Q3 2021 Jounce Therapeutics Inc Earnings Call
[music].
Okay.
Good day, ladies and gentlemen, and welcome to the Jounce Therapeutics third quarter 2021 earnings conference call.
At this time all participant lines are in a listen only mode.
Literally walking to conduct a question and answer session and instructions will follow at that time.
As a reminder, this conference is being recorded at the company's request.
I'll now turn the call over to your host Eric Lau with Jounce Therapeutics. Please go ahead.
Thank you operator, this is Eric well Vice President of Investor Relations at Jounce Therapeutics.
Good morning, and welcome to the Jounce Therapeutics third quarter.
2021 earnings conference call.
This morning, we issued a press release, which outlines the topics that will be.
Thanks, you discussed today.
Relief is available in the investors and media section of our website.
Www Dot Jones, TX Dot com.
Speaking on today's call will be our CEO and president Dr. Richard Murray will review, our pipeline progress and key milestones.
Good bye.
Dr. Beth.
We will provide an update on our clinical activities our CFO Dr. Dmitry Peterson.
We will then discuss our discovery efforts and lastly, our CFO Kim Drapkin will review, our third quarter financial results.
We will then open the call for your questions.
Before we begin I would like to remind everyone that today's discussion will include statements about our future expectations plans and prospects.
Institute forward looking statements for the purpose of the Safe Harbor provisions under the private Securities Litigation Reform Act of 90 95.
Yes.
Actual results may differ materially from those indicated by these forward looking statements.
As a result of various important factors, including the risk factors discussed in our SEC filings.
Any forward looking statements represent our views only as of today November four 2021 and should not be relied upon as representing our views of any subsequent date.
While we may elect to update these forward looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views change.
I'll now turn the call over to rich.
Thanks, Eric.
And thank you for joining us today.
John has had a very productive quarter as we made significant progress across all areas of the company.
We continue to build momentum as we head into the new year with data expected in 2022 from two ongoing clinical studies.
And it is progressing from our active discovery efforts and a cash runway allows us to reach new inflection points.
We are pleased to report that way.
We are now actively recruiting patients as a monotherapy and combination therapy expansion portion of the units.
Testing Gtx 80 64.
Plus or minus 10 development, our own PD, one inhibitor and eight distinct cohorts across certain tumor types.
We continue to advance patient enrollment in our select study.
Which employs our stringent patient selection strategy and have continued our commitment to build our discovery pipeline.
Rather than an exciting time in Johnson development and remain committed to progressing new mechanisms that target different immune cell types within the tumor microenvironment.
This is now evident in our myeloid and macrophage programs.
And our program licensed to Gilead, which targets T regulatory cells.
We also believe Jounce represents the next generation of immuno oncology by unlocking a precision medicine approach through the continued execution of our translational biomarker efforts.
Biomarker selection and targeting key checkpoints on different immune cell types, not only differentiate us but it is integral to our mission to bring the right immunotherapy to the right patients.
At the beginning of this year.
Announced that enrollment has commenced in an 8-K.
Nickel study of Gtx 80, 64, our highest priority program.
<unk> 64, an inhibitor of the macrophage checkpoint <unk> also known as <unk> is being tested as a monotherapy and combination therapy, along that's been development.
Okay.
We moved quickly through the necessary monotherapy and combination therapy dose escalation for safety in all commerce cancer patients.
Establishing safety and PK PD to allow for dose selection.
We determined 700 milligrams as the preliminary recommended phase two dose for the mono and combo expansion cohorts and we recently announced the enrollment for monotherapy and commentary combination therapy expansion in well defined patient populations and eight cohorts across certain tumor types.
We look forward to delivering further milestones with this Permian and reaffirm our belief that the myeloid and macrophage biology targeted TMT 64 via the <unk> mechanism provides a new opportunity to bring benefit to patients, especially patients with PD one inhibitor resistance.
Thanks.
As we've previously mentioned these patients tend to have few therapeutic options and represent a growing patient population.
Due to primary or acquired resistance to prior PD one inhibitor treatment.
We anticipate presenting the first clinical data from this program in 2022.
Patient enrollment continues to advance in the select study.
Phase II randomized proof of concept trial will focus on that.
<unk> agonist in combination with <unk>.
The key feature of this study is the biomarker selection of patients utilizing to smoke.
18 gene signature that includes genes relevant to both CVA and CD four T cell biology.
We believe from our own clinical data and from others that are rigorous patient selection strategy may be critical to optimize the benefit of an IHOP hangers.
We look forward to reporting clinical data on this electronics in 2022.
We ended our quarter in a strong financial position and are situated to fund our two wholly on proof of concept studies.
<unk> and select Paas their inflection points.
Continuing our robust novel discovery efforts, identifying and progressing new mechanisms that targeted a diverse set of immune cell types within the tumor micro environment.
With the goal of a new R&D every 12 to 18 months, we are on track to nominate another development candidate.
In June <unk> successfully opened the IND.
GFS 18, 11, formerly <unk>.
And in August the clinical study was initiated by Gilead.
We are extremely pleased to now have four internally developed candidates in the clinic in the past five years.
We remain fully committed and on track to achieve all of the milestones set up for 'twenty one.
Two of our discovery efforts.
Before turning the call over to Beth I'd like to welcome back to Johns Judah.
In September we announced the <unk> joined our board of directors.
His experience and skills are highly relevant and synergistic with the needs of our board.
As a former team member of channels Jager has an intimate working knowledge of our science as well as an understanding of what we're working to achieve.
We look forward to his continued contributions now as important.
I'm going to talk turn the call over to Beth to provide a clinical update.
Thanks Rich.
Yes.
Im extremely pleased that Congress and continued execution, we have made in both R&D and select clinical trials.
Before getting into detail on our ongoing proof of concept study I'd like to emphasize the point rich made about cancer patients need a better option.
Fortunately there are.
Too many patients still not benefiting from improved T cell based therapies.
With these patients in mind and our goal in bringing the right immunotherapy to the right patients to be asked.
Essential for Gtx 80, 64, as a macrophage checkpoint inhibitor to improve clinical outcomes in patients with both tumors that are sensitive and resistant to PD one inhibitors.
Yes.
Both DNA and select trials.
It's our belief that novel mechanisms and biomarker strategy necessary.
Great clinical benefit to patients who did not optimally benefit from T cell checkpoint inhibitors.
Turning first to Jay kicks ADC for <unk> and R&D study.
We believe targeting immune cells, such as macro patients has the potential to address the greatest unmet need immuno oncology and pretty effective treatments to patients a PD one inhibitor resistant tumors.
Dan just fine and then just pivoting key checkpoints and the innate immune system.
Population T cells can be prime and.
Direct into the tumor something T cell alone cannot do.
For patients this might mean more comprehensive immune response, and one that they overcome significant barrier as treating the PD one inhibitor resistance are not responsiveness.
This substantial unmet need is widely considered gtx 80, 64 to be our highest priority program.
Gtx 80, 64 aimed to convert immunosuppressive macrophages to an anti tumor space and create a bridge between the state and the T cell <unk>.
Immune system.
As a reminder, DNA is divided into four parts.
Part one is J T X 80, 64 monotherapy dose escalation in all comer solid tumors.
Two <unk> hundred 64, penny dose escalation in all comers solid tumors.
Our three Gtx 80, 64 monotherapy expansion cohort in PD, one naive ovarian cancer.
Part four is J T X 80, 64 Penny in seven tumor specific expansion cohorts.
As planned we moved quickly to the dose escalation study.
And we are proud of the efforts our team made to accomplish this.
With the dose escalation of the mono and combo completed we are now enrolling patients in the important proof of concept portion.
<unk> monotherapy and combination expansion cohorts.
The expansion cohorts with studies Gtx 80, 64, and three subsets of patients in order to identify the most rapid development paths are jcs 80, 64 alone or in combination with PD one inhibitors.
First patients who have progressed on PD, one inhibitors and <unk> PD one inhibitor resistance.
These patients have very few treatment options and repeat immunotherapies has been largely unsuccessful.
Indications, we have targeted for this patient population, including triple negative breast cancer cutaneous squamous cell carcinoma, non small cell lung cancer in clear cell renal cell carcinoma.
Second PD, one inhibitor naive patients with tumors that don't typically respond to PD. One inhibitors is also an area of high unmet need in which T cell directed immunotherapy.
Got it.
Yeah.
Indications, we have targeted for this patient population, including ovarian cancer and sarcoma.
Finally, PD, one inhibitor naive patients with tumors for which PD one inhibitors are true, but there's still room for improvement.
Indication we have targeted for this patient population is front line head and neck squamous cell carcinoma.
Earlier this year, we shared our translational approach to defining disease areas of interest for gene can't say 60 partner base.
An analysis of the tumor microenvironment across multiple tumor types.
We have taken these disease areas of interest and just find specific indications to include in the expansion stage of the date based on biology.
Isn't it neat.
Headed is differentiation and consideration as PD, one or <unk> inhibitor sensitivity and resistance. We believe it is important to investigate new and exciting mechanism into three distinct patient populations mentioned previously.
Proof of concept extension cohorts in a neat follow assignments two stage design with the potential to enroll up to 29 patients or combination cohort and up to 47 patients in the monotherapy cohort its prespecified criteria are met.
They will also assess pharmacodynamics and potential predictive biomarkers to guide future development.
It was just this philosophy of developing the right immunotherapies for the right patients.
As data emerges we will have the opportunity to explore other indications and combinations with J D. C. J T X 80, 64 as well.
Importantly, the combination expansion cohorts in a neat allow us to potentially take to the jounce molecules J P. S 80, 64 and pending through to registration.
Next year, we will guide when and how we plan to release the data.
Now turning to select we're screening and enrollment continues to progress well.
So that is our phase two randomized proof of concept trial of both curtailing that in combination with our own PD one inhibitor attendee at approximately 75 immunotherapy naive non small cell lung cancer patients, who will be selected using the predictive Pittsburgh for Biomarin.
Kurt and randomized to both Brent plus kidney versus <unk> alone.
We expect that approximately 20% of these second line non small cell lung cancer patients to be pitched, both from positive and screening to date continues to validate this projection.
The essential feature of this study is a rigorous biomarker selection of patients utilizing Pittsburgh prep and 18 gene signature.
<unk> genes predicted for both a PD one inhibitor response.
The eight cells as well as the Covid.
Pharmacodynamic effect of both brands by the CD four steps.
We believe this biomarker could represent a precision medicine approach in I O. We are pleased with how enrollment is progressing and are on track to shared data in 2022.
I would like to take a moment to thank our team of Jones, our investigators and the patients who we have the privilege to treat.
Now more than ever I believe it's imperative that we execute on our mission of delivering long lasting benefits to cancer patients.
Our translational science biomarker approach because the commitment to new mechanism targeting different immune cells brings us closer to achieving this target.
Look forward to our continued progress this year and next and to delivering on our important upcoming milestones.
With that I will now turn the call over to Dmitry to discuss our ongoing discovery efforts dmitry.
Thanks Pat.
We focus on the utilization of our translational science platform to address the problems of patients with cancer today, namely.
Namely the T cell checkpoints.
Yeah.
We believe that our ability to dissect the tumor microenvironment at the molecular level using immune cell type specific gene signatures where are we.
Lead us to the targets that maybe important overcoming resistance.
Okay.
J P is 86 before serves as an example about integrated biomarker.
Discovery to development.
This approach is key to the value generating programs we are pursuing.
We are confident that the little RV family represents attractive in oncology part is with the potential to improve upon and restore responsiveness to PD one L. One visas.
As disclosed earlier this year, we are rapidly advancing two additional new larger families from.
Through discovery.
One targeting <unk>, one and the other targeting the large pool.
We are on track to nominate our next development candidate within the long Beach campus.
In addition, we're now leveraging highly specific largely targeting building blocks to generate multi targeted biologics that we're exploring.
To date, our discovery efforts have been very successful and value generating.
Life Sciences, and broader research team is steadfast in their commitment to bring novel therapies to patients in need.
We're very proud of their work and I look forward to sharing updates on our productive discovery engine in the future.
I will now turn the call over to Kim for a discussion of our third quarter financial results.
Thank you Dmitry and we've reported in this morning's press release cash cash equivalents and investments as of September 32021 increased $249 million compared to $213 2 million as of December 31, 2020.
Does that kind of authority 2021 cash balance includes the recognition of a $25 million milestone received for gilead in the third quarter.
Turning to the P&L no revenue was recognized during the third quarter 2021 or 'twenty one.
During the third quarter of 2021, we incurred $23 3 million in research and development expenses compared to $18 million for the same period in 2020.
The increase in R&D expenses was due to increased clinical and regulatory expenses.
And select manufacturing activities performed prior development programs and increased payroll and stock based compensation expenses.
General and administrative expenses were $6 9 million for the third quarter of 2021 compared to $7 1 million for the same period in 2020.
The decrease in G&A expenses was primarily a result of decreased professional fees offset by increases in other administrative costs.
Net loss for the third quarter of 2021 was $30 1 million, resulting in a basic and diluted net loss per share of 59 cents.
Compared to a net loss of $24 9 million for the same period in 2020, resulting in a basic and diluted net loss per share of 73 steps.
The increase in net loss is attributable to increased operating expenses and the decrease in the net loss per share is attributable to an increased number of shares outstanding as compared to the same period in 2020.
We are narrowing our cash burn guidance and its that gross cash burn on operating expenses and capital expenditures for the full year 2021 to be approximately 100 million to 110 million ending 2021 with approximately $220 million.
We expect our existing cash cash equivalents and investments to be sufficient to enable the funding of our operating expenses and capital expenditure requirements through the third quarter of 2023.
I'll now hand, it to rich for some final words.
Thanks, Ken.
The combination of our experienced team innovative science and financial resources puts us in a strong position to moving on our next set of inflection points and continues to execute our strategic plans.
John's continues to focus on patients first and we're proud of the Io pipeline. We are building through to address the growing unmet medical need faced by cancer patients.
Before closing I'd like to take a moment to recognize the efforts our team makes everyday and congratulate them on a fourth R&D and all the advances we've made across our pipeline.
Additionally, we're fortunate to have such dedicated collaborators and clinical investigators that are true partners and our mission.
We have an exciting upcoming year with important clinical data are expected and we look forward to updating you on our programs.
With that we'd now like to open the call for your questions operator.
Thank you to ask a question you would need to press Star then one of your telephone to withdraw your question. Please press the pound key.
Please standby, while we compile the Q&A roster.
Okay.
Our first question comes from the line of Ted <unk> with Piper Sandler Your line is now open.
Great. Thank you very much and.
The upgrades.
Or what's going on in her.
And I think through the next year I wanted to ask a quick question on select and just get a sense for expectations around timing and sort of what you see.
Bogey, there as well.
Potential next steps could be for Iqos PD one combo.
Thanks, Ted this is Beth so I'll.
I'll reiterate we as we've said we'll have data on select next year and it will be the final study data are the primary end point and all the secondary end points of the combo bespoke for Timmy and PV alone arm.
Uhm do you remember the.
And select we found that about 20% of the patients are.
Two spoke for positive.
We will be looking across other tumor types, we have some data on the prevalence in those as well, but I think that's.
Exciting that we're really honing in on the percentage of patients who are most likely to benefit as opposed to some other biomarkers selection like PDL, one which kind of eliminate the bottom 20% are really really targeting the top 20% of patients who are most likely to benefit from this therapy.
One of the other one perfect pickles Herman Coca Cola.
For a moment.
So could principle two four triple Copayment, so perfect I know, that's kind of moving the ball for the double afield, both as regards Hidalgo word all the fever.
Even before the selected to read up.
You know are there other mechanisms that might make sense to add to this already posted about checkpoints inhibitor or spin.
<unk>.
Yeah. That's a great question, Ted I think that the first part of the answer to that question is this the safety of.
Of the combination of both Britain plus pity is has been.
As we've shown with Bopara and Nivo in the in the iconic trial.
And even with poker, Andy and emerge.
Oprah does not add any toxicity to checkpoint inhibitors. So that's certainly opens up the possibility for taking those two drugs together and adding additional drugs as with everything we do any new combinations would be very very science driven.
And the same goes for any additional combinations that we may consider with Gtx 80 64.
And.
Comment I think part of that question also is very much the all the different cell types in the tumor environment that we speak really lead tuba logical combination. So did you want on the T cells, you know, we're doing up to the macrophages.
Continue to push that sulfide.
Specific biology that we think will be to the best combinations.
They fill out with some sense of all the time.
Our next question comes from the line of Boris Peaker with Cowan. Your line is now open.
Alright. My first question is an 80 64 I'm just curious because you see a dose response or how did you establish the recommended two does.
Sure. So this is a classic inhibitory molecule monoclonal antibody. So the recommended phase two dose or the the dose that we're using for continued development is based on receptor occupancy and pique and so using the <unk>.
Data from both of those AD space, we're able to determine that at 700 milligrams, which is the jokes were taking forward.
Patients will have full receptor occupancy through the entire three week dosing cycle, we actually saw full receptor occupancy and the requisite PK data at 300 milligrams every three weeks, but we really wanted to optimize both the percentage of pay.
<unk>, who would have full receptor occupancy given potential interpretations differences and also optimize the amount of receptor occupancy in the tumors, which may be different from what you see in the peripheral blood. So the choice of the dose was not based on any clinical data other than PK Andrew.
Sector occupancy and of course safety.
Scott.
Okay.
And.
Maybe on the select study can you remind us again, how the tests will provide market works and specifically I'm just thinking how can be scaled up from clinical.
Clinical.
To a commercial scale market.
Sure. So it's it's currently it's at 18 gene RNA signature.
Stunned on the Nanostring platform, but you have asked a very important question is something that we are spending a lot of time and effort on is how to make this something that is scalable.
For for commercial use and also make it easier for for patients and physicians. So that's in the works but.
Nanostring platform is something that's pretty widespread and so we believe that.
Very feasible to take this forward as a companion diagnostic.
You want to add anything big.
No that's all kind of dated accordingly.
This would be critical data so the mix as we're using enveloped in Quebec kind of mix to really take that forward coordinated with the next step in clinical would then be moved.
Moving into that more commercial realm of how to use a biomarker.
Great. Thank you for taking my questions.
Welcome.
Our next question comes from a line of Stephen Safehouse with Raymond James Your line is how open.
Good morning, Thank you.
He goes though the food will be there for Merck photo before inhibitor was originally published.
Look closely at the paper, but I just wanted to attribute insured thoughts.
On the data in the paper.
What future support for code predicts any of your experiencing cohort choices of your coffees.
Regarding the mechanism.
Hey, Thanks, Steve I think in general.
Merck data as published in the recent paper is completely supportive of our approach.
We believe that kind of biology that they're following in terms of the tumor types that they are exploring and the data that they saw.
Really is very similar if not identical to the the biology that we're following and I think we were very pleased to see it published really encouraged by the data that they've shared we remains super excited about this mechanism and I think in particular their data <unk>.
Can use to reinforce that this is a mechanism that may reverse <unk> inhibitor persistence and being able to increase the number of patients who could benefit.
Beyond those who just respond to <unk> inhibitors.
<unk> treat women say something about the biomarkers.
Yes.
I think this is just mentioned.
Publication, that's largely consistent with our hypothesis around with Barbie too.
Yes, we disclosed in mentioned during the O R and D. J a few months ago.
153 to.
Mark program is competitive battle cautious and negative prognostic Barbara venue Joser's that becomes very consistent.
We've been Mark messaging manuscript and we've also shown that the ratio of Booze argued choose specifically to the Jerome Gambar signature, which is parker them too much information.
Would be the negative predictor of response to be wanting to get better.
Very consistent.
Barack Michelle.
We're looking forward to analyzing biomarker data from in age where we have.
Many opportunities to assess potential predictive biomarkers.
We'll do a few of them individually as well as in relation to each other and correlating bandwidth equal desk.
Yeah, maybe I'll just mention that when we do report this data from the expansion cohorts in a neat we will have the potential predictive biomarker and the Pharmacodynamic biomarker data included with the clinical data.
Great. Thank you.
Our next question comes from a line of Corey cast mob with J P. Morgan. Your line is now open.
Hi, guys. Thanks for the question. This is Tiffany Entre Corey just went on a neat how this trial enrollment gone across your an extension coworker certain color can roll a faster than others are pretty somewhere across the board.
Thanks for the question Yeah, we're very pleased with enrollment.
We expected each cohort to have different enrollment rates based on the.
Prevalence of the tumor type.
And we built all of those assumptions into our Saint selection and our program timelines. So.
As of now things are going well.
Thanks.
Our next question comes from the line of Colleen Cussing with their your line is now open.
Great. Thanks, Thanks for taking my question.
The dose for the study I think you've previously said you would be exploring potentially a higher dose of 864 any update on that and what why you might be looking at a higher dose beyond 700 Meg.
Oh, Thanks, Kelly in our dose escalation, we went up to 1200 milligrams every three weeks.
And.
We've completed that we've completed dose escalation.
For both monotherapy and combination 1200 with the highest dose we plans to test we've completed that it was safe. So the purpose of doing that is really just to give us that.
Information about the safety profile of the drug at a higher dose than the one we've chosen to take forward.
But at this time.
We're very happy with 700 milligrams sets the jokes that were that were taking corporate and the extension cohorts.
Got it that's helpful. Thank you and then still hunting for any steady remind us what the dosage for penny that you're using and how that compares to the dose you're using and select study.
Sure. The Joseph Hemi is 500 milligrams every three weeks, which was the we had two different recommended phase two doses for penny either 500 every three weeks or a thousand every six weeks.
And sits J, TX 80, 64 is given every three weeks, we're using the 500 milligram dose.
Got it. Thank you and then last question for the update next year.
Would that do you expected that would include both dose escalation and early dose expansion data.
Correct correct. Our goal is to really have.
A presentation of it's meaningful data as possible and so that would include the dose escalation data also preliminary data from the expansion cohorts with at least 18 weeks of data on patients.
And all of the.
Predictive and Pharmacodynamic biomarker data.
Great. Thanks for taking my question.
But.
As a reminder to ask a question you would need to pass Star then one on your telephone.
Our next question comes from a line as the dollar with Roth Capital Partners. Your line is now open.
Alright, thanks and taken uncomfortable.
Okay quick links the first one is just about the hormones and that you need to study.
Wanted to get his sentence.
Competitiveness.
<unk> and I think that's the one that we began question to pass is about your painting, one inhibitor and I know you counted the data on the books.
Okay. So curious about the efficacy and safety says can you just comment on that and how you are thinking about its competitiveness relative to other P. D.
Still.
Timmy was.
Originally studied in a baseline dose escalation trial.
We had no dose limiting toxicities that doses.
Quite safe very similar to other PD, one inhibitors and importantly, we had a 17% response rate in all comers.
Tumors that by definition could not have approved 81 inhibitors, because the patients had to be PD, one inhibitor naive and had to have failed on all available therapies. So we were very pleased with both the efficacy and safety of Timmy.
And as you know, we're using it in the select trial and and a trial.
And we're very pleased that we were able to use can be in every one of the expansion cohorts, including frontline head and neck cancer. So.
Big advantage for us to be able to use our own PD, one inhibitor and both from a cost perspective and flexibility perspective for doing the clinical trial, but it also gives us the potential to actually get two Jones Julio wholly owned drugs approved.
At the end.
And then just the last one year is just about your lack how far model spelled D. You have to call option that.
There's still a lot of good science backing this and as you mentioned the biomarker strategies novel I'm very exciting until Apple folks Tonight interesting understanding a bit more about the.
Look up this program can you just comment a little bit odd.
Thinking about in terms of the uniqueness of this approach and if there's anything else.
That you've seen more recently alright, Thank you Danny Chinese Nemo recently could give you.
Younger conviction around this program and the daughter meter.
Yeah, I can I can take that one as I grow up I think I think the most important thing in describing the biomarker that we're applying to slow growth does that we're learning we're learning from clinical data.
So for us being able to kind of follow and show retrospectively that we.
We should pick up this biomarker this cutoff point and were clinical benefit was observed we can kind of identify those patients from a retrospective analysis. So I think that that's kind of really good driver for US is really following the science following the clinical data.
Puts us in a position to really bring that rate immunotherapy select patients so for us.
A an example of one of the more most and one of the more stringent biomarkers selections. We are currently in immunotherapy today that really hasn't been the case. There has been cases of removing the small percentage of patients, but a really rather a selection. We think is fall those the lines of.
The larger Google precision medicine approach and oncology. So thats path, we're taking is driven by the science and clinical data.
Things had to kinda just a quick follow up I think it all key to that to beat that threshold. That's been set and so I was just wondering if you could just comment again, you know your conviction about whether or not you did select the right <unk>.
<unk> Martha.
Yeah.
All the data that as rich was talking about that we generated retrospectively. This biomarker seemed to have the best sensitivity. It said this threshold seem to have the best sensitivity and specificity and also from a practical point.
Finding 20% of patients is a lot better than finding 4% of patients that can be really challenging. So we've been extremely pleased that.
Screening data from the select trial has continued to really be spot on with 20% of patients speak to spoke for positive, which we think is really.
It gives us that.
Really finding the top group of patients most likely to benefit but in a way that that's actually clinically manageable doctors and patients are willing to do the screening knowing that have a one in five chance of.
Of being eligible based on the biomarker. So it's worked out very well.
Thank you I appreciate it and I think that's <unk> that you guys erred on the side of caution and comes with taking patients most likely to respond nepotistic, China get it they apply at the market.
Uh-huh Yep.
Thank you.
Our last question comes from a line <unk> Ram a camp with AC Wainwright. Your line is now open.
Thank you.
Good morning Rich.
Most of my questions have been asked but just.
Just just want to try to.
I understand how the data the reasons of going to work in 2022.
Especially in the combination cohorts the expansion cards that you.
Recently initiated uhm.
Eight.
One study is going on in seven different indications.
Would you be releasing data.
Cohort wise or would you want to read them.
All of these cohorts.
Data from all the cohorts are available.
Very liberal.
<unk>.
Yeah. Our goal is to present as I said, a meaningful body of data and we think that means data across multiple cohorts. So that's that's what you can expect it will be data across multiple cohorts and.
Yeah, along with biomarker data.
And perfect.
Mhm U.
I'm looking at.
Root and cancer, both of the mono therapy and that combination therapy.
I'm just trying to understand.
The data is good on on both fronts.
How how could you.
Rationalized.
It's weird to go are you are you plan to do.
Midstage.
Both mono therapy, EM carbonation, but I'm, just trying to figure out how <unk> sequence of these things.
Sure that's a good question.
It was important for us to have a cohort of mono therapy.
Eventually we expect this as with all immunotherapy is most likely to be used in combination.
The mono therapy is helpful for.
Proof of concept.
Concept, but also because if there is sufficient data there.
That could support a registration that's always the fastest path to market. So we'll look at the data and we'll do the development in a way that gives us the earliest as possible approval for K T. M. 680, 64, but also serves the greatest number of.
Patients so that will it will really be determined as we as we look at the data.
Thank you thank you, but thanks.
Talk to you soon.
Sure.
Thank you there are no further questions ladies.
Ladies and gentlemen, this concludes today's conference call. Thank you for your participation you may now disconnect.
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