Q1 2021 Iteos Therapeutics Inc Earnings Call

Okay.

Good afternoon, and welcome to the I T O Therapeutics first quarter 2021 financial results Conference call.

Operator: Good afternoon, and welcome to the ITOs Therapeutics first quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode.

At this time all participants are in a listen only mode.

Following the formal remarks, we will open the call up for your questions. Please be advised that this call is being recorded at the company's request.

Operator: Following the formal remarks, we will open the call up for your questions. Please be advised that this call is being recorded at the company's request. Now, I'd like to turn over to Ryan Baker, Head of Investor Relations at ITOs. Sir, please proceed.

Now I'd like to turn over to Ryan Baker head of Investor Relations said I T OS Sir Please proceed.

Thank you for joining us today, joining me from Ics or Michelle did to President and CEO, Dr. Joe Lager, Chief Medical Officer, and Matthew Gall Chief Financial Officer.

Ryan Baker: Thank you for joining us today. Joining me from ITOS are Michelle Dupu, President and CEO, Dr. Joe Logger, Chief Medical Officer, and Matthew Gall, Chief Financial Officer. Before we begin, I would like to remind you all that the team will be making forward-looking statements in the prepared remarks and during the Q&A session. Any statements made during this call that are not statements of historical or current facts are intended to be forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Before we begin I would like to remind you all that the team will be making forward looking statements in the prepared remarks and during the Q&A session.

Any statements made during this call that are not statements of historical or current facts are intended to be forward looking statements pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995.

We want to emphasize that such forward looking statements reflect our current expectations and assumptions regarding timing progress and success of our current ongoing clinical trials therapeutic potential thereof planned regulatory submissions.

Ryan Baker: We want to emphasize that such forward-looking statements reflect our current expectations and assumptions regarding the timing, progress, and success of our current ongoing clinical trials, the therapeutic potential thereof, planned regulatory submissions, our financial condition, our business operation, development efforts, and relationships with third parties and collaborators, and are neither predictions nor guarantees of future events or performance. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with our business, including those under the heading entitled Risk Factors in our annual report on Form 10K for the year ended December 31st, 2020, and our quarterly report on Form 10Q for the quarter ended March 31st, 2021. That information will be filed with the SEC today and in subsequent reports, including our current reports on Form 8K. The Company disclaims any obligation to update or revise any forward-looking statements, except as required by law.

Our financial condition, our business operation development efforts and relationships with third parties and collaborators and are neither predictions nor guarantees of future events or performance.

Results could differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with our business.

Including those under the heading entitled Risk factors in our annual report on form 10-K.

Year ended December 31, 2020, and on a quarterly report on form 10-Q for the quarter ended March 31, 2021 that will be filed with the SEC today and in subsequent reports, including on our current reports on form 8-K.

The company disclaims any obligation to update or revise any forward looking statements, except as required by law.

Michelle.

Michelle Dupu: Thank you very much, Ryan, for the introduction. And thank you for joining us for our first quarter of 2021. For today's call, I will provide a brief recap of our corporate strategy and overview of progress within our pipeline programs, as well as the multiple opportunities and redouts for our clinical, and we'll turn the call over to Dr. Joe Dege, our chief medical officer, provide a status update and review of our most recent results from our ongoing clinical Finally, our chief financial officer, Matthew Gold, will summarize our financial status, after which I return for closing rematch, will be all available for the Q&A session.

Thank you very much high on from the introduction and thank you for joining us from our first quarter 2021.

Thank you.

For today's call I will provide a brief recap of our couple of its strategy and overview of our pipeline programs.

The multiple opportunities on rebuilds Paul can programs.

And welcome to call, although two Ju victim, Joe Dickerson Chief Medical officer to provide a status update on review of our most recent results.

On Green Tea go Tigers.

Finally, our chief administrative T cell <unk> with <unk>.

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Which I think John for closing remarks.

We will be OLED, if it EBIT for the Q&A session.

I would first like to highlight the key swings.

Michelle Dupu: I would first like to highlight the key strengths that set ITAs apart as a cancer in NOSERA, We are developing therapies for use on well-established mechanisms of immunosuppression. Our approach involves targeting pathway that release cancer-induced suppression of the immune system, and our goal is to develop therapies with the potential to fully restore the immune, Through the first quarter of 2021, we continue to advance our differentiated clinical programs, ES448, our potent high affinity antibody, and inopadenant, a potent highly selective A2A receptor antagonist, with a robust clinical strategy to strengthen our position in the cancer, We have released encouraging initial data and are pleased with the activity and safety profiles we have observed with single agent monotherapy, in both our clinical programs.

It's a cancer.

The company.

We are developing therapies from cues on what is traditional means of interest.

Sufficient.

Our approach involves targeting pathway that TD is considering use of question.

Interest in.

Gordon could you be therapies.

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Loans against cancer.

To the first quarter of 2021 we continue to advance our differentiated homes you asked for it our puts on IFTTT anti <unk> antibody and independent and put them on Ied Citic teeth. It's when you sit there and we still hope the sneaker strategy.

To strengthen our position in the cancer.

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If he do you think you can show data and are pleased with the activity on 50 profiles. We hope so we still get <unk> monotherapy.

In both our can you can click on we think that the monotherapy responses that we've seen strength, our qualcomm's our figures of differentiations.

Michelle Dupu: We think that the monotherapy responses that we have seen with our programs are seniors of differentiation. We are looking forward to continuing the development of these drugs in combination, where we see the most potential to benefit patients. We have combinations to do this while on the wave with Inautnant, and we'll be initiating combinations with EOS 4-4-HED, Miki. With our headquarters in Cambridge, Massachusetts, and our R&D Center in Belgium, ITOs has a global presence, allowing us to attract talent worldwide and remain at the forefront of innovation in the field of innovation.

We are looking at probably about two continuing the development of these drugs in combination where we see the most potential to benefit patients.

We have combination studies, well underway with independent and we'll be initiating combination with U S football Ed.

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With our cost out in Cambridge, Massachusetts.

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As to our cockpit on worldwide and remain on the forefront of innovation in the future.

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Lastly, we are weighted capitalized we felt one way well into 2023.

Michelle Dupu: Lastly, we are well capitalized and have a runway well into 2023. This allows us flexibility to follow the data and competitive landscape in the design of our clinical plan, while assuming significant financial costs. As I summarized this status, this is an exciting time for ITEOS; we continue to make progress in advancing our technical programs and our ongoing discovery efforts with the goal of improving the lives of people. Our recent data presentation for our antithid antibody, for health at ACR, showcased a favorable safety and tolerability profile, encouraging signs of clinical efficacy, including disease stabilization and one partial response, and significant depletion of immunosuppressive T-Rex and exhaustive T-cells in the periphery in patients with advanced cancer.

You said to us flexibility to follow the data and competitive landscape in the design of our clinical plan. We felt things you can find their insured accounts right.

Okay.

I think summarized the status. This is an exciting time for us as we continue to make progress advancing our two clinical programs and our ongoing discovery efforts with the goal of improving the lives of people with cancer.

I will have some data presentation firewall anti <unk> antibody wasteful Ed.

Yeah showcase a total of about 50 people.

People fight.

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One partial response on <unk>.

She can depletion of immunosuppressive cheesecakes and exhausted T cells, but he said he in patients with advanced cancer.

While Joe will provide a more detailed review of the data and then what clinical development plan later in the call I would like to highlight that our complete data are in line with if not better than other <unk>.

Michelle Dupu: While Joe will provide a more detailed review of the data and our clinical development plan later in the call, I would like to highlight that our complete data are in line with, if not better, than others in the TGP.

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Michelle Dupu: We are initiating phase 1B2 combination trials in both checkpoint nave and resistant patients. We expect that our work over the next 12 to 18 months will confirm the position of our TIGI program within Innuolcology treatment. We are also advancing our second clinical program, the highly selective adenosing eight-way of an antagonist in a paddenant. At ASCO in June, we will report updated results from our monotherapy dose escalation. In our review, the unique potential of Inupedinin is based on its high potency and selectivity for the A2A receptor, and resistance to attenuation by a high adenosine concentration form in the tumor microenvironment.

In both checkpoint naive I'm hesitant patients, we expect that our work over the next 12 to 18 months will confirm the position of our digit poke on within the immuno oncology treatment landscape.

We are also advancing our second clinical program the highly citic EBIT.

Thank goodness pertinent Tesco in June we will hit both updated results from our monotherapy dose escalation.

Nevertheless view the unique potential of independent that is based on this I put on T and selectivity for the HOA receptor does this eastern two attenuation by your highest interest income patient from the two.

Mike on the government.

But if you can see on safety profile as demonstrated by the phase one data presented last year at ACR.

Michelle Dupu: The favorable efficacy and safety profile is demonstrated by the phase one data presented last year at ACR and the identification of a potential predicted biomarker based on the expression of the A2A receptor. The human mic We are evaluating Inoponinant in combination with pambrolosomab, with chemotherapy, and with EOS448 in disease. In tandem with the progress of our clinical programs, we are also advancing research programs that focus on targets that complement the mechanism for action of A2 receptor and KG programs and address additional mechanisms of immunosuppression.

Identification of a potential predictive biomarker now based on the expression of the <unk> receptor that you're on Mike on them.

We are evaluating is happening on in combination with bandwidth demand.

Chemotherapy and we use for <unk>.

On the specific goals.

In tandem with deposits from our clinical programs. We have Huntsville. We are also advancing research programs focused on targets that complement the mechanism collection with <unk> and <unk> programs and other additional mechanisms of Mr. Christian.

We are building our pipeline and expect to nominate an additional candidate for <unk>.

Michelle Dupu: We are building our pipeline and expect to nominate an additional product candidate for IND energy studies before the end of 2020. For our strategy, Kijit is an exciting new immunohcology target with external validation. And we have demonstrated that USO4EFORAD potentially engages the target under the FCM receptor. We are exploring opportunities to accelerate and expand our development plans, potentially through a strategic partnership. I did know, play an important role in the suppression of the tumor microRNA.

And you bring Sydney's before the end of 2021.

For our strategy because it is an exciting new.

Could you just target with external validation and.

And we have demonstrated the U S for Ed.

Would that be engage the target.

On the receptor.

We are exploring opportunities to accelerate and expand our development plan potentially through strategic partnerships.

I didn't he.

Plays an important role.

It was a submission in the tumor microenvironment and there've been some encouraging signals of activity with total debt.

Michelle Dupu: And there have been some encouraging signals of activity with drugs that inhibit Adenzy receptors and other pathway types. Our Inipadena program was designed with properties to overcome the limitations of other drugs in this class, and we look forward to achieving a clinical proof of concept in the ongoing and planned trials in the near future. I will now pass the call over to our chief medical officer, Joe Lager, to discuss the progress in political development of both Inupadenen and EOS448 in more detail.

I didn't see receptor and other paths with that yet.

Independent on program was designed with properties to overcome the limitations of other topics discussed and we look forward to achieving clinical proof of concept in the ongoing and planned trials in the near future.

I will now pass the call to go to our Chief Medical Officer, Joe. They go to discuss the progress in clinical development of both of independent non U S for a moment.

Julie.

Thank you Michelle.

Joe Logger: I'd like to begin by providing a summary of the progress with our Adonocene Receptor Antigonus in the Padman trial, for which we'll be presenting an update at ASCO next month. The Adonstein pathway is a critical mechanism that suppresses the immune response against tumors and inhibits responses to cleanse cancer therapy. Though there are multiple potential therapeutic targets in the adenosine pathway, the adenosine receptor A2AR is a key receptor responsible for mediating adenine's immunosuppressive effects on immune cells.

I'd like to begin by providing a summary on the progress with our day sales cycle.

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When you go from pathway as a critical mechanism.

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Michael.

Therapy.

So there are multiple potential therapeutic target organic sales have role you're going for scepter HOA ours is a key receptor responsible for me.

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It's we are a highly expressed on effect are you on.

Joe Logger: H2AR is highly expressed on effect your immune cells, and potent inhibition of A2AR has the potential to block immunosuppressive signaling and restore an antitumor immune response. We selected this critical target based on our characterization of unique conditions of the tumor microenvironment.

I mean vessel of other way or has the potential to block the President's day rate.

On the store.

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We selected this critical target based on our characterization a week later.

As the tumor microenvironment.

It's hard to define the therapeutic that could selectively and potently inhibits <unk> three or <unk>.

Joe Logger: We sought to design a therapeutic that could selectively and potently inhibit A-2-A-R, despite the high concentrations of genocene present in the tumor microenvironment. Inopatinent is a next-generation A-2-A-R antagonist with differentiated pharmacologic properties. Unlike prior generations of adenosine receptor antagonists, Inopadminant was designed to inhibit A-2AR, even at high concentrations of adenosine.

By the high concentration from mechanical pencils and that's from memory.

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And that guidance.

Our next generation <unk>.

On Ta that's part of like a larger property.

Unlike prior generation from the California receptor antagonism.

Net bad loans, they still fine.

Each way or even at high concentrations in the golf ball.

Joe Logger: Inotadamids is also highly selective for A2AR and has a minimal blood-brain barrier penetration, properties which are expected to reduce off-target safety effects and improve the therapeutic index. We're currently evaluating independence in several Phase 1B2A studies, both as monotherapy and in combination with Pembolismab or chemotherapy. The results from the dose escalation portion of the phase one study in patients with advanced stage cancer were presented at AACR last year and showed that the agent is well tolerated with no dose-limiting toxicity.

And what kind of interest also highly selective for <unk>, who has a minimal blood brain barrier penetration.

But he's which are expected to reduce off target.

And then Chris.

Sure.

We're currently evaluating what Pablo is a real phase one day study both of them are with therapy and in combination with Tullow is not on a call.

Apple.

The results from the dose escalation portion of the phase one study in patients with a barcode scanner.

Cancer presented at <unk>.

Last year on.

So look on it.

It was well tolerated with no dose limiting.

In addition on a pad.

Joe Logger: In addition, Inopatement demonstrated clinical benefit as monotherapy across multiple heavily pre-treated advanced cancer, with durable partial responses seen in the patient with checkpoint inhibitor-resistant melanoma, and in a patient with heavily pretreated castrate-resistant metastatic prostate cancer. We've also shown that when given place daily, all of the tested doses resulted in the full inhibition of A-2-A-R signaling at 24 hours after dose, These results have generated much excitement for the program, and we look forward to presenting an update on our monotherapy cohort at ASCO next month, which will be focused on the tumor biomarkers evaluated in this study, and a finding that the expression of the A2A receptor in the tumor may be associated with clinical outcomes.

And then on the trade with clinical data as monotherapy across multiple heavily pre treated other current category.

With durable partial responses.

With checkpoints.

Melanoma.

And on a patient with heavily pretreated prostrate.

Perfect.

We've also shown that breakeven price daily all of the tested doses with a pool of Paul inhibition on HLA.

Particularly on 24 hours after dosing.

These results have generated much excitement for the program.

Look 40% total uptake on on monotherapy cohort and ask them upfront.

We'll be focused on the tumor biomarkers evaluate.

On the finding that the expression of the other way receptor on the chiller, maybe associated with clinical outcome.

We're currently executing on multi arm phase one to a clinical trial in adult patients with advanced solid tumors, where there's a strong rationale for treatment AAA through a.

Joe Logger: We're currently executing a multi-arm phase 1, 2A clinical trial in adult patients with advanced solid tumors, where there's a strong rationale for treatment with an A2AR antigen, to enroll patients in four deceased cohorts as both a single agent and in combination. We have two cohorts evaluating independent treatment in patients with castrate-resistant metastatic prostate cancer. One is monotherapy, and the second cohort is in combination with pimplea

Michael.

And rolling patients for this dose cohort.

As both a single agent and in combination approaches.

We have two cohorts evaluating on the paddle on patients with castrate resistant non with it cafe.

Perfect.

One as monotherapy on the second cohort in combination with local on.

The third cohort into valuable on the pattern and in combination with <unk> in patients with checkpoint inhibitor with a fuller.

Joe Logger: The third cohort is evaluating an antibody in combination with pembrylamab and patients with checkpoint inhibitor-resistant melanoma. The fourth cohort is evaluating a pediment in combination with chemotherapy in patients with triple negative breast cancer. We will continue to integrate a biomarker-driven approach into our A2AR clinical program to choose optimal therapeutic combinations and identify the patients most likely to benefit from treatment. Now, I'll now provide an overview of our progress with EOS 448, our high-affinity potent antitigit antibody with a functional FC domain designed to enhance the anti-tuber response through a multifaceted immune modulatory mechanism.

The fourth cohort evaluating <unk> in combination with chemotherapy in patients with triple negative breast cancer.

We will continue to integrate our biomarker driven approach into our clinical program to choose optimal therapeutic combinations and identify the patients most likely to benefit.

I'll now provide an overview of our progress with you.

Eight are high affinity potent anti ticket ankle body, it's a functional assay.

To enhance the anti tumor response through a multi faceted margin show a toy.

Yes, poor four eight has the potential glitchy is significant.

Joe Logger: Yose-poorate has the potential to achieve significant immune-stimulatory effects through three, One, blocking the binding of tickets with ligands, resulting in immediate killing of tumor, Two, engaging the FC gamma receptor expressing the vector cell that further promotes anti-tumor immune responses, including through the release of pro-inflammatory cytokines and chemokines and the activation of antigen presenting cells, and three, depleting cells that are known to dampen the immune response, immunosuppressive T-Regs and exhausted T-cell.

On the inventories thought from St.

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Blocking the binding of pitches crystallize on it.

Okay.

Weighted killing of tumor cells.

Hello English.

Engaging the FC Gamma receptor, that's all set yourself, but further promote anti tumor responses, including through the release of pro inflammatory cytokines.

On the activation of antigen presenting cell.

On three.

<unk> sales.

None to dampen North Park.

Immunosuppressive T regs and exhausted T cells.

Last night that as they are stuck on vanda meter presented first in human data from the open label dose escalation phase one portion of the clinical trial in patients with advanced solid tumors.

Joe Logger: Last month at AACR, Dr. Van Damuter presented first-in-human data from the open-label dose escalation phase one portion of the clinical trial in patients with advanced solid tumors. We were very pleased to report encouraging signs of clinical benefit with EOS 448 as monotherapy in patients with advanced cancer. Of note, we observed a confirmed partial response with single agent treatment with EOS 448 in one Pemberlysmab refractory B-Rast mutant melanoma patient. We also observed a manageable safety profile consistent with other drugs within this class, and all of the tested doses were generally well tolerated.

We were very pleased to report encouraging signs of clinical benefit with Earthport parade as a monotherapy in patients with advanced cancers.

Of note we observed a confirmed partial response.

Single agent treatment.

It was four four O one temporarily from ads with factory.

Well, it's melanoma patients.

We also observed a manageable safety profile consistent with other guidance within the class.

And all of the tester sales were generally well tolerated.

Our personal on biomarker data demonstrated.

Matthew Gall: Our personal biomarker data demonstrated Tidic positive T-Reg depletion and a reduction in exhausted Tis positive CD8 T-cells, reinforcing our initial hypothesis about the FC gamma receptor engagement activity of ELS448. These robust biomarker data, coupled with the preliminary signs of efficacy as a monotherapy, indicate that ES4-8 is highly active with strong on-target immune responses and may potentially drive even stronger responses Based on these early positive results, we're pursuing a robust clinical development plan for ES448 with new combination approaches in three checkpoint-nive and checkpoint-nive and checkpoint-resistance indications. We will assess the combination of ES4-48 with PD1 inhibition in patients where Pemberlizumab is indicated as a monotherapy but where the addition of ES4-48 may improve clinical benefit to patients.

Page eight positive T Reg depletion and a reduction in exhaustive testing positive CDA T cells.

Of course, they are initial hypothesis about the FC gamma receptor engagement I can't walk.

Right.

He is from box biomarker data coupled with their preliminary signs of efficacy as a monotherapy indicate that export grade highly active with strong on target.

On may potentially drive even stronger responses in combination study.

Based on these early positive result, we're pursuing a robust clinical development plan for Air Force for it.

Combination approaches on three.

On the checkpoint naive on checkpoint resistance setting.

We will assess the combination of U S corporate with PD, one inhibition in patients with Pembina as Matt indicated as a monotherapy, but where the addition of air force fight may improve clinical benefit to patients.

We will first assessed the safety of the combination of E S.

It's on.

All the tumors and then we'll move into disease specific trials in first line non small cell lung cancer and head on.

Squamous cell cancer.

I will assess both the PD L. One high NPV on why low population.

Matthew Gall: We will assess both the PDL-1 high and the PDL-1 low population. We are also planning to evaluate the combination of inopatement and EO.448 in patients with checkpoint inhibitor-resistant melanoma, and E.O.48 in combination with an image in relapsed or refractory multiple myeloma. We're planning to start these studies in mid-2021 and are continuing to evaluate our clinical development plans for Eos4-4Aid and other solid tumors, including triple negative breast cancer, gastric cancer, and pancreatic. I now hand the call over to Matthew Gall, our chief financial officer.

We are also planning to evaluate the combination in a parallel from he is 448 in patients with checkpoint inhibitor resistant melanoma.

And it was for four eight in combination living in relapsed or refractory multiple myeloma.

We're planning to start these studies in mid 2021 and all.

We're continuing to evaluate our clinical development plans for is for freight and other solid tumors.

<unk> triple negative breast cancer, gastric cancer and pancreatic cancer.

And now I'll hand, the call over to last week on our Chief Financial Officer.

Yeah.

Thanks, Joe.

Like to provide a brief update on our financial results for the fourth quarter of 2021.

The company's cash and cash equivalent position was 321 4 million as of March 31, 2021, as compared to $147 7 million as at March 31, 2020, we projected based on our current clinical plan. This cash balance provides a runway well into 2023.

Matthew Gall: Thanks, Joe. I'd like to provide a brief update on our financial results for the first quarter of 2021. The company's cash and cash equivalent position was $321.4 million as of March 31, 2021, as compared to $147 million as of March 31st, 2020. We project that, based on our current clinical plan, this cash balance provides runway well into 2020. Research and Development expenses were $11.6 million for the quarter ended March 31, 2021, as compared to $5.8 million for the first quarter of 2020.

Yes.

Research and development expenses were $11 6 million for the quarter ended March 31, 2021, as compared to $5 8 million for the first quarter of 2020.

This increase was primarily due to an increase in activities related to clinical trials for any patent in the U S for four eight and increased head count.

General and administrative expenses were <unk> 7 million for the quarter ended March 31, 2021, as compared to $2 4 million for the first quarter of 2020.

The increase was due primarily to increased headcount and professional fees and other costs associated with becoming a publicly traded company.

The net loss attributable to common shareholders was $13 5 million or a net loss of 39 cents per basic and diluted share for the quarter ended March 31 2021 as.

Matthew Gall: This increase was primarily due to an increase in activities related to clinical trials for Inupadinent and EOS 448 and increased headcount. General and administrative expenses were $7 million for the quarter ended March 31st, 2021, as compared to $2.4 million for the first quarter of 2020. The increase was due primarily to increased headcount and professional fees and other costs associated with becoming a publicly traded company. The net loss attributable to common shareholders was 13.5 million, or a net loss of 39 cents per basic and diluted share for the quarter-ended March 31, 2021, as compared to $6.5 million, or a net loss of $25.53 per basic and diluted share for the first quarter of 2020. I'll now turn the Thank you.

As compared to $6 $5 million or a net loss of $25 53 per basic and diluted share for the first quarter of 2020.

I'll now turn the call back over to Michel for closing remarks.

Thank you Mike I think it's totally on on this code we are continuing to make progress advancing our two clinical programs ongoing.

I'm going to be simple here falls to move forward with our mission to improve the lives of people with cancer.

With the upcoming data updates for EBIT and a SKU June.

Continuing to progress our good execution.

<unk> on our country to country disciplined plan for boost program and we anticipate that the next 12 to 18 loans would be give us guidance to establishing the position of U S fulfilled.

The tissue expense Patsy.

As we evaluate U S. Total Apu combination approaches you've called chip on the checkpoint resistance.

We believe boost EBITDA than U S fulfilled had to put on.

Michelle Dupu: Thank you, Matt. At the S-Hortline on this call, we are continuing to make progress on our two clinical programs and our ongoing discovery efforts to move forward with our mission to improve the lives of people with the future. With the upcoming data updates for Independent and ASCO in June, we continue to progress our KlinCAD execution. We are focused on our differentiating clinical development plan for both programs, and we anticipate that the next 12 to 18th norms will be pivotal to establishing the position of US448 in the TIG space, particularly as we evaluate US448 in new combination approaches in 4-9 and checkpoint. We believe both Inupadenae and US4Aid have the potential to improve outcomes for cancer patients with a broad range of cancers.

I'm sure to improve outcomes for cancer patients, which have all kinds of cancer.

With our deep understanding of cancer immunology and debated.

<unk>, we will continue to strengthen our pipeline for the development of cancer.

Yeah.

Thank you very much for your attention on to the school.

<unk> ongoing interest I'd like to now turn the call back over to your positioning us for questions.

Thank you speakers participants to ask a question over the phone you May press the star key followed by the number one.

Otherwise you May press the pound key to withdraw your request.

Again that is star one to ask a question.

Or the pound key to withdraw your request.

Yeah.

First question is from Chris Raymond of Piper Sandler Your line is now open.

Michelle Dupu: With our deep understanding of cancer immunology and the biology of immunosuppression, we will continue to strengthen our pipeline for the development of cancer immunotherapies. Thank you very much for your attention on today's call and your ongoing interest. I would like to now turn the call back over to the operators for questions.

Hey, Thanks, guys.

A couple of questions on USA 50, I guess.

During.

Turn your ACR call you guys noted.

And I think you also talk just now on this that you'd have data at <unk>, but I think you'll also frame sort of the next big update.

Operator: Thank you, speakers. Participants, to ask a question over the phone, you may press the star key followed by the number one. Otherwise, you may press the pound key to withdraw your request. Again, that is star 1 to ask the question, or to pound key to withdraw your request. The first question is from Chris Raymond of Piper Sandler. Your line is now open.

For that program would likely be a second half event and I guess, we were thinking since he was maybe the more appropriate venue.

Can you maybe just provide some clarity I guess around what we should expect to see it asking maybe frame that.

For us a little bit.

And then.

A second question on <unk> hundred 50, I was just we were just looking through your.

Through your corporate deck, and I think on one of your slides in the deck, you'll note that there's additional indications under evaluation for that drug can you maybe.

Chris Raymond: Hey, thanks guys. Just a couple questions on the ES850. I guess, you know, during your AACR call, you guys noted, and I think you also talked just now about this, that you'd have data at ASCO. But I think you also framed sort of the next big update for that program would likely be the second half of that. And I guess we were thinking SITC was maybe the more appropriate venue. Can you maybe just provide some clarity, I guess, around what we should expect to see at ASCO, maybe frame that for us a little bit?

Is there something outside of melanoma prostate and in triple negative breast that we should be thinking about there. Thanks.

Hi, Chris Thank you for the questions I'm going to start to reap the debt.

Debt about because it does and I will let Joe continue about the additional indication under consideration now.

Our next update on EBIT day, None will include the monotherapy expansion with six patients in each of the flow indication melanoma, prostate lung and endometrial cancer and the biopsy D dose for more than 20 biopsies Bishop tweaking on the theft.

Chris Raymond: And then a second question on 850. We were just looking through your corporate deck. And I think on one of your slides in the deck, you note that there's additional indications under evaluation for that drug. Can you maybe... talk about whether there is something outside of melanoma, prostate, and triple negative breasts that we should be thinking about there?

Our coalition between clinical benefit on a potential biomarker would be an important just because of the heat.

Field and.

On expanding data on safety PK PD, it's important to move from what you know can be insurance cut you Chi.

We believe debt disclosing data on though.

Michelle Dupu: Hi Chris. Thank you for the questions. I'm going to start with the update about Zeta, and I will let Joe continue about additional indications under Confirm. And our next update on Inbadinen will include the monotherapy expansion with six patients in each of the following indications, melanoma, prostate, lung, and endometrial cancer, and a biopsy redoubt for more than 20 pair biopsies in patients treated in monothea. A correlation between clinical benefit and a potential biomarker would be an important discovery in the IEO field.

The next step for our new partner program, which we are planning to do list. During the year is to go into more detail. We used the debt related to debate your Moscow unexplored. If there is somebody confection debt will be novel, one useful for shipping on what can you just.

T G I.

And I will stop.

For the for the data disclosure that your opinion to do I don't to drew for the additional indications that could be under consideration.

Thanks Michelle.

And we are considering other indications for this program.

Michelle Dupu: And expanding data on safety PKPD is important to move forward in our combination. We believe that disclosing data now will pave the next step for our Inupadan program. What we are planning to do later in the year is to go into more detail with the data related to the biomarker and explore if there is a significant fraction that will be another one useful for shaping our clinical function. And I will stop here for the data disclosure that you are planning to do and turn to Joe for the additional indication that could be under.

There are couple of solid tumor indications that we are quite interested in a.

Non small cell lung cancer is that in south Hadley.

I mean, there's still a patient oh on monotherapy cohort.

And then the telecom for both.

Tell me if I am glad we are cool headroom for further expansion.

Okay. So if I can ask a follow up then also.

As we're talking about other indications I think you also on your prepared remarks on 448.

I think I heard you guys talk about gastric and pancreatic cancers as best possible targets.

When would you guys be able to make a decision on these tumor types and what's gating you know in terms of advocating gating factors I guess in in that.

Joe Logger: Thanks, Michelle. As we are considering other indications for this program, there are a couple of solid tumor indications that we are quite interested in, non-small cell lung cancer. As Michelle said, we involved some additional patients in our monotherapy cohort, and endometrial cancer and breast cancer are both tumor types where we are considering doing a further study.

Yeah. So I did mention that we are considering gastric cancer and pancreatic cancer.

And are there we are.

<unk> the opportunities depends on study design.

So total.

Likely provide an update on the development program.

Yeah.

Thank you.

Okay.

Next question is from the line of day, Great Bush SBB Leerink. Your line is now open.

Hi, Thank you for your question to sustain out one a follow up to the questions. You just had now on your development plans.

Joe Logger: Okay, if I can ask a follow-up question then also, as we're talking about other indications, I think you also in your prepared remarks on 448 talked about gastric and pancreatic cancers as past puffle targets. When would you guys be able to make a decision on these tumor types, and you know what's gating you, in terms of gaining factors, I guess, in that? Yeah, so I did mention that we are

You know they have evolved a bit over the years.

Wonder if you could help us understand the rationale for the current plans and what you're looking for to make a.

Decisions going forward into the next six months and whether in pancreatic you're still considering the combination.

With your HOA inhibitor and your pad.

Joe Logger: Yeah, so I did mention that we are considering gastric cancer and pancreatic cancer. You know, there we are evaluating the opportunity, and potential study designs. I would say we can likely provide an update on the development program later this year.

And ticket or this is more on a.

On a purely touch it.

Joe Please.

First on our flow.

First on the rationale for our development portal.

No.

We are on.

And I think your question, let's focus on debt yeah, it's far from it will take it from kind of focus.

Operator: The next question is from the line of Day Graybosch of SVB Lirink. Your lines are now open. Hi, thank you for the question.

Okay.

On Oh.

If you have questions as well.

So.

We are developing in non small cell lung cancer that has always been on interest for us and we did have some debate over whether to pursue for the first line setting with non snowfall on cancer or to look at on earlier adjuvant type of flooding, we decided that oh.

Dana Graybosch: Hi, thank you for the question. This is Dana.

Dana Graybosch: One, a follow-up to the questions you just asked about your development plans. You know, they have evolved a bit over the years, and I wonder if you could help us understand the rationale for the current plans and what you're looking for to make decisions going forward into the next six months. And whether in pancreatic you're still considering the combination with your A2A inhibitor, inupadulant, and Tidget, or this is more purely Tidget.

First grade setting provides us the opportunity to have data that we can pare them more easily.

With our competitor and potentially provide a faster path for it on the adjuvant setting.

Prioritize that.

How does that cause there are I think has been a interesting in <unk>.

Occasion for us for quite a while but that's a.

Joe Logger: Thanks, Dana. So in terms of the rationale for our development plan, we are, And I think your question was focused on the ES448, the Ticket program, so I'm going to focus on that, and you can follow up on the 850 if you have questions there as well. So, we are developing a non-small salon cancer that has always been an interest for us. We did have some debate over whether to pursue first the first line setting with non-small solon cancer or to look at an earlier adjuvant type of setting. We decided that the first line setting provides us with the opportunity to have data that we can compare more easily with our competitors and potentially provides a faster path forward than the adjudication setting.

The biology, there, it's quite similar to our non small cell lung cancer.

Let's take that Adam.

$10 not therapy, there should be up on the presentation.

Uh huh.

This is.

Indication, where we feel like we have the opportunity to potentially catch up with the competitors that are ahead of us.

Who are maybe not being as aggressive and how do I calculate all day on other tumor type.

Those are the reasons why we're interested in that indication.

You know we're interested in melanoma, because we think being able to show activity on that.

Tiller after a.

PD one therapy.

Would be quite interesting we're encouraged by the response that we saw in the dose escalation and the peso to us.

<unk> acquired resistance to PD, one after having quite long therapy on to the world.

And we've also seen I think now with a in a patent.

Check point inhibitor resistant melanoma. So we are looking at that combination not studying <unk> with.

Joe Logger: So we prioritize that. Head and neck cancer, I think, has been an interesting indication for us for quite a while. We think that...

With the potential debt that combination because that looks like other patients.

One setting.

And then we have myeloma, we've generated data to show that with.

With a collaborator.

Hudson Institute in Seattle to show that our ticket is really on much more relevant oh target in that type of cancer PD one is on.

Joe Logger: The biology there is quite similar to non-small cell lung cancer and anticipates that adding an antitigit to Kymolizumab therapy there should be a benefit to patients. This is an indication where we feel like we have the opportunity to potentially catch up with the competitors that are ahead of us who are maybe not being as aggressive in having that cancer as they are in other tumor types. So those are the reasons why we're interested in that indication.

We have I think the preclinical proof of concept that are actively with them on ticket antibody.

On a model of myeloma with the potential for additional benefit but in combination.

Uh huh.

In terms of the other indications for considering them.

Particularly around pancreatic cancer.

That is something that we're continuing to think about as you know it is a tumor type where the historical success rate has been low it's a challenging tumor to treat but we do think it's quite interesting and we are still interested in the combination with our Oh is that right on target.

Joe Logger: You know, we're interested in melanoma because we think being able to show activity in an inflamed tumor after PD1 therapy would be quite interesting. We were encouraged by the response that we saw in the dose escalation and the patients who had acquired resistance to PD1 after having quite long therapy with PD1. And we've also seen a signal with interpadment in checkpoint inhibitor-resistant melanoma, so we are looking at that combination in that setting, with the potential that that combination could benefit other patients in a post-PB1 setting.

There has been from Wednesday, promising data for other targeting on the Donaldson pathway.

It's still very early data, but yes, we do think that come on.

Yeah.

I'll stop there and see if I've answered your question or if you have any follow up.

That was very helpful and maybe a follow up that's on a different topic around your Biomarkers you biomarker for inter patio.

And maybe you could remind us as context I know some competitors have developed adenosine signatures and.

Joe Logger: And then we have myeloma. We've generated data to show that, with a collaborator at the Fed Hutch Institute in Seattle, TIGITG is really a much more relevant immune target in that type of cancer than PD1, and we have these preclinical proof of concepts that you see activity with an anti-tigid antibody in a model of myeloma with the potential for additional benefit in combination with image.

And can you remind us what's in that signature and if you're seeing something different and it sounds like you are where you could be seen something different than other sensing.

And I. Thank you very much yeah, Yeah, I think that's a good question. So in terms of Biomarkers in our studies are both Thursday, but focusing on on the and it's happened winter Esa person to a program.

Joe Logger: In terms of the other indications for considering, particularly around pancreatic cancer, You know, that is something that we're continuing to think about. As you know, it is a tumor type where the historical success rate has been low. It's a challenging tumor to treat, but we do think it's quite interesting, and we are still interested in the combination with our H-2A receptor antagonists. There have been some recent promising data for other targets in the adenosine pathway in pancreatic cancer. It's still very early data, but yes, we do think that combination could be. I'll stop there and see if I've answered your question, or do you have any follow-up questions?

We are doing amazing so chemistry.

For Oh, he himself as well as our various.

Targets within the adenosine pathway, so the HOA receptor on.

Enzyme that.

That produced a donor thing.

And we are also doing monitoring Oh.

Profiling.

To evaluate Oh.

On placing signatures.

So in terms of.

What we are seeing a number as any.

Okay to buy the titles are as the abstract we think that there is the potential correlation between the expression.

Cells expressing the HOA receptor in the tumor and the clinical outcomes of patients.

Joe Logger: That was very helpful. And maybe a follow-up that's on a different topic around your biomarkers, your biomarker for Inupaduan. Maybe you can remind us, as context. I know some competitors have developed an adenosine signature. And can you remind us what's in that signature? And if you're seeing something different, and it sounds like you are, why you could be seeing something different than others? And thank you very much. Yeah. Yeah, thanks. That's a good question.

Okay.

<unk> receptor I see I think was quite difficult to develop.

It is a well on a challenging target to generate an antibody before they go on to Periclean coupled receptor.

And it took our current team quite a bit of effort to be able to think about that I'll say on one country theoretically peso part.

So as far as we know others haven't looked at the expression of HLA are within the tumor as a potential correlate with patient outcome.

Joe Logger: So in terms of biomarkers, in both of our studies, but focusing in on the patent-pending EOS-850 A2A programs, we are doing immunohistochemistry for immune cells as well as various targets within the adenosine pathway, so the A2A receptor and enzymes that produce adenosine. And we are also doing nanostring RNA profiling to evaluate potential gene signatures.

So that made me library thing simple look here.

It may also be because we have a very selective.

After on packing, whereas a number of the other adenosine receptor.

Tagging on that are under development.

Debt target other receptors.

The other thing.

In terms of the gene signatures are the adenosine gene signature that people have reported on we do have those.

Joe Logger: of what we are seeing, you know, as indicated by the title of our ASCO abstract, we think that there's a potential correlation between the expression or cells expressing the A2A receptor in the tumor and the clinical outcomes of patients. Hmm.

You are in that signature in our monitoring profiling.

We'll be looking on it that.

Mainly that's looking at Oh, you put adenosine on this system, what you come up on.

They are mainly deals that are related to my lifestyle.

In that single carrier that's been reported in literature.

Joe Logger: A2A receptor IHC assay was quite difficult to develop because it is a challenging target to generate an antibody for being a G-protein-coupled receptor. And it took our team quite a bit of effort to be able to develop that assay and then transfer it to the CERA that's being tested for us. So as far as we know, others haven't looked at the expression of A to AAR within the tumor as a potential correlate with patient outcomes.

No.

It is a way I guess I'm looking for tumors that have a higher concentration with a dentist.

On Sunday, no adenosine is quite difficult to measure because it has a very short half life. So its challenging to just go in a.

Do a biopsy and identify whether on tumor has a high adenosine concentrations not heard.

Or is it way of doing it.

And we will be looking on that as well with our gene signature.

Very helpful. Thank you very much.

You're welcome.

Joe Logger: So that may be why we're seeing something unique here. It may also be because we have a very selective A2A receptor antagonist, whereas a number of the other adenosine receptor antagonists that are under development are less selective and target other receptors of adenosine.

Next question is from the line of our new from Rama of Jpmorgan. Your line is now open.

Hey, guys. Thanks, so much for taking the question and congrats on all the progress I was also actually flipping through the corporate deck and on the HOA program and 850 here. So I'll comment on the deck about our new formulation entering phase one any color here at or tidbits, you can provide thanks so much.

Joe Logger: In terms of the gene signatures, the adenocene gene signature that people have reported on, we do have those, Thank you, in that signature in our managing profiling, and we will be looking at that. Mainly, that's looking at, you know, if you put a genocene in the system, what genes come up. And they are mainly genes that are related to myloid cells that are in that signature that's been reported in literature. So, it is a way, I guess, of looking for tumors that have a higher concentration of adenosine. As you may know, adenosine is quite difficult to measure because it has a very short half-life.

It's Joe piece can you update on depend on both the state yourself.

I, just wonder if that new formulation.

I'd be happy to go on up on that the formulation that we initially brought into clinic with a three day Oh, that's a free base formulation.

Now have a salt formulation.

Joe Logger: So it's challenging to just go in and do a biopsy and identify whether a tumor has a high adenine concentration or not. So this is a surrogate way of doing that. And we will be looking at that as well with our genes. Very helpful. Thank you very much.

Net.

That we think could improve some of the properties of the drug are in terms of dissolution.

So we are moving forward with a clinical trial of that new salt formulation and are anticipating that will start it will come on.

And Cabela's Mike.

Dana Graybosch: Very helpful. Thank you very much.

Thanks for taking our question.

Thank you.

Next question is from the line of Arthur fell of H C. Wainwright. Your line is now open.

Operator: The next question is from the line of Anupamara of J.P. Morgan. Your lines are now open.

Anupamara: Hey guys, thanks so much for taking the question and congrats on all the progress. I was also actually flipping through the corporate deck and on the 8-2A program, and 850 here.

Hey, good afternoon, everyone and thanks for taking my question I had two questions regarding the adenosine and tech net program. So so.

So first on seemed like the astrazeneca into Orange juice are more focused on our triplet combo for the.

Anupamara: I saw a comment in the deck about a new formulation entering.

Anupamara: Phase 1, any color here or

P C.

Anupamara: Any color here or kid bits you can provide? Thanks so much.

And could you guys give us more color on your confidence on your molecule for a.

Joe Logger: Yes, Joe. Can you please give an update on the status of our new phase, the first one of the new formulation?

Simply deeply.

Please do pay or even monotherapy for in that indication.

Oh yeah.

Thanks for the question.

Joe Logger: I'd be happy to. So the formulation that we initially brought into clinics was a free base formulation. We now have a salt formulation that we think could improve some of the properties of the drug in terms of dissolution at high pH. So we are moving forward with the clinical trial of that new salt formulation and are anticipating that we'll start it in the coming months. Thanks for taking our question.

We believe debt agreement mono therapy.

Just to get a better understanding of the Nic infection.

Does he would have done differently.

Postpaid cancer.

That could also help us to identify a specific population that would be more adaptive to such treatment dishes are I would say the day.

Operator: The next question is from the line of Arthur Fell, from H. C. Wainwright. Your lines are now open.

And the rationale for <unk> monotherapy.

We are we actually at the end of the stage one of this monotherapy expansion.

Arthur Fell: Hey, good afternoon everyone, and thanks for taking my question. I had two questions regarding the denoting and Tagnet program. So first, it seems like the Estrada Zanica in Arcus is more focused on a triplet combo for the CRPC. And could you guys give us more color on your confidence in your molecule for a duplicate or even monotherapy for that indication?

For the combination.

The combination you spent what did your map is additional.

I get value from each.

The leu to explore all I would say treatment, which can move from you, but she's always supposed to be current expectation.

On the patients with prostate cancer on.

Michelle Dupu: I ask you, thanks for the question indeed. Well, we believe that going monotherapeutic will help us to get a better understanding of the mechanism of adenzy receptor antagonists in prostate cancer. And that could also help us to identify a specific subpopulation that would be more adapted to such treatment. And this is, I would say, the main rationale for going monotherapy. And we are currently at the end of stage one of this monotherapy expansion.

Could help us to differentiate our program compared to commodity Joe do you want to add from King.

So just talk to us in prostate cancer.

I think you summarized it well on Michelle.

Yeah.

Thanks for that and my second.

Second question is regarding the pipeline.

Pipeline.

So what can we expect from the pipeline targeting the adenosine pathway I believe you guys plan to announce additional candidate in later this year.

Michelle Dupu: For the combination, the combination with myelibrilyumab is additional added value. It would allow us to explore, I would say, treatment which is chemotherapy, which is also a significant expectation from the patient with prostate cancer and could help us to differentiate our program compared to competitors. Joe, do you want to add something to this strategy to protect cancer? I think you should

Yes, <unk> done based on the characterization that you're putting on our.

Our research team is identifying new targets, which is never been described as clean your who do you view Disney pathway for cancer immune suppression.

And very excited with this new target debt.

Joe Logger: I think you summarize it well, Michelle.

Booth tours to grew four one tweet from Oh, just on the health care and to be also using combination with easy pertinent in two ways.

Arthur Fell: Thanks for that. And my second question is regarding the pipeline. So what could we expect from the pipeline target, Dino C in the past? I believe you guys are planning to announce the additional candidate later this year.

Michelle Dupu: Yes, indeed. And based on the characterization of Inupadenant, our research team has identified a new target, which has never been described as playing a role in the Adesian Passway for cancer immunosuppression. And we have been very excited with this new target that is both of interest to go forward with other standards of care and could also be used in combination with Inupadenand. We continue to make progress on the identification of the clinical candidate, and we are planning to report this clinical candidate before the end of the year and move forward in INV enabling studies there are.

We continue to make progress on the identification of the COVID-19 because it can be debt.

And we've got pending to reboot. This can't get can be debt before the end of the year and move on.

I N I M D and they're being studies thereafter.

On top of this.

I do.

The best way program. We are also planning to add additional programs in our pipeline as I said that will be complement to read too just on.

Michelle Dupu: On top of this Adenzine pathway program, we are also planning to add additional programs in our pipeline. As I said, those will be complementary to TG10A2 receptor programs and will allow us to address additional mechanisms of immunosuppression. Thank you.

H, where we set the programs I'm reading your notes from a diverse and you shouldn't make any views of even the submission.

Oh. Thank you. Thank you for taking my question.

Arthur Fell: Thank you. Thank you for taking my question. Welcome.

Welcome.

As a reminder, participants again its star one to ask a question over the phone or the pound key to withdraw your request.

Operator: As a reminder, participants, again, it's star 1 to ask a question over the phone or to pound key to withdraw your request. Our next question is from the line of David Nearingarten of Wedbush Securities. Your line is now open.

Our next question is from the line of David Nearing Garten of Wedbush Securities. Your line is now open.

David Nearingarten: Thank you for taking a question, a bit of a follow-up to Dana's. When you think about your assay or think about assessing tumors for 8-2-A receptor expression, I guess the question is, you know, thinking about the competition. One, you know, how proprietary or can you protect your assay to use with your 850? And then two, are we going to see or have you seen a situation where, maybe it's not 100%, but 70% or something, a majority of tumors express the receptor in your hands?

Hi, Thanks for taking the question a bit of a follow up to dana's.

When you think about your assay or thinking about ethane tumors for HOA receptor expression.

I guess my question is yeah, that's what we're thinking about the competition.

One yeah, how proprietary or can you protect your your assay to use with your with with 850 and then two are.

Or are we going to see or have you seen a situation where.

Maybe it's not 100%, but you know, 70% or something a majority of term of tumors express the receptor on your hands and so a competitor occurred could potentially just say I'll focus on that tumor you know seeing your results and go after that I'm. Just curious you know how you see it if you're on.

David Nearingarten: And so a competitor could potentially just say, I'll focus on that tumor, you know, see your results, and go after that. And I'm just curious, you know, how you see if your assay, if your research here provides you with a competitive edge in the development of David.

Hum.

It if your assay if your research here provides a real competitive edge on the development. Thanks.

Michelle Dupu: Hi David, thanks for the question. As mentioned by Chris in a previous question, timing to discuss our data was also related to the protection of our patent or any pattern application, and we've been able to the best extent to protect this new, I would say, biomarker related to a resultant antagonist. As Joe mentioned, it has been a significant challenge to develop an assay that will be robust enough to be used with clinical samples, and we are very confident that we will be able to use this assay at a large scale.

Hey, David Thanks for the question then as mentioned by Chris.

On the questions on timing to discuss our debt was also related to the protection of Oh.

I will now turn to a new patent application and.

We've been able to the best extent to put their debt.

These are new I would say biomarker to identify two or is it doesn't take the news as Joe mentioned, it's been let's see if he can chime in interest to be built and that see our.

That would be robust to be used 50% bonds and we are very confident that we can be a boon to us is a C.

Kim.

We are still walking on additional data because these are sales who used to us I would say insight into or make any infection that there's never been described so powerful.

Michelle Dupu: We are still working on additional data because this assay also gives us insight into a mechanism that has never been described so far for an adrenaline receptor antagonist, and this is the reason why we will disclose additional data later in the year or next year. In terms of the application and the percentage of positive patients, I would like to turn to Joe and get additional comments to explain why we believe that it will be competitive, that's an advantage for.

Theyre going east on D. C. The reason why we.

We will.

To disclose additional data later in the year on <unk>.

Next year in terms of deprecation.

The percentage because he division I would like to turn to draw on.

Get you shouldn't become months.

Two to explain why we believe that it will be a competitive advantage for Ikea.

Joe Logger: Yeah, thanks Michelle. So we are continuing to generate data on the use of this HACA. We are looking at the number of cells within the tumor expressing the H-2A receptor, so that's a continuous variable.

Well, thanks, Michelle So we are.

Continuing to generate data on the use of those households are we are looking at that number itself within the tumor expressing HLA receptor.

Joe Logger: So we're continuing to work on, you know, what the cut-off is and what would be considered high and what would be considered low. And we're using the information that we have to interrogate the expression in different tumor types. Because this has been such a... challenging assay to develop. There's not a lot of data out there available to say what the expression is of this A2A receptor by IHD in different tumor types.

So that's a continuous variable there we're continuing to work on you know what is the caught up on what would be considered high and what would be considered flow.

We're using the information that we have to interrogate that professional in different tumor types. Because this is bang on such a challenging to develop theres not a lot of data.

Data out there available to say, what the especially on.

The antibody receptor by IFC in different tumor types. So our our lab has been working on that.

Joe Logger: So our lab has been working on that, and we have some internal data there. But I think it is a competitive advantage because we've at least had a head start on doing these assays and understanding expression in different tumors. Okay, thank you.

On internal data there, but I think it is a competitive advantage because we've at least had a head start on.

During these assays on understanding, especially on the tumor type.

Okay. Thank you.

I'm showing no further questions in the queue at this time, ladies and gentlemen, thank you for participating in today's conference.

Operator: I'm showing no further questions in the queue at this time. Ladies and gentlemen, thank you for participating in today's conference. This does conclude your program, and you may now disconnect. Everyone, have a great day.

This does conclude your program and you may now disconnect everyone have a great day.

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