Q1 2020 Earnings Call
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Following management's remarks, we will have a brief question answer session.
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I would now like to turn the call or would you missed sherry.
I've Investor Relations group of Glycomimetics. Please go ahead.
Good morning today, we will review our accomplishments and financial results for the first quarter of Twentytwenty.
Press release, we issued this morning is available in the company's website at Www Dot Glycomimetics dotcom under the investors tab.
This call is being recorded.
I live in phone replay will be available for 24 hours. After the close of the call. The webcast replay will also be available in the Investor Relations section of the company's website for 30 days.
Joining me on the call today from Glycomimetics or Rachel King Chief Executive Officer.
Ryan Han senior VP, and Chief Financial Officer, and Dr., how exactly are senior VP of development and Chief Medical Officer will start today's call what comments from Rachel and Helen and after that Brian will provide an overview of the Companys financial position. We we'll then open the call part he went away.
Like to remind you that today's call will include forward looking statements based on current expectations forward looking statements contained on this call include but are not limited to statements about the company's product candidates you collect solange Gee I might 13, 59 and read the pantle as well as our other pipeline programs.
And the potential impact of the ongoing global Cobot 19 pandemic on the company's clinic programs operations as well as cash burn.
Such statements represent management's judgment and intention as of today and involve assumptions risks and uncertainties like all the metrics undertakes no obligation to update or revise any forward looking statement for information concerning the risk factors that could affect the company. Please refer to glycomimetics.
Filings with the FCC, which are available from the FCC around the Glycomimetics website I'd now like did turn the call over to Rachel.
Thank you Sherry and thank you all for joining our call.
Before beginning on behalf of the entire team I'd like to say, we hope to you and your family's remain healthy while the world to just to the challenges and cobot 19 pandemic.
Today on this call. We're all working for more homes has just been or practice now for well over a month in compliance with C.D.C. in Maryland State guidelines.
We're diligently coordinating or activities to maintain ongoing business operations, we do look forward to going back to onsite operations as soon as you can.
That is doing so compromises to health and safety of our employees collaborators from their family.
In addition to providing an overview of the quarter were opting to use this call to address the questions that you may have about our current programs in future activities.
So doing I've asked telling me Brian to provide updates on our clinical activities and financial resource utilization.
In our yearend call. We commented on several of the first quarters highlights.
Continued enrollment in our phase three registrational trial in relapsed refractory I know.
Progress in our collaborative multi centered registration trial with D. N C. I in newly diagnosed elderly AML patients who are fit for intensive chemotherapy.
Execution of a license agreement with Apple all mix, where you put less land at the end G.M.I. Sixteenseven in greater China.
Startup of the G.M.I. strategically nine trial in advanced breast cancer do cancer Center.
And the return to Glycomimetics from Pfizer up development and commercial rights cheaper depends on our investigational drug candidate for the treatment disease inclusive crisis or B O C in sickle cell disease.
I will comment on each of these cheap at the moment.
For quite a long time now or operational focus has been on you cholesterol in most advanced investigational drug candidate in our pipeline.
Just talent to begin with comments on our clinical development activities for you cholesterol in including both our company sponsored phase three trial and the and Shiites Wow.
Her comments, but then also touch briefly on GE and my 13 59.
When she shared her perspective, well I will comment on our financial planning efforts and then provide the financial results for the quarter.
After they finished I'll make a few concluding remarks, then we'll open documenting.
Well in please go ahead.
Good morning, and thank you Rachel.
In February in our yearend call. We noted increased for the phase three registration trial evaluating you cholesterol in relapsed refractory acute myeloid leukemia or AML was high among clinicians.
This was due to the novelty of this approach and potential benefits of you could wesseling observed in clinical data, we presented several prestigious medical meetings.
As you know our clinical trials of Ukuleles, one has illustrated the drugs potential to improve chemotherapy outcome and ambition to ameliorate some of the serious adverse effects of intensive sudden toxic chemotherapy.
Furthermore, we have elucidated the role we believe you select and planes in the solid G M out in the tenacity and the tumor cells in the bone marrow microenvironment and their survival.
New data on this mechanism was just published in nature communication This week.
And there is a very strong scientific kings for the potential wrong. If you put less one in breaking chemo resistance, they ml to improve patient survival.
In the first quarter of 2020, we continued to see our global phase three trial gain momentum with new sites opening and the brisk enrollment pace.
However, enrollment explode in April not surprisingly because of the pandemic as well as recommendations both here and abroad to shelter in place and to conserve hospital resources for treatment of patients, whose 'cause it my team.
However, we are seeing the hospitals continue to screen and enroll patients.
Those in regions with lesser impact of the pandemic and in regions with some of the highest density of infection.
At this point, it's difficult to predict how quickly be affected regions insights will return to usual clinical trial operation.
For those regions insights experiencing an impact on enrollment or study team is well positioned to support quickly returning again to full trial activities once that becomes possible. We do you observe however that southern region and fight had seen limited impact on screening and enrollment during his time.
Indicating that the global nature of our trial may somewhat protect against broad effects of the pandemic.
There are several additional aspects of our clinical program that make further mitigate risks to the trial during this global crisis.
First patients will be admitted to the hospital for their leukemia, even in this pandemic. The AML patients. We are treating are seriously ill and require hospitalization for intensive chemotherapy.
It's not an elective hospitalization that can be avoided even in a global crisis.
Nor are we asking them to undergo monitoring other than that required for their care, whether on trial or not.
The second important point here is that the key clinical endpoints, we are evaluating our gathered as part of the standard of care any I know they will be captured in the medical record three routine documentation.
This gives us confidence that we are capturing critical data for patients on the study during this period.
Third we are able to use alternative means of communication to achieve routine trial milestones and the interaction.
We have gone to virtual site initiation and remote monitoring to ensure continuity of operation and the robust collection of clinical data. While these restrictions are in place.
He's aspects of the trial will help ensure we can maintain the integrity of the trial through this global crisis.
And when region begin to passed the peak of new infections and relax restrictions on hospital clinical trial stuff. We believe our efforts will lead to a more rapid return to study enrollment.
We are not attempting to project when the cobot 19 pandemic might resolve.
As a result, we feel it is premature to assess the extent of any potential impact on timing of the completion of enrollment of our phase three registration trial.
What I can say today is that we are in close contact with all of our investigative sites across the globe.
We have seen continued enrollment and new site activation during the month of April and we're monitoring the situation closely.
With respect to the M.C.I. trial in newly diagnosed older AML patients who are fits for intensive chemotherapy, where those major medical centers and community hospitals are participating we believe depends on the impact on enrollment will likely vary across the site.
This time, we do not have npis assessment upon which to provide a clearer picture.
Moving now to do you like 13, 59, we initiated a phase one be proof of concepts trial at the do cancer Center in January.
Trial is evaluating pharmaco dynamic or PD markers, such as inadequate Ics them sell mobilization.
Mobilization that circulating tumor cells into the periphery and other biomarkers of biologic activity. Following go single ascending and multiple doses within the same patient.
Our goal is to use these data to define a recommended dose for phase two.
While also establishing the safety and pharmacokinetic profile of GE, Mike or keep 59 in patients with advanced disease.
At present this is being conducted on an outpatient basis with an elective treatment.
And enrollment is on cold due to the pandemic, but we do hope to resume enrolling patients soon.
I look forward to answering your questions during the Q in a Rachel.
Thank you Helen.
Now I would like to turn to Brian to both through the quarter's financial results and to provide his perspective on our financial situation right.
Thank you Rachel.
Strategically biologic cfos contribute to the organizations long term planning efforts by identifying a range of possible future scenarios handicapping their likelihood preparing the quarterly to ensure that resources are available to deliver on our goals.
Given our companywide focus in the critically important goal delivering top line phase three data that demonstrates the full value you blessed when an email I want to reiterate that.
Our R&D portfolio has always been prioritizing focused.
Our cash has always been prudently manage.
Six burn rate is low to allow us to weather potential delays in the normal course of business in R&D.
I'd like to elaborate on several of these points in greater detail.
We've always manager company with fiscal conservatism and we'll continue to do so we have just under 60 fulltime employees in our fixed burners low given we are managing two programs and the quick one of which is a registrational trial and we're collaborating with two additional pivotal trials going in now.
Second year portfolio is already prioritize for success with a focus and the pivotal program for your question.
Where needed and to advance our programs we have relied on collaborations such as the one with the answer to.
To maximize the potential commercial value of people less land in a cost efficient way.
In other cases, we have backed away from commitments at long no longer made sense for financial perspective as was the case with hope on collaboration late last year.
Because of its longstanding fiscally responsible financial approach, we've certainly speaker today with two years cash in the bank. That's our focus is a late stage product portfolio backed by a robust R&D engine.
We had will continue to manage our cash prudently with that I'd like to summarize results for the quarter ended March 31st 2020.
As of March 30, Onest 2020, like them on that exit cash cash equivalents of $154.8 million.
Compared to $158.2 million as of December 31st 2019.
In January 2020, flicking Medix received upfront cash payments of $9 million from a economics pursuant to the exclusive collaboration and license agreements. The development commercialization of you Blessed land and Jean Marc 60 to 87 in greater China.
Beginning with R&D expenses, the company's research and development expense increased to $12.7 million for the quarter ended March 31st 2020, as compared to $11.8 million for the quarter first quarter 2019.
Clinical development expenses increased by $2.4 million based on higher clinical costs related to the company's ongoing phase three clinical trial of you cholesterol in individuals with relapsed refractory email.
And the phase three clinical trial being conducted by the end.
In addition personnel related and stock based compensation expense increased by $540000 due to annual performance adjustments process in the quarter ended March 31st 2020.
These increases were offset in part by $2.1 million decrease in manufacturing and formulation due to lower raw material expenses in the first quarter ended March 31st 2020 as compared to first quarter ended March 31st 2019.
Turning now to Gina expenses, the company's general and administrative expenses increased $4.4 million for the quarter ended March 30, Onest 2020.
As compared to $3.4 million for the first quarter 2019.
Personnel related expenses increased by $684000 due to additional general administrative headcount and annual salary adjustments awarded and first quarter of 2020.
Certain legal fees consulting other professional expenses, including director in office insurance premiums increased by $373000 for the quarter ended March 31st 2020, as compared to March 31st 2019.
In summary, assuming our programs are not in Texas and long term by the code 19, and then it like a mix remains well positioned to transplant initiatives and advanced applications for human technology platform into 2022.
I'll now turn the call back over to Rachel.
Thank you Brian.
Before I turn to read the panel I'd like to hire one more accomplishment with you for less land this quarter.
In January we announced our collaboration and license agreement with at low mix Chinese company committed to the discovery and development of oncology combination therapies.
Their goal to conduct a registration program with you for less land in a ml in greater China.
Executing the deal epidemics has made significant progress finding their own development strategy and engaging with K wells in their territory.
Near term priorities are the regulatory interactions required for programs start up.
We're excited by the speed at which they are operating and to say proceed with executing on their development strategy will provide some top line guidance on timing of their activities in greater China.
Moving now to read the panel we shared with you in our yearend call Pfizers decision to return to Glycomimetics its rights to with the panel or investigational drugs pervasive occlusive crisis or do you see in sickle cell disease.
The transfer of these rights and licenses and the I'd for clinical development program together with the entire datasets to phase three reset trial back to Glycomimetics is now essentially complete.
We're now reviewing the data.
Look forward to completing our analysis of the program.
Committed to a full assessment of what if any next steps to take.
Focus will be determining if there is a potential path forward for this asset in sickle cell disease.
We as many K wells in the sickle cell community continue to believe that the role of the selected BMC has been clinically validated.
As such with yes, it back in our hands, we intend to evaluate and share the efficacy safety PK and biomarker data from the phase three reset trial.
Furthermore, we can know evaluate opportunities in sickle cell disease, where our more potent and more selective you select an inhibitor, which has been shown an animal studies to be Bioavailable crew subcutaneous dosing.
I'd like to close by reiterating our confidence in our clinical pipeline and of course in our specialized like of the medic chemistry platform.
Chemistry insights have fueled several innovation, we believe will improve the standard of care in email or potentially in other diseases as well.
Notwithstanding the challenges, we all states and working remotely I can share with you the dedication of our team and their commitment to making it through the new mobile as a pandemic and forward to improve outcomes for patients with there are also serious unmet medical needs.
Operator, please open the call for questions.
At this time I would like to inform everyone. My to ask a question. Please press Star then the number one on your telephone keypad.
Your first question comes in a line of it right with H.C. Wainwright.
Good morning, everyone. Thanks for taking my questions.
So.
To start with you just mentioned rifle pencil.
How how long do you think it's going to be reach before we see you know what the full data set was.
And then also because.
Sickle cell disease trial would be rather large is this something that you would bring forward on your own or do you think once you go over the data you would start for partner if you think it can move forward.
So good morning, thanks to the questions.
As far as when we see the data it's hard to predict specifically when that would be because we're in the process of reviewing the data and looking at the the overall a program I would say within the coming months, we would be able to say something about that about that data.
And as far as what we would do next again that would follow from the review of the data as well as from our assessment and potentially discussions with regulatory authorities around what a follow on trial might look like if that is where if that does.
Seem to be the appropriate next steps or so at the moment, it's premature to say anything specifically about what those next steps might potentially be but in the coming much will be will be reviewing the data more fully hopefully getting more of that.
More of that data out and and that's in the context about assessing what if any next steps we'd be taking with that program and as part of that we would all should be assessing whether those are steps that we would take a alone or with a partner. So I would say, though that whole process of evaluating the the data and the opportunity is gonna be undertaken now.
Ernest wants to date now that that nobody else. It has been a turned to us.
Okay. Thanks, Rachel and then I understand you know, it's tough to comment on any the timeline.
For you pro and it seems that 13 59 as it's completely stop now, but just on 60 to 87.
I'm curious as to you know since.
[laughter] preclinical data when you think you can you can.
Reached the clinic or at least have the R&D filed and be ready to go with that product.
Yes that is product that we're excited about in the preclinical data has been very compelling in a number of indications. We think it's an interesting potential I'll follow onto you cholesterol and we have not given forecast as too that's too I had de readiness for that asset.
So at this point I not prepared to shape, when we would take that into the clinic.
Isn't to say, where we're looking at opportunities with 16 87 than we do believe it represents a potentially important follow on asset to you cholesterol in.
Okay. Thanks, very cool and then maybe a question for Brian.
Just with the covert 19 at working from home and everything I'm curious as to impact on actually in a in R&D, if you're going to see any impact had there been any any layoffs or expense cuts that will be a material to our direction expenses going forward.
No it's actually as we as we discussed in the past we just under 60 employees. So we've been very capital efficient over the years with very low six burn rates. So we did evaluate the impact of that we you know some reduction in travel expenses smothered overhead expenses with a working from home but.
No anticipation many layoffs at this time.
And as we as we get through this again.
Once we get through this will be on a given up getting cash guidance.
Okay. Thanks, Brian and when you say you have cash through two years.
That is better for you know through one Q into Q2.
2022.
I stands right now we're certainly.
I'd say two years right now and in dig into Q2 of 22 and again as as we get through this research see the pick back up a phase three trial will be able get a better cash guidance on that.
Okay. Thanks, Brian and thanks for taking my questions I hope everybody here means a healthy.
Thank you you to it.
Your next question comes on line of Boris Peaker with Cowen.
Good morning.
Well I focused on you Carl I'm, just curious how frequently to patients need to show up at the hospital in the trial, how long do they have to spend no during each visit and how does that compare to their alternative options.
So I'm going to turn that a question over to Hell, and so hell and could you take that.
Yes, good morning.
I mean, you flow or do you feel like whom trials in that setting of intensive induction chemotherapy and so the patients are being admitted to the hospital for usually multiple weeks and perhaps longer than a month for their own treatment.
The relapsed or refractory acute leukemia, and so that I need for hospitalization for intensive chemotherapy is.
For the underlying condition that leukemia.
And it needs in the context of their existing admission to the hospital that we hear them and rolling them on the trial.
There are a follow up visits once they have recovered from the.
Initial reduction in leukemia.
When they recover their accounts or proceeding.
To treatment at home they will come into the clinic, where their usual.
Scheduled visits for their medical care to the follow up period ended during those schedules makes it slips subsequent devaluation take place I would emphasize that the great majority of data that in.
Relevance to begin to this trial to assessing the safety and efficacy for you for last one in the treatment of patients with and though is.
Taken its being collected during that hospital stay which is part of their routine care and during the follow up visits which are again quite of routine care. So there is.
Access to patients for the data that's needed for assessment tools, which are like and bodies in the flooding vital hospital stay where it or follow up visits and that potentially could include [noise] virtual visits.
And I just wanted to understand how does that compare to their alternative options like how much extra burden or is there any extra hospital stay burden being on the trial versus not being on a trial.
So they did this trial is designed quite specifically to be assessing during those routine medical interactions and so there's there are.
There's no additional hospital today that would be trials specific it's just during the.
Routine treatment. So for example, the hospital stay is driven by their medical care not by their study.
Participation and their visits per clinic or parts of or the follow up afterwards are driven by their medical care rather than a.
Trial itself.
If I can answer the question.
Yes. It does great. Thank you very much for taking my question.
Sure. Thank you.
Your next question comes on line of Stephen Willey with Stifel.
Hey, good morning, Thanks for taking my questions voices.
Good morning was the stadium.
Sure you guys I guess, specifically, how it might be able to comment just to the.
To the rate of patient screen failures that you might be seeing as you're going rules the trial.
I guess, just weather and knocks you know if there's any variables that are that are.
You know proving to be.
Not necessarily problematic, but I guess occurring more frequently on the on the screen failure shot and just whether or not that.
He'd have screen failure is just trending towards your internal assumptions.
Thank you Steven could you repeat that last you keywords trending towards.
Towards your internal assumptions that.
Okay.
Okay.
Yes.
Good morning, and thank you for the question.
We are we are are seeing risk assessment of patient risk presentation with patients for screening for the trial. There are some patients who are screens and do not meet the eligibility criteria. As you would expect we are seeing a great number location.
I would point a good proportion of patients who are approached and screened for the trial are in fact eligible and are in fact enrolled on the trial once they are screen failure rate.
Great and well within what we would have.
Expected it to be the reasons for not meeting eligibility criteria also fairly typical and well within the range of what we expected.
And I would say that we're seeing.
I can portion of patients who are then enrolled on the trial to be very closely aligned with what we would have expected. So there's nothing unusual or a different in.
What we're seeing on the trial and I find that actually quite reassuring worsening investigators who are.
Very knowledgeable as of the disease, but also knowledgeable about the protocol and their appropriately offering this trial to their patients and enrolling patients who fit the criteria that we need.
Okay, that's helpful and.
I guess I was just looking at some of the participating sites. The most updated version control stuck up I guess it looks like.
I understand there is no longer participating and I guess I was perhaps just thought that they would have been a large pool of potentially accessible patient. So can you maybe just kind of speak to there.
To their exclusion their media that's just a.
A conflict that they perhaps another sponsor Romania and also.
So.
Oh actually we'll have to check on that because as far as I'm aware MD Anderson has been participating in the trial and has been.
And because the optic iron center in terms of our discussion around you said the correct in that.
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Okay, and then and then just.
On the preclinical publication that came out I know that we see a lot of data around you know you selecting inhibition.
And its utility an email and its ability to breed chemo resistance I guess.
On a chance to go through managed script in detail, but can you give me just highlight what you think is kind of the most.
<unk> points, there and then maybe what's the incremental relative to some of the other presentations that we see on the preclinical side. Thanks.
Yes.
This is with me for Carson Nature Communications manuscript, just published Yeah correct, yes.
We're very excited about that manuscripts and this is this a definitive preclinical elucidation has the mechanism. It's it's assessing the its effect of how the drug in how am else are interacting treaty direct and too.
Achieve chemo resistance essentially be protected and chemotherapy the specific image manuscripts are further.
Describing how that is a achieved and you see people affluent walk that in Oh mechanistic basis, and we're very excited with the strength as the data here, which is illustrating the mechanistic reasons for what we're seeing in the clinic.
Yeah, and I would add that one of the I think important observations there with deep the fact that degrader not if he something like and on the.
On the on the blast leads to even increased chemo resistance. So again further.
Tying the of the like and to the chemo resistance.
Okay and actually I just.
Looked at a different view the Clin trials Dot Gov, then then and it actually does look like most current version shows on D. Anderson.
Routing I was looking at the historical changes on kind of side by side basis, and I think the way that they had portrayed it suggested that maybe.
MD Anderson has had a drop so so yes.
Yeah. So thank you for car.
Clearly pricing [laughter] now and we MD Anderson has been important they're out there of course, it flatlands thought leader in the field simple important collaborators Pearl and important.
They've done very helpful in thinking through not only this trial and how the drug.
Hello.
That's used in this relapsed refractory population, but also in thinking three where else the drug maybe important to assess in AML and in fact with many of them on important collaborative partner whistles throughout so I was surprised by your comment and I. Appreciate your clarifying yeah of course I'm going to.
And your practice my web browsing skills [laughter].
I appreciate the color. Thank you.
Thanks, Steve.
Your next question comes in a line of say conveying with Roth capital partners.
Hi, Good morning, Thanks for taking my question first one I think by helping had any additional people had been involved in that their team Fiftynine study since January.
Good morning, So we have advised on initiation of enrollments for the 13 50 mine study being run at.
I think cancer center and that was the early guidance. This year. All that's the first patient has done it had been enrolled we are not commenting on individual patient enrollment on its a lot of guidance today was simply that.
With trial being run in outpatient setting and the electing to participate.
Participation setting, but as you know which is currently on whole briefly football poison pill normal.
Okay, and then can you comment at all on the screening process. The best and then is this something that you could potentially expand to another clinical site is low or.
Yeah.
Okay. Thank you for the question. That's an interesting question I will say, we have had interest those from investigators and researchers field, but investigators who wants in patients with breast cancer.
And metastatic breast cancer, we've also had interest from patients.
And we assigned molecule one what is exciting and has oh we.
Great you interested in the sequential for treating this population.
The study is running at the do cancer center on the investigators for health and important collaborators preclinically as well as clinically with this molecule as we learn.
More of all about the pharmacokinetics and pharmacodynamics and early first in human experience and patience. We I think we'll be considering how best to in advance this all drive to either other sites or some other trials.
Okay. Thank you and then I get to the publication for you fell in am I thought that died I looked really good I'm showing the potential for you to prevent chemo resistance in and now they just had two questions I think when inflation Lynne do you expect that this could also be the Keith <unk> other hematologic malignancies.
And then the second question is at Ash add though I think that happened aptus that shows that you collect any fishing I think with your molecule I'm could actually prevent at the Teekay <unk> resistance I wanted to know what your plans, where I to pursue more preclinical development I looking at BTK inhibition as well.
I'm sure I'll take the first cut that the as far as the potential application to other hematologic malignancies. I think that is very interesting question and we have we have in the past presented preclinical data, which you may or may be familiar with and if not it's on our website, where we have looked at and in fact demonstrated.
Potential of using a inflecting inhibition as a strategy and in other hematologic malignancy. So I think that is something that.
That is a is worth exploring it that we have explored preclinically and that is certainly.
On our radar screen.
As far as the second question on.
BTK resistance I actually I don't know the answer to that I'm not sure Helen doesn't if we if we can't after that on the call. We're happy to follow up a few up more directly with our chief Scientific officer, but when do you have a comment on that second question.
I'm only that Oh, we think that that is very interesting area. We have had some initial discussions about where that may be useful to its a further explore the utility.
For drug in diseases, where that's more of an issue and I think we have.
No immediate plans for.
I'll give us no immediate can do to plan, but it's certainly in every inch or anything interesting continuing to discuss.
Yeah that would refer it I think you're referring to date that was presented at ash out at MD Anderson The laboratory Michael.
Dryhole believe we presented that data at Ash this year.
So yes, I think there was that clinical data that supportive.
Awesome. Thank you I think it's great in terms of looking for and how you don't and in addition to 16 87 being used for you know lifecycle management for you Popup applicability for other indications that you put may be useful life of loan.
Yes, 60 Needham said it was interesting molecule that is as you as you know in our preclinical models. It's bioavailable subcutaneously. So it does offer the potential as a follow on a compound that could could potentially be used in it in an outpatient setting them. So we do think it does offer longer terms of potential good.
Lifecycle management opportunities within the you select unlike and our east like than dosing space today.
Okay Tony.
Sure.
Once again, if it was like to ask a question. Please press Star then the number one on your telephone keypad.
Next question comes on line as Byron I met with Jefferies.
Hi, guys. Thanks for taking my questions sure or not.
I Hope you guys are well just fun Gopro I think Brian commented earlier on the cash runway sending out to Q2 or mid 2022 type time frame and.
If you look at your prior guidance on completion of enrollment second half of 2021, given yes covert situation slowing of enrollment.
In the phase three do you still expect because that you would all be able to.
Let me timelines in terms of phase three data.
Before the cash runway front, though.
So the in terms of the of the the guidance that we've given we've not yet changed our guidance on completion of enrollment we want to wait and see we've had one month of effect. So far of cobot. So we think it's too early to assess the specific impact on on completion of enrollment I will say, we do feel that two years along.
Time is it's a long cash runway to having the bank and we're certainly glad that we have the financing in the bank for that period of time as Brian said, we're continuing to manage the cash very carefully.
And we think we may have opportunities potentially to add to the balance sheet as we did with the epidemic steel.
So we're going to continue to manage with the objective of both completing enrollment and getting to topline data with the cash that we have.
Okay, and then or is there a possibility to add additional sites. So for example, with the alone make skill.
Greater China. Its available have you discussed with them the potential to extend the phase three protocol into China, possibly.
I'm sure. We're currently contemplating that as a separate study and we're not contemplating adding those sites to the.
To the sites as part of the main phase three study that's the current plan.
Okay, great. Thank you.
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And at this time there are no further questions I would like to trying to call back over to Ms Freights. Okay.
Great. Thank you. Thank you operator, and thank you everyone for your questions. After taking the time to listen to our call and we hope you all stay well.
Ladies and gentlemen, thank you for participating in today's conference. This concludes todays program you may all disconnect everyone have a great day.
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