Q2 2021 F-Star Therapeutics Inc Earnings Call
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Good morning, ladies and gentlemen, thank you for standing by welcome to the <unk> Therapeutics.
<unk> second quarter 'twenty 'twenty, one earnings call and corporate update at this time all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time as a reminder, this conference will be recorded and available for replay.
I would now like to introduce you to Lindsay ticket VP of Investor Relations for <unk>. Please go ahead.
Hey, good morning, everyone. Thank you for joining US with me today is our CEO.
CEO and Darlene Deptula Hicks our CFO.
We announced financial results pre market today for the quarter ending June 32021, you can access the press release on the Investor Relations page of our website at <unk> Dot com.
When we get started let's quickly run through our forward looking statements.
Please note that as a part of our discussion today management will be making forward looking statements. These.
These statements are not guarantees of future performance and therefore, you should not place undue reliance on them investors are also cautioned that statements are not strictly historical constitute forward looking statements.
Such forward looking statements are subject to a number of risks and uncertainties that could cause the actual results to differ materially from those anticipated. These risks include risks and uncertainties detailed in FERC filings with the SEC.
The company undertakes no obligation to update any forward looking statements in order to reflect events or circumstances that may arise. After the date of this conference call with that I'll hand, it over to Elliot Elliot.
Thanks, Lindsey welcome everyone to our second quarter 2021 earnings call. It's great to speak with you today and provide a corporate update on what's been another positive past few months.
A further update to the financing that we completed in the second quarter is that we raised over $80 million in gross proceeds between the underwritten public offering of the <unk> facility.
Now includes a group of top tier institutional investors.
We now have seven equity research analyst covering half stall on the strength in financial position ensures delivery of future clinical milestones, which I will highlight today.
On the clinical side, we're pleased to share with you today, an updated strategy for the development of a festival moneta all PDL one black three by specific antibody with the addition of checkpoint naive patients to the clinical activities, it's an extremely exciting opportunity for patients as well as for XR and I'll say more on that shortly.
F S. Two to two and F. S. One 'twenty continue to progress through first in human clinical trials. You may have seen last week that we announced a collaboration with Merck <unk> known this MST outside of the U S for combining <unk> hundred 20 with Keytruda.
Excited to have completed this partnership agreement and plan to initiate the <unk> hundred 20, Keytruda combo trial next year.
In keeping with our preference for making program updates at conferences, we will be sharing news on F. S. One 'twenty at this year's ESMO meeting.
During the quarter, we've reported significant progress with our Sting programs bushes the agonist on the inhibitor.
We license our preclinical <unk> inhibitors to Astrazeneca for future development and commercialization gave a clinical update on the Sting agonist SB 11.285, just in this past month.
During the quarter were also granted a composition of matter patent protecting spo 11.285 in the USA. This patent continues through 2037 without the additional patent extension.
I'll remind you of the pipeline provide a bit more detail on each of our programs and then review our upcoming milestones on slide four.
You can see that we have four clinical stage programs underway and that we continue to work with our long standing partners Denali and Mark K G. A a of Darmstadt and now our new partner Astrazeneca. We've been delighted with these partnerships to date and I look forward to further positive and fruitful collaborations.
Here on slide five.
You'll see that S. What money just currently being studied in an ongoing phase II proof of concept trial in patients with PD, one resistant head and neck cancers.
We anticipate reporting on this study in the first half of 2022.
In addition, we're expanding into checkpoint inhibitor naive patient population and I'll provide further details on this in the coming few slides.
<unk> is designed to improve outcomes for patients with PDL, one low tumors an area with a significantly high unmet medical need you'll remember that <unk> is uniquely engineered such that the relative affinities to each binding targets do not cause them to self compete this avoids the hook effect Oh.
L shaped curve that we've seen in other drugs targeting C D 137, and PDL one.
S. S 120, as I mentioned earlier is currently in the ascending dose phase of the first in human trial is a monotherapy, we're seeking to determine a biomarker driven pharmacologically active dose as the <unk>.
A point at which to trigger going into combination with Keytruda again.
<unk> will provide a more detailed update at the upcoming ESMO conference.
In the ongoing phase one study SB 11 to a five as a monotherapy and in combination with tech centric was safe and well tolerated. We're pleased to observe early signs of clinical benefit in the <unk> in the form of disease stabilization.
This is a encouraged us to continue to additional dose expansion cohorts for this promising drug.
This second generation Sting agonists can be delivered systemically and with rapid to cellular uptake.
We anticipate providing additional information on the progress of this trial in the first half of next year.
Meanwhile, we will continue to explore wider strategic opportunities for the program.
Moving to slide six.
Pleased to give you some detail on the expansion of the clinical development of <unk> 118 activities.
You might remember that we saw positive data from the phase one trial in a wide cohort of heavily pretreated acquired resistance patients in particular in patients with specific expression of PDL, one on Blackberry base.
Based on these data we initiated the ongoing phase II proof of concept study in patients with acquired resistance head and neck cancer.
This group of patients have few therapeutic options available to them and therefore represent a subgroup of the whole patient population. However, we believe that success here can lead to a faster route to market for a festival minute.
And we plan to provide a clinical update in the first half of 2022 on the progress of this proof of concept study.
The recent <unk> conference marked a milestone for immuno oncology with the validation of <unk> III target through a pivotal phase III trial in melanoma.
The whole oncology community was delighted to see.
The real option to March for patients on the huge opportunity. This represents.
The external validation of luxury coupled with our own preclinical and clinical data means that we will be starting an additional trial with F. S 118.
This will be in both non small cell lung cancer and diffuse large b cell lymphoma in patients who are naive to checkpoint inhibitor therapy.
Like all of our programs the clinical trial will be a biomarker enriched and we anticipate starting later this year.
We've been a firm belief in the potential of Black series of significant checkpoint inhibitor pathway in immuno oncology and as we anticipated.
We are happy to see the field continued to progress good progress in this important area.
Despite the significant advances of the past two decades. It remains that large numbers of patients did not gain long lasting benefits from PD. One PDL one therapy, we're fully committed to provide patients with the treatment options that not only avoid the resistance to first generation checkpoint inhibitors, but also potentially.
<unk> form that experience of the treatment of advanced cancers. That's in terms of both disease control and greater quality of life.
We continue to be led by the data.
We'll always be looking for ways to bring additional benefits to patients with our next generation of immuno oncology treatments.
And before I hand over to Darlene Slide seven is a reminder of what the next 24 months hold for that store.
We expect multiple data readouts, which will share at medical or scientific conferences, highlighting clinical progress across our four programs. Later this year, you'll see data on F. S 120, and on F. S. Two to two.
Next year, we plan to share data on F. S 118, and not acquired resistance patient population.
You. The continued progress of SB 11, 285 minutes clinical trial I give further updates on F. S 120, <unk> as we move towards a combination with keytruda.
I believe we have a very bright future based on our tetravalent Bispecific platform technology.
We look forward to sharing these upcoming milestones with you as well as progress in bringing additional programs from our discovery efforts into the clinic.
In the near future.
I am grateful for the support of our new and existing investors call with us on this journey to transform the lives of patients with cancer also for the employees at <unk>, who worked tirelessly to progress life, changing medicines and create value for our shareholders.
And with that I'll hand over to Darlene to give you an update on our financials.
Thanks, Elliot and good morning, everyone.
As early as later this quarter, if real financial and clinical progress for the company were extremely pleased with our recent equity financing in the top tier investors, who had joined us.
I'll now go through the financial results for the second quarter, 2021, which provides a solid platform for executing on the company's strategy, including the expanded clinical development plan for at this one went eight Elliot just outlined and we'll be happy to take questions at the end.
Cash and cash equivalents as of June 32021 were 81.6 million, resulting from our successful $82.6 million public offering of common stock and proceeds from our ATM equity offering program in Q2, which then the combined $77.3 million after fees and expense.
Yes.
We also entered into a 10 million dollar debt facility in Q2, and drew down the full amount on that facility.
And our Q1 earnings call, we guided to a cash runway well into the second half of 2023.
We believe our current operating plan, including the expanded clinical development plan for <unk> 118 will cost us about a quarter of cash runway.
We believe our cash continues to be sufficient to fund our current projected operating plan, including the delivery of multiple clinical milestones laid out by Elliott earlier across all four of our programs.
Turning now to revenue revenue for the quarter ended June 32021, with zero as compared to $500000 for the same period in 2020.
This $500000 decrease is due primarily to a reduction in research and development services revenue with partners Merck and Denali currently we do not have any ongoing research and development services arrangements with either partner as all programs have come to an end the research phase and have now transitioned to the milestone phase as expected.
And this is consistent with our collaboration strategy.
As a reminder, our revenue typically includes amounts that relate to upfront payments milestone payments option exercise payments and door amounts historically due to ask for research and development services.
Total research and development expenses were $8.4 million for the second quarter of 2021 as compared to $2.1 million for the prior year second quarter.
The $6.3 million dollar increase is primarily due to $2 million increase in manufacturing costs, including a manufacturing batch in the second quarter of 2021.
One 4 million dollar decrease in the U K research and development tax incentive credit quarter over competitive compared quarter.
An increase in clinical CRO and clinical assay costs of $1.2 million, resulting from having four clinical program this quarter as compared to one clinical program. This time in 2020, and an increase in R&D compensation related costs of about $700000 and then another $1 million.
General project related costs.
R&D expenses include 0.5, and point 3 million of noncash stock based compensation expense for Q2, 'twenty one in 2020, respectively.
Total general and administrative expenses were $6.5 million for the quarter ended June 32021, compared to $3.2 million for the comparable second quarter of 2020.
This $3.3 million increase is primarily due to an increase of $1.5 million in legal and professional fees $1 million and share based compensation expense was five.
<unk> 5 million in insurance and other costs associated with being a public company and <unk> 3 million in other G&A costs.
G&A expense also included $1.3 million and point 3 million of noncash stock based compensation expense for Q2, 'twenty, one and 2020, respectively.
Net loss for the second quarter of 2021 was $15.6 million or 92 cents per basic and diluted share compared with a net loss of $6.5 million or $3.53 per basic and diluted share for the second quarter of 2020.
In closing over the past quarter, we've seen interest continue to grow with F star in our Bispecific platform in our clinical stage program as well as positive conversation with the investment community.
Additionally, we are now covered by seven equity research analysts and are encouraged by their engagement.
We believe our solid financial position supports delivery of multiple clinical milestones across all four of our program and we of course will continue to ensure the effective financial management of the company.
With that thank you all and we'll now open the call up for questions.
Okay.
Thank you.
Okay.
I think the operator needs to jump on and open up okay.
Ladies and gentlemen, as a reminder, if you would like to ask a question. Please press star your phone, Alabama nimble win.
We're going to pause for just a moment to the pad. The Q&A roster. If you would like to withdraw your question Mr Pound key.
Please standby will be comparable the Q&A roster.
Your first question is from the line of Dana Great boss with SBB Leerink.
Hi, Thank you guys for the question.
Good afternoon, maybe.
Maybe two for me.
On a related one I wonder if you could speak to the biologic rationale for selecting non small cell lung cancer.
H B cell lymphoma for the new FX, one eight trial and then the second question is what is your current belief on which slide three Lincoln are a dominant in cancer and whether that's married across tumor types and do you have any data on which ligand industry.
You are now pursuing.
Studies isn't Mr element.
Sure Hey, Dana good morning, and nice to speak a few thanks for the questions.
Of course with both non small cell lung cancer.
B B cell lymphoma.
We have our underlying hypothesis that you and I have discussed on a number of occasions, which relates to the co expression of lag three and PD L. One click.
Some of the details around that will only be revealing later, but I think it's fair to say that we've observed.
Data our own on some externally in both of those settings.
Give us cause to believe that we can provide.
Provide a superior benefits to patients.
In those disease settings because of that.
<unk> expression. So it's like three PD L. One co expression in more details later on that with respect to the ligands.
It's kind of interesting case that more and more ligands appear to be coming along as you may recall that for us a dominant mechanism is actually luxury cleavage from the surface of those exhausted immune cell. So.
Some extent the.
The ligand interaction is irrelevant.
And because we we close that shedding of the luxury.
Receptor in its first instance, and of course as you know we believe although no one else's published yet so.
Can't.
Sure, it's not totally unique but at least it's rare if not unique mechanism that we provide through the through the two plus two mechanism without bi specifics.
Great. Thank you very much.
Thanks, Dana when I spoke to you.
Next question is from the line of Matt Phipps with William Blair.
Hello, and thanks for taking my questions and glad to see the expansion here with 118 after the Bristol data I guess, maybe first in lung cancer.
Pretty honestly at.
Credit space and definitely some some real entrenched regimen do you think that the maybe the co expression biomarker patient population differs from maybe just the pure PDL one high population or is there some kind of niche you think you can carve out there and then.
It is though really the minute bill say too much but obviously saw the F. S. One point trial in progress poster is there any other data to come or was it kind of some updates on that trial in progress poster.
Sure Hey, Mark I'm actually talk to Gary Good morning, and I'm. So pleased.
To be toward all the analysts this morning so.
<unk>.
With respect to lung cancer.
For now I'll, just stay with the lag three PD L. One co expression.
You might imagine we are not going to try and knock a keytruda or opdivo kind of off that the spots in the whole population, we've suddenly seen a information in.
In co expressing a patient groups within lung cancer, non small cell lung cancer.
That we believe will give us an advantage over the rest of the show will start to roll out some of that thinking and through trial design.
You can see how that thinking is emerging.
With respect to S. One 'twenty at ESMO.
It is a trial in progress update.
I think as we've discussed in the past you know this is a first in class dual agonist and I know that.
There have been some questions as to how we will progress against dose escalation and so on and of course I think as we made clear in the MST Keytruda agreement, what we're really looking for is.
Early signs of biological activity to give us the confidence to go to that combination and we will talk about some of the underlying rationale in biology at ESMO within the confines of the AR.
ESMO.
Materials that rule out of course.
Great. Thanks, Ed.
I spoke to you.
Your next question is from the line of her Taj Singh with Oppenheimer.
Great. Thank you.
Alright, and everyone for the update just a couple of questions. One is we had.
You don't Miss on this new strategy the FX 118.
You know.
The clinical trial readout would you expect to be doing sort of phase one two trial, where you have initial cohorts.
Stratified.
And then looking for a signal and then expanding them or will it be more.
Regulus vertical trial, where you're just going to recruit patients in.
In non small cell lung cancer <unk> and just go forward with that just any thoughts you could give us any controls around that.
And then secondly.
How does this change your strategy would be.
The acquired resistance patients.
One eight.
Assuming you have good data in the first half of next year. The first quarter of next year would.
Would you continue on with that strategy. Thanks for the question.
Hey, Hi, again nice to speak with you too at good morning, So with respect to the expansion into the checkpoint naive patient population.
I can't I can't reveal too much about the.
The design of the protocol.
This stage clearly that will come a little bit later in the course of this year, but again I repeat look we've got a biomarker strategy around this we know that there are.
Specific cohorts within both of.
If those patients sets for the B cell lymphoma, and non small cell lung cancer.
What we believe will give us the best response, I think you'd expect us to be a sensible them and go through an adoptive design type of approach to make sure that we went.
Throwing all of our eggs into the basket at once but we.
Also how very early decision points in order to accelerate when we need them and we are certainly going after.
Areas and both of those settings, where we believe there is an advantage with our two plus two four months.
With record with respect to the acquired resistance and a win we're really excited about the prospects and acquired resistance population.
You know probably better than I do you know these are patients with all different disease types, who have how to checkpoint therapy Hydro response, and then become refractory and where they tend to go at least in the west.
Is then to Palliations and chemotherapy and Youre looking for a quality versus duration of life balance. So we think there is a genuine medical need.
In that setting.
And hopefully azar data play out in the first half of next year and we'll be in a position to.
Expand rapidly into what we hope now clearly this is always subject to discussions with regulators, what we would hope would be a rapid progress towards.
Registration and that would run in parallel to the checkpoint naive.
I guess, just a word on checkpoint naive we've looked at the data that emerged out of the recent <unk> conference. We've continued to monitor our internal non clinical and clinical data and we feel the opportunity. We have a light is upon in those two settings is really important but it doesn't diminish.
Our and fuse jazz them no ambition for the acquired resistance population as well.
Great. Thank you and then just a quick follow up.
Are there any additional insight you had from translational data or third party.
<unk>.
Data that are giving you insight into <unk>, two or 120.
For other.
Tumor types that you could look to get into over the next 612 months. Thanks for the question.
Sure. Thanks again <unk>.
With both of those programs will give a trial in progress update at ESMO with with F. S 120.
And I think we'll just need to wait for that before it you say anymore about it with 52, we watch with increasing interest what's going on.
With the of our clinical stage molecules, where we're very excited about the progressive F. S. Two to two in our hands. We continue to believe that the real opportunity for a molecule because of two to two is in the low <unk> PDL, one setting I think I even mentioned in some of my opening remarks here that we think we have a unique opportunity.
Attunity was 222, given the tuning of the PDL one C. D 137 ratios we've achieved.
And and we continue to watch.
Other molecules with targeting the same to a cancer.
<unk> targets.
To see what's coming up but as we sit here today, what we have seen internally and what we see externally it doesn't diminish.
The enthusiasm we have for that that low PD L. One setting in and doing well for those patients who again don't have many options.
Great. Thank you.
Your next batch.
The next question is from the line of Yale Jen with Laidlaw and company.
Good morning, and good afternoon.
And then and thank you for taking the questions.
Regarding the King.
King and the PD one.
PD one naive patients.
The checkpoint nave patients we noticed that that.
And in non small cell lung cancer.
The readout, particularly progression free survival.
The response rate, which is not subsidiary eight greater than the chemotherapy. During the trials. So do you feel do you thought.
Using debt to the company.
The combination will have a better shot to improve them and I have another follow up question.
Yes.
Sure. So look I think in terms of our base hypothesis, if we if we set aside.
The kind of lag three PD L. One.
Co simultaneous inhibition.
We believe that Mechanistically luxury is very very important.
That's now been established at the BMS data melanoma, but it's important in that.
Exhaustion pathway emerging in the in the checkpoint treated.
Patients and.
So one I guess, a macro hypothesis would be that we would hope that I'm.
Certainly the PFS.
Would be extended because we would have in cleaved like three from the surface of those exhausted T cells would prevent that exhaustion pathway even initiating in.
Oh no.
To create a kind of a checkpoint inhibitor better as it were I think is probably the the underlying thinking I hope that addresses your question Yale if that was the direction of it.
Yes, absolutely that's very helpful and maybe the follow up is that it.
Again in <unk>.
Uh huh.
Checkpoint naive patient do you want to measure in the PDL one level.
One two.
Choose patients.
Patients or any color at this point I'll provide and thanks.
Okay. Yeah. Thanks for that second question I'm going to have to disappoint you with that one I'm afraid we will do so.
Speak about the details.
Nice try though will speak about the details of the trial design.
The latest stage.
Thanks.
No problem.
Yes.
[laughter].
Your next question is from the line of Patrick <unk> with H C. Wainwright.
Hi, Good morning, and good afternoon, just a couple of follow ups on SB 11285, first can you discuss the doses, including dose escalation ongoing and how the data generated to date is to inform the further development and secondly, I'm wondering this as part of the update in 2022, if you would have an update on potential efficacy and if so which patients at which.
Doses and what would you be looking for to give you confidence to move forward to phase two and then thirdly would you look to develop SB one suite five on your own beyond phase one or would you look for a collaboration partner.
Hey, good morning, Patrick Nice to speaker here.
So we announced I think a couple of a few weeks ago that 11 to eight five it reached the so called Steve Y'all, one protocol level.
And that is five mono therapy.
Doses in the escalation in three combination with tech centric doses, we certainly seen enough from a safety Tolerability and I think as I said, some kind of early signs of clinical benefit it by the way of.
Stabilization of disease to give us confidence to press on beyond that and that's what we've done them and we announced it we will continue with that and we should have a clue.
Clinical update them.
In the first half of next year with without that maybe if we add additional doses.
And that will we'll keep growing the things to give us confidence is is there kind of two halves to it. This is the kind of obvious which is you know is the drug safe well tolerated Ms are beginning to give benefit either as a mono or in combination with a PD L. One.
But the other as you know is it fulfilling therefore, the characteristics of the kind of second generation, a sting agonist and and we've already seen some clear signs of that in the PK levels, we achieved and have talked about so that'd be correspond with that we'd expect.
To enable the.
The targeted cellular uptake immune cell target Italia uptake.
And we're also seeing a couple of other markets that we havent announced that give us confidence.
The drug is generating the pharmacology, where interesting 11, five is generating from cultured interested in it.
So it's those elements so the classic clinical profile safety and and some signs of efficacy as well as those are second generation Sting.
Characteristics as it were.
As you know, we can already give it intravenously and its well tolerated. So so so check that box with respect to what we do with it.
I think as I said in a where we're now in a phase where we will certainly be exploring all strategic possibilities.
That would include carrying it forwards beyond phase one ourselves, but all the way through to.
Seeking collaborations or partnership with it and and where I'm open minded as we sit here today with respect to that.
Really cool molecule, we were excited to get it into the portfolio, but it's not a you know two plus two the tetravalent bispecific not from our platform.
And so although it fits as a second generation molecule, we'd be we'd be happy to collaborate under the right circumstances, we want to make sure that this these sorts of molecules get taken forwards to benefit patients thats for sure.
Yeah, and then just with the FX 120, NFS to tier two data Readouts expected later this year I'm wondering if you can frame for us your expectations on those readouts in the next steps for the programs.
Sure. So <unk> 'twenty I think as I mentioned, we'll give an update next month's ESMO it'll be a trial in progress an update really to address.
Some of those slight.
Slightly hanging am tolerability questions are in the first instance, but also to give some guidance.
As to the sorts of violet, you'll be looking for to trigger that keytruda combination and one or two other minus sort of development steps with that program.
And beyond that into the first half of next year or beyond they'll be looking to get that combination started although of course, we will continue with the mono therapy.
As well because non clinically we did see some actually quite nice mono therapy.
Effects.
Not in the same league as the combination, but nonetheless effect and so we should explore those probably as well for 222.
Again, it's in a phase one a sending dose monotherapy study.
Well, we will provide at the end of fourth quarter as much clinical and biological data is a con I think in response to an earlier question I said.
We continue to be confident in our targeting into expansion those low PD lone expressing tumors.
We'll certainly be able to talk about that will give an update on any.
Safety and Tolerability data on PK.
PK and of course, any clinical data that we have at that stage, where it will be.
You know reasonably well advanced to the ascending dose part of the study.
Into pharmacology I would anticipate by that stage.
Got it and then just one on the Astrazeneca collaboration if you can give us an idea of the cadence of the $300 million milestones and if you could.
What proportion of development versus commercial milestones are there any details that you can give us on that.
Yeah. So so unfortunate part of it the only thing I can give you is what was in the press release and then the generic answer. So let me just repeat that so near term our upfront near term 12 million U S dollars and at least 300 million in in development and commercialization milestones I think it.
It would be fair to say without.
Without giving too much away that it's a deal that is structured like.
Most deals you would see between a biotech and pharma. So all of the all of the development steps in the clinic and beyond you would see that but I really cant give you any orders of magnitude of contra around that I'm afraid.
Yes, okay.
Congrats on yes, and congrats on all the progress. Thank you. Thanks, Patrick Thanks, Nice to talk to you. Thank you.
Your next question is from the line of Justin Ross with B Riley Securities.
Hi, Thanks for taking my question.
The first one.
I was wondering if given the nature communications application. If you guys have had any discussions about potentially testing 11.285 in combination with radiation therapy, whether that's external our radiopharmaceutical based.
Hey, Justin Good morning, Nice nice too.
Talk with you.
It was an intriguing piece of research and and it's certainly.
Opened our thinking.
But it's for us it would certainly be something if.
If we if we were going to undertake it redone.
In our collaboration either with a with a clinical outcome edition, which would be interesting or even even through a partner where where you know as you know focused on the development of 11 to eight five in combination with.
Tech centric so.
Russia's a PD L. One antagonist and for US that's really going to be our main focus at this stage.
We're we're very intrigued by the emergence of a new data all the time with respect to how radiations.
Affecting the tumor microenvironment and the and their immune profile are there and we keep an eye on it and it is interesting to see that 11.35, you know may have some S synergies there but.
Right now our focus is going to be on that the combination with PD L. One.
Got it and my second question is also on 11 to ASI.
If they could ask what is that Astrazeneca came in and licensed sustained inhibitors did they expressed any interest in the AG side of things or is it really just that you guys are bringing that forward a little bit further before those types of jobs.
Yeah. So so we really narrowed the conversation just to the inhibitors.
The 285 program.
I mentioned earlier.
We're working through a particular program of work we've.
Option ourselves to step to the next level by expanding the dose group because of the data we've seen.
But but but the ACI compensation was was limited to <unk> inhibitors as you know the inhibitors.
Ought to be used in inflammatory diseases.
And so on and that's really not an area.
Of our expertise, it's interesting, but not within our expertise we do cancer as it were.
Got it thanks for taking the questions.
No problem, just a nice to talk to you.
Ladies and gentlemen, as a reminder, if you would like to ask a question. Please press star followed by the number one on your telephone keypad.
Aylwin.
At this time I am showing that there are no further questions I would like to turn the call back over to Elliot.
Well, thank you very much and thanks, everyone for joining us. This morning, I hope you'd agree we've had a productive quarter and we've continued to deliver on our corporate and clinical strategies with the expansion of F. S..118, we believe there's huge potential and of course, our other three clinical stage.
Graham has progressed well over the period.
We have a strong cash runway and we're on track to deliver many more clinical milestones planned over the next 24 months.
<unk> partnership with Astrazeneca marks another highlight in our collaboration strategy for all non core assets.
And with that.
I'd like to thank you all again.
In particular, our new and existing investors.
Our colleagues have shown unwavering dedication to the mission from the labs to the clinic and of course, all of the patients and health care professionals, who contribute daily.
The progress of our clinical trials.
<unk> will continue to work to bring medicines to the market that will truly transform the lives of patients with cancer and we look forward to updating you all again in the fall and with that thank you very much and goodbye.
Thank you, ladies and gentlemen to participating in today's conference call. We ask that you now.
Disconnect your line.
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