The conference will begin shortly. To raise your hand. Good afternoon, and welcome to the Agile Therapeutics Third Quarter 2022 financial results conference call. Please note that today's event is being recorded. I would now like to turn the conference over to Matt Riley, Head of Investor Relations. Hello, everyone, and welcome to today's conference call to discuss our third quarter 2022 financial results and corporate update. Before we start, let me remind you that today's call will include forward-looking statements based on our current expectations, including statements concerning our financial outlook and financing prospects for the future. Our outlook for the fourth quarter of 2022, management's expectations for our future financial and operational performance, including our expectations regarding the market growth of Twirla and our operating expenses, our business strategy, our partnership with Afaxys, and its ability to promote growth. Our product supply agreement with Nurx and its ability to educate patients about Twirla, our Connected TV campaign and its ability to promote growth, and our assessment of the combined hormonal contraceptive market generally. Among other statements regarding our plans, prospects, and expectations. Such statements represent our judgments as of today, are not promises or guarantees, and may involve risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements. Please refer to our filings with the SEC, which are available through the investor relations section of our website for information concerning risk factors that may affect the company. We undertake no obligation to update forward-looking statements except as required by law. The information on today's call is not intended for promotional purposes and not sufficient for a prescribing decision. Joining me on today's call are Al Altomari, Agile Therapeutics Chairman and Chief Executive Officer, and Amy Welsh, Chief Commercial Officer. Following our prepared remarks, we'll open the call to your questions. I will now turn the call over to Al. Thank you very much, Matt, and thank you all for joining us today. How the financial results for the third quarter 2022 exceeded even our expectations. I'll provide detail on the growth metrics that have us excited. Amy Welsh, our recently appointed Chief Commercial Officer, will provide insights into why we achieved significant growth in the third quarter and how we intend to deliver more positive results in the fourth quarter 2022 and beyond. The third quarter is the quarter we have anticipated as a potential breakout quarter for the company and the brand, and we believe we're starting to see that breakout. Let's review the metrics we are tracking and those we believe are most critical in helping us achieve our goals of growing Twirla and generating positive cash flow. I will start with reviewing our net revenue for the third quarter, which is $3 million. This is an increase of 43% from the second quarter of 2022. The largest quarter-over-quarter increase our company has achieved since launch. Compared to the third quarter of 2021, net revenue increased $1.7 million or 131%. Our net revenue reflects improvements in the following key areas. Twirla demand for the third quarter, as reported by Symphony, was 28,450 cycles, a 35% increase from the second quarter of 2022. Compared to the third quarter of 2021, our total demand for Twirla grew by 18,706 total cycles or 192%. Twirla factory sales for the third quarter, as reported by our wholesalers, was 33,282 total cycles, a 54% increase from the second quarter of 2022. Compared to the third quarter of 2021, our factory sales for Twirla grew by 22,632 total cycles or 212%. You may notice a difference in the growth of our demand cycles versus our factory sales. We believe this is a result of the fact that not all the prescription demand in the non-retail channel is reported into third parties like Symphony Health or IQVIA. The demand numbers we receive from our wholesalers do include the sales to the non-retail channel, and therefore we believe that factory sales more closely represent the total demand for Twirla across all the channels. Operating expenses now. As you can see from the accompanying slide, this quarter, we are providing comparisons against the third quarter non-GAAP operating expenses because we had a one-time non-cash charge associated with the transfer of our equipment to Corium in the third quarter. We believe excluding this charge represents a more useful comparison of the results from the operations in the periods discussed, which prior periods did not include a similar charge. GAAP operating expenses or OpEx were $20.3 million in the third quarter of 2022. Non-GAAP operating expenses for the third quarter, which excludes the one-time only non-cash $11.1 million associated with the transfer of equipment to Corium, were $9.2 million. Non-GAAP OpEx in the third quarter of 2022 represents a 19% decrease from the $11.3 million reported in the second quarter of 2022. Compared to the third quarter of 2021, non-GAAP OpEx decreased by $5.2 million, or 36%. Additionally, compared to the first nine months of 2021, we reduced non-GAAP OpEx by $10 million or 22%. In the fourth quarter of 2022, we expect quarterly OpEx to be in the range of $10.5-$11.5 million. Our stated plan has been to effectively manage expenses while continually growing Twirla sales and demand. This is the third consecutive quarter we have increased Twirla sales and demand while simultaneously decreasing the company's OpEx, excluding the non-cash one-time charge incurred this quarter. As you can see on the accompanying slide, which compares year-to-date results for 2022 compared to the first nine months of 2021, we believe that these trends we are seeing tell us that we have a credible business plan in place that is performing. We're excited to share these encouraging numbers with you today, but we're not done. We are working and have been working to identify and implement strategies and exploit opportunities that will continue to further the growth. I'll now turn it over to my colleague, Amy, the primary office architect of this plan, to discuss how we're able to sell more products while maintaining a lower burn, and we believe we can continue this trend into the fourth quarter of 2022 and into 2023. Over to you, Amy. Thank you, Al, and hello to all of you joining us today. As you heard from Al, we are excited about the third quarter performance, but we're not surprised. Our strategic business plan, quite simply, is working. An important contributor to third quarter growth was our partnership with Afaxys, which drove volume in the non-retail channel. In the second quarter of 2022, 1,404 non-retail cycles of Twirla were purchased, and that number surged 361% in the third quarter to 6,479 non-retail cycles. Again, we are not surprised by this. This is the product of the efforts being made by Afaxys to penetrate the Planned Parenthood network. In the third quarter, we began to see conversion of Planned Parenthood accounts in California, which drove significant sales and growth for the quarter, and we believe this represents a sustainable customer base for future periods. Not only did we see significant increase in the growth and volume of non-retail channel, our retail channel growth performance was in line with our expectation as well. In the second quarter of 2022, 19,679 retail cycles were dispensed. In the third quarter of 2022, that number grew 12% to 21,971. Our targeted digital media efforts remain focused on the five states with the strongest Twirla reimbursement. As we have said in the past, by focusing on these five states, it is estimated that we can reach 45% of U.S. women between the ages of 18 to 24. In the future, we expect the retail channel to continue to grow. Let me explain why, because it's important that I provide insight into why we are confident that the business plan we can deliver additional upside for in both fourth quarter of 2022 and into 2023. Let's start with what drives growth in our retail business. First, our direct Connected TV commercial. We plan to run the CTV commercial through the end of the year and consistently believe that we can raise Twirla awareness, trial, and adoption as we believe it did during its initial run that launched in April of 2022. Also, telehealth. Last quarter, we announced our collaboration with female telemedicine leader, Nurx, that is expected to make Twirla an available option to Nurx patients. The full launch of this collaboration is planned to occur in the fourth quarter, and we expect to see the impact of Nurx on the retail channel in 2023. As a reminder, Nurx is a leader in female-focused digital healthcare among our target audience and offers patient access to its telehealth platform and expert medical providers that have prescribed contraception to more than 1 million patients. By combining Twirla with Nurx's broad reach, we believe this initiative will help further engage patients and increase awareness of and access to Twirla. Additionally, on Nurx, we're planning to roll out a shared initiative that'll start with us adding a reference to Nurx in the CTV commercial in several of our target states that says, "Twirla is now available on Nurx." Nurx is also planning to raise Twirla awareness to its large contraception patient network through its own marketing efforts. This is another example of how we are constantly challenging ourselves and our partners to be as efficient as possible with our dollars while still making every effort to grow the brand. Finally, Afaxys. While we saw 361% non-retail growth in the third quarter of 2022, we believe we can continue the momentum from both new and returning orders in the fourth quarter of 2022. There is even more upside to the non-retail channel based on the Afaxys customer network, which includes Planned Parenthoods and student health centers, and we plan on capturing that. Additionally, we believe we will start to see what we call the spillover effect. This means that as physicians who work at Planned Parenthoods and gain more clinical experience with Twirla, we believe when they go back to their individual and group practices, they'll be more confident prescribing Twirla in those settings too. Before I hand the call back over to Al, I want to reiterate that we are confident in our business plan because it's producing results, as demonstrated throughout 2022, and we believe there is even more upside on the table for the future. Al, back to you. Thank you, Amy. I'd like to take a moment to provide you some additional context on our financial results for the third quarter before opening it up for Q&A. Our cost of product revenues totaled $1.4 million, which consists of direct and indirect costs relating to manufacturing Twirla sold during the third quarter of 2022, compared to $2.7 million in the third quarter of 2021. The decrease reflects the fact that we had no inventory obsolescence reserve charges in the current period, which we had in the third quarter of 2021. Also, as a result of the one-time non-cash $11.1 million charge associated with equipment transfer to Corium, we saw a $340,000 decrease in COGS related to the depreciation expense. Moving forward, this will be a reduction of approximately $500,000 per quarter in our COGS. In the third quarter 2022, non-retail sales, primarily associated with the Afaxys partnership, significantly accelerated. As a reminder, non-retail channels experience higher gross to net discounting compared to the retail channel, and the overall gross to net discounts increased as a percentage of gross revenue in the third quarter to an average of 52% from 44% in the second quarter of 2022, which was in line with our expectations. Gross to net discounts for the third quarter of 2021 averaged approximately 30%. We ended the third quarter of 2022 with $6.1 million cash on hand and in addition to the $75 million At-the-Market or ATM arrangement. We will continue to evaluate all available options to finance the company and continue to explore opportunities that could potentially accelerate our timeline to generating cash flow positive, including exploring business development opportunities. We closed out the third quarter of 2022 with a net loss of $19.7 million or $0.53 per share, compared to a net loss of $16.8 million or $7.20 per share for a comparable period in 2021. The one-time non-cash $11.1 million dollar charge associated with the transfer of the equipment to Corium in the third quarter is reflected in the net loss for the third quarter of 2022. We believe our results for the quarter demonstrate that we are making good progress on achieving our goals of establishing Agile in the contraceptive market by growing Twirla and moving closer to generating positive cash flow. We'd now like to give our covering analysts the opportunity to ask these questions. Operator, you may now open the line for Q&A. Ladies and gentlemen, if you have a question or a comment at this time, please press star one one on your touchtone telephone. We'll pause for a moment while we compile our Q&A roster. Our first question comes from Oren Livnat with H.C. Wainwright. Your line is open. Thanks. I have a few questions. Thanks. Congrats on, you know, pretty impressive revenue jump this quarter. I'd really like to focus first on this non-retail channel, which was clearly the, you know, the upside surprise this quarter. You talked about growing going forward. First of all, just near term, you know, I understand it's maybe a lumpier business. Just to clarify, should we expect that to be at least as big in fourth quarter, or could that dip before growing again with reorders, in early 2023? Can you just put in context that volume you saw this quarter versus the overall opportunity in the non-retail channel as you see it, you know, regarding the Afaxys network size and where that is likely to be taken up? I have follow-ups. Thanks. Great, Oren. I think your questions were, you know, what can you expect in the fourth quarter in the non-retail and trying to dimensionalize going forward, you know, how big the channel is, given I think of your question. I'll turn it over to Amy. Why don't you say how you feel about the fourth quarter non-retail? Yeah. Thanks for the question, Oren. We expect to continue to grow. While will it be at the same, I think this quarter we saw a little over 50% growth. I think that we should be around there. We're confident that from the accounts that we won, that we're able to show the growth in third quarter. You know, now that they're gonna continue to normalize, we'll see that in the fourth quarter, and we expect to see some new accounts as well. I think that this is sort of a new story for us, and you're gonna see that this should be consistent growth. You know, Oren, we don't expect it to backslide. I mean, you know, when we first set up an account, we get the benefit of kind of, I don't know, you know, they buy a couple weeks worth of inventory, not much, really not much. Then we see some pretty consistent growth. I think Amy's right. I mean, we see it as kind of the new floor, you know. As we add new accounts on it should grow, you know. But we don't see it as we sit here today regressing in any way or going backwards. We're gonna keep growing. Did we answer all your questions, Oren? Yep. I know you had a couple. Oh. Okay. I got plenty. Just with regards to that opportunity, you know, can you just put into context, you know, we know how many prescriptions at least IQVIA captures, which clearly is not including much, if any, of the non-retail channel. How big do you characterize that opportunity overall, whether it's in dollars or total cycles, you know, how big is Planned Parenthood as a, you know, cycles per year for patches or contraceptives overall nationwide? What do you see on that channel? Maybe I'll take a bit of a chance to kind of walk through kind of what we were explaining demand and non. You know, what happens, Oren, you know, when an account buys off of. This is not peculiar to Agile or to Twirla. This is just kind of industry. If somebody buys drug like from one of the big three wholesalers, they get that. The big three wholesalers provide that data to IQVIA and Symphony. It's just that simple. Planned Parenthood and the institutions a lot of times will buy from smaller or regional wholesalers. They've chosen not to sell that data in effect or turn that data over to IQVIA and Symphony. You know, what happens, Oren, depending on where they buy it from, you know. They turn over the data to us and we could say, "Okay, what's flowed through?" That's why we could say with confidence our demand. Just to point out what Amy was saying in this quarter, that was basically one big account in California that had multiple Planned Parenthood sites. That's why we're so bullish on kind of there's a lot more coming, you know. Unlike IQVIA or Symphony, where you could look at the defined market, you know, we can't either. You know, we can go back to wholesalers and saying how much business flows through there. We still think there's a lot of upside, Oren, you know. As we land new accounts, we think they're gonna continue to grow. That was really on the backs of one, we call them a big account, you know, supplemented by a number of smaller ones around the country. We're starting to get business besides Planned Parenthood from some state and county organizations around the country. Afaxys is really delivering us a lot of volume from different sources. We're pretty bullish on that. Just to give you an idea, we're nowhere close to peaking out this potential of this market at all. There's a lot more growth ahead of us. You did mention, and I appreciate the incremental gross to net evolution as you grow in that channel. Assuming you do grow a lot more in the non-retail channel, should we assume, first of all, that that gross to net is at least stable, if slower than your grossness? Is that number predictable? Is that pricing stable, or does that potentially evolve over time, as you grow into more Planned Parenthood or institutional channels? Yeah. Well, Jason Butch, our Chief Accounting Officer is here, so I'll take a shot at it, and he'll correct me if I'm wrong. This is the quarter that really the Afaxys became much bigger part of our mix, if you will. We signaled we knew that was happening. As a percent of our business, we don't see it being that materially different in the upcoming couple quarters. Maybe we'll lose a couple more points, you know, but this was the big quarter, if you will, in kind of adjusting us. And then I think it's kind of. As our commercial business starts kicking in and becoming more important again, I think we grow out of it again in 2023. Is that fair, Jason? Yeah. I think that's all right. It's maybe a couple more points, you know, Oren, in the, you know, in the short term, and then I think we kinda hit a sort of flattening out, and then I think we grow as our commercial business continues to grow. Some of the good things Amy's working on in the commercial side, as the commercial becomes more part of our mix, we grow out of it, you know. We're not ashamed of it, by the way, so I don't wanna make it sound like we're not happy. I mean, we always like more profitability or more margin, but we still think this is a solid delivery of what we did give you this quarter. Yeah, sure. Of course. On the Corium transfer, I know you had already projected that non-cash charge months ago, and we saw it this quarter. I guess there's some corresponding improvement in reported COGS, which, if I understood correctly, was just a reduction in depreciation expense that you're booking. Are there any other benefits going forward with regards to the relationship with Corium in terms of maybe actual cash economics or gross margins for this business or other, you know, cash, minimum cash payments or, you know, generally, terms going forward? Yes. that can benefit you? Yeah, a couple things. The answer is yes, Oren. I'll walk you through it as best I can. Jason, again, I'll see if you can rescue me if I go too far on my skis. Number one, that equipment was purchased well before we went public. You know, this was funded when both companies were private. The equipment was sitting on our books and the cash has been out the door for, you know, 10 years, you know. Because it was our equipment, you know, we'd appreciate it. Yes, you're right, we'll pick up some non-cash on the, you know, through the margin, so that'll run through COGS. From a practical perspective, we had to carry insurance on that. You know, we had to pay maintenance costs for that, you know, software upgrades. That's, you know, with our equipment. You know, we pick up a few bucks there, honestly, which is great. I think the biggest thing for investors is that, you know, our agreement with Corium predated our launch by a long time, including COVID. As we all know, you know, the other brands weren't taking off as fast. We traded, in effect, that asset, you know, for minimums that, you know, we've got a couple years, you know, to grow into this business. Based on what we just did in this quarter, it looks like we're heading there. Like, we gave a non-cash transfer of the equipment. We save a few bucks, you know, for cash or maintenance costs, Jason, and a little bit here and there on insurance, a little bit through the marginal non-cash. The bigger picture gives us breathing room, you know, in COGS, you know, for a couple critical years. If Amy keeps going, we're back to where we started, which is great. Thank you. Does that fix it? I appreciate it. Lastly, just so I can understand, where do you stand on debt at the moment, remaining? I think if I looked at your press release, maybe did you possibly pay down more than you had previously guided to? You know, where does that stand and what obligations you have remaining? Yeah. We're looking forward to the day that we're leverage free. You know, we've appreciated our partnership with our friends at Perceptive Advisors. We paid off $17 million originally, kind of in a bolus, you know, from the proceeds we raised off our ATM. We go pro rata. You know, we pay a monthly charge. I believe we're up $2.7, $2.6 million or so. Yeah. For about $2.6 million, Oren. We're kind of working it off on a monthly basis. You know, we have a goal to be leverage free. You know, we think it's important, but I think clearing that much leverage off our stack, I think was money well spent. It just gives us a lot more flexibility in what we're doing. Yeah, we're slightly better than you, but on the margins, we're just making a small payment per month. All right. I appreciate it all. Good luck. Look forward to watching some scripts. I guess let us know if there's a big retail bolus that we're not seeing in IQVIA going forward. We'll try, Oren. We'll try. Thanks. One moment before our next question. Our next question comes from Naz Rahman with Maxim Group. Your line is open. Hey, thanks for taking my question, and congrats on the quarter. I just have a few. Now that you're starting to see larger and larger non-retail orders and Afaxys and these Planned Parenthood accounts are becoming more used to ordering Twirla, have you seen or secured any form of, like, recurring or, like, subscription type orders from these accounts, like, where you, like, ship X number of units every month or every quarter or something like that? Yeah. Yeah, Naz, it's, that's a great question. Yeah, it's weekly. Yeah. It's weekly. This is the gift that keeps giving every week. I mean, it's fantastic. I mean, it doesn't get better as mentioned to your colleague, Oren. I mean, you know, they buy a couple weeks in the beginning from us or from our wholesalers. They kind of work it down a little bit, and then we get repeat orders on a weekly basis. It's a nice business model, which actually helps us from a kind of a planning and cash flow point of view. You know, it's a bit of an annuity for us on these big accounts. Some of the smaller ones aren't quite like that. The big fish come in like that, weekly. Right. On that point, like we now know wholesalers don't really carry much inventory, but do these accounts carry some inventory or I guess like larger amounts of inventory than general wholesalers on a relative basis, I guess? I'll take a shot, Naz, and I'll turn it over to Amy. I think they're on a just-in-time just about. I mean, they don't carry much. Is that fair? Yeah. No, I would agree. I think that they are bringing the orders in. I'm speaking more, Naz, for the larger ones. We're seeing it weekly, so they're moving it. Yeah. They're moving it. Some of these accounts have 38 locations, 9 locations, 15 locations. You know, it's moving pretty fast. They don't hold a lot. No. We don't think, Naz, at any one point there's. I don't know. I'll speculate, you know, that you know, maybe there's a couple weeks maybe at the most. You know, I think in the whole channel, you know. Jason, I think he believes maximum a month. Yeah, maximum a month. Yeah. I mean, we're looking at very little bit of inventory exposure at all. It turns. Got it. It turns. We like that. You guys commented on the Planned Parenthood penetration in California. Could you sort of give more color on that? Like, how many of the target Planned Parenthood accounts in California have you reached? Or I guess, like, how much is there left to reach? I think I'll take a shot, Amy. Like, I think from what you showed me, like of the top five Planned Parenthoods in the country, four of them are in California, I believe. We've got one ordering at a pretty good clip, and we think we're gonna get to the rest of the fall pretty quickly. That's nationwide. Now it's four of the five are sitting in California. I mean, it's just remarkable how big these are. I think that's the reason besides California being our biggest state, they seem to be organized by affiliates. In other words, they group purchase, you know, the number the affiliates buy from one buyer, in effect. In other smaller Planned Parenthoods on the East Coast, they buy one at a time from us. Is that fair? Yep, you got it. Does that answer your question? Yeah, it does. In these non-retail channels, what kind of feedback have you been getting from prescribers on Twirla? Has that been, like, any different than any feedback you got from, like, retail or private practice physicians? I'll tell you, Amy go ahead. This has been stellar, but. Yeah, I was gonna say, it's not different at all. It's been very, very positive. In fact, one of our, the larger account that we've been talking about, you know, one of the people from that specific Planned Parenthood has been so happy with Twirla that she's been talking to a lot of her colleagues throughout the state and to a couple of the local states and trying to champion the brand because she's just been so impressed. So that's been very, very good. I talked a little bit about this strategic spillover effect that we're seeing. You know, it's early days, but, you know, non-retail is a bridge for us, and what we need to be able to do is see that it's spilling over into the retail, and we're starting to see that that's happening as well. As OBs are sort of donating or generously giving their time to a local Planned Parenthood, we're also seeing in California that it's lifting our growth in the state overall. Not like we do, we draw little 10-mile circles around these places and saying, you know, is our market share in those circles going up faster than those outside the circles? Yeah. The answer in very early days is yes. These physicians take that love and feeling back into their personal clinics. When we, that's where we think, you know, going forward, that's where we think the retail is gonna kick in. You know, this adds, you know, this spillover effect adds directly into our retail channel, which as Oren asked me about gross to net, which is a different margin, which is great. This is where one and one equals three for us. You know, that's the synergy between the two. While we talk about them as being two different channels, we think they overlap, and they kinda play off each other. Yeah. All right. Also, in terms of writing, though, has the non-retail channel or the prescribing non-retail channel had an easier or more difficult time writing prescribing scripts? I know Twirla's gotten quite a bit of pushback over time. Has that process, like, any more difficult or easier in these non-retail channels? Shockingly easy. You know, you know, remember, this is when a woman goes to Planned Parenthood, there's three basic things. They, you know, a lot of times they're cash paying or they get the drug at very, very cheap prices underwritten by Planned Parenthood, so there's no friction there. That's the bulk of their scripts. Another phenomenon is Medi-Cal. They're Medicaid scripts that flow through there, and we're on a preferred position, as you remember, in California. Then to much, much, much less, their commercial plans. Big, big runs with commercial plans. We've got pretty good coverage in California. That's why Amy's put so much effort in California. To answer your question, boy, we get virtually no friction, none that I'm aware about it and at all, versus in the retail channel where we have insurance companies and their PBMs intervening. There's nothing like that there, which, that's why we love this channel because it just. Once they make a decision to take our drug on as one of their preferred drugs, the units fly. They fly, Naz, which is great. No friction. That's great. I just one last question. Yeah, please, go ahead. Sorry. Just one last question. On the Nurx partnership, you commented that you're gonna advertise Nurx, available Nurx in your CTV campaign. Mm-hmm. Is Nurx also planning their own initiative to promote the availability of Twirla? If they are, when does the initiative start? Go ahead, Amy. Yes, they are. The first answer is yes. We're doing it on our CTV ads, and they're doing a mix. They do have some digital promotion going on, banner ads, Facebook Marketplace, Google. They have a customer relationship program that's pretty impressive for their existing customers. They're gonna make sure that their existing customer base is educated about Twirla, and then we offer everything from our co-pay card coupon and just awareness through there. Yeah, and what we like about it is, you know, we're sort of helping each other without putting any kind of exchange of expenses. The more I do, the more they're able to do. I think I said this, too, already, but you know, that's 1 million of our patients that they have right there that we have a captive audience with. Yeah, it's a true co-promote where we're helping each other through marketing efforts on both sides. Naz, what I love about what Amy's done is two people are trying to help each other, right? There's no money changing hands. Amy's saying, "I'm giving you X amount of dollars of advertising," and they say, "We'll give you Y amount in return for it." If one and one equals, you know, they get a new customer, we get new customers and vice versa. We think it's a pretty cool idea, and we should just emphasize it's just getting started, you know. Really we expect this to be benefiting later in the year and into 2023. It's a really cooperative relationship. We like these folks a lot, and it's not often you get a chance to work with somebody if their customers are your customers. We almost 90% overlap with them, something like that. Yep. Over 1 million patients that are kind of for Afaxys and contraception for us. All right. That definitely answers my question. Thanks for taking my questions. Once again, congrats on the quarter. Oh, thanks, Naz. Thank you. Appreciate it. I'm not showing any further questions at this time. I'd like to turn the call back over to Al for any closing remarks. Yeah. Well, thanks for the questions from Naz and Oren. Hopefully you could feel our excitement. This has been a breakout quarter. You know, we've been expecting. You know, we started giving some previews of this early in the quarter, but quite frankly, it's better than we expected. We ended the quarter with some really great growth. We delivered 43% in net revenue, but we still work at it. We still gonna keep growing. Some of the spirit of some of the questions, I mean, this is by no means, you know, the end. It's really the beginning of an acceleration we see in our business. We want more growth in the fourth quarter and, you know, and a good launching off point for 2023. You know, the number one objective for the company, you know, continues to be we want to generate positive cash flow out of this business. We're exploring different ways to do that, you know, both organically in our business model as you've heard Amy describe, but also looking at business development and saying, "Can we add another product or, you know, another offering in our bag to leverage our costs even more?" You know, we come to work to control what we can control. We can control the demand, we can control the factory sales, and we can manage our OpEx. That's the one, two, threes that we're focused on. Everything else in the external environment, we try to be mindful of it, but at this point, we control what we can do, and what we can do best is execute on our business plan that Amy's laid out for us. We're excited about this quarter. We're looking forward to next quarter and giving even more, hopefully more, you know, good news as we continue to grow the business. Thank you all for joining us tonight. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.