Q4 2020 Lantern Pharma Inc. Earnings Call
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Good afternoon, and welcome to Lantern pharma fourth quarter 'twenty 'twenty Conference call. As a reminder, this call is being recorded and all participants are in listen only mode. We will open the call for questions and answers. After the presentation I would now like to introduce your host for today's.
Conference small rigs for Schatsky with Investor Relations, Atlanta, and pharma Marek. Please go ahead.
Thank you very much Christie and thank you for joining us for Lantern pharma fourth quarter 2020 conference call on.
On the call today are pretty that's pharma lantern, president and CEO and David Margaret Lantern CFO.
Our press release was issued this afternoon on what our fourth quarter financial results.
But we won't be discussing here today.
Following the safe part in the Safe Harbor statement Panna will provide an overview of that.
That's for which David will share our quarterly financial results.
I will then offer liquidity comments after which we will open this call to your questions. Please also note that we have provided a link on our IR website. So despite that we will be referencing in today's call.
I would also like to remind everyone that remarks about future expectations plans and prospects.
Such forward looking statements for purposes of Safe Harbor provision under the private Securities Litigation Reform Act of 1995 line.
Lantern pardon my caution that these forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated. There are a number of important factors that could cause our actual results to differ materially from those indicated by the forward looking statements such as the impact of Covid.
The results of our clinical trial and the impact of competition.
Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements can be found in the risk factors section in our annual report on form 10-K per day.
And at December 31st 2020, which was filed with the F. D. C on March 10th 2021.
Any forward looking statements made on this call on this conference call speak only as of today's date Wednesday March 10th 'twenty 'twenty, one Atlanta pharma does not intend to update any of these forward looking statements to reflect events or search or circumstances that occur after today. Please.
Please refer to today's press release for replay information and now I turn the call over to Parnell Sharma, President and CEO of long term partner.
Yeah.
Mark Thank you and good afternoon to everyone on the call today. Thank you for joining us for our fourth quarter and year end 2020 conference call for <unk>.
Those of you that are new to the lantern pharma story.
We are a unique company in oncology biotech that leverages the power of artificial intelligence and machine learning to both rescue and develop oncology therapies. We do this through our internally developed proprietary AI platform called radar, where one of the few AI based biotech that has multiple clinical stage programs.
In development as well as a rapidly growing proprietary platform for accelerating our understanding modeling and prediction of patient and tumor response to cancer therapies. In this regard we are a very unique company at the forefront of the data and Shun enabled transformation happening in drug development and drug discovery.
Our team has been working very hard.
This past quarter advancing our collaborations developing.
Developing meaningful lab data advancing our manufacturing Onboarding new team members, both employees and consultants, while also hitting major milestones for our platform and for developing insights for new indications that'll powered future therapies.
Shortly after we began trading last June of 2020, we announced that our proprietary AI platform for precision oncology drug development radar surpassed 450 million data points that was roughly six months ahead of our plans now and we plan to cross the 3 billion Mark during 'twenty 'twenty, one we closed 2020.
But a little over $1 1 billion.
Data points. These data are highly curated datasets, specifically for oncology drug development and drug response prediction. Our team has made tremendous progress on this front and has recently announced a publication in BMC bioinformatics, which showcases some of the processes that are platform enables.
For drug development in particular preclinical.
Work for <unk>.
Selection of indications and development and.
Yeah.
Martha enabled signature that can be used for both patient selection.
And prediction of tumor response.
Our process for selecting clean Curating and tagging the data has gotten significantly more efficient and powerful and this will allow our company and particularly our partners to develop cancer therapies.
Better understand where and how certain compounds work with even greater precision reduce risk and a much more rapid pace will be seeking undeveloped be select partnerships with biopharma companies, where our radar platform can help in the development of their programs and generate rewards and upside for lantern and our investors.
Beyond merely to share mounted data quality and relevance of our data and functionality continues to grow as evidenced by the increase in the number of indications and programs. We have developed since our IPO.
In June it was three now it's seven programs and this is all in the span of the last nine months our radar AI platform stands at the core of our business model alongside a targeted and accelerated drug development path.
The quantity and quality of our data and also our functionality is an important driver of the value of our franchise Raiders growing genomic drug sensitivity.
In patient outcome data sets combined with our AI and machine learning.
<unk> to streamline the drug development process, while also identifying patients in patient populations that will benefit from our oncology therapies. We are confident the powers radar will enable us to add at least one additional biomarker of genetically defined program our indication to our pipeline every 12.
18 months during previous calls Ive spoken extensively about how well we are now beginning to experience and live in the beginning of a golden age of artificial intelligence, an era, where the availability of relevant data.
Computing power cloud resources on demand sequencing talent and the acceleration of AI and large scale data analytics and algorithms along with shifting economic and invest for demands have a line to make large data driven highly responsive machine driven approaches to solving complex, sometimes unknown probably.
In reality this is especially true in drug development, we are harnessing the trends in capabilities and Golden age to accelerate our pipeline and most importantly to benefit cancer cancer patients and to bring down the costs associated with the risky and lengthy process for cancer drug development.
For those of you that are still new to the story for learning about lantern, our pipeline of small molecule oncology assets and non call. It eight antibody drug conjugate asset includes new compounds that we have identified through our biomarker discovery efforts as well as potential therapies with extensive prior clinical experience that we acquire.
Third after previous owners of abandoned development efforts following phase III setbacks.
In all regards we own the therapeutic rights or developmental rights to all the assets that we're developing our radar AI platform underpins each development or rescue efforts and we are confident that this will help us achieve.
To achieve a scale in transformation to the oncology drug development process.
2020 was a pivotal year for lantern pharma marked by a series of financial operational and drug development achievements. Each route from many of which are highlighted in the press release that was issued earlier today earlier this afternoon.
But these achievements validate something that's very unique about our business not only are the capital efficient.
And leveraging the power of AI, but we also are combining that with the knowledge and experience for our scientific team to rapidly take these insights and March forward and our drug development programs in the short time since our June 2020, I P. O. We've more than doubled the number of programs that we have an active development. This.
Increases the net of opportunities for a high for accretive licensing deals partnering opportunities.
And generating upside for our investors.
We also initiated a highly differentiated antibody drug conjugate program. This leverages some very unique linker technologies developed by Kelly for you and it also we also grew the number of data points that fuel our AI platform by over five ex this past year.
Initiated manufacturing research and development collaborations with leading cancer research institutions. These include Johns Hopkins and Glioblastoma, Georgetown University, and prostate cancer and Fox Chase cancer Center in pancreatic cancer and also other solid tumors, where nucleotide excision repair mechanisms can.
Be exploited these.
These are all very targeted programs and many of these programs and collaborations are now entering their second stage, including the ones Georgetown. The first stage of joint research activities began in the fourth quarter of 2019 and generated compelling evidence of efficacy and L. P 184 in solid tumors.
But in particular solid tumors that over express P. T. G R. One.
This anti tumor activity was linked in a dose dependent fashion and we validated it and very specific subtypes of prostate cancer with P. T. G. R. One is naturally over expressed hasnt met as a foreign debt coming.
Metastatic.
This research has helped US guide specific development of that signature and more importantly, correlates to increased response, among certain subtypes of cancer, including cancers that are DNA damage repair gene deficient. The next day as a collaboration will focus on a larger set of the ex models it'll pinpoint a specific mechanism.
The confirmatory validation on the role of P. T J R. One and actually other genetic mutations and the research will complete the acquisition of detailed genomic information and prostate cancers and potentially other related urogenital cancers.
The second phase goal to create a biologically relevant robust gene signature that we can take into clinical trials and will prepare us to select patients with the objective from a line feature prostate cancer patients to experience the benefit of a more personalized cancer treatment approach.
Ultimately, we believe that our AI driven approach could save millions of dollars in drug development cost, perhaps tens of millions while significantly accelerating the path to commercialization, but more importantly personalized.
Treatment towards select populations that are most likely to benefit from the therapy.
Work that we're doing at Georgetown is being led by Dr. Parts of Panic Banerjea, a world renowned expert in likely oncology in prostate cancer.
We also have collaboration research agreements with Fox Chase Cancer Center for the development of L. P 180 for it in pancreatic cancer and this collaboration advances the targeted use that's L. P 184 in genetically defined subtypes of pancreatic cancer again, those are the right gene signature and and of course to be able to use that.
Gene signature.
<unk> logically relevant and naturally occurring naturally in pancreatic cancers to guide the development of clinical trial is successful. We believe that we can develop a more personalized therapy option that has the potential to improve survival and.
Go after one of the cancers.
That has a very poor.
Overall survival.
Program at Fox Chase Cancer Center is being led by Doctor eager asked just arrived in the molecular Therapeutics program at Fox Chase Igor is an internationally recognized researcher in Gi cancers, specializing investing getting signaling pathways that informed the choice of Biomarkers and innovative therapy combinations in clinical trials.
<unk>.
In the fourth quarter, we announced another collaboration research agreement with Johns Hopkins as the Sidney Kimmel comprehensive cancer Center.
Program is focused on further development of one L. P 184 in Glioblastoma Johns Hopkins is a leading research center for brain cancers, and one of the largest range from a treatment and research centers in the world and they focus on treating an extremely large number of patients.
By all types of brain tumors in fact after finding that help you wanted for cross the blood brain barrier exquisitely, we'd been at the forefront of enriching our radar database with several.
Doesn't millions of data points.
In brain cancers, and again the collaboration today with Hopkins is focused on defining the subtypes of GBM, but also clarifying the most promising clinical application for the drug candidate <unk> L. P. <unk> 80 for especially as monotherapy.
The goal of this collaboration is to develop a clinically ready program that has characterized the drug candidate for the most biologically relevant and robust biomarker signature and using that signature to identify the patients that have the highest potential for response. This way, we can shorten future trials and bring the drug for the benefit of these.
I'm just needed population this kind of research. We believe is at the forefront of translational cancer medicine.
And very importantly.
Allows us to develop physiologically relevant models using patient derived material and then understand the biology of what is actually happening inside the cancer tumor and use that to feed our radar inkjet. The radar engine that allows us to generate more precise biomarker signatures that provide data driven insight into additional.
So we believe this is a very essential very important feedback loop as data from physiologically relevant.
Experiments feeds back into our AI engine, our AI engine generates signatures those signatures that are used to do additional work and this process is continuing now.
Several cancers and several cancer areas Atlanta, and this feeds millions of data points of additional insights proprietary data driven insight into our radar platform. Our GBM program is being led by Dr. John Matera, an internationally recognized researcher neurology oncology and neuroscience.
During our last call, we talked about how L. P. A quantity for has demonstrated high nano molar potency and the ability to cross the blood brain barrier something that very few small molecules can do but more importantly, as it crosses the blood brain barrier it keeps neuronal cells intact and viable while it really focused in the damage on the cancer or the green.
Myself this opens up for potentially a high value opportunity to help patients and many other brain cancers and the ability to cross the blood brain barrier is of critical importance in treatment outcomes for CNS and other brain cancers.
Our AI platform, along with algorithms tuned to predict blood brain barrier permeability played an important role in helping determine which CNS cancers in which didn't genomics defined subtypes of CNS cancers should be prioritized for development.
In silica tools and also in vitro data from Miracle sell plates narrow fears nearest fears L. P 180 for a demonstrator permeability that was in line with T. N V and other therapies, while also demonstrating nanometer potency.
Data is extremely significant building on this data we believe we can identify what we have identified several additional brain cancers will help you wanted for can play a major role as a potential therapy and we're pursuing one of the validated indications in a typical teratoid Rab day tumors. This is an ultra rare <unk>.
<unk> cancer that occurs primarily in pediatric in children.
Specialty children under the age of for.
And Theres typically between 50, and 70 or 80 cases, a year, so very ultra rare cancer without any therapy.
Therapies today.
And so we believe we can compress the timeline to bringing help you want it for as a potential therapy in this ultra rare indication.
And have a potential treatment for these patients. So we're working down that we validated this both in the lab as well as in silicone, we're seeking collaborators to further sue the syndication.
So do we believe with a franchise now that.
12 months ago was just beginning.
We observed the potential for 184 to target GBM and.
And after G. P. M. We now also have found a T. R. T validated blood brain barrier permeability identified several additional indications that we're in the process of validating and we've really developed a very unique portfolio of brain cancer indications for L. P. 184, we believe this basket of brain cancer into.
<unk> can be a very important tool to then partner with the right biotech or pharma.
Moving to other development programs L. P. 100 is currently being managed by our partner for the treatment of genetically defined metastatic castration resistant prostate cancer, while O. P. 300, a small molecule candidate also is preparing to enter a phase two trial in non small cell lung cancer as a combination therapy for non smokers.
For L. P 300, we have made significant progress in better understanding the mechanisms involved in L. P 300 activity and in lining the usage of L. P 300, with a chemo doublet therapy that is more commonly used today, namely Carboplatin and Pemetrexed. This was accomplished through a recently completed non clinical bridging study that showed.
The L. P 300 is with Carbo Pemetrexed is as safe as cisplatin and Paclitaxel and doesn't cause any additional toxicity or adverse events. We plan on sharing this with the FDA as part of our process to re enter phase II clinical trials later this year.
Most recently, we also announced something that is very unique and that is the launch of our antibody drug conjugate program. This was developed by leveraging the AI platform.
My understanding where else from 184 could potentially work best buy synergize them with other optimal targets and many of these targets were antibody targets and we also then we're able to work with Kelly for a pharma to average a patent protected linker and library that we can conjugate with our unique DNA.
Amgen compounds like L. P 184, and potentially other payloads. According to industry analysts the global ADC cancer therapy market is expected to exceed 10 billion by 2026 15 billion by 2030, and it's driven by innovations in protein targeting which is what our platform does we're really targeting a linker technology.
<unk>, which we now have access to brew Doctor count on Kelly for Ya and conjugation processes.
So 86 bring together the ability to target specific antibodies on very specific types of cancer cells, and then linked debt antibody targeting capability to delivering our potent molecule or payload to that cell.
Cesar emerging class of highly potent drugs and have seen several approvals over the last two years and a lot of interest from big biotech and pharma and partnering.
The portfolio of technologies and library Lakers that can leave he has meaningfully progressed with a specific focus on our a class of drugs and we believe this optimization coupled with the identification of cancer subtypes and molecular targets has allowed us to save several quarters, if not years in the development process and allows us to enable.
Targeting very specific cancers.
This way we can enter the clinical trials at a speed that we believe has not been achieved in the ADC category. So again, we believe this is another major franchise.
Hum portfolio of value with the ADC program.
Working closely with innovators in the world, leading drug developers is an essential part of our strategy to deliver it to leverage and develop new platforms that can transform the timeline and effective effectiveness of cancer drug development by implementing antibody drug conjugate approaches we aim to offer of cancer patients and additionally, highly targeted platform that can make meaningful.
Tribune's and also benefit from the synergies of our AI drug development or data driven approach.
The other our current portfolio of drug candidates and our radar AI platform has the potential for multiple shareholder value milestones in 2021 and 2022. In addition, our radar platform.
Is mature to the point, where we're going to begin to focus increasingly on collaborating with other biotechs and pharma companies.
Further develop radar and to develop opportunities through radar for our investors now I'll hand, the call over to David Margaret If our CFO for a review of the fourth quarter and year end results David.
Thanks, Scott and good afternoon, everyone.
I'm now going to share some of the financial highlights from our fourth quarter and full year 2020.
It's important to note that we incurred added expenses in 2020 as a result from becoming a public company.
And with our lean operating structure. These changes resulted in substantial differences for purposes of our 2020 to 2019 period to period comparison.
Starting with highlights for the fourth quarter of 2020.
For the quarter ended December 31, 2020, we had a net loss of $2 9 million.
Or <unk> 47 per share compared to a net loss of 675000.
<unk> 34 per share for the.
The quarter ended December 31, 2019.
The net loss for two for 2020 included non cash expense items.
1.024 million.
$904 related to employee stock option compensation.
Research and development expenses were $1 3 million for the quarter ended December 31 2020.
Compared to 177000.
Warner ended December 31, 2019.
The increase was primarily attributable to the income.
<unk> and research studies.
Noncash research and development related stock option compensation expense as.
As well as the expansion of the company's research team.
The Q for 2020, non cash R&D expense related to stock option expense was $470401.
Yeah.
General and administrative expenses were $1 5 million for.
For quarter ended December 31, 2020.
Care to 498000.
For quarter ended December 31, 2019.
The increase was primarily attributable to an increase in expenses associated with operating as a public company.
Along with increases in non cash general and administrative related stock option compensation expense.
The Q for 2020, non cash G&A expense related to stock options.
$554503.
In terms of fiscal year 2020 financial highlights.
As of December 31, 2020, we had working capital of approximately $19 7 million.
Primarily driven by the net proceeds of our IPO that closed on June 15 2020.
For the year ended December 31, 2020, we reported a net loss of $5 9 million.
For $1 37 per share.
Compared to a net loss of $2 4 million.
For $1 23 per share for the year ended December 31 2019.
Research and development expenses increased $1.3 million for.
135 per cent.
From 953000 for the year ended December 31 2019.
$2 2 million for the year ended December 31 2020.
The increase was primarily attributable to <unk>.
The increases in research and development Labor and research steady expenses.
As well as an increase of approximately 470000, and non cash research and development related stock option compensation expense.
General and administrative expense increased $2 2 million for.
149%.
From $1 5 million for the year ended December 31 2019.
She was $3 7 million for the year ended December 31 2020.
The increase was primarily attributable to expenses associated with <unk>.
Transitioning to and becoming a public company income.
Including increases in corporate insurance expense and general and administrative labor expenses.
As well as an increase of approximately 604000 in non cash general and administrative related stock option compensation expense.
We expect we will continue to increase our R&D spend as we further advance our portfolio and recently initiated ADC program and.
Move towards the commencement of additional clinical trials and research studies.
Currently we have 15 employees 11 full time for part time as well as for consultants, who are primarily focused on leading and advancing our drug development biology and data science efforts.
Our cash position at December 31, 2020 was $19 2 million.
As a result of our 2020 development and operational progress.
As part of discussed earlier on the call.
We were able to significantly strengthen our balance sheet subsequent to year end.
With the closing of a $69 million follow on public offering in January 2021.
This additional cash extends our anticipated cash runway through mid 2025.
We believe our solid financial position will fuel continued growth and evolution of our radar AI platform.
Accelerate the development of our portfolio of targeted oncology drug candidates.
And allow us to introduce additional targeted product opportunities.
In a capital efficient manner.
I'll now hand, the call back to partner.
Thank you Dan.
A few more comments before we open up for Q&A.
Moving forward, we expect to make additional progress on the development of our existing programs. While also strategically focusing on new opportunities that we're uncovering or that we can create in collaboration with others.
As seen from our growth in programs from three to seven just over the last several quarters.
We believe that our data driven genomic with targeted and driven approach.
Is.
Really a transformational way to do drug development for oncology and allows us to identify and rescue and developed candidates that can be day now we believe from degenerative fraction of the time and cost associated with more traditional methods of development, our dual approach to developing both de novo biomarker guided drug candidates.
And also having the potential to rescue historical drug candidates by leveraging the data sets and other work inside of radar.
We believe is a massive advance in genomics computational biology and cloud computing. We believe this is.
From an.
Era for drug discovery and development that we are proud to be a leader in.
In this context, we are focused on building a portfolio of high value oncology drug candidates for each of which can be potentially partnered for pivotal registration directed trials or sold or licensed staff.
We provide we believe this provides a very clear and defined path for potential cigna.
Significant value creation for our shareholders.
And establishing lantern pharma as D Lady leading AI, driven oncology drug discovery and drug development franchise, we believe for something that we're well on the path to do.
So with that.
I'd like to go ahead and.
Make sure people understand that.
Key goal of our company and franchise is to transform oncology drug development for the use in power and I and build true enduring value by doing that we think the golden age of AI in drug discovery and development is here today and will make have significant repercussions throughout medicine, we believe for one of the leading leaders.
In this paradigm shift to change the pace risks and costs of oncology drug development and that we are proving that our platform can provide significant deficiencies in the time and cost more importantly, our growing pipeline of drug candidates chose that the rapid identification and validation of molecular drivers of cancer.
It allows for a more targeted and more effective pathway to developing new drug candidates identifying drug combinations and potentially new contracts such as antibody drug conjugates.
So we look forward to sharing our ongoing progress with you in future updates and hopefully more of these in person as the year progresses.
I would also be remiss not to take some time, thank everyone who's been on the frontline or knows people on the frontline.
All the work that's being done, especially with the health care workers and advocates and of course, all the millions of people that are helping to care for it and put an end to this COVID-19 pandemic, we should all take time to be thankful. Each day from the efforts put forth to bring society and business back toward normalcy, they've oftentimes done this in a hostile and oftentimes.
Under accepting umbrella of.
Being misunderstood.
So with that I'd like to really put my hat.
Pat and say thank you for all the work that everyone has done to make a change and bring this pandemic tuna and now look forward to meeting more of you in person throughout the year I'm presuming more normalcy to business sense society, and with that I'd like to open up the call for questions.
At this time, if you would like to ask a question. Please press the star and one on your Touchtone phone.
You may remove yourself from the queue at any time by pressing the pound key.
Once again that is star one to ask a question.
And we will take our first question from Kyle <unk> with.
Call. Your Securities go ahead your line is open.
Great. Thanks for taking the questions and I appreciate all the updates here certainly a lot going on I know you talked about the current cash balance being able to get the company to mid 2025, but could you talk a little bit about how we should think about the quarterly burn with the most recent updates from the ADC program and other opportunities like ATR.
Just wanted to make sure.
I'm thinking about the burn correctly or the near term here.
Yes, absolutely free.
And I'll let.
David walked through.
I'll, let David kind of walked through.
The burn and how we see that progressing but we do see progressing upwards over the year. So standard do you Wanna walk kind of through that.
Absolutely so.
It's a great question an important question for us.
We are in a much stronger financial position now and this allows us to execute on a lot of things that we had.
<unk> brought on line a position for that.
Since the time of our IPO, but this really allows us to accelerate that.
We will see a substantial ramp up.
As we move towards.
The launch of L. P 300 additional.
Additional clinical trials, we have we have planned.
Related to 184 as well as our ADC program.
And over the.
Of course of the next.
Two to three years, we see our quarterly burn.
<unk> substantially a higher and higher proportion will be associated with R&D.
You see that increasing.
In particular as we start the phase III for L. P 300, and then.
Our 2021 into 'twenty, one and start of 'twenty two as we move towards starting additional clinical trials for 184.
Got it that's helpful and I'm just curious regarding the a TRT opportunity. It sounds like this ultra rare condition could allow for a much faster timeline, but given the small prevalence of the addressable patient population, what would pricing be able to offset a small number.
Or if potentially treatable patients and I'm just trying to understand the rois on this opportunity given the prevalent size. Thank you.
But I think he went to the prevalence.
It's very it's an ultra rare cancer, so I think for our for US we're more interested in.
Benefit for that patient population.
Initially, but also once we have for drug and market. There are a number of other <unk>.
Tumors that are similar to a T. R T.
These Rab day tumors also occurrence informs a kidney cancers in sarcomas.
And then oftentimes marked by a certain.
Biomarker that makes them sensitive to our drug.
You'll see that we publish a bit more about that later, but it relates to <unk>.
The jeans, Marc B one.
So in smart <unk> is mutated.
It tends to then not produce a downstream protein also smart Q1, which is <unk>.
Tumor suppressor.
Crews and a few percentages of cancer, but mostly in a TRT and.
And certain kidney cancers synovial sarcomas.
And so our goal is.
We know Theres a need in this patient population.
We know there's clear ability for you to cross the blood brain barrier. We believe we can get fast track and then we can introduce L. P 184, and some of the other cancers that I talked about which will increase the size of this market significantly.
So it'll since we will have our drug in market. We can then per.
<unk> other combination indications.
So it's really not just the herc market alone that we're looking at we're also looking at once the drug is in market and being used clinically that opens up a lot of other opportunities that we would not have but not having a drug that's being routinely used.
That's helpful. Great well, thanks for taking my questions and for providing all the updates here.
Thank you Kyle.
And we will take our next question from Daniel Carlson with Tw Research Group. Please go ahead.
Your line is open.
Yeah. Thanks for taking my question guys and congrats on other progress a.
Just a couple of questions kind of you you talked about the ADC program, a little bit and it certainly seems like an attractive space to be in can you provide any additional insights into what is going to happen exactly in your program and timing around that.
Sure. Thank you Dan Good question. So we've done some more progress on the ADC will probably will have a poster.
Our conference call on a broader update later this year.
But we've really narrowed in on certain antibody targets.
Specifically targets, where the antibody can be internalized into the cancer cell.
And as a result for the changing environment released the payload.
So there's cleavable linker, you've kind of identified we've identified a few of the antibodies specifically antibodies that can be internalized.
So we have some initial data on that.
So we've continued to narrow down the program in terms of how we would approach. It. We also have a kind of a backup category.
We also have some initial indications in heme cancer as well that we might.
Pursued.
But the key for our drug to work is for the drug to be internalized into the cancer cell.
So that has narrowed down the way that we're thinking about the day antibody mm total conjugate into so it gives us a pretty small windows. The antibodies that were most likely to look at.
I'm sorry.
So I feel like we have a pretty focused program on this.
You know again, we're going after some solid tumors, where there really hasn't been.
Notable.
Improvements in overall survival. So we think that there's a potential food partnering this asset out for a significant amount quickly.
Excellent. Thanks.
Second question for you here there was a paper published a b M. C. Bio informatics last week it really seemed in my opinion to help validate exactly what you've been saying about radar and wondering if you can provide any more insight into that and then the second part of this question.
It's it's you talked about.
The platform radar platform I'm wondering how you can really leverage that is it through bringing in more more drugs for onto your platform or is there potential to as you build it out and it gets bigger to take it out to a broader audience.
Our ships et cetera.
Yeah, Great question, Dan So the interesting thing is that the.
The paper you know it's true.
It's already dated because but.
Yeah, it's a great paper because it showcases how we're using it to make decisions about that.
The indications that we're going after and the types of genomic information that is zeroing in on and again. This is for fairly small group. Initially when this work was started.
Our group has increased as you know.
Six people went public for 15, so still not huge but you know we have more talent and we can crunch through more data and more numbers and do more of a platform.
But yeah, the BMC volume from Alex paper is a great example of how we can use.
Radar processes on one specific drug to unlock multiple potential indications in terms of the developed a signature who selected preclinical indications that we went into a lab would that really for out.
A lot of fruit and actually now the platform has actually grown significantly since that since we started working on that paper.
And because of that we do think that we'll be able to start generating are what I'd call time to indication typically take six months to a year and we were able to bring that time to indication down to a matter of weeks and so.
That level.
We'll come up with more ideas than we can possibly do develop completely on our own. So we do think it's getting to the point, especially as where it gets to $2 3 billion data points, which should be fairly quickly this year.
That we will see.
Seek more partnerships using the platform will make the platform more powerful than we think.
Be able to essentially give our investors upside in other programs. So yes that is part of our strategy would be to unfold now it should take some more time and interest and take a look at how we can leverage this platform to.
We get access to other other programs other indications other molecules and there aren't a lot of companies that has approached us and we've had some discussions with so that's something that will we will.
Selectively pursue this year.
Great. Thanks, and then just one quick follow up in on this a T R. A T.
And maybe a little NEVA day on my private debt with this qualifies for a priority review voucher.
David do you want to talk about what we know about the priority Reserve program right.
We think there is potential for that.
And the.
The voucher program has as many know is something that has just been.
<unk>.
Reextended.
With recent legislation so that that's encouraging in terms of further incentivizing companies to pursue pediatric indications.
The vouchers are able to be used by the sponsor or they could also be purchased by another company.
So there is potential value.
In the.
Rare pediatric disease.
Voucher program and.
We're learning more in terms of the details with respect to <unk> in that indication but.
From what we are aware of right now we believe that it would be potentially eligible for <unk>.
Chip program.
Great Yeah, there hasn't been a trade it for like 100 millions that'd be awesome. That's it for me. Thank you keep up the great work.
Thank you thank you Dan.
And once again, if you would like to ask a question that is star one on your Touchtone phone.
We will take our next question from John.
Go ahead your line is open.
Hey, good afternoon, David how are you guys doing.
Let me thank you John.
Hey, how are you.
Let me start one other question on the on one may be for it seems like the potential that for that it's fairly broad you've named a number of areas, including CNS, which could be a number of indications their house.
How are you going to use the data that comes out to narrow that down further and you know.
When you probably get to perhaps phase two or something like that.
Know, what youre going to try to take all the way for the end.
Yeah.
Well, we are looking at what you know is there a subset of what subset of.
Glioblastoma as well.
Working best.
And so that's something that we're hoping in the next few months will better understand.
And I do think that also in the other indications that we're pursuing there won't be the entire indication, but again it'll be a subset or some genomics defined groups.
And so that's.
Typically how the trials will be.
Organized our structure.
Okay, and I guess, sometimes there are trials that have multiple.
Multiple indications and then there are adaptive and you move for based on what's working is that is that something that you try.
Oh yeah.
Looking at quite a debt absolutely.
Okay.
Great. Thanks for those and adaptive as well as basket trials for some of these indications across Colorado zone. So yeah. So we will definitely look at for US It's still too early to you know.
10, one of those down right now.
Okay, No that's a great way to do it and it seems like Theres a lot of opportunity and you obviously want to focus on what's what's most promising and you mentioned a bit about talking to other companies and that seems like a great way to help some collaborations going forward.
You bring the radar platform to the table.
And in your portfolio as well.
How do you go about doing that I mean, do you reach out to maybe smaller companies because larger companies probably have their own own AI system that they use that maybe smaller companies and say hey, you know share some of your data with US we will see if theres any opportunity is that how you do it or whats the process there to find potential I think yeah. There are definitely true.
Definitely certain drug classes that are better suited and so I think.
It'll be in a certain drug classes, where we know we have some interest.
Well, we know we have some unique data.
We're also of course look for.
Areas, where theres been a clinical failure, where we believe we can add value.
And of course because of the ADC will go we have some identified some antibody targets to that.
People own and that combined with 184, one of the other drugs can be really unique so theres I think theres, some natural areas, where either we have insight data and knowledge that we're trying to exploit first and then after that it's just.
You know traditional BD efforts.
Uh-huh.
And do you get a sharing from other companies they share their data with you in an effort to see.
See how how the radar platform works and how it might might help them narrow down and indication.
Yeah. That's the hope is that we would get a percentage.
Right.
Success for that drug.
For that drug in the in the indications that we help them outline develop.
Yeah.
Okay.
And wanted to move on to L. P 100, I mean, I know that asked for an external.
External asset, but what should we expect in the near term on that what does the next milestone that we should see an L. P 100.
We're having discussions with the clarity on kind of there on the program in the next stages for that so I think we'll see.
People updated as soon as we have details on.
The progress on the molecule and progress for the trial.
Okay.
Okay great.
Great well. Thank you all my other questions were answered I appreciate it.
Thank you John.
And this does conclude today's question and answer session I will now turn the program back over to our presenters for any additional or closing remarks.
Yeah.
Okay.
Thank you and thank you everyone for participating on our quarterly call. We look forward to visiting with many of you in the near future and again, we believe that our we really are a leisure and the transformation of oncology drug development using machine learning AI.
And many of our programs can be worth significantly more than our market cap. Today. So we think there's a lot of upside for investors as we grow and meet milestones.
You for listening to our call today.
This concludes today's program. Thank you for your participation you may disconnect at anytime.
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