Q1 2021 TRACON Pharmaceuticals Inc Earnings Call
[music].
Ladies and gentlemen, please standby your conference will begin momentarily.
Again, please standby your conference will begin momentarily. Thank you.
[music].
Good day, ladies and gentlemen, and welcome to Tracon Pharmaceuticals first quarter 2021 earnings conference call.
At this time all colors are in a listen only mode. After the Speakers' prepared remarks, we will conduct a question and answer session and instructions will be given at that time.
During today's call, we will be making certain forward looking statements, including statements regarding expected timing of clinical trials and the results regulatory activities future expenses and cash runway and our development plans and strategy there.
These statements are subject to various risks that are described in our filings made with the securities and Exchange Commission, including our annual report on the form 10-K for the year ended December 31st 2020, and subsequent quarterly reports on form 10-Q.
You are cautioned not to place undue reliance on the forward looking statements and we disclaim any obligation to update such statements now.
Now I would like to turn the call over to the Doctor Charles Stewart, President and CEO of Tracon Pharmaceuticals doctors the right.
Thank you for joining Tracon is first quarter 2021 financial results and business update call.
I will begin with an update on our pipeline and then review our recent activities following that Scott Brown, Our Chief Financial Officer will review our financial results for the three months ended March 31 2021.
Finally, we will conclude by taking your questions.
Our development efforts continue to focus on the pivotal and <unk> trial.
And <unk> is designed to allow potential approval of the format and the sarcoma subtypes of undifferentiated pleomorphic sarcoma, or EPS and Myxofibrosarcoma or MFS as a reminder, and the format is a potential best in class PD Lone checkpoint inhibitor <unk>.
And may confer additional clinical benefit by virtue of its convenient and rapidly delivered subcutaneous route of administration.
We continue to make progress on the inventory pivotal trial, where we have initiated 22 sites and expect to achieve our goal of initiating 25 sites by the end of this quarter.
Accrual remains on track such that we expect multiple and Buffalo Mab milestones this year.
First we have enrolled more than 20 patients which has triggered the initial data monitoring Committee review of safety data from each cohort.
We expect the DMC recommendation later this quarter.
A further DMC safety reviews expected next quarter.
Second we resubmitted, our orphan drug application to the FDA and response to request for preclinical or clinical evidence of activity per and before <unk> and sarcoma.
We expect correspondence from the FDA this quarter based on the amended application.
Third we expect the availability of interim MSR efficacy data and the second half of this year.
The DMC mandated interim efficacy analyses are scheduled at least three months after the enrollment of the 36% and 92nd patient to allow for determination of the preliminary objective response rate.
Per the futility rules of the study.
There must be at least one response among the initial 18 patients and three responses. Among the initial 46 patients enrolled into each cohort to continue enrollment of that cohort.
We expect to present interim efficacy data following the initial DMC review later this year at a scientific conference or in the top line data release.
Fourth we expect interim efficacy data will be the basis for submitting the request to the FDA for breakthrough therapy designation or for fast track designation as either designation permits of rolling BLA submission that will facilitate the timely review of the BLA.
Looking forward, we anticipate reporting final response data in 2022, and assuming positive data submitting the BLA for accelerated approval.
That if approved could allow for product launched and the U S and 2023.
We reviewed the design at the end of the Star trial at a poster and the trials and progress program of the ACR virtual meeting in April and we will also present a poster of reviewing the trial design at <unk> and June.
As a reminder.
The MSR trial includes two cohorts of 80 patients each.
One cohort received single agent and the full amount.
And the second cohort received and before <unk> in combination with <unk> and <unk>.
And checkpoint inhibitor targeting the <unk> four receptor that is marketed by BMS.
The trial enrolled patients with UBS and MFS, who have progressed on one or two lines of prior treatment and and.
Hasnt had not received prior checkpoint inhibitor therapy.
The primary end point of both cohorts is objective response rate by resist as confirmed by blinded independent Central review with duration of response being a key secondary endpoint.
And each cohort the demonstration of nine out of 80 objective responses or and 11, two 5% objective response rate confirmed by independent Radiographic review.
<unk> defines the local response that satisfies the primary objective of the study.
Which is to statistically exclude the known and 4% response rate of <unk>, the only approved therapy for refractory ups and MFS patients.
We are studying the sarcoma subtypes of the UBS and MFS because they are responsive to checkpoint inhibition based on data presented at ESMO 2019 and 20.
And <unk> 2020 investigators from the alliance for clinical trials and oncology reported an impressive 29% confirmed objective response rate and patients with highly refractory EPS, who received opdivo in combination with <unk> the.
These data build upon data presented at <unk> 2019, showing that single agent Keytruda demonstrated a 23% response rate and highly refractory ups and MFS patients.
From a financial perspective, we estimate that the cost of conducting the pivotal trial using tracon CRO independent product development platform, including paying for your void will be less and $20 million that will be spent over the next eight to 10 quarters.
Yes.
In parallel our corporate partners <unk> medicines, and Alpha <unk> oncology submitted end of the full lab data from the completed pivotal trial and MSI high cancer in China as part of the new drug application that was accepted for priority review by the NFPA earlier this year.
We believe then the full <unk> could be approved and China later this year.
Returning to Tracon development, and sarcoma and the U S. Our market assessment concluded that end of the format. If FDA approved for refractory <unk> and MFS could generate peak annual revenue of approximately $200 million in the U S, assuming parity pricing to keytruda or opdivo.
The adoption rate is forecasted to be relatively rapid using and performance target product profile.
A 15% response rate as of single agent and a 30% response rate and when combined with the <unk>, which would compare favorably to the 4% objective response rate of the one approved treatment for refractory EPS and MFS patients.
And before net sales revenue could increase further through label expansion or compendium listing into other refractory sarcoma subtypes that have been shown to be responsive to checkpoint inhibition.
Such as angiosarcoma.
The other software sarcoma and the differentiated LIFO sarcoma.
Which our market assessment study indicated could generate an additional $100 million and peak annual revenue and the U S for.
<unk> totaled $300 million, when combined with UBS and MFS.
We believe dual checkpoint inhibition with the combination of <unk> and your voice should also be advance into first line treatment.
Notably the response rate for dual checkpoint inhibition with Opdivo, and <unk> and refractory sarcoma subtypes other than <unk> and MFS was 16%.
Given the response rate of first line chemotherapy and sarcoma is only 17%.
We expect to dose and of the format with doxorubicin and of Phase. One trial later this year to assess safety of the combination.
And then move quickly and <unk> into a potential pivotal trial.
The trial could include a combination of doxorubicin and of a format and a <unk> four inhibitor.
That <unk> four inhibitor could be your voice or another proprietary utility of <unk> inhibitor as one of our business development priorities as licensing another immuno oncology asset.
We're also discussing of clinical trial, and then before and met with.
<unk> C kit inhibitor and gastrointestinal stromal tumor or just.
We believe thorough label expansion and sarcoma, including and the first line setting and just as well as for Neo adjuvant treatment prior to surgical resection and for adjuvant treatment following surgical recession could substantially increased sales revenues to over $1 billion in sarcoma.
While in the full <unk> of our most advanced product candidate, we continue to progress two other clinical stage assets.
We expect Trc 102 to continue to advance through NCI sponsorship and lung cancer in combination with chemotherapy and radiation therapy.
Data presented at <unk> showed that Trc one of two in combination with chemo radiation resulted in a 100% response rate and 15 patients with advanced localized non squamous non small cell lung cancer, including and three patients who had a complete response to treatment.
These data compare favorably to prior trials of chemo radiation therapy in these patients.
And <unk> of PD Lone checkpoint inhibitor is now approved for patients with Unresectable localized non small cell lung cancer, whose disease has not progressed following chemo chemo radiation.
And we believe a randomized trial of Trc, one of two with chemo radiation and <unk> and these patients as warranted.
Based on NCI data reported and cancer cell and December 2020, and phase II data and refractory glioblastoma patients treated with tier 202 and temodar.
The inhibiting base excision repair with Trc 102 is able to induce synthetic lasalle the and MGMT methylated patients.
Based on these data we expect further development by the NCI in Glioblastoma, including the trial and the first line setting of Temodar and radiation.
The radiation therapy, and Trc 102.
And notably in October 2022, and excuse me, notably in October 2020.
<unk> hundred <unk> was granted orphan drug designation by the FDA and malignant glioma and that includes Glioblastoma.
Our third clinical stage asset is the <unk> 73 antibody T. J fourth year, nine and that is being evaluated and an ongoing phase one dose escalation study as the single agent and in combination with the checkpoint inhibitor to centric.
Data from the ongoing phase <unk> trial were accepted for poster presentation at the 2021 and <unk> virtual meeting in June.
We are developing T J fourth year non in collaboration with I Mab Biopharma through one of our two strategic agreements with them whereby we're response for the regulatory and clinical development of the T. J <unk> in the U S and Europe.
Per the license agreement with them, we are entitled to receive escalating portions of non royalty and royalty payments if <unk> licensed T. J fourth Eni two of third party and any region outside of China, Macau or Taiwan.
Following the completion of phase one IMF has the option to terminate the agreement for a payment of $9 million.
From a business development perspective, I would like to note that we continue to evaluate additional clinical stage assets to potentially add to our pipeline this year and order to leverage our CRO independent product development platform that includes U S commercialization expertise.
We believe our product development platform will continue to allow us to establish key new partnerships that will drive significant long term shareholder value.
At this time, Scott will provide an update on our financials.
Thank you Charles and good afternoon, everyone.
Tracon and research and development expenses were $2 3 million for the first quarter of 2021 compared to $2 million for the comparable period of 2020.
The increase was related to enrollment and the pivotal <unk> trial and 2021.
General and administrative expenses were $2 7 million for the first quarter of 2021 compared to $1 9 million for the comparable period of 2020.
Our net loss was $5 1 million for the first quarter of 2021 compared to $4 million for the comparable period of 2020.
Turning to the balance sheet at March 31, 2021, our cash cash equivalents and investments totaled $30 4 million compared to $36 1 million at December 31, 2020.
We expect our current capital resources to be sufficient to fund our planned operations into the second half of 2022.
With that I will turn the call back over to Charles.
Thank you Scott.
To recap, we continue to execute our clinical development plan around our lead product candidate and the format and have made substantial progress and the <unk> pivotal trial.
We have now initiated 22 of the 25 and the SAARC sites and has enrolled more than 20 patients with triggers the initial DMC safety review.
We expect safety of faced this quarter and and the third quarter of.
And drug designation this quarter and and interim efficacy assessment and the second half of this year.
One of our key goals is to request breakthrough designation for fast track designation by year and based on interim and the SAARC efficacy data.
We believe the <unk> trial provides a potential fast to market opportunity to provide end of the format to sarcoma patients and significant need of a new therapy as expeditiously as possible.
Addressing the high unmet clinical need is clearly important to investigators and they remain excited about <unk> convenient and rapidly delivered subcutaneous route of administration.
As evidenced by the robust <unk> accruals seen to date, despite the COVID-19 pandemic.
We credit this robust accrual and part to our CRO independent developmental capabilities.
Importantly, we believe our capital will be sufficient to fund the company pass the expected <unk> final efficacy data, which could demonstrate the potential for end of the format to rapidly transform the standard of care for refractory sarcoma patients.
We look forward to providing further updates in the coming months and remain confident that we of the right strategy in place to deliver on our development and business plans for the benefit of patients and shareholders.
Thank you for your time and attention and we are now available to answer your questions.
Ladies and gentlemen, if you have a question at this time. Please press the star and then the number one key on your Touchtone telephone and your.
The question has been answered all your wish to remove yourself from the queue. Please press the pound key.
Your first the question is from the line of Maury Raycroft from Jefferies. Your line is open.
Hi, Charles and everyone.
And that's on the progress and thanks for taking my questions.
First question I, just wanted to check on the.
Enrollment it sounds like you've got greater than 20 patients and the study just wondering if you can comment.
And enrollment rate has been better than expected or in line with expectations and anything else. You are seeing about the patient characteristics are those in line with expectations and how do they compare with the.
Patients from the historical studies that we're benchmarking.
Hi, Maury I appreciate the question so with respect to accrual were on track with respect to our goal which is to fully enroll the patients and an 18 month period of time meaningful enrollment by mid next year. So we're very pleased with that and I should mentioned we're on track. Despite the fact, we haven't even open up all the sites yet so that's why we consider the enrollment robust at this point.
I think also importantly, you bring up the great point about the fact that this trial enrolls patients who are and the brookdale of one or two prior therapies.
The third line setting are second line setting.
And that actually compares quite favorably to prior studies of checkpoint inhibitors in refractory <unk> and MFS patients, where the majority of those patients were and the third and fourth line setting and in some cases has many of the six prior therapies. So we tried to create a more if you will homogeneous population of of refractory UBS and MFS patients carefully define the response rate of both end of the full <unk>.
The single agent and also in combination with <unk>.
Got it that's helpful and then.
Other question and I and other question I had is based on.
And the DMC reviews.
For the DMC review this quarter next quarter and Q I'm wondering if you could access to the overall response data and.
If you do if it's better than expected is there any chance that you would provide and early update and what youre seeing and either one of the cohorts.
Thanks for the question of the DMC safety reviews, where really the exclusively focus with respect to the one expected this quarter and third quarter on safety and.
And the expectation you should have is that the DMC will review the safety data and if everything looks as we expect it will look the communication to the street would be that the trial will continue as planned with just the general statements from me around the safety of both the and the format of the single agent and also in combination with the balloon the map.
In that regard more I would say with respect and <unk> single agent data, we feel quite confident of the known safety profile given its been dosed over 700 patients. This is the first time, though the envelope is being dosed with <unk>. So I think from our perspective, the most important part of both the DMC safety evaluation this quarter and the subsequent one in the quarter.
<unk> will be to define debt and before and that combined with <unk> is also well tolerated.
And then by end of the year, though you should expect and update with respect to interim efficacy data that we will report either of the top.
Topline release or the scientific meeting.
Got it okay and so.
And maybe last question is just for the three Q.
And the DMC review for next quarter I, just wanted to make sure that I got it right. So that's going to be.
Three of 46 patients in each cohort if youre seeing responses there and.
<unk> continues that means that.
And utility was triggered.
And I think Ryan.
So let me go through of carefully just to make sure.
Crystal clear so this quarter will be the initial safety review there is one more safety review next quarter and then following the two initial safety reviews. There will be two futility analyses as you pointed out and those are done after 18 patients are enrolled in each cohort and in each cohort. After 18 patients were enrolled we need to see one response, but to be clear.
And that's the only three months after the 18th patient is enrolled because we want to give patients time to get the <unk> scan. So we can define the preliminary response rate. So that's why we expect that will be second half and we'll report those data as an interim efficacy and assessment and second half of this year is the expectation.
As you also pointed theres the second futility analysis. That's from 46 patients are enrolled in each cohort, but also that 46 patient has to be on therapy for excuse me has to have scans for at least three months. So we can again define the preliminary objective response rates so based.
Based on that there'll be a second interim analysis for futility and we haven't guided on the exact timing of that it could be this year, but begin you because there's a three month delay and assessments after enrolment of the 46 patients and also could be quarter one of 2022.
Got it and Thats really helpful and and that helps clarify how this is going to work on some of the futility analyses are independent of the DMC.
Yes.
To be clear so the DMC will make the decision on futility analyses and we provide the general guidelines that we need one response out of at least 18 patients in each cohort and three responses out of 46 patients in each cohort.
But it is the DMC decision and the reason we leave leeway to the DMC more is because it is preliminary data.
The only give you in three months.
And of response data on on the last patient in that cohort. So it could be the Dmc's data says Wow. This is there are three patient of that partial responses, but we haven't confirmed them yet so they're not confirmed responses, but we think we should wait a little longer and give these patients more time to fully respond as an example, so it is of DMC.
A decision those of the general rules, but the DMC has full leeway to consider the totality of the data, including what the ongoing patients are actually doing on trial.
Got it okay. Thanks for taking my question what.
What was the pleasure more thank you.
Yes.
Your next question is from Jason Mccarthy from Maxim Group. Your line is open.
Hey.
Dave on the line for Jason and Thanks for taking my question.
So we noticed from activity with and all of that and China yesterday actually.
Sonic hepatitis B and it seems like the drug was well tolerated and patients over there. So I just wanted to see the AD.
Comments on that.
I appreciate the question Dave Yes. It was an interesting press release from our partner <unk>, and China that studying and before Nab and a trial of hepatitis B patients.
And as I think people will know hepatitis B infection is a significant problem in China.
And the U S. It's becoming less of a problem given the routine childhood vaccination, but what was meaningful to us and that press release was the fact that and before it was given to patients with active hepatitis b infection, and so they have significant underlying liver disease.
And then reported was very well tolerated and those patients.
Notably and Endosarc, we don't have patients with underlying liver diseases. The specific exclusion, but it just gives you an idea of how well tolerated and before that is that you can dose very effectively to patients even with known viral hepatitis of.
Note. There was also sign of activity and those patients and the sense of viral loads decreased and response and before net therapy. So it really helps to reaffirm for US then in the format of the very safe therapy.
Even in patients with underlying liver disease, which should bode well for <unk> and.
Some patients do of liver metastases as you might expect when they come into our trial.
Great. Thanks for the additional and color I appreciate it.
Thank you Dave.
Sure.
Your next question is from Sydney <unk> Roy from Jones trading your line is open.
Hi, everyone. Congratulations on all of the progress.
A question around the expansion beyond commodity.
How youre thinking of expanding in the.
For all of the indication.
If you are getting more.
Inbound from collaborator as all of our investigators and given that.
One of the company has target tending to do of make inhibitor combinations of what kind of traction youre getting and second is let's take the.
And Mr presenting a cumulative of formulation from.
Preliminary data on the capital.
How are you viewing the size.
The competition.
Any color would be appreciated.
Yes, and I appreciate the comments Sherman of <unk>.
The first take on.
The question around sarcoma expansion.
And that is with respect to I think three indications.
The first with respect to combining with doxorubicin and frontline therapy.
So we are planning before and of this year to dose and reporting the combination of doxorubicin therapy and.
Unlikely that trial will also include doxorubicin and reform of NSC <unk> four inhibitor.
As we mentioned briefly that could be up and alumina or potentially another <unk> four inhibitor.
That combination of also could be very relevant in the new adjuvant and adjuvant therapy space within sarcoma. As an example, most patients with sarcoma present with a extremity lesion and its respective surgically.
Lesions are large like five to 10 centimeters typically they get new adjuvant chemotherapy to try to shrink them down before the recession and then they get adjuvant therapy. After the resection, that's another trial, where we've seen significant interest about developing and the.
If the and the docs are and but it would be and docs as an example, knowing the if he could be substituted for noticed utility for inhibitor as preoperative therapy.
It's something we've seen extreme interest and again I think it plays of the fact that the.
Those patients currently get a significant chemotherapy regimen, it's called aimed chemotherapy adriamycin ifosfamide immense of Thats quite model suppressive. So if we could dial down the chemotherapy or replace it with immunotherapy I think investors will see that is of major advance.
So expect those two trials from run forward this year and that is frontline docs and metastatic disease, combining with <unk> and of <unk> four and also the same combination and the new adjuvant therapy, followed by adjuvant treatment with continued and the dosing.
And just to point those interesting data that just with combined principal of the mechanism of bitter was announced over the past day or so.
I think thats, an interesting combination and I think combining of C kit inhibitor with and before that makes a lot of sense and it could be multiple testing kind of statements within the full map.
The current date of them perform of is it is very well tolerated I mean that was confirmed with respect to the dosing and hepatitis b patients.
And it's been confirmed with respect to the 700 patients dosing that we've had through growth of our studies and our partner studies that indicate in the form of it seems to be safer than some checkpoint gibbons with respect to pneumonitis and colitis and clearly there is no risk of and infusion reaction, which makes it safer than any intravenously administered therapy.
And you mentioned with respect to BMS and sub Q dosing I think it's important that what makes and the different is that I don't think any full length antibody can mimic what and before <unk> as a single domain antibody.
And we know that the companies of the dosing for example, with pulling down the body's combining with an adjuvant like for instance, how you run a day thats more of the the.
The standard I think most well proven and subcutaneous dosing mechanism to try the antibodies go from IV to sub Q. The let's think about what that means versus how you give them. The full of map, if youre, giving and antibody for instance, with how you are on the days you are giving a large volume of 10 to 20, Ccs and youre, giving and over minutes.
Within the format of literally youre, giving an injection of about one and a half Ccs and 30 seconds.
And that there's nothing easier than that and.
And that's why this is so easily dose and the clinic and Thats why potentially home dosing as a real option within the full amount and a way that could not ever be attained with the full length antibody that.
That requires and adjuvant.
Thank you Chuck can really appreciate the color. Thank.
Thank you Sean.
Your next question is from.
Bert Hazlett from <unk> Your line is open.
Yes, Thank you and thank you for taking the question Charles and all.
Just a quick follow up with regard to the last one.
Charles could you give us a sense of the gating items for MAU and DAU.
The first line sarcoma adjust or additional efforts is it really dependent upon looking at the <unk>.
Utility analysis of what are the gating items there.
And a great question and Bert I think with respect to moving at the frontline. We're actively planning frontline trial initially that will start of the phase one and Tolerability study, but.
And it will be gated and the sense that we want to see activity closed and the format single agent and also the combination with <unk> and the <unk> trial.
Think we expect to see that evidence of activity by second half clearly and.
Our plans are to basically start the frontline trial.
<unk> ended the year so it's.
Typical kind of Tracon timeline, we will move aggressively.
The sites that are already and <unk> will be sites that do the frontline trial cannot underestimate the enthusiasm of investigators to move this drug forward as evidenced by the new Adjuvant study, which we were kind of thinking about on the backbone of the debt right now there's incredible enthusiasm for that study as well. So we expect that to start second half.
We saw utility.
As an example, and one cohort we'd probably advance the other cohort that said our expectation again based on really good data for checkpoint inhibition in these indications and refractory EPS and MFS make it clear.
The checkpoints are quite active in this disease. So based on what we expect to see do you expect us to be and frontline trials before end of the year and.
We're excited to see that move forward.
Okay. Thank you for the clarity and the other question I had is with regard to the CTO at or.
The combination.
Molecule.
And you mentioned a couple of times with regard to in licensing and potential for that and.
And always difficult to predict but.
The notable success.
Karen and put a little meat on that bone.
Are you moving and the direction of your boy or.
Other molecule.
No I appreciate the question Bert I mean, I think we feel it would be of very attractive and strategically aligned business development opportunity for us to license our own <unk> four.
We're very active in terms of looking forward for new molecules to plug into our zero independent engine.
And I think as evidenced by the end of the sort of trial and get how quickly we move that forward into a pivotal or I should say moving and before that of how quickly and move that forward from phase one data and the U S into pivotal study.
And Youre after of licensed speaks volumes about how we move.
And so for us to own both legs. If you will of the dual inhibitor of checkpoint franchise.
Dual checkpoint inhibitor franchise would be very attractive where all.
And and other immuno oncology targets and might build upon and of the full of map and then beyond that we're interested in assets and Mike just stand alone with respect to the ability to proceed and <unk>.
Unmet need populations and the U S, but to your point I think from a strategic point of view, we think owning both ends of a dual checkpoint IBRA franchise would be quite an attractive proposition for tracon.
Okay.
Look forward to that and congrats on all of the progress great. Thank you appreciate of Bert. Thank you.
Yes.
Again, if you would like to ask a question. Please press the star and then the number one key on your Touchtone phone.
Your next question is from Nick Abbott from Wells Fargo. Your line is open.
Great. Thanks for taking my question good evening Charles.
Charles and the team.
Assessments and <unk> and the prepared remarks.
For the application work and drug Resubmission.
And of.
Of course from FDA on preclinical or clinical evidence of activity.
And so what date and did you actually submit orphan drugs.
Hi, Nick I appreciate the question yeah. So when we initially some of the orphan drug designation of application.
Submitted it with respect to the prevalence of sarcoma, which made it clear that this is an orphan drug and the FDA indicated they wanted more data they wanted evidenced either preclinical or clinically that the drug and before the <unk> active in sarcoma.
We will fully disclose and I think what we submitted with respect to that updated application at the time, we receive FDA correspondence, Nick and I would just add should be patient until that time at which we will be fully forthcoming.
Okay fair enough.
And I appreciate it and then just following on on Brad's question, and how feasible that you can get and <unk> four and getting it approved.
And of that study stopped.
Yes, that's a great question and Nick So with respect to our current <unk> trial to be Crystal clear. We will continue that as designed meeting we'll continue that try and moving forward and of the full amount plus plus the bloom of map.
We are quite aggressive on the business development front and our track record has been that we execute deals.
And we did four deals between 2016 and 19.
We did not consummate the deal last year, and I think COVID-19 had an impact on that but we did make a lot of context that allow us to feel confident of.
For the business development opportunities this year and ideally the circumstances will permit us to begin of first line trial with and before <unk> and another immuno oncology asset and combination of dark service and to your point.
Okay terrific, Thanks, Charles and I.
And look forward. Thank you.
I am showing no further questions at this time I would now like to turn the conference back to the Doctor program.
Very well. Thank you everyone for the questions and your attention and we look forward to talking with you again next quarter and stay safe and have a great day.
Ladies and gentlemen. This concludes today's conference. Thank you for your participation and have a wonderful day you may all disconnect.
Okay.
Okay.
And so.
[music].
And.
And.
[music].
[music].
[music].
[music].