BioCryst Pharma Q3 2026 Earnings Call Transcript

BioCryst Pharma (NASDAQ:BCRX) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

BioCryst Pharma reported strong third-quarter financial performance, with ORLADEYO net revenue at $174.8 million, a 20% year-over-year increase excluding European revenue.

The company launched ORLADEYO pellets for children, seeing promising early results, and plans to introduce a 150 mg pellet formulation for older patients.

A new partnership with CareMed as a sole-source pharmacy aims to support growth and improve patient experience, with initial signs of operational improvement.

Pipeline progress includes full enrollment of the pivotal trial for Nevenibart and ongoing trials for BCX17725 for Netherton syndrome, with expected data readouts by year-end.

BioCryst Pharma is focusing on external innovation to expand its pipeline, supported by a new Scientific Advisory Board of industry experts.

The company reported a non-GAAP operating profit increase of 70% year-over-year, with expectations for continued revenue growth and operating cost reduction in 2027.

Total revenue guidance for 2026 was increased to $715-$730 million, reflecting higher licensing revenue and RAPIVAB orders.

Full Transcript

OPERATOR

Good day, and thank you for standing by. Welcome to the BioCryst Pharma third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again.

Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Nick Wilder with BioCryst Pharma. Nick, go ahead.

Nick Wilder (Investor Relations)

Good morning, and welcome to BioCryst Pharma’s third quarter 2026 corporate update and financial results conference call. Participating with me today are President and CEO Charlie Guyer, Chief Financial Officer Babur Gyas, and Chief R&D Officer Dr. Sandeep Menon. A press release and slide presentation about today’s news are available on our investor relations website. Today’s call contains forward-looking statements, including statements regarding future results, unaudited and forward-looking financial information, as well as the company’s future performance and/or achievements. These statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance, or achievements to be materially different from any future results or performance expressed or implied in this presentation.

For additional information, including a detailed discussion of these risks, please refer to slide two of the presentation. In addition, today’s conference call includes non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures against the most directly comparable GAAP financial measure, please refer to the earnings press release available on our investor relations website. I’d now like to turn the call over to Charlie.

Charles Gayer (President and Chief Executive Officer)

Thanks, Nick. The third quarter was significant for BioCryst as we continued to deliver strong execution during a time of strategic evolution. On the HAE front, new patient prescriptions for Orladeyo continued at the same high level that we have seen all year. We again added new prescribers at a rate above the average of the past several years, and the total base of treated patients grew at a healthy rate in the quarter. We were thrilled to launch Orladeyo pellets to kids in August, and early signs of performance continue to be promising. Children of all ages across the 2 to 11 range have started on Orladeyo pellets, and the mix of kids switching from other prophy and acute only, as well as those who were treatment-naive, has been balanced. This suggests the pediatric market may grow beyond the 500 patients that we have previously described. We are also looking forward to launching the recently approved 150 milligram Orladeyo pellets at the upcoming American College of Allergy, Asthma and Immunology meeting this month.

This new formulation for ages 12 and up provides an option for kids who started on pellets, for adolescents and adults who have difficulty swallowing a capsule, or for anyone who simply prefers the pellet formulation. We are looking forward to generating real-world evidence to track the progress and patterns of use for all patients treated with Orladeyo pellets. During the third quarter, we also implemented the transition to CareMed as our sole-source pharmacy partner for shipments to patients. We switched to CareMed because the volume of patients on Orladeyo has grown to the point where operational excellence at the pharmacy level can have a significant impact on the growth in treated patients and the shipment in paid product. We are working closely with CareMed to integrate best practices within our Empower Patient Services program and are encouraged by the early signs we are seeing in the partnership.

We believe CareMed can scale with us as our portfolio of HAE prophy offerings continues to grow. Turning to our pipeline, as we have previously announced, the pivotal trial for Nevenibart fully enrolled in June, and we remain on track to announce topline data through 12 months of therapy in the third quarter of next year. Our team is working diligently on the BLA filing, as well as launch planning for when we add this potentially transformative product to our HAE portfolio.

Continuing on the theme of strong execution, we have enrolled part four of our trial of BCX17725 for Netherton syndrome patients and are on track to have early clinical data by the end of this year. There are no treatments approved for this devastating skin condition that we believe includes at least 3,000 patients in the United States alone. Once the data reads out, we will review the data in totality, which includes key efficacy endpoints like iaci, the Ichthyosis Area Severity Score, as well as safety and tolerability to inform potential next steps in the program.

Finally, we are excited about our strategic shift toward building our pipeline through external innovation. We recently announced a scientific advisory board of leading biotech industry experts who will partner with us to deliver on our strategy. These esteemed advisors with a successful track record did not join us just for the honor of being on the board. They joined us because they believe that BioCryst’s profitability, discipline, and strong execution position the company for success in our rare disease strategy.

With that, I’ll turn it over to Babur to describe our increasingly strong financial position.

OPERATOR

Thank you. At this time we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Gavin Clark Gartner with Evercore ISI. Go ahead.

Gavin Clark Gartner (Analyst)

Hey guys, great to see the progress and thanks for taking the question. First, just to clarify on the inventory, so there was upper teens contribution from the CareMed inventory build. How should we expect that to trend next quarter? Like will there be a reversal of a similar amount? Is there some level of inventory build still to happen here? Like what should we think about next quarter? Okay, great, that’s helpful. And just quickly, quick follow-up. What was the pediatric prescriptions that you saw this quarter?

Charles Gayer (President and Chief Executive Officer)

We’re not going to get into the specific numbers, Gavin, but it continued to be strong. We announced at the end—I think it was at the end of July—we had four. That was well ahead of our expectations for the year. We continue ahead of our expectations. The pediatric revenue we generate is still going to be a very small part of this year’s revenue, but it’s a good sign for the future. And like I mentioned, we’re looking forward to starting to collect real-world evidence in this population, so I think we’ll have more to report out in the future as a little more time passes.

Gavin Clark Gartner (Analyst)

Perfect. Thanks guys.

OPERATOR

One moment for our next question. Our next question comes from the line of Laura Chico at Wedbush. Your line is live.

Laura Chico (Analyst)

Good morning. Thanks very much for taking the question. I guess I wanted to ask one more strategic. Could you expand on your commentary around the 2033 and beyond outlook for the HAE franchise? If I’m looking at the slides correctly, it looks like you’re describing it as a range from about 1.4 billion to 2.0 billion in 2033. I think before you talked about this as a 1.8 plus billion dollar opportunity. So I guess help us understand some of the dynamics there that go into the lower and upper bounds, what needs to go right.

And I guess has anything changed to shift your outlook? Thank you.

Charles Gayer (President and Chief Executive Officer)

Thanks, Laura. Yeah, the range that we provide is actually based on sell-side analyst views of the portfolio. And we put it out there because directionally we agree with the two products with the most established oral prophy at that point, the market-leading oral prophy. And then what we think will be really a transformative product with every three- and six-month dosing with Novenibart. It really allows us to hit both big segments of the market: those who prefer oral prophy, those who prefer injectable prophy.

And so the things that need to go right for that to happen, obviously, are continued growth of ORLADEYO, which we expect. And all of our forward-looking research metrics tell us that that will continue, and then a strong launch that we’re preparing for Novenibart. And what we see in our research with doctors and patients is that that three- and six-month dosing with high efficacy and with a convenient administration is something that gets their attention and will encourage patients to switch.

So the real key is going to be how many of the patients who are on other injectable prophys want to take advantage of this longer-term dosing and switch. That’ll be the key driver of the pace of our revenue growth and the ultimate peak of where we get with Novenibart.

Laura Chico (Analyst)

Thanks, Charlie.

OPERATOR

One moment for our next question. Our next question comes from the line of Steve Seedhouse at Cantor. Go ahead.

Steve Seedhouse (Analyst)

Oh great. Thanks for taking the question, sort of related to the long-term revenue projections, but specifically as it pertains to ORLADEYO and just the stickiness of that. Have you guys done any updated market research post the deucrictibant prophylaxis Phase 3 result? And do you have a sense that that was above, below, or sort of in line with expectations of what you’ve been modeling really for the past several years? Thanks.

Charles Gayer (President and Chief Executive Officer)

Thanks, Steve. We have not done specific research since the data came out. However, what we did do is our annual large exercise that we do the middle of every year where we talk to 175 HAE treaters, 100 patients, 50 payers, and run it through a big conjoint exercise and market simulation model. What we put in there for deucrictibant—recall that we always put all of our current and future competition in with their best-case profile—and so the profile that we put in for deucrictibant was actually slightly better than what they proved out in the Phase 3.

So comparable but slightly better. And it showed that, yes, that product will gain share as you would expect, but what it’s not going to do is take away the base of ORLADEYO patients. And so we continue to see ORLADEYO growing even in the face of future competition in a couple of years from deucrictibant.

Steve Seedhouse (Analyst)

Terrific. Thank you.

OPERATOR

One moment for our next question. Our next question comes from the line of Stacy Ku at TD Cowen. Go ahead.

Stacy Ku (Analyst)

Hey, thanks so much for taking our questions. We have a couple clarifications. So first, maybe can you talk about, given your inventory commentary—really appreciate all the detailed thoughts there—your level of confidence in the high end of ORLADEYO guidance that you provided for the year? That’s just a follow-up on inventory. And then second, on the pediatric launch, would you characterize it more as steady additions, or are you seeing a bit of a bolus type of dynamic for the pediatric prescriptions as we look to next year? And consensus—I know you won’t comment—but does that include what you’re seeing for the pediatric launch, or would you look at that as upside?

And then third, clarification: when we speak to clinicians, they tend to have their patients track very detailed data on their attacks for payer reimbursement and access. So as you’re looking at the oral competitive landscape the next couple of years, do you have a good sense of the percentage of patients that are well controlled on ORLADEYO—so having really competitive attack rate reductions—as folks try to understand the stickiness of the drug?

Thanks so much.

Charles Gayer (President and Chief Executive Officer)

Great. Thanks, Stacy. Maybe I’ll go through the second question with all those pieces and then we’ll come back and Barbara can talk about the inventory. So on the pediatrics: number one, what we’re seeing is kind of steady, strong additions. So there was, of course, a bolus at first, particularly because of the supply delay that we had. So there was a bolus to start. Those patients have been transitioned to therapy, and then we’re seeing continued strong demand that is ahead of what our original expectations are. It’s still only been a few months, so we’ll have to see how long this continues. But the early signs are very promising as we look to the future of ORLADEYO.

And when we give guidance for 2027, pediatrics will be absolutely a part of all of that. And then when we have additional data—that’s, as I’ve mentioned, real-world evidence—when we generate other evidence that we think is interesting and helpful, we may comment on other pieces of how pediatrics breaks out of the whole. And then as far as the patients who are well controlled on ORLADEYO, you’ve heard us talk before about when patients start, roughly 60% of them get to 12 months of therapy. And then those patients are largely the very well controlled. And so those are the ones who are getting down to a median attack rate—we’ve put out real-world evidence on this—where they’re getting down to a median attack rate of about a third of an attack per month. And patients generally are reporting significant reductions in attack rates regardless of where they’re coming from, whether they switched from other prophy or were not previously on prophy.

And so we feel like we’re holding on to the patients who are doing well. They’re getting market-competitive efficacy. So then, Barbara, you want to talk about the—

Barbara

Yeah, so thanks, Stacy, for the question. Allow me to explain a little bit more perspective on the pharmacy. So, look, at the end of the day, the progress of any product should be on patient demand and not inventory dynamics. And as Charlie mentioned in his remarks, the performance of a pharmacy can actually create a meaningful impact on the progress of the product. And when we made that switch, we were getting to a point of scaling the product that we needed to move with a larger partner who can support the vision for ORLADEYO and potentially Novenibart when it gets approved.

So when we think about basically keeping the guidance, at the start of the year we had a different pharmacy partner, we had a different operating model. It was not necessarily incorporating the dynamics of the inventory. As I said, what we don’t want to do is artificially change the guidance because fundamentally it should be about patient demand. So we are still in early days of that. So we didn’t feel the need that at this point in time we need to change the guidance for ORLADEYO just because we have a one-time inventory dynamic.

And as I said, once we get past this quarter—as you can appreciate, it’s only been six weeks that we’ve actually been fully with CareMed because implementation started somewhere in the August timeframe, so call it six to eight weeks—we don’t even have a full quarter under the belt. So as we get past through that, it should really reflect the patient demand. So that’s why we were being a little bit careful and being conservative in terms of changing guidance at this point in time just because of an inventory dynamic.

Stacy Ku (Analyst)

Incredibly helpful. Thank you all.

OPERATOR

One moment for our next question. Our next question comes from the line of Tazeen Ahmed with Bank of America. Go ahead.

Jeremiah (Analyst)

Great. Hi, this is Jeremiah on for Tazeen. Thanks for taking our question. I wanted to ask a question on the Netherton readout that’s around year-end. I’m just wondering what’s the benchmark or what level of data you guys are looking for in order to move that program forward. And I guess depending on if the study hits, how quickly could you move to pivotal stages? Thanks.

Charles Gayer (President and Chief Executive Officer)

Sudeep, you want to take that?

Sandeep Menon (Chief Research and Development Officer)

Yeah, I’ll take that. Thank you for the question. As you know, Netherton syndrome is a devastating skin disease, and it has multiple other layers of disease manifestation, including immunity and inflammation. We are getting ready for our data readout in December. What we will be presenting is the primary endpoint and the key secondary endpoints, along with, obviously, the safety and tolerability of that. And what good looks like: at this point, these patients don’t have any treatment options, and given the severity of the disease, any improvement which is clinically meaningful is still better than what patients don’t have at this point. So we have talked to the patients and the relevant KOLs and also are in discussions very soon with the FDA to come up with a benchmark, basically.

But from our perspective, as long as we are able to get 20% to 25% in the primary IGA score, I think it should be a pretty good, clinically meaningful endpoint based on all the research that we have done internally talking to the KOLs, and obviously the regulatory discussions are pending as well. So I think we’ll put it out there for now, and once the data reads out, we’ll share more.

Charles Gayer (President and Chief Executive Officer)

Obviously within that, we’ll be looking for kind of consistency in effect as well. And so we’ll look at this a number of different ways. You want to just talk about what do we think next will be? Would we go straight—

Sandeep Menon (Chief Research and Development Officer)

The next—basically, we will be reflecting on the totality of the data. And at this point, we want to do what is best for the program and for the patient. So we are not going to rush into anything that is pivotal right away. Depending on what the data is, we’ll talk to the regulators and digest the data because this is going to be the first-in-class, first therapy ever coming for Netherton. We want to be very clear in terms of where we want to take this, but we will be swift in decision-making and we will move fast.

At the same time, we will be very scientifically rigorous and thoughtful in how we take the clinical development forward.

Jeremiah (Analyst)

Very helpful. Thanks, guys.

OPERATOR

One moment for our next question. Our next question comes from the line of Maury Raycroft with Jefferies. Your line is live.

Maury Raycroft (Analyst)

Hi, good morning. Thanks for taking my questions. I’ll shift gears and maybe just ask one on BD, I guess. With the new Scientific Advisory Board, can you talk more about their mandate and what your latest thinking is related to BD and the type of assets you’re looking to license?

Sandeep Menon (Chief Research and Development Officer)

Yeah. So from our perspective, thank you for the question, Maury. Our Scientific Advisory Board, as you can see, comes with a high pedigree and a very, very successful track record, including with Dr. Tony Manning, who is chairing the SAB. It is a working Scientific Advisory Board. Like Charlie mentioned, it is not that people are coming in to get some luxurious seat on the board here. They are working with us. At least a few times a week we are rolling our sleeves, looking at multiple assets.

As we have shared before, it’s going to be early clinical assets—Phase 1, Phase 2 mostly. We’ll go with very, very clear biology. We are not going to take chances on things that are far-fetched in terms of an inflection point, and we will ensure that this is sticking to our core strengths because we have a commercial fabric that we are going to take advantage of. So that is where we are going to play, and you will see in the next few months, as we have more information, we’ll be ready to share.

But the punchline here is the SAB is very, very seasoned. They have been there, done that, and we are working together as a team to get to a place where we have a pipeline that is going to be rich and valuable to our stakeholders.

Charles Gayer (President and Chief Executive Officer)

And Maury, just to add to that too, we’ve of course built a very strong internal team for both scientific, you know, scientific evaluation— And business development. So the internal team is generating the ideas and then when we get excited about something, the SAB helps us really wrestle it to the ground. Is this something that we want to do? So we think it’s a great partnership. Early days, it’s working very well and we think that this is going to be very supportive to our strategy.

Maury Raycroft (Analyst)

Got it. That’s helpful. And maybe just a quick follow-up on Netherton as you guys are thinking about next steps with the program. In the press release it mentions that expenses were lower related to the program in third quarter, I guess. Any specific reasons there? Is it just because the study’s enrolled and it’s kind of at a status quo or how should we think about that?

Barbara

Yeah, and I think I will point it back to the financial discipline that we have been instituting across the organization, Maury, and basically taking an evidence-based approach. So I’ll give you an example. Historically we may have been a little bit, you know, aggressive in our sense that we need to do a CMC campaign before we’ve actually seen results. I think what I was basically emphasizing earlier was we’re taking a very evidence-based and rigorous scientific approach: do we first have a product, do we have the available data that allows us to unlock the next step of development.

So I think across the organization we’ve been instituting that discipline, and Netherton, like I said, that was a perfect example where we didn’t feel that we need to spend dollars at risk on things before we actually can unlock the data. So that was basically the primary reason why you see a decline in expense. And I think that is going to be a theme that is how we’re going to go about and develop on this innovation aspect that we’re talking about BD, but also being very committed to delivering strong profitability going forward.

Sandeep Menon (Chief Research and Development Officer)

Maury, just to add to what Baba nicely summarized, we will ensure that we are still very swift. It’s not that we are going to just make it so sequential that we will delay the program, and that’s not what it is. Basically we will get some early data and we’ll take the right bets that are going to give us scientific and development success.

Maury Raycroft (Analyst)

Got it. Okay, thanks for taking my questions.

OPERATOR

One moment for your next question. The next question comes from the line of Jessica Fye with JP Morgan. Go ahead.

Sylvia (Analyst)

Hi, this is Sylvia on for Jessica Fye. Thanks for taking our question. To confirm with the prior model pre-CareMed, was there any inventory sitting elsewhere that needs to be worked down that maybe leads to the hesitation to update the Orladeyo guide? And as a follow-up, and appreciate the conservatism so soon after this specialty pharmacy shift, but if the high-teens inventory benefit was not contemplated in the fundamental Orladeyo guidance you laid out and are maintaining, would it be wrong for investors to expect full-year Orladeyo revenue landing in the 650 to 655 million range, which is just the midpoint of the fundamental guidance plus 15 to 20 million? Thanks.

Charles Gayer (President and Chief Executive Officer)

Thanks, Sylvia. First of all, from inventory from the prior pharmacy, the billing model was different. There it was a flash sale for every pack that went out, so there basically was no inventory. And then with CareMed it’s a little bit more traditional pharmacy model where they buy some inventory and, as Barbara described, it’s at a relatively low level, about a week’s worth of inventory. And from the guidance perspective, with everything we see at this point and with the changes that, as we’re saying, we still haven’t worked through completely, we see the range of 625 to 645 is still the right guidance for this year.

OPERATOR

One moment for our next question. Our next question comes from the line of Serge Belange. Your line is live.

John

Hi, good morning everyone. This is John on for Serge today. Thanks for taking our questions. Just a couple on Orladeyo. First, curious if you could provide an update on the paid RX rate exiting the third quarter and if your outlook has changed on where this could reach considering the efficiencies yielded from the CareMed partnership. And then second, on the pediatric side of things, you highlighted the launch is progressing ahead of expectations.

Just curious how you view the overall opportunity now versus the original 500 patient pool. Thanks.

Charles Gayer (President and Chief Executive Officer)

Thanks, John. As far as the paid rate, just recall what typically happens in the second half of the year is our paid rate typically peaks in the second quarter after going through all the reauthorizations in the first part of the year. And then in the second half of the year it starts to gradually tick down, mainly because the rate is driven more by new patients coming on, and new patients don’t get to the 80-plus percent paid rate that we have in the overall population as quickly.

So we’re seeing that same dynamic right in line with our expectations. I think we ended the quarter somewhere around 82, 83% paid. To your question around CareMed, we do think with their capabilities working with our team, it gives us the opportunity to meet and potentially exceed our long-term goal of getting to 85% paid rate as kind of a steady state. So we think we’re on track for that. I’ll note that with pediatrics, too, we’re seeing excellent early paid rates. Pediatrics, as you would expect, is basically a commercial plus Medicaid business, so a little bit different dynamic than our overall population.

But the early signs are we’re getting these kids at a high rate to paid, and I expect that to continue. And then as far as the overall opportunity for peds, yeah, we’re cautiously optimistic that it could end up being bigger than we originally expected. It certainly is turning out to be that this year. I think we need a couple quarters in addition at least to see what the steady state is in terms of demand. There’s still physicians out there who are still learning about this indication and haven’t acted yet. And so I think there’s likely a lot more opportunity than the 500 diagnosed and treated patients that we previously prescribed.

OPERATOR

One moment for our next question. Our next question comes from the line of John Wallaban at Citizens. Your line is live.

Kathryn (Analyst at Citizens)

Hi, this is Kathryn on for John. I’m going to have a quick clarification question about the number of patient adds. I know you said that the patient adds have been kind of tracking along the average from quarter by quarter. I just want to provide a little bit more color on how that’s tracking and what your expectations are for fourth quarter based on your revenue guidance. Thank you.

Charles Gayer (President and Chief Executive Officer)

Thanks, Kathy. Yeah. What we described is that new patient prescriptions coming in has been very much in line and then the net patient adds in the third quarter were quite healthy. So we expect, particularly with our transition to CareMed, with the continued demand, with the strong demand in peds, that we would expect another good quarter in the fourth quarter and that this trend will largely continue into 2027.

Kathryn (Analyst at Citizens)

Thank you.

OPERATOR

One moment for our next question. Our next question comes from the line of Brian Abrahams at RBC Capital Markets. Your line is live.

Brian Abrahams (Analyst at RBC Capital Markets)

Hi there. Good morning. Thanks for taking our question. I’m curious, are you seeing any effects on Orladeyo use patterns from the recent launch of oral on-demand or other long-acting injectable therapies for prophylaxis? And then I guess secondarily, curious what your market research tells you about the potential opportunity differences if Nevenibart can demonstrate every six months dosing versus every three months. Thanks.

Charles Gayer (President and Chief Executive Officer)

Thanks, Brian. You know, we’ve said before, and at this point it’s been over a year since the oral acute came onto the market and then also the two new prophylaxis that came on last summer, we’re really not seeing any impact from the oral acute. Patients on Orladeyo are using it. We’re certainly not seeing any negative trends, nor would I say it’s anything particularly positive. It just hasn’t had that much of an impact on our business. The other longer-acting injectables, what we’re really seeing there is that when a patient on Orladeyo doesn’t work out for them, instead of moving preferentially to Takhzyro, more of those patients are going either to [other options]. And that’s what you would expect.

And then with Nevenibart, what we’re seeing again in all the research that we’ve done, every three-month dosing is really transformative. And then having the ability to have three months and six months as an option makes the whole package even better. And so we expect to get both doses in our label, certainly based on the phase 2 data that we’ve seen, with both doses having very durable reduction in attacks. And so to have that option—and we don’t know yet which frequency would be most used.

I think that’s something we’ll learn more about—but to have both really makes Nevenibart a very strong option for patients and physicians, really intriguing to them.

Brian Abrahams (Analyst at RBC Capital Markets)

Thank you.

OPERATOR

This concludes the question and answer session. I would now like to turn it back to Charlie Guyer for closing remarks.

Charles Gayer (President and Chief Executive Officer)

Thank you. So, as we described here, another really strong quarter from BioCryst Pharma as we’ve gone through a year of transformation, both in leadership, in strategy, in how we run the business. And I’d also like to thank everybody, all our colleagues at BioCryst Pharma who’ve worked so hard during this year of transition. And I think we’ve set ourselves up for a really great 2027 and beyond. So thank you, everyone.

OPERATOR

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.