Q1 2021 Selecta Biosciences Inc Earnings Call
Good morning, and welcome to the Selecta Biosciences first quarter 2021 financial results and corporate update conference call. Currently all participants are in a listen only mode. This call is being webcast live on the investors and media section of select Us website.
At Www Dot Selecta bio dot com and it is being recorded.
For opening remarks, I would like to introduce Brad Dahms, Chief Financial Officer of Selecta. Please go ahead.
Thank you operator, and good morning, welcome to our first quarter 2021 financial results and corporate update conference call. The.
A press release reporting our financial results is available on the investors and media section of our website Www Dot selecta bio dot com.
And our quarterly report on form 10-Q ended March 31, 2021, which was filed today with the SEC.
Joining me today are Carson Bruun, our president and Chief Executive Officer, Dr. Peter Traber, our Chief Medical Officer, and K keeps your motto, our Chief Scientific officer.
During today's call, we will be making certain forward looking statements, including without limitation statements about the potential.
50, efficacy and regulatory and clinical progress of our product candidates financial projections, and our future expectations plans partnerships and prospects. These statements.
They are subject to various risks that are described in our filings made with the SEC, including our most recent quarterly report on form 10-Q.
You are cautioned not to place undue reliance on these forward looking statements, which speak only as of today may 13th 2021, and selected disclaims any obligation to update such statements. Even if management's views change I would now like to turn the call over to Carsten Brunn, our president and CEO of Carson.
Thank you Brad Good morning, I appreciate you joining us today.
The outset of 2021 was marked with several strategic and financial milestones as well as substantial pipeline progress, particularly in our gene therapy business. They continue to advance our clinically validated into our platform across enzyme therapies gene therapies and autoimmune diseases.
I'll start with our enzyme therapies programs.
I will ask J L. Two on two program, which was licensed to Sylvie is comprised of interwar CT ministers with our proprietary your case for gasification.
Continue to make progress in getting <unk> approved to treat patients with chronic refractory gout, which is a significant unmet need as a reminder, our resolve clinical program kicked off in the third quarter of 2020 and consist of two double blinded placebo controlled trials of <unk>.
On September the first patient is off one was dosed is off two was initiated in December 2020 in both trials <unk> will be evaluated at two doses of <unk>.
<unk>, one milligrams per kilogram and <unk> five milligrams per kilogram and one dose of the gantry case <unk>.
Two milligrams per kilogram each trial aims to enroll 105 patients with 35 at each dose and 35 on placebo.
Both trials have a six months primary endpoint of serum uric acid levels below six milligrams per deciliter at six months time point and obviously, it's all one we will have a six months extension for safety.
Secondary endpoints include Caldolor incidents tender and swollen joint accounts and Tophus burden patient reported outcome of activity limitation and quality of life.
We're pleased with the pace of enrollment, which is progressing on schedule as we have put into place several procedures to proactively minimized the potential impact of the ongoing COVID-19 pandemic topline data on the dissolved program are expected in the second half of 2022.
We intend to leverage the success of <unk> and filing an investigational new drug or IND application for a second enzyme program indication that combines <unk> with an iga protease by the end of 2021 hygiene.
Hygiene nephropathy for kidney disease for the curse when immune complexes on antibody called immunoglobulin, a one accumulated in the kidneys genetic and environmental factors that causes abnormal Iga, one and its accumulation. The kinase can result in the development of Iga nephropathy, one of the most common causes of kidney disease.
There are currently no approved therapies, however, with a novel combination therapy, we intend to treat the root cause of the disease and overcome previous previous limitations associated with Iga protease development.
Now turning to our gene therapy programs in collaboration with AST vital we initiated the first in human phase one dose escalation trial of <unk> L 399, and a V. Eight vector capsid containing no DNA combined with deemed tour in February.
Trial is being conducted in healthy volunteers and aims to determine the optimal dose of beam tour to mitigate the formation of antibodies to AAV capsid Houston.
Gene therapies, we're pleased with the progress made to date, we remain on track and together with <unk> Bio expect to report topline data in the fourth quarter of 2021.
Moving to an update for our gene therapy candidate MMA, one on one and in tour for the treatment of medical on academia on MMA, a rare monogenic disorder in which the body cannot breakdown certain proteins and fats.
We recently strengthened our wholly owned gene therapy portfolio by obtaining exclusive rights to the MMA. One on one program asked by his decision to give all rights of Selecta is based on an internal strategic review and portfolio prioritization exercise conducted by Bayer, which acquired <unk> bio in 2020 for <unk>.
Grateful to the <unk> bio team for their partnership and progressing in May one on one through IND, enabling studies and look forward to independently advance into program for clinical development.
For a third party gene therapy related manufacturing delay, we expect to file an IND in the fourth quarter of 2021 for MMA one on one in combination with him Tour Inc.
As for manufacturing continues to proceed smoothly and there is no impact to any of select us into our programs.
The phase one two and then maybe one on one program, which is expected to commence in 2022, we'll explore biomarker for disease.
And our bodies and will evaluate safety and Tolerability.
The advancement of our gene therapy programs into the clinic builds on extensive preclinical data that we have demonstrated the potential benefits of the infill platform AAV gene therapy and to prevent the production of <unk> specific neutralizing antibodies in vivo in.
And the recent preclinical study in non human primates, Selecta observed equipment, Australia of AAV vector and <unk> enables higher and more durable transgene expression as well as robust inhibition of neutralizing antibodies. Early this week. We presented these findings at the annual meeting of the American Society of gene and cell therapy.
Further demonstrating the potential of select us into a platform to mitigate even at Unisys and enable re dosing of gene therapy treatments for various genetic disorders.
Looking ahead, our proprietary gene for every product candidate <unk> <unk> three is being developed to treat only seen trends couple of malaise for Otis OTC deficiency.
OTC deficiency is an X linked genetic disorder caused by a genetic mutation in the OTC gene, which is a critical which is critical for proper function of the year a cycle.
We expect to file a clinical trial application or Cta and <unk>. In 2022, we will also provide updates on our pediatric investigation plan or Pip for sell through on three which was submitted for the European Medicines Agency could you add a committee in February 2021.
Before we wrap up on gene therapy, <unk> Therapeutics continues to conduct preclinical work looking at the combination of inventory in certain neuromuscular disorders, including Duchenne muscular dystrophy, or DMD and limb girdle muscular dystrophy for LG <unk> subtypes.
We recently received a 3 million milestone payment related to the completion of our preclinical study under a research license and option agreement with <unk> zone. This further validates the potential of interest platform overall.
Overall into a holds significant promise and has the potential to be revolutionary for the gene therapy seals for encouraged by the data generated to date, demonstrating the potential of <unk> to enable repeat dosing by preventing formation of standard bodies. In addition to more durable and robust expression of the transgene.
After the first dose.
Our autoimmune program is advancing through IND, enabling studies with an initial focus on primary biliary cholangitis PBC, it's a chronic progressive autoimmune liver disorder that leads to inflammation damage and scarring of the small buybacks. It has a well defined target antigen significant unmet medical need.
And it's well suited to the application of our into our new tolerance.
We expect to file an IND in PBC in the second half of 2022, and we look forward to providing additional updates on this program later this year now.
Now I'll turn the call over to Brett to run through our financial results for the first quarter ended March 31 2021, perhaps.
Thanks, Carsten, we remain well capitalized with $149 2 million on liquidity as of March 31, 2021, which compares to liquidity of $140 1 million as of December 31, 2020.
We believe our liquidity position will be sufficient to meet our operating requirements into the second quarter of 2023.
Net cash used in operating activities was $12 1 million for the first quarter of 2021 as compared to $11 7 million for the same period in 2020.
Revenue recognized for the first quarter of 2021 was $11 1 million compared to no revenue recognition for the same period in 2020.
Revenue was recognized under the license agreement with <unk>, which began on July 2020, resulting from the shipment of clinical supply and the reimbursement of costs incurred for the phase III dissolved clinical program.
Research and development expenses for the first quarter of 2021 were 13 million compared to $14 7 million for the same period in 2020.
During the quarter ended March 31, 2021, there was a reduction in expenses for the <unk> clinical program and for the <unk> bio collaboration offset by an increase in expense for discovery and preclinical programs.
General and administrative expenses for the first quarter of 2021 were $5 2 million, which compares with $4 1 million for the same period in 2020.
The quarterly increase in expense was the result of expenses for consulting and professional fees and salaries offset by reduced travel expenses.
For the first quarter of 2021, we reported a net loss of $24 6 million or 22, a share compared to a net loss of $19 6 million for 'twenty, one cents a share.
For the same period in 2020.
I'll now hand, the call back over to Carl Carlson.
Thank you Brad we have a few corporate updates to share. We're excited to announce the addition of Crystal Baldwin as Chief people Officer. She brings 20 years of human resources and consulting experience to company <unk>.
Most recently she served in dual capacity as the Chief people officer for the Lyft currently collected a high growth plant based foods company and as a senior partner.
That works.
Kristin has also held senior HR roles at Bayer on Asuka Pharmaceuticals.
We're also pleased to announce the addition of Dr. <unk> Party to select as Vice President of regulatory Affairs for tissue was most recently vice President of Global regulatory Affairs for <unk>, which as you know became Novartis gene therapies. He led the regulatory strategy implementation for the genotype three products AVX S. One on one.
For spinal muscular atrophy, including simultaneous submissions.
101 in 2018 for global registration, which has been approved <unk> for SMA and U S Europe, and Canada, and Brazil is a fantastic addition to the team to support the gene therapy business as we advance multiple programs in gene therapy.
Finally, Brad will be stepping down as CFO for select day effective may 21 to pursue another opportunity while we're disappointed to see him go I'd like to personally thank him for his many contributions to selecta.
We have a search underway for a successor for on sound financial footing and have a strong finance team and have recently promoted our controller and Donahue Vice President Finance.
As mentioned earlier, we are extremely excited about the continued growth for our company and confidence in our platform I'd like to conclude by reiterating our gratitude for the many people who have been supportive along the way, including our patients and their families. Our investigators and our great team at Selecta with that we're happy to take your questions.
We will now begin the question and answer session.
Ask a question press Star then one on a touchtone phone.
If youre using a speakerphone please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question Press Star then two.
At this time, we will pause momentarily to assemble our roster.
And the first question comes from Kristen <unk> with Cantor Fitzgerald. Please go ahead.
Good morning, everybody. Thanks for taking the questions and Brad Best wishes to you in your new endeavor. The first question I had was there was a study published in genetics in Medicine recently, which was based on a breath test to determine severity of disease in MMA by measuring axes.
Carbon dioxide, which the authors noted could be useful to see if there might be candidates for surgery or for gene therapy approach.
The case with most rare diseases, where researchers are of course still learning more about the indication I wanted to ask if you've thought about some of the ways you could evaluate clinical outcomes for this indication.
Yeah. Thanks, Thanks, Chris.
Good question.
We haven't.
Guidance in detail on the clinical trial, but.
I'll have Peter share at least our initial thoughts and maybe you can also comment specifically on this study, which we're well aware of Peter.
Yes.
Kristin for that question.
In fact, the <unk>.
Others are primary authors of that study in.
Who perform that study.
Our our collaborators at the NIH on our MMA program.
As you know our MMA program, although we haven't guided on the exact structure of the clinical trial.
We'll be done at the NIH with Chuck.
Dr. Chuck then duty.
And Doctor Arena Minoli, who is the first of all if you are on that paper.
On that now.
Analysis of appropriate ionic acid.
Appropriately oxidation with a breath test will be a part of the biomarkers that we evaluate in the clinical trial.
Thank you and then I had a question which was actually asked during the day presentation at TCT. This week, where they were looking at the PX eight on <unk> as you along with your collaborators have now evaluated the potential of <unk>.
For with the gene therapy across a few different indications now I wanted to ask how you think the data could help inform thoughts around starting doses and when to potentially consider the re dosing, especially as in some of these indications like V. They noted the therapeutic window might be very new.
Narrow in terms of when you initially intervene.
Yeah I'll let.
K answer specifically to that study, but obviously that data kind of reconfirms the need for re dosing and especially pediatric disorders, and we really see this dataset confirming what we've seen in previous stayed up allocate specifically comment on that data set.
Sure. Thanks, Thank you Carsten.
Yeah, I thought that this was actually one of the.
Our best examples of using inventory to enable re dosing because clearly.
An initial dose of the vector and the juvenile animal wasn't sufficient and it was all day with repeat dosing that was enabled by <unk>.
Where they saw correction of the underlying metabolic defect and those those animals.
With respect to the question of.
Timing.
I think that will vary somewhat between different diseases and the severity of the diseases.
As to when you would initially wanted to go in.
But again for many metabolic diseases, you want to be able to treat children. When they are young.
Yeah.
Great. Thank you.
The next question comes from Rajiv Prasad with William Blair. Please go ahead.
Thanks for taking the question.
I wanted to know if you could provide any more clarity on this.
Studies that you received a milestone payment.
From Raptor for where they are disease specific models.
Using <unk> and are you able to kind of utilize the data from that collaboration to kind of guide your understanding of <unk> as it relates to neuromuscular disorders.
Follow up thanks.
Yes. Good question, yes, so we received a milestone payment of $3 million for.
For a preclinical study.
Unfortunately, we can't give details on this but I can confirm.
It is in a neuromuscular disease model and.
It is with within tour.
And obviously, we will also learn.
From the data set but unfortunately, we can't share details or the detailed data set raj, but its definitely very encouraging what we observed.
Great. Thanks, and then.
On to kind of on maybe follow on the question asked.
Earlier.
Can you maybe talk a little bit about the potential for.
And tore.
Can be re dose sequentially every five or X amount of years.
Given some of the nuances related pediatric disorders or just in general.
Obviously, it's important I think you've shown it is important to dose and tour with AAV initially to mitigate neutralizing antibodies.
But I'm just trying to understand.
What where do you see the therapeutic paradigm on.
Multiple re doses kind of over the course of.
Let's say MMA and OTC, just because of the lead candidates, but I'd be interested on I hear your thoughts there. Thank you.
Yes, that's a great question, obviously, we when we see it in unmet need really across AAV gene therapy right.
While the re dosing might be years apart on the adult indications from you always refer to the Biomarin He may data.
We see the immediate need obviously in pediatric liver based diseases, where we know that.
On the younger kids get treated.
For the liver obviously gross.
Up to 40 fold from birth to adulthood.
Hi.
<unk> to re dose and potentially multiple times.
But also in newer muscle disorders like DMD, we know those voices T&D their muscle tissue gross and I need to be dosed as well. So I think as <unk> said earlier, it really depends on the disease and severity of the disease.
And what the timing is between dosing and the frequency.
But we definitely see the need across the field.
Select as a company to pursuing specifically liver based disease pediatric diseases with MMA and OTC.
The next question comes from John <unk>.
Newman with Canaccord. Please go ahead.
Hi, guys. Good morning, Thanks for taking my question.
Just had a question on the Scf $3 99 program.
What should we be looking for in those top line data to confirm.
Excess also wondered.
If you'll learn anything from that study regarding.
Potentially using a lower dose of gene therapy compared to.
What has been done with other approaches due to in tour and just wondering if you could comment a bit on the third party gene related manufacturing delay for MMA. Just curious if you can just give us a little bit more color there. Thanks.
Yeah. Thanks, Thanks, John.
So we haven't guided any detail on the.
The OTC deficiency program.
But I think it's it's it's fair to say, it's obviously a phase one two study we're looking at Biomarkers of the disease, but mainly looking at safety and Tolerability.
But I'll, let our cash.
Peter maybe talk a bit more on what's on the Biomarkers are off the disease.
Got it.
John This is Peter.
Well.
Were you referring to the three <unk> three program, which is the OTC D. In that question or the 399 program, which is the empty capsid I might have missed that.
Sure sorry about that I was actually just referring to the empty capsid study just kind of what the takeaways should be what the focus should be for.
From that facility.
Sure well as you know.
The empty capsid study is a dose of empty capsid with escalating doses of <unk>.
In order to identify the best dose of <unk> for inhibition of <unk>.
Anti AAV eight.
Antibodies, both neutralizing and otherwise.
So we're it's a study where we will be identifying the increase in antibodies over a period of time of three months plus.
To try and see whether.
In humans, we see the same effects that we've seen in animals in non human primates on the antibody production. So that's the primary goal.
With regard to your question about whether we would.
Be able to identify a reduction in the dosing of the gene therapy vector potentially as we think is the potential for inventory.
That's really not relevant because theres not a trans gene in the empty capsid. So we really can't assess transduction of the trans gene in the empty capsid program. So the primary goal will be to look at neutralizing antibodies to AAV eight.
And as we know.
That is a very good surrogate for being able to re dose gene therapy because.
<unk> inhibits the AAV neutralizing antibodies.
The criteria for being able to re dose.
V a gene therapy.
Yes, Thanks, Peter and apologies Jonathan.
I misunderstood your question and get the programs missteps here.
Just on the manufacturing issue.
I think theres not a lot more to share in the fact that the issue is related to a component it's sourced.
From a third party and obviously not related to aimed for.
We believe we can file the IND by the end of the year and obviously progressing with.
With our work on on filing your R&D and working.
With the NIH.
To get the trial started early next year. So we believe that we're on track for a filing by the end of the year.
Okay, great. Thank you.
The next question comes from <unk> Yang with Mizuho Securities. Please go ahead.
Hi, good morning, and thanks for taking on <unk>. So we have two the first one is on in core.
So just on the very high level do you think in tour.
Really only for liver directed gene therapy, AAV gene therapy or does it have the capability to go beyond just liver directed gene therapy.
Number two is around the <unk>.
<unk> manufacturing.
Manufacturing for gene therapy, now that you have a fully owned asset would you.
Good day at some point too.
On bringing the entire even AAV vector manufacturing.
Inc.
Thank you.
Thanks <unk>.
Good question, Yes, so as you noted all.
All the work that we have done to date has been in liver directed gene therapy.
And obviously as you also know into our accumulates and deliver so there's good proximity.
But as we have unfortunate we can't disclose details. We're also exploring other modalities like in neuromuscular disorders.
Where we are progressing nicely as well, we don't see a limitation only to liver based diseases, but we.
We believe with all the data we have so far.
We want to start with we have the strongest evidence which is in liver based diseases, but.
There's no reason why it should be limited to deliver only obviously.
Jews and specific T Rex that Mike right.
Through the entire entire body so.
This also.
Good theoretical.
Approach that this will work on other diseases, such as on your muscle disorders, but all the evidence that we have generated so far is in liver based diseases, but as you know we are strategically pursuing partnerships like with <unk> to explore other modalities and what we've seen so far east.
Very encouraging.
Thank you Ben the second question, Yes, the second question.
We have been very specific that we don't see ourselves as a gene therapy manufacturing company.
Our strength is really the manufacturing of <unk> and <unk> immune tolerance biology. So at this point, we don't have plans to bring manufacturing in house.
Since this requires significant capital to set us up.
We don't have currently plans to bring manufacturing in house.
Thank you very helpful.
On the next question will come from Chad Messer with Needham <unk> Company. Please go ahead.
Great. Thanks. Good morning, Thanks for taking my question and let me add my best wishes to Brad and his future endeavor.
Just on the gene therapy programs. So for 399 were doing this empty capsid study, which I think is a clever way to get get some data that's book useful in.
Tom.
And so the principle of establishing just wondering for the other two gene therapy programs going into the clinic one on one and 313. If you have any idea how much dose finding work might have to be done at the beginning I mean are we going to learn a lot from 399 that can be applied or.
Any any sense of.
How much penetration do you need to do for those when you get into the clinic.
Yeah, I'll start and then I'll, let Peter answer as well.
We're excited about the empty capsid study, but it is somewhat limited since we only giving one dose and there is no trans gene.
So it definitely will not help it will help a dose finding for aimed tour, but not necessarily for the gene therapy product. So I think that's something that obviously, we have to establish.
For for each.
Disease model.
As you see we are so far seeing two benefits of Fame tour.
One is the prevention of neutralizing antibodies.
Looking at the empty capsid study the second is.
Yes.
First OS benefit.
We see a high expression of the transgene, obviously debt, we will not see India <unk> study, that's something we'll be looking for obviously.
In the MMA and OTC program, so, but I think to answer your question, we will have to do a dose finding in both those indications to get to a therapeutic dose of up to gene therapy product.
Great and then maybe just a follow up a little bit on the earlier question on the empty capsid.
Program.
Obviously, there we're looking to see prevention of <unk>.
Antibody formation is there anything is it on.
No. If we know enough I'm asking is there and is there a reduction that we should be looking for I mean should we be keeping knees below detection level or is it just a statistically significant reduction do we do we know enough to know what.
A.
Important and meaningful reduction in antibody formation looks like.
Yes, I mean, that's a good question, obviously and if you look at our non human primate data I think there's kind of a good indication what the efficacy could look like obviously, what we'd like to see is it's very low titers like we have seen in the non human primate study with three monthly doses of <unk>.
We saw very low titers of antibodies.
In most animals below one to five so I mean this decent levels you want to see and then in the control animals. We saw very high titers kind of in the 1000 3000 up to over 10000.
And then in some of the animals.
The only got one dose of beams for the tightest we're in the hundreds.
<unk>, which is still a success because you don't have to re dose immediately.
Titus will go down over time and this other technologies you can also use at dose titers into one hundreds like plasmapheresis for example that gets you to lower levels. So on so I think that's kind of obviously, what we're hoping to see.
Really low titers, but it might be more differentiated.
Picture that we see similar to what we've seen in the non human primate data.
Okay.
Hundreds or lower and certainly the sort of order of magnitude.
For instance.
So it sounds like more or less what we're looking for.
Yes exactly.
Thank you.
Okay.
The next question comes from Robyn <unk> with H C. Wainwright. Please go ahead.
Hi, This is <unk> dialing in for Ron for Roger on Thanks for taking my question. So I just wanted to follow up on the manufacturing issue that was highlighted in your prepared remarks. So is there any connection between ask my desire not to proceed with the MMA program and the manufacturing issue that your phrase for and then MMA one is it.
On one I'm just wondering.
Yes, that's a fair question.
And they're not related.
With the obviously the acquisition of <unk> by Bayer.
<unk>, a strategic review and decided not to pursue MMA.
It's not a strategic focus, but it's independent of the manufacturing issue what's important to note.
The relationship is unchanged, we still have two relationships one it's a licensing agreement for the lead program in Pompe disease, and obviously the strategic collaboration.
Where we still have a number of undisclosed indications have been trying to pursue together and obviously we are conducting the empty capsid starting together at the moment.
Understood. So.
Assuming you are on track for MMA ones at all on <unk> by the end of 'twenty. One so when do you expect the pre IND meeting with the FDA to happen on.
I'll walk key elements will take center stage during that discussion.
Yes, So we haven't guide really in detail, but maybe Peter can can share kind of the process.
We have plans now to file the R&D.
Peter.
Okay.
Yes, just to clarify this is on the OTC D program.
Okay.
No.
For the yeah I'm on May one day to one these.
For the 20 by the end of 2021.
Oh, I see I understand I'm sorry.
On the.
Uh huh.
First of all.
The IND, enabling studies.
And it had been conducted and analyze and so we're really in the process of.
Putting together the IND.
And B.
With the additional information now on the manufacturing.
Limelight and so we feel very confident that that will be able to submit the IND.
B.
By the end of this year by the fourth quarter.
Understood and one final from me so could you provide additional color on the end.
And then just progressing for <unk>.
Non trial certainly that's helpful.
Do you see any issues due to the ongoing such trends on Nickelodeon.
On that.
I think we're happy.
Go ahead, yes.
Yes, I missed the last part you broke up a little bit, but you were asking about the progress of the enrollment of the dissolved trials as Carsten mentioned, we started enrollment of the dissolved one last September and dissolved two in the beginning of this year.
They are progressing.
Very well.
And in.
In terms of enrollment on schedule for being able to report.
Topline.
Results in the second half of 2022.
Okay. That's just not on my thanks, so much.
The next question comes from Derek <unk> with Stifel. Please go ahead.
Hey, Thanks, guys. This is Ben on for Derek Thanks for taking my call most.
Most of my questions have been asked but I guess just one last.
And sorry, if I missed this but have you thought about how are you going to present the data for.
399.
Yes, so we.
The data will be available in the fourth quarter.
And primarily I mean, we will be looking at levels of antibodies at day, 30, 60, and 90, I mean thats really the focus.
And then we have a number of other.
Markers, we're looking at but I think that's really primarily moved on the show.
In the fourth quarter net.
And what's important as well I mean, obviously, we don't really see it as kind of as a binary study I mean, it's kind of adding to the evidence around what's the right dose of <unk> in gene therapy.
But I think what's important to note. These are healthy adult volunteers and we gotta go into the clinic basically in in the pediatric indication. So obviously, we're excited about the learnings from this study but.
They are.
We don't think this is going to be necessarily a binary study, but there'll be important learnings of course.
Okay and have you guys thought if youre going to present at a conference or just issue, a PR or something like that.
Yeah, I mean, we're not actually bound to a medical conference of course, we'll percentage of detailed data at a medical conference, but we'll.
Likely issue a press release.
And potentially have a colorado as well to give some color on the data.
Shlomo on in the past.
Okay.
Okay awesome.
So for US thanks for taking the question guys.
Thanks Derek.
As we have no further questions. This concludes our question and answer session.
I would now like to turn the conference back over to Carsten Brunn select a CEO for any closing remarks person.
Thank you operator, and thank you for everyone, who joined US. This morning for the many questions. Please stay safe and healthy and this concludes today's call. Thank you.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
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