Q2 2020 Matinas BioPharma Holdings Inc Earnings Call
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Ladies and gentlemen, we thank you for your patience. Please standby the Bettina Biopharma conference call will begin shortly again, we thank you for your patience in please stand by the Muddiness Biopharma conference call will begin shortly thank you.
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Welcome to the machinist bio pharma second quarter 2020 results conference call. At this time, all participants are any listen only mode. A question answer session will follow the formal presentation. As a reminder, this conference is being recorded I would now like turn the conference over to Peter Vozzo Investor Relations represent a differ between this bio pharma.
Maybe getting.
Thank you Jesse good afternoon, everyone and thank you for joining them a tennis bio pharma second quarter 2020 results conference call just after the market close today, we issued a press release with our second quarter 2020 financial results along with business updates. The releases are available on the machinist Biopharma website under the Investor section speaking on to.
Today's call will be Jerry to bore Chief Executive Officer. We also has to have Dr., Terry Matt because its chief development officer, who will be available to answer questions. During our Q and a session. At this time I'd like to remind our listeners that remarks made during this call may state management management's intentions hopes beliefs expectations or project.
Actions of the future. These are forward looking statements involve risks and uncertainties forward looking statements on this call are made pursuant to the safe Harbor provisions of Federal Securities laws. These forward looking statements are based on the tennis Biopharmas current expectations and actual results may differ materially as a result, you should not place undue reliance on any forward.
It's some of the factors that could cause actual results to differ materially from those contemplated by such forward looking statements are discussed in the periodic reports machinist Biopharma files with the Securities Exchange Commission. These documents are available in the Investor section of the company's website and on the Fccs website, an archive of this call.
We will be posted on the company's website also in Investor Relations section following the company's prepared remarks, we'll open the call for question and answer session I will now turn the call it mid Gerry.
Thank you Peter good afternoon, and thank you for taking the time to join US today as we provide a business update and discuss our 2022nd quarter results.
We hope that you when your families have been well during these uncertain in challenging times.
The second quarter of 2020 with unprecedented in all respects.
Fortunately as a company and as a team we've been able to remain focused on execution and on getting our clinical programs back on track as a key priority during the second quarter I.
I'd first like to commend our employees for their extraordinary commitment to our mission.
As we implemented a variety of processes, which successfully allowed us to advance both of our internal development programs, while continuing to emphasize the safety of patients our research and development partners and our internal team.
From a clinical perspective, we're pleased to announce that both the enhance it study of Matt 9001, and the Nx study of Matt 22, or three have actively resumed enrollment after a temporary pause due to the pandemic in the second quarter.
Beginning with Matt 9001, we're rapidly approaching completion of our enrollment in our enhanced the trial our head to head crossover comparative study of Matt 9001 versus placebo. This clinical trial remains an important and compelling study for our next generation prescription Omega three therapy.
With more than 90 out of 100 patients randomized and dose to date and enhance it we expect to complete enrollment in August and remain on track to have topline data available early in the first quarter of 2021.
We continue to believe that Matt 9001 has best in class potential and the prescription Omega three class with clear differentiation in pharmacokinetics and impact on limpid markers, such as triglycerides and Pcls canine.
We look forward to the enhance the data to provide important information on the potential format 9001 versus the ciba across these markers.
We also remain on track to meet with the FDA for an end of phase two meeting evaluating that 9001.
The meeting we'll focus on the results from our recently completed comparative clinical bridging bioavailability study and the 90 day comparative toxicology study both to support the potential fivefive be two registration pathway.
During this meeting we will also review the protocol for a planned phase three registration trial about 9001 in patients with severe hypertriglyceridemia.
Assuming we can reach agreement with FDA on the above issues, we would expect to begin our phase three program in 2021.
Matt 9001 has understandably been the focus of investors intention over the past 18 months.
And the unintended result of this attention on Matt 9001, However has been the lack of focus and understanding for the enormous potential of our limited nano crystal or LNC platform delivery technology.
To put it simply maintain this is much more than a single asset Omega three biotech company.
With our LNC platform delivery technology, but team. This has the opportunity to develop a multitude of therapies, both internally and in collaboration with biotech and pharmaceutical partners.
The safe and targeted delivery of therapies continues to be one of the most challenging areas of drug development. Unfortunately. This is nowhere more prevalent then then the battle against infectious disease, which has come roaring back to the forefront in terms of clinician and investor focus due to the cobot 19 pandemic.
We have spent the last two years since the reemergence of Matt 9001, advancing this technology with the financial and scientific support of the National Institute of allergy and infectious disease at NIH led by Dr. Tony Fallaci.
In addition, we affords relationships with some of the most respected names in the pharmaceutical industry to advance the breadth of application for our LNC platform delivery technology.
We have recently emphasize that Matt 22, or three our oral LNC formulation of the broad spectrum antifungal drug interpreters and be represents a gateway opportunity. Both in terms of advancing the critical care patients suffering from deadly fungal diseases and as a demonstration of the capabilities of our pay.
Platform.
Given our progress in this area and the resumption of enrollment in our enacted trial of Matt 22, or three encrypt to complement and justice.
We're very close to data, which could represent a transformational opportunity from a tina's.
We believe that cohort progression in the enacted trial combined with ongoing and potential new collaborations for our LNC technology with big pharma molecules could change the perception of mid teen this in the eyes of the market and in the eyes of conditions and patients.
We are excited by this potential and remain committed to capitalizing on the opportunities to be created through the safe and targeted delivery of a variety of medicines.
With that backdrop I would like to go into more detail on Matt 22, or three our lead drug candidate applying the LNC platform delivery technology.
In my 22 or three we believe we have the potential gold standard and drug of choice for the treatment and potentially the prevention of deadly invasive fungal infections building on extensive an impressive preclinical data in the treatment of invasive fungal infections and two separate phase two studies conducted in the treatment of mucosal fund.
Well infections, Matt 22, or three is currently being investigated for the treatment of cryptic comment and Jonas a deadly invasive fungal infection of the central nervous system.
The enact study, which is financially supported by the NIH is a study to treat HIV infected patients with Cryptococcal meningitis and Uganda. This phase two study is designed to explore the use of Matt 22, or three for both induction and maintenance therapy in these very sick patients.
As we previously communicated all clinical studies being conducted in Uganda, including an act were suspended in March of this year by mandate of the Uganda National Drug authority due to the threat posed by the cobot 19 pandemic.
Due to the hard work of our internal team in collaboration with the clinical staff onsite in Uganda, We're pleased to confirm that enrollment resumed in enact in July.
To date, several patients have been randomized and dosed in the first cohort of 10 patients.
As a reminder, patients in cohort one begin treatment with five days of IDN for Terrace, and followed by nine days of oral Matt 22, or three for the balance of the 14 day induction period.
Thereafter patients are transitioned under four weeks of maintenance therapy, with Matt 22, or three in combination with flu cytosine.
The primary endpoint for Enac is measured at the end of the induction period and includes a measure of reduction and bundle count in the cerebral spinal fluid.
And independent drug safety monitoring board or DSMB be will review all data for both safety and efficacy and make a recommendation as to whether to proceed to the next cohort of patients.
Because we were able to resume enrollment in an act in July. We currently remain on track to make an announcement as to potential progression from the first cohort of patients to the second cohort of patients early during the first quarter of that fourth quarter of this year.
We believe cohort progression is significant with this drug in this patient population and an important potential value inflection point for this therapy.
As we look to evaluate data from an act and the implications on the development of Matt 22, or three as well as our LNC platform technology. We do believe it is important to provide a bit more information in context on the challenges that have cryptococcal meningitis infection represents for patients on the one hand, and then the treatment of these patients on.
The other.
Cryptococcal meningitis has emerged as one of the most frequent and deadly opportunistic fungal infections in human immunodeficiency virus or HIV patients.
Although these infections are common in patients with HIV. They can also occur in other immunocompromised individuals' such as organ transplant recipients cancer patients diabetics non HIV infected into non transplant hosts and other unique risk populations.
Early mortality from HIV associated cryptic Alco meningitis remained unacceptably high at more than 40% in large due to the high cost toxicity and relatively limited repertoire of effective antifungals.
To make matters worse Ivy after terrace, and B, which is the current standard of care is limited in used by its crippling side effects, including nephrotoxicity anemia, and infusion related reactions or is otherwise unavailable to many patients due to the cost or inconvenience of infusion.
Complicating treatment of Cryptococcal meningitis is the location of this infection in the brain, which requires drug to be able to be transported across the blood brain barrier. This additional hurdle makes this infection, a particularly challenging model for an oral treatment, which traditionally has not been able to effectively cross the blood brain.
Barrier.
As a result, the enact study represents a great challenge from about 22 or three both because of the seriousness of the underlying infection, but also because of the need to cross the blood brain barrier accordingly, the likelihood of success in a study like enact.
Any oral therapy is realistically small however, map 22 or three unlike other oral therapies has shown the ability pre clinically to cross the blood brain barrier to target and infection, which is very encouraging.
We continue to view cryptic comment and joined us as an important and potentially valuable gateway indication from about 22 or three following a possible approval to create to treat cryptococcal meningitis, we believe that Matt 22, or three would be well suited for streamlined five five be two approvals in other indications as we have got.
I did previously this could position, Matt 22 of three to become the antifungal drug of choice for the treatment of many invasive fungal infections.
I would like to turn briefly to map 25, a one which is an application of our LNC platform delivery technology. So the broad spectrum Amena glycoside drug AMA kaysen, commonly used to treat chronic and acute bacterial infections.
During the second quarter of 2020, we submitted in additional application to the cystic fibrosis Foundation for funding to develop this promising drug through phase II.
We have previously received generous support from the cystic fibrosis foundation to perform a variety of preclinical studies to evaluate the oral delivery of Matt 25, a one which would become the first ever orally Bioavailable aminoglycoside.
Because of the impressive result of this preclinical work the cystic fibrosis Foundation invited us to submit this application for funding, which was developed in consultation with the leading experts in the treatment of non tuberculosis, Michael bacterium, a chronic bacterial infection of the lungs, which often impacts cystic fibrosis.
Patients.
We are awaiting a decision from the foundation, which has been delayed slightly due to complications from Covance 19, we expect to hear from them in the current quarter and will provide an update to the market at that time.
We remain particularly enthusiastic about Matt 25, a one given its profile the unmet medical need and the clinical and commercial success of Insmeds Aric case, which is in inhaled version of AMA Kaysen recently approved them to the FDA is new l. pad pathway, albeit with significant limitations for it.
Indicated use due to a significant black box warning associated within hailed administration.
We believe that Matt 25, a one if approved would represent a significant improvement over our case and give patients and physicians the opportunity to utilize an oral therapy and the fight against this chronic infection, which often can require treatment up to 18 months further unlike era case not 20.
Five a one could also potentially be utilized to treat acute bacterial infections, such as gram negative bacterial infections, given the broad spectrum nature of AMA case, and we look forward to providing an update on Matt 25, a one in the coming months.
Finally, before moving to a discussion of our financials, we would like to provide brief commentary on our LNC platform collaborations.
We continue to make progress across all of our collaborations although in certain instances some of our partners attention has been adjusted to focus uncovered 19.
However, Genentech Roche company has been particularly active and we have made significant headway with two of their molecules.
We would expect additional progress over the balance of 2020 and potentially additional molecule formulation work extending into 2021.
We are pleased with the nature of genentech's interest and the pace at which that collaboration is moving.
On the Cobot 19 front, obviously a lot has been made in terms of progress on a vaccine for the prevention of Cobot 19.
The nature of any vaccine program or our potential involvement is first to demonstrate safety and efficacy of the vaccine itself before moving on to formulation development and the potential to deliver that vaccine orally.
We do believe that our LNC platform could potentially become a valuable tool for mass formulation and efficient and cost effective delivery of a vaccine.
However in any endeavor of this nature, there would need to be an analysis of the chemical composition of the molecule and the mechanism of action of a target vaccine to determine whether it would be a good candidate for LNG delivery. It is not an automatic that our LNG platform delivery technology can be applied to a vaccine to make it orally bioavailable and effect.
Yep.
We remain in contact with the NIH for this type of effort, but the reality is that we need to see one or more of these vaccine achieved the necessary demonstrations of safety and efficacy before we can have meaningful involvement.
The development and approval for a cobot 19 vaccine. However is in Stark contrast to the potential for applying our LNC platform to therapies currently used in the treatment of this infection as well as in treating the subsequent and often overwhelming immune response.
This is where our current attention is focused in collaboration with the NIH and in discussion with potential large pharmaceutical partners. These discussions are progressing and we are moving as quickly as possible to consummate these relationships and programs, although nothing can be assured.
Turning now to our financial results for the second quarter of 2020, the company reported a net loss attributable to common shareholders of approximately $5.8 million or three cents per basic and diluted share compared to a net loss attributable to common shareholders of approximately 3.6.
Million dollars or three cents per basic and diluted share for the same quarter the previous year.
Research and development expenses were approximately 3.4 million in the second quarter of 2020 compared to approximately $2.8 million in the same quarter last year. The increase was due primarily to higher clinical development expenses related to the development of Matt 9001, and Matt 22 or three.
General and administrative expenses were approximately $2.4 million in the second quarter of 2020 compared to the previous years second quarter Gionee expenses of approximately $1.8 million. The increase was due primarily to higher compensation expense associated with planned increased headcount.
Turning to our balance sheet. We ended the second quarter of 2020 with approximately $68 million of cash cash equivalents in marketable securities compared to approximately $27.8 million at year end 2019.
This increase includes net proceeds of approximately $46.7 million from the company's public offering completed in January.
Based on current projections, we continue to believe that cash on hand is sufficient to fund operations into the first half of 2023. This long cash runway is important as we advance our products toward potentially significant data readouts and inflection points.
In summary, we continued meaningful progress across our business in the first half of 2020, I think my teammates for this and convince commend them for their continued dedication and drive as we all work together to get through these uncertain times. We also remain grateful for the patients enrolled in our clinical trials, whose participation.
It is important and meaningful data as we look to advance our product candidates.
As we look ahead into the second half of 2020 and into 2021, we remain fully on track as we approach several important catalyst and milestones from Nuttiness for our internal product candidates, we expect cohort progression for Matt 22, or three in enacted during the fourth quarter of this year and topline data from Matt nine.
2001, and enhance it early in the first quarter of 2021 in support of our business. We are maintaining a strong financial position, which will enable us to stay the course with several meaningful inflection points anticipated over the coming quarters.
With that we have reached the conclusion of our prepared remarks, and I will turn the call over to the operator to begin a question and answer session.
Thank you, ladies and gentlemen, if he would like to ask the question at this time. Please press star one on your telephone keypad.
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Thank you think speaker equipment, and maybe necessary for your handset question Mr. Keith.
One moment please poll for questions.
Our first question is coming from the line of Jason Mccarthy from Maxim Group. Please proceed with your question.
This is Michael Chinula, John for Jason Thanks for taking the question rest of the progress.
Doug you mentioned on the call the coded and Dennis has brought a lot of attention to the infectious disease fate, and particularly surrounding our undergo area.
And given that drug development and bundles kind of lag behind other ones in the legacy discussing a bit more detail some of the challenges.
That have made antifungal development, so difficult and the need for Steve for alternative like Matt.
Three grieving gold standard drugs like it and boats Harris.
Michael Thanks, very very much for the question. So a lot of the challenges that are we face in the development of antifungal drugs I think first and foremost theres been a lack of focus on it if you look out over the last 15 to 20 years. There has been a lack of investment in the development of medicines in that space.
Because they're worth arable available therapies, because they were cost effective but the bugs have started to fight back. So you've had a lack of big pharma investment in that space, that's where the development of new therapies becomes so important but then you start to talk about development hurdles and the reality of developing and antifungal.
Medicine means a demonstration as an initial matter in a non life threatening infection and that in of itself takes time at cost additional resources and then you have the challenge of conducting studies in deadly infections, where patient recruitment can take a long time.
And that becomes a challenge from a resource perspective from an endpoint perspective, and certainly from an ethical perspective in the recruitment of patients often times, where FDA wants to look at these studies versus placebo you can't really do that in those context and so that's why we think.
Our opportunity here at least as an initial matter is how do we take our technology applied to existing medicines, where we know that the drug is effective at killing the bugs. So whatever fungus idle therapies that could benefit from being made number one oral but also are removal of toxicity. When you talk about embratel.
For some be doctors know this drug is ample terrible it actually.
In.
And kidney therapy. After about 14 days of Usten. So doctors are forced to make tough decisions between killing an infection or putting the patients kidneys at risk.
We think we've been able to do and we certainly have demonstrated this in collaboration with the NIH is we really think we have an opportunity to take one of the most broad spectrum drugs and actually make it.
More available for patients and physicians to use and thats ideal, especially when you're dealing with fungal infections were you may not readily be able to identify the type of infection. So the sooner you can take a broad spectrum drug the off the shelf and use it safely that's going to become a first choice for physicians, there will always need to be.
Other antifungal drugs in development and there are currently a number of them, but none of the profile of those drugs in development look like ampere Terrace, and B. If it can be delivered safely and orally and so that's where I think our focus is in the REIT space and FDA when we met with them.
And added in the back half of last year, you, sorry renewed interest even pre cobot 19, and accelerating the development of these sorts of drugs and whether its al pad or whether it's looking out to study like enact with some positive demonstrations of efficacy and safety and the opportunity to turn studies.
Like enact into our registration trial potentially we do think there's going to be opportunities to take advantage of the current climate, which has a greater focus on infectious disease and the need to accelerate these through development and make them available for patients does that help.
Oh, yes, very much so.
As in the question.
And then also Els of another one related to today's news regarding the Google that in generics.
Specifically comment on how that seek a narrower generics could impact with speeds and more specifically what does this mean for a second generation Omega three like.
Matt 9001 would you anticipate email the ability of generics evident.
Or could it actually positive that creating greater access million already in the market for when it potentially superior product into the field.
Yes, Thanks, Michael It's a good question and I think it remains to be seeing exactly how this impacts, but whether it be from a pricing perspective or an access perspective. What is reality is that no one should be surprised that a second.
Generic was approved because the initial when by the generics in the district Court opened up the of the ability for FDA to approve these products.
Pending an appeal and you're likely not to see any of these generic products launch.
In the face of an appeal, which is set to be argued on September 2nd and then potentially have a decision for Vascepa. Later this year. It remains a constantly evolving and challenging market, but what is clear is that if the profile of Matt 9001 continues to demonstrate that it is a.
Superior drug to the SEPA. It has an opportunity to not only be a successful drug but a drug that most physicians will right even over a generic pricing will always come into play, but the way we've thought about our drug and the way we can price. It gives us a lot of flexibility as that market evolves we're re.
Really looking to see and this is why the enhance it study is so important how do we once again stack up to the SEPA because if we demonstrated enhance at once again that were superior on triglycerides on reduction of Pcsknine and reduction of non DLT LD non HDL cholesterol on be LDL cholesterol.
If we do not raise LDL cholesterol.
And we are achieving as high or higher blood levels of EPA that bodes well for the profile of our drug in the eyes of both payers and physicians, especially when you're talking about an initial indication of severe hypertriglyceridemia, where the potency and reducing triglycerides matters.
The reality of generic competition here as it is likely to make the entire market competitive which underscores our need to have a better drought the profile of our drug in the data to date suggests that thats true and enhance it gives us another opportunity to demonstrate that we keep a close eye on what's going on with Amarin, We do note that they contain.
Menu.
To increase both new Rx isn't total Rx is the numbers are going in the right direction.
At the end of the day generic entry rivers SEPA, most will most effective asleep up and our job will continue to demonstrate with the data that we have a better drug to see been any copy there Rob. So it remains to be seen but enhance it will tell us a lot about the future about 9001.
Thank you next I'd like to follow on something you mentioned that regard asked US study I'd like to see if you just.
Quantify a little bit how much of a a change from baseline.
Versus the Steve you need to see considered clinically meaningful take the doctors and say we have.
Significantly better product.
Yes, Michael Thanks for the question demands. We previously communicated this study the enhancement study has been powered on a primary endpoint for reduction of triglycerides to show at 10% Delta.
And we believe that that is clinically meaningful versus placebo.
In this space and so we're looking for for that 10% Delta on triglycerides in our first head to head study in a patient population with triglycerides 200 to 400, we saw a reduction with Matt 9001 of approximately 33% and a reduction with the seabed approximately 11%.
Amarin and others were quick to point out that that the SEPA underperformed relative towards performance in both anchor and and reduce it where its triglyceride reduction in a similar patient population was around 18% to 19% the reality of the way enhance that is set up from it.
Design perspective is that the drew both drugs are going to be given twice a day with food, which is the way bus Seapass currently indicated our expectation and I think it's a reasonable one would be that both SEPA should be expected to perform in line with where it has previously in these sorts of patients which is around and 18 to 20.
80% reduction in triglycerides.
For Matt 9001 in the profile of its drug a change from a low fat diet to simply giving the drug twice a day with food is not likely to penalize.
Matt 9001, while the entry criteria and enhance it is slightly broader than it was in the first study we would expect our triglyceride reduction to be in the neighborhood of where it was in the first study.
And so based upon the way we've looked at the numbers, we felt comfortable that 10% was correct. Both based upon that data and then what we think positions.
Based upon the KL well feedback would view as our clinically meaningful difference and triglyceride reduction. So we've tried to set up a study to answer some of the the questions that came out of the first study without putting Matt 9001 at a disadvantage because the reality is a meal higher infat is also going to improve the absorption of a free fatty.
The asset maybe not to the same degree isn't at the Lester, but it's not likely to two prejudice Matt 9001.
Thank you very much and again.
Yes.
Thanks, Michael.
Thank you once again, if you would like to ask the question at this time. Please press star one on your telephone keypad.
Our next question comes from the line of Gregg Gilbert from Truest. Please proceed with your question.
Thank you sorry, I got on the little late so I'm, hoping I don't repeat make you repeat yourself fit up did you say when the end of the fees and phase two meeting will actually occur.
We expect it in this quarter so imminently.
So thats on track for that we've always said the third quarter of 2020.
And it can you educate me on whether you would actually get an answer during the meeting were by when would you get an answer on a five if I'd be to Patrick appropriate NBS actual protocol.
Yes, so so typically the way these things work Greg is.
In advance of the meeting you submit a number of questions, which you would like the FDA input on and then within a certain period of time of requesting that meeting you put together a briefing package for FDA FDA den reviews, those materials and a few days in some instances it could be the day before.
The meeting you get FDA responses to those questions and then the company provide some additional kind of clarity to FDA on the exact issues that would like to discuss during the meeting the meeting occurs and then the FDA typically prepares minutes of those meetings, which follow up period of time.
Time after the meeting so it's not always a definite.
But it's usually around 30 days.
With respect to the issues that are going to be discussed at a meeting like this obviously you'd like to get some clarity on your regulatory pathway, but but the reality is that a 5.5 be to issue in of itself as their review issue. So at the end of the day the FDA does like to.
I'll keep its cards close to the chest and not necessarily give you a green light that you are going to be in position to satisfy the requirements for five of by be too that being said the topics that are going to be likely discussed during this meeting which is the data from the comparative PK and the comparative tops.
We'll go a long way to giving.
The company comfort that Dan can communicate to the market about the intended pathway.
With respect to the phase three protocol, there would be some back and forth with the FDA beyond that protocol, it's possible that you receive.
You know a green light to proceed following that meeting, but there may also be some additional information they require and what your would be looking at then is.
US planning for phase three and then putting ourselves in position to just not have a clinical hold on the start of that studies. So unclear exactly what will come out in the minutes, but nonetheless, it will give us in valuable information on being able to start phase three and what our data looks like relative to the reference listed drug and does that give the.
Da comfort from a safety and efficacy perspective.
You can refer to data generated by that in support of your application.
Okay. That's helpful. And then one more might be a little bit farfetched, but in a world where generic versions of the secret could be launch later this year. If they are there is no injunction it looks like it's clearly genericized products is there a scenario where you would actually changed the design of your Pivotals or would you try to.
Either way you are trying to seek the maximum amount of differentiation in your pivotals as opposed to leading into other types of studies later.
I think thats, a very fair question, Greg and something that we've been talking about.
Frankly since we met.
Last year for the first time with our scientific Advisory Board.
You're always looking at the ability to discern weather staying true to the past.
The pads pathways that had been blazed and how quickly you can get an approval versus how do you identify potential patient population, which could distinguish you certainly from an indication and from a competitive standpoint for other available therapies.
We're always kind of noodling on those currently.
There has nothing has risen to the level of us being aggressive in pursuit of that but that doesn't mean that those sorts of designs and thoughts about different patient populations, which may or may not rely on an impact on triglycerides.
Arent kind of in the wings. So we'll wait to see how that goes certainly our discussions with FDA could impact our thinking on that other things that could impact our thinking on that of course.
Our the the outcome of the SEPA trial and also a desire to see.
The data from strength at some point, which could inform our understanding of of how populations may matters. So a lot of additional information required we feel comfortable with the path that we've set forth, but we also have the potential to make some adjustments should the science and should the commercial.
Opportunity dictate that makes sense.
Good Thank you announced it looks to me.
Thanks, Greg.
Thank you once again, ladies and gentlemen.
Ask a question at this time, please press star one on your telephone keypad.
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Thank you we have reached the end of our question and answer session.
Over to Mr. divorce for any additional closing comments.
Jesse Thanks, very much. Thank you again to everyone who joined US today as we reviewed our second quarter of 2020 and gave you an outlook. Just a reminder, that really within the next six months, we have several opportunities for transformational data both with cohort progression in the NAC and data from enhance it early in Q1, but also taking into account.
I don't feedback from the cystic fibrosis foundation in terms of being able to drive Matt 25, a one forward plus opportunities with large pharma collaborators on our LNC platform. We look forward to keeping you updated on our progress we wish all of you good health as we continue to.
Chart. These on navigated waters.
And wish you the best for the rest of 2020. Thank you.
Ladies and gentlemen, this does conclude today's teleconference and webcast. We thank you for your participation and you may disconnect. Your lines at this time.