Greetings and welcome to the Catalyst Pharmaceuticals Incorporated Second Quarter 2021 Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Ali Grande, Chief Financial Officer. Thank you. You may begin.

Good morning, everyone and thank you for joining our conference call to discuss Catalyst’s second quarter 2021 financial results and corporate highlights. Leading the call today, we have Patrick McEnany, Chairman and Chief Executive Officer. We are joined by Dr. Steven Miller, Chief Operating Officer and Chief Scientific Officer and Jeffrey Del Carmen, Chief Commercial Officer. For the Q&A session, we will also have Dr. Gary Ingenito, Chief Medical and Regulatory Officer. Before we begin, I would like to remind you that in the following comments and in the Q&A session, we will make statements about expected future results which may be forward-looking statements for purposes of federal securities laws. These statements relate to our current expectations, estimates and projections and are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict and may prove not to be accurate, especially in light of the effects of COVID-19. Actual results may vary. These forward-looking statements should be considered only in conjunction with the detailed information contained in our SEC filings, including the risk factors described in our 2020 Annual Report on the Form 10-K. At this time, I will turn the call over to Pat.

Thank you, Ali and thanks, everyone for joining us this morning for our second quarter 2021 results and corporate update call. I hope that everyone is doing well and staying safe and healthy during these unusual times. We are very proud of the results that we achieved during this past quarter. Total net revenues were $36.4 million, up 23% over the same quarter last year. During the second quarter, we completed the agreement with DyDo Pharma for the rights to develop and commercialize Firdapse in Japan, which contributed $2.7 million in revenue. Further, net Firdapse product revenues for 2021 second quarter were $33.6 million, up 14% from net product revenues of $29.6 million for the second quarter of 2020. GAAP net income before income taxes for the past quarter was $15.9 million compared to $10.4 million in the same quarter last year. GAAP net income after taxes was $12.2 million or $0.12 per share or $0.11 per share fully diluted compared to $9.8 million or $0.09 per basic and diluted share in the second quarter of 2020. Additionally, we ended the second quarter of this year with $155.3 million in cash and short-term investments. Reported cash and short-term investments this quarter were impacted by $3.7 million invested in our open market share repurchase program. As you may recall, very late in the first quarter of this year, our Board of Directors approved a share repurchase program of up to $40 million of Catalyst shares from the open market. And as of today, the company has repurchased in the open market approximately 1 million shares of common stock at an average purchase price of $5.06 per share for a total of $5.1 million. We continue to believe that rational purchases of our shares in the open market is prudent and increases shareholder value, while at the same time increasing the cash from the balance sheet to be utilized for strategic growth opportunities. Ali will be providing more details shortly in her full financial report. Although we are pleased with these results, the market dynamics remain a challenge as we and many of our peers continue to be impacted by physicians’ practices that are not yet fully functional or not open to new patients or unwilling to prescribe new medications for their patients without several in-person visits. Some regions of the country are more greatly impacted by the COVID-19 virus and were slower to open, and this remains a challenge for undiagnosed patients or newly diagnosed patients trying to get treatment. Having said that, we are optimistic that as the country continues to recover from this pandemic, we anticipate that our Firdapse revenue trajectory will ramp further upward in the second half of this year and beyond. Jeff will have more information on this topic when he presents shortly on our commercial operations. On the human resource front, we have made great progress in filling key positions in our senior management team as well as our Board of Directors. We recently announced the hiring and appointment of Dr. Preethi Sundaram as Chief Product Development Officer. Dr. Sundaram brings to Catalyst a wealth of experience in sourcing, developing and managing drug product portfolios through all phases of development. Her years of experience in evaluating and developing new medications at Sanofi Genzyme and other large pharma companies provides a valuable resource to our team. We anticipate that Preethi will be a principal participant in future investor calls. We also recently announced the appointment of Molly Harper to our Board of Directors. Molly is a seasoned pharmaceutical executive, with more than 20 years of senior leadership at several large pharma companies, including Sanofi Genzyme. Molly brings valuable experience to our board in global marketing and strategic planning. Lastly, regarding human resources, we have hired a Vice President of Investor Relations that will be announced next week. This is also a critical position to be filled at a time when we anticipate a transformation of our business to the next phase of growth, which we expect will likely include the acquisition of one or more companies, marketed products, clinical programs and/or technology platforms. Our R&D, regulatory, and medical affairs teams continue to work diligently to expand the label for the Firdapse plan. As we move forward, we anticipate placing greater emphasis on other potential development programs and external projects. Steve will provide you with greater details on the status of MuSK-MG, the long-acting Firdapse program and the medical affairs activities. We continue to be quite active with business development. We are currently evaluating and conducting due diligence on what we believe are several very exciting opportunities to expand our portfolio of marketed products and our product pipeline of early and later stage programs. While we haven’t entered into binding commitments to this point, we are hoping to complete one or more company or product acquisitions before the end of this year. We were very pleased to announce last quarter that we have signed a licensing agreement for our exclusive Japanese rights for Firdapse with DyDo Pharma, a wholly owned subsidiary of DyDo Group Holdings. We are gratified to continue the expansion of our global footprint for Firdapse and to assist the LEMS community worldwide with access to safe and effective therapy. Also, we are pleased that many adult Canadian LEMS patients now have affordable access to Firdapse through our exclusive partnership with KYE Pharmaceuticals. Although we continue to wrestle with regulatory and litigation issues against Health Canada regarding the exclusivity that we believe that we are entitled to, KYE continues to make progress within the LEMS community in Canada. Turning to other ongoing litigation, it’s been over four months since our oral argument was held in our appeal of the FDA case. Therefore, the decision of the 11th Circuit Court of Appeals panel could come at any time. We await that decision, but we cannot be sure when it might be issued or what the outcome might be. With respect to our patent litigation against Jacobus Pharmaceuticals and PantherRx, there is progress to report. Last week, the judge denied the defendants' motion to dismiss by indicating that there were factual issues requiring a trial. The discovery process continues and will take some time. It will need to progress further before we have an idea of when the trial might occur. I can also report that we are preparing to amend our complaint to include the patent that was recently issued by the USPTO. This is a part of our ongoing plan to vigorously defend our intellectual property from infringement. At this point, I would like to turn the call over to Jeff Del Carmen, our Chief Commercial Officer, to provide you with further details on our commercial activities and operations.

Thanks, Pat and good morning, everyone. We are very pleased with Q2 net Firdapse sales of $33.6 million, which represents 14% growth for the quarter versus the same quarter last year and 11% growth versus Q1 2021. I want to take this opportunity to thank the entire Catalyst organization for their resilience and continued focus on helping all adult LEMS patients. Strong net revenue in Q2 was driven primarily by steady new patient enrollments, continued favorable reimbursement dynamics, and stable discontinuation rates. Q2 new patient enrollments were 111% higher for the quarter versus the same quarter last year. In the first half of 2021, new patients naïve to 3,4-DAP were 42% higher than in the first half of 2020. Our strong patient persistency resulted in continued low 90-day discontinuation rates of less than 15%. Through the first half of 2021, discontinuations were 25% lower than in the first half of 2020. We continue to see a gradual recovery from the impacts of the COVID-19 pandemic in Q2 when compared to Q1 2021. Patient visits and lab test procedure trends continue to improve, but remained below pre-COVID-19 levels. Through June, IQVIA COVID-19 market impact data suggests that diagnostic visits specific to neurology are 15% less than pre-pandemic levels. However, we have a robust pipeline of patient leads that are already diagnosed with LEMS but not yet on therapy. Many of these patients are waiting to visit their physician. I am extremely pleased with our Q2 execution. Given the sustained impact of COVID-19 on our business, commercial field activity remains strong. Combined efforts between our commercial field force, non-personal promotion and inside sales enabled efficient coverage of approximately 20,000 healthcare providers. In-person interactions accounted for 50% of activity, which represents a twofold increase quarter-over-quarter. We will continue to closely monitor the course of the pandemic and its impact on patient and physician behavior during the second half of the year to ensure our field team is well prepared to effectively engage with all stakeholders, accommodating their preferences and abiding by local guidelines. We continue to invest heavily in valuable patient resources that we believe will shorten the diagnostic journey of adult LEMS patients. These educational and branded resources have generated over 1,900 unique patients or caregiver opt-ins online to receive useful information regarding LEMS. Engaging with these patients and caregivers will enable Catalyst to shorten their diagnostic journey and better serve the significant number of remaining patients sooner. In addition, our Catalyst Pathways patient services team continues to be dedicated to supporting the needs of adult LEMS patients, caregivers and healthcare professionals. This is evidenced by prescription approval rates, which remain over 90% across all payers, government or private commercial insurers. Patients enrolled in Catalyst Pathways, including those who are covered by Medicare and accessing foundation assistance, have an average copay of less than $2 per month. In closing, we are excited about the significant opportunity ahead to help all adult LEMS patients. We are confident that the strategies and tactics we have put in place will appropriately minimize discontinuations, generate new patient enrollments and shorten the diagnostic journey for adult LEMS patients. Once again, I want to thank the entire team at Catalyst for their unwavering commitment to the LEMS community. I will now turn the call over to Dr. Steven Miller, our Chief Operating Officer and Chief Scientific Officer for an update on R&D activities.

Thanks for the commercial update, Jeff. I’ll now provide an update on our clinical pipeline and our development efforts for Firdapse. As you know, we are developing a long-acting formulation of amifampridine phosphate in order to provide patients with a more convenient dosing regimen and a more consistent therapeutic effect. A number of candidate formulations have been prepared, and three of the most promising formulations were evaluated in a pharmacokinetic (PK) study completed in the fourth quarter of 2020. The results of this first PK study are being used to inform the design and refinement of additional product formulations now under development, and an additional PK study will be conducted later this year. We have also completed a number of advisory panel meetings with both patients and physicians to establish the optimum target characteristics of the long-acting formulation of amifampridine phosphate that are desired by the LEMS patient community and treating physicians. As previously announced, Catalyst submitted our plans, including the protocol for a new clinical trial for the symptomatic treatment of MuSK Myasthenia Gravis, or MuSK-MG, to the FDA for their review and comment. The FDA provided written comments that question the suitability of both the revised study design and the ability of the initial MuSK-MG pilot study to be supportive. Therefore, we can’t rule out the possibility that a single study similar in design to MSK-002 would not be sufficient for potential approval of the MuSK indication. Based on the positive reports from physicians and patients that participated in our previous studies, we are planning to convene an expert panel to discuss the options and review the likelihood of success for a MuSK-MG indication for Firdapse. Upon completion of this expert review, Catalyst will update the investment community on our determination as to whether to continue the development of Firdapse for this indication. Next, we previously announced that we plan to conduct a proof-of-concept study evaluating Firdapse as a treatment for hereditary neuropathy with liability to pressure palsies, or HNPP, a rare neuromuscular genetic disorder affecting about 6,000 patients. The FDA reviewed our proposed protocol for this study and requested that we research, evaluate and develop a new patient-centric endpoint for the indication prior to embarking on a proof-of-concept study. Therefore, considering the undeveloped and exploratory nature of the endpoint, we have decided not to proceed with a company-sponsored study of Firdapse for the indication at this time. But we are in discussions with the proposed investigator who wishes to conduct the study as an investigator-sponsored study with our support. Catalyst continues to raise healthcare provider awareness of LEMS through our medical affairs programs, and our accredited continuing medical education (CME) course outcomes is now available through us. To date, 4,000 mostly healthcare provider learners have accessed the course, and 1,300 have taken the CME test. This fall, Catalyst will host a LEMS learning program for neuromuscular fellows from various academic medical centers, including hands-on training sessions on neuromuscular disorders. Catalyst has continued to make progress on developing intellectual property as it relates to the Firdapse franchise. Last October, we reported the issuance of U.S. patent #10,793,893 administering 3, 4-Diaminopyridine expiring April 7, 2034. Catalyst began protecting the Firdapse franchise by filing suit last year in federal court against Jacobus Pharmaceutical and PantherRx for infringement of this patent. Recently, Jacobus’ Motion to dismiss the case was denied and the case is currently in the discovery phase. Many of the documents related to this case are publicly available for anyone interested in knowing more about the case. Additionally, in April, the USPTO allowed patent #11,060,128 for Firdapse and this patent issued on July 13, 2021. The patent is directed to the use of suitable doses of amifampridine to treat patients suffering with LEMS that are slow metabolizers of amifampridine. Any drug product containing amifampridine with a label for the treatment of LEMS that states the patented dosing regimens and doses in the dosing and administration section of the product label could possibly infringe this patent. Catalyst attempts to amend our current infringement suit with this new patent in order to protect this new intellectual property. Catalyst also has three other pending patents related to the use of Firdapse. All of these patents are being prosecuted under track one status at the U.S. Patent and Trademark Office, and we remain hopeful that most, if not all, of them will issue in 2021. Assuming issuance of these additional patents, Catalyst plans to take appropriate legal action to protect this important intellectual property. As previously announced, Catalyst intends to expand our portfolio of rare disease treatments beyond the therapeutic promise of Firdapse. With the recent addition of Dr. Preethi Sundaram, our new Chief Product Development Officer, we formalized our efforts to expand our Catalyst product offerings and our research and development pipeline through focused external opportunity searches and evaluations. Preethi will provide guidance and oversight for new research programs that will hopefully bring much-needed new therapies to rare disease patients, as well as provide leadership on the overall optimization and integration of Catalyst product offerings in R&D programs. I will now turn the call over to Ali Grande, our Chief Financial Officer, to review our financial results.

Thanks, Steve. Yesterday, we filed our 2021 Form 10-Q with the SEC and reported our second quarter financial results in our press release. We are very pleased with our financial results for the second quarter. Let me highlight a few of those results now. As reported, we ended the quarter with cash and investments of $155.3 million and no funded debt, which we believe will enable us to advance our R&D programs and support our strategic initiatives of acquiring earlier stage opportunities and innovative technologies to enable growth and value creation. Total net revenues for the second quarter of 2021 were $36.4 million, a 23% increase when compared to total revenue of $29.6 million for the second quarter of 2020. 2021 total revenues included $2.7 million of proceeds related to our license agreement with DyDo for Japanese development and commercialization rights. Our second quarter sales continued to be impacted by the pandemic although, as Jeff mentioned, we continue to see gradual recoveries. Despite these challenges, total Firdapse product revenue was $33.6 million for the second quarter of 2021, 14% higher than net product revenue of $29.6 million for the second quarter of 2020. As Steven just mentioned, we are optimistic about our revenue growth in 2021 as hopefully the effect of the COVID-19 pandemic subsides. We reported GAAP net income of $12.2 million for Q2 2021 or $0.12 per basic and $0.11 per diluted share, a 24% increase compared to GAAP net income of $9.8 million or $0.09 per basic and diluted share for Q2 2020. Before continuing, let me take a moment to provide more color on our second quarter tax rate. Our effective tax rate in the second quarter of 2021 on an underlying basis was 22% as compared to 5.7% in the second quarter of 2020. The tax rate for Q2 2020 benefited from the use of deferred tax assets, which is a non-cash item. While we expect to use the balance of our federal net operating losses in 2021, we anticipate that we will continue to benefit in future periods from the use of our deferred tax asset relating to state net operating losses and the orphan drug tax credit. Although those are subject to certain limitations, resulting in a more normalized tax rate once we exhaust our net operating losses. Non-GAAP net income for Q2 2021 was $17.4 million or $0.17 per basic and $0.16 per diluted share, which excludes from GAAP net income stock-based compensation expense of $1.5 million, depreciation of $31,000, and the income tax provision of $3.7 million. This compares to non-GAAP net income for Q2 2020 of $12.2 million or $0.12 per basic and $0.11 per diluted share, which excludes from GAAP net income stock-based compensation of $1.8 million, depreciation of $29,000, and the income tax provision of approximately $600,000. Because of the significant effects of the use of our deferred tax assets in the second quarter of 2020 compared to the second quarter of 2021, we believe that this non-GAAP measure is useful for an overall understanding of our resources and operations for the second quarter of 2021 when compared to the same quarter in 2020. The cost of sales for the second quarter of 2021 was approximately $4.6 million, slightly up compared to $4.1 million for the second quarter of 2020, in line with the increase of net product revenue at 14% for both quarters. Research and development expenses were $4.5 million for Q2 2021 compared to $4.4 million for Q2 2020. While this represents a 2% increase over the same quarter of the previous year, the expenses remained consistent at 22% and 23% of total operating costs for the second quarter of 2021 and the second quarter of 2020, respectively. Research and development expenses stayed relatively consistent. As we considered our MuSK-MG clinical trial to be the main proof-of-concept study during 2020, we will continue activities to close out the studies and related clinical sites in 2021. Continuing our long-acting formulation development and our expanded access program, we expect that research and development expenses will continue to be substantial in 2021 and beyond as we further develop our long-acting formulation program for Firdapse, continue our expanded access programs, and evaluate potential treatments for other neuromuscular diseases. In addition, we expect R&D will also increase in future periods if we successfully execute on our strategic initiatives to acquire or in-license innovative technologies and/or earlier-stage opportunities in various categories beyond neuromuscular disease. SG&A expenses for the second quarter of 2021 totaled $11.5 million compared to $10.8 million in the second quarter of 2020. Even though this represents a 6% increase over the same quarter of the previous year, SG&A expenses remained consistent at 56% of total operating costs for both the second quarter of 2021 and the second quarter of 2020. We expect that SG&A expenses will continue to be substantial in 2021 as we sustain our efforts to increase revenues from Firdapse sales, and we anticipate expanding our business. More detailed information and analysis may be found in the Company’s quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission yesterday, August 9, and can be found on the Investor Relations page of our website. With that, I’ll turn the call back to Pat.

Jeff, Steve, Ali, thank you for your reports. I’d like to close our prepared remarks by extending a sincere thanks to the entire Catalyst team for their dedication and continued patient focus during these challenging times to ensure that all LEMS patients have affordable access to Firdapse. I’ll now turn the call over to the operator, so we may take your questions.

Thank you. Our first question comes from Charles Duncan with Cantor Fitzgerald. Please proceed.

Yes. Hi, Pat and team, congratulations on a good quarter. And thank you for taking my question. First question is on Firdapse commercial, second is on pipeline and third is on strategy. Regarding the first question, I guess I’m wondering if Jeff could provide some additional color on the effectiveness of the patient resources to shorten the diagnostic journey that he mentioned, particularly interested in the diagnosed versus prevalence assumptions that you’re making. How are you shortening this diagnostic journey? And then also be interested in whether or not you want to provide Firdapse revenue guidance. I’m not sure if Ali said that; I got to tell you, there’s a lot of background noise, so I’m not sure if I heard all of our comments on guidance.

Yes, Charles. Yes, we are not providing any guidance yet. Thank you for your questions, by the way. We still think that we need to monitor what’s happening with COVID before we are able to provide any guidance at this point. So, you know that our policy is, at this point, no guidance. Regarding our efforts to shorten the diagnostic journey, I will let Jeff answer that versus the prevalence as we both mentioned in our remarks; it is a little bit more difficult these days. We have tools to shorten that journey. But the real issue is at the physician’s offices where they are alarmed; they are not fully functional at this point, or they are not checking new patients, or they are requiring several in-person visits before they will prescribe a new medication. So, those are some dynamics that we are dealing with and one of the reasons why we are at this point, unwilling to provide revenue guidance. So, Jeff, do you want to talk about the diagnostic journey and the tools we are using?

Sure, and thanks for the question, Charles. First and foremost, we are very confident in the prevalence. We always stated that about 3,000 adults with LEMS. I strongly believe that it is our responsibility as a manufacturer at ultra-rare disease, to provide patient educational resources and also educate our other potential stakeholders, physicians. We are providing educational resources about LEMS, about some of the symptoms that these patients may be having, as well as pointing these patients to a free test that we have for LEMS called the VGCC test. There’s a lot of information that they can take, discuss with their caregiver, and also bring into the physicians. So, that’s extremely helpful for these patients. As a reference, we have 1,900 patients or caregivers that have opted in. With those options, we are allowed to engage with the stakeholders, provide the information that they request, and then have ongoing conversations with these patients. So, hopefully that helps address your question as to what we are doing with these patients, Charles.

I wanted to add to Jeff's response, Charles. We have an effort on the healthcare provider side, and education as Steve pointed out. We have two programs that are ongoing as we speak. One is continuing medical education credits that are available to doctors, which we are hosting through Medscape. I believe that we have about 1,500 unique doctors who have signed up for this review, and I think 400 or 500 at this point have actually received credits for studying about LEMS, the disease and some of the therapies that are used to treat this particular disease. So, there is not only the program for patients, but we do have programs for healthcare providers to educate them. We think that all of these combined will help shorten the journey for patients to a definitive diagnosis and ultimately to effective treatment.

Correct, and another thing is we have already seen, Charles, patients that have reported that they brought up LEMS to the physician is something that they may have based on the information that they are provided. So, we have seen traction there, from the patient and physician engagement. The last thing I’m going to add is we have both branded and unbranded videos that are offered on our websites that may be helpful to patients and caregivers as well. So, there are a lot of resources out there to help these patients.

Okay. It seems value-added for the community. I appreciate all the color. My next question was about the pipeline, and I apologize for taking so much time. That is, perhaps for Steve, regarding the long-acting form. I am wondering, it sounds like you are doing or did some PK studies and are doing another one? Can you provide any additional color on the timing? It seems like you are getting traction in the market with the non-long-acting form of Firdapse. I am wondering how much is this needed or if so, is this a nice to have or a need to have in terms of the franchise?

Thanks for the question. We have had a number of patients tell us that this is really a need to have. Many patients really don’t like the inconvenience of having to stop what they are doing and time when they are going to take their doses of amifampridine throughout the day. They really want this drug. Now, as you pointed out, we have done very well with sales, and it’s growing. That basically points to the overall effectiveness of the message itself. It’s only going to get better for the patients when the sustain-released version of the product becomes available.

Any thoughts on timing? I know there is a reason, perhaps competitive or whatever, to not give all that disclosed. But on the broad...?

From a broad point of view, we have about another year or so of formulation work to do, at which point we will start appropriate clinical trials to support the enhanced efficacy of this product relative to the IR version of the product. We anticipate bringing this product to market before our orphan drug exclusivity expires.

Okay, great, and that’s helpful. Last question on strategy. Pat, you mentioned some hires and going into a transformative period for the company in terms of executing strategy with regard to acquisition of products, platforms, or companies. I am wondering, what do you favor? Is this kind of acquisition that you are looking for, something that can tuck in within a very effective commercial sales effort at this point, or does it take it in a different direction? Are you focused more on leveraging your experience within orphan neurology? Can you provide additional updates or additional color on your strategy there?

Sure, Charles. Yes, ideally, we would love to be able to leverage our sales force with another neuromuscular product in our bag. We have tried that most of last year. We had a couple of attempts, which unfortunately did not work out. I think it’s a bit restrictive; we are going to grow our business, and it may not be in neuromuscular. As we described on our last call, we would be interested in expanding the spectrum to include just about any therapeutic category outside of oncology, which is very crowded and a very difficult space to work in. We think it's going to be something that we consider having a high likelihood of success and something that is affordable to us. Let me use an example of endocrinology, which we looked at as a potential asset about a year ago. That’s certainly not a product that would be carried in the bag by our neuromuscular sales team. We really think that we’ve done such a great job and our sales and marketing team has done an incredible job bringing products to market that we can replicate that in other therapeutic categories like endocrinology, for example, and put together a 15 to 20 person sales force or regional account managers to bring a product outside of neuromuscular to market. We also believe that we want to stay in the rare disease space. So, again, the only thing that we are avoiding is something that is too big a bite for us, and something that is in oncology, so it’s a fairly broad approach. Ideally, with an acquisition, we would like to think that a validated technology platform came with that, that may or may not be the case. There are some interesting small molecules out there, biologics as well as cell and gene therapy projects. We have got a fairly broad spectrum to look at, in various stages of development.

That’s helpful. What do you think about financing it in terms of debt versus equity? What kind of transaction are you contemplating?

We think that our equity is awfully cheap. I guess what a CEO doesn’t think that. We have pointed out that we have $155 million in cash as of June 30, that cash is growing by $10 million to $15 million per quarter. We know that we have access to probably at least $100 million in debt, term loans, and a number of large banks, as well as some of the more alternative funds have come to us and talked to us about taking on debt. We have been reluctant in the past, but it may be a good instrument to use to make an acquisition.

Maybe cheap money. Appreciate you providing all the additional detail. Thank you.

Sure. Thank you, Charles.

Thank you. At this time, I would like to turn the call back over to management for closing comments.

Thank you for joining us today. I look forward to future calls. Have a great day.

Thank you. This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.