Q1 2020 Earnings Call

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Operator: BF-WATCH TV 2021 (inaudible)

Operator: Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Agenus first quarter 2020 conference call. At this time, all participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Dr. Jennifer Buell, President and Chief Operating Officer of Agenus. Dr. Buell, please go ahead.

Good morning, ladies and gentlemen, thank you for standing by welcome.

That's what else might be Plenti conference call.

Hi, Oh, I guess, it then I'm going to listen only mode.

You need then please signal a conference specialist I think the saki well, let's say here.

After todays presentation that will be an opportunity to last question.

You asked a question you make us sob and one on you touched on sorry to withdraw your question. Please press Star then too. Please note this event.

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I would now I turn the conference. That's that's the Genesis appeal, President and Chief operating Officer Patching up the Bill. Please go ahead.

Sian: Thank you. Thank you, Sian.

Thank you thank you Dan.

Jennifer Buell: Today's call is being webcast and will be available on our website with accompanying slide material for replay. Before we start, we'd like to remind you that this call will include forward-looking statements, including statements regarding our clinical development and regulatory plan and timeline, as well as timelines for data release and cash projection. These statements are subject to risks and uncertainties, and we refer you to our SEC filings for more details on these risks.

Today's call is being webcast and will be available on our website with our accompanying slide material for replay.

Before we start we'd like to remind you that this call will include forward looking statements, including statements regarding our clinical development and regulatory plan and timeline.

As well as timelines for data release and cash projection. These statements are subject to risks and uncertainties and we refer you to our FCC filing for more details on these risks.

Jennifer Buell: As a reminder, this call is being recorded for audio broadcast. I'm Jennifer Buell, President and Chief Operating Officer of Agenus, and joining me today are Dr. Garo Armen, Chairman and Chief Executive Officer. Dr. Dan Chan, Head of Drug Discovery, Dr. Birju Yeet, Lead Scientist for Allogeneic INK T-Cells, and Christine Klaskin, our Vice President of Finance. I will now turn the call over to Garo.

As a reminder, this call is being recorded for audio broadcast.

I'm, Jennifer if you all president and Chief operating officer of agenda, and joining me today are Dr., Carl Armen, Chairman and Chief Executive Officer.

Dr., Dan Chan head of drug discovery doctors you eat.

Garo H. Armen: Thank you very much, Jen. And a special thank you to all of you for joining us during this time when the world has turned upside down because of the COVID-19 pandemic. I hope you and your families are safe and well. Our team at Agenus has found a productive way to operate in this new normal. At the earliest sign of the pandemic, our team reacted swiftly and took proactive measures to protect our employees, their families, and our business. As a result, our operations in Burpee, Lexington, and Cambridge have remained open with a rotating work schedule for safety, and with limited interruption to our key priorities. We operate with approximately one-third of the workforce on-site and the remainder working from home, and that has not disrupted any part of our operations so far. And importantly, to the best of our knowledge, none of our employees have been infected with the virus so far, and we would like to keep it that way.

Garo H. Armen: Earlier this year... We projected receipt of approximately $60 million in cash milestone payments for 2020. As we have announced, we've already received $15 million based on the sales of Shingrix, which has our QS21 adjuvant in it. However, given the environment, the remaining $45 million is uncertain because of the disruptions caused by COVID. Hence, we've taken measures to result in annualized cost savings of approximately $50 million. These savings are driven by reductions in both external and internal expenditures.

Garo H. Armen: And importantly, they will result in the going down of several programs, but we do not expect these steps to affect our near-term or medium-term commercial launch prospects. We also expect that our high-priority clinical development and research programs will proceed as planned. Our proactive measures are designed to deliver our key milestones this year, including plans for our BLA filing and our acceleration of clinical development of our next-gen multi-purpose CTLA-4 molecule 1181, about which you will hear much more from Dr. Buhl. Our advancing INKT cell therapy to the clinic for the treatment of cancer and COVID-19 patients, which you will hear from Dr. Bourdieu, who will also tell you about the advantages of our INKT cells, including, for example, substantially reduced costs associated with cell therapy when we use INKTs.

Clinical development.

Recharge programs well precede as planned.

Are proactive measures are designed to deliver our key milestones this year.

Including plans for our B.L.A. filings.

Our acceleration of clinical development or or Nexgen multipurpose C.T.L.A. four molecule 11, 81 about which you will hear much more from Doctor Bill.

Are advancing Oh, I N.K.T. cell therapy to the clinic for the treatment of cancer and call. It 19 patients that you will hear from Doctor <unk>, who will also tell you about the advantages of R.I.N.K.T. cells, including for example, substantially reduce costs. So.

Created with cell therapy, when we practice I in K.T.'s and also you will hear that were advancing important programs like TIGIT molecules enter the clinic and as you know we have started this program.

Garo H. Armen: And also, you will hear that we're advancing important programs like our TIGIT molecules into the clinic. And as you know, we started this program a number of years ago, and now we're ready to take that into the clinic. I will now turn the presentation over to Dr. Jen Buell, our President and Chief Operating Officer, to provide you with an update on our highest priority programs, starting with Agen 1181, our multi-purpose next-gen CTLA-4.

And number of years ago, and now we're ready to take that into the clinic.

I will not turn to present <unk>, our president and Chief operating officer to provide you with an update on our highest priority programs, starting with age and 11 81 or multipurpose next <unk> <unk>.

Thank you very much account and how that everyone.

Jennifer Buell: Thank you very much, Garo, and hello, everyone. As Garo mentioned, I'll start by providing an update on HN.

And scam and you know start by providing enough H.M. 11 81.

Jennifer Buell: And there's a summary of this program on slide 4 that we'll review today. This molecule is familiar to many of you. As Garo said, it's our multifunctional T-cell antibody, which also binds to CTLA-4. Now, importantly, this molecule is engineered; the FC region of this molecule is engineered. We did this because we knew of some key features that this engineering could provide.

As a summary of this program I'm <unk>.

Review today.

This molecules familiar to many of you.

And <unk>, the functional t. cell antibody, which also binary to C.T.L.A. for.

Now importantly, this molecule in engineering the F.C. region of this molecule is engineering.

We did this because we knew some key features that this engineering couldn't provide.

Jennifer Buell: Those features included increased immunogenicity, increased T cell activation beyond which we see with first-generation CTLA-4s, superior combinations with PD-1, as you see on slide 4, as well as important potential safety benefits such as a reduction in endocrinopathies for patients treated. And we expect to increase or broaden the patient population of responders, patients who will respond who are unlikely to respond to a first-generation CTLA-4 due to a genetic polymorphism that impacts about 40 percent of the population. And what we're going to talk to you about today. Our data from this trial will show that as the molecule has been designed to benefit patients who harbor this genetic polymorphism, patients are benefiting from AGEN 1181 We have also seen no endocrinopathies, none of the safety-related side effects that we see with Yervoy related to hypophysitis or otherwise, very important features. SC engineering is something that we know to be really quite important.

Those features included.

<unk> Immunogenicity.

Increased.

T.C.L. activation beyond which we see with first generation E.T.L.A. for it.

Superior in combination with P.D., one as you see on site or.

As well as important and potential safety benefit such as a reduction and and and cannot defeat for patients treated.

And we expect to increase or brought in a patient population of responders patients who will respond who are unlikely to respond to a first generation C.T.L.A. four due to a genetic polymorphism impacts about 40% of the population.

And what we're going to talk to you about today.

Data from this child, which will show that as a molecule husband design to benefit patients who harbor. This genetic polymorphism patients are benefiting from H.N. 11 81.

I've also seen no underground apathy, none of the safety related side effects that we see with your boy related to hypothesize or otherwise.

Very important features.

Oh see engineering is something that we know to be really quite important we've published on this technology in our techniques on our 11 81, aged 11 81 molecule in Kansas, How last year, we've also and Dan must be to you today, we bought so engineered or heated molecule in order to bring similar in hand.

Jennifer Buell: We published this technology and our technique on our Agent 1181 molecule in Cancer Cell last year. We've also, as Dan will speak to you today, engineered our TIGID molecule in order to bring similar enhancements. We've shown you data that supports the benefit of this engineering, and we're also now seeing data from late-stage clinical trials with an SC-engineered HER2 antibody called margituximab. You may be aware of some of that data. So on slide five.

Mm.

We've shown you data that supports the benefit of this engineering and we're also now seeing data from late stage clinical trials with A.M.F.C. engineered her to antibody called Margetuximab you may be aware of some of that data.

So on slide five.

[noise] I like to summarize Asian, 11, 81 is advancing in a phase one dose escalation trial. This next generation antibody has shown profound activity in the form of objective responses, which are unusual to see this early in clinical development.

Jennifer Buell: I'd like to summarize Agent 1181 is advancing in a Phase 1 dose escalation trial. This next generation antibody has shown profound activity in the form of objective responses, which are unusual to see this early in clinical development. We're hopeful that based on the current trends and as patients continue on therapy, we'll continue to see more patients with more durable responses. Now, you may have heard that a number of hospitals have been converted to treat patients with COVID-19. And this could impact, of course, some clinical trials, as well as patient access, patients with cancer getting access to their therapy. However, in spite of this reality, we continue to accrue patients to our trial without interruption.

We're hopeful that based on the current trends and as patients continue on therapy.

That will continue to see more patients with more durable responsive.

Now you may have heard that a number of hospitals have been converted to treat patients with kind of in 19, and this could impact or some clinical trials as well as patient access.

Ones with cancer getting access to their therapies. However in spite of this reality, we continue to accrue to our trial without interruption.

Our principal investigators have informed us that based on the data available to days.

Jennifer Buell: Our principal investigators have informed us that, based on the data available to date... HN 1181 has life-saving attributes that support the continued enrollment of this trial. And today, we have a queue of patients waiting to be enrolled. Now, you may recall, as I mentioned earlier, that Agent 1181 was deliberately designed to improve the efficacy and safety of first-generation CTLA-4s. In addition, this antibody is expected to expand the patient population who will benefit. And now I'm going to highlight some data that support the design of this molecule and the activity that we're seeing.

Jenna 11, 81 has life saving attributes that supports and continued enrollment of this trial.

And today, we haven't q., a patient's waiting to be enroll.

Now you May remember as I mentioned earlier that agent 11, 81 was deliberately designed to improve the efficacy and safety first generation P.P.L. before.

In addition, this antibodies expected to expand the patient population the little benefit and now I'm going to highlight some data that supports the design of this molecule in the activity that we're seeing.

And our dose escalation trial, H.N. 11, 81 alone and in combination with all still amount demonstrated in clinical benefit rate of 70%.

Jennifer Buell: In our dose escalation trial, HN1181 alone and in combination with Valsilimab demonstrated a clinical benefit rate of 70 percent. This included complete responses, partial responses, as well as disease stabilization in patients with late-stage cancer. Now, during our last call, we described a patient with refractory endometrial cancer. This patient had late-stage disease, and she had failed all prior therapies.

This includes complete responses.

Responses as well as disease stabilization of patients with late stage cancers.

Now during my last call, we described to patients with refractory end to meet your cancer.

Patient had late stage disease.

<unk> Oh prior therapy, and importantly, she had a very poor prognostic based on available biomarkers that help us determined the patients likelihood to respond there be.

Jennifer Buell: And importantly, she had a very poor prognosis based on available biomarkers that help us determine a patient's likelihood to respond to therapy. These markers include the patient being negative for PD-L1, the patient had microsatellite-stable disease, which is unlikely to respond to immune therapies, and this patient has a genetic polymorphism in her CD16 allele that rendered her unlikely to respond to a first-generation CT In spite of these negative odds, we are thrilled to see that this patient is a confirmed, complete responder to AGEN 1181 monotherapy at 1 mg per kg. Now on slide six.

These markers include the patient with negative for P.D.L. one.

A patient have microsatellite stables disease, which is unlikely to respond to immune therapies and this patient had the genetic polymorphism <unk> that rendered her unlikely to respond to a first generation P.P.L. before.

In spite of these negative odd we are the relative see but this patient is that kind of from complete responder on H.M. 11 anyone monotherapy at one me for K.

No I'm slide steps.

Jennifer Buell: I want to highlight another very exciting case. This patient is a patient with refractory endometrial cancer with a similarly poor prognostic profile, with metastatic disease in multiple locations, as you can see here. This patient now also has a confirmed partial response in her target lesion and a complete response in her non-target lesion. This patient responded to a very low dose of Agen 1181 in combination with valstilumab, our PD-1 antibody. If I can turn your attention now to slide seven.

I want to highlight another very exciting case.

This patient if the patient with refractory endometrial cancer with us Similarly, poor prognostic profile with metastatic disease and multiple locations as you can see here.

This patients is now also unconfirmed partial response and her target lesions.

And complete response and her not target lesions.

This patient responded to a very low dose of age on 11 81 in combination with <unk> R.P.D. one antibody.

If I can turn your attention now just by seven.

[noise] last week, we can be end with our advisory Board now that's advisory boys comprised of top Immunoncology I spread some of whom are specialist and the C.P.L.A. or mechanism.

Jennifer Buell: Last week, we convened with our advisory board. Now, this advisory board is comprised of top immune oncology experts, some of whom are specialists in the CTLA-4 mechanism, some of whom were the first-to-dose patients with the first-generation CTLA-4 over 20 years ago. After an extensive review session... Our advisors endorse our accelerated development path for HN1181, which we are now in the process of launching as we speak. During this phase of development, we will pursue a fast-to-market strategy.

Two of them were the first to dose of patients with a first generation seasonally for over 20 years ago.

After an extensive review sessions.

Advisers endorsed R. accelerated development path or H.N., 11, 81, which we are now in the process of launching as we speak.

For this phase of development, we will pursue a fast a marketing strategy.

Jennifer Buell: This means going after cancers where there is limited or no effective treatment option available to these patients. These tumors are highly prevalent, or said differently, large cancer markets, and large commercial market opportunities. These opportunities include PD-1 refractory non-small-cell lung cancer, PD-1 refractory melanoma, and microsatellite-stable tumors like colorectal cancer, as well as endometrial, which are the two cases that I shared with you just a few moments ago. We'll continue to keep you updated as these programs progress and mature.

This means going after cancers, where there is limited or no effective treatment option.

Available to these patients.

These tumors are highly prevalent or said differently large cancer mark markets large commercial market opportunity.

These opportunities include P.D., one one battery nonsmall, so lung cancer.

The one refractory melanoma.

Microsatellite stable tumors like Colorado cancer, as well as endometrial, which are the two cases that I've shared with you just a few moments ago.

Will continue to keep you updated as these programs progress and mature.

Oh, no turned to our lead programs or P.D., one program, <unk>, which we call Valley and R.C.T.L.A. four program dollar Fella map, which we call Sally.

Jennifer Buell: I'll now turn to our LEAD programs, our PD-1 program, Valfilumab, which we call VALI, and our CTLA-4 program, Xalifilumab, which we call XALI. The results that you see on slide 8 show the evolution of cancer treatments for women with cervical cancer, starting with chemotherapies on the left and VEGF inhibitors, which are still widely used despite their limited benefits. The data that we've presented now from our program, valsilumab and xalifilumab, are based on a large cohort of 55 patients who had a median of 12 months of follow-up. Importantly, all responses were confirmed by an independent radiology review, which is the gold standard for assessing outcomes in cancer. We've summarized our findings in a recent Agenus newsletter, which is available on our website. We have observed 14 objective responses, which include four complete responses and 10 partial responses in these 55 patients evaluated so far. This is a response rate of 26%.

The results that you see on slide eight.

The evolution of cancer therapies for women with cervical cancer.

[noise] starting with chemotherapy is on the left in bed, Jeff inhibitors, which are still widely used despite their limited benefit.

That data that we've presented now from our programs <unk> are based on a large cohort 55 patients who had a median 12 months a follow up.

Importantly, all responses were confirmed by an independent Radiology review, which is a gold standard in assessing outcomes and cancer.

We've summarize our findings in a recent agenda newsletter, which is available on our website.

Notably.

We have observed 14 objective responses.

These include for complete responses and 10 partial responses and these 55 patients evaluated so far.

This is a response rate of 26%.

As a reference Merck was granted accelerated approval for their P.D., one antibody based on 11 responses and 77 patients with their response rate 14%.

Jennifer Buell: As a reference, Merck was granted accelerated approval for their PD-1 antibody based on 11 responses in 77 patients, with a response rate of 14%. As you can see here, our combination has the potential to become the most effective treatment available to patients with metastatic cervical cancer, and a few comments regarding cervical cancer patients and our plans. Cervical cancer is a horrifying disease, particularly for young women who come from economically disadvantaged backgrounds and have limited access to health care. Patients are diagnosed and then treated with toxic chemotherapy, which has many difficult side effects and little clinical benefit.

You can see here our combination has the potential to become the the most effective treatment available to patients with met a static cervical cancer.

And a few comments regarding cervical cancer patients and our plan.

Cervical cancer is horrifying disease, particularly for young women, who come from economically disadvantaged backgrounds and have limited access to healthcare.

Patients are diagnosed and treated with toxic chemotherapy, which has many difficult side effects and little clinical benefit.

Jennifer Buell: Their cancer ultimately progresses with little to no effective treatment options available to them, as you can see here. We're committed to changing this reality. Data from our cervical cancer clinical trials with the Genesis Ballyxalia or PD-1 and CTLA-4 antibodies has shown a near doubling of responses as compared to currently available treatments. And, importantly, most importantly for us, is that these responses are durable.

Their cancer ultimately progressive.

To know effective treatment options available to them as you can see here.

We're committed to changing this reality.

Data from our cervical cancer clinical trials with the Genesis Bally's alley, or a P.D., one and C.P.L.P. four antibody has shown near doubling of responses as compared to currently available treatments.

And importantly, most importantly for US is that these responses are durable. These patients are not converting or progressing once they're responding which is incredibly important to patients and also importantly, we're seeing patients with long term disease stabilization, who later converting to response.

Jennifer Buell: These patients are not converting or progressing once they're responding, which is incredibly important to patients. And also importantly, we're seeing patients with long-term disease stabilization who later convert to response. During our recent year-end call, we mentioned that we received fast-track designation from the FDA for the investigation of valstilumab alone and in combination with zalifilumab in relapsed refractory or metastatic cervical cancer. We plan to submit our BLA filings this year and will continue to keep you informed on our progress.

During our recent year and call we mentioned that we receive fast track designation from the F.D.A. for the investigation about still enough alone and in combination.

<unk> and relapse or factory or met a static cervical cancer, we plan to submit R.B.L.A. filings. This year and will continue to keep you informed our progress.

Jennifer Buell: Now I'm going to wrap up with two very exciting programs. During a recent meeting with clinical experts, they noted that we have the most productive research engine in I.O.

[noise] [noise] now I'm going to wrap up with two very exciting program.

During a recent meeting with clinical experts. They noted that we have the most productive research engine and I.

I agree.

Jennifer Buell: Today I'm joined by two of our lead scientists responsible for our next innovation, expected to enter the clinic very soon. Dr. Dan Chan and Dr. Bourjou Yitz are leading our TIGIT and our INKT programs, respectively. They're joining us here to talk about these programs today. As you know, PIDGET is shaping up as a powerful combination partner with PD-1 antibodies, especially in tumors expressing PIDGET. We've designed two different approaches to optimally target digits.

Today I'm joined by a few of our lead scientist responsible for our next innovation expected to enter the clinic very soon.

Dr down Chan and Doctor <unk> eat are leaving our TIGIT and our I.N.K.T. programs, respectively. Joining us here to talk about these programs today.

As you know TIGIT is shaping up as a powerful combination partner with P.D. went antibodies, especially in tumor expressing ticket.

We've designed to different approaches to opt Emily target digits.

First hour S.D. engineered anti TIGIT antibody has oh perform all tested competitor antibodies.

Birju Yeet: First, our FD-engineered anti-tiget antibody has outperformed all tested competitor antibodies and showed superior T-cell activation when combined with PD-1 or LAG-3 antagonists and our Tidgett bispecific molecule, HM1777, which has demonstrated potent tumor killing as a monotherapy in difficult-to-treat cancers where PD-1 antibodies alone are ineffective. In addition to these two-digit antibodies, we're rapidly advancing our allogeneic cell therapy to the clinic to treat patients with cancer and to treat patients with COVID-19. We expect both INDs to be cleared shortly, and, as a matter of fact, one may clear as early as this week. I note that, like us, the FDA has been working through weekends to process applications, which is very heartening during this health crisis. Brigitte will tell you more about these cells. She's trained in molecular biology and immunology, and she joined us from the Harvard Beth Israel Deaconess Medical Center.

And showed superior to sell activation when combined with P.D., one or like three antagonists.

And ER <unk> by specific molecule H.M., 17, 77, which has demonstrated <unk> into our killing is a motto therapy and difficult to treat cancer is where P.D. one antibodies alone are ineffective.

In addition to these two TIGIT antibodies or rapidly event advancing or allogeneic stuff there would be to the clinic to treat patients with cancer and to treat patients with Kobe 19 [noise].

We expect both I and easy to be cleared shortly and as a matter of fact, one makes clear as early as.

This week.

I know, but like the F.B.I. has been working three weekends to process application, which is very heartening. During this health crisis.

Whereas you will tell you more about these though she's trained and molecular biology, and immunology and she joined from the Harbor Beth Israel Deaconess Medical Center.

As you.

Birju Yeet: Thank you, Garo and Jen. Invariant natural killer T-cells, short for INK T-cells, have several advantages over other allogeneic approaches in development, including, but not limited to, their significant expansion capacity. Their use in an allogeneic setting without requiring genetic manipulation and their ability to suppress graft-versus-closure. I am excited to report that our team filed two INDs to advance our INKT cells to combat cancer and separately COVID-19. INKT cells are a rare population of lymphocytes. And importantly, in late-stage cancer, the frequency and function of INKT cells are highly correlated with overall survival. Unmodified INKTs are a natural component of the innate immune system, and their reduced numbers, or function, is associated with a poor immune response to cancers and poor prognosis in patients with late-stage disease.

Thank you go and Jen.

So in right now it's real good in P. So.

Short for I.M.T.T. cells have several advantages over other l. genetic approaches in development.

Looting, but not limited to their significance expansion capacities.

They're used in an allogeneic studying without requiring genetic manipulation.

And their ability to suppress grass versus <unk>.

I'm excited to report that our team files to I.D.'s advanced R.I.Q.T., so to combat cancer.

And separately Cobas 19.

I do t. cells are rare population of lymphocyte.

And importantly in late stage cancer, the frequency and the function of I.M.K.T.. So it's highly correlated with overall survival.

On modified <unk> or a national components, <unk>, consistent and their reduced numbers or function is associated with poor immune response to cancers and poor prognosis of patience with least page.

You can see on five nine some of the notable advantages of I'm Katie.

Birju Yeet: You can see on slide 9 some of the notable advantages of INK T-cells. So first of all, INKT cells can penetrate into the tissue, giving them a critical advantage to target solar tumors that are not served by approved cell therapy. Secondly... INKT cells can kill cancer without requiring genetic manipulation. So, employing INKTs in an unmodified form, patients can receive the treatment quickly and at a significantly lower cost. And third, INKTs are expected to target SARS-CoV-2 and cells infected with the virus. Additionally, INKK should be agnostic to mutations of the current strain and other coronaviruses. While severe complications of SARS-CoV-2 infection are characterized by a life-threatening respiratory disorder and other organ failure, our allogeneic INKT therapy, Agent 797, is expected to help clear the virus while controlling harmful inflammation caused by the virus.

[noise]. So first of all I.N.G.T. cells can penetrate into tissue, which gives them a critical advantage to target poet tumors that are not <unk> so therapy.

Secondly.

I am T.T. cells can kills capture what type of as far as genetic manipulation.

So important I include tea, and Oh modified form stations can receive the treatment quickly I.

And at a significantly lower costs.

And third I into two are expected to target stores Coke too and so in fact of ours.

[noise] I in Q.T.V. should be Ignostic mutations that the current strain and other current of ours.

While severe complications of Sars cool to infection are characterized by a life threatening respiratory disorder and other organ failure.

Are allogeneic I.T.T. therapy agents 797 is expected to help clear the virus, while controlling harmful inflammation caused by the virus.

Frequently kobe to demonstrate that I'm T.P. <unk> induces a rapid <unk> and enhances immunity to respiratory and others Bash.

Birju Yeet: Preclinical data demonstrate that INKT activation induces a rapid antiviral response and enhances immunity to respiratory and other infections. Also, INKTs have been shown to prevent lung injury in preclinical models by reducing the number of inflammatory cells, dampening exacerbated inflammation, and thus preventing or controlling tissue damage. This may be especially important in COVID-19. Agent 797 could also promote long-term immunity against COVID-19, which would be an important outcome to protect both recovered patients from reinfection and healthy individuals from the disease. So, finally, an important benefit of our allogeneic approach is its scalability. We have demonstrated that INKT cells from a single donor are manufacturable and scalable. Based on our early process development work, we have developed a scalable process designed to manufacture about a thousand doses from a single donor.

[noise] also I include keeps have been shown to prevent lung injury in preclinical model by reducing the number of inflammatory cells deafening axes are made of inflammation and dos preventing or controlling tissue damage.

This may be especially important in corporate nineties.

Agents 797 could also promote long-term immunity against corporate nineties.

Which would be an important outcome to protect both recovered patients for reading section and to protect healthy individuals from the disease.

So finally and important benefit or are Oh, <unk> approach is a scale ability.

We have demonstrated as I include tea, so from a single donor or Manufacturable <unk>.

Just based on our early process development work you have developed a skilled process designed to manufacture about a thousand dollars from a single door.

While our near term clinical trials will help to find the key features of age 797 and cast an infectious.

Birju Yeet: While our near-term clinical trials will help define the key features of AZ-797 in cancer and infectious disease, we are ready to quickly design optimal combinations with our cell therapy and checkpoint antibodies. My colleagues will be presenting data at AAPR on our optimal combinations with key insights into the criticality of these approaches and the significant differentiation that Agenus has in delivering these combinations. Thank you very much, and now I will turn it over to my colleague, John Chong, to discuss our TIGIT program.

We are ready to quickly design optimal combinations with our cell therapies checkpoint 95.

My colleagues will be presenting data and a <unk> or optimal combinations key incisive <unk>. These approaches and significant differentiation, but just had delivering these combination.

Thank you very much and now I will turn it over to my colleague Donald trying to discuss our to program.

<unk> Hello, everyone.

John Chong: Thank you, Birju, and hello everyone. Today, I'm excited to discuss two of our TIGIT antibodies, why they are important, and how we believe they will change the treatment paradigm. And Jen mentioned... Tidgit is shaping up as a powerful combination partner with PD-1 antibodies, especially in tumors expressing Tidget. Our portfolio of PIDGET targeting antibodies includes an FC-enhanced PIDGET monospecific, Agent 1327, and our Tidget bi-specific, Agen 1777. We believe that

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We believe they will change the treatment part.

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John Chong: Both molecules have unique advantages over other PIDGET antibodies that are in clinical development. Since Tidgets may be new to many of you... I will describe what Tidget is, as seen on slide 10. PIDGET is a receptor primarily expressed on T-cells and NK-cells. TIGIT attenuates innate and adaptive immune responses by inhibiting the actions of T-cells and NK-cells. In addition... It increases the immune suppressive activity of regulatory T-cells. PIDGET is overexpressed in multiple tumors and is known to be a key player in driving resistance to anti-PD1. And as a result, tumors grow.

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John Chong: Blocking tiget with antibodies like a monospecific tiget antibody, agent 1327, or a retigid bispecific antibody, agent 1777, unleashes important immune cells such as T cells and NK cells to kill many types of cancer. Agenus was the first to discover and report in cancer cell and at AACR in 2019 that TIGIT antibodies require FC gamma receptor co-engagement to promote optimal T cell activity against tumors. Owertigit, agent 1327, is engineered with this SC enhancement, and has outperformed all tested competitor antibodies, and showed superior T-cell activation when combined with PD-1, or Locks3Antagonist, or OPS40 or We presented this data at AACR 2019.

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John Chong: Ola Tidgett is an ideal combination partner for addressing non-resistance mechanisms to current checkpoint therapy and with the potential to provide a deeper response, in addition to the superior function demonstrated against tested competitors. Our molecule is designed to maximize anti-tumor activity, like the robust activity observed with our FC engineered Agen 1181, which has already shown remarkable activity in early clinical trials. Our preclinical data with our tigets also showed superior tumor killing compared to competitor molecules, as seen on slide 11. Two, be an optimal combination partner for anti-PD-1 antibodies for more potent tumor killing, particularly for tiget-expressing tumors, including non-small-cell lung cancer, and three, expand the population of cancer patients who will benefit from TIGIT by targeting all genetic polymorphic variants of this particular FC receptor. We described this vulnerable population earlier and showed patients with the polymorphism experience benefit from our FC-engineered Agen 1181, including a complete response in patients with this polymorphism.

We have a potential to provide deeper responses.

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John Chong: We are actively advancing IND-enabling activities to bring Agent 1327 to the clinic early next year. Importantly... TGITS has also been implicated as an important target for overcoming resistance to anti-PD-1 therapy. Bispecific tiget antibody, agent 17727, is designed to be used as monotherapy for tumors which are unresponsive to PD-1 antibodies. Agent 1777 is a first-in-class PIDGET5-specific antibody that leverages our internal multi-specific platform to co-target another inhibitor receptor not yet disclosed but also expressed on T-cells and NK-cells. We discovered that co-targeting TIGIT with this undisclosed target using our bispecific approach provides superior immune activation as compared to the combination of monospecific antibodies to the same target. This TIGIT bi-specific approach, when used alone, has potent tumor-killing activity in a colon cancer model where PD-1 monotherapy is ineffective.

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John Chong: Therefore, Agent 1777 could be an important therapy in PD-1 relapse-refractory tumors. While PD-1 and PD-L1 antibodies have been a spectacular commercial success, only a small proportion of patients have had sustainable long-term benefits. Therefore, there is a substantial need for therapies in patients who relapse or do not respond to PD-1 monotherapy. We expect to file an IND on Agent 1777 or TIGIT I-specific by the end of 2020. There is growing conviction that targeting TIGIT will provide a breakthrough in I.O., and we are uniquely positioned with two distinct molecules on track to be launched into clinical development as early as the first half of 2021. Now, I will turn the call over to Christine Klaskin to provide a financial update.

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No I will turn to call over to Christine costume to provide a financial Buffy.

Christine M. Klaskin: Thank you, Don. We ended the first quarter of 2020 with a cash balance of $92 million, as compared to $62 million at December 31, 2019. For the first quarter ending on March 31, 2020, we reported a cash burn from our operations of $32 million. The net loss for the quarter was $45 million, or $0.31 per share, which included non-cash expenses of $16 million. We generated net income for the same period in 2019 of $17 million, or $0.14 per share. In the first quarter of 2019, we recognized revenue of $80 million, which included revenue related to the upfront license fee from our transaction with Gilead, in addition to non-cash royalties earned. For this same period in 2020, we recorded revenue of $15 million, primarily related to non-cash royalties earned. I'll now turn the call back to Garo to close.

Thank you Don.

We ended the first quarter of 2020 with cash balance of $92 million as compared to $62 million at December 31st 2019.

For the first quarter ending March 31st 2020, we recorded a cash burn from our operations $32 million.

Net loss for the quarter with $45 million or 31 cents per share which included non cash expenses.

A million dollars.

Regenerated net income for the same period in 2019 $17 million or 14 cents per share.

And the first quarter of 2019, we recognize revenue of $80 million, which included revenue related to the approach license fee from our transaction with Gilliatt. In addition to non cash royalties earn.

So this same period in 2020, we recorded revenue $15 million, primarily related to noncash royalties earned.

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Garo H. Armen: Thank you, Christine, and thank you very much to the team who explained our current state of affairs and our prospects very well. Today, we are a company of 260 people, but it's not the number that matters.

[noise]. Thank you Kristin and thank you very much the team or explained our current state of affairs run across.

Very well.

Today, we our company or 260%.

But it's about the number that matters we have capabilities.

Garo H. Armen: We have the capability to innovate, to develop, and who manufacture our discoveries. And we're currently building our commercial capabilities to become a fully integrated company. As we have stressed all along, speed and innovation are key in our business, particularly as a business that has very, very exciting prospects going forward. Jen Buell talked about the fact that our external advisors have made comments about the fact that we may be the most innovative, productive company in the field of I.O. Now we can all, of course, do these things because we have end-to-end capabilities from novel target discovery to full GMP manufacturing for antibodies. This has been critical to our productivity. We have brought 14 new discoveries to the clinic and launched six clinical trials, and we are gearing up to file our first BLA in the third quarter of this year. We've developed our clinical operations team and delivered the full target approval of our clinical trials in the last two years. These may sound like trivial to some, but we have delivered 11 GNP manufactured batches for our own trials and partnered programs at our manufacturing site at Agenus West, and the team there have done an absolutely terrific job.

Innovate.

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We have abroad 14, new discoveries to the clinic and launched six clinical trials and we are gearing up to fire our first be away in the third quarter of this year.

We've developed are critical operations game and delivered the food targeted cruel goal of our crinkle trials in the last two years.

And.

These are mark trivial just from but we have delivered 11 G.N.P. manufactured bachelors for our trials.

And partner programs at our manufacturing start it agendas west end the team there have done in absolutely terrific job.

Garo H. Armen: And as we've said before, we're continuing operations with no interruptions. We have a queue of additional batches to manufacture this year. And as Birju said, we have launched a cell therapy company, Agentis, which has designed a very unique allogeneic cell therapy approach with the kind of advantages that we're talking about. For example, for COVID-19, it offers potentially the capability of being an antiviral therapy and an anti-inflammation therapy, all in one. And do this with a single cell source, which means it's an off-the-shelf cell therapy that drives costs down, and most importantly, it drives the speed of patient availability up.

And as we said before or continuum of opera operations with no interruptions, we'd every q. over this year old batteries to read it fractured this year.

And as we drew said, we ever launched as shelter and company.

Janitors, which designed very unique load your name so therapy approach with the kind of event or just or we're talking about for example for corporate 19, it offers potentially the capability or being in N.T. viral therapy for.

<unk> inflammation parakeet all in one.

Do this with a single cell source, which means it sort of off the shelf so therapy <unk> and most importantly, it drives the speed or patient availability.

Now we don't fish, we've also talked about in the past, but to date, we have generated over $540 million or your cash form partnerships collaboration as transactions with multiple pharmaceutical companies.

Garo H. Armen: Now with all this, we've also talked about in the past that, to date, we have generated over 540 million dollars in cash from partnerships, collaborations, and transactions with multiple pharmaceutical companies like Gilead, Merck, GSK, and Insight as well as Eurogen, and all in the last four years plus. And also importantly, we expect additional partnership transactions this year. We are in term sheet discussions with companies already.

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All in the last four years plus.

[noise] at all very importantly, we expect additional partnership transactions this year.

We are in term sheets discussions with companies already.

Garo H. Armen: So, I think... Given the fact that my colleagues have done a terrific job of keeping you abreast of everything that is going on, I will stop here and entertain any questions that you may have.

Oh I think.

Even the fact that my colleagues said about a terrific job, keeping who breast or everything is going God.

I will stop here.

And entertain any question state you man.

We will now be then the question answer session to ask a question you make less than one on your telephone keypad. If you are using a speaker phone. Please pick up your hands that before I think <unk>.

Operator: We will now begin the question and answer session. To ask a question, you may press star, then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster. Your first question comes from Matthew Phipps on behalf of William Blair. Please go ahead.

Withdraw your question. Please stop stop then too.

At this time filled pause momentarily to assemble ever so.

Okay.

Yes, that's the question comes from.

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Hunter: Hi, this is Hunter on behalf of Matt. Just a couple of quick questions. I was wondering if you could provide some color on the unmentioned part of the TIGIT bi-specific. I know you didn't mention specifically what the other part was, but maybe some mechanism that you're targeting there. And then just to follow up, I think previously you had mentioned that with the lowest dose of 1181, you had a pending response. And I was just wondering if that was still pending or if it was a confirmed non-response. Thank you.

Hi, This is hunter on for about just a couple of quick questions. I was wondering if you could provide.

Some color on the on mentioned.

Part of the digit by specific I don't know you you mentioned specifically what the other part was but maybe sort of the mechanism that you're targeting there and then just to follow up I think previously you mentioned that with the lowest stones of 11 81, you had a pending response.

That was so pen names or confirm now in response. Thank you.

Garo H. Armen: So let me just make a general comment and then I'll turn it over to Dan and then to Jen to address the 1181 question. But, as some of you may know, we have a very sophisticated competitive intelligence capability at Agenus. And this has been a critical component of our decision making, our strategy that drives from the research strategy onwards. So, I had mentioned that we've been working on TIGIT for quite some time. But all along, we have evaluated what is happening with competitors out there in the tiget field and what it is that we can add incrementally or leapfrog the other programs so that we come up with an advantage with a product that offers advantages to our company, of course, but also importantly, advantages to the patients. And our tiget programs are specifically designed to address what is needed, and what are the advantages we can provide. So Dan will answer your question more specifically, Matt. Thank you.

So let me just make a general comment and then I'll turn it over to done and then through Jan to address me wherever it may be one question, but are as some over your main no. We have a very sophisticated competitive intelligence capability and address and this has been a.

Critical component over our decision, making our strategy that drives from research strategy outwards. So I had mentioned that we've been working on <unk> Heights Hi.

All along we have evaluated what is happening with competitors out very that pigeon field and why is it that we can add incrementally or leap frog. The other programs. So that we come up with an advantage with our product.

That offers advantages to our company of course, but also importantly advantages to patients.

Oh good good programs are specifically designed to address what is needed what are the advantages for sure and provide so battle as hold your question more specific.

Dan Chan: Thank you for the question. The second target in our bi-specific, which we have not yet disclosed, is a first-in-class target that is expressed on T-cells and NK-cells. What we have discovered is that the best way to target the first-in-class unidentified, which we have not yet disclosed, is to do so in the form of a bi-specific that includes fidgets. Overall, what we have discovered is that when we co-target TIGIT and this yet-to-be-identified receptor, we see superior activity as compared to that of model-specific approaches to each of these targets. I would like to emphasize that the second target, which we have not yet disclosed, is a first-in-class target.

For the question.

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The first time across target started to express on T. cells and Cuso's.

What we have discovered.

The best way to target the first in class on identifying which we have volume. So pardon is to do so in the form of a buys specific but includes pitcher.

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We see superior activity as compared to that of Mona specific approaches to each of these targets.

I would like to emphasize the second it's harder.

Which we have not yet disclosed as a first in class targets.

Dan Chan: Thanks, Dan, and thanks, Hunter. Regarding 1181, we presented data on two different patients. Both of the responses were confirmed by independent radiology review.

Things things stand and things on there regarding 11 81, we've presented Dana on two different patients and both of their responses have been confirmed by independent Radiology review.

It also I might have said they had been continuing injured yeah, one of the <unk> therapy for everybody.

Jennifer Buell: And also, I might add, they have been continuing. I think one of the hallmarks of immunotherapy for everybody is the benefit of having responses last for a long time or convert to a curative outcome. And I think everything that we're seeing from our first generation products, Bally and Zally, to our second generation products so far, 1181, is indicative of lasting responses that may convert to a curative outcome. Next question, please.

The the benefit of having responses last for a long time or convert to curators outcome.

And I think everything that we're seeing from our first generation products ballerinas hours.

Who are second generation products. So far 11 81 are indicate to all lasting responses that made convert into curator outgrow.

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So you're next question comes from Matt Damon.

Operator: Your next question comes from Mayank Mamtani. Just one moment while I open your line. If your line is not live, please go ahead.

Oh neat.

A minute my opinion mine.

Your line isn't alive. Please go ahead [noise].

Mayank Mamtani: Thanks for taking my question. Congratulations, team, on the progress. And I appreciate the effort you're putting in on COVID-19. Just quickly on Zali Valley, on the BLA filings: could you just remind us? It seems like the clinical section is full. Like, are you just working on the non-clinical side? Like, what are some of the other things you have to do if there's an FDA meeting before you're able to submit the BLA? Could you just remind us of the process?

Eggs would take my question <unk> and I appreciate the if what you're putting it on covered 19, you just quickly <unk> on the B. I live filings could you just remind does it seems like the clinic go section is is for like are you just working on the Nonclinical unsafe Lake.

Some of the other thing do you have to do it does at the meeting before.

The B.L.A. produced remind us on the process.

Jennifer Buell: Sure, thanks very much Mayank for the question; nice to hear from you. Regarding the process, we're pursuing rolling submissions, which include meeting with the FDA to discuss different components of the filing. And what I'll share with you is that for elements like our manufacturing components, the quality, the agency has remarked on the quality of our manufacturing and the completeness of our prior interactions with them for INDs and otherwise. We have already engaged and discussed and are very confident in the completeness of a number of the modules, including manufacturing.

Sure I think very much my on for the question nice to hear you.

Regarding the process, so we're pursuing rolling submissions and which which and include.

Meeting with the F.D.A. to discuss different components of the filings and what I'll share with you is that for elements like our manufacturing components that quality. The the agency has remarked on the quality of our manufacturing in the completeness of our <unk>, our our prior interactions with them for I. Indeed.

Otherwise.

We have already engaged in disgust and are very confident and the completeness of a number of the modules, including manufacturing on a clinical side were continuing to collect data we've completed a cruel and as you know patients with refractory cervical cancer.

Jennifer Buell: On the clinical side, we're continuing to collect data. We've completed accrual. And as you know, patients with refractory cervical cancer, if they are to progress, they do so in a relatively short amount of time. So we'll have a good sense of our complete cohort very actively, and we're in the process of analyzing the data and readiness for the submission. So the interactions, we've had a series of interactions with the agency because we accelerated this program from a first in man study rapidly to a phase two expansion in refractory cervical cancer, at which point we met with the agency, and we discussed our strategy and our trial design. And now it's a matter of continuing to engage them to provide updates on each of our molecules, our pharmacology and non-clinical, our manufacturing, and And some of which have been completed, and, of course, a couple of which are continuing to proceed until our filing date. And, as Garo mentioned, we'll be filing in the second half of this year.

If they are to progress they do so in relatively short amount of time. So we'll have a good sense of our complete cohorts very actively and we're in the process of analyzing the data and readiness for the submission.

So that so the interactions we've had a series of interactions with the agency because we accelerated this program from first and man study rapidly to a phase two expansion in my factory cervical cancer at which point, we met with the agency and we discussed our our strategy and our child design and now it's.

Matter of continuing to engage them to provide updates on each of our mileage molecules are pharmacology and nonclinical, our manufacturing and clinical.

And and those that have some of which have been completed and of course, a couple of which are continuing to to proceed until our filing date and this girl mentioned will be filing in the second half this year.

Great and then 11181 about it'd be nice an advisory Board meeting you huh.

Mayank Mamtani: Great. And then on 1181, about the recent advisory board meeting you had, could you just talk maybe qualitatively about the stable disease that you're seeing? Are those in lung and colon cancers, and that is informing sort of your next choice to go into these bigger indications?

Could you just dog, maybe quality delete the seafood disease that you see <unk> <unk> colon cancers that that is in farming sort of your next choice to go into these these bigger indications any color they would be great [noise].

Mayank Mamtani: Any color there would be great.

Jennifer Buell: So Mayank, I'll be thoughtful about my response here because we are anticipating some upcoming data presentations at major medical conferences. So what I will share with you are some of the results of this solid tumor study. And we have represented cancers that we've discussed with the advisory board, and you see on the slides I presented today, including lung and melanoma enrolled in the trial. And we've seen activity beyond those indications as well, including other gynecologic cancers like ovarian, for example. In an important case that will be described in much more detail soon, is a gynecologic case with very long and durable disease stabilization for nearly a year, which is incredibly unusual for this highly refractory case. So this is disease stabilization that has not yet met the RISIS criteria for a response but looks really quite active. We're seeing some similar trends in other tumor types, disease stabilization in the majority of patients treated. And so you know, I'll leave it at that so that we don't restrict ourselves to what we can present at some upcoming conferences.

<unk> I'll be thoughtful about my response here because we are anticipating some upcoming data presentations that major medical conferences.

So what I will share with you our <unk>. This is a solid tumors studying and we have represented cancers that we've discussed with the advisory Board and you see on the size I presented today, including lung and melanoma enrolled in the trial and we've seen activity beyond those indications as well including.

They're gynecologic cancers like Oh Marianne for example.

In an important case that will be described in much more details soon.

Gynecologic case, with very long and terrible disease stabilization, you know nearly a year, which is incredibly unusual or this highly refractory case. So this is disease stabilization that has not yet.

<unk> the recess criterion for response.

About looks really quite active we're seeing some similar trends and other team right tight disease stabilization and the majority of patients treated and so you can you know I'll I'll leave it at that so that we don't restrict ourselves to what we can presented some upcoming conferences.

And I understand and appreciate that quite a date of color and and maybe this one frame and one on the <unk> 19 efforts you have <unk> and it seems like you in the meeting I.N.D., except in so in any color and how you're thinking to develop a end widen species, if you see decide to partner.

Mayank Mamtani: And I understand and appreciate the qualitative color. And maybe just one final one on the COVID-19 efforts you have. I mean, it seems like you're nearing IND acceptance. So any color on how you're thinking to develop and what institutions you may decide to partner with. Obviously, there are certain hotspots that could benefit from having a trial like this. So any color there.

Oh this either certain hard hot spots that is that good benefit from having a dry like this so at any color dead.

Mayank Mamtani: Well, I think, Mayank, we need to first get signals from the clinic, and the objective of our first trial now is to look at a whole bunch of blood markers in these patients and see how they respond to therapy in a dose-escalation study. And so bear with us; I think it's premature for us to really determine what the next steps are going to be beyond this exploratory clinical trial.

Well I think <unk>, we need to first good signals from the clinic.

The objective over first.

Trial now is to see to look at a whole bunch of blood markers for these patients and she how they respond to therapy in adore <unk> study and so bear with US I think it's premature for us to really determine what the next steps are going to leave.

Beyond the this exploratory clinical trial.

Mayank Mamtani: Oh, so to clarify, these are going to be non-severe COVID-19 patients initially.

Oh, so gratified these are going to be non severe goodnight.

Initially patients.

Jennifer Buell: So, Mayank, first on the hotspots, yes, we'll be, the cells will be in the New York population. We have collaborators and important New York hospitals who have been at the front line of this. The cells, which we will be exploring, because the cells can mitigate the virus and also dampen harmful inflammation, which in some cases patients experience after viral clearance. So, there are two very important features. We will first explore the cells in a more severe setting. We will evaluate the persistence of the cells, of course, the activity of the cells in viral clearance, as well as in dampening harmful cytotoxic release syndrome (CRS).

So my acts first on a hot spots, yes, we'll be <unk> the cells will be in the New York population, we have collaborators and pour in New York Hospital two up in front line of this the salads, we will be exploring because the cells can mitigate the virus and also damp.

Harmful and from inflammation, which in some cases patients experience after viral clearance. So there are two very important features we will first explore the salads and I'm more severe setting we will evaluate the the persistence of the cells of course the.

Activity of the cells enviro clearance as well as in dampening harmful side of toxic I believe syndrome Sierra.

Okay great.

Mayank Mamtani: Okay, great. And just one last thing on financials. I believe there were two different tranches of milestones you were anticipating, one Shingrix related and one progression of, I think, some pipeline molecules with Gilead. So, in your revised guidance, give any color on what you are seeing that might be at risk for the remainder of the year, Garo.

And and just <unk> last pinned on site on Jones.

Ooh different branches of milestones.

Shingrix related and watch congressional I <unk> I blame molecules with go yet so <unk> guidance any color on what <unk>, what you I see that might be addressed.

Ended up again, yeah, okay. So.

Garo H. Armen: Okay, so, as I mentioned, we have received the first tranche of the GSK-Shingrick royalty milestone, so that's behind us, that's $15 million. There was a second tranche potentially due in the second half of this year, but given the guidance provided by GSK, which suggested a significant downtick in Shingrick's revenues going forward, it's unlikely that we will meet the revenue milestone which would have driven the second payment for So that's one.

As I mentioned, we have received the first time or the <unk> royalty milestone. So that's behind US that's $15 million. There was her second time, okay actually doing the second half of this year, but given the guidance provided by G.S.K., which says.

<unk> significant down trick and Shingrix revenues are going forward, it's a likely that we will meet the revenue miles from which would have driven.

And payment for us. So that's one no. Additionally, there are true said, so mild strong payments that we work contemplating from two separate companies.

Garo H. Armen: Now, additionally, there are two sets of milestone payments that we were contemplating from two separate companies. And what we've done is take a more conservative posture and say we have no control over the timing of the clinical trials associated with either one of these situations. So we're planning for no milestones. But that doesn't mean we're not going to get them. It just means that we want to be conservative and plan for no additional milestones for the balance of the year so that we can prudently manage our finances. And, as I had mentioned, we have initiated $50 million or so in annualized savings, which are already in place, I might add. And that will, of course, give us a little bit more comfort. And then, in terms of new potential collaborations, we are in term sheet discussions with two separate parties, and I expect that that will result in upfront cash payments that will help us manage our cash for the balance of the year and into next year.

And what we've done is heavier more conservitard posture and say we have no control over the timing all of the clinical trials associated with either one of these situations sure. We're planning for no milestones that doesn't mean, we're not going to get them.

It just means that we want to be conservative and plan for no additional milestones for the balance over here, so that weekend prudently manage our finances and and as I had mentioned, we have initiated $50 million Russell.

I knew our savings which are already in place.

AD and that will have bars give us a little bit more comfort and and then and then in terms of new potential collaboration.

We are in terms she'd discussions with two separate parties.

And I expect that that will result, and upfront cash payments that will help us manage our cash for the balance or the here and into next year.

Appreciate the go there and looks like it would be a <unk>. Thank you.

Thank you very much.

Garo H. Armen: Appreciate the color and it looks like it will be a wash. Thank you.

Any other questions.

Okay.

Conclusions are hold and I may want to turn this over to see Oh, well doors fell her job of concluding remarks.

Mayank Mamtani: Thank you very much. Any other questions? Okay.

[noise] Dan would your end the conference.

Thank you the conference has not concluded. Thank you for attending today's presentation, you may not just kidding.

Operator: Thank you. Dan, would you end the conference?

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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Operator: The Ultimate Parody Site!

Yeah.

Yeah.

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