending on what if you are talking about a SharePoint, the second line, a third line plus setting, that kind of gives you a rough estimate.
Just by way of example, like in the LOTUS V, for example, if we were able to maintain our roughly 10% share that we have in the third line plus setting and translate that in the second line setting. But with increased duration of therapy in our net pricing, that would take our product, which is on a roughly $70 million run rate, what it has kind of been the last couple of years. To just over $200 million. Obviously, we were hoping with efficacy improvements, you actually gain share, and that is what leads to the guidance of $200 to $300 million. You can do similar calculations for LOTUS VII. Now turning to the indolent lymphomas.
I think we are excited both about the data that Mohamed spoke about with the last refractory follicular lymphoma. And relapsed/refractory marginal zone lymphoma data that was presented at EHA and IC. I think both right now are showing outstanding results. I would say in terms of the opportunity for potential adoption, right now we are basically funded to try to get into compendia for both. So obviously, we will not promote either of these indications. But 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 is why we have 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 has come out, maybe a bit higher than that, what we have been showing is closer to 70% CR rate. In that MZL setting. In follicular, although the data is outstanding, and we hope to have a place there, it is a lot more competitive. There are literally more than 10 agents that have phase three trials, including the bispecifics, and many other agents, who have large phase three studies with overall survival. And it is just a more competitive space.
That is why we think the potential for uptake is just smaller, not because the data is not excellent, but just because it is a much more competitive space.
Operator: No further questions at this time. I will now turn the call over to Ameet Mallik for closing remarks.
Ameet Mallik: Well, 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: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.