Q1 2020 Earnings Call
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Ladies and gentlemen, thank you for your patience and please stand by the ZIOPHARM conference call will be getting momentarily again, we thank you for your patience and please continue to standby the ZIOPHARM conference call will begin momentarily. Thank you.
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Greetings and welcome to the ZIOPHARM oncology first quarter 2020, <unk> earnings Conference call. At this time, all participants are any listen only mode. A question answer session will follow the formal presentation.
And he wants you to acquire operator assistance during the conference. Please press star zero on your telephone keypad.
As a reminder, this conference is being recorded it didn't sound my pleasure to introduce your host Chris Taylor Investor Relations that biopharm. Thank you. Sir you may begin. Thank you operator, good afternoon, and welcome to the ZIOPHARM Oncology conference call and webcast to review results for the first quarter ended March 31 2020.
This afternoon, we are 10-Q and issued our first quarter financial news release, both of which are available in the investors section of our websites on farm Dot com.
For informational purposes. We have also included in our web cast a set of Powerpoint slides to accompany today's commentary.
These slides can also be found on our website in the investors section.
During this call the company will make a number of forward looking statements, including statements regarding the potential therapeutic candidates in our development pipeline regulatory status financial information business trends.
Forward looking statements are subject to numerous risks and uncertainties as described in our 10-Q and within other filings that we may make with the FCC from time to time.
Participating on our call today for ZIOPHARM will be Dr., Lawrence Cooper, Chief Executive Officer.
That's you Cook Chief Financial Officer, Dr., David Mooney President.
Following commentary from our management team will open the call for Q in a in the interest of time, we kindly request that you ask one question a follow up as needed and then please feel free to return to the Q.
Please also bear in mind that the management team are physically distancing. So apologies in advance of this disrupts the flow of information during our call today. Thank you.
And to get started I'll turn the call over to Dr. Cooper good afternoon Lawrence.
Thank you Chris and good afternoon, everyone. We are pleased to be here with you today for an update of our progress this quarter.
With Covance 19 globally adversely affecting people and business says the past weeks have been unlike any we have experienced I'm proud of our employees for having executed in adapted to the new working environment.
Fact, we were already well prepared for working remotely and thus have remained open for business on a working at full capacity.
For those who can they are working from home taking meeting virtually in executing seamlessly.
For those who need to be it a physical space such as all the bar trade staff. Our clinical trials team are partnered clinicians and manufacturing personnel, we have adopted a modified schedules to ensure safety and productivity.
Based on guidance from federal and state governments as well as our hospital based partners. We are continuously revisiting our policies to safely allow freedom of movement I.
I'm very pleased that we've been able to keep operating at a high level, which is a testament to the commitment of our team.
Externally.
Clinical partner that the National Cancer Institute or anti an MD Anderson cancer Center have implemented work restrictions to protect patients and their employees and as a result, our clinical studies on the I. Indeed with these two institutions are temporarily pause.
This delay impacts not just off but the industry at large executing on non coded 19 trial.
We are in active communications with the N C I in Indiana, and adapting and real time of course investors and stake holders will have questions on when these studies can begin enrolling.
While we are ready to start.
Back up with that once they're restrictions lifted the timing of this though is not under our control.
With regards to other hospital. However, we've continued to be able to accrue to our clinical trials. This has enabled us to continue dosing of patients with recurrent glioblastoma or RGB M with controlled aisle 12.
Other countries are also able to work with less restrictions on the cobot 19 and that is good news for our joint venture eat in bio cell, which operates with in greater China.
Well Cobot 19 has created uncertainty we are fortunate to be well position to weather. The storm, we completed a financing last quarter ahead of the pandemic and we believe we have sufficient cash to fund us through meaning full milestones and activities into mid Twentytwenty too.
The increase capital also enables us to carefully accelerate certain expansion activities as we will describe and strategically strengthen our team internally.
Turning to a more detailed review of our programs.
And then see ice sponsored phase two study led by Dr. Stephen Rosenberg as we've previously mentioned they were in the midst of finishing the final engineering T cell run, which will allow for treatment of patients to the non viral TCR T trial.
ZIOPHARM has reacted to the current work restrictions at the end <unk> I'm prioritize certain internal activities.
Specifically on the taking these engineering runs within the company details of which we can then provide to our partners at the NCR. So they are ready to enroll patients with solid too much to the TCR T trial.
To this end we completed the opening of additional the bar Tory space in Houston successfully accomplished during the pandemic.
We are optimistic data from these runs will help the N. T I get back up to speed more quickly once they opened to resume full activities.
Building out the TCR T program with MD Anderson in Houston affords us several advantages.
We are collaborating with multiple principal investigators and drawing from a large pool of patients with solid tumors, which is expected to help with trial enrollment.
These collaborated have deep clinical experience in a variety of tumor type, which will be helpful. As we develop T cell products targeting neoantigens.
You know the bar chart nested within the Indiana. Some campus, we are continuing to develop our personalized and library TCR t. programs targeting solid tumors.
As a reminder, we already had sufficient TCR targeting public neoantigens in hot spots to begin the TCR t. arm at Indiana. So.
We have already made progress undertaking a pre R&D meeting with the FDA, which included non clinical information as well as CMC and clinical sections.
We are evaluating their feedback and factoring in the impact of Kobe 19, and expect to provide an update on the status and the timing of the trial at the next quarterly call.
We're gratified to have both NCR, an MD Anderson as partners you know sleeping beauty program targeting neoantigens in solid tumors with T cell receptors.
Being aligned with two of the World thought leaders. They did you know oncology, we had optionality and the ability to move forward in a position of strength and we look forward to continuing our work with them.
Moving to our controlled aisle 12 program.
During the pandemic our teams have been able to execute and we continue to actively enroll patients with RGB and in our phase two combination trial with regeneron that tie up.
In fact, we anticipate completing enrollment in the first half of this year as we've previously guided.
Patients and physicians remain highly motivated to receive this potentially lifesaving treatment.
We currently have adequate drug supply for our card studies and while our vendors have had some minor delays we remain on track as previously guided.
You know phase one combination I'll 12 study with Opdivo, we completed enrollment in the fourth quarter 2019 and are on track to disclose data from that trial throughout this year. Additionally, we anticipate results from a monotherapy studies through the course of the yet which completed enrollment in the first quarter of 2019.
Oh scientific and clinical teams and looking forward to presenting clinical data at ASCO. This year with its new virtual format.
A follow up matures, we continue to emphasize median overall survival or and all that the endpoint as this metric is used by the FDA to approve oncology products for our GBM.
We believe that based on recently published data analyzed for patients with RGB M. beyond 12 months is encouraging.
You know phase one car T program. The pandemic has created delays with the site initiation visit or S. Ivy with MD Anderson for the trial put administered CD 19 specific car T.
As previously guided this was the last that needed to open the trial.
This study infuses car T. As soon as the day off the gene transfer using our technology referred to as rapid personalized manufacturing or RPM.
The delays due to MD Anderson's policies regarding the pandemic and we like others weight on their input on when this meeting will take place.
Once the S. Ivy occurs, Indiana, Seneca and enrolled and infuse our first patient.
To reiterate firms I promise side all is in place to begin the trial, including clearance of the eye in D. from the FDA approval from IR B and verification runs reassure that we can meet 70% viability of engineered T cells.
As a reminder, this trial infuses donor derived or aloe generic T cells in patients that have relapsed off to bone marrow transplantation with CD 19 expressing malignancies.
We're also pursuing the infusion of patient derived autologous CD 19 Pacific car T under our PM to update you on these efforts we have aligned with our partner eating bias out to undertake this work in greater China.
Developing our autologous RPM process with our team in Asia takes advantage of their recent success with multiple manufacturing runs and their ability to navigate the challenges at the pandemic.
This change also reduces the burn on ZIOPHARM financials, I'm prioritizes, our activities with MD Anderson.
You didn't buy or sell has been making tremendous progress on implementing the autologous RPM process in greater China, and specifically is on track to file their first I. Indeed, this year for clinical trial in Taiwan.
Supports our strategic plan for this program, which is to continue to engage with potential partners for this asset leveraging clinical data from both CD 19 specific allogeneic and autologous RPM car T trials.
I want to thank our employees partners provide isn't patients for their dedication and trust. During this difficult time, it is challenging, but we're making progress and will emerge at a strong position when the pandemic less.
With that I would now like to turn the called over to SAP for a review of our financial.
Thank you are Lauren and good afternoon everybody.
Let me talk to the quite clear view or <unk> financial results for departure.
As noted an unusually research and development expenses were 12.7 million for the first quarter of Twentytwenty.
Compared to 9.5 million for Q1 of 29 <unk>.
The increase reflects the progress of our clinical programs.
Including costs associated with our licensing of IP from began see I.
Assistant the expansion up our TCR programs.
Manufacturing runs designed to further our CD 19 adult car T study with MD Anderson cancer Center.
And personnel expenses to expand our research and manufacturing capabilities plus so could it be.
Well the gene therapy increase costs reflected continued enrollment of the phase two combination trial of controlled iOS wells the target.
<unk> expenses were 6 million for the first quarter of Twentytwenty compared to 4.1, muddy and for the first quarter of 29 kit.
The majority of this increase reflects our increased headcount, including the recruitment of key personnel expanding capabilities to support the girls club business.
And to a lesser extent.
Oh that related costs, such as those associated that expanding up back into port for you.
Facilities expenses.
On a cumulative basis for the first quarter of Twentytwenty.
We reported a net loss applicable to common shareholders of $18.3 million.
Nine cents per basic and diluted share.
Comparably and the first quarter of 2019, ZIOPHARM recorded net loss applicable to common shareholders of cooking point $4 million or eight cents bushehr basic and diluted.
Cash and marketable securities as of March So do you want to Twentytwenty was $171 million.
Including proceeds from our recent financing.
In addition, we also had you you payments balance of approximately $18 million well look to be conducted by the company that's MD Anderson.
Our cash position is sufficient to provide just wondering for all our programs some infrastructure buried into mid Twentytwenty true.
And but I was true.
Our the TCR trial in Houston in Rolling to the Port for life and Hawks watch on.
Well see where the continued build out Jaafar news Euston facility on the campus of MD Anderson.
Which will serve as the foundation for the commercial costs for our TCR She program.
Continued expansion of our proprietary TCR library to support did you see Yankee Hawk sports wrong.
Advanced Steve Accoutrement, just specialist personnel, what do you see Archie program.
And also just support what trends for broadening clinical initiate this for a controlled sock program.
The progress towards later stage studies and potentially other indications.
And finally to take on cooled off do you see actually manufacturing with the books, but smell and infrastructure.
With that I'd turn the call over to David for final comments.
Thank you so.
As Lawrence, making earlier, we're very proud to be operating at full capacity in the midst of the global impact from the Cobot 19 pandemic.
We have been very mindful of protecting the health and wellbeing of our employees and we will continue to operate in a safe and prudent manner as we execute on our strategic plans.
We have made tremendous progress recently.
We completed the first phase the build out an extension to our laboratory in Houston, which we believe will be a key asset in our commercialization strategy down the road.
We're working to complete engineering run enzyme arms operational facilities to support the timeline for patient dosing at the NCR when they reopen.
We have also received constructive feedback from the F.D.A. during the pandemic with regards to our TCR T. trials in Houston.
We're all set for our car RPM Aloe trial and are moving along expeditiously awaiting the S. I'd be at MD Anderson to begin enrollment.
Our tech transfer with Eaton bio settle is complete.
And our build out and I and the progress are going very well.
Our I all 12 remains on track.
Driven by the tremendous support of our clinicians and patients in great execution by our own teams.
We continue to anticipate meaningful milestones in our programs throughout this year.
We have worked extremely hard and have made tremendous progress over the last nine to 12 months, especially.
Strategically build a company primarily targeting solid tumors with multiple platform approaches.
We enabled these efforts by building a strong foundation for a scalable cost effective next generation immunotherapy with a potential to treat all patients with solid tumors.
We currently have full commercial rights to our therapies, which have the potential to address multibillion dollar markets.
Like others in our space, we have experienced delays during this pandemic.
However, we continue to engage in dialogues with strategic partners, who appear enthusiastic to see our clinical data.
And with our strength in cash position, we have expanded these discussions to include both in licensing and Outlicensing potential.
Our internal BD process is already supported with new head count and.
And with counsel from outside advisors to review and advise on valuation and longer term plans for each of our core assets.
With human data anticipated over the course of this year, our options continue expanding and provide flexibility so ultimately enhance shareholder value.
Over the past year, we have significantly and carefully expanded our team from 49 employees in December 2018 to just over 80 employees today, many of whom are located in Houston and focus on our TCR T program.
We expect targeted growth to continue and 2020.
Given that each of our core solid tumor programs are in or entering phase. Two we also think it's important that we continue to strengthen our senior team and capabilities.
To that end, we've engaged in a search for a chief Medical officer and will also add additional senior drug developers as well as executives who can further drive our business development activities across our programs.
We're also further expanding our investor relations capabilities and will increase engagement with our shareholders in order to better reflect the growing needs of our organization.
Also as our shareholders know, we've been able to expand and refresh our board over the last 18 months with the addition of six new directors all of whom we believe bring important contributions to evaluating and developing our business strategy.
As we entered this next phase of execution. We anticipate one addition to our board. So that we are well suited to move into our next phase with a full complement of trusted leaders guiding us in our drug development financing and business development activities.
I want to express my sincere thanks to our team our board and our partners.
We have been able to move forward. During these unprecedented times with each of our programs and still anticipate achieving meaningful milestones this year across the board.
Including TCR T controlled aisle 12, and RPM per car T.
We also look forward to presenting data at the upcoming ASCO conference and will participate in a variety of industry events throughout the year.
In closing we're in the REIT space with the right out of sets and executing on our plan with a strong financial base.
While the world has pause for a moment.
We continue to push to move forward on the exciting path ahead.
We acknowledge the stress that was placed on all and we appreciate and especially now. Thank you for your continued support as we execute and continue progressing as a company.
And now I will turn the call over to the operator to open it up for any questions.
Thank you we will now be conducting our question and answer session. If he would like to ask a question. Please press star one on your telephone keypad confirmation from the indicate that your mind isn't the question Q.
He made fresh start to if he would like to remove your question from the Q.
For participants using speaker equipment, and maybe necessary to pick up your handset that's more pressing the star keys.
Our first question comes from Alethia Young with Cantor. Please proceed with your question.
Hey, guys and thanks for taking my question. Thank congrats on the progress throughout the quarter and navigating tough times, one I'm not sure how much you can offer up or given this I'm just kind of curious about you know what are the puts and takes the kind of getting like the NCR and the MD Anderson studies back in queue like like Larry There I'm metrics for evaluating kindness, how to you know get studies.
Back up and running which I'm sure. They they want to and then when the I also want anyone combination went live tie a can you just talk about how you think about next that once you get the data and then what Kinda result, Kinda. We gave you the confidence to me flooring would that program. Thank you.
Yeah. Thanks to leave here I know, so well welcome to you and the and the ZIOPHARM a story.
So in terms of BNC I in Indiana side, I think it's obviously.
Important trials for us than for them, but also maybe just a framing statements you know back at JP Morgan, we put out a guidance. That's in the first half a 2020, we had three major milestones that would be hit for instance, you know our phase two enrollment.
I would be complete for our combination.
Data or with other tie Oh, we would be a data read out for Opdivo, we would have a data readout on idle 12 with monotherapy and in addition, we hoped to be placing patients at the NCR on a clinical trial with the TCR and enrolling patients on the sleeping beauty a allo RPM.
The trial at Anderson said, he just kind of look at those five major milestones three of those five we've had and we're getting strong guidance that they will be there now regarding the NCR high and the MD Anderson you know the way ZIOPHARM thinks about it is that back in March.
So when in the pandemic it impacted the United States. These hospitals appropriately we acted like in light switch they turned off a partnerships not just with us but across the in college the spectrum really as they factored in the Covance 19 patients.
And and so forth.
That is beginning to now to loosen and indeed, a MD Anderson and the NCR by our gingerly heading towards a reopening but that's a process suddenly see I'm sure others are saying the same thing.
So what <unk> dot com has done with both of those institutions is to communicate frequently and regulate for instance, just this week I talked to a steep Rosenberg Nancy I and I also talked to leadership at Indiana sent to a essentially here from them in their own words that our trials are a priority for these two institute.
And and that's important because as they phase in essentially they're opening the NCR and Indianness and will be selecting trials that will go forward faster than others and we have every reason to believe that we're part of that first an exciting wave.
So in addition to all of that we have worked with them essentially to minimize.
The pain they have a when they reopen for instance, you know we Havent J.F.C.. We then deanna, saying, we're actively as I'm working through problems as they come back online with their senior leadership team and the same can be said with the NCR. It's not just talk to Steven Rosenberg, we're talking to we're talking to the entire represents.
What you're hearing from me today on top of that is I think.
Oh, and we really expect N.D. innocent to prioritize our trial from their side as they get going but obviously it's.
I can certainly tell you that we're pressing really hard on this.
Great, Thanks weren't and and just secondly, switching gears the N.T.I.T.C.R.T. trial and once restrictions has been lifted could you give us a bit more <unk>.
Detail around estimated timeline for example, how quickly you think and whatnot interval might look like between enrollment and first goes.
Yeah, I think they've been again, a critical question really building on the uncertainties around the code at 19 situation. So.
From our perspective you as.
He checked that wasn't unanticipated, but it was it it we we was going essentially under the auspices of the N.C.I. and that was these engine bench research in academia, two or more robust G.M.P. environment. Those engineering runs were essentially.
Underway or or and about to be scale to achieve the necessary numbers when kobe to hit the N.C.I. So.
And put in place additional of arbitrary assets in and around Indiana's in our in our Houston campus those assets.
And see I when they come back on line prior to our <unk>. Our guidance was first patient dosing for this phase two trial and <unk>.
First house of 2020, obviously Kobe just put some uncertainty around that that and we're still factoring that in <unk>.
Sure you're hearing this from many of your the companies that you're following but I think he again you should rest assured that I'm talking to Steve Rosenberg keys communicating this is a priority and we're going to essentially move as fast as possible when when they open.
Excellent well, thank you very much and looking forward to that data ASKO in <unk>.
Thank you David.
Thank you aren't next question comes from the line of our case with H. feeling right pleased to see with your question.
I'm too when you hear me okay.
Yeah. Thank you okay.
Hi.
That'd be nice.
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What would be.
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<unk> alright.
I'm just to see.
Expenses.
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Got it okay, just because the line is faint I'll repeat your question.
And for transcription purposes.
So the first is to me in the second is to sat around expenses in operation. So your question on <unk> really bills off what Alithia was saying.
We're on track to do so really demonstrates I think the enthusiasm patience and providers half of this house I that data then will essentially.
B report it out a an upcoming meetings, obviously the top blind date areas around the median overall survival. So as these patients essentially mature through there.
Survival, we will be recording that out in addition.
We will have friend bass says you know the potential for other interesting observations like M.R.I. data, because that's where we have shown in the past that the tumor is actually shrunk as a result about 12 therapy and I'm also we're working hard on our biopsy data to again show the mechanism of act.
Action, so that I I on 12, turning if you would <unk>.
The the program with P.D. won a compared.
To them on a therapy arm itself and obviously, we started amount of therapy earlier, we put out I think some very encouraging data in the past the survival looks quite robust in the sub group of patients who have lodos steroids and so we'll be going full would looking at how the Mona therapy data.
<unk> compared to the combination data package, because obviously that would help them with next steps and more.
Vance trout designs.
And then if I could R.K.I., we're doing good.
Yeah.
[laughter] right. So I just yeah just to answer your question if I understood.
Yeah.
For a a <unk> odd and Gee you saw that are Spain's for this quarter went up by about two money and then change compared to the <unk>.
Odd energy is our priority so I I <unk> movie, which I expect so I drove a similar Ram <unk> I to take place by the middle of the year.
And then after that you know some trial cross the line down basically you will have more people that'd be hard compared to last year. So I start doing in the middle of the year for the rest of the or you can probably expect dot N.D. to be flatish, so to sum up <unk>.
Some some in so now it's for a half smiled your shot in G. for the rest of this year before I ramping up next to you.
Monday, a G.N.A.I.I.V. did disclose as you saw that we'll be bringing in some most senior personnel. So they're probably end up seeing some there by the end of the year, let's say by four quieter a <unk>.
Dependent on the when some of the expertise he went to bring in on a on the G.N.A. site actually come soon so I.D.D. events it'd be slower than the the r. and D. ramp, which as you know is is really the routes that he wanted to go for the company I didn't do you spend.
<unk> August takes precedence that goes Frankie that's with the sites.
That answer your question.
So it's like thank you very much think about.
You guys think Yorker.
Thanks.
Inky. Our next question comes from the line of Thomas Flatten, What's like Street capital markets. Please just you and your question.
Thank you and thanks for taking the questions I had some trouble with a call earlier and I was curious if you guys had given some more description around be constructive feedback that you received from the F.D.A. with.
Respect to the M.D. Anderson P.C.R. study and if you didn't notice when or if you could help me understand what that means.
Yeah, Thomas actually a test so we a dialogue with the F.D.A. through a pre I'd process that was folsom. It was preclinical data it with C.M.C. data <unk> touched on manufacturing and despite the stress they're under from code, where they were responsive and provided us.
With guidance.
Let's move forward, that's going to be very very helpful. Because as you know.
And that cover is not only the person lies t. service have to therapy and perhaps for others on Murphy is therapy that targeting individual neoantigens antigens that are unique to the patient and so we have.
Oh process that we're talking with the F.D.A. about that looks very <unk>.
Rosenberg, whereby we will be generating those t. cell receptors against the Neoantigens in real time. So that's one part of the F.D.A. dialog. The second part of the F.D.A. dialogue was around aloe genetic teeth customers happen.
Does those are kind of science, whereas I use, but what that really means R.T. cell receptors that are in a library against sharing antigens or a shared neoantigens that are in hot spots. So we've received feedback on both of those as we plot essentially going forward.
<unk>.
And really really helpful. There were a healthy and the team a sense how what the expectations are from the F.D.A. for our company sponsored I.N.D., we indicated in our prepared remarks that we would have more for the investors that the net.
Earning call.
As we factor in and Kobe 19 into the feedback from the F.D.A.
Great and then.
Yeah. Please hmm.
No no. That's that's very helpful. Thank you and then with respect to even bio. So one I was when if you could narrow down the timing of that R. and d. submission a little bit and then what you know beyond the R. and D. submission harshly, we think about timing to first patients woman.
Yeah, Thank you and and so [laughter] for the work with eaten by herself.
To cross graded China. The first part their work will be in Taiwan with a major hospital, there and this will be significant because Taiwan.
Oh, so could be among the first in the in the C.D. 19 space and the rapid manufacturing that we have tech transfer it to eat them by so is very very appealing for the pace.
Tim population in the infrastructure in the Taiwan system, and quite frankly in mainland China as well there are enough of that they will be <unk> to submit the I need this year I'd like to sit there sit with that Thomas.
The sort of <unk> is a general statement I I'll <unk>, hopefully be able to provide you more detail and clarity I do think from the Investor side. As a reminder, we owns a 50 50, we'd eaten by herself. So this there is an upside quite a lot of upside actually for the.
Yes, Sir with the group out there and they are moving very very rapidly I mean they have.
The cheap you know scale infrastructure I think that is a very heart warming and and really justifies all trusting in that and and investment with them.
Yeah.
Great. Thanks, so much taking the questions much appreciated thanks Huh Hmm.
Thank you. My next question comes from Yeah, <unk> late Bond company. Please just keeping your question.
Oh, Thanks for taking a question so.
But the move but the full full progress at this 0.0 I've two questions. Yeah. The first one is what type of clarified that.
In the at School meeting you will also presenting data m. high as well biopsy Oh two groups help a trick treatments is that correct the combo as well as the mono.
Yeah, Yeah. So we will have ASKO the phase one read out of the controlled alcohol program in combination with <unk> as well as a phase one day to read out.
Along with the sort of the main study and the expansion cohort yes.
Okay, and which is that what might be the gauging factors at this point for E., then too before they can spot.
Oh and I indeed in Taiwan.
Okay. Thank you for that so yeah, there is a a a T.F.
D. A Taiwanese if you would S.T.A. that you know to my understanding this will be one of the first car in in under and with eat them by S.L. has been working really hard with regulate as in principle the best thinking.
Eight as in Taiwan.
Prepare the stage.
Education.
The the hospitals and the investigators as well as a dialogue with their T.F.D.A. regulators that is all good news because now the <unk>.
Package when it goes then we'll be receipt essentially I think with open ear already been done and that of course means that there's been a tech transfer process.
From us here in the United.
One.
Okay, Great and <unk> one more question here. Please yeah, a lot of cars that you met.
There's always the P.D. opportunities that you need to contemplate, though so I'm just curious though <unk>.
That you currently have plug the United States as well the rest of the world except to China.
Can you <unk> is there any a priori you or any sort of that's it.
We'll go through to determine you know what would be the one to put that could be ponder all and what would be the one that you'd have to full value sure.
Sure.
Asking you're asking which one of my children do I like that [laughter], Yeah, I'd, you know I I know and that they all get too.
[laughter] so look they they all have they all are solutions to problems.
You know, we think we think about and that's how I am built and that's how the company operates we recognize there hasn't been a a new drug for recurrent G.B.M. in an age many of US <unk> have family member's <unk> and friends, who suffer from this disease, we're using our talents to solve that problem.
That day that comes out that will guide essentially around the drug development for I'll 12 for D.B.M. and and potentially more we can do them more and turn I'll probably into more of a platform since insert tomorrow delivery of I'll 12 is such a useful weapon turning cold to <unk>.
That that data well bubble up really around the median overall survival.
That could entice partners around that or it could be something that with the board that we want to prosecute ourselves and build out our own program to essentially develop.
As.
For the T.C.R. program, that's probably the largest value driver in the abstract I mean, we're talking about yeah. There's you know platform technology that has the ability to perhaps address all cancers. You know goes off to the fundamental heartbeat of cancer that is the genetic insult the genetic mutation that causes cancer.
We know.
The therapies the target Neoantigens have had major effects already in solid tumors and we're in the business not a scale that up and commercialize it. So as that data comes in you know, we really would like to obviously push that as hard as possible, but it could result in B.D. activity and we're a aware of that and and.
And indeed to you know as you heard David and his prepare Braemar, we already have.
I talked to groups around that and then for the car T. you can see it's already partnering with eaten by itself and developing a whole new Avenue for the investors in grade, China, and really taking advantage the landscape being being sensitive to our own spend.
And then taking advantage of the good work that even about those doing in Asia. So I think you're hearing that we're ready to do partnership is needed but at the end of the day you know it has to be worth it to the to to the team into the board into the investors and you know we're in great shape going forward.
Yeah. This is David others to add to this obviously clinical data drives a lot of these discussions we have done I think a pretty good job are very good job actually of keeping these dialogues ongoing during a time of of worry during the pandemic. Obviously I. All 12 has an increasing that level of data with R.T.C.R.T. and.
19, Ah Ah such to fall sooner behind them. When we think about sort of farmers accompany though we think about it as a solid tumor focus company and so as Lawrence highlighted just to add an exclamation point, we are working very hard with even bio so along with our own aloe efforts.
The U.S. to get as much data is we can as quickly as possible, believing that that data will ultimately drive partnership discussions for that asset. So just wanting to highlight that final point there for you.
Okay, great. Thanks, a lot and keepsake everybody.
Thank you thanks, you too.
Thank you just can't quit attract question and answer session inside like trying to fly back over to management for any additional closing comments.
Yeah, I think you're operator, and thank you everyone for joining US today, you know the most important highs be safe and well.
We look forward to updating you such as that virtual investor conferences over the coming months and on our next earnings call in August good everyone.
Ladies and gentlemen did start speaker takes teleconference. We thank you for your participation and you need is gonna Caroline's at this time.