Prepared remarks
Ladies and gentlemen, good morning, and welcome to the Pelthos Therapeutics 2026 First Quarter Financial Results Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Moyer from LifeSci Advisors. Please go ahead.
Good morning, everyone, and welcome to the Pelthos Therapeutics 2026 First Quarter Financial Results Conference Call. Pelthos issued a press release today announcing its financial results for the quarter ended March 31, 2026. A copy can be found in the Investor Relations tab on the corporate website, www.pelthos.com. Before we begin, I'd like to remind you that during today's call, statements about the company's future expectations, projections, plans and prospects are forward-looking statements. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from our current expectations expressed or implied by the forward-looking statements. Any such forward-looking statements represent management's estimates as of the date of this conference call. While the company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so even if subsequent events cause its views to change. As a reminder, this conference call is being recorded and will remain available for 90 days. I'd now like to turn the floor over to Scott Plesha, Chief Executive Officer. Sir, you may begin.
Thank you, Mike, and good morning, everyone. We're delighted to be with you today to share with you our first quarter 2026 operating results and highlights. Joining me today are John Gay, our Chief Financial Officer; and Sai Rangarao, our Chief Commercial Officer. The first quarter of 2026 was a successful one for Pelthos, with strong execution and progress made in several key areas that I'll share at a high level with you. First, we experienced substantial revenue growth driven by increased prescriptions of our lead product, ZELSUVMI during its third quarter since its launch. Next we completed the expansion and optimization of our sales force from 50 sales representatives to 64. We believe that the expansion of our sales force and the contracts we executed with a major pharmacy benefit manager in December 2025, have been important catalysts in demand for ZELSUVMI since January. Within this PBM, units dispensed have doubled and the number of prescribers has increased 121%. Finally, we continue to make progress in establishing the manufacturing of our two other highly complementary products, XEPI and XEGLYZE. John and Sai will provide a more detailed look at the quarter's ZELSUVMI launch metrics and reported financial results, but I'd like to share a brief overview of our results of operations. Our top line results were driven by a 25% increase in prescription units as reported by Symphony Health, which increased from 6,312 units in the fourth quarter of 2025, to 7,884 units in the first quarter of 2026. This drove an increase in net product revenue from $9.1 million during the fourth quarter of 2025 to $10.7 million in the first quarter of 2026. Importantly, we achieved this growth with only a minimal increase in wholesaler inventory while reducing the days on hand by more than one week from the end of Q4 2025, to the end of Q1 2026. As a reminder, ZELSUVMI is a novel topical nitric oxide releasing product indicated for the treatment of molluscum contagiosum or MC, in patients 1 year of age and older for up to 12 weeks. ZELSUVMI is an important advancement in the treatment of MC, as it's the first and only FDA-approved therapy that can be applied by parents, patients or caregivers in the home or on the go. We believe the opportunity to treat MC at home and without the need for an in-office procedure has been and will continue to be a key driver of ZELSUVMI demand. We are pleased with the growth delivered in Q1 and are confident we can build on our momentum as units dispensed during April 2026 increased to 3,776 from 3,309 units in March 2026, a 14.1% month-to-month increase. Regarding XEPI and XEGLYZE. XEPI is a novel FDA-approved topical treatment for impetigo that addresses a critical unmet need of antibiotic-resistant skin infections caused by staph and strep infections, most commonly affecting children. Impetigo is the most common skin infection in children seen by pediatricians with approximately 3 million patients diagnosed with this bacterial infection each year. We believe XEPI is a highly complementary product as it mostly treats children that are managed by the same health care providers as ZELSUVMI. Importantly, this allows us to leverage our commercial infrastructure, including our expanded sales force. We continue to focus on establishing the manufacturing process and building launch inventory, and expect to launch XEPI in early 2027. With respect to XEGLYZE, XEGLYZE is a novel FDA-approved product that is highly complementary to ZELSUVMI and XEPI and is expected to require minimal incremental overhead to commercialize. At the operational level, we are standing up manufacturing for XEGLYZE and expect to bring it to market in mid-2027. Both XEPI and XEGLYZE will have meaningful call overlap for the existing sales force, providing the company with greater operational and financial leverage from our existing team and infrastructure. Supporting our continued launch execution of ZELSUVMI and the launch preparation of XEPI and XEGLYZE, we closed a $50 million term debt loan in January 2026, of which we drew $30 million. This additional capital strengthens our balance sheet and together with expected revenue growth supports our current business plan. In summary, we are pleased with the strong response from health care professionals to ZELSUVMI, as demonstrated by the more than 20,000 units dispensed since its launch in July of 2025. We continue to plan for the upcoming launches of XEPI and XEGLYZE, two complementary FDA-approved products. We'll continue to evaluate and optimize our commercial strategy to drive sustainable long-term shareholder value. I'll now turn it over to Sai, to provide more specifics on the results of the ZELSUVMI launch and key performance indicators. Sai?
Thank you, Scott. Good morning, everyone. I'm pleased to provide an update on our Q1 2026 ZELSUVMI performance. Our progress to date continues to deliver better-than-expected results in just our third quarter since launch. For Q1 2026, shipments and prescriptions were ahead of expectations. On the qualitative side, we continue to receive very positive feedback from HCPs, patients and caregivers on the ease of use and efficacy of ZELSUVMI. Getting into prescription details, the number of prescriptions rose a very strong 25% from 6,312 in Q4 2025 to 7,884 prescribed units in Q1 2026, and the number of unique prescribers rose from 2,377 in the fourth quarter 2025 to 3,228 by the end of the first quarter, with both sets of data reported in Symphony Health's data. We are pleased with our sales force's ability to drive a significant increase in prescriptions in Q1, despite seasonal dynamics at the start of the year and severe weather conditions disrupting operations in January. Our belief remains strong that ZELSUVMI is revolutionizing the treatment of MC and is becoming the first-line treatment of choice for many HCPs and patients. We affirm this confidence with the increased utilization of ZELSUVMI in April 2026. Prescribed units in April were 3,776 versus 3,309 in March. We continue to see weekly highs in our prescribed units with our latest data week ending May 1st, hitting an all-time high of 917 prescribed units. Our coverage for ZELSUVMI remains strong in 2026. As of today, we have a 59% coverage rate for commercial insurance plans and an incredible 99% coverage rate for Medicaid. This is a testament to the fact that ZELSUVMI as the first FDA-approved at-home treatment for MC is being adopted as a first-line treatment option and is being well received by HCPs and coverage providers. As previously announced, we executed a contract with a large PBM to remove friction and help gain access to ZELSUVMI for many patients. This effort has continued to help many patients gain rapid access to ZELSUVMI. For Medicaid coverage, a large number of states do not require a prior authorization. For other states that require a PA, Medicaid only requires a prior authorization written to label, meaning that a patient over one year of age presenting with MC qualifies for coverage. We also continue to have very good gross to nets or GTNs. Our current GTNs largely revolve around distribution costs, Medicaid discounts, payer contracts and our co-pay voucher program. It is our goal with the co-pay card program that prescription costs are $0 or close to $0 for the patient in most instances. For the first quarter of 2026, we had favorable GTNs of 29.1%, in line with our expectations. And going forward, we are expecting our GTNs to move to the mid-30% range. Next I would like to provide an update on our sales team. As mentioned previously, we commenced the launch of ZELSUVMI in July 2025 with 50 territory managers, placing them in locations based on the ITD-10 data of most prevalent MC cases. We then announced an expansion of an additional 14 territory managers in Q4 2025, in metropolitan areas not previously supported by the original sales footprint. Q1 data suggests that this is a highly effective expansion as prescriptions in many of those territories have jumped markedly to the point where, in a very short time, they have covered the costs of their sales efforts entirely. We continue to grow awareness and utilization for ZELSUVMI as the first and only at-home prescription treatment option for MC through various channels and venues. Our ZELSUVMI YouTube commercial continues to be very successful with more than 6.7 million total views. This unique and informative short-form video has prompted parents and caregivers along with adult patients to ask their HCPs about ZELSUVMI. To further our digital outreach, we launched a new YouTube video in April featuring a real patient testimonial, including a young patient and a renowned pediatric dermatologist. This effort helps educate parents and caregivers on the benefits of treating MC with ZELSUVMI. The video, and others like it to follow, also help HCPs understand the significant benefits ZELSUVMI can provide for their patients very quickly. We will also continue to attend key conferences throughout 2026, educating HCPs on featured benefits of ZELSUVMI for their patients. Our attendance and presentations at these meetings have garnered significant attention and generated vast HCP leads, resulting in significant prescriptions from many new prescribers. We continue to build off our great tactical platform along with strong execution of our sales team to grow ZELSUVMI. I'm very pleased with our strong performance to-date, alongside our highly passionate, dedicated and hard-working commercial team. With that, I now turn the call over to John to discuss our financials. John?
Thank you, Sai. Good morning, everyone. I am pleased to be with you on today's call, and thank you for joining us. As Scott and Sai have already touched on, we continue to see increasing demand for our flagship product, ZELSUVMI, as demonstrated with our growing pull-through and dispensed units to-date. Please note that my comments will focus on our first quarter 2026 results as compared to the fourth quarter of 2025, as the first quarter of 2025 is not comparable due to the timing of our merger in July of last year. For the first quarter of 2026, we reported $10.7 million of net product revenue, representing a 17% increase from the fourth quarter of 2025. With today's filings, including our quarterly report on Form 10-Q, also filed this morning, we have now completed and reported on three full fiscal quarters of commercialization efforts for ZELSUVMI. While these quarters straddle two fiscal years, we have reported in aggregate $26.9 million of net product revenue for the three fiscal quarters since commercial launch of ZELSUVMI in July of 2025. This amount is comprised of our net product revenue from the third and fourth quarters of fiscal 2025 of $7.1 million and $9.1 million, respectively, plus $10.7 million of net product revenue for the first fiscal quarter of 2026. In both the first quarter of 2026 and fourth quarter of 2025, cost of goods sold was $1.7 million. During the fourth quarter of 2025, write-offs of inventory totaled $121,000 related to previously capitalized process validation expenses. As discussed on prior calls, a component of our cost of goods sold includes fair value adjustments associated with the July 2025 merger. At the time of the merger, all finished goods and active pharmaceutical ingredient inventory on hand was fair valued as prescribed under U.S. GAAP. We expect to run through the stepped-up fair value finished goods inventory by late summer of 2026, and approximately 12 to 15 months thereafter to consume the stepped-up fair value API inventory. Once we have sold all of the inventory with a basis step-up, we expect to have a normalized per unit cost of goods sold of approximately a mid-single-digit percentage of our current WAC price. For the first quarter of 2026, we reported $21.1 million of SG&A expenses, representing a 14% increase from the fourth quarter of 2025 at $18.5 million. We provide a detailed breakdown of the components of SG&A within the MD&A section of our quarterly report on Form 10-Q filed this morning. In summary, the $2.6 million quarter-over-quarter change in SG&A was primarily related to an anticipated increase in total cash-based personnel costs of $1 million, which excludes stock-based compensation but includes the expanded sales force; an expected increase in marketing and commercial spend supporting current and future net revenue growth of ZELSUVMI of $1.5 million; an increase in regulatory and manufacturing-related expenses of $1.2 million; an increase in royalties expense of $300,000; noncash depreciation expense of $200,000; and a reduction in corporate expenses of $1.6 million. Total cash basis SG&A, excluding royalties, was approximately $16.9 million for the first quarter of 2026 as compared to $14.7 million for the fourth quarter of 2025. We expect that quarterly cash basis SG&A, excluding royalties, will fluctuate in 2026, as we continue to invest in the expected growth of ZELSUVMI and as we prepare XEPI and XEGLYZE for commercialization. Interest expense for the first quarter of 2026 was $2.4 million as compared to $1.3 million for the fourth quarter of 2025. Interest expense is attributable to the company's existing convertible notes and its Horizon loan facility, and the accounting treatment of certain royalty and purchase agreement obligations entered into by the company. Net loss for the first quarter of 2026 was $10.2 million as compared to $21.7 million for the fourth quarter of 2025, whereas adjusted EBITDA for the first quarter of 2026 was a negative $8.0 million as compared to a negative $7.6 million for the fourth quarter of 2025. Now turning to our balance sheet. As of March 31, 2026, we had $32 million of cash and $11.7 million in accounts receivable. Our working capital at the end of the first quarter of 2026 was $44.8 million as compared to $27.4 million at the end of the fourth quarter of 2025. As Scott mentioned, during the first quarter, we entered into the Horizon loan facility, which after netting fees and expenses, added cash of $27.5 million to our balance sheet. Based on current projections, including forecasted cash flows related to net product sales of ZELSUVMI and proceeds from the initial draw of the Horizon facility, we believe we have the capital and flexibility needed to advance and execute our business plans. In summary, our performance since the launch of ZELSUVMI in July of 2025 has exceeded our expectations. Furthermore, since launch, we have strengthened our balance sheet and believe we are well positioned to continue our commercial execution story, bringing a much-needed treatment to molluscum patients. With that, I will now turn it back over to Scott. Scott?
Thank you, John. In closing, I'd like to highlight a few key points. To begin, we are extremely pleased with the success of the ZELSUVMI launch and our financial results to date. As we remain relatively early in our launch, we have not yet provided discrete revenue and earnings guidance. However, we remain extremely confident about our revenue growth trajectory and believe that our current cash balance provides a runway to execute our business plan. I want to thank you for joining us today to learn more about the Pelthos story, and we'll now turn the call over to the operator for any questions.
Questions and answers
We take the first question from the line of Olivia Brayer from Cantor Fitzgerald.
What are you seeing at this point in terms of repeat prescribers? I know it's early, but can you quantify how many repeat prescribers you have at this point? And are you starting to see a bigger proportion of physicians that are actually increasing their written scripts of ZELSUVMI? On gross to net, when do you expect to actually hit that mid-30% range? Is that something that could happen by the end of this year? And is there a step-wise function or should we think about the step-up over time over the course of the year any differently?
Thanks for the questions, Olivia. Regarding repeat prescribers, we've been very encouraged with two important metrics. One is new prescribers. In any given week in the last month or two, we are seeing anywhere from 170 to 200 first-time prescribers, the highest levels we've seen since launch in terms of adding new prescribers. Importantly, repeat prescribers have been trending with our script trends. In the most recent data week, for example, we had over 500 repeat prescribers, exactly 500 repeat prescribers, the highest level it's ever been. So we're encouraged by not only new prescribers coming on but those that are writing scripts over time and adopting the drug. I'll let Sai go into a little bit more depth around that.
Thank you, Scott. Good morning, Olivia, thanks for the question. In addition to what Scott mentioned, we see a tremendous amount of trial utilization currently based on our high NRx numbers. A large proportion, as Scott mentioned, week-over-week start to repeat prescribe because they see the value it's been providing for their patients qualitatively. As we've mentioned on previous calls, we're starting to hear more of the product utilization and the efficacy a bit faster than what's in the package insert, which is contributing to more utilization among those prescribers. It is a key focus area for us commercially as well. I believe our strategy and tactical approach is producing those results.
We track our prescribers and the number of units they prescribe over time, and we have different bands that we look at. If you compare Q1 to Q4, in every band we've seen a jump in each range, including those that have written over 100 units since launch. On the GTN side, we're encouraged by keeping our GTNs below 30, with this quarter at 29.1%. We do see that possibly going up in the future. We're evaluating whether to do a contract with another payer that has been more difficult than the others. It's always been our strategy to enter the market and decide where we need to contract and where we don't. Mid-30s gives us headroom to do that if we choose. We don't know the timing yet; a lot has to be decided and worked through. Right now, 29.1% is favorable.
We take the next question from the line of David Amsellem from Piper Sandler.
So regarding the gross-to-net, I know it's going up, but thinking longer term as you consider other contracts, do you have a good read on what steady state will be? Is mid- to high-30s a good way of thinking about it? Secondly, how are you thinking about further sales force expansion down the road, particularly with XEPI and XEGLYZE? And lastly, what are your latest thoughts on your willingness or appetite to add another product to the portfolio, maybe not in the near term given the upcoming launches, but longer term as you think about further growth of the business?
Thanks, David. On the GTN, we feel confident that mid-30s is a good number going forward based on what we see in front of us and the potential to do one more contract. We don't believe we'll need to do much beyond that. We're seeing favorable approval rates and patients have good affordable access; time to process PAs has decreased dramatically over recent months. Regarding adding to the product portfolio, we've been opportunistic in adding highly complementary products to ZELSUVMI and we'll continue to evaluate opportunities. They must make sense and fit our strategy; we won't stray into a different specialty. For now, our focus is getting ZELSUVMI right, continuing its momentum, and layering in XEPI and XEGLYZE.
Thanks, Scott. On our expansion to date, the expansion we announced earlier in the year and deployed earlier this year has been successful. We're seeing increased scripts week-over-week from that cohort. For XEPI and XEGLYZE, our intent is for all 64 territory managers to carry all three products. We operate by earning the right to expand, looking at weekly data and rolling that out monthly and quarterly to decide on key areas. We will be adding three new territories by June: Albany, Pittsburgh and Shreveport, Louisiana. That was a tactical decision to maximize our footprint. At this point, no imminent broad expansion, but we will continue to add tactically in a targeted and measured way.
XEPI and XEGLYZE do not require us to expand our sales force to commercialize; they fit into existing offices calling on the right HCPs, allowing us to leverage the team and bring more revenue into their daily activities. Great fit for us.
We take the next question from the line of Brandon Folkes from H.C. Wainwright.
Congrats on an excellent quarter. Sorry if I missed this, but can you remind us or update us on the split of business between dermatologists and pediatricians? Obviously, you've had great success on ZELSUVMI. Any color on how you think about the commercial infrastructure post the addition of the new reps and future investment from here, especially with the two additional products potentially coming to market?
Brandon, I'll let Sai talk about the derm/pediatric split and then discuss infrastructure and spend around the other launches.
The current distribution anchors more toward dermatology. As a cutaneous infectious disease product, dermatology is where products like these and adjacent products are typically utilized most frequently. However, we've seen increased utilization among pediatricians, including NPs and PAs that support them. We see about 25% to 27% utilization in the pediatrics category. Regarding investment in commercial infrastructure, beyond the field force, we're focusing on cost-effective but impactful non-personal promotional efforts. Our YouTube presence has been successful, and we also invest in third-party platforms where HCPs get objective clinical information. If they choose to utilize ZELSUVMI for appropriate patients, there are embedded support mechanisms to prescribe seamlessly. We will continue to invest in those arenas and monitor their results.
With more time for the XEPI and XEGLYZE launches, we can work with thought leaders and build interest in publications. Our medical affairs team has been building publications, posters and abstracts that will be out in the public domain as we go to market. All of these are cost-effective and most of our resources remain focused on ZELSUVMI.
We take the next question from the line of Jeff Jones from Oppenheimer & Company.
Congrats on the really nice quarter. As we look ahead to 2026 and 2027, where are you focusing in terms of growth? Is it more new accounts or driving greater use within existing accounts? Which do you see contributing to the greatest extent in forward revenue growth? Drilling down on pediatricians versus dermatologists, do you see this mix changing with more dermatologists or more pediatricians out there in the market and seeing these patients sooner? Can you comment on where you're seeing the greatest traction within those accounts and the pushback you see respectively?
Jeff, I'll let Sai address depth versus breadth and the other specifics.
Depth and breadth are both important. We're still in launch mode, having completed only the third quarter, and we need month-over-month growth. Depth and breadth are equally important today. We are seeing a good amount of repeat prescribing, which supports the growth curve, but we also need to add a large number of new prescribers, which we are doing at a high clip. Week-over-week, our numbers are increasing across the board. Dermatology is the larger specialty as expected, but growth in pediatrics is above our expectations. Pediatricians are looking for an at-home first-line treatment option, and we are positioned well. Both categories—dermatologists and pediatricians including NPs and PAs—should grow with volume. Regarding pushback, to date we have not received clinical pushback. The clinical profile has been received well by HCPs and the real-world utilization data has been received positively. The types of pushback we observe are typically access-related. We have resources to help with PA medical necessity processes, a robust co-pay card program, and we brought on the additional payer to reduce friction. Those are the measures our commercial team has in place.
We take the next question from the line of Thomas Flaten from Lake Street Capital Markets.
Sai, perhaps an obvious question, but does the anchoring with dermatologists versus pediatricians align with how your targeting is designed, or is that more happenstance where dermatologists have been the quicker adopters and pediatricians are coming on board later?
There is an equal amount of focus on both categories from a targeting standpoint, both personally and non-personally. Dermatology has historically been the specialty referred to for this disease state, and they were the obvious initial treaters. The ramp we've seen from launch to date is ahead of our expectations in pediatrics, primarily because our promotional and educational efforts to that category have increased utilization month-over-month. Our efforts are aligned equally and will support the future product portfolio.
Thomas, another consideration is historical behavior: based on claims data, dermatologists treated these patients prior to our launch in 50% to 60% of cases, typically using a destructive modality. Pediatricians treated only about 10% to 15% of the time, often taking a wait-and-see approach. Many patients seen by pediatricians are referred to dermatologists if treatment is pursued. With a safe and efficacious at-home option, we believe we can change that paradigm and enable pediatricians to treat more often, because parents are looking for options and find 'wait and see' unsatisfactory.
It's interesting. We've heard from dermatologists that they'd rather not see MC patients at all and would prefer more profitable procedures. Is there a long-term opportunity for you to help dermatologists leverage their referral networks to keep MC patients out of their practice and allow pediatricians to treat them primarily?
That's a great point. We are already beginning to do that, with dermatologists conveying messaging to pediatricians who are first-line. This is helping increase utilization. Over time, with volume, we expect general pediatrics utilization to increase, supported by their staff. The clinical profile and the at-home option are benefits for pediatricians and their patients.
We take the next question from the line of Jonathan Aschoff from ROTH MKM.
Congrats on the quarter. What is the average number of prescriptions it takes to either cure a patient or at least for them to stop ordering? I can't tell that difference. Given all the trials this product has been in, in the hands of Novan, are you aware of any off-label use?
Jonathan, on the first question: every patient is different, so we can't state an absolute average to complete clearance. A clinically meaningful result is at least 50% clearance, which our KOLs consider meaningful. In our data, it's about 1.2 to 1.3 units per patient. If used per directions with a dosing card, one unit lasts 30 days. In the real world, missed doses or using less than the dosing card amount can extend use. Someone using one tube may stretch it to 1.5 or two months. So about 1.3 units per patient. I'll let Sai provide additional details.
To add, qualitatively we hear that the product is working faster than what's suggested in the package insert, which contributes to fewer refills. With efficacy and safety when used correctly, we're hearing strong patient and HCP testimonials about faster results, which reduces refill demand. That contributes to our high NRx and lower relative refill rates.
Regarding off-label use, we do not track that proactively. Our sales reps are trained to be compliant and to direct any off-label questions to our medical affairs team. The areas where we see the most questions are common warts and general warts. There are no documented situations where reps are engaging on off-label topics directly; those inquiries are handled through our medical inquiry request form by medical affairs.
Lastly, given the ease of administration compared to other approaches that are more hands-on, do you foresee disrupting the seasonality of treatment, making people more willing to treat in colder months when it's otherwise a tougher decision to make?
Many patients do not seek treatment. Having an at-home option that doesn't require a procedure should drive more patients in over time. Our YouTube commercial, for example, has millions of views and increases awareness. Seasonality is also tied to office availability; offices closed or reduced staffing in parts of the year can reduce treatment opportunities. Weather is another factor; severe weather disrupted operations in January. Also, when people are covered up in colder months, conditions may be less visible, reducing inquiries and treatment seeking. So seasonality will be influenced by office operations, weather and visibility as well as awareness.
We take the next question from the line of James Molloy from Alliance Global Partners.
Matt on for Jim today. Congrats on the quarter. Two questions: Do you have any color on the percentage of scripts written by telehealth providers and/or fulfilled by Amazon Pharmacy or similar services delivered directly to patients? Any color would be appreciated.
From a distribution standpoint, mail order accounts for closer to 10% of all prescriptions distributed via traditional retail or pharmacy channels, and Amazon is mixed into that mail order channel at around 10%. Regarding telehealth versus in-office, we do not have an objective measure to break that down because offices that see patients live also include telehealth components that are not separately marked in our data. Qualitatively, telehealth is being used equally as in-office for prescriptions.
Ladies and gentlemen, as there are no further questions, I will now turn the call back to Scott Plesha, Pelthos's CEO, for closing remarks.
Thank you, operator. I want to thank everyone for joining today's call. I'd also like to thank the employees of Pelthos for their continued focus, execution, hard work and dedication supporting patients, caregivers and health care providers. Thank you again for joining our call, and we look forward to updating you on our progress in the future.