Q4 2019 Earnings Call
Good morning, ladies and gentlemen, and welcome to the calls to discuss concert Pharmaceuticals fourth quarter 2019 financial results.
This time, all participants are any listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time, if anyone should require assistance. During the conference. Please press Star then zero on your Touchtone telephone I would now like to turn the conference over to your host Ms. Justine.
Koenigsberg Senior Vice President of corporate Communications and Investor Relations. Please go ahead.
Hey, good Tiffany good morning, and welcome to concert Pharmaceuticals fourth quarter 2019, Investor update joining me. This morning with prepared remarks are Roger Tom Our President and CEO, Jim Casella, Our Chief Development Officer, and Mark Becker. Our CFO. We will also be joined by Nancy Stuart Our Chief operating officer for the Q in April.
One of the call.
As a reminder, today's discussion will include forward looking statements about our future expectations plans and prospects. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected description of these risks can be found in our most recent 10-K filed with the FCC any forward looking statements because.
Only as of today's date, and we assume no obligation to update any forward looking statements made on today's call with that I would now let's turn the call over to Roger.
Thank you Jesse good morning. This.
As we enter 2020 cultures achieved key milestones related to each of our proprietary I phone calls it sets the stage for the seed important. Your first we have two distinct wholly owned product candidates that are advancing towards late stage clinical testing.
First is GBP 543 for all of these areas.
Urge move interest pastry testing later this year and second is CTP 692 for schizophrenia, which is now being studied in its initial look see Trump trial with potential chicken little testing in 2021.
First let me highlight our most advanced cabinet CTP 543.
Doug a dynamic clinical program for the treatment moderate just your alopecia Areata that's poised to move ahead this year into pivotal evaluation.
This past fall, we reported results from our phase two dose ranging trial results restrike, writing what we've seen most robust data generated as detailed in any control trial for the treatment Oh sure.
Based on these findings and those reported state by other companies CTP 543 has the potential to be best in class treatment for this life altering auto immune disease.
Turning to the underlying intellectual property for she's like 43.
Earlier this year, we're French the new patents relating to see if like 43 that provides protection for pharmaceutical compositions, consisting of specific those trends and methods of treating alopecia areata. She sees like 43.
The issuance of this happened is significant because it covers the clinical doses that produce the robust results observed in our phase two trial for old share riona and or the dose. So we expect to carry forward and for phase three program.
The patent is orderbook eligible on approval and see if I 43.
It is expected to provide protection for 543 inch 2047.
We're continuing to pursue multiple avenues to secure additional patent protection for 5.3 and the issuance of this new patents is an important fell within our water I'd strategy.
As a separate matter recently at the Federal Circuit Court of Appeals French door motions vacation romance Pizza hut's decision relating to our 149.
As a result, the IPO proceeding, which is separate and independent from new patents issued earlier this year will be re heard by a new panel of judges pizza.
We remain highly committed to the continued advancement of CTP 543.
Central treatment for Alipay, Sherry auto and our development timelines for five free free remain on track.
Thanks, Let me turn to the second proprietary tested and our pipeline CTP 692, which were initially developing.
As an adjunctive treatment for schizophrenia, one of the most is eliminating devastating costly mental disorders.
It's pretty it is highly problems and the week to affect nearly 1% of worldwide population.
We believe that CTP 692 represents a new mechanistic approach and treatment of schizophrenia, and one that may enable effective treatment of a broader range disease symptoms Andrew existing assets medications.
Redesigned CTP 692 to leverage and expand on economic studies, indicating that GE searing can benefit patients with schizophrenia.
Helping to remediate NMT Hypofunction, which is believed widely used to be an important causative factor in schizophrenia.
Our preclinical data demonstrate that CG CAHPS 692, Mr front shielded from Geosteering bites dramatically improves renal safety profile.
Furthermore, no evidence rental apartment, let's turn our phase one trials.
Issues with schizophrenia reportage have low levels of G series, J plasma and truthful spinal fluid.
Therefore, bolstering or bolstering endogenous levels do you series G 692 on top of their standard answer <unk> medication could offer patients a new treatment option, that's fundamentally different correct secaucus medicines.
As a reminder, existing medicines focus on controlling dopaminergic transmission nurture sleep fully effective in treating so-called negative symptoms and cognizant permit which are major reasons for fourq as you know.
This program invest rapidly from preclinical evaluation through phase one and in December we initiated our phase two trials evaluating CTP 692, as an adjunctive treatment in patients with schizophrenia.
The enthusiasm among the treatment can indeed for clinical trial has been very strong.
We're on track to report topline results by yearend.
In summary, these positive developments in the ongoing execution of our business as well as in our overall strategy of designing developing protecting and essentially selling novel compounds with groundbreaking potential in important diseases of lipstick selling point, we've reached today with potential phase three trials for too.
Right trade clinical programs in the near term horizon.
Let me conclude my remarks by emphasizing our optimism for 2020, which we see as a year of significant milestones for our company.
As we make progress towards this inflection points I look forward to keeping you updated.
I'd like to pause here and ask Jim to discuss our clinical progress then Mark will review, our 2019 financial results before we open the cold questions.
Thanks Roger.
As Roger just described we're well positioned to execute on the clinical development of both of our.
Our candidate CTP 543 for alopecia, Areata and CTP 692 for schizophrenia.
We're highly focused on the need for an effective treatment for LP share yada with a favorable safety profile and we're continuing to advance CTP 543 to meet this product profile and bring it to patients as quickly as possible.
We are on track to meet with the FDA This quarter front and the phase two meeting pending the outcome of this meeting we expect to start phase three program in second half of 2020.
Putting this program into perspective, the CTP 543 results are significant for three reasons.
First we believe the data we generated in our dose ranging phase two trial city, new benchmark for clinical efficacy in the treatment of value share yacht.
Among the JAK inhibitors being developed for the oral through envelop Bisha Ariana Sci Fi 43, now appears to have provided the most robust efficacy results reported to date in any controlled trial.
Second.
We have identified two doses of CTP 543, with promising efficacy and Tolerability profile, both of which we believe our suitable for assessment in future trials.
We also see some advantages of the 12 milligrams twice daily dose group compared to the eight milligrams twice daily dose group, including faster onset and greater magnitude of effect.
Our intent is to further test and ultimately seek approval of both the eight milligram be I'd and 12 milligram doses, so that patient and clinicians will have dosing options in real world use.
Sure.
Results in our eight milligrams twice daily part of our open label dose Regiment trial were consistent with the previously reported eight milligrams twice daily results from our phase two dose ranging trial by 43.
We accomplished what we set out to learn with this study and based on the results. We intend to utilize twice daily dosing of seems to be 543, and our clinical development program going forward.
Additionally, we are delighted that are abstract was accepted for a late breaking presentation at 80 next month.
Isn't station will expand on the previously reported the results from the primary efficacy endpoints from the phase two trial by reporting other endpoints that quantify here re growth of patient study.
This is a great opportunity to further elevate the program within the medical dermatology community.
Turning now to CTP 692.
Our team has moved very swiftly to progress. This program in December we initiated our phase two trial with CTP 692 in patients with schizophrenia.
As a reminder, we're developing six I need to as an adjunctive treatment for schizophrenia patients.
Patients enrolled in the phase two trial will be stable under existing anti psychotic medication.
We intend to randomize approximately 300 patients in the U.S., we're evaluating one two and four grams of CTP 692, once daily compared to placebo over 12 week treatment period.
A rationale for assessing CTP 692 is to offer an entirely new mechanism of action to treat schizophrenia into potentially more broadly dresses symptoms not optimally treated with standard dopaminergic answer to nerd anti psychotic medication.
We believe that seemed to be 92 has the potential to improve on the primary symptom domains in schizophrenia, including positive and negative symptoms and cognitive function when added to existing anti psychotic treatments.
In the phase two trial the primary outcome measure will employ the positive and negative syndrome scale, otherwise known as pans and the primary endpoint will assess the change in total Pan score at week 12 compared to baseline.
The pads is a commonly used rating scale to evaluate symptoms in individuals with schizophrenia.
The pans contains three items rated honest scale of one to seven.
Items are divided into three symptoms domains that include positive symptoms negative symptoms in general cycle pathology.
Scores can we derive for each symptom domain total square can be calculated.
We will also have some secondary endpoints, including the clinical global impression scale as well as the personal and social performance scale.
For the pans, we will also analyze the subscales for assessment of changes specific the positive and negative symptoms as well as items related to cognitive function.
We are hopeful that by amplifying or extending the effects of the current and psychotic agencies would seem to be 692, we can move we can more comprehensively treat schizophrenia and provide greater benefit to these patients topline data from the phase two study are expected by year end 2020.
It will be a productive and exciting year on the clinical front and we look forward to providing updates on both CTP 543, and CTP 692, as 2020 progresses, let me pause here and turn the discussion to Mark to review the 2019 financial results.
Thank you Jim as I review, our 2019 financial results. Please reference the financial tables found in today's press release research and development expenses were 59.8 million in 2019 compared to 43.1 million in 2018, an increase of 67 million.
The increase in research and development expenses relates primarily to phase two development CTP 543, as well as phase one clinical trials and manufacturing costs to support the continued development of CTP six nine to into phase two testing.
General and administrative expenses were 20.3 million for 2019 compared to 22.9 million. The same period in 2018. The decrease is primarily attributable to decreases in legal in employee related expenses.
Our net loss for 2019 was 78.2 million worth $3.29 per share compared to a net loss of 56 million or $2.40 per share in 2018.
Finally, we ended the fourth quarter of 2019 with 106.4 million in cash cash equivalents and investments in January of this year, we completed a follow on offering with net proceeds of approximately $70 million.
As a result under our current operating plan, we expect our cash to fund the company into the second half of 2021.
As Roger mentioned at the start of the call concert has achieved several key milestones relating to our proprietary pipeline and set the stage for 2020 to be an important year for us our two wholly owned product candidates CTP 543 for elocution Reatta.
692 for schizophrenia are advancing towards late stage clinical testing the ongoing execution of our business makes us optimistic for 2020, which we see is a year of significant milestones for our company.
This concludes our prepared remarks, and we would be happy to address any questions.
Ladies and gentlemen, you can have a question at this time. Please press the star and the number one key on your Touchtone telephone. If your question has been answered or do you wish to remove yourself from the Q. Please press the pound key.
Your first question comes from the line of Joon Lee from Suntrust.
Hi, guys. Thanks for taking my questions and congratulations on all the progress.
Regarding the 543 could you help us understand what the.
Fixed fivenine patent is <unk> and the basis for being granted composition of matter patent.
And for the one for nine patent what's your strategy to prevail. This time around with the new panel and how critical is it that you prevail in light of the six Fivenine patent already giving you composition of matter protection and I follow up thank you.
Okay. Thanks, very much the question.
So I think your last point is really the most salient one which is with the new passenger issuance.
That's really.
What we are.
Seeing is an important aspect of our overall intellectual property Oh.
Strategy.
That an additional patents that we have filed and are in the process filing will provide what we believe will be strong protection for CTP 543, 2037, and hopefully beyond.
So with regard to what the new patent covers it is specifically relating to pharmaceutical compositions that is a combination of CTP 543, and pharmaceutical excipients or dosing into humans as the dose levels, which were.
The ones that related that so provided the robust results we saw in our phase two study.
Those are Oh of course, the dose that we intend to take into phase three and eventually have on our product label and therefore.
Those products claims as well as the uses GTB by four to treat the treatment to share loss and specifically LP Sherry auto would provide strong protection for four or 543.
With respect to the 1.9 patents of we.
Oh I don't know at this point what's.
Oh, what opportunities you will have four additional arguments around the.
Around the validity of that happens we believe that's the argument. So we've made frankly should prevail as stance, but obviously, we have an opportunity for further oral arguments or any additional written arguments we will take advantage that.
Great very helpful and for the six nine to program for schizophrenia and things like does a lot of scientific rationale for using NMD agonist to treat I'm schizophrenia, given that antagonist unknown to illicit schizophrenia like symptoms.
And it looks like some of your competitors are looking at at Mt. Todd talked about strict modulators for cognitive impairment associated with Huntington, Parkinson's and the Alzheimer's disease as to the list. A few do you have any plan for those indications as well down the road and also maybe can you talk about.
Why targeting the glycine site, maybe a better poached and targeting the group glutamine site given that they're both core agonist. Thank you very much.
Sure. So glutamate is or more specifically related to according should literature to the potential negative outcomes of excited toxicity, whereas glycine is really a co agonists site.
It is is less associated with that and as leaves specifically just needs efficient in terms of exposure in patients should spread and there's a fairly extensive literature, indicating that both plasma levels and troops fine a fluid levels of D series, which is believed to be the most important core.
Thank goodness of glutamate at the NMG receptor or or low in patients with though with schizophrenia and that's the rationale for or interest in on enhancing it along with of course.
The initial I'd say that suggested that treatment with with D series itself can.
Potentially remediate the.
The overall symptomatology of schizophrenia, including both positive symptoms as well as other core system domains in Chicago, So well treated by current tax psychotic agents.
Such as negative and cognitive domains as you indicated there has been there remains in has been now for probably three decades, a strong interest in attempting to enhance.
The maturity transmission system.
Specifically through the NMG receptor and.
That has been interest that supply not only just gets for India, but to other.
Areas of cognitive dysfunction, and negative symptomatology across a number of diseases.
Of course are very interested in.
Expansion of use CGP six nine shoe, but right now we're very focused on trying to run a.
Positive and.
Statistically significant.
A positive outcome in our schizophrenia study after that of course will work towards expanding indications.
Thank you.
Absolutely.
Your next question comes from the line of Liisa Bayko from JMP Securities.
Hi, This is John Waldron on for Lisa just a couple quick questions on me out for me.
What are your key discussion topics at the end of Phase two meeting and then kind of what are your thoughts you discussed or two doses moving forward, but as far as endpoints duration number of patients and what are the gating factors from the end of phase two to starting the trial.
Yes, sure. So hi, this is Jim thanks for the question.
So this will be a as and the phase two means are pretty comprehensive meeting to talk not only about the specific phase III plans, but also the whole program aimed towards our registration so just.
So in focusing on the.
Three obviously there are things that we need to get alignment on with the FDA, including and point patient characteristics duration of the trial et cetera. We think we're in a very very good position because of the.
The phase two trial that we ran which was a definitive dose ranging trial, we where we've been able to identify our dose range. We identified a four milligram dose that did not work and we're not carrying forward.
We identified the patient population that were out were.
We'll be relevant for the phase III program, and obviously, our endpoint using salt as an assessment tool. So so I think we're going into that meeting with a very solid database and evidence.
To support our phase three plans and that will be a good portion of the discussion.
Once we get agreement with the FDA on the phase three plans and also talk in the general perspective of the program will be able to then.
Our our study sites.
Up and ready to go do to logistics for for supply chain for a much larger trial again for phase three.
Assuming that we have agreement with the FDA will we talking on the order of 600 so patients.
This will be a multinational trial. We're currently working in the us in Canada, but we plan on expanding into Europe. So so there are logistics to get going for that trial. So we are confident that we will be able to get that going into second half of this year.
Great and then with the a upcoming bear that in a phase three study can you just kind of discuss your thoughts on that program in your overall competitive positioning.
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Yeah, Thanks, Sean the well with respect to Baricitinib, we don't have a confirmation as of right now, but with doses are being tested and theres in terms of actual clinical data that's been reported stake only a single patient.
Who has had a results in LP Sherry auto and that was a substantially higher dose and is currently approved so at this point I think what we can say is that we don't have a lot of information to go along with respect to baricitinib other than the current product label.
As you know a baricitinib was not approved as the four milligram level and was approved in the US the that's two milligram level, but.
The significant black box warning associated with comp on.
So although it remains to be see how the dermatology decision will deal with the approval of that compound and what doses are being a single doses or going to be put up for approval. So at this point, it's more of a station situation.
Great. Thanks, guys.
Your next question from the line of Adam Walsh with Stifel.
Well good morning, guys. Thanks for taking my questions and I'll add my congrats on the progress recently I have a couple of questions are the first one is can you give us any granularity on the enrollment in the 692 phase two at this point I'm looking at your guidance for timing for that data by year end 20 Nm just.
Trying to get some granularity around that.
Thanks.
Yes, so yes so.
I think it's ongoing trial and we're really can't talk specifics there, but I think I can say that things are going as we expected in we are still giving the guidance for data read out by the end of the year.
Okay, and then in terms of the that kind of ongoing patent litigation battle with insight I'm I'm. Just curious are there any can you can you foresee any court or P. tab decisions over the next 12 to 18 months can you and if so can you kind of lay out the timelines from when we might be.
Getting different hearings are decisions.
Hi, This is Roger Thanks again for your questions is you believe knows the.
The vacating of the order and three men speech Athens done under the Arthrex ruling.
Which.
Was unprecedented let's say and at this point I think we really don't have a lot of visibility in terms. So how peach have is going to be dealing with the ruling.
So it's it's entirely possible that will be a kick back under the.
Under the typical timelines oh of a one year timeframe, but it's also possible that it'll be.
Ah adjudicated more quickly than that this when we just don't have anything to go on our business really don't present the situation.
And then Roger on the on the new Pat and I'm, just curious I mean is there.
And it kind of that historically relevant anticipated response on on behalf of insight what should we expect now that the new patent has been issued.
Well I think it's isn't the case said of course any hasn't can be challenge for any reason of we believes that.
We have a strong situation with that and for a number of reasons one of them as I indicated on coal is that the specific dose strengths that are covered under that patent are the ones that provides a very impressive clinical results in our phase two study.
The protection of the compound is very specific to come.
Circular composition of matter of CTP, five where you threep as well as levels of detour enrichment met compound. So it's very narrow and specific patents.
And the patent was also issued by the office with a full knowledge of existing litigation regarding the Onefourteen on pad.
So we think that overall, it's a very strong position.
Hello, This is Josh.
That's helpful. Roger Thank you and then Mark just really quickly on the Opex can you speak to the kind of how we should be thinking about the ramp in R&D.
Over the next and even as GNS over the next 12 to 18 months I know, you've given kind of the overall cash guidance, but I'm just curious kind of sequencing it out during the 2020 quarters, how we should think about.
Spending thank you.
Yes, thanks for the questions. So yes cash will last into the second half of 21, which we which we mentioned earlier and regarding.
Buildup of expense, yes. It is natural at the expense on the R&D will go up now that we're into a phase two trial for 692 and.
Planning phase three trial for 543 so.
Expenses will ramp up.
Run rate that we're projecting for for this year is approximately $90 million and.
It will be.
Sequenced according to the clinical development.
Milestones that we played out.
Thanks very much in congrats.
Thanks.
Your next question comes from the line of Aster Hong from Janney.
Hi, good morning, So as Roger mentioned, the Arthrex method nephew ruling is relatively new can you speak of any other cases earlier in the queue to patent one for nine that are being we heard under that ruling and then the outcome and Wendy outcomes.
Okay. Thanks.
Hi, Mr.. Thanks, very much of the question I can't claim to have a lot of expertise on K slow associated with our place versus Smith <unk> nephew of course, our Hearts Rex itself is first case to be remanded and.
Of presumably to be heard we know that there are other cases multiple other cases that.
I have been also vacated in Reeves ended, but so I am not and try to get into the losses because it's.
Outside of any expertise to they claim to have.
Okay. Thanks, and also congrats on the progress on the program.
Thanks very much.
Your next question comes from the lineup defying with Mizuho Securities.
Hi.
Good morning, and thanks for taking my question just a couple.
Thanks, Swaying is related to CTP 523 up till the end of things to meeting with the at EEI would you back to press release, the findings or the dies or maybe holding a conference call what should we be expecting there.
Thanks, Jeff seen here, yes, we would expect some form of communication to lay out our plans for our phase three program.
Okay, great. Thanks, and then a follow up on those CTP 692.
Historically, we have seen clinical data of the serving showing roughly a 10 point difference versus placebo understand core which is a scale for the assessment of Medicare symptom.
How should we think about that difference in terms of depend lacked except scale.
Yes, as Jim So I think when we look at the literature, where there has been positive reports.
On on multiple of the domains positive and negative symptoms I think that.
San has been used in there has been the the negatives in the factor score as well from from the pans as well I think what we see in these trials, where there has been positive benefit is that we do see meaningful movement on both the stands and the pan negative symptoms scale as well so I think it when we designed our trial we.
I tried to triangulate using all the information that we had from all those positive trials to really get a sense for where we would be in terms of the the individual subscales. However, I do want to remind you that we are looking at the total symptom score you total can score because what that does for us that it allows us to.
Holistic Lee at the patient we know that these hearing has shown in literature that it can move the negative symptoms. It can move the positive symptoms and improve on cognitive function as measured by the Pan scale. So we can parse those subscales out, but our focus is still on the holistic treatment and the patient by looking at the tone.
It'll hands improvement.
Thank you so much Tim for the lending.
My final question.
Oh, how should we think about.
That placebo next time.
Any kind when we've gone so does that actually two related cloud.
Steve earlier sometime it's always have.
Absolutely now it's been.
Placebo in a in CNS trials is always an issue.
As you know I've been doing this for a long time, we really spent a lot of time at the investigator meeting and design of the trial to really keep the placebo response as low as possible. We have is to do things in the trial that will keep it low as possible we have.
Basically.
Screening qualification period, where we're looking for stability of the patient on hands and making sure that they are actually complying with their anti psychotic medication, we've done things to reduce the amount of time in the clinic, where we know that multiple assessments things that you don't need to do can influence with.
So we're very directed at getting our hands assessments and the other two secondary efficacy endpoints that PSP and this guy. So I think we really built in a lot of things into the trial to really keep the placebo response under control. The other thing is that we're using.
I'm very experienced sites a lot of these sites at work within the past for my past CNS programs.
You will really spent a lot of time on focused on really trying to reduce those variability that we know can lead to increased the see what response. So I think I can say that were really comprehensively trying to hit to placebo by by multiple factors by the way we control the trial by the way we designed the trial and by the way we are working with the sites.
Thank you so much Kim and best wishes seen plenty 20.
Thank you very much.
Your next question comes from the line up Robin Garner from life Pie.
Good morning to the concert team and thank you for taking my questions.
My first question is regarding the newly issued patent and I'd love to hear any further detail you can provide on the excipients that are covered under those claims and how important are they for the delivery of CTP 5.3 at the treatment.
Hi, Robyn.
Sure. Thanks very much the question. So in principle. This covers any excipients, which enables the delivery of CTP 543.
We will form for the treatment you Sherry auto or frankly, any other color you utilization of 43 the.
Really what the patent.
It is directed towards is the fact that we discovered that a specific amount of a specific molecule with the specific level of deterioration.
Incorporation has remarkable in and our previously unprecedented results in the treatment of the specific disease in the sea Salt Chery auto and said.
That specific set of both B and C 543, the delivery of the FCC orally for treatment of a disease state that provides the basis on which the patent was issued and utilization of five where you should be going forward.
Okay. Thank you very much but.
Regarding CTP 5.3 on the endpoints that are used to being used by competitor programs in phase three and any insights that concerts phase two might show up in terms that <unk> chief that standpoint.
Yes, so high Robin this is Jim So I think though Tom analogy that we have across all the.
There is.
Companies that are looking at LP Sherry out is that while using the salt scale. So I think thats, a very important fact, and I think thats that provides a lot of consistency so.
In our program we have.
Well trained and certified Raiders not unlike I believe what other other companies are doing.
And dumb, but then it comes down to how do you look at the salt data and from our phase two trial or dose ranging trial.
As as others have I'm coming into the first I'm trial with composite Ralph you Shariati, we looked at a 50% change from baseline in call that a responder on not unlike others have done and then from there you get you get it's like two data we had very nice dose related responses in very significant results for our.
Eight milligrams 12 milligram doses.
But the fact that we have the salt data allows us to go in there and slice the data up and other ways. Because you have your basic raw data sets. So for example, we can look at the number of people who achieve an absolute salt score of let's say a sole 20, which means that there have 80% hair coverage. So so those are the kinds of things and when we look at those.
Those kinds of data, we see the same kind of consistent beautiful dose related responses. So no matter, how we looked at our salt dataset, we saw very significant differences depending on how you look at the slice of the data I think when you start looking at for example, just clinical trial Dot Gov listings and you start seeing.
That companies are looking at more along the lines of the absolute salt scores in one way or another looking at.
Something like a 10 or 20% hair loss were 80 or 90% hair on scale. So I think those are the kinds of things that we're thinking about that we'll be talking over with the FDA and we'll come up with that final.
Number that we will use as our primary efficacy endpoint, but I feel very confident from the data that we have from our decision to dose ranging trial that we have we have good data to support whatever we're going in with.
Thank you for that answer and just my final question is there any further information from it seems that happened here on their clinical activities that they're continuing to conduct and 76.
So they have not really provided any recent updates.
Okay. Thank you so much and thanks for answering my question.
I'm showing no further questions at this time I would now like to turn the conference back to Justine.
Thank you I would like to thank everyone for joining us. This morning. Please now will be participating at the Oppenheimer Health Care Conference next month, and the Wainwright London Conference in April and hope to see many of these assets completes todays call. Thank you.
Ladies and gentlemen. This concludes today's conference. Thank you for your participation and have a wonderful day.