Medexus Pharmaceuticals Q4 2024 Earnings Call Transcript

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Provided by Quartr
June 26, 2024

There are 10 speakers on the call.

Operator

Good morning, everyone, and welcome to the Medexus Pharmaceuticals 4th Fiscal Quarter and 2024 Fiscal Year Conference Call. At this time, all participants are in a listen only mode and we will be opening for questions following the presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Victoria Rutherford, Investor Relations at Medexus. Over to you.

Speaker 1

Thank you, and good morning, everyone. Welcome to the Medexus Pharmaceuticals 4th quarter and fiscal 2024 earnings call. On the call this morning are Ken Dontremont, Chief Executive Officer and Marcel Conrad, Chief Financial Officer. If you have any additional questions after the conference call or would like further information about the company, please us at 480-625-5772. I would like to remind everyone that this discussion will include forward looking information as defined in securities laws.

Speaker 1

Actual results may differ materially from historical results or results anticipated by the forward looking information. In addition, this discussion will also include non GAAP measures such as adjusted net income and loss and adjusted EBITDA, which do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. For more information about forward looking information and non GAAP measures, including reconciliations to net income and loss, please refer to the company's MD and A, which, along with the financial statements, are available on the company's website at www.medexis.comandoncedarplus@www.sedarplus. Ca. As a reminder, Medexus reports on March 31 fiscal year basis.

Speaker 1

Medexus reports financial results in U. S. Dollars. I would now like to turn the call over to Ken Johnson.

Speaker 2

Thank you, Victoria, and thank you to everyone for joining the call today. We are proud of the financial results we were reporting for fiscal year 2024. We believe both we achieved both record revenue of $113,100,000 and record adjusted EBITDA of 19,500,000 dollars for fiscal year 2024, together with solid operating income of $10,800,000 and a modest net loss of $200,000 We responded swiftly to the adverse trends affecting our business and we are pleased with the initial progress of our ongoing expense management initiative, which is reflected in our financial results for fiscal Q4 2024. Before I go into detail on our base business, I will provide some color on a positive development in the regulatory process for triosulfan, a key pipeline opportunity for MEDEXUS. Earlier this month, we were informed by MEDAC, our licensor for treosulfan, that the FDA had accepted for review MEDAC's April 2024 resubmission of the new drug application for triosulfan.

Speaker 2

We expect that the FDA will complete its review and issue a decision by October 30 this year. We remain optimistic about the prospect of atriosulfad approval in the U. S. And about triosulfan's potential in the U. S.

Speaker 2

Market because we continue to believe that triosulfan would prove to be the gold standard in this therapeutic space as it has in Europe and in Canada. If approved by the FDA, we expect that Friosulfan would have a meaningful impact on the DEXIS' total revenue. Given this positive development and the revenue opportunity for this product represents, we intend to begin making judicious investments in personnel to make sure we can hit the ground running if and when approved. That being said, we would not expect significant revenue from Filosoften until early fiscal year 2026, being the Q2 of next year at the earliest. As a reminder, under the terms of our amended U.

Speaker 2

S. License agreement for triosulfan, we are now in a negotiation period to agree with MEDAC on any adjustments to unpaid milestones, including those that would become payable following approval. These negotiations could result in adjustments to the amount and or timing of these payments. And to be clear, we are under no obligation to make any milestone payments before the effective date of any such amendment. In the meantime, we are pleased with the performance of our base business this quarter despite some headwinds.

Speaker 2

Our fiscal Q4 2024 revenue of $26,000,000 decreased by $2,600,000 compared to Q4 2023 or a 9.1 percent decrease year over year. Adjusted EBITDA of $4,400,000 for the quarter was a decrease compared to $4,800,000 for the same period last year. We produced net income of $800,000 for the quarter, a decrease compared to net income of $6,900,000 for the same period last year and a positive operating income of $800,000 a decrease compared to $2,700,000 for the same period last year. Turning to our specific products. Xfinity unit demand decreased by 6% over the trailing 12 month period ending March 31, 2024.

Speaker 2

We now believe that a challenging demand environment together with anticipated impact of the U. S. Inflation Reduction Act will impact product level revenue going forward. We will continue to maintain existing demand bolstered by our now approved pediatric indication as a tailwind, but we have reduced investments in growth. On DASUBO, we maintained a market leading position during the quarter as unit demand remains strong.

Speaker 2

We continue to see the increased impact of product level revenue attributable to government sponsored programs. This impacts product level revenue as these programs toward discounts and rebates, including under the U. S. Inflation Reduction Act. RUPAL unit demand increased by 21% over the trailing 12 month period ended March 31, 2024.

Speaker 2

We expect that following the end of product of the product's market exclusivity period of January in January 2025, Repel will face generic competition in Canada. As is typical in such situations, generic competition will likely prompt us to execute effective unit level price reductions. We continue to see tropical terbinafine, which we licensed in March 2023 as a strategic fit with Rupaul. Health Canada's commitment to review our tropical turbiniphene new drug submission submitted in December 2023 brings us a step closer to making the product a viable treatment option for fungal nail infections in Canada and is consistent with our plans to target commercial launch in the first half of calendar twenty twenty five. If and when approved, this product will enter a market that we estimate to be C88 $1,000,000,000 on an annual basis.

Speaker 2

On Gluoand, we continue seeing seeking to maximize product level revenue. Although Gluoand performance in the U. S. Has remained lower than expected, unit demand has been growing moderately over the course of fiscal 2024 as new customers adopt the product. Metal Jet unit demand in Canada increased by 13% in the trailing 12 month period ending March 31, 2024.

Speaker 2

Following a trial in January 2023, Canada's Federal Court declined to uphold the Canadian patent for METALJEC, which we sought to defend in response to the at risk launch of a generic version of Metal Jet. While this outcome is disappointing, we previously adjusted our commercial strategy, and so we expect this outcome to have limited impact on the company and the product. In sum, we continue to focus on maintaining stability in our base business and generating cash from operations as we prepare for the revenue opportunities presented by our pipeline products. I will continue with some updates on our leadership team. With the successful completion of fiscal year 2024, Marcel Conrad, who has served as our CFO since June 2021, has chosen to depart Medexus to pursue other opportunities.

Speaker 2

Marcel's last day will be this Friday, June 28. For our long standing succession plan, we have appointed Brendan Bushman, who joined Medexus in June 2019 and has worked closely with Marcel through Marcel's entire tenure to step into the CFO role. Among other great qualifications, Brendan has extensive experience building and leading finance and accounting teams to periods of rapid growth, which continues to be our objective for Medexus. I look forward to continuing to work with Brendan in his new capacity. I'd also like to thank Marcel for his years of service on the Codexis senior management team.

Speaker 2

I wish him all the best in his future endeavors. In addition, effective Monday, June 24, we appointed Richard Labelle as our Chief Operating Officer. Richard will now oversee all day to day business operations across Canada and the United States and ensure they align with our strategic goals. This expanded role builds on his demonstrated success in leading Canada's Canadian operations among other things. Also effective Monday, Mike Adelman, who has been an important part of the Medexus team since joining as part of our Xfinity acquisition has departed the company.

Speaker 2

My congratulations to Richard on this expanded role and I'd like to thank Mike for his extensive service to Medexus. I and the rest of the Medexis team wish him all the best. To wrap up this update, I'm confident there will be a seamless transition in the CFO role and that this strategic area organization will ensure our ability to embark on the next chapter of the Nexus growth story. I will now turn the call over to Marcel, who one last time, who will discuss our financial results in more detail. Marcel?

Speaker 3

Yes. Thank you. Thank you very much, Ken. I've been really fortunate to be part of a great Medexus journey to become a leading North America based specialty pharma company. And now I believe we have a solid foundation to build upon, and I very much look forward to following Brendan's and Medexus' future successes with great interest.

Speaker 3

We're pleased to report our 8th consecutive quarter of positive operating income and 10th consecutive quarter of positive adjusted EBITDA. Turning to the full quarterly results. Total revenue for the fiscal 4th quarter was $26,000,000 This quarterly revenue number represents a decrease of $2,600,000 compared to $28,600,000 for the 3 months period ended March 31, 2023. Total revenue for the full year was $113,100,000 reflecting a 5,000,000 dollars or 4.6 percent improvement compared to $108,100,000 for fiscal year 2023. This decrease in 4th quarter revenue is primarily attributable to trends affecting Xfinity and RASUVO.

Speaker 3

Specifically, Xfinity revenue in the second half of fiscal year twenty twenty four was affected by lower than expected purchases by pharmacy and wholesale customers relative to a decrease in patient unit demand, which Medexus believes is a result of those customers working through inventory on hand and the accumulating effect of continued effective unit level price reductions for RASUBO. Gross profit was $13,300,000 $59,500,000 for the 3 12 month periods ended March 31, 2024, respectively, compared to gross profit of $15,000,000 $60,000,000 for the same period in the previous year. The gross margin was 51.2 percent 52.6 percent for the 3 12 month periods ended March 31, 2024, respectively, compared to 52.5 percent 55.5 percent for the 3 12 month period ended March 31, 2023. The $500,000 year over year decrease in gross profit and 2.9 percentage point year over year decrease in gross margin primarily for changes in the relative contribution of product level net sales, including the effect of Clearland sales in the United States before September 2022 and the accumulating effect of continued effective unit level price reductions for Resuvo. Selling and administrative expenses were $10,300,000 $44,900,000 for the 3 12 months periods ended March 31, 2024, compared to $11,400,000 $48,300,000 for the 3 12 month periods ended March 31, 2023.

Speaker 3

The $3,400,000 year over year decrease in shelling and administrative expense was primarily attributable to reductions in operating expenses, including as a continuing effort of cost reduction initiatives implemented in October 2022 and January 2024. In both cases, we have responded quickly to trends affecting our business. The January 2024 cost reduction initiative involved a reduction in Medexus' allocation of sales force resources to Xfinity and DERSUVO, which the company expects will improve the contributions of those products to overall financial results. Medexus intends to seek and consider efficient approaches to allocating its remaining sales force resource to its products based on the company's strategic plan. Research and development was $100,000 $1,600,000 for the 3 12 month periods ended March 31, 2024.

Speaker 3

This compares to $700,000 $2,900,000 for the 3 12 month periods ended March 31, 2023. Adjusted EBITDA for the 3 12 month periods ended March 31, 2024 was positive $4,400,000 $19,500,000 compared to $4,800,000 $16,000,000 for the 3 12 month periods ended March 31, 2023. The full year €3,400,000 increase in adjusted EBITDA was primarily attributable to the year over year change in revenue, together with reductions in operating expenses over fiscal year 2024. The net income for the 3 12 month periods ended March 31, 2024, was €800,000 and negative €200,000 compared to net income of $6,900,000 $1,200,000 for the same period last year. Net income or loss includes a noncash unrealized gain or loss on fair value of the embedded derivatives in our now retail convertible debentures, which were sensitive to, amongst other things, fluctuations in our share price.

Speaker 3

As such, we believe that adjusted net income or loss has historically provided a better representation of performance of our operations because it excludes these noncash fair value adjustments on liabilities. Our adjusted net income for the 3 12 months periods ended March 31, 2024, was $800,000 and negative $300,000 compared to an adjusted net income of $6,000,000 and negative $1,300,000 for the same periods last year. Our available liquidity consisting of cash and cash equivalents stands at $5,300,000 at March 31, 2024. The primary factor in the year over year net decrease in cash as compared to March 31, 2023, was Medexus' use of cash to make the final maturity date payment in respect of the company's now repaid convertible debentures in October 2023, partially offset by, amongst other things, cash provided by operating activities of $18,700,000 for fiscal year 2024. The repayment of our convertible debentures fully in cash in October 2023 has simplified our balance sheet and leased our BMO credit facilities, which continue to benefit from an attractive interest rate as our only remaining debt.

Speaker 3

As of March 31, 2024, we had a combined $51,700,000 outstanding on the dose facilities, which will continue to pay down over the term. Together with strong cash provided by operating activities in both fiscal year 2024 and fiscal Q4 2024, we believe we are on solid footing to continue maintaining and growing our business over the coming quarters. As always, there can be variability in quarter to quarter results, but we look forward and are energized to continue to build the company and its portfolio in the coming quarters and beyond.

Speaker 1

Operator, we will now open the call to questions.

Operator

Thank you very much. We are now opening the floor for your questions. Your first question is coming from Andre Uddin of Research Capital. Andre, your line is live.

Speaker 4

Good morning, Ken and Marcel. Could you just elaborate a little bit more on in terms of the market dynamics for Zeniti and Versuvo in terms of pricing and competition? That would be great. Thanks.

Speaker 2

Sure. I'll take a crack at that. So as we've said in previous quarters, we are seeing reductions in gross to net on DSUVO as more and more pricing controls come into play in the U. S. And so we have seen that being decreasing over the quarter.

Speaker 2

So it's kind of offsetting the increase in unit growth that we are getting and continue to get. On Xfinity, slightly different dynamic and that the demand has flattened and slightly decreasing. So patients aren't filling at exactly the same rate as they have historically. And so that clearly has an impact. So those are the two dynamics there.

Speaker 2

Rululean appears to be unaffected at this point.

Speaker 4

Okay. It's great. And just it was also nice to see TRYOSALPHAN advancing forward with the FDA. Just looking ahead also in terms of triamcinolone, when what do you actually need to do to get that FDA approved? And are you looking at that one?

Speaker 2

Yes, we are looking at that one. So triamcinolone is a slightly different issue in that it's availability of the product that is the challenge is there are very few sources of it, yet it's a drug of choice for juvenile idiopathic arthritis. And so it has been a challenge to have it manufactured. Once that is resolved, then yes, we would seek to pursue an FDA approval. We have not initiated that yet.

Speaker 4

And just one last question, how many about how many sales reps would you need for Triosulfan in the

Speaker 2

Yes, we're in the midst of reevaluating the launch plans. So I'm not going to give a specific number, but it's relatively small. As we've discussed before, the number of institutions that do stem cell transplants in the U. S. Is very limited.

Speaker 2

So it's a relatively small number, but we haven't finalized the launch plan. We're in the process of reevaluating that whole plan.

Speaker 4

Great. Thanks. Thanks, Ken.

Operator

Thank you very much. Your next question is coming from Raul Sarugheza of Raymond James. Raul, your line is live.

Speaker 5

Hi, Ken. Hi, Marcel. This is Mike on for Rahul today. I guess following on to Andre's question there, I wonder if you could discuss, I guess, your initial ideas on process and timelines around a potential Triosulfan launch, assuming the drug is approved. What sort of investments would you be making prior to October as you alluded to?

Speaker 5

And then how might you be investing after a potential approval?

Speaker 2

Yes. Thanks, Mike. Great question. So as we put in this report, we are making some modest investments in Triosulfan now. We are adding some people in the field, so MSL, which will allow us to get prepared for the eventual launch, assuming a positive decision in October.

Speaker 2

Post October, we would then execute the commercial plan. And again, it's relatively modest spending for the significance of the opportunity that we see because it's mostly medically driven. Obviously, it's a deeply scientific area and we would invest in personnel and programs that would share that science and experience that's been developed in other markets with the American transplanters.

Speaker 5

Very good. Thank you. And I guess my second question will be on Xfinity. How do you see the recent pediatric approval factoring into the structural issues that you're encountering in the hemophilia B market? Is there any possibility that this could make the drug more durable in this environment?

Speaker 5

Or there are sort of the prevailing wins a bit too strong for that?

Speaker 2

Yes, it's a great question. And we're in the midst of evaluating that as we are gaining experience with the now approved pediatric indication. So what we have found recently is that we are gaining pediatric patients. It's a familial disease, so there could be several individuals in the same family that would have the condition. So having pediatric indication when there's multiple children, some of which may be under 12, makes it easier for the family, the parent, whoever is doing the infusion just to have 1 drug product in the house rather than several.

Speaker 2

It also helps us in contracting. So as we work with our customers, there may be the opportunity to have various contracts and having full indication gives us a much stronger position. So I guess in some we are looking at the impact of the pediatric indication thus far as being positive. We'll see what that does to the trajectory of the drug going forward.

Speaker 5

All right. Thank you, guys. I'll leave it there.

Operator

Thank you very much. Your next question is coming from David Martin of Bloom Burton. David, your line is live.

Speaker 6

Good morning, Ken and Marcel. Also on Xfinity, just want to clarify, when you say unit demand decreased 6% year over year in the 2024 fiscal year, Is that at the level of the patient or is that the level of the units of Medexa shipped?

Speaker 2

It's a great question, David. Both are down. And as we've said before, we are trying to balance patient demand with units we ship? I think the 6 and correct me if I'm wrong, Marcel, but I think the 6 that we referenced is units we ship.

Speaker 3

Yes, it's demand. So it's demand year over year, yes, unit demand levels.

Speaker 6

Okay. And what was the decrease in the 4th quarter, fiscal 4th quarter?

Speaker 2

Marcel, do you have that number?

Speaker 3

I'm sorry, David. What was your question?

Speaker 6

What was the decrease in Xfinity unit demand in fiscal Q4 year over year?

Speaker 3

So that essentially is on a 12 month trailing basis, yes. So what we give now for the quarter is on a 12 months trailing basis, so not on

Speaker 7

a quarter by quarter, yes. I don't think we have given that, yes.

Speaker 6

Okay. So you've got unit demand at the patient level going down and there's also inventory drawdown at the pharmacies and wholesalers. When do you expect that inventory drawdown to end? And when it does, where do you think the trajectory of your net sales is going to go on the product?

Speaker 2

I can give some general comments on that. We're not giving guidance on product level revenue nor for the company, but the drawdown on inventory in the channel, we think will be modest over the coming quarters. It hasn't built to a level that is unsustainable. So it's not that big an issue. But we do want patient demand.

Speaker 2

So actual consumption use in the market to be more closely related to customer demand being specialty pharmacy. So when that's balanced, we're satisfied if the months on hand is in a regular normal range. And so we're heading towards that. I don't think we're going to see any dramatic changes quarter to quarter. We're slowly moving towards what we think is a proper balance.

Speaker 6

Okay. Your OpEx, you've got some reductions to the Xfinity and Resuvo infrastructure, but you're also building for Triosulfan. Should we look at overall OpEx being relatively stable with fiscal Q4?

Speaker 2

Yes, relatively stable. So the investment in Xfinity is really an investment between here and October. And then we'll see what the decision is at the end of October. So it's a modest increase. We'll fund that from within the current budget.

Speaker 2

We can do that as we've got savings elsewhere. So I don't think you would see any dramatic change.

Speaker 6

Okay. And then the last question, there was quite a drop in the cash from fiscal Q3 to fiscal Q4, you made that maturity payment in October. What was the consumption of the cash between these 2 in the Q4?

Speaker 2

I'll let Marcel pick that one up.

Speaker 3

Yes. Thanks for the question, David. Yes, you've seen that drop from we had, I think, over $8,000,000 now with over 5,000,000 dollars It's we've made that payment in October. You're right. So all these sort of cash levels are planned as they shake out.

Speaker 3

We have made in Q4 specifically, as you mentioned, the drop versus Q3. There's some payments that we've made, for example, on inventory side. There's some royalty payments in there. So I would say these are quarterly fluctuations that we are anticipating. We are also coming out from a Q3 quarter that was a little bit softer, as you remember.

Speaker 3

So we sort of recovered that in Q4. And really, so these are normal fluctuations, which we're planning. We're monitoring our liquidity, of course, very, very closely. So nothing else to point out there at this point there.

Speaker 6

Okay. That's it for me. Thanks.

Operator

Thank you very much. Your next question is coming from Christopher Pugh of Canaccord Genuity. Christopher, your line is live.

Speaker 8

Yes, thanks. Good morning. I'm calling in for Tanya. I just had a quick question on the glialand in that the orphan drug exclusivity, I believe, is expiring or it has expired recently this month. And I'm just wondering what's your outlook on potential generic competition in that space?

Speaker 2

Yes, that's a great question. So you are correct. It just expired or is shortly expiring. So we don't expect to see any competition. There's nothing on the horizon.

Speaker 2

We would be aware of it if there were something close. And so unlikely to see anything in the next 12 months to 18 months, if at all. The situation in other markets is there is no generic. So exclusivity is long expired in the European markets and there's also no generic there. It's our belief that the volume is relatively small, giving the rare disease status of glioblastoma.

Speaker 2

And so any price reductions would make a generic unviable. So it hasn't occurred in other markets. We don't foresee it in the near future in the U. S. Either.

Speaker 8

Okay, that's great. Yes, I'll jump back. Thanks.

Operator

Thank you very much. Thank you. Your next question is coming from Stephan Quenneville of Venton Capital Markets. Stephane, your line is live.

Speaker 7

Thanks for taking my questions, guys. Just a quick question on some of the operational changes you've talked about. With the Head of Canadian Operations sort of taking over as the COO, I was just curious if any of the learnings on Triosulfan's, I think, successful launch in Canada. Obviously, it's a different market than the U. S, but is there anything you can glean from that to make sure the drug launches are well in the U.

Speaker 7

S. And sort of what you've learned from your experience in Canada?

Speaker 2

Yes, Stephane, great question. That is specifically one of the reasons why we've made this move and that Richard and the person who leads this franchise in Canada have developed good understanding, deep understanding of what it takes to execute a successful launch on Triosulfide. Obviously, the markets are different, but the clinical practice isn't different in the 2 countries. So that will certainly help and we'll bring that experience to the U. S.

Speaker 2

Launch. And then clearly using all the excellent U. S. Experienced people that we already have in place working with Richard, we think that the team together will be able to execute a successful launch because we'll transplant the experience from Canada to the U. S.

Speaker 2

And have the U. S. Experience in place.

Speaker 7

Okay. And then just a question on and I think people have touched on this, I'm just going to try and give a little more precision. So I'll ask the question for maybe a third time. In terms of hiring for Trio and also your kind of guidance, you're not going to see meaningful revenue for Trio until about Q2 of 2025. Is that because you're going to wait to hear about approval end of October before you bring on those extra salespeople?

Speaker 7

And like you said, you're doing a little bit ahead of that, but like the bulk of those hires are going to come subsequent to the potential approval?

Speaker 2

Correct. So we will start with the MSLs very shortly. We already have some people in place who are working in the field, but we'll be adding some MSLs prior to the decision date, so somewhat at risk. And then we will hire the remaining individuals upon the decision, positive decision, and then execute the launch. There is a lag time between decision and having product available.

Speaker 2

So that's part of the thinking as well, but there's no point having a whole bunch of salespeople in place without product available. So we'll be looking to condense the product availability as much as possible and then having those people in field as soon after the launch as possible when they can start to commercialize.

Speaker 7

Okay, great. And just one last one, just in terms of, I don't know if you're going to maybe a quarterly or annual target in terms of using your cash flow to pay down debt. Are you guys can you share your thoughts on that over the say of the next 12 months and what kind of cadence you're looking to pay down that?

Speaker 2

Yes, I'll turn it over to Marcel. But as he said, we've been paying down the BMO debt since it was put in place, and we'll continue to pay it down. And the schedule has been published, but I'll turn it over to Marcel to give you the details.

Speaker 3

Yes, Craig. Thanks, Kenny. Yes, Stephane, that's exactly yes, we started out with $56,500,000 of the total facility and now we're down to $51,000,000 a little over $51,000,000 And we have an amortization schedule that we are going to that we're going to stick to in terms of the payment. So that translates into a quarterly payment of about $3,300,000 per quarter going forward to pay down the debt.

Speaker 7

That's great. Thanks guys. That's it for me.

Operator

Thank you very much. Your next question is coming from Julian Hung of Stifel. Julian, your line is live.

Speaker 9

Hi, this is Julian subbing in for Justin today. I was hoping to get a refresher on Triosulfan estimates. So what do the peak sales expectations look like? How soon do you expect to reach that number? And what would the ramp up look like?

Speaker 2

Yes. Thanks, Julian. Good question. I think what we can say about that is, obviously, we've got a forecast and experience with it now in Canada and what the ramp looks like from this territory. And I think the guidance that we've given was a factual statement, which is the historical busulfan peak sales, which was the 126, which they achieved, I think it was 2016 or 2018, something like that.

Speaker 2

So there's been some price appreciation since that. So that's kind of guidance. I've said we see it over $100,000,000 but we haven't given any specific number. The ramp to peak obviously is dependent on the clinical package and data that's available. I think in this case, it's a bit of a unique situation and that there's ample clinical evidence of the utility of this drug in many different indications, including the 2 key ones, which would be AML and MDS, the two biggest reasons for allo transplants.

Speaker 2

And so I think the clinical experience is deep in other territories. So the task for us is to transport that experience from other markets to the U. S. Market and give those U. S.

Speaker 2

Transplanters some experience with the drug, which we think they will adopt relatively quickly.

Speaker 9

Thank you so much for taking my question.

Operator

Thank you very much. Well, that appears to be the end of our question and answer session. I will now turn the call back over to the management for any closing remarks.

Speaker 2

Just want to thank everybody for joining us on the call today. We look forward to keeping you informed of our progress with our base business as well as the regulatory file on Triosulfate. Thanks very much.

Operator

Thank you very much. This does conclude today's conference. You may now disconnect your

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Medexus Pharmaceuticals Q4 2024
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