Q4 2020 ZIOPHARM Oncology Inc Earnings Call

[music].

Greetings and welcome to Xylophone Oncology, Inc, fourth quarter and fiscal year, 'twenty and 'twenty earnings Conference call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad as a reminder.

This conference is being recorded I would now like to turn the conference over to your host Adam Levy Executive Vice President of Investor Relations and corporate Communications. Please go ahead.

Thank you Omar.

Good afternoon, and welcome to the XIAFLEX Oncology conference call and webcast to review results for the fourth quarter and year ended December 31 2020.

This afternoon, we issued our financial press release, which is also available and the investors section of our website <unk> dot com for.

And for informational purposes. We have also included in our webcast a set of slides to accompany today's commentary. These slides can also be found on our website.

Today's press release also contain several other corporate updates, which will be discussed by our speakers.

During today's call the company will make a number of forward looking statements, including statements regarding the potential therapeutic candidates and our development pipeline regulatory status financial information and business trends forward looking statements are subject to numerous risks and uncertainties you can see a summary of our forward looking statements.

On slide two of the materials, we posted today.

Joining me today to give some prepared remarks will be Dr. Laurence Cooper, Mr. James Wang Ms, Heidi Hagen and Dr. Rafael a buffer.

Please refer to slide three for an overview of the topics. We will cover during these remarks first Laurence James and Heidi will briefly share their perspectives on the leadership transition.

And second Heidi will share our business overview, including our financial summary, and strategic capital allocation priorities across our programs.

Third Heidi will highlight some additional details on our A&D clearance announced today for our library hotspot TCR T program Force Rafael <unk>, who will provide a summary of upcoming clinical milestones and share additional details on our upcoming R&D day.

We will then open the call to your questions.

<unk> four five and six feature our next three speakers.

Lot to cover so let's get to it.

At this point I'll turn the call over to Dr. Cooper Laurence. Please go ahead.

Thank you Adam and welcome everyone. This is going to be and atypical quarterly call and one that is somewhat bittersweet as you likely saw on the release today and effective today, Heidi Hagen and we'll be stepping into the CEO role on an interim basis.

I would like to spend a few moments sharing my perspectives.

I joined XIAFLEX and almost six years ago with a vision to bring new hope to children and adults suffering from the devastating impact of cancer at the <unk>.

<unk> I witnessed this devastation and all too frequently and to me and others. The sleeping beauty technology when combined with the power of T cells offered an opportunity to develop a new type of cellular therapy, one with almost limitless possibilities.

But the initial vision was just that and vision.

We had to work tirelessly as a team to bring that vision to the clinic now.

On a KOL development path for our technologies appears launched I am leaving to enable the company to pursue a path towards commercialization and.

In the past three months alone we have received IND clearance to enter the clinic from both our CD 19, RPM car T technology, and Taiwan, and our library hotspot TCR T program and in the United States.

Adding to the previously cleared IND for our allogeneic RPM car T utilizing healthy donors.

And the IND for personalized TCR T. At the NCI, we now have a compelling suite of our key technologies in the clinic.

And our controlled IL 12 is perhaps the furthest along where we continue to seek a partner for a future development, including potential Registrational work.

I am thankful to have led an exceptional team under which <unk> has grown to be and independent and fully equipped clinical stage company I leave the company and an incredibly strong position.

Before I close I.

I want to specifically express my gratitude to all my colleagues of XIAFLEX, who came with me on this journey, we dare to dream Big and those dreams are becoming reality.

I wish Jamie Heidi the board and this amazing company and my fellow shareholders well, you're in good hands and I look forward to a smooth transition.

Now I would like to hand, the call off to James <unk>, Our executive Chairman James.

Thank you Laurence.

On behalf of the entire board entire organization and we thank you for your leadership and vision. We look forward to your continued guidance on the promising science that serves as the centerpiece of our company.

I would like to briefly comment on three topics today, which you can see on slide number five.

First my thoughts on the transitioning and leadership.

Second we're actually the company today and finally my belief on our technology.

Regarding the transition I offer my full support to both Loren and Heidi during the transition.

And you got to take a more active role as executive chairman.

And and committed to help the transition to Heidi as our interim CEO.

And then to a full time replacement as smooth as possible share.

Well this and knowing that I take this very seriously.

And quite a weak selective and I think.

And finding a leader who has the acumen and.

And the experience.

On the business and commercial side to help us realize the potential we have and fund out of it.

And we'll work closely with the rest of the board and fine.

The leader in the meantime, I'm, so grateful to Heidi for Green to step in as interim CEO.

Second I wanted to share our perspective on the company that Laurence and the team has built over the past years.

And I experiences and Investor and show premiering biotech over two plus decades.

And there comes a point in time when every company much transition from primarily and are you seeing signs company to one with multiple products and clinical trials and increasing operational activity with an eye towards commercialization. This transition and often include greater reliance on the development of technology.

And manufacturing.

Yeah.

[laughter].

Excuse me.

Okay, and then size and capability <unk> success.

Now at the point and xylophone.

The commercial path will be grounded in the science, but will include additional challenges and complexity and the company must be ready to tackle I.

I will take a strategic and disciplined approach to resource and capital allocation and a continued commitment to scientific and.

I look forward to continue to be an active part of the leadership of the organization in this regard.

Finally on.

I'm often asked about my views of the technology and xylophone.

Scientists, but I've been here and the business long enough to be able to understand and objectively assess the potential of a new technology.

From all the ingredients are in place.

Typically the company possesses.

The understanding of immunology.

Hematological cancer and solid tumors.

And the role that and reengineer.

<unk> sales.

That's the way, we have known that today could happen and as the name.

They've been potentially transformative therapy. Our company also has demonstrated it has the scalable technology that can leverage that knowledge and truly unique ways to bring those therapies for patients.

Foundation on the sleeping beauty non borrowers system, which loans helped pioneer along with promising clinical stage programs across hematological and solid tumor cancers.

Taken together.

Poised to deliver in the coming year was up on our shareholders and the patients will ultimately benefit.

The IMT equivalents Laurence I, just mentioned and offer evidence of that.

So and both the car T space, well JV would try on therapeutics.

And by itself is leading the effort and a highly capital efficient manner as well as in the TCR space with our library hotspot TCR T program and I look forward to share more in particular on our car T programs, and Asia, where I will deliver additional comments.

And all coming R&D day on March 11th.

Despite many competitors waste blow and technologies and all space.

I believe we will remain ahead of the pack and continue to have an opportunity to continue to be in these areas of potential transform it transformational science.

I would like to turn the call over to Heidi Hagen now our incoming interim Chief Executive Officer Heidi.

Thank you James.

Let me Echo your thanks to Laurence and add a personal reflection before turning to the business over here.

I have known Laurence for some years now and I'm honored to call on our colleague and friend Laurence I look forward to calling upon your expertise in the coming months and I am optimistic the company will continue to benefit from your stage with them for many years to come and thank you.

Turning to slide six I would like to share a few prospectus and informed by my 30 years in biotech and of which the last 20 have been and cell and gene therapy.

First I would encourage all of us to keep in mind, the tremendous patient benefit and directs everything we do I have seen firsthand the impact of cell and gene therapies and it motivates me every day.

I've been fortunate enough to be able to lead the design and establishment of cell therapy manufacturing sites and U S Asia, and Europe, and develop and understanding of the importance of manufacturing and often the most challenging part of delivering cellular therapies to patients.

The other thing I've learned is that this is a competitive business environment, one that requires making bold operational and strategic capital allocation choices and executing the tough decisions that sometimes come along with that.

Shareholders should know that I understand and best our capital and companies like ours, because they believe and the mission and also because they think value can be created long term.

I see Biopharma now poised to deliver on all these fronts with a distinctive scientific base and capital efficient infrastructure, and we continue to build out and never and.

Strategic focus and guiding our priorities and planning.

More work needs to be done, but I and energized by the challenge and the opportunity as we shift the company to a multiple multi clinical trial operational entity.

Now turning to our business over here.

And you see on slide seven and our financial picture, including a snapshot of where we are at the end of fourth quarter 'twenty and 'twenty on the left side of the slide.

Cash and cash equivalents as of December 31st 'twenty, and 'twenty was $115 $1 million. In addition, we also had a prepayment balance of approximately $8 $1 million for work to be conducted by the company at MD Anderson.

Our cash runway continues to bring us into late second quarter of 'twenty and 'twenty. Two we are committed to identifying ways and extending that runway through better capital allocation.

Greater operating efficiency and other non dilutive approaches and my expectation as CEO is that we will be successful.

More detailed financials can be found in our 10-K, which we expect to file shortly and we will have available on our website.

But let me share a few items that we summarized on today's press release.

Our research and development expenses were $14 million for the fourth quarter of 'twenty, and 'twenty that as compared to $10 $2 million for the fourth quarter of year 2019.

And $52 $7 million for the full year as compared to $38 3 million in 'twenty and 19.

This increase reflects increased clinical trial preparation and operational activity.

G&A expenses were $8 8 million for the fourth quarter of 'twenty, and 'twenty and 'twenty seven 7 million for the full year.

Compared to $5 8 million and $19 $5 million, respectively, and the year 2019.

For the full year of 'twenty and 'twenty, we reported a net loss applicable to common shareholders of $80 million and or sorry, 38 cents per basic share basic and diluted share compared to the net loss of $117 8 million or 70.

<unk> per share for 2019.

On the right side of the slide you see how our strategy and capital allocation priorities math against each of our three programs and I alluded to earlier strategy is all about making choices and we are committed to spending our time capital and resources judiciously.

First our top priority and Lindsay.

And it continues to be our TCR T program.

We are very excited with our announcement earlier today that we received IND clearance for our library TCR T program for Phase one two clinical work across multiple solid tumors.

And this study will utilize our sleeping beauty technology to deliver non virally engineered T cells across six unique mutagenic hotspots.

We are on track to begin dosing patients during the second half of the ear and M. D. Anderson cancer Center, our initial clinical sites.

Next regarding our CD 19 specific car T. R. P M autologous program being conducted in Taiwan.

We continue to make great progress through our JV partner eating by herself we and.

And I'll start on A&D clarity during fourth quarter, 'twenty and 'twenty other phase one clinical trial to evaluate our non viral sleeping beauty enable rapid personalized manufacturing or RPM technology.

This study will investigate treatment of patients with relapsed CD 19 positive leukemias and lymphomas and it's the first non viral car T study in Taiwan.

Yeah.

Despite several market itself therapies, they're on.

<unk> tremendous challenges preventing broader use of C D and 19 specific car T therapies we.

And we feel our platform, which allows infusing T cells. The day after gene transfer has the potential to be important and valuable as it offers differentiated features not currently available and market and car T cell therapies.

And it's also important to highlight the fact that Biopharma painful X greater China rights to this technology, including any process improvements identified by the eat and bio cell team in Taiwan.

Finally, with respect to our controlled IL 12 program. The team has worked incredibly hard to bring the program to this point during fourth quarter 'twenty and 'twenty, we reported additional day that snow illustrating the benefit of our technology that highlighted the important benefits in combination with checkpoint inhibitors and.

As a mono therapy.

The full body of clinical data supports a consistent story of meat potentially meaningful clinical benefit in patients suffering from recurrent glioblastoma.

We will continue to seek the right partner for this program for further development, including Registrational trials and commercialization with a focus on returning value to the company and shareholders for the promising progress to date.

Turning now to our third theme of progress and cell therapy.

On slide eight you can see a schematic of our two approaches and the TCR T space.

And the library and personalized programs.

As we mentioned a few moments ago, our company I and thank you for the library hotspot TCR T trial was cleared by the F D. A.

This I N T advances six curated T T ours from our library of over 30 into clinical trials for five cancer types.

In essence, it is six I and DS and one and reflects an incredible effort by the team that worked tirelessly over the last past months, including through the holidays.

Patience on this TCR T trial will be matched with T C ours and library based on their underlying mutation and K Ras and T. P 53, and their HLA type the.

And the screening for the Neo antigen is based on tumor profiling, which in many cases is already available on the patient's medical record combined with HLA testing for every patient.

Once matched the TCR, which is already and a clinical grade sleeping beauty contract used to reprogram the patient's T cells.

One of the two driver genes.

We will not only hope to begin enrolling patients. This year, but we also expect to add TCR cell library trial.

Fixed TCE ours, and our library should provide patients with an opportunity for a match, but the greater the number of TCR is the greater the chance a patient can receive our TCR T therapy.

On the bottom on this panel, you'll see a schematic of the personalized approach.

A comment on the N C. I work on the personalized approach work is suspended and the ongoing delay being outside of our control and it is unrelated to xylophone technology, we understand all gene and cell therapy work is being impacted.

We are fully engaged and supportive of Dr. Rosenberg and his team and we look forward to their progress when there cause of the delay is addressed.

I would like to turn the call over to Raphael and now who will cover the fourth theme around our upcoming milestones and talk in more detail about our R&D event next month roughly.

Ralph Alley.

Thank you Heidi and let me start on slide nine by highlighting the next 18 to 24 months low clinical milestone.

As you can see this year would bring many exciting milestones, let me point out and just a few.

First a good April both James and I, these excitement and makita and so the TCR T Library.

And one of the things that attracted me from value upon them worked and known by the sleeping beauty technology and its potential to develop transformative therapies for patients suffering from Charlie concert.

You can and crazy, but opportunity to be part of the value from team now.

And that potential income they're cleaning.

This team is poised to begin enrolling and treating patients, which we would expect to occur and just take one out for being here.

We look forward working shedding and the initial clinical data on this program next year.

We are also excited by the Q4 for 'twenty and 'twenty, where do you see clearing through on our T 19, RPM car T program and 31.

We expect that our JV partner he didn't buy yourself those patients and these studies during the first half for the year and plan to be able to share and do you mean 90 day that you need to take on us would be here.

As a reminder, unites and Asia as we reported last month.

And as I've already being treated and the compassionate use and investigator initiated trials.

These airports widen on for money part of the way control and go to trial continued to provide the encouraging early signals about the potential there David.

Okay.

Regarding our program and we look forward to providing updates later this year.

I would like to conclude by highlighting from detail.

It wrong and they're working agenda of our cell therapy programs R&D day event next month, you can see these on slide 10 and the deck.

These may be and important and exciting event for us.

Everyone will have the opportunity to ear and granular detail information and updates about our sales data programs.

And we kick things off by sharing more detail on our strategy and our vision.

I will share more thoughts on our portfolio.

Even where we are.

And now I evaluate the portfolio and still a good idea and new contracts and the company drew Danny our Vice President of Immunology will follow with a review of our work on and TCR program and that would be easier and for their continued evolution and to clean it.

James mentioned earlier Kiwi share some observations and thoughts on our work in Asia, where our CD 19, RPM car T <unk>.

And importantly, you got old so bad and fortunate to a world class and thought leaders and research visionaries and joining us on the call as you can see on slide 11 and.

Including Botox and Rosenberg, both low Cal June and dogs.

Corporate.

David we share their perspective and from their current prospects across both the car T and the TCR T space.

And he pertains to our programs.

Our management team and he will be available to take your questions and feedback.

I hope you'll join me and the rest of the team for these advent and registration link and was provided in the press release today and he is available on our website.

We'll now go and go back to the operator for questions operator.

Okay.

At this time, we'll be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is and the question queue. You May press star two if you'd like to remove your question from the queue and for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star keys.

One moment, please while we poll for questions.

Okay.

And our first question is from Alicia Young with Cantor Fitzgerald.

Hey, guys. Thanks for taking my question.

A couple of questions I have here and wishing you all the best Laurence one just for the future of the company attitude and and <unk>.

Hollywood TCR T Library, it is big and so I guess you know.

And just talk a little bit about how that opens up further doors and lowers you rely on.

Perhaps.

And others and also does it speed up the pace and what you can put assets into the clinic and.

And I'll ask the second one bit on my third one and my second one is with your IL two program.

Is it kind of moving forward and Laura priority because of the D V on target itself or is it just that you're fine.

Other technologies more promising and I have just one last one.

Rafael do you want to take the first question from Alicia on the TCR program.

Yeah. So.

Can you say again, because our what's called me congrats on the second part with your question and by the first one I can add that debt.

Yeah.

And is a big step forward for us right and we're going out patients by the end of the year, but you brought up everything and port. Thank teachers, so that opened the door and for our programs to go into the clinic and the next.

Yeah.

That was the question.

Yeah, basically that was debt.

And then on IL 12, I think.

And I'm happy to kick off and Heidi if you want to comment but yeah.

There's.

It's it's a lot of different factors in my mind to contributing to the and <unk>.

Strategic choices, we're making it's not exclusively.

Target or the technology, but.

It's a matter of making some disciplined choices and and as you know lithia.

We've talked about a lot and the path.

And as programs move into Registrational trials, that's where the big expense is incurred and the big capital outlays occur.

So the decisions are in a way.

Dependent on the phase, we're moving into and I think that's guiding part of the thinking here I don't know how you do you if you want to add anything to that.

Sure I think that and I was very as you state and a multifactorial decision and along with faith. We we see the program that's extremely promising, especially with the data that we've brought to date and the package that we have so far and we just see a distinct opportunity to to look out into the broader and.

Interest rates are partners, who can bring their expertise to the table and kind of the registration and commercialize on Chris commercialization opportunities with that so it's really is a combination of focus and capital.

Capital allocation and really knowing where that program is and what it needs for the next steps and we are a company on a certain size with multiple and great technologies and so this is one of those difficult decisions and sometimes make in terms of focus and so it is many different factors that have gone into how we've done.

On our allocation.

Okay and just moving my third question is just you know with the management changes I guess, we're kind of would you tell investors and the kind of you know put their focus you know whether it be on technology and were kind of the path forward and as far as you know per day thing.

Assets.

And you have this kind of off the shelf library.

Fully sorted out things.

Yeah.

James do you want to jump in on that one.

Okay.

Sure I really simple and virtual perspective every won't be focusing on the patient data can be generated over the next 12 months that's quite good flow create value. We have some early signal as we sit today on today's call you know all the Asia and.

And so and the but remember that's actually and the compassionate use setting and.

This weighted by the investigators and.

So what we have been learning from those early signals is how can we and a true eye and he said and in Taiwan to there and to prove that the power of our platform I really believe in the next six to 12 months, you will see powerful data coming out about progress.

Yeah.

Great. Thank you.

Thanks Alicia.

And our next question is from Eric Joseph with JP Morgan.

Hi, Good afternoon, and this is Hannah on for Eric. Thanks for taking our question just a couple from US first on the upcoming Library TCR T trial, you had indicated earlier and this year that there was a possibility of potentially submit a amendment to include more than the original six TCR.

And just wondering if that was still in mind and if so what would the selection criteria will be for these and additional G. C ours and all that kind of data would be informing that selection and what they also would be against the same driver mutations as the original.

Thanks, Anna Rafael do you want to talk about how we're thinking about expanding the library.

Correct.

Clinton and Quad and B as you said and you read every day.

Thank you.

Secretly TCR, but our long range to add additional TCR and we had one of them and the went from more than one and magazines are.

You asked the question about which TCR and of course, I can share that information, but David.

B are selected based on our preclinical data that was reported and moving into the clinic for the different TCR.

Okay, great. Thank you that's helpful and I just have one about the.

Eat and bio salary and just the original on.

Initial data coming through from the compassionate use and investigator studies and Asia when might we expect to see some of that data would you be able to present it in March or does that seem more like a later update from you guys.

James do you want to.

Talk a little bit about that.

Sure I'd be happy to talk about that.

We have already and roll on.

A small cohort of patients and.

Based on the small cohort patients we will be presenting at the R&D day.

The pace and we have available information access to that but again I keep in my view, so compassionate use data and weak and only obtained.

Obtaining information available and given towards by the investigators.

I'll be happy to share a lot more details when we get there.

And I would just add as you know we.

You know that the real day, the real validating data will come through controlled clinical trials and that's why we pointed to the Taiwan and is being so critical.

So you know were all eager to see that get launched and we'll have more to say on that as well.

Alright, and that makes sense great. Thank you so much.

Sure. Thanks Ana.

Yeah.

And our next question is from Chris Howerton with Jefferies.

Hey, Chris Hey, there thanks.

Thanks for taking the questions and Laurence I truly wish you nothing but the best it's been great to get to know you over these last couple of years and so with respect to the questions. I guess you know for the current six TCR is that you have available do you have any way.

To estimate.

What kind of coverage or efficiency you might have in terms of the patient populations are overlay that to them.

H L a that might be available and just a general population just trying to get a sense of our.

Coverage that you have from your library first of all on and the second question is that.

Yeah, obviously Laurence has had a great relationship with MD Anderson and that's an important part of the strategy moving forward.

What can you do to provide comfort to investors debt.

That will maintain to be true and the future.

Yeah, and Rafael do you want to talk about the.

The coverage and broad terms for the initial six tcr's.

Yes, so we havent estimates of quartz and but we don't know when it should probably youre going to eat and he there'll be more on the R&D day, So we're going to join us that day.

And I think we said earlier answering the previous question and we are planning also to if bad debt right.

So the other the other your other question on <unk>.

And you know, we we know you know.

And Laura and said this.

And they're neutral for you and again, sorry, but we add the value from them or we feel.

Very stronger and Asia cheaper and yes.

It's Rob.

And I have a very strong relationship and working on it and D&O talk further about them through the years. So that will continue and we've continued to work with and there's absolutely.

Yeah.

And we come from low teens type of course.

Sure.

Okay, well, I guess, Chris and stay tuned for a couple of weeks and things.

Yeah.

Thank you Chris.

And our next question is from Yale Jen with Laidlaw Laidlaw and co.

Oh, good afternoon, and thanks for taking the questions and and.

My appreciation for Laurence and welcome to the agree situations My first day.

Youre welcome and and my first question is that and.

In terms of the Taiwan clinical study.

Was there any.

Indication has been selected to be included in the C. D and 19 trial or is that still open for many potentials.

Okay.

Sorry, what was your question around vacations.

Yeah, what what indications for their TD and 19.

A copy has.

Cool to be included in the eat and its trial.

Yeah, I think it's and I can remember.

And James a follow on and I can just jump in and it's autologous T cell relapsed.

Leukemias and lymphomas.

These are sick pay are very sick patients.

Okay, that's correct okay.

Okay and also just for the TCR T O from Houston.

Or are you guys going on mainly potentially and mainly cover a solid tumors.

Including non small cell lung or you might even possibly started with the myeloma those are very immune responsive tumors.

Tumors at the beginning.

Okay.

No.

And we're focusing and got truly the equivalent day, Andy is focused on five indication on like all of their models.

A solid tumor.

So I can tell you is that Guangzhou cuts and all my pancreatic cancer non small cell lung cancer and colorectal cancer Cholangiocarcinoma. So.

No mango and unknown.

And I'll be your micro malignancies.

Okay, great well, thanks, a lot and again congrats on the new direction.

Thanks Yale.

And our next and final question is from Thomas Flaten with Lake Street capital markets.

Great. Thanks, guys for taking my question and welcome Heidi and and James.

Just from a practical perspective with respect to the ongoing programs and within IL 12, or will those continue to be funded through the completion or how are you thinking about kind of rounding out the package that you have to out license or sell.

How do you want to jump in on that.

Sure as you can imagine with any program that is net stops you don't just completely shut it off so we will be looking at those pieces that we will perhaps wind down and finish up pieces that are really important for partnering and making sure that we have the best and valuable package and which we can.

Potentially partner with somebody on and so it'll it'll be done in a very judicious manner and something that will be appropriate for both capital allocation, but also the opportunity that would present for partnering and moving that program forward on.

Next stages with somebody who they want to do that with us.

So with and with those expenses likely to wind down, but then winding up expenses on on some of the other programs could you help us think through spending over the course of 2021.

And I think quite honestly, you know, having just straight into this position literally in.

The last couple of days, we're going to dive into that and really look at what what's going on with each of the programs and what can really move us for it and that's we mentioned before our clinical data is really important and all of these programs and that's gonna be a priority for us and will be a springboard to opportunities of other.

Potential programs as we knew as far and so we will be focusing on car and TCR T program and the car T program as we've mentioned before and is being heavily carryforward in Taiwan, and China, and we will look to the data there to make decisions later on on that so most of our focus will be on T.

C R T, but as I said you know, we'll just judiciously do what we need to on IL 12 can make it a valuable program.

Okay, great. Thanks for taking the questions.

Yeah.

And we actually have another question from David Novak with Raymond James.

Hey, David.

Hi, David are you there.

Sorry, guys can you hear me.

Yeah, we can hear you David Jackson.

Thanks, very much for taking my questions.

First and foremost Laurence I just wanted to wish you the absolute best in the next chapter and most of my questions have been answered here. However, I suppose I just have one remaining and.

You guys talked about maintaining the rights to any process implement improvements developed by you didn't buy yourself ex China and are there any such improvements you can talk about that have been developed to date, which could or maybe you have already been implemented in the U S. Allo car T trial.

Yeah. Thanks, David.

Don't disclose specifics around on that especially to people that call and late and started to start their question on mute on.

And just kidding of course, but we'll we'll be able to share a little bit more detail on the technology strategy and our R&D day, but I think it's important just to emphasize the general principle, which is debt as we talked about.

The learnings from the team and Taiwan at Eden flow through and will will benefit the programs and.

And the rest of the across the rest of the geographies and those accrue directly to xylophone.

Got it thanks very much guys I appreciate it.

Sure David.

Ladies and gentlemen, and we've reached the end of the question and answer session and I would like to turn the call back over to Adam Levy from closing remarks.

Thank you Omar and thank you everyone for joining us today and as always we are happy to set up additional discussions and make members of the management team available.

To answer any additional questions.

As a reminder, we also look forward to speaking with you again very soon on our R&D day on March 11th Thank you and have a good afternoon.

Thank you. This concludes today's conference you may disconnect. Your lines at this time. Thank you for your participation and have a great day.