Q3 2019 Earnings Call
Ladies and gentlemen, thank you for standing by welcome to the Infinity Pharmaceuticals Conference call discuss the Companys financial results for the third quarter 2019.
My name is Virginia, and I'll be your operator for today's call.
At this time, all participants are no suddenly node.
There will be a question answer session to follow.
Please be advised that this call is being recorded Infinitys request.
No I would like to introduce your host for today's call Jane Kaufman. Please go ahead.
Thank you Bridget and good afternoon, everyone welcome to today's call to discuss our recent business progress and review our third quarter 2019 financial results.
With me here today are Adelene Perkins, Chief Executive Officer, Larry Block, President and Dr., Jeff who talk our Chief Scientific Officer, We will open up the call for QNX following our remarks.
The press release issued this afternoon details our results and is now available on our website at NP Dot com.
Please note that during this call we may make forward looking statements about our future expectations and plan, including clinical development objectives, the therapeutic potential of our product candidates, our strategic plans and strategies and financial projections.
Our actual results may differ materially from what we project today due to a number of important factors, including the considerations described in the risk factor section of our annual report on Form 10-Q for the third quarter of 2019 and in other filings, we make what the FCC.
These forward looking statements represent our views only as of today and we caution you that we may not update them in the future whether as a result of new information future events or otherwise.
Now I would like to turn the call over to Adelene.
Thanks, Jane and thanks, everyone for joining us today.
I'd like to start off today's call by highlighting the importance.
Progress we have made this past quarter with the initiation of two additional clinical studies with Ipi four nine.
We're very pleased fire, our advancement of Ipi 549 into new indications combination.
Earlier lines of therapy, that's part of a thoughtful clinical development strategy designed revealed that potentially transformative impact of reprogramming that pages with that I thought for nine.
Successful clinical trial execution has been a key priority for infinity in 2019.
And we're very pleased that progress with Marriott, one and the initiation of three new trials with I'd say 5.9 over the past few months has enabled our announcement today of important milestones basket in 2020.
First we expected complete enrollment of Marissa, one by yearend 2019 and to present clinical and translational data in 2020. Some this phase one one be study in collaboration with Bristol Myers Squibb, Valuating eye to eye 549 cents combinations with Opdivo in patients with advanced.
Solid tumors.
Second in 2020, we expect it complete enrollment in and present data from Marriotts free our phase two study in collaboration with Roche Jeanette.
Marios three is a phase two study of I'd say side for nine in combination with centric and Abraxane as a frontline treatment in patients with triple negative breast cancer and in combination with <unk> centric and a vast and as a frontline treatment for patients with renal cell cancer.
Third in 2020, we also expect to complete enrollment in Marriotts to 75, our global randomized phase two study in collaboration with Bristol Myers Squibb.
He waiting I Cadfive fourninety combination with Opdivo in patients with advanced Urothelial for bladder cancer.
In addition, we announced earlier this quarter that our partner arc five sciences initiated a phase one collaboration study evaluating I checked side for nine in a novel checkpoint inhibitor free regimen that includes their dual adenosine receptor inhibitor 89 to wait and doxil in patients with relapse.
Refractory triple negative breast cancer.
These trials are representative of our commitments day to different approach for the clinical development of Ipi five for nine.
Our trials are informed by our clinical and translational data and learnings from marry a one.
Well, that's wonderful and translational data that we've been fortunate to access from our partners.
We believe this rational data driven approach has been able to that clinical path forward can that's my potential of IP at 5.9.
It's a particularly exciting an important time frame spending for two reasons.
First is due to our expected completion of enrollment Marissa one marriotts free marry up to 70 to 75 to presentation of data from area, one and married three by the end of 2020 .
Second is that in parallel with our generation of data across a wide range of into patients in combination with best in class emerging standards of care. We are witnessing an explosion in the appreciation among the medical and scientific communities for the importance of tumor macrophage the rest of immuno oncology therapies.
Meaningful data expected to my Cadfive for nine studies, starting in 2020 Infinity is positioned to become a leader in the burgeoning field of Matt page targeted immunotherapy.
Were inspired by the ability to leverage our extensive research and groundbreaking discoveries in the tumor macrophage field to bring high tech side for nine forward for patients need et cetera therapeutic option.
Infinity were deeply committed to enhancing our science and clinical programs to surf patients and are very appreciative of the patients and their families for dissipating and our studies designed to demonstrate the potential benefit.
Slide four nine treatment.
With that I'd like to turn the call over to Jeff to speak to the status of our clinical development plan in more detail.
Thanks settling.
Incredibly exciting to be reviewing our progress to now for trials that are evaluating I'd drug but were nine in wide ranging indications and treatment regimens.
To begin the Wholl provide an update on Merial three are most recently initiated trials.
Real three is particularly exciting to us as we are moving ipi four nine to a frontline setting.
The phase two study includes three cohorts of frontline patients 130 patient cohort in frontline triple negative breast cancer patients with high levels appeal, one tumor expression evaluating I'd like we're not in combination with centric and abraxane.
Another 30 patient cohorts evaluating the same combination therapy in frontline triple negative breast cancer patients with low levels of PDL, one tumor expression.
Third cohort of 30 patients in frontline renal cell cancer evaluating ipi four nine in combination with the centric and invested.
[noise] Infinity is conducting the study in collaboration with Roche Genentech.
There are three is an exciting new approach enabled by the safety profile with Ipi 5.9, specifically the safety and Tolerability of Ipi 5.96 possible innovative triple combination therapies in both triple negative breast cancer in renal cell cancer patients.
Our goal was to evaluate how the addition of I'd clarify for nine can approve upon the benefits of these frontline treatment regimens in patients with real unmet need.
Just centric in Abraxane were approved in frontline treatment of PDL, one positive triple negative breast cancer patients based on the and passion 130 study to centric in about 10 were evaluated in frontline renal cell cancer patients in the emotion 151 study.
The multi cohort study of 90 patients who is being conducted and approximately 25 sites in the U.S.
The primary analysis will be the complete response rates in both cohorts of the study which were less than 10% Indian passion into motion studies.
There you have three we'll be evaluating the benefit of these combinations independent, but then DSC and PDL. One status. However, we will of course be carefully monitoring how these parameters impact clinical activity has been steady progress as.
We look forward to presenting our initial clinical and translational findings in 2020.
I'm also pleased to share that our partner ARCUS Biocides has initiated in the third quarter devaluation of IP I'd like were nine and novel Triple combination therapy with their dual.
I have seen receptor inhibitor ABT going to eight and doxil in patients with relapsed refractory triple negative breast cancer.
This checkpoint inhibitor free phase one study will initially evaluate the safety of Ipi four nine with 89 to eight and Doxil in dose escalation.
This utilization of Ipi four nine in another triple therapy regimen trial is further testament to its remarkable safety profile, allowing for pioneering combinations with diverse agents in wide ranging treatment settings.
We're pleased to provide guidance today that we expect to complete enrollment in 2020 Mario to 75, our phase two study of IP I thought for nine in combination with Opdivo in patients with immune therapy naive platinum refractory advanced Urothelial cancer in collaboration with BMS.
Married to 75 is a randomized trial that investigates the effect of adding ipi five for nine two up vivo and bladder cancer patients with high and low levels. These levels of Mds fees.
Trial was developed based on data from a retrospective analysis of BMS since approval study directly to 75, which showed bladder cancer patients with high baseline levels of MBS. He's had a shorter overall survival when treated with opdivo as a single agent.
These data combined with our marry a one data that showed the combination of Ipi four nine and Opdivo treatment is associated with the reduction in blood MBS Sea levels support our trial design in which IP outside for non can potentially improve outcomes for these bladder cancer patients in combination with opdivo.
Barrier to 75 as a global randomized study of 160 patients being conducted an approximately 45 sites in both the U.S. in Europe .
The primary objective of the studies to compare overall response rate in patients with high baseline LDL C levels. Following combination treatment with ipi by four nine plus up vivo to that about vivo monotherapy.
The study will enroll patients in either the IPO I thought for nine plus up depot or up do you go plus placebo arms in a two to one fashion regardless of the PDL one status and will also stratify patients I M. A C status at a ratio of two to one high to low in both arms of the study.
Finally, we expect to complete enrollment by year end in Merial, one our phase one be study evaluating I'd thought for nine plus up vivo and expansion cohorts of the Dan solid tumor patients with data to be presented in 2020.
Everyone is focused on evaluating ipi five for nine plus up tivo and settings, where patients would not be expected to respond to opdivo monotherapy, including patients with melanoma.
Non small cell lung cancer and had net cancer, who had progressed on checkpoint inhibitor as their immediate prior therapy.
Before transition the call over to Larry I'd like to take a moment to acknowledge our fantastic collaborators at BMS Roche Genentech and Arpus.
We're fortunate to have developed impactful collaborations, allowing us to leverage data and strategic insights for the clinical development of Ipi 509.
We're enthusiastic about our expansion to multiple lines of therapy and novel therapeutic combinations that are grateful to our dedicated partners that help us advance our goal of providing macrophage targeted immune therapy to improve patient outcomes.
With that I'll turn the call over to Larry.
Thank you Jeff.
This year, there's been a tremendous amount of hard work to initiate multiple phase two studies for I've got to 5.9.
And we continue to be very focused on execution to enable complete enrollment of all of our ongoing okay. If I were nine studies.
By the end of next year.
Certainly we strategically maintain worldwide rights to I pay five per nine so total net sales royalty burden of only 4%.
Also ensuring sufficient resources, which continued development to our clinical collaborations with Bristol Myers Squibb, Roche Genentech as well as ARCUS buyer sites.
At September Thirtyth 2019, we had total cash cash equivalents and available for sale securities of $52 million compared to $63 million at June Thirtyth 2019.
R&D expense for third quarter, 2019 was 7.1 million compared to 5.4 million the same period in 2018.
The increase R&D expense was primarily due to an increase in clinical end development activities for I tried by poor nine.
General and administrative expense was 3.1 $2.6 million with record 2019 compared to 3.4 million the same period in 2018.
Net loss for the third quarter of 2019 was $11.4 million for a basic and diluted loss per common share of 20 cents compared to net income of 30.4 million or basic and diluted earnings per common share of 23 cents. The same period it doesn't PT.
Our initial guidance remains unchanged.
We expect two dozen my team net loss to range from between 40 and $50 million and we expect in 2019 with the cash investment balance ranging from between 40 and $50 million.
Based on our current operating plans, which exclude additional funding will biz development activities.
Anticipate the existing cash cash equivalents.
The build for sale securities will be adequate to satisfy the company's capital needs for at least the next 12 months.
We really appreciate supportive our clinical investigators patients partners and the team an affinity who will enable our progress I paid five for 90 days as was anticipated important milestones in 2020.
Looking forward, providing updates on additional progress at upcoming conferences in are indexed annual can take call.
At this time, we hope the call for questions.
Operator.
As a reminder, so that's the question you need to press Star one and your telephone.
Withdraw your question press the pound key.
Please standby we've compiled acuity roster.
Our first question comes from the line of.
On a palm Rama with Jpmorgan Your line is open.
Hey, guys. This is not on frowned upon thanks, so much for taking your question thinking that's an execution this quarter.
Just a couple from US here. So first off you gave enrollment timeline guidance for the Mariano trial and I may have missed it but I didn't see any timeline for the architecture trial. So did I Miss that or is that just too early to gauge page and a patient enrollment there.
Secondly on the Marriotts to 75 trial can you just remind us what the rationale suggesting that you may be able to.
Benefit patients regardless of the Mds he's done it.
And then finally, how urgently are you guys looking for a new CMO like is it a top priority right now or have the consultants, who brought and been able to get the job done. Thanks. So much.
Sure Matt South on your first question regarding our cats, that's the trials. It seems conducted by our kids. So it's inappropriate for us to provide guidance on that well look to what Arpus provides.
For enrollment and so that will be driven by them.
I'll I'll begin on married to 75, and then I'll turn it over to Jeff.
In general.
Date, we have seen a reduction in Mds sees in combination of 5.9 NFC across.
The vast majority of patients treated.
With a number of different tumor types and that combined with the really great retrospective analysis that CMS yet on Marriotts to 75, what was very clear that like baseline levels, and then see where associated with much poor outcomes. So that's that's very high level and.
And Jeff I'm sure you have more.
Yes.
So the focus of Meritor to 75 is on the FDIC high patients and where ensuring adequate numbers of those patients by Stratifying two to one high to low.
In the study and the primary objective will be to look at response rates in the FDIC high population in the combination <unk>.
Compared to the to the monotherapy Opdivo arm.
We are also looking at the end DSC locations because while.
They're they're low relative to.
The the patients with higher levels. There there are still elevated compared to normal healthy.
Individuals so.
We don't know a priority that there won't be a significant benefit in patients with lower levels of Mds fees to the combination therapy and we're we're hoping to a two to.
Evaluate that in the study.
And then I'll finish up not on your last question about new CMO, it's not an urgent priority for US right now for several reasons one is that.
Trials are now designed and then you know kicked off and so we've got a really strong.
Clinical team and Infinity Who's now implementing those trials and of course, we still do have a Sam aggressive is on our board and is actively involved in that process with us. In addition to as you mentioned a strong.
Network of external CMO collapse.
Partners consultants that we work with.
We have what we need right now we don't see all that Theres, a huge hole, but of course as we go forward will be lucky for just a terrific candidates that come on as we begin to.
Collection and interpret this fall.
Great Yeah that makes a lot of thanks guys.
Thank you and our next question comes on line of Kevin Degeeter with Oppenheimer. Your line is open.
Okay, Great time on add my congratulations and thanks for taking my questions.
With regard to the 2020.
Data updates on the Mario three study should we anticipate.
Getting updates from from each of the three arms or at least.
Triple negative breast or.
Component just kind of it how much visibility do you have on sort of the pace enrollment in the different cohorts.
Thanks, Kevin it's a little premature for us to provide specific guidance on which have the three arms will be presenting on and when.
Yes, as the trial advances will provide more granularity.
But you can't provide that granularity at this time.
Okay, Great No fair enough and and then with regard to you know Mario to 75 can.
You just remind us again.
You know you kind of give us a pretty broad Scott in terms of completion of enrollment in 2020, but kind of you know I realize you're not providing guidance and when do you expect to be able to presented some data about sort of similar line of questioning of you should we anticipate that we'll see you know data on.
Specific cohorts, perhaps before the entire dataset matures our share kind of current thinking that it's best to be able to present today.
And.
Yes, each of the arms is fully enrolled and.
And.
Adequate follow ups available.
Sure. So I'll remind you that Marriott to 75 is a blinded study and so we will wait until we have unblind. The study and it's most likely that will present the data on the various times because it's the value of having a controlled study will be looking at how patients fair on the Opdivo only arm as given that Opdivo is.
Approved as a monotherapy relative to the combination of Opdivo in 549, and I believe it will be important to look at both the.
Both arms control arm in the treatment arm as well as the patients who have as Weve stratified high levels of baseline Mds season low level. So my expectation is we'll be presenting at full datasets.
Todd.
And one last question from a more of a high level question as you sort of alluded to in the top line haul yeah. There there has been a pickup in development of multiple different compound strategies targeting.
And regulation of macrophages to potentially enhance the.
Perhaps in response to immunotherapy.
Hi level is your expectation that these various strategy as well.
Ultimately be competitive or is there a rationale here.
That certain strategies may be complementary certain macro five regulation guys, maybe complementary in terms of expanding.
In response, specifically to PD ones.
Sure. So it's important to highlight.
We have the only pithree kinase gamma specific inhibitor in development. So with respect to our specific mechanism of action. There is today no direct competition there is.
Well reference you know a number of other program given the lightening about macrophage modulation, but most are still in only development. We're not aware of any that have randomized phase two data. So it's a little early to know how those will step up.
Relative to five four nights and whether there's an opportunity for a potential synergy between them, but well be watching as.
Those other programs mature and as they start to get in.
Thanks for taking my questions.
Our next question comes from the line of Sumit Roy Jones trading your line is open.
Hello, everyone and thank you for taking the question.
Congratulations again on setting up though on the clinical.
Trials funds truly an exciting time.
Just.
Want to rehash, the catalyst timeline I might be repeating kevin's question a little bit.
So Mario won.
We should we expect or do we know which cohorts enrolling better when should we expect a larger though bladder or below normal cohort data around.
Maybe mid 2020.
Or is it going to be much later and then for Mario.
75.
Remember you there wasn't option that you could show us interim look.
Our correct no it looks like you beat for the entire.
Detect to mature in that kids should we expect any data from.
Audio to 75 and no 2020 on it it will be more 2020 one event.
Sure. So on Mary of one we will have completed or we expect to one of our guiding that we will have completed the enrollment in all of those cohorts by the end of 2019.
And so when we look to data that will presenting 2020 . Our immediate focus will be prioritizing that data that could help inform and build on the momentum of Piper platform and development in additional.
Trials. So we're really focused on that it's a little premature to focus on what that data will be presented until we've completed the trial and conducted our analysis.
But beyond that near term focus on future development that comes out of marry a one we're committed to presenting a complete marry a one.
Study findings in a peer review format when we have all of that data.
Would it be reasonable to assume will meet 2020 data readout from Mario on or it's just trying to get a sense.
You know that's reasonable again until we completed the enrollment and it's it's hard to say because we have to.
From our clinical studies at major medical meetings, and so we'll have to look at when we have that data and when that takes with abstract submission deadline.
So we'll go to <unk> once we have more insight there and on marry up to 75.
We are guiding that we will complete enrollment in 2020, so I think your hypothesis.
That we will have data in 2021 is probably right.
If we do have an early look we may decide to make that.
Pivotal study in which case wouldn't be able to present that data. So that would be able to include all of that in regulatory submission. So I think our base case plan would be enrollment completion in 2020, and most likely dating 2021, but that that will be few.
Got it.
Two quick kind of quick question to one is.
Do you have any kind of non compete.
And second that is given the amount of.
Robust R&D so activities clean long for the next 12 to 18 months, how should we think about be.
R&D is chin expense for the fourth quarter end 20 to 20 in general if you can give us okay.
Sure.
So I'll start with the first one we do not have a non compete with any of our collaborators we have arm's length collaborations where.
There is there are no restrictions on what we can do outside of those collaboration then there's no transfer all of rights or options on Ipi 549, as part of those collaborations.
Your next question.
Is it about the fourth quarter 2020 .
Oh, no for COVID-19, and then.
Overall 2020 told we should think about the R&D and as you know expenses.
Sure. So I'll just make a high level comment and then turn it over to Larry you know as as we look we're keenly focused on the importance of you know managing our our expenses such that we're able to generate data and have potential value inflection and 20 Twentys are really important year to that end as we guided.
We have cash for at least the next 12 months and we'll have data by the end of 2020, So we're managing our expenses, which I'll turn it over to Larry to address and then we're also you know.
If and when we decide to that's additional capital we have several levers.
Larry you can elaborate on those as well.
[noise] victory, but yes, so were.
Going to be wrapping up the enrollment from area, one which is our largest study 225 proximate patients.
And this year as we're ramping up the other clinical studies and so while we haven't finalized our budget and a bunch approval.
We will occur in December .
I think it's a fair estimate to assume that it's going to be very flat.
From 2019.
Into 2020, as Maria one sort of winds down and the trials start ramping up and down as that always saying in terms of.
Accessing additional capital in the future, we always look for the most capital efficient.
Forms of resources and so some things we've been doing obviously is to excess coverage mechanisms and compare drugs from our strategic partners. In these clinical studies, which has a big fraction of our overall clinical costs.
And then we also have additional.
Options to pursue including as you may be aware we have.
Without a hitch on program to to pellet farm, which is now enrolling their phase three which has a breakthrough therapy designation from the FDA approved for girls and syndrome, which is very aggressive form of basal cell carcinoma, and so it's appropriate time, we can consider monetizing that royalty stream as we did which could be true earlier this year and then there's.
Non strategic.
Geographical licenses for 5.9 that would consider.
As well.
So bottom line is we think we're moving forward with a very.
Capital efficient.
Execution on the clinical studies and don't expect unless we add additional studies beyond the ones that are weve initiated this year and given guidance on for next year do expect a significant increase in overall R&D.
Okay. Thank you so much and congratulations again on the purpose.
And as a reminder to ask the question you will need to press star one on your telephone and to withdraw your question. Please press the pound.
Our next question comes from the line of Nick Abbott with Wells Fargo Securities. Your line is open.
Good afternoon. Please ticking.
<unk>.
The first one goes back to check me to 74 anything I think there's about 18 months ago retrospective analysis was presented relating to comment on any analyses sensitive range of Mds season, although checkpoint inhibitor trials and certainly plenty of them out there.
Just like to.
See if there is.
You bet to the lead really in other tumors based on retrospective analysis of some decent knowledge.
Checkpoint inhibitor Charles.
Sure I can take that question Nick This is Jeff.
Yes, there is published data, particularly in the melanoma field, where.
In metastatic melanoma in one study that was published.
Couple of years ago in patients, who had failed with Illumina map and then come onto.
To receiving the volume Mab monotherapy, where.
There was an inverse correlation between Mds sea levels and.
And response, so the patients who at the lower levels of baseline Mds He's had the better the better responses that outcomes in that study.
So it could.
Is there at least in into melanoma area and they're similar data that's been presented at meetings in other indications that show that.
Thank you.
Or responses are in the patients with high levels of MBS season, two checkpoint inhibitor therapies in the completion to lower levels have.
I've got better responses in multiple different indications.
The data in the Checkmate 275 study was was among the most robust though that we've seen way, but given the number of patients in the study that had their LDL C levels evaluated and the quality of the data that led to the accelerated approval Jack is like and this is registration studies.
I've said that was very helpful as a benchmarking and having excess through our partnership with BMS to their conventional analyses helped us to.
Set up the protocol and optimal way, but tier, but there's a question on your question is you know are there adjacent indications that have similar.
Dynamics in terms of Mds seems being negatively correlated with a good prognosis and.
Certainly the case because it just in the literature and so with positive data from a mirror to 75. The next logical thing for us to do would be done to consider.
Expeditiously evaluating those other indications, including potentially melanoma as Jeff said with similar types of clinical approaches.
Okay. Thank you and and then.
In terms of Merrier one.
So you said it would be 225 patients and totally we know that for triple negative breast melanoma that there was cohorts will go to be expanded its a cornerstone.
It was signed two stage in both of them did so they've now.
Our expanded to 14 29 patients each can you.
Tell us want to target enrollment is today.
Each and I know there were seven.
Combo cohorts liquidity, what the target enrollment is for those cohorts.
Sure.
So we had three cohorts that.
All in patients who had progressed on a checkpoint inhibitor as their immediate prior therapy.
And those three were non small cell lung cancer, where our target was 20 patients.
Twin cell cancer of the head and neck, where our target was 20 patients and then melanoma as you correctly highlighted the initial target was 20 and based on early responses, we increased that to 40.
Triple negative breast cancer as you highlighted was also expanded to 29 patients.
And then we had a.
Cohort of patients in mesothelioma.
10 stations and in Adrenocortical cancer that was 10 patients and in patients all comers M.D.S.C. high that was 20 patients.
[noise].
I thought I don't think creeping besides the 220 side and that would include monotherapy as long as dose escalation.
Correct.
Okay. Thank you and then.
Last question permanent punishment, Jeff, Jeff It's city, there's a poster entitled Dennis seen in a in P. gene expression profiles pressprich.
Predict Christensen adenosine pathway therapies indicate a need for guild blockade of Cdseventy three.
To any with Cdseventy three inhibits obviously this focus on Cdseventy, three and a two way on but that in Europe .
Your discussions with all occurs.
Yeah. Good do you feel like they can get sufficient suppression of the engines in probably just within a two way our inhibitor they need a combination approach.
Yeah, Nick it's really a question that it's probably best answered by ARCUS.
They feel strongly that they have an excellent.
Inhibitor of the receptor and.
But we haven't really talked about.
Combining multiple noting that inhibitors for noting that pathway.
But if it sounds like an interesting presentation.
Thank you.
Great. Thanks folks look page page there. Thanks.
Thanks.
Thank you and our next question is from Jim Malloy with Alliance Global Partners. Your line is open.
Hey, guys. Thanks, taking my question, who was wondering on the on the Mario three in the merger to 75, I know that it's challenging to figure out when exactly enrollments will complete but can you speak a little bit to sort of the gating factors that you're looking for and so when he might have an idea of.
When demand it might know a better targeting forgetting completion on those gross.
[noise].
So.
Yeah.
We usually looks to have a reasonable portion of the enrollment complete so we really understands the cadence of enrollment when we provide guidance and so.
It will certainly be.
Some time in you know the the first part of 2020 and it's possible that we can provide an update on our next call associated with our 10-K and so that's oh.
Possible window. The next time network, we're having this call.
And with our second part of your question.
Just sort of you answered the gating factors because I know there's currently no thousands of combination trials going on is there any challenges that have sort of come up as the number of trials other multiplied.
And finally patients to recruit into trials.
You know we've been very fortunate on that front end war with marry a one and we believe there are several reasons for it we marry a one.
Enrolled.
With our projections and these are at least three reasons for that one is that Oh, we have the only yes, we kind of gamma specific inhibitor in development and there's just a lot of investigator enthusiasm and if people are interested in working with its mechanism 549 is the drug to work with the.
The other is that it is a simple once a day oral pill. So it's very convenient for patients.
And the third is that it's been extraordinarily well tolerated, which of course is a huge advantage in in treating both late line and early line cancer patients. So we think we have a number of things that well going for us in marry a one and we believe that that will likely carry forward in married three and married to 70.
Five.
Okay and last couple of questions are under that.
It's very clear on you guys for ending the year you cash flow in the run with you have where you'd have instead of 40 50 million would have.
100, a 200 million or sort of what's sort of number what would what would advance more quickly. What additionally would come into play they 2020 now with additional capital.
Yes, the stuff that question.
Sure. So you know that.
What we've done in identifying.
Files that we have no longer ways, we've been very disciplined prioritizing, though that we think are the very best Dot leverages, our clinical and translational findings to date as well as those of our partner. So we really think we're doing and have.
Deliberately prioritized the best trials, but of course, there's always more.
And part of what we did not would be informed by the data that will be generating marry a one so as we.
Complete the enrollment in that trial by the end of this year and as we analyze that data.
We would look to additional findings from that that would help us to answer your question about how would we we have a list today, but how might that be further refined based on additional data from Marissa. One. So you know stay tuned as we presented data from Marriott want it will be with that exact I want additional trials would be prioritize based on.
Additional data coming out of Marissa one.
Great. Thank you taking the questions.
Thank you at this time I'm showing no further questions I'd like to turn call back over to Adelene for closing remarks.
Thank you Bridget.
Very excited about the action, we have with 5.9, and we look forward to providing more updates on our our enrollment completion and data in 2020. So thanks, so much for joining us on today's call.
Ladies and gentlemen, this concludes todays conference call. Thank you for you participating you may now disconnect.