Agile Therapeutics, Inc. (AGRX) on Q2 2021 Results - Earnings Call Transcript
Operator: Good day, and thank you for standing by. And welcome to the Agile Therapeutics’ 20 -- Q2 2021 Financial Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ remarks, there will be a question-and-answer session. Please be advise that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Matt Riley, Head of Investors Relations. Please go ahead.
Matt Riley: Hello, everyone. And welcome to today’s conference call to discuss our second quarter 2021 financial results and corporate update. Before we start, let me remind you that today’s call will include forward-looking statements based on current expectations, including statements concerning our financial outlook for the future, management’s expectations for our future financial and operational performance, our business strategy, our assessment of the combined hormonal contraceptive market, and the potential market share for Twirla, among other statements regarding our plans, prospects and expectations.
Al Altomari: Thank you, Matt. Good afternoon, everyone. And thank you for joining us for the second quarter 2021 earnings call. I’ve been looking forward to this call for a long time and I want to thank you in advance for joining us. I’m going to jump right in to the theme of today’s call growth, growth. Growth, we’re both encouraged and excited by. In the past, you’ve heard us talk about our future plans for Twirla. Now that conversation begins and ends with the brand growth. So we’ll start today by outlining the progress we are seeing and providing some context of why we believe growth is encouraging. We will then discuss why and how we believe we can sustain and accelerate that growth. Finally, I’ll have Dennis do a quick update on our financial position before opening the lines for Q&A. Let’s go over Twirla’s performance. We’ve now completed our second full quarter as a launched and commercialized brand. Last quarter, we started to see steady upward trend of increasing scripts, refills and awareness of our product, and as expected, that growth has continued for the second quarter. On slide four, you will see the quarterly performance since our Q4 2020 launch and we see growth on all key performance metrics. From the end of Q1 2021 to the end of Q2 2021, we saw total prescriptions or TRxs increased 171%, new prescriptions or NRxs increased 103% and the refill rate grew 355%. While we saw significant growth in these performance metrics quarter-over-quarter, there’s also consistent pattern of growth. When we break down the quarter and examine the data month-over-month, as you’ll see on slide five, during quarter two month-over-month growth of TRxs was 35.2% in April, 26.5% in May and 31.4% in June. NRxs were 20.4% in April, 10.4% in May and 31.2% in June. And refills were 70.6% in April, 35.9% in May and 40.6% in June.
Dennis Reilly: Thanks, Al, and thanks to everyone for joining. As Al commented, we are really excited about the growth potential of our business and I want to give you more clarity around second quarter from a financial perspective, including a bit more detail on how Twirla performance has been trending year-to-date, and some general parameters on how to think about our results for the full year. If you are following along in the deck, I’ll be taking you through what is included on slide 11. Wholesalers completed their work down of inventory levels from the initial stocking level last December, and as a result, we realized $1.2 million in net product sales revenue for the second quarter of 2021. The rate of inventory depletion came broadly in line with our expectations and we anticipate that going forward our product sales revenue will more closely track to increasing script demand and that wholesaler restocking should then more closely reflect retail sales. This aligns with our initial full year expectations for Twirla, which were based on the assumption that sales growth would increase in 2021, as product samples are worked through, our prescriber base expands, patient awareness of Twirla increases, refills begin to occur, and overall, we gain traction in the CHC market. Regarding our quarterly cost, our cost of product revenues for Q2 were $1.1 million, which included expenses for supporting our manufacturing and distribution, as well as personnel costs and $0.5 million of non-cash depreciation expense. We expect these fixed costs will become less significant as our sales grow within anticipated volume. Our operating expenses were $16.7 million in Q2 versus $10 million in the same period a year ago. We expect our third quarter expenses to be similar to this, but they could be $1 million or $2 million either way. It’s a function of how fast sampling and other costs come, but these are relatively stable costs for us. As we closed out the second quarter with a net loss of $17.6 million or $0.20 per share, compared to a loss of $10.8 million or $0.12 per share for the comparable period in 2020. At June 30, 2021, we had cash, cash equivalents and marketable securities of $31.1 million, compared to $54.5 million at year end 2020. As a reminder, we have access to a $25 million capital through our loan facility with Perceptive Advisors, including a trance of $15 million in 2021 and a tranche of $10 million in the future. They’ll be available both contingent on a pre-determined revenue target.
Operator: Thank you. Our first question coming from the line of Oren Livnat with H.C. Wainwright. Your line is open.
Oren Livnat: Hi, guys. Thanks for the questions. I’m sure you’re aware that there is a pretty big discrepancy out there on some of the third-party data services from Symphony and IQVIA. I happen to generally rely on the ladder and it looks like it was more than 2x the volume, I guess, you guys quoted and what Symphony is saying for 2Q. So I’m just wondering if you can talk a little bit about -- if you have any understanding through your due diligence as to what that may or may not be and where that’s coming from, it seems to have maybe corrected in the last couple weeks. And then help us understand going forward, if this is much lower, Symphony volume is the right number. What kind of economics should we be thinking of around those prescriptions or those dispense or slightly higher dispense prescriptions out to pharmacy you are saying, so we can model this going forward? And I do have a follow-up. Thanks.
Al Altomari: Hi, Oren. Thanks for the call. So Symphony and IQVIA, we are Symphony prescribed subscribers and get a little of the IQVIA data. They’re really not off. If you -- you have to look at it as are in two buckets, if you will. There’s the retail side. You just can’t look at TRxs, I guess, my point. If you look at retail, which is where the bulk of the prescriptions to go, they’re not all, they’re really not all. So the way we look at our business, we say what’s gone through retail, which is the more traditional channels of pharmacies. And then in this segment, it’s different, there’s a pretty big, all other category that we started describing, we got some business that ran through there and some of the mail order business and things like that. So we think what happened on the operative word if you think that IQVIA’s algorithms that forecast for trending all other categories, we’re off and we alerted them, that we think there wasn’t, it was often, I think, they did correct themselves. So I think the way we looked at the business and the way we model we think, let’s model the traditional channels, which is retail, it’s not -- they aren’t all, the two services, and then we -- if you will, we layer in the all other channel on top of that. And say, okay, what else is happening in all other category. Because the only other category is a little bit lumpy. There’s big purchases sometimes. There is a lot of our mail order scripts was on to our partner Sterling. And the algorithm is just sort of projected that, we think, and I really emphasize of what we think that we’ve spent a little bit of time, we are aware of it. So both going to, for instance, the bulk of the Bloomberg term was rely on Symphony. So I know a couple of you rely on IQVIA. But we did the best we can to stay on top of it. But the sweet spot of the market, meaning the retail segment where the bulk of the patient goes to. The databases are very similar. Does that make sense?
Oren Livnat: Yeah. Okay. And then just to the basic, I guess, gross to net, you know what your contracts are, I do want to touch on contracts, again, in a follow up, and I guess, you could see the volume going out the door and what you’re shipping to wholesalers to restock. But how do you think we should think about gross to net now and Q2, and going forward, to sort of come out with a realistic value prescript so to speak?
Al Altomari: Sure. We haven’t guided and we’re still in our -- we are in a bit of a moving target. We mentioned these Medicaid contracts. We’re just getting them under our belt. And then going forward we project gross to net, we have to say, how much of our business is going to go for Medicaid. So, until we get all the basic contracts up and running, we haven’t been able to guide it. So we’re still trying to get our arms around it, because it really does depend on the mix of patients. We know what we pay for commercial lines. We know we pay for Medicaid lines, but until we see how much of our business run through each channel, we’re not in a really great position to do monthly gross to net. But, all-in-all, we like the contracts, we like the access, our primary goal is access at a decent price and I think we’ve achieved that.
Oren Livnat: Okay. And just to talk about access, like, I have no doubt that, your demand is ultimately way higher than where it is today and in a massive market is clearly a sliver that’s there for you. But you do talk about access and that’s crucial, right? It has to be easy to get. So, when you talk about quote-unquote access to 55% of commercial government lives, I think I’ve asked you this on pretty much every call is ever done. What does access really mean? It’s one thing to not be blocked, it’s another thing for it to be affordable or easy to be prescribed and fulfilled at the pharmacy. So what are you seeing and how does the ACA, how’s that playing out in terms of preferential access?
Al Altomari: Yeah. I mean, when we use the word access, we mean, it’s easy for a doctor, right? So when we quote, 55%, it seems it’s in a formulary position that he can write the drug. So when -- in theory under the Affordable Care Act, everybody can write the drugs and we could -- if we could quote 100%, because in theory patients are supposed to be able to have access across all the commercial plans, with their doctors just writing a letter of medical necessity. So, but we try to, if you will, quote, where there’s easy access, I guess, Oren, is the way we think about it, just 55% is where doctors can write it and get the drugs or get the drug grew. But like you said, the Affordable Care Act, these drugs should be more broadly acceptable, but involves work by the doctors. So we don’t want to overstate it, so we want to keep chipping away, but there’s other ones and we’ve added more and we expect going forward you’ll hear that number getting bigger. So, but that’s how we’re using the word access, a very good question.
Oren Livnat: Okay. I appreciate that. Thank you.
Operator: Next question coming from the line of Tim Lugo with William Blair. Your line is open.
Tim Lugo: Hi. Thanks for the question and congratulations on the progress and also for providing us all the KPI metrics. That’s a very helpful. Al, I guess, going into one of the non-retail channel, I believe you mentioned in your prepared comments was around 2,000 in a quarter. How meaningful do you expect that channel to be quarter-over-quarter throughout the remainder of the year? And is that something that could fluctuate Q3 and Q4 or what are your expectations there?
Al Altomari: Well, Tim, first of all, thanks and we appreciate it. We’ll try to give these transparent. We like to show in the metrics that the way we look at the business. So, thanks and we appreciate that comment. Yeah, so that channel is really an interesting one for us. So, like, Oren’s question, if you heard his question, in some respects, they were picking up some business and straight lining it, if you will, a one -- on one scenario, so that was kind of one algorithm. And then the one we quoted or, Tim, was -- I don’t want to say it’s direct. They didn’t buy a product from us, they bought it from a wholesaler, the state clinic, they just bought it directly 2,000 units directly from one of our wholesalers, which is a, Tim, was an exciting day to get that big of an order. I am going to tell you that’s about once in a retail channel in that month. So we’d like to think that channels are going to become more important than, but it’s early days of that. I think that’ll be conservative when you think about it. So we can unlike thunderous. But it’s exciting, like, it was, I think, what makes us excited, Tim, is that, the public sector accounts and there’s a ton of them, this is just scratching the surface, this happened to be state clinic. And then the interesting thing and I have to say, we didn’t have a rep in front of them. They just heard about the brand, they thought the brand was great, they put a big order in and now we’re trying to say, she want more. So in the meantime, there’s a lot of planned parenthood business, student health center, telemedicine. So we haven’t got, Tim. So, I think for us, we want to kind of think about the business and our retail is our bread and butter. And then we’re just going to have to keep you updated on this business. It’s lumpy, Tim. I don’t know what else to say, but in a good way.
Tim Lugo: Yeah.
Al Altomari: We have people they don’t order every day sometimes. So it’s almost like the way you follow hospital businesses, Tim. Sometimes they buy big balls as at once and so we’re going to have to just monitor that. So the good news is we have customers and we didn’t know about. We are excited and we will take this problem every day, Tim, every day of the week we’ll take this problem.
Tim Lugo: Exactly.
Al Altomari: We got to learn to get more input, bro. But we’re pretty excited, though. There’s a new channel emerging for us.
Tim Lugo: It’s kind of the power of a large market. I understand because I am in some of the other sectors as well. And I guess drilling down a little bit more on the access and maybe you talked about this with Oren’s question, but we’re approaching kind of a contracting season for commercial…
Al Altomari: Yeah.
Tim Lugo: …years, when we tend to see announcements? Is this something you’re actively pursuing and so we expect kind of a 2022…
Al Altomari: Yeah.
Tim Lugo: …just something to watch out for in the contracting season as it approaches?
Al Altomari: Yeah. Tim, great questions. The answer is, it’s a bit nasty season, yeah, because we’re in the hot and heavy of it. Yeah, well, that has to do with some of the Medicaid business we’ve been winning, because in fact, we’re winning early contracts for next year. So you’re -- we’re right in the heated the cycle, yes. So I think you’re going to start hearing us reaffirm some of the coverage we have or hopefully keep adding to it. So, our strategy is to build that book of business we’ve got and hope a lot more good news for you next quarter and then supplemented with that all other channels, if you will, the non-retail channel. So we’re we’re fine. But, yes, we’re in the bid. We are in advancing to signing off a lot of bids though right now, yes.
Tim Lugo: Sounds great. Thanks for the update.
Al Altomari: My pleasure, Tim. Thank you.
Operator: Our next question coming from the line of Leland Gershell with Oppenheimer. Your line is open.
Leland Gershell: Hey. Good afternoon, guys. Thanks for taking my questions and thank you for the very informative updates and glad to see the OpEx is kept under control as you continue to grow the product. I want to ask a few questions, first, in terms of sampling initiatives. I think, Al, in the last call, you mentioned that those may be easing as we get through the second quarter, perhaps, those have continued more than you had expected based, perhaps, on greater physician demand, I want to or interest, I want to kind of ask what your kind of current sampling looks like and how that may wind down, as we get through the rest of the year. I also want to ask about the types of patients who are coming on Twirla, if you could kind of give us a rough breakdown of patients who’ve been on the legacy patch versus those who are new to contraception, or perhaps, those who’ve been on in oral or switching and any directional trends you may be seeing there as Twirla has been on the market? And then, finally, as more and more women out there are becoming aware of the product and are coming to see their doctors and with COVID easing a bit, more and more patients are going into their doctors are asking about it. You have that and you also have doctors who may be familiar with the old patch and may have some reservations and may not be used to the new patch. So I want to ask you what is that -- what opportunity does that create for Agile to kind of provide a way for docs to be more informed about Twirla and its differentiation, and perhaps, to have less reservation about prescribing it? Thanks.
Al Altomari: Right. So, there’s a run on sentence as a run on question. You got plenty. Let me see if I can get...
Leland Gershell: All right.
Al Altomari: Also not everybody get it all. I’m going to go to number three, which I think is the users and you said, what do you think was, who’s our -- who is saying in the marketplace, it’s really interesting. It’s -- number one, about 50% of all our prescriptions are new to contraception, meaning their new user, which is about what we thought, but the trending on the higher side of what we thought. So the doctors are using our product. We’ve been where -- that’s what they will be asked by our reps, we say, hey, why don’t you give it a try on the new patient in your waiting room? Because we think it’s a little bit less confrontational, if you will. Now, I’ve also got the questions that we target Xulane or the other patch for Xulane users? The answer is absolutely, yes, we do. Related to that, when we go the doctors that have already feel comfortable with patches. So we target their offices. But we don’t say take them off the other patch, if you will. So it’s related to the way we target doctors and I’ll get to your fourth question and I’ll work backwards again. So that -- so 50% are new users, 25% have come off a pill, not a patch. So that’s 75% to almost 80% are leaving -- are been either new to method or new to patch, and then the remaining percentage they are scattered around ring users, patch users. So that’s really great. But to your other question about, if I was saying what surprised me so far, the -- it’s slow to get a doctor to write a patch of any kind, if they’ve never written one before. So a lot of -- I think we’ve talked before even lot of the young doctors are a little bit reticent of using patches. So our low hanging fruit is on patch users and there’s a lot of them. So, the other ones we’re not giving up on, but we’re really, in effect, it could take us more time. So samples was your -- one of your other questions, I’ll let Dennis comment that OpEx, but samples continue to be critically important. What we’re finding in general, regarding, there’s still a significant demand as COVID opened up offices, Leland. I mean, for the first time, our reps are really getting into sample closets for the first time and we just said, we want them to own those closets. We are saying don’t be shy. So I don’t think sampling demand is kind of -- on a kind of steady state yet. So we did a first loading of the channel, if you will, in a good way loading, not bad loading, getting him out to Floyd, but for our reps a lot of times on Zoom calls and it’s hard to judge doctor. So what we’re finding from the field and I am meeting with our regional managers this week, is that there’s new demand for samples is just in general. So I think we’re still using a decent minimum. Do you want to mention that OpEx controls piece. Very nice deal, so…
Dennis Reilly: Yeah. We’ve been pretty guarded. We’re really have tightened down on our OpEx. And going forward, as I said, we expect it to be within $1 million or so of what we had this quarter and that’s really the way we’re managing it.
Al Altomari: Yeah. Since we appreciate, Leland, because, I mean, we try to make good bets, if you will. I mean, we bet on what we think works and we’re -- everything else, there’s just got to be second at this point. I mean, we have responsibility to our shareholders to keep our heads about them. But I think based on the performance we’re seeing and the brand’s growth, I feel like we’re making good bets. So but, Dennis, keeps me honest, as you know. So, we’re putting the bets in the right places.
Leland Gershell: Excellent. Terrific. Thank you very much, Al and Dennis.
Al Altomari: Did get them all. Did I get it all, Leland.
Leland Gershell: Yeah. You got them all. Thank you so much.
Al Altomari: All right. Thanks.
Operator: Our next question coming from the line of Daniel Busby with RBC Capital Markets. Your line is open.
Daniel Busby: Hey. Good afternoon, guys. I’ve got a couple questions. First, I think, I heard you reaffirm your 5% to 8% peak market share target earlier on the call. Can you talk a little bit more about the factors that give you that confidence in light of some of the competitive developments we have seen this year with the Van Niel launching a generic dueling product and now talking about introducing the low dose version of dueling?
Al Altomari: Yeah. I mean, you have to say, you’re -- you were one of the first ones that kind of predicted this and here’s the bold insight. Number one, since the second patch generic came out, they’re having -- our shares grown. They’ve taken all the share of Xulane. So that’s good for us and that’s what you had originally said in your notes. The second insight you had was really interesting. I don’t know if you looked at it. Right now in the middle COVID, the fixed fee market is rather flat, the only growth area is patches. It’s really interesting we’re out pacing the market. So the patch pie continues to grow. And so my competence has to do with patches becoming more mainstream again, which we bought. So you end up being right then. You had this one when you said they weren’t going to clip us and they’re more likely going to clip with each other and that’s what we’re seeing in the marketplace. So the good news is second patch didn’t bring us at all and it didn’t bring the category. So the category is growing. And we’re hoping the category continues to grow as we kind of unlock out of COVID, even those categories been generally flat. It’s good. And the other part of my bullishness that has to do with our accessing these long conversations about these other channels. I think that we can continue to follow a patient and say, where else she goes on besides CVS , telemarketing planned parenthood, student health centers and the state and county organizations, there’s a ton of business out there. So that’s why we’re bullish. And I feel like we’re just, I love the growth we posted, but we’re not at any means done. So we’re just still a lot in the market, we haven’t been in front of so. But that gives me the confidence that kind of reaffirm that. Patches look like people are getting back in vogue again with them and it’s our job to make a card patch. And then I can’t comment to the other patch, I mean, I saw what you saw. It appears it’s only gone the clinic. It looks like it’s years out. And at this point, as you take a look at the market share of Xulane. Xulane is dropping fast. I mean, the question is, how much share will they have left when they launched that. So, I mean, their competitors have a lot of gaps, well, a lot of share away from and like, I said, we kept growing. Good questions, though. Thank you.
Daniel Busby: Got it. Thanks for the color. And just one follow up, perhaps, for Dennis, I could probably do the math on cash runway. But you mentioned the $25 million tranche you have potentially available. Can you share anything about the achievability of those targets, you expect to be able to access that cash or is that still a little bit up in the air?
Dennis Reilly: We are thrilled we get to $31 million right now and we’re able to have the ATM. On perceptive, there are targets there. We haven’t disclosed them. They’re challenging targets for us. But they’ve been a great partner to us through for years now. And we’re -- we’ll continue the dialogue and we’ll let you know. It’s not slam dunk. We’ll get that money from them. But, yet, we kind of trust the partnership and we’ll continue with dialogue.
Daniel Busby: Okay. Got it. Thanks.
Al Altomari: Thanks, Dan.
Operator: Our next question coming from the line of Naz Rahman with Maxim Group. Your line is open.
Naz Rahman: Hey, guys. Thanks for taking my question. Now that you have seen more demand sales? Are you guys seeing the demand scripts, the patient see zero dollar copay or do you find them mostly using the copay cards or paying for the product? I have a follow up question?
Al Altomari: Yeah. It’s a tough question. I don’t have more than top of my head, but a significant amount our patients get a zero copay, just because it’s on the Affordable Care Act. And so sort of answered questions from you all around the Board. The Medicaid patient when we’re in a strong contracting position with them, some patch could be $2 or $5 and it’s really virtually zero. So, on those books of business the patient is really paying virtually none, nothing. So that’s really good for the patients in front of them. It’s really good for us. We are copay business, I mean, our copay card, I don’t believe or a runaway in any means. We use it on a really situational basis. That’s something benefits and I -- that’s a lot of relief psychotic cash in this case for the patient. So, we haven’t over relied on our copay cards. I mean it’s a real healthy brand without them, knock on wood. But it’s there in case we need it. It’s meant to be, we don’t -- I mean, I hope it’s sound great, but we don’t want the copay cards. We want the copay cards to be a bridge to a better a better outcome for the patient either navigating her zero copay or us getting on eventually on formulary. We just can’t see us running a long-term business on the back of copays. I think they’re very needed as a situational basis, if you will, and that’s the way we use it very strategically. But we’re pleased that our overall growth and that is pretty good right now. We haven’t over relied on them, knock on wood. So, so far, so good, we -- it’s a situational bridge for patients or plans, for the bigger ideas get on formulary. We didn’t -- we just -- we as a company believe in getting on formulary. We just don’t -- we just can’t run a business not kind of a good relationship with our payers. So we just -- really always have to pay for what them trying to either get formulary access to get better access.
Naz Rahman: Got it. And the patients that are getting Twirla, at this point, how many cycles of Twirla are they getting forward? Is it still like 1.3x to 1.4x months? Are you seeing patient get longer prescriptions?
Al Altomari: No. It’s a pretty steady. You’ll see in those graphs we provided, when you get a chance, look at the screenshots, that you’ll see TRxs, if you look at the ratio, it’s 1.3, some weeks is 1.32, but it’s hovering. We expect some plans or -- in the mail order business they are allowed to get more dual cycle at a time. So if anything it should eke up a little bit, but we’re not seeing, it’s pretty steady right now. But I’d leave it at that and so let me talk the otherwise didn’t. Some of the negotiations we’re in, they’re going to be let doctors write longer prescriptions and that’d be great for us, by the way, we’ll take it. But for right now, it’s really steady around 1.3.
Naz Rahman: Okay.
Al Altomari: And to me, which is -- let me just put it, what that means is for those that are kind of new to it, well, that means every TRxs worth 30% more to us, so rather than -- so the value of the patient on that first script is obviously a lot more. It really is ends up being a big number. You could see on the curves, it doesn’t take much to get these curves bending upwards pretty quickly, because of that new refills. And it’s a good business, we’re getting -- we’re just getting to the point, we’re getting a base of refill, we get the new business coming in and we get that 1.3 multiplier and it’s fun become a real healthy little business to run. So we’re excited. So we -- our job is to get new prescriptions, the more we get, we get a multiplier on them.
Naz Rahman: Got it. And the final question is, some of the larger non-retail orders we saw in 2Q. Is there like a potential to sign a recurring contract with those purchasers or would they just have to kind of go through wholesalers?
Al Altomari: No. It’s -- that is a fabulous question. The answer is we’d love to sign an agreement, because is not -- we’re at the whims of a purchasing manager that, like and then that we would like to be in a long-term better relationships and that is not just a here and there purchase. So the answer to your question, we would love to do that. That goes with planned parenthood, that goes with student health centers, that goes with all these clinics. We just have a bias to get on their contract. So, we just like that. For now it’s a little bit more lumpy. But just from our own planning it keeps us better organized, if we can get them. And for right now we can buy the product to the wholesalers, which is great. So we could see the movement. There’s a fair number of hospitals around the country to buy our product. But these -- that was the most significant one. They’re trying to get doctors and this is for treating patients and university center settings and so these kind of like non-retail businesses starting to get interesting enough. But we don’t want to chase it. We want to develop a strategy for opening this channel in a big way. But for right now we’ll take the business. We will take the sale. That will be nice book of business, right? As I told, Tim, when he asked that question is, that wasn’t about as much we sold in the retail channel that month. So one order, we will say, that this was good day. So, yes, we would like to get in the contract with them and develop a strategic relationship with them.
Naz Rahman: Got it. Thanks for taking my questions.
Al Altomari: My pleasure. Thank you. Thank you for listening in.
Operator: Thank you. There are no further questions at this time. I will now turn the call back over to Al Altomari.
Al Altomari: Well, thank you, Operator, and thank you everybody listening in. I’d like to close today by saying that we believe we have the building blocks in place for continued growth and ran on track to achieve our near-term goal, which is establishing Twirla in this multi-billion dollar hormonal contraceptive market. And I hope you can hear some of the excitement we -- in our voices and that. We believe we’re just on the way on that journey. Number one, we have an approved product that’s growing in all the major performance metrics in a valuable market and we believe it’s only scratched the surface and we’re on leasing in a very responsible way DTC advertising. And that’s we’re further developing some of these channels you won’t ask me about. But in the meantime, our bread and butter is in the retail market and we need to continue to get doctors aware and comfortable writing our products and particularly as they’re comfortable -- already comfortable writing patches. While we’re happy with the growth today, we believe there’s a lot more on the table. So hopefully, as we talk in the future, you’ll hear more about how these programs work and more about our growth. I’d like to thank everybody for joining us on the call, be well as always and we look forward to providing you an update in the future on the advancement of our business on our next earnings call, and hopefully, we’ll see each other hopefully face to face a lot in near future. So, thank you, everybody, be well and be safe.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
