Q1 2020 Earnings Call
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Ladies and gentlemen, this the operator today's conference is scheduled to begin momentarily until that time, you all lines will again be placed on home. Thank you for your patience.
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Okay.
Good afternoon, My name is rich and I will be a conference hopefully to be.
Kind of would like to welcome everyone to the spectrum Pharmaceuticals first quarter 2020 screens call.
All lines have been please UN mute to prevent any background noise.
After the speaker's remarks, there will be a question answer session.
People would like to ask a question. During this time seem to be press bar and that the number one on like telephone keypad.
He would like to withdraw your question press the pound Keith.
You know, how Nicole we <unk> Robert Jewel Walmart last week I see our Robert you May begin your conference.
Thank you rich and good afternoon, everyone.
Thank you for joining us today for spectrum Pharmaceuticals first quarter 2020 financial results Conference call. Our first quarter financial results press release was sent out earlier. This afternoon and is available on our website at www Dot S.P.P.I. Rx Dot com.
Joining me on the call today from spectrum Pharmaceuticals will be Joe Turgeon, President and CEO, Kurt Gustafson, Chief Financial Officer, and Dr., Francois Labelle, Chief Medical Officer.
Before we get started I would like to reference the notice regarding forward looking statements included in todays press release. This notice emphasizes the major uncertainties and risks inherent in the forward looking statements that we will make this afternoon.
These statements are not guarantees of future performance and undue reliance should not be placed on them.
Such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements with that.
Let me hand, the call over to Joe Turgeon CEO of spectrum.
Thank you Robert and good afternoon. Thank you for joining the call today.
Hey, before I begin I'd like to thank all of the healthcare workers across America for their hard work dedication and braeburn bravery and battling this pandemic head on their truly acting like heroes and these are really unprecedented times.
Nike Inc. and data can put the entire biotech industry into unknown and unpredictable territory.
Spectrum is no different but having said that we've made changes to our business processes to adapt to this new situation and have made significant progress thus far in 2020.
The progress will discuss today really speaks to the innovative in small company spirit that our employee embrace and take extreme pricing.
It also speaks to the strong investigator interest in our pipeline as we aspire to bring new solutions to cancer patients.
Now we partnered with our clinical trial trial sites as they navigate this pandemic and have advanced our pipeline.
We continue to enroll patients and study as evidenced by the completion of their role than a cohort three and it's either 20 clinical trial.
This cohort study in the frontline patients with exon 20, it certainly mutations in lung cancer.
Additionally, we've been able to dose the first patient in the same day dosing study for real Lantis.
If successful this study may provide important insight regarding the timing of drug administration in the long acting GCSF therapeutic category Bottomline.
We're not immune to the effects of the pandemic flu or finding creative and innovative ways to continue to move our company and our programs for.
So now let me turn different brief updates on these programs.
Well office did our late stage drug product candidate. That's currently under active review at the FDA for the treatment of chemotherapy induced neutropenia with it but do for date of October 24 2020.
If approved for a lot this could be the first novel granular site colony stimulating factor available the health care providers in over 15 years.
Our launch preparations for a lot this are actively underway.
As the PDUFA date approaches.
We have already put key leadership personnel in place and will accelerate our commercial build out as we approach to launch date.
We're plenty of launch with a lean in effective commercial infrastructure to maximize the impact of Rwanda.
We're closely monitoring the evolving market dynamics and believe that launching this novel offset well benefit patients.
Our customers.
And our shareholders.
We're looking forward to its potential approval and to competing in this multibillion dollar growth factor market.
Well he added our second late stage clinical asset targets hard to treat genetic mutations in lung cancer.
We are conducting that its 20 clinical trial in this patient pot.
Which currently has no approved therapy.
Following the presentation of our cohort one results at the virtual AC are beating last week.
We we outlined our strategy for the program.
This strategy is simple we.
We need to determine if optimization dose it allows patients to stay on drug longer without interruption and increased responses.
Our strategy incorporates an efficient study design that will enable us to quickly determine if the adjustments, we're making a lot of positive impact on patient outcomes.
After a French while we'll go into the more details and this and just a few minutes.
We continue to drive the development of our too late stage assets and the pursuit of new business development opportunities that will complement our pipeline and our capabilities.
As I look ahead, I believe we are well positioned to execute our goals.
We've got a resilient team and that continues to drive our business forward.
Strong financial position and an exciting pipeline and with that I'd like to turn the call over to hurt to review the financials Kurt.
Thanks, Joe.
Our eschewing expense for the first quarter of 2020 was 14.8 million versus 16 million in the previous year.
R&D expense was 16 million versus 21.9 billion.
The decrease in R&D expense relates primarily to purchases of real lattus drug substance in the prior year period, which did not repeat in this quarter.
Other income expense was a loss of 9.8 million versus a loss of 10.2 million in the prior year quarter.
The loss in both periods was primarily related to changes in the market value of our coffee securities.
Our net loss for the quarter from continuing operations was 40.6 million versus 39.8 million in the comparable period in 2019.
On a non-GAAP basis, which primarily backs out stock compensation costs, our loss for the quarter was 25 million versus 29.2 million in the prior year period.
We ended the quarter with 178 million in cash plus marketable securities.
You were all change in cash was 46 million. However, 11 million of this change was the result of a decrease in the value of our coffee holdings, which declined to 20 million compared to 31 million at the beginning of the quarter due to the increased market volatility we've seen.
Operating cash burn, which is a better measure of our actual cash outflow was $33 million for the first quarter.
This is consistent with where we have been the last few quarters.
Joe mentioned our strategy proposed the net.
We have taken a hard look at our spend for this program and as we said the focus of this approach is to determine whether the new dosing for cohort five an increase tolerability enough improve efficacy.
We have rationalized spending on this program to make sure any expenditure serves the goal of achieving a timely decision on this program.
With that let me now hand, the call over to Francoise to cover update on our clinical programs.
Thanks, Gary Hello, everyone.
Going to start by providing a brief updates regarding our late stage assets Relaunches, which is under active review by the FDA.
Relaunched this is a novel long acting granulocyte colony stimulating factor and we are seeking an indication for the treatment of neutropenia in patients receiving myelosuppressive cancer chemotherapy.
We're having a typical <unk> typical interaction with the FDA as their review or file and our PDUFA date remains October 24th of this year.
The delay is based on robust clinical data from two yards pivotal randomized controlled trials in both studies relaunch. This meant the pre specified endpoint of Noninferiority in duration of severe neutropenia and met all of the SEC.
In dairy endpoints the safety profile was similar to peg filgrastim.
Our clinical investigation overall lantis is continuing.
Last week, we announced dosing of the first patient in a clinical trial to evaluate relaunches when administered on the same day as chemotherapy.
The trial, we'll look at the duration of severe neutropenia Winrho laws. This is administered at three different time points. Following standard chemotherapy in patients with early stage breast cancer.
Approximately 45 station will be enrolled in this phase one open label trial with equal randomization two to three dosing time points.
The novel structure as well as positive preclinical data provide us an important unity.
To further explore the pharmacodynamic properties overall lantis administered the same day as chemotherapy in cancer patient.
This study will allow us to sign typically reexamine the way neutropenia is manage inpatient will receive myelosuppressive chemotherapy.
Same day dosing could enhance compliance and minimize a patient treatment treatment burden by simplifying logistics.
We will be presenting an abstract highlighting our preclinical data on same day dosing you know rodent model.
D.A.C., our virtual annual meeting next month, we will update you on the logistic of the presentation as we get closer to the date.
Now, let me shift scared to push the offer them.
We are conducting these dizziness 20 clinical trial to end vis investigate pull Johnson and for the treatment of Exxon 20 insertion mutation in non small cell lung cancer exon 20 mutations are among the most difficult to treat and the pace.
Since then their physicians are in search of effective treatment options as there are no approved therapies for this indication.
Zenith 20 is a multicenter multi core trial evaluating lung cancer patients with these specifics mutation.
Last week, we presented results from cohorts, one and D E eight A.C., our virtual annual meeting.
Following that meeting we announced some changes to our strategy on seen its 20 study.
These change are the result of our further understanding of pose these data from cohort one.
As stated before when you look at the waterfall plot showing responses there is undeniable undeniable activities, even though.
We did not to reach our primary endpoint.
We now believe that the 60 milligram once daily dose might have been two wise to administer all at once and led to frequent dose interruptions and dose reductions.
88% of patients as some sort of dose interruptions from therapy.
Which would believe prevented the drug from demonstrating its full potential.
Act life of the afterlife oppose the alternative is approximately eight hours as we described in our discussion last week.
Typically when you have a half life of less than 12 hours. The drug is generally administered.
Two to three times per day.
As a result, we have amended the Zeena 20 protocol to include various new dosing schedule. This amendment will impact towards four through seven.
As a reminder, core to one through three are fully enroll.
Of course for six cents seven new patients coming into this study will receive eight milligram being I'd dosing.
Core five new patients entering the trial will be randomize to 10 milligrams once a day or two six or eight milligram be I'd.
And the additional learning from our analysis of cohorts one was that some sites supported their patient more successfully.
With early or use of steroids and we have implemented this change into the amended protocol.
One of the concerns about using a lower dose is loss of efficacy. Let me remind you that at eight milligram B.I.D., we're actually using the same daily dose. However, our pharmacokinetic modeling suggests that.
This dose paradigm will deliver a better PK profile.
The idea dosing should allow us to achieve both of our goals reducing treatment related adverse events that are frequently.
Function of Cmax, while not losing anti tumor pressure at trough level by staying above the critical I see 50 value.
We are planning to release the results for cohort two midyear, which results for quarter three during the second half of the year.
Rapid enrollment in our be I'd cohorts is a key priority for the company.
The challenges of the current pandemic make it difficult for me to give you an exact timeline for core five data readout. However, our investigators are motivated and the team is focused to act with urgency despite the challenge.
Oh quoted 19 pandemic.
Finally, we have recently completed additional analysis of cohorts one data we will have an oral poster presentation at the upcoming virtual ASCO meeting in late May the presentation will cover activity and durability.
Responses in various subgroups of course, one in previously treated EG fr Exxon 20, non small cell lung cancer patients.
Now I'll turn it back to Joe.
Thank you Dr. francoise, Thank you Kirk.
I think you can see for Dr. fresh was remarks that section continues to make progress pipeline.
I'd like to thank our team for their hard work and dedication and meet the needs very difficult time.
With that operator, let's open the lines for questions.
Thank you so much always at this time I would like to remind everyone in or are you asked a question. Please press star then the number one on the telephone keypad once again that star one from the telephone keypad.
Well just lost for just a moment to compile the Kenya roster.
Okay, So I'm seeing more we wake Ross.
Your line is now.
Hi, This is Kevin strain for Morry I just wanted to ask for the recently initiated trial looking at same day administration with chemotherapy can you elaborate on what on when you might get results and what expectations you might have around the data.
And then also could you see that data getting added to the marketing label at the time of approval.
Yeah first let me describe what it is just as the case, Kevin and thanks for thanks for the question and I've Dr. press, while I talked to the clinical aspects around it or what it means but first of all what this means that same day dosing to make sure everyone understands is that currently today when you.
When you get your Myelosuppressive chemotherapy you get your chemo you actually have to go home and come back. The next day to get your here, Rob Gcs have to get your protection.
Or you have to have a device put on you would something like a lot of people don't like for many many regions. So thats the current situation and in the past the innovative product.
Did try a trial that fail to try and do this because doctors nurses who actually.
Use the product with the patients and also the patients would really benefit right. After the chemo within an hour to you could give that shot you would be fantastic I.
I really were really really change the way the way what you could do with these patients. So that's what's trying to be done it hasn't worked in the past we have a different novel molecule.
So that's what's important.
Why this would be important and Dr. press why why don't you walked through the other parts of the questioned on the timing and the potential for label.
Sure. Thank you Joe So, yes, I think the important aspect Kevin Irrs that the this molecule real onto this is novel. So this is not a bio similar and when do you actually look at the product characteristic with our which are somewhat unique here we have did.
Fred potency, we have more bone marrow resident time, the asset life is different so all of those characteristics.
Taken with some of the preclinical data that we've already generated and as I indicated in my remarks.
You know, we're going to presented some data on road and then and they see are all of this makes us believe that Dick the behavior of this molecule could be different and allow us.
This time to potentially provide the drug at the same time or just after the chemotherapy during the same medical visit.
As to your question as to the original label the original label into being delayed currently will not have this particular a characteristic included in the BLE, but we're planning ahead right. We are we have really a stated that the PDUFA date this still.
Fan and more preparing if you want for the next wave of things in development for relaunched this I hope that answers your question.
Yes that was great. Thank you and then from my last question I was wondering for the scene is cohort three if you could provide any perspective into whether those now youve healthier patients are staying on treatment longer and maybe getting your dose reductions at the standard.
60 milligram dose then cohort one.
Yeah. So it's a good question. So I I think you're you're right on air patient a wide treatment naive like we have in quarter three and four.
Are you know one would expect that they would be able to a there in much better condition. They have not their bone marrow I've not beaten up with the rounds of chemotherapy or some other therapy like the checkpoint inhibitor, where they might have bad.
Pneumonitis or are there complication. So one would expect that they would be more tolerant of adverse event potentially but we don't know yet and we are now guiding.
We're going to look at the data later and because we also want to have duration.
Duration of response.
And we have guided that for core to three will be in the.
Second half of the year.
Great. Thank you.
Thanks, Kevin.
Okay. Thank you so much and then we now have the second question. It's from the line of Ed Light add your line is now open.
Okay.
Eric Thanks.
Hey, Joe how are you.
Oh, Thanks, So just could.
Just a couple of questions.
Well for five.
With the new dosing strategy has the first patients enrolled yet.
So we just opened the you know cord five the amendment was accepted by the FDA anymore deploying a at various sites. Currently so we have not made any announcement about the enrollment status at this point.
Okay, Thank francoise and trip on cool.
I guess my cohort to.
From a you that perspective this market has been consistent at a at a million.
Units.
I think in pricing, we have seen the really rational pricing by the bio similar <unk> and I think.
That ultimately speaks to this market Stang is a robust market today, it's about $3 billion and what's happening is the S.P., they're actually compressing between bio similars as well as the innovator and then ultimately creates a really competitive space, which is our sweet spot.
And I think the third one to share on what do you believe you can achieve and we are just thrilled to get into this market, whether it be virtual or live at the point.
[laughter] watch, but we will be ready and we're thrilled to have an opportunity to compete.
Thanks, Yeah, and and just one last question on that are you all.
Bar and supply go to the pandemic affected by it all.
Yeah. So it's a great question. We you know we we manufacture the drug substance in Korea that the manufacturing today is ongoing Korea's actually ahead of the United States, but yeah, you're hurting Kurtz prepared remarks, we had purchased inventory I wish I could tell you we had some crystal ball, but we didn't but for two.
<unk>, we do have launched supply stateside and we believe will be ready to go pending that approval.
Right right good luck with the lunch.
Huh.
Thank you it.
Oh I. Thank you so much and one last question from the line of Michael's.
My call your lines No man.
Hey, Mike.
Hey, guys Charles doing from Michael Schmidt, Thanks for taking my question and congratulate a quarter.
I do have a question on the the losses commercialization and pricing contracting dynamics given that you know like contracts in this market place tend to I guess.
The most value that potentially in d. commercially insurance segments of these populate <unk>, how do you think about the potential impact.
That's a whole big shifting you know the pay or mix of these p. patients potentially from commercial to Medicaid you know in in how that fits into your assumptions in how you make approach the commercialization of March.
Hey, Charles Thanks for the question, it's Tom again, I think we're going to keep a close eye on that I think the segment of business in how it [laughter].
[laughter] something that we will need to be prepared for if I just give you a little bit of color on how the market is evolving today you know, they're the compression at the lines of their p. between the end of air in the bio similar and not all.
Let me is through C.M.S. as the basis of the Medicare population, but I think.
But we are really enthusiastic about is having the ability to provide predictable contracting value to our customers whether it be a third party payer a community colleges the government, where a hospital as a novel entropy, we will have that ability unique.
We can do that and if the if the dynamics of patients shift from one segment of the <unk>. We will have a strategy to address each of those segments and we will just keep a close eye on how that shifts and went on ultimately we need to do is that going forward plan only launch.
Hey, Charlie Joe I'm, I'm going to add one thing and talked spot on you know when you think about cold dead first of all many cancer centers are not.
In hospitals, some are but many are not which is a good thing because they're they're not treating covet, but for those patients should watch and wait a day I think it will be even more important to doctors with go back to say, let's say.
I'm going to give you a mouse oppressive agent the last like I want you with Jimmy and all compromising going to a hospital with this going on I think the white blood cell factor.
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Alright, So we have no. Another question from George journeys <unk> your lines no pen.
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Could you give us your point of view on that.
That's the first one why don't you give your opinion there.
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Type each yeah as far and there's something we called selectivity, which is the ratio of on much show the ambition that they can these drug couldn't afford or <unk>.
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The mutated E.G.F. far so the Kato as you as stated as presented in the past ER in certain cell line that they were showing that they might be a little more selective however, when work done and M.D. Anderson.
And on the E.R. code developer Oh, we got different resolved in other words, we don't see as clearly that one drug is more selective than d. under so that's in vitro would sell wine.
What what really matters as I'm sure. You can appreciate is what are we going to be the result in the clinic and we have results for cohorts, one we demonstrated activity their undeniable activity.
However, it was not as I as we wanted but we have other courts as you well know and dee poured one or not necessarily predict above the outcome <unk> 234 and for that matter and.
[laughter] five when we're going to change the dosing and the you know that one sitting versus B.I.D. So you know there's no question. The candle looks like they have some interesting result, and we'll have to see as the you know the the data.
Thin and we'll see if so it may end up that the you know to drug.
Move forward near it it could happen and a you'd get the thing you got to remember his dad pose yonathan. If right now we have dose more than I <unk> patient and different doses schedule. The gain is not as advanced as way. So you know over time.
Near we might uncovered that there are different adverse events that are uncovered and we're pretty confident right now we understand quite well.
The rest decide effect profile, a posey, we understand and we believe on the basis of the data in modeling we've done that we could to mitigate the amount of adverse events, we see <unk> and we're anxious to see the result of poured five one we give the drew out to be.
<unk>, So I guess in the short answer is stay tuned.
A animal see a you know with more data <unk>, which drug is Ah you know, we'll come to market first then which one is more promising.
Great.
I I have one were quick question if possible.
Sure Hello, yes, great so regarding responses.
There's a lemon [laughter] don't know much buffets three.
Oh trials, but it seems to me the little reached I've done that they're pretty good.
Good size both of them.
To give you the short question what do you think the chances are.
Of these two or three street.
Clinical trials be accepted by the F.D.A.
Yeah first of all for a layman, let me tell Ya, Georgia thinking watches that you're you're asking good questions. What I can talk for automating bumps on [laughter] corporate.
[laughter] [laughter] appreciate that.
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I appreciate that to that.
Find a good question.
The two trials, we have number one there were there over 600 patient 643 pages as I recall, two faced right under an S.B.A., which is what you say Hey, special protocol assessment, what that means George's that we worked with the agency the F.D.A. to develop the actual protocol, which they agree we were in tandem.
With them and they agreed with the protocol. If you have seen the data on both Shepherd phase three or in a in a in a presentation combining the two tribes together the results for outstanding we hit all our primary and secondary endpoints.
You you actually.
What's called the Noninferiority trial in other words, all we had to demonstrate is we were.
Not inferior Judy their standard of care, which is to drug it's on the market.
And we certainly get that you can argue in in a in the first cycle. We actually showed some superiority, although it's a noninferiority trial. So we've got really good about.
The data that we've submitted all I can tell you, which underactive <unk> as we speak to put do for date, which means to date, Yeah. I've approval is October 24th.
That's still stands despite the pandemic at the where on active review an active work with the agency. So we're hoping that that we can get an approval this year.
Oh, Great I hope that's the case for everybody involved.
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I know counts for nothing simple, even the weights administered B.C. any like difficulties, how it could be them in the third or hospitals <unk>.
Adopting your for any reason.
Oh, Tom why don't you take that that's right near out.
Hey, George from administration, it's actually call.
It's a subcue injection so all the products in the space are administered the same way I think nurses as nurses Nurses' day was yesterday and nursing month, they aren't invaluable part of the H.C.P. team and they largely duty administration. So I see no barrier with a administered.
<unk> rwanda's or any of the products in this category for that matter.
<unk>, that's the case, yes.
I'll add one other thing I just watch you know the same gauge needle, which means the size of the needle.
<unk>.
Existing products the size of the the violent or or are they the amount of solution you're actually injecting is the exact same. So there's no difference there sometimes if you have a larger gauge natal or if you have more solution being pushed and you can have more injection site reaction patients and nurses and health care providers wouldn't like.
But we have the same gauge needle in the same amount of solution going in and although it's about only half the dos.
Of the current products because it anything novel in different products. So so we're excited to go compete therein.
Yeah crack at it.
Listen the good luck I know opposing things and work out the initially but what I understand. This this is your specialty you <unk> you launch them last though.
So I think.
Wow things are looking good.
Well, yeah. It a lot of Alan Yes. This is a market that several of US here no inside out <unk>, there's no one better better than him to to lead this parade and I'll be involved myself. So we're looking for it.
Oh, that's good luck good luck for everybody involved and the patients makes those speaking with you.
You Gotta, Thank you George.
Thank you huh.
Again, if you would like to ask a question. These five star one on your telephone keypad.
You know how the question from my young <unk>, you align smell open.
Hi, Matt.
I did afternoon theme is it's all have caused me on from my own just a couple of questions from US a quick follow up on <unk>, maybe what was the city kind of on <unk> administration. How do you think about the same day go thing in the context of the post coded World and then maybe a quick follow up on Posey afterwards.
[noise] you know, okay I'll take that one thanks for the question I think first of all for those.
[noise] produce the data in October.
Label will be a noninferiority label, and we are thrilled to be able to compete in that space same day next day that will be next day at launch and we are bullish on our ability to take meaningful share that market it'd be very competitive so that I think first and foremost.
Think the fact that this is an innovative.
Novel asset really enables us to explore the full development and if the same day dosing pans out to be successful I think it will be very relevant commercially I think the the benefits of on pro you see it in the in the share it still maintains a relatively high share in that space.
But I think there's also complexities that go with that to get to the true stickiness of the concept of a device I think if you could eliminate that with a real development program that uniquely allows you to differentiate.
Be valuable, but that's down the road.
Today for October 24th would be to be competitive in a noninferiority next day traditional along acting G.C.S.F. market.
Good Yeah, that's helpful and maybe a brief follow up or Doctor <unk> could you clarify what the development passes there beyond the phase one trial, that's ongoing right now.
Yeah.
<unk> onto a lawsuit.
Relative to the same day does thing Oh, I see so well as you know they look the most important thing right down in late stage is the the active a review.
Oh, the B.L.A. with D.F.D.A. <unk> you know the the phase one is you know it's or it's obviously early and we there's a concept feared that you know if we could successfully give it because of the unique characteristic of the product.
<unk> on the first on the same day as the chemotherapy. That's you know potentially could be a game changer. So we're very interested in that love to see whether or not what the data we've seen.
On the basis of modeling Pharmaco kinetic pharmacodynamic as well as the <unk>.
And and then <unk> you know so it's hard for us to predict until we seem to eight of what the path would be after in terms of how do we go forward. We're focused on the B.L.A. approval that point.
Right now that makes sense and then just a brief on on Posey.
How you plan to monitor the hypothesis of whether B.I.D. go thing is having the effect that you're seeing and sorta farm kinetic studies and I'm kind of are there in Toronto analyses, along the way and each cohort that's going to enroll new patients.
[laughter].
Yeah. So.
Five is is Ah no open a trial so there will be and it does have Sandra limited Jane Doe. So there will be regular looking at the data if you want once we get.
Back from our Central imaging lab. The result of the data My you know the monitoring a safety is on an ongoing basis. So we will decide in love is it will guide to the street over time as to you know if we see what we want to see Intel.
Terms of the number of drug interruption that potentially those reduction over time and you know we still need to.
We can just couldn't food at the first sign of anything we need to understand as well you know if anything responds to durability of response and and you know does modify the courts.
So little obvious they will update you, but we don't necessarily fully in rural.
Five we will be able to get you know some inside gain insight for we fully Andrew.
Hmm.
Thanks to take my questions looking forward to the presentation next month.
Good.
Yeah, I know for their questions at this time that Joe you need.
I'd like to thank everybody on the call today for your interest in spectra Pharmaceuticals, I will tell you that we will be participating in the upcoming Jeffrey virtual healthcare conference in early June.
In the meantime, if you have for the questions or need any additional information feel free to contact us at any time I'd like to thank everybody again for their interest in a spectrum stay safe and.
We appreciate your your beyond a call. Thank you operator.
Thank you so much M.D. simplicity on friends. Thank you also.
Disconnect.
[laughter].
Oh.
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