BioXcel Therapeutics Inc (BTAI) 2024 Q3 法說會逐字稿

Good morning, and welcome to the BioXcel Therapeutics Third-Quarter 2024 Earnings Conference Call.

早安，歡迎參加 BioXcel Therapeutics 2024 年第三季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

(Operator Instructions) After the formal remarks, there will be a question-and-answer session.

（操作員指示）正式發言後，將進行問答環節。

(Operator Instructions)

（操作員指令）

Just to remind everyone, certain matters discussed in today's conference call and/or answers that may be given to questions asked are forward-looking statements that are subject to risks and uncertainties related to future events and/or the future financial or business performance of the company.

只是提醒大家，今天的電話會議中討論的某些事項和/或對所提問題的答復都是前瞻性陳述，這些陳述受與未來事件和/或公司未來財務或業務表現相關的風險和不確定性的影響。

Actual results could differ materially from those anticipated in these forward-looking statements.

實際結果可能與這些前瞻性陳述中預期的結果有重大差異。

Risk factors that could affect future results are detailed in the company's quarterly report on Form 10-Q for the quarterly period ended June 30, 2024, which can be found at www.bioxceltherapeutics.com or on www.sec.gov and which will be updated in its quarterly report on Form 10-Q for the quarterly period ended September 30, 2024.

可能影響未來結果的風險因素已在本公司截至 2024 年 6 月 30 日的季度 10-Q 表季度報告中詳細說明，可在 www.bioxceltherapeutics.com 或 www.sec.gov 上找到，並將在截至 2024 年 9 月 30 日的季度 10-Q 季度報告中更新。

As a reminder, today's call is being recorded.

提醒一下，今天的通話正在錄音。

Speaking on today's call are Dr. Vimal Mehta, Chief Executive Officer; and Richard Steinhart, Chief Financial Officer.

今天的電話會議演講者是首席執行官 Vimal Mehta 博士；以及財務長理查德·斯坦哈特（Richard Steinhart）。

They will be joining the Q&A session by Dr. Vince O'Neill, Chief of Product Development and Medical Officer; Dr. Frank Yocca, Chief Scientific Officer; and Dr. Rob Risinger, Chief Medical Officer of Neuroscience.

他們將參加產品開發首席兼醫療官 Vince O'Neill 博士的問答環節；首席科學官 Frank Yocca 博士；以及神經科學首席醫療官 Rob Risinger 博士。

It is now my pleasure to turn the call over to Dr. Mehta.

現在我很高興將電話轉給梅塔醫生。

Please go ahead.

請繼續。

Thank you, operator.

謝謝您，接線生。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

This past Tuesday, we announced important milestones with our two pivotal Phase 3 trials with BXCL501.

上週二，我們宣布了 BXCL501 兩項關鍵 3 期試驗的重要里程碑。

These trials are for agitation associated with bipolar disorder or schizophrenia in the home setting and for agitation associated with Alzheimer's dementia.

這些試驗針對的是家庭環境中與躁鬱症或精神分裂症相關的躁動症以及與阿茲海默症相關的躁動症。

We believe BXCL501 could potentially be a much needed acute treatment option for the millions of patients, who do not have FDA approved therapy for these challenging conditions.

我們相信，BXCL501 可能成為數百萬尚未獲得 FDA 批准治療這些棘手疾病的患者急需的急性治療選擇。

Our goal is to transform the treatment paradigm.

我們的目標是改變治療模式。

Starting with our SERENITY at home trial to evaluate BXCL501 for acute treatment of bipolar or schizophrenia-related agitation, we believe this indication represents a near-term growth opportunity and is our immediate focus area.

從我們的 SERENITY 家庭試驗開始，評估 BXCL501 對雙相情感障礙或精神分裂症相關躁動的急性治療，我們相信這一適應症代表著近期的成長機會，也是我們當前關注的領域。

We designed this study leveraging our substantial clinical experience with BXCL501 conducting 10 double-blinded placebo control trials.

我們利用 BXCL501 的豐富臨床經驗設計了這項研究，並進行了 10 項雙盲安慰劑對照試驗。

We are particularly excited to advance this trial, because it marks the first evaluation of BXCL501 in the home setting.

我們特別高興能推進這次試驗，因為它標誌著 BXCL501 在家庭環境中的首次評估。

The first patient was randomized late last week and we look forward to advancing enrollment.

第一位患者已於上週晚些時候隨機分組，我們期待進一步推進招募。

Trial duration is expected to be nine to 12 months from the September initiation as we previously communicated.

正如我們之前所通報的，試用期預計為 9 到 12 個月，從 9 月開始。

We are also continuing our planning for our TRANQUILITY In-Care trial to evaluate BXCL501 as a potential acute treatment for Alzheimer's related agitation.

我們也持續規劃 TRANQUILITY 護理試驗，以評估 BXCL501 作為阿茲海默症相關躁動症的潛在急性治療方法。

This represents a much larger, longer term growth opportunity.

這代表著更大、更長期的成長機會。

We recently received feedback from the FDA on our proposed protocol for the trial, which will be our second pivotal Phase 3 trial for this condition and which largely mirrors our TRANQUILITY 2 Phase 3 study.

我們最近收到了 FDA 對我們建議的試驗方案的回饋，這將是我們針對該病症進行的第二次關鍵性 3 期試驗，與我們的 TRANQUILITY 2 3 期研究基本相似。

In addition to acute agitation, we are pleased with the potential chronic treatment opportunities with BXCL501 through externally funded studies currently being conducted by leading academic research institutions.

除了急性躁動之外，我們還對目前由領先的學術研究機構進行的外部資助研究顯示 BXCL501 具有潛在的慢性治療機會感到高興。

We recently announced a Department of Defense grant to fund a Phase 2a efficacy and safety study of BXCL501 for acute stress disorder at the University of North Carolina.

我們最近宣布了國防部的一項撥款，資助北卡羅來納大學對 BXCL501 治療急性壓力症候群進行第 2a 期療效和安全性研究。

This marks the second externally funded stress-related trial of BXCL501.

這是第二次由外部資助的BXCL501壓力相關試驗。

Just to remind everyone, we discovered BXCL501 using our AI platform and are pleased to see further validation of its broad therapeutic potential.

只是提醒大家，我們利用我們的人工智慧平台發現了 BXCL501，並很高興看到其廣泛治療潛力得到進一步驗證。

While focusing on clinical development, we are continuing to maintain our approved product, IGALMI, in the market with minimal resources.

在專注於臨床開發的同時，我們將繼續以最少的資源在市場上維護我們已批准的產品 IGALMI。

We are committed to making this drug available to patients, while maintaining our brand equity.

我們致力於讓患者能夠使用這種藥物，同時保持我們的品牌資產。

To support our trials with the goal of reaching data readout, we are working to strengthen our balance sheet.

為了支持我們的試驗並實現資料讀取的目標，我們正在努力加強我們的資產負債表。

At the same time, we continue evaluating strategic financing alternatives.

同時，我們繼續評估策略融資替代方案。

In summary, we are pleased with the progress of our SERENITY and TRANQUILITY programs.

總而言之，我們對 SERENITY 和 TRANQUILITY 計劃的進展感到滿意。

We believe we have attractive opportunities to address substantial unmet medical needs, while expanding the market potential for BXCL501.

我們相信，我們有極具吸引力的機會來解決大量未滿足的醫療需求，同時擴大 BXCL501 的市場潛力。

This belief is reinforced by a growing intellectual property portfolio that provides long-term patent protection from which we aim to build a leadership position in the treatment of agitation.

我們不斷成長的智慧財產權組合強化了這一信念，這些智慧財產權組合提供了長期的專利保護，我們旨在藉此在躁動治療領域建立領導地位。

I would now like to turn the call over to Rich, who will review our financial results for the third quarter of 2024.

現在，我想將電話轉給 Rich，他將審查我們 2024 年第三季的財務表現。

Rich?

富有的？

Thank you, Vimal.

謝謝你，維馬爾。

Net revenue for IGALMI was $214,000 for the third quarter of 2024, compared to $341,000 for the same period in 2023.

IGALMI 2024 年第三季的淨收入為 214,000 美元，而 2023 年同期為 341,000 美元。

The decrease in sales was primarily due to the timing of reorders from existing customers.

銷售額下降主要是由於現有客戶重新訂貨的時間表所致。

However, for context, it's important to point out that net revenue of $1.9 million for the nine months ended September 30, 2024, represents an 89% increase from $1 million in the same period in 2023.

然而，就背景而言，必須指出的是，截至 2024 年 9 月 30 日的九個月的淨收入為 190 萬美元，比 2023 年同期的 100 萬美元增長了 89％。

The increase in new customer acquisitions and increased sales activity reflects rising utilization.

新客戶數量的增加和銷售活動的增加反映了利用率的上升。

Cost of goods sold for the three months ended September 30, 2024 and 2023 were $1.2 million $512,000 respectively.

截至 2024 年 9 月 30 日和 2023 年 9 月 30 日的三個月的銷售成本分別為 120 萬美元（512,000 美元）。

Cost of goods sold is related to the cost to produce, package, and deliver IGALMI to customers, as well as costs related to excess or obsolete inventory.

銷售成本與生產、包裝和向客戶交付 IGALMI 的成本以及與過剩或過時庫存相關的成本有關。

The increase in cost of goods sold for the three months ended September 30, 2024, is a result of higher non-cash charges for reserves for excess or obsolete inventory, compared to the same period in 2023.

截至 2024 年 9 月 30 日的三個月內，銷售成本的增加，是由於與 2023 年同期相比，多餘或過時庫存儲備的非現金費用增加。

Charges for reserves for excess or obsolete inventory were $1.2 million and $495,000 for the three months ended September 30, 2024 and 2023 respectively.

截至 2024 年 9 月 30 日及 2023 年 9 月 30 日的三個月，過剩或過時庫存的準備金費用分別為 120 萬美元及 495,000 美元。

Research and development expenses were $5.1 million for the third quarter of the 2024, compared to $19.6 million for the same period in 2023.

2024 年第三季的研發費用為 510 萬美元，而 2023 年同期為 1,960 萬美元。

The decreased expenses were primarily due to decreased clinical trial expenses, professional fees, as well as personnel and related costs resulting from the company's reprioritization in August of 2023 and reduction in force in May 2024.

費用減少主要是由於公司 2023 年 8 月重新調整優先順序以及 2024 年 5 月裁員導致的臨床試驗費用、專業費用以及人員和相關成本減少。

Selling, general, and administrative expenses were $7.7 million for the third quarter of 2024, compared to $24.3 million for the same period in 2023.

2024 年第三季的銷售、一般及管理費用為 770 萬美元，而 2023 年同期為 2,430 萬美元。

The lower expenses were primarily due to decreased personnel and related costs, resulting from the company's reprioritization in August 2023 and further reduction in force in May 2024, as well as decreased professional fees and commercial expenses.

費用減少主要是由於人員和相關成本減少，這是由於公司於 2023 年 8 月重新調整優先順序並於 2024 年 5 月進一步裁員，以及專業費用和商業費用減少。

BioXcel Therapeutics had a net loss of $13.7 million for the third quarter of 2024, compared to a net loss of $50.5 million for the same period in 2023.

BioXcel Therapeutics 2024 年第三季淨虧損為 1,370 萬美元，而 2023 年同期淨虧損為 5,050 萬美元。

Company used $16.3 million in operating cash during the third quarter of 2024.

2024 年第三季度，公司使用了 1,630 萬美元的營運現金。

Cash and cash equivalents totaled $40.4 million as of September 30, 2024.

截至 2024 年 9 月 30 日，現金及現金等價物總額為 4,040 萬美元。

Now I'd like to turn the call back to Vimal.

現在我想把電話轉回維馬爾。

Thank you, Rich.

謝謝你，里奇。

We would now like to open the call for questions.

我們現在開始回答問題。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Alec Stranahan, Bank of America.

美國銀行的亞歷克·斯特拉納漢（Alec Stranahan）。

Okay, great.

好的，太好了。

Hey guys, thanks for taking our questions.

嘿夥計們，感謝你們回答我們的問題。

Just two quick ones from us.

我們只想簡單說兩句話。

I guess first, how has the launch of the SERENITY study gone so far?

首先，SERENITY 研究的啟動目前進展如何？

Maybe walk us through the process of getting the first patient on the study and whether you expect the rate of enrollment could be similar or maybe accelerate for the other 200 or so patients on the study?

也許您可以向我們介紹研究中招募第一位患者的過程，以及您是否預計研究中其他 200 名左右患者的招募率可能會相似或加快？

And then I've got a follow-up.

然後我有一個後續行動。

Sure.

當然。

Good morning, Alec.

早安，亞歷克。

This is Vince here.

我是文斯。

So I'll start that and then I'll hand over to Rob to give a bit more detail if he feels I'm missing anything.

因此，我先開始講這個，然後，如果 Rob 覺得我遺漏了什麼，我會讓他提供更多細節。

So essentially, as you know, the study has kicked off, the first patient randomized relatively recently.

因此，如您所知，這項研究已啟動，第一位患者是最近才隨機入組的。

We're in the ramp up phase right now.

我們現在正處於加速階段。

That will be totally typical for a study like this.

對於像這樣的研究來說，這是非常典型的。

I will mention we're coming into the holiday season, so that would typically involve a little bit of a slowdown at the sites, but then we would typically see a rebound in the January timeframe.

我要說的是，我們即將進入假期，因此這通常會導致網站速度稍微放緩，但我們通常會在一月份看到反彈。

So this is our approach to the study and what we've seen so far is absolutely standard.

這是我們的研究方法，到目前為止我們所看到的絕對是標準的。

I'll just mention lastly, we have a large number of sites, so 200 patients and I think the final number is 26 active sites.

最後我想說的是，我們擁有大量的站點，因此有 200 名患者，我認為最終的數字是 26 個活躍站點。

So that's a large number of sites for the number of patients or target enrollments.

因此，對於患者數量或目標入學人數來說，這是一個很大的數量。

So we're very comfortable with the timeline and I'll just state it again, anticipated nine to 12 months.

因此，我們對時間表非常滿意，我再說一遍，預計需要 9 到 12 個月。

Anything to add to that, Rob?

羅布，還有什麼要補充的嗎？

No, we're right on track and the ramp up is occurring at the moment.

不，我們正按計劃進行，目前正在加速發展。

So we're tracking and rolling this out across multiple sites and coordinating all of these activities, so it's truly integrated across sites.

因此，我們正在多個站點上追蹤和推出這項服務，並協調所有這些活動，以便真正實現跨站點的整合。

Okay, that makes sense.

好的，這很有道理。

And then on the randomization, could you just remind us if rescue medications are allowed, especially thinking about the placebo arm and whether this might actually be a helpful data point that you may be measuring over the 12-week study period?

然後關於隨機化，您能否提醒我們是否允許使用救援藥物，特別是考慮安慰劑組，以及這是否實際上可能是您在 12 週的研究期間測量的一個有用的數據點？

Thanks.

謝謝。

Yes, rescue medications are allowed in the trial.

是的，試驗中允許使用救援藥物。

Patients may receive a rescue if necessary.

如果有必要的話，病人可能會得到救援。

And as you said, half of, literally one-half of the patients, 100 versus 100, will be receiving placebo.

正如您所說，其中一半，確切地說是一半的患者（100 對 100）將接受安慰劑。

So it's a sort of safety measure.

所以這是一種安全措施。

And yes, we are tracking that as a sort of surrogate of inefficacy, we'll call it, an indicator of inefficacy for those patients on placebo.

是的，我們正在追蹤它，將其作為無效性的某種替代指標，我們稱之為安慰劑患者無效性的指標。

Got it.

知道了。

Thanks for the color.

謝謝你的顏色。

(Operator Instructions)

（操作員指令）

Graig Suvannavejh, Mizuho Securities.

瑞穗證券的 Graig Suvannavejh。

Hey, good morning.

嘿，早安。

Thanks for taking my questions.

感謝您回答我的問題。

I've got two; first, just I might have missed this earlier, but on the TRANQUILITY trial protocol, what was the specific feedback that you got from FDA?

我有兩個；首先，我可能之前沒有註意到這一點，關於 TRANQUILITY 試驗方案，您從 FDA 得到的具體回饋是什麼？

If you could provide any color on that?

您能對此提供任何解釋嗎？

And then secondly, was just hoping if you could provide an update on where you are with the cash runway and optionality or options that you are considering with regards to funding the company?

其次，我只是希望您能提供有關您的現金流狀況以及您在為公司提供資金方面正在考慮的可選性或選項的最新資訊？

Thanks.

謝謝。

Sure.

當然。

Good morning, Greg.

早安，格雷格。

This is Vince.

這是文斯。

I'll take the first part of that question.

我來回答這個問題的第一部分。

So, I mean, we don't typically give blow-by-blow details of FDA comments.

所以，我的意思是，我們通常不會提供 FDA 評論的詳細資訊。

What I can say, though, very comfortable in saying this, the feedback was direct, actionable, and really very concise.

不過，我可以非常放心地說，回饋是直接的、可操作的，而且非常簡潔。

So, we're actually very happy with the feedback we received.

因此，我們對收到的回饋感到非常高興。

Did you want to handle second part, Rich?

你想處理第二部分嗎，里奇？

I will handle it.

我會處理的。

Greg, did you have any more feedback you needed on the FDA feedback because we have already outlined that what that trial design is and what are the key elements of the design of the trial.

格雷格，您是否還需要有關 FDA 回饋的更多回饋，因為我們已經概述了試驗設計是什麼以及試驗設計的關鍵要素是什麼。

Is there anything else we can embellish for you or that's good?

還有什麼我們可以為您修飾的或好的東西嗎？

Thank you very much.

非常感謝。

That's very good.

那非常好。

Sure, sure.

當然，當然。

Regarding the strengthening our balance sheet, as in my prepared remark, we are working on all options that we have previously outlined.

關於加強我們的資產負債表，正如我在準備好的評論中所說，我們正在研究我們之前概述的所有選項。

And we work with our strategic partner also, so that we can get to the data readout.

我們也與策略夥伴合作，以便能夠取得數據讀數。

And that's the company's key focus, how to get to the data readout, and strengthen the balance sheet.

這就是公司的重點關注：如何取得數據並加強資產負債表。

Maybe just a follow-up here with the trial underway of sorts.

也許只是對正在進行的審判進行某種跟進。

Can you provide color as to whether the current financing or cash to have is efficient to take the trial to completion again my apologies if I made [mistake] before?

您能否說明目前的融資或現金是否足以完成試驗，如果我之前犯了[錯誤]，我深感抱歉？

We have not provided any guidance Graig, but we initiated the trial with a view that we want to get to the data readout and work with all stakeholders, so that we can get to the data readout, which is not that far off from where we are, and we initiated this trial in September, and our guidance is nine to 12 months.

我們沒有提供任何指導，Graig，但我們啟動試驗的目的是希望獲得數據讀數並與所有利益相關者合作，以便我們能夠獲得數據讀數，這與我們現在的位置並不遙遠，我們在九月啟動了這項試驗，我們的指導是九到十二個月。

Sumant Kulkarni, Canaccord Genuity

Sumant Kulkarni，Canaccord Genuity

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

I have two: one financial and one trial related.

我有兩個：一個是財務相關的，一個是審判相關的。

The financial one is how would you characterize your latest negotiations with your large investors on your ability to keep financial covenants at bay?

關於財務問題，您如何描述最近與大型投資者就遵守財務契約的能力進行的談判？

And second, how important is the successful completion of SERENITY At-Home to the company in terms of that trial's ability to potentially unlock partnership opportunities for the larger at-home agitation market?

其次，SERENITY At-Home 試驗的成功完成對公司來說有多重要？

Hi, good morning, Suman.

嗨，早上好，蘇曼。

This is Vimal.

這是維馬爾。

As I mentioned that we are continuing speaking with all our stakeholders, including our strategic partners.

正如我所提到的，我們正在繼續與所有利益相關者，包括我們的策略夥伴進行對話。

And as you know, they've been very collaborative, and we are very pleased with that.

正如你所知，他們一直非常合作，我們對此感到非常高興。

We are continuing on that path and focus continues to be that we can strengthen the balance sheet at the same time we can get to the data readout.

我們將繼續沿著這條道路前進，重點仍然是在獲取數據讀數的同時加強資產負債表。

And for the SERENITY, coming back to your question regarding the SERENITY At-Home partnership, now if we think about the company, we are way advanced than where we were last year.

對於 SERENITY，回到您關於 SERENITY At-Home 合作夥伴關係的問題，現在如果我們考慮公司，我們比去年進步了很多。

We already have SERENITY At-Home trial in progress and we're expecting the data readout like you know next year.

我們已經在進行 SERENITY At-Home 試驗，我們期待明年能夠獲得數據讀數。

The TRANQUILITY In-Care which is our second Phase 3 trial, which mirrors the TRANQUILITY 2, where we had positive data in efficacy and safety, so that is ready to start.

TRANQUILITY In-Care 是我們的第二個 3 期試驗，它與 TRANQUILITY 2 類似，我們在功效和安全性方面獲得了積極的數據，因此可以開始了。

So company from a clinical trial perspective and moving these trial forward, which can be huge value drivers for all stakeholders like particularly patients, caregivers, health care providers and all our other stakeholders.

因此，公司從臨床試驗的角度出發，推動這些試驗向前發展，這可以為所有利益相關者（特別是患者、護理人員、醫療保健提供者和我們所有其他利益相關者）帶來巨大的價值驅動力。

We are pursuing every path that will allow us to maximize the value for our shareholders and that continues to be the focus of the company.

我們正在尋求一切能讓我們為股東實現價值最大化的方法，這將繼續成為公司的關注重點。

Samir Devani, Rx Security.

Samir Devani，Rx Security。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

I guess the first one is just on, I think last time we spoke, you mentioned that the TRANQUILITY In-Care trial would have a cohort of 20 patients in the At-Home setting.

我想第一個問題剛剛提到，上次我們談話時，您提到 TRANQUILITY 護理內試驗將在居家環境中招募 20 名患者。

So I just wanted to confirm following the FDA feedback whether that was still the case.

所以我只是想根據 FDA 的回饋來確認情況是否仍然如此。

I guess that's question one.

我想這是第一個問題。

Yes, hi there.

是的，你好。

This is Vince here.

我是文斯。

So yes, at the end of the day after discussion internally, we took that pilot out of the protocol.

所以是的，經過內部討論後，我們最終將該試點從協議中剔除。

So currently that's not part.

因此目前這不是部分。

Okay.

好的。

And then I guess the second question is just really on BXCL701 and whether you've had made any progress in terms of options for progressing that product?

然後我想第二個問題實際上只是關於 BXCL701，以及您在推進該產品的選項方面是否取得了任何進展？

Thanks very much.

非常感謝。

Sure, so I can give the following update.

當然，所以我可以提供以下更新。

So we're still in the process, I think as I may be mentioned on the last quarterly, probably a longer process and at least I personally had anticipated, but what it's still within that process working with our firm, who has expertise in this area with potential partners, diligence, room activities, et cetera.

因此，我們仍處於這一過程中，我想正如我在上個季度提到的那樣，這可能是一個更長的過程，至少我個人已經預料到了，但它仍然在與我們公司合作的這一過程中，我們公司在這一領域擁有專業知識，有潛在的合作夥伴，有盡職調查，有房間活動等等。

So it's still an ongoing process.

所以這仍然是一個持續的過程。

Great, and maybe if I could just sneak one more in.

太好了，也許我可以再偷偷地再進去一個。

In terms of the stock write-down, could you just confirm that, or give us an indication of what sort of inventory you're still holding and what may be at risk going forward, thanks.

關於庫存減記，您能否確認一下，或告訴我們您仍持有哪些類型的庫存，以及未來可能面臨的風險，謝謝。

Sure, this is Rich, thanks.

當然，我是 Rich，謝謝。

I think we're in pretty good shape now with that write-down.

我認為，現在我們的減記狀況非常好。

We should have enough product to sustain us for the next couple of years.

我們的產品應該足以維持未來幾年的需要。

And remember, I think this is a non-cash charge, and if sales pick up, we'll have plenty of inventory to sell with this.

請記住，我認為這是非現金費用，如果銷售額回升，我們將有足夠的庫存可以出售。

It's just looking at where we are today and projecting out.

這只是看看我們今天所處的位置並進行預測。

So I think we're in pretty good shape with inventory.

所以我認為我們的庫存狀況非常好。

Thanks, Richard.

謝謝，理查。

Thank you.

謝謝。

We've reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over for any further closing comments.

我想將發言權交還給其他人，以便大家發表進一步的結論。

Thank you, everyone, for joining us today and for your continued interest in BioXcel Therapeutics.

感謝大家今天的加入我們並持續關注 BioXcel Therapeutics。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路直播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並享受美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。