Q4 2020 Protagonist Therapeutics Inc Earnings Call
[music].
Good afternoon.
And welcome to <unk>.
Therapeutics for.
Full year.
Earnings Conference call on.
The webcast.
At this time all participants are in a listen only mode.
The advice that today's webcast is being recorded.
Require any further assistance. Please press star zero with that I would like to hand, the conference over to our first speaker, John Colson, Chief Financial adviser Chief Financial Officer. Thank you. Please go ahead.
Thank you for joining us today as a reminder, certain matters discussed in todays conference call and are the answers we may be given to questions asked may include forward looking statements that are subject to risks and uncertainties related to the future events and financial performance of the company.
Actual results may differ materially from those indicated by these forward looking statements as a result of various important factors, including those discussed in the risk factors sections of our annual report on form 10-K for the year ended.
December 31, 2020 on file with the SEC.
The question and answer session will follow the formal presentation and just as a reminder of the call is being recorded.
I'd now like to turn the call over to Dinesh Patel, President and CEO of protagonist to provide the company updates.
Thank you dawn.
Good afternoon, everyone of them. Thank you all for joining the conference calls to discuss protagonist therapeutics financials for yourselves and corporate highlights for the fourth quarter and fully of 'twenty 'twenty.
Don and I are joined on today's call by some effects of a chief Medical Officer, David Lowe, Our Chief Scientific Officer, and then it'll go up the Chief Development Officer.
'twenty 'twenty, what's the next step snow and transformative year for protagonist, getting which we expanded of our clinical pipeline and we now have five different new chemical entities or the N fees that are being advanced in six different clinical studies.
All of the studies that are expected to be completed over the next to the years.
As many of you know each of the clinical assets has been developed for the level of proprietary technology platform and currently we are developing novel novel therapeutic options at sort of three distinct disease category.
One various blood disorders and for the ones by accessing let's sell production that is accessing editor of psychosis or by accessing iron overload foundations to instead of them actually all of the disease IBD, such as Crohn's disease, and ulcerative colitis and three various income.
Yeah, the auto immune diseases that have already been cleaning to the clinically validated by the Interlachen 23 on IL 23 pathway.
I would like to start today's call by reviewing the that's the type of previously known as <unk> 300.
So the reminder, well that's what day it is a peptide mimetic of the nature of her monotype siding, which is the key regulator of iron homeostasis as the.
It controls the absorption the what age and distribution of iron in the body.
That's what type of debt went up to have superior drug like properties, including its potency half lifestyle, the ability the ability and ease of synthesis in comparison to the Nashville hot them on.
For the most advanced clinical program, but the candidate is in patients with Polycythemia. Vera also know on SPV I'd, rather have progressed the blood disorder affecting about 160000 patients in the United States alone.
In may of 'twenty 'twenty, the present to the very small, but robust data set for seven patients from all of our ongoing phase two will be the child.
And that proved to be a turning point for the protagonist in December of last year and an oral presentation at the Ash conference. We shared the data for the 18 patients from the same study and we're pleased to see the continuation of the robust of nickel responses observed earlier in may.
The quickly recap of the data, but that's what I appears to be safe, well tolerated and very effective in managing hematocrit control.
Below 45% of cross the 18 of adult <unk> patients evaluated.
This type of Hematocrit control also led to a dramatic decrease in the need for the pet I predict phlebotomy. The most common treatment modality for the foundation.
Furthermore, we also observed the reversal of iron deficiency in these patients iron deficiency is a typical undesigned outcome of Pedopathy phlebotomy in this patient.
While the phlebotomy is the current mainstay of Beatrice men, many patients out on Apple to maintain the hematocrit levels below 45% as part of the M. C. C M guidelines.
And this is unfortunately true even for those patients that he's sitting frequently about the man and receiving treatment with cytori debt to badger.
So to develop a clear understanding of the current treatment regimen and evaluate the true effectiveness last year. We took a large scale of retrospective analysis of real world patient data off of about 28000 patients and we also upped in hematocrit of measurements from less definitely sort of the spot of subgroup of our for tower.
The patients.
Our findings of what an eye opener and it showed that humana great level of the slot poorly managed for the majority of patients in fact, only 22 per cent of the patients on current treatment at the kind.
Assistant at the range still empathy on guidelines of keeping hematocrit below 45 per cent. This is concerning at many levels, including the fact that with high hematocrit levels PV patients may be exposed to higher risk of life threatening thrombotic events. These analysis further confirms some of the.
And if that is of larger gladding need for better treatment options for the C V patients.
Based on all of the promising phase two the itself, we believe that the nature of the hormone mimetic like the that's what I can potentially provide PV patients with the safe non cytori debt due and effective therapy that improves upon the standard of care of options not only for patients to the saving took on phlebotomy, but also for patients from continued.
So the simple of both of them is in combination with other pharmaceutical treatment.
How about the ongoing phase two reps for BV.
The be study is progressing on track the recruitment has in fact recently accelerated and we expect to complete the enrollment of 50 patients by mid 2021.
With the compelling clinical trial data in hand, we of consulting with the U S regulatory authority in the first half of 'twenty 'twenty, one to discuss and finalize that of a Registrational study plan.
I would also add the rest for data has received fast track designation for P. V from the U S. F D E and orphan drug designation from both the U S and European regulatory agencies.
The advancement of for us for tied to a pivotal trial in this indication will be of key turning point for a protagonist in 2021 in the future if of road, it's possible that the that's what I could reshape the treatment paradigm and be me and become the main long term non cytori debt to put up here.
Of choice for many patients living with the challenging conditions.
Now that's what I clinical momentum does not stop at P. D. The R. Also evaluating their standard for how they did that of hemochromatosis on at check in on open label Phase II proof of concept study at.
The church is the disease characterized by iron overload, the persistent iron overload can lead to heart and liver damage that could ultimately lead to more of a life threatening situations to day at church impacts of approximately 1 million patients in the U S and Canada and phlebotomy is the only therapeutic option.
For the patients that are no FDA approved drugs for this indication.
Efforts are also underway by us to better understand which subpopulations of there's 1 million on etch patients mid day that maximal benefit from a drug like a full day in comparison to phlebotomy.
We are pleased with the progress of the current phase two study and we should be able to share the preliminary results in the second half of the year based on these results we will determine next steps and the path forward for us for tie in the indication of how they did that he came up on almost all of it.
Beyond P V on that yet we are actively evaluating additional indications for us for tide and plan to select one new therapeutics program for us for tied in 2021 the.
For the idea is to capitalize on the excellent clinical attributes of this nature harm on my math, it and expand its utility to multiple diseases influenced by excessive iron accumulation of Erythrocytosis and patients for.
Finally, we are also working on it for them have site in Manhattan, which may ultimately bring more convenience and preferred options to patients with certain foundation.
Now I would like to turn the conversation to.
And so much the balance of these are IBD program for let us talk about of a fully owned assets. The M nine for pretty in the IBD space.
The M. Nine for three is the first in class orally delivered gut restricted antagonist of Alpha four beta seven integrate of validated biological targets for IBD.
We believe the depth of restricted Alpha four beta seven integrant blockade is unique and potentially groundbreaking three think IBD as it allows us to achieve the receptor target engagement directly and locally in the Gi tissue compartment.
More importantly, let me remind you that we have already established clinical proof of concept. The welfare of students study in patients with moderate to severe.
The southern of colitis with about first generation the BTG 100.
Nine for the three is the second generation drug that is at least three fold more potent across all in vitro in vivo preclinical and clinical measures of potency and efficacy that we have assembled to date. We continue to advance of 150 based on phase two ideal study evaluating the.
Safety Tolerability and efficacy of the in line for the three in ulcerative colitis, while we stopped providing guidance in 2021 for the study because of COVID-19 related impact on enrollment. We are very pleased with the current enrollment rates and are forecasting the completion of this global study.
In 2022.
Finally, I'll discuss the ongoing strategic collaboration with Janssen Pharmaceuticals. The partnership was initiated for the end of hot half years ago with of $50 million upfront.
And now an additional 30 million of hub in uncle flop from achievement of the various milestones.
So why do you the wording deal structure with more of milestones in the future and up the double digit royalties in the U S. Co detailing correct. It's also a very productive collaboration with now a portfolio of three distinct candidates in different stages of clinical development.
The Jensen protagonist partnership aims to discover and develop auto I just wanted to the receptor antagonist with application in various diseases that could be approached with the blockade of the 20th the pathway.
While the pathway the validated parabolic Mccann is orally delivered per that pays for the blocking this pathway have not yet been made available.
Excuse me with our collaboration with the anthem.
We are working to change the treatment paradigm through differentiated assets that could facilitate transition from injectable to oral targeted therapy.
In the past few months the added two new entities, the enthuse refi and totally to the the clinical development program with Janssen. In addition to the first collaboration on the asset P. D. G 200 of.
Our phase one trial of <unk>, three five and the phase one trial of 232 are expected to be completed in the second half of 2021.
Additionally for PT 200 enrollment continues for the patients in our phase two proof of concept study for sort of in this disease.
All three candidates for discovered through our peptide technology platform, which further demonstrates how about versatility and finding tap is bad debt or no adequate treatment options. The multiple products should provide numerous strategic and clinical development options to Jensen and protagonist.
So in summary, we are incredibly excited with simultaneous progress into the specific capex. It is one that's what type of program for polycythemia, Vera and headed into the hemochromatosis, two advancement of the gut restricted or the integrin blocker of Pn nine for three.
<unk> in ulcerative colitis, and three progression of three different all of our 23 receptor antagonist in clinical development and partnership with the ensign to treat various inflammatory and autoimmune diseases with that.
I would now like to turn the call over to one of our CFO of Dawn Coca from Tom. Thank.
Thank you Dinesh.
Once again, thank you all for joining us this afternoon.
Today, we issued our earnings release for year end 2020, and are filing our 10-K, where you can find further details on our most recent financials.
On the call today I'd like to review some of the key financial highlights for 2020.
So starting with our revenue we reported license and collaboration revenue for the full year of 2020 of $28, a $28 6 million as compared to <unk> 2 million for the full year of 2019.
As you May recall last year. The company's 2019 revenue was offset by a onetime cumulative adjustment related to the application of revenue recognition principles followed following the amendment of the against the biotech agreement in May of 19. This had reduced the 2019 revenue recognition by $9 4 million the two.
'twenty 'twenty revenue increase over prior year was also related to recognition of revenue from providing preclinical and clinical development activities under the collaboration agreement with Janssen for both new assets P. M to three five and P. M to three two as well as an update to the forecast of the remaining services to be delivered under the collaboration.
License and collaboration revenue for the fourth quarter of 2020 was $5 7 million compared to $2 7 million for the same period of 2019.
Moving onto our expenses research and development expenses were $74 5 million of for the full year of 2020 up from $65 million for the full year of 2019 on our fourth quarter R&D expenses were $19 5 million for the quarter into 2020.
Up from $15 9 million for the fourth quarter of 2019 the Inc.
Increases in R&D expenses in 'twenty 'twenty were primarily due to the advancing of our clinical trials with our pipeline of assets rush for tied in Pn nine for three as well as all three of the IL 23 receptor antagonist assets under the Janssen biotech collaboration.
Our general and administration expenses for the full year of 2020 were $18 6 million up from $15 7 million for the full year of 2019, and our G&A expenses were $5 million for the fourth quarter of 2020 compared to $4 1 million for the fourth quarter of 2019 the.
The increases in our G&A expenses were primarily related to higher professional fees insurance costs and employee compensation related expenses in support of the growth of our operations.
In summary, we reported a net loss of $66 2 million or a net loss of $1 92 per share for the year end of 2020 compared to $77 2 million net loss.
For a net loss of $2 of 98 cents per share for the year ended 2019 and for the fourth quarter of 2020, we reported a net loss of $18 9 million or a net loss of 48 cents per share compared to a net loss of $17 5 million or a net loss of 63 cents per share for the fourth quarter of 2019.
Moving over to our cash position protagonist into 'twenty 'twenty with $307 8 million in cash cash equivalents in marketable securities also of note.
Our successful capital raise activity during the year, including our two public offerings in our ATM program, we raised $255 million in 2020 for the company.
We forecast the company's cash cash equivalents in marketable securities along with access to our debt facility will fund our planned operating and capital expenditures through mid 2020 for allowing us to complete the current ongoing trials as well as fund our key clinical regulatory and operational activities through mid 2024.
Includes my summary of the fourth quarter and full year of 2020 financial overview now I'd like to turn the meeting back to the Dinesh.
Thank you Don.
We are very pleased with a lot of progress to date and we look forward to continue of of strong momentum as the most of the 2021.
Think of the shareholders for their support and the confidence in a lot of work, we think the investigators who advance of of clinical studies and the patients who participate in the studies.
Finally.
I want to personally thank the protagonist Inc.
I mean, the challenges the 'twenty 'twenty imposed on the world at large.
For the employees not only stayed the course, but instead of XL and several functions.
That unwavering focus on dedication is what has made the progress possible debt we are describing today.
Collectively as the team we look forward to even more exciting progress in the months and years of it.
I would now like to open the part of the question.
Later.
Thank you at this time, if you would like to ask a question press star one on your telephone.
If he would like to withdraw your question press the pound key.
The standby, while we compile the Q&A roster.
The first question comes from the line of Yes mean, Rodney right. He me with Piper Sandler.
Hi team. This is Rachel I'm sure you asked me on thanks very much for taking your question.
So our first question is can you help us understand how the regulatory pathway could differ between.
The development in low risk.
The versus high risk P D patients who fail on current treatment option in other words can you help us understand what part of the phase III design is set in stone and wished that goes for me to be assessed. Thank you.
Now that said one of your important question on distinction and I would have other C. M. All of the Sam take a crack of catch it yeah I would just say that we.
We can't obviously at this point on takeaway definitive guidance on the F. D. A design, but I can tell you the in our phase two study is open the patients whether they are on side of reductive or not and the common theme is patients who require too many phlebotomy.
So while patients are divided into the high and low risk categories patients are divided into those who are receiving side of the reductive agents like hydroxyurea interferon and those that aren't the commonality between all of the patients is the they're receiving a frequent phlebotomy I'll also ask Neil group to if he wants to say anything else.
About the clinical design.
I think you've covered all of the important aspects I think there's the thing yeah I think the short answer is.
From the phase two study since the drug is very effective in both the population. So obviously, we want to halt as broader utility as possible you know all of our team is basically this this is the blood for choice whether the current therapy is ineffective.
Okay.
Oh. Thank you that's very helpful on as a follow up on based on your discussions with the FCA you believe that the SBA and the email on view of the regulatory pathway and T V through the same lens. Thank you.
Well they are non Saturday and on and I think of you know we sound like a broken record that debt I think it's still the most meaningful statement.
On the dialog is ongoing and when we have clarity we'll share it with everybody on the whole world.
And we believe that should happen in the first half of the fear of.
Of course, the old way of historical comparison, one could make we can't talk about again of our own discussions with the only historical comparison, one could make would be the jakafi, which was registered in both of the EU and the U S. And shortly you may have a comparison of ROE of peg interferon, which is available in Europe.
On file in the U S. Neither of those are directly relevant to us because of the.
Historical comparisons.
Okay. Thanks, that's very helpful and as of last question can you.
Can you tell us what other indications beyond T V H H for which on.
For sure plays will make the mechanistic. Thanks for thank you.
Yes, we've been thinking about two general areas not to get specific here, but just generally in the kind of self evident if you think about it.
Based on the results with a P. B one is diseases that are treated with phlebotomy and the others diseases of our one of the hallmarks of the diseases of Erythrocytosis. So obviously MPV of those patients have erythrocytosis, so particular type and they.
Need phlebotomy. So we're trying to think about both of those avenues for further development in other indications and there are multiple diseases and each of those categories. Yeah. So you know the triangulation of flow.
Phlebotomy is the pent up the iron overload in excess of where it sort of psychosis.
Okay.
Great. Thanks, very much for taking the question.
Sure thing.
Your next question comes from the line of Chris Howerton with Jefferies.
All right great. Thanks, so much for it.
And.
Congratulations on all of the progress of across the board.
So maybe as the first question just as a follow up too.
Of that questioning with respect to two P V and the regulatory path.
If we could focus on the primary endpoint here you know like what are kind of the the key features.
That you need to come to alignment on with the FDA with respect to the primary endpoint.
Is it the specific endpoint that you want to go after is it the duration on therapy and follow up and I guess what is your initial view in terms of what are the kind of categories that one needs to satisfy to get a registrational study completed.
Yeah, So yeah, I'll make a general statement and then Sam will chime in the that the the current data we have from the ongoing phase two study.
Leads us to believe on its self evident that they they have amazing hematocrit control and joined to the hip.
That observation is the drastic reduction in the phlebotomy requirement and that has been sort of the the corner store in this disease indication. So sylvia good with the whatever the final outcome would be but Sam I mean, this is a chronic disease and so we believe that will need data over.
The reasonable period of time and as Dinesh.
I said the hallmark is keeping the hematocrit below 45, that's what's on every guideline. That's what is on every medical textbooks and so 20 for southern keeping it before keeping it under 45 over a significant period of time will be an important aspect of the primary endpoint how is two five.
And how it's analyze what else could be in there, we're not ready to say that but again from historical precedent and just from what we know about the disease, it's clear to us that the backbone of the primary endpoint will involve keeping the hematocrit below 45.
Okay, Alright, that's very clear thank you and.
Maybe it's the second question, if we can maybe shift our focus to pn nine for three of the IBD I think obviously, there's been recent recognition and focus of.
The early stage receptor occupancy data and I think one of the questions that I have received numerous times from investors is how does this mechanism work from a systemic versus a local or gut restricted activity in and kind of how does that work. It seems like there's some confusion out there.
So it might be helpful. If you could compare income Pratt contrast, a local delivery and it got restricted manner versus systemic and kind of what.
What you see in terms of the relevance of receptor occupancy data. Thank you.
Thanks for that that that's a very important question. It is also one of the most common question that they are the saving in recent days and I'll give some agenda of the answer to it and then about the CSO, David Little will chime in but the that some more details.
The way, we look at Alpha four beta of seven integrin is obviously, it's a validated target it for one of the most safe and I'd be the specific target as the established by Entyvio.
From Takeda now.
There are two types of approaches over here one is web.
The action is to systemic exposure and of what are there the have the injectable antibody drugs and orally bio available small molecule drugs the.
The other approach.
Which protagonist has undertaken and in fact protagonist is the only company in that space.
Is the gut restricted up at all of it. So now the the main action is not in the blood compartment, but rather tackling the target in the G I tissue compartment.
So wildly out of the only presence of what here. Then the question is is that the risky proposition the asset in a matter of opinion is no because as you know.
With all the previous first generation, but the PD 100.
The already established clinical proof of concept in a phase two a study in alpharetta day in moderate to severe.
Disease, ulcerative colitis patients, where the got clinical remission rates of 16% similar to Entyvio in a phase Iia study and from the biopsy samples colonic biopsies samples of these patients the got 44 per cent histologic remission. So yes.
Is the unique approach.
And but the already have the clinical proof of concept from the first generation drug and now the EDA moving forward with the second Gen Day Center of 94, three which is at least three fold more potent by all in vitro in vivo preclinical.
And the one phase one lot of receptor occupancy measure of demand debt. We have conducted so far between the two drugs.
The blood receptor occupancy component. This is that David you might want to chime in and take over the conversation.
Yes, Thank you Dinesh.
So I think everything the Dinesh mentioned there has been observed for the benefit of our approach in the clinic.
It was preceded by all of the work that we did pre clinically.
Looking at trafficking looking at Pharmacodynamic responses that were associated with the trafficking with disease outcomes in as well, it's just the logical outcome in preclinical models of colitis.
And that was all basically predictive of what we have.
Essentially observed in the clinic.
With regard to the Pharmacodynamic responses.
As shown predominantly by receptor occupancy in the blood.
We believe that the surrogate of the essentially what was initially targeted high target engagement the locally on the immune cells is residing in the gut.
And as those cells of trafficking back out the can't reenter because of the very tightly bound 94, three to the surface of the cells on the integrin.
In addition, we think the high local target engagement and genders of very nice effect on cells that are trying to proliferate.
And the activated from Alpha four beta seven engagement as a co stimulatory factor.
And we can we've shown that.
In from in vitro studies that we can certainly blocked at the mechanism. So high local target engagement blocking both trafficking and local activation of the T cells.
And what I would add Chris is that the part of it has got the restricted approach of the.
We have established based on our clinical POC deal with that data the efficacious dose.
In the ulcerative colitis study that translate at the 74% blood receptor occupancy in phase one study in healthy humans. So that is of a guideline for the debt restricted and take them locked out of approach and in a phase one study off nine for free.
And all of that making steadfast that 74% number the easily.
At three times lower doses of <unk> since the previous true now for the systemic drugs you know.
100% auto the blood idle is of goalposts, but you know and we don't have to get into the details, but the they the the minimal dose at which one kind of 200% title is.
Significantly lower.
Then the actual efficacy of the dose.
That have been used for the systemic drugs.
Yeah.
Right Okay.
Thank you very much for the debt that color and I appreciate the perspective and.
Yeah.
Your next question comes from the line of Joseph Schwartz with the SBB Leerink.
Hi, This is kind of like ours gets on for Joe maybe one about indications outside of IBD for Ya.
The IL 23 antagonist.
How are you of protein or maybe thinking about the bioavailability differences that might be needed for more systemic indications versus those that are more of gut restricted.
And are there any attribute some of your new agent P. M to three five for two to three two that you're designed in or selected for that might lend themselves to a more of that restricted or more systemic profile.
That's the excellent question Kelly the really appreciate it and as you know the add a peptide technology platform company.
And we like to be the pioneers in the advancement of the of.
Philadelphia peptide of science.
So initially we went on the journey of discovering peptides that would ask for it and as antibodies. The next step for us that making peptides that for the orderly stable and get restricted and maybe the alky of my totally grill in the field of peptides would be bad we could make peptides or.
Italy Bible about so for the IL 23 program in general.
All of our future.
Undertakings.
The would not be shying away from target set of approaches that actually require some sort of systemic oral bioavailability, but that's how I would say on that.
Yeah.
Great excellent and the thanks for taking my question.
Your next question comes from the line of our New Pom <unk> Rama with J P. Morgan.
Hi.
Thanks, so much for taking the question.
Just two quick ones from me for.
This is more of a clarification question on P. T. G 300 phase two.
At the conference and then in your press release today, you talked about updates at medical conferences. In 2021. So is this the E J and ash strategy or the.
Sort of Ash only type of strategy post enrollment completion.
The completion mid year. That's our first question. The second one is one of the questions we've been getting a little bit on pizza 300.
In the P b.
Based on the profile of that's emerging post ash, where do you where does the shrunk sitting in the treatment paradigm based on your market research. Thanks, so much.
Sure, Let me I'm sure some will want to elaborate but very quickly no. The items that I just wait until the end of the year to present things at the Ash conference of that are significant confidences in media and throughout the year. So it is a lot of pull in Penn Central present.
The updates at medical conferences throughout the year.
Yeah remember the first part of the study using the open label Phase two study. So since it's open label, we have no problem with the reporting on it.
And being transparent overtime, the second part, which is randomized and blinded that would require the last person completing the study before we could update the part of the study with respect to where we see this being used as we kind of said earlier, we're not trying to replace any particular therapy.
We think that people have to do many of phlebotomy is had been demonstrated of.
Two things one is too much time spent above I'm out of the crude of 45, and we think that's a.
Guidelines for a reason magically in terms of preventing events. So we think that's now the good thing to be spending time of about 45 and of course. The people of many phlebotomy is are the ones who have the highest degree of iron deficiency, because obviously the more of a bottom as you're doing the more iron of dragging out of the <unk>.
Bobby on the regular basis and those of the patients where we would expect to see if.
If we see of symptom improvement, obviously, that's where we would expect to see as the most of US on the people of the highest degree of iron deficiency. So.
Again, it's not the strategy of saying don't use any particular of the therapy. If you and your doctor decide any other therapy is useful and important for you that's great, but what we see in the marketplace is with the existing therapeutics are available, but there are many patients.
Who are on the other drugs now of too many for bother me or on phlebotomy alone and have too many flew out of me.
For the biotech and those of our patients.
So I hope on the way I would phrase it is that essentially this is the drug this could be of drug of choice when the current tap as the ineffective and.
And Oh.
All of our Symphony data sort of way of basically shows the majority of patients. They fall in this category and if you look at our current phase two study the data the present data at the ash on eight and patients. It's like eight patients sat on phlebotomy alone than the seven patients sat on Hydroxyurea the all.
I have three patients that are on interferon and remember the qualification for getting into our study is in spite of the statements that require frequent phlebotomy is at least three almost the bottom is in a six month period, so that translates to more of them fixed phlebotomy is annually and it demonstrates.
Thanks, it's like the current click meant that in effect to add.
And the demand for example, about somebody says the not a good thing for the patients ultimately and that is where we would like to see the performance of our true Yeah. We presented our symphony data at Ash. It's in the poster at Ash. The was presented by one of the key opinion leaders and the punch line is where they use side of the regard to sort of useful bother me alone many pay.
Our.
Our non receiving treatment according to the treatment guidelines.
Understood. Thanks, so much for taking my questions.
Absolutely.
Your next question comes from the line of Douglas Tsao with H C. Wainwright.
And your life.
Yeah.
Hello.
Hey, Doug.
Yes, sorry, I was having a little trouble of my line. So.
In terms of the new IL 20 threes.
They have been nominated by Janssen for development, just curious at what point should we start to get a sense of what indications that you're thinking about and obviously.
You know I would presume the horizons might be a little broader than just an IBD just given how you know as you alluded to earlier right. It might not just the sort of got restricted you know obviously, it's tomorrow has pretty pretty wide use.
Yeah, Doug it's an excellent question and as you can imagine you know a bit here.
This is our partnership with Janssen.
So.
We have to be mindful of the state mentally make.
But I would just like the phrase it this way.
Our collaboration with Janssen is not on IBD of our collaboration with the Ensign is on.
I owe 20 to the receptor antagonist.
So we're one of the 20th of a pathway intervention of the out of 23 pathway.
Let's do a medical utility and in.
Particular disease indication.
That is where are we out of period. It again, the going well with the multiple optionality and and so on so the idea is like hey, lets the add a few promising candidates are in the development bucket, we have at least three as of now.
And then the various strategies and clinical options will become more clear down the road are as we get more data from the current phase one and phase two studies that we are conducting with these candidates.
It is true Dinesh you just sort of went where I went through I guess it sounds like.
What we learned from the phase one in terms of bioavailability PK profile et cetera, really sort of help determine which of those indications, especially outside of IBD might which the candidates might be best suited for.
Yeah, it'll be hard to decide the day with your logic.
Okay.
Okay. Thank you so much.
Thanks debt.
And with that this concludes our Q&A section and I would like to hand, it over to Dinesh Patel for closing remarks.
Thank you again, everybody for joining us this afternoon and this formally concludes our fourth quarter 2020, and full year 2020 conference call on webcast. Thank you.
This concludes today's conference call and you may now disconnect.
Okay.
[music].
Uh huh.