Q3 2021 Vyne Therapeutics Inc Earnings Call
Our R&D activities.
The members of our scientific Advisory Board are world renowned experts specializing in immunological and inflammatory diseases and.
And we are incredibly fortunate to have these distinguished scientists and clinicians to help guide our bet inhibitor and other development programs.
Turning to <unk>. One 2014, we are encouraged by the progress we are making for our most advanced drug candidate.
In October we announced the first patient had enrolled in our phase <unk> clinical trial that will assess the safety and efficacy of <unk>, one 2014 gel versus vehicle gel in patients with mild to moderate atopic dermatitis.
In light of the Fda's recent review of the oral JAK inhibitor class for the treatment of several systemic autoimmune diseases. We believe it is important to characterize the preliminary safety and pharmacokinetic profile of <unk> hundred 14.
The phase <unk> portion of the study will generate meaningful data as we advance the product into the phase Iia portion for broader safety and efficacy evaluation.
We currently expect topline results from this study in the early part of first quarter of next year.
As a reminder.
Binder <unk> hundred 14 is proprietary topical combination formulation of Tofacitinib at Janus kinase inhibitor.
And Fingolimod is things seen one phosphate receptor modulator that is being evaluated for the treatment of mild to moderate atopic dermatitis.
This program is an important part of our strategic transition to develop therapies for immuno inflammatory conditions.
Atopic dermatitis is a chronic periodic inflammatory skin condition and is a multifactorial disease, which supports our thesis that a multimodal therapeutic is the ideal approach to achieve optimal clinical outcomes for patients.
<unk> has been designed with intra cellular and extracellular mechanism of actions to address both the source and cause of inflammation in atopic dermatitis.
As a JAK inhibitor tofacitinib reduces inflammation by inhibiting the release of cytokines that promote inflammation in the skin.
These cytokines negatively impact both skin barrier integrity and function, which are key components of the disease.
<unk> 2014 second component Fingolimod reduces inflammation by inhibiting the migration of inflammatory cells into the skin.
Additionally, fingolimod up regulate that <unk>, a protein which plays an important role in supporting skin barrier recovery.
<unk> successfully developed we believe <unk> has the potential to be the first topical combination product for the treatment of atopic dermatitis.
Now I'd like to briefly touch on the planned sale of our topical minocycline franchise, which includes <unk> Zeke.
<unk> STD 105, which is our phase III ready combination product and the underlying MST platform.
These are excellent products and the responses from patients and health care providers continues to be very positive.
<unk> have generated nearly 165000 prescriptions combined through September of this year.
As noted in this morning's press release, our minocycline franchises, a high quality commercial platform that has significant value.
We continue to make progress on the sale of this franchise and we are encouraged by the level of interest we have received.
We will provide additional updates as our current discussions continue to advance.
With that I'd.
I'll now like to turn the call over to Tyler to cover the financials.
Thanks, Dave and good morning, everyone revenues in the third quarter 2021 totaled $4 1 million and consisted of $4 million of product sales from <unk>, and <unk> and <unk> $1 million of royalty revenue.
Our third quarter 2021, GAAP net loss was $21 3 million or <unk> 41 per share when.
When excluding $2 4 million of stock based compensation expense, our third quarter 2021, adjusted net loss was $18 9 million or <unk> 36 per share.
For the third quarter 2021, adjusted operating expenses were $18 $4 million, including adjusted SG&A expenses of $11 9 million and adjusted.
R&D expenses of $6 5 million.
Third quarter, adjusted operating expenses of $18 4 million.
Were $1 $9 million lower than the second quarter of 2021, reflecting our focus on cost control and resource prioritization.
As we continue to transition our focus and spend toward developing our pipeline. We expect to further reduce our adjusted operating expenses to a range of $10 million to $15 million in the fourth quarter of 2021, excluding the onetime $4 million milestone payment related to the exercise of the license agreement for the oral <unk> inhibitor <unk> 202.
<unk>.
Based on our current plans to conduct a phase <unk> trial for <unk>, one 2014, assuming positive results in the phase Iia trial and to progress both DIY and 201 and <unk> two into the clinic in 2022, we anticipate that our adjusted operating expenses will be approximately $10 million per quarter next year.
Now turning to our balance sheet our.
Our cash position as of September 30 was approximately $53 million. We believe that this cash will be sufficient to fund our operations through the second quarter of 2022.
This projection does not take into account any potential proceeds from the sale of a topical minocycline franchise, new business development transactions or additional financing activities.
Finally, our shares outstanding at September 32021 totaled $53 5 million shares for.
For additional information regarding our third quarter results and prior period comparisons. Please refer to today's earnings release, and our Form 10-Q filed with the SEC.
With that I will turn the call over to Ian who will go through the progress we've made with our bet inhibitor program.
Thanks, Tyler I'd like to start by providing a brief progress update on our bet inhibitor programs, which includes <unk> <unk> and <unk> that we are introducing today.
Inhibit platform.
I will then present, a few slides covering recently announced preclinical data for <unk> 201.
Topical Pan Bromodomains bet inhibitor project.
As a reminder, today's slide presentation is being presented via live webcast. These slides can also be found in our corporate presentation available on our website under the Investor Relations section.
Beginning with <unk> hundred one.
We have selected our topical formulation for this pan <unk> inhibitor.
<unk> already generated significant stage appropriate product characterization and stability information to support its development.
In this past quarter, we've initiated the prerequisite preclinical safety program to support the product's regulatory submissions I am pleased to report that both formulation development and preclinical safety programs are progressing well to date.
Moving now to <unk>.
<unk> domain, two selective oral <unk> inhibitor project.
The lead optimization work is progressing well with our partner and for them to identify potential development candidates for this program.
And for them have produced several drug like NC candidates with potential class, leading potency and BD to cell activity.
<unk> is continuing to further characterize these molecules and adding new molecules to the platform with several hundred bet inhibitor examples.
As Dave outlined earlier, we recently announced the formation of our scientific Advisory Board and we convened our first meeting last month with a sustained group of advisers.
In brief.
There was broad agreement in interest from the scientific Advisory Board members on the utility of the bet inhibitor platform across their respective specialties and enthusiasm for this first in class potential.
Turning back to two <unk> hundred one.
We recently announced new data from two preclinical studies demonstrating the potential of <unk> 201 is a highly potent anti inflammatory therapy for the treatment of various <unk> with high unmet need.
Slide three presents data from a common most model of th 17 mediated inflammation.
The differentiation and activity of T 17 immune cells drive inflammation and several autoimmune diseases.
Of particular relevance to rear skin diseases. We are currently investigating with <unk> 201.
And this model dorsal pelleted mace will be topic, where typically treated with a <unk> once daily for seven days to induce a 17 inflammatory <unk> phenotype.
Following this induction fees.
I am 201 was applied once daily to several concentrate at several concentrations and compared to both vehicle onto the class one super potent glucocorticoid steroids, <unk> proprietary <unk> cream, 0.0% to 5%.
Of our seven day treatment period.
Topical <unk> was also applied once daily during the treatment period.
The graph on the left of the slide presents percent change in composite inflammatory severity score of erythema and scaling severity for the treatment groups for the treatment group over seven days treatment period.
Over the concentrations, 0.001% to 0.1%, we observed a dose dependent improvement in clinical signs of inflammation with <unk> hundred one treated animals, culminating in a 94% reduction in clinical signs for <unk> hundred one <unk>, 1%.
Compared to vehicle at the end of treatment.
Butler <unk>.
<unk> hundred <unk>, 1% was phone to be compatible have a compatible positive impact on reducing clinical signs of inflammation when compared to the competitors all products indicative of a marked inflammatory or anti inflammatory effect.
Moving to Tolerability.
The plot on the right of this slide presents mean change in animal body weights during the treatment phase.
Change in body weight is used as an indicator of general tolerance to treatment.
<unk> body weight changes between <unk> and 201, 0.1%.
Vehicle <unk>.
<unk> cream and a healthy control animal group shown here in green.
Animals treated with <unk> hundred one 0.1% continued to gain weight throughout the treatment phase and a similar monitor the healthy control animals and was well tolerated. However.
However, animals treated with <unk> experienced a 17% mean reduction in body weight throughout the treatment period compared to <unk> 201, 0.1% treated animals.
This is attributable to the negative impact glucocorticoid steroids hovland into consistent by causing hormonal imbalances the impact metabolism.
Slide four presents the impact of <unk>, 201, and reducing the expression of key cytokines that drive 17 mediated inflammation.
It should be noted that all of the cytokines presented here play a contributory rules and <unk> 17 cell differentiation.
And inflammatory response in several autoimmune diseases.
In this study we observed a strong correlation between cytokine reduction and resolution of clinical signs of inflammation.
Presented in the previous slide.
Further.
We observed a dose dependent reduction in all six cytokines, culminating in a maximum effect at <unk> 201, 0.1% dose.
Slide five presents typically examples of photography at the end of this treatment.
The left photograph is <unk> treated with <unk> 201 vehicle.
As you can clearly see that there's still significant inflammation redness and scaling present.
The central photograph of animals treated with <unk> hundred one 0.1%.
The clinical signs of inflammation scaling have greatly subsided with this animal presenting as a more normal clinical phenotype.
At the end of treatment with no evidence of dermal intolerance to treatment.
The animals treated with <unk> cream has experienced a significant reduction in clinical signs of.
Demo inflammation.
However, this can present with March down will toxicity with clear evidence of fine and deep wrinkling.
Translucency.
And lack of elasticity.
So clearly undesirable these phenomena unexpected based on well known scope skin toxicities from topically applied political corticosteroid treatment.
Slide six presents with effect of <unk> hundred one on inhibiting the release of key inflammatory cytokines from human skin tissue in comparison with the JAK one inhibitor <unk>.
On the glucocorticoid steroid <unk>.
This ex vivo assay uses harvested human skin tissue.
That is being stimulated to produce a th 17 inflammatory phenotype.
Due to the impact of EUR two one on the release of several T 17 cytokines was evaluated in comparison to untreated controls.
And these examples cytokine release was inhibited by greater than 95% relative to the untreated control.
And in this graph. The example of <unk> 17 the.
The effect of <unk> 201 was demonstrated statistically superior to both active competitors.
This confirms the findings from the preclinical model I presented earlier and demonstrates that puts an inflammatory.
Inhibitory potential of <unk> to one for the treatment of disease is driven by <unk> 17 of immunology.
Now, let me move to the most recent announcement relating to the valuation of <unk> hundred one in the preclinical model of skin healing.
Although diverse an etiology. This affiliate <unk>, commonly present is also a readily compromised pustules blisters in the skin.
This requires rapid intervention to help photo tissue disruption.
And allow a neat skin repair mechanisms to facilitate lesion healing and closure.
As such it is important to show that any potential treatments for these diseases does not interfere with these processes. So the primary objective of this study was to demonstrate that our topical <unk> hundred one product would not to lease skin tissue healing.
And this model too.
Two identical and decisions were made on either side of the flank of halos mice under anesthesia.
Three treatment groups were treated topically once daily with either <unk> hundred one vehicle.
<unk> <unk> hundred one 1% for.
While our hydro alcohol gel control that is known to delay lesion healing and closure.
The graph on the left.
<unk> global external lesions healing score by treatment data.
The global extent lesion healing score is a composite score comprising of lesion length.
Degree of swelling and overall lesion visibility.
It was anticipated that <unk> 201, 1% with performed similarly to vehicle in this model and.
And therefore, confirming that the bet inhibitor active ingredient would not impact on the team to four lesion healing enclosure. Unlike the hydroalcoholic gel control.
As early as treatment day, five there was a statistically significant improvement in lesion healing score from <unk> to a one 1%.
Peer to the Hydroalcoholic gel and this continues for the remainder of the treatment period.
The meantime to heal for <unk> 201, 1%.
Vehicle was 15 five days, whereas the mean tightened to heal for the Hydroalcoholic gel was approximately five days later.
Based upon these results.
101, 1% does not appear to negatively impacts can repair mechanisms.
Moving to the graph on the right. This data represents the extent of fibrotic mass.
<unk> during the healing at the end of the treatment period.
Access a fibrotic tissue deposits and a healing lesion frequently results in a pure aesthetic outcome of the results of the scar.
Fibrotic tissue Mas was assessed on a four point severity scale.
Findings from this study show that both vehicle and a hydroalcoholic gel treatments resulted in a moderate amount of fibrotic tissue being identified in the lesion bed. After the lesions had healed. However in comparison there was a much lower presence of fibrotic tissue mask and the <unk> 201, 1% treatment group, which is indicative.
Of the anti fibrotic mechanism of action for bet inhibitors.
Okay.
This slide presents typical examples of photography at the end of the treatment.
The last photograph as of in animals treated with <unk> hundred one vehicle.
As you can see there is residual swelling and discussed so clearly visible.
The central photograph is of an animal treated the <unk> 201, 1%.
It is little evidence of residual swelling and.
And the lesions are flatter and less distinct in comparison with the other treatment groups.
On the right animals treated with Hydroalcoholic gel clearly definable scars with significant residual swelling and scabbing still present.
In conclusion, we are very satisfied with the preliminary data we have generated with V VI and tier one.
<unk> significantly reduces the expression of several key pro inflammatory cytokines relevant to th 17 mediated autoimmune diseases and has demonstrated improvement in reducing fibrotic tissue mask and overall skin repair outcomes.
These initial data validate our earlier belief of the broad utility and attractiveness of the platform and address interest regular immune activity and several serious autoimmune diseases.
We continue to work diligently to generate additional data on <unk>.
Inhibitor pharmacology and epigenetics.
The prerequisite IND, enabling non clinical safety program is underway and we intend to enter <unk> 201 entered the clinic in 2022.
We look forward to providing additional updates as the program progresses with that I will now pass the call back to Dave.
Thanks Ann.
We're very excited about the future direction of the company and we are quickly building momentum across our pipeline of novel and highly differentiated candidates each with the opportunity to address significant unmet medical need in immuno inflammatory diseases.
As I previously mentioned, we intend to leverage our existing development capabilities and strong network of discovery and preclinical science partners to develop products and advance a series of truly innovative new medicines through the clinic.
Our key priorities are to complete the divestiture of the minutes cyclin franchise and advance the pipeline.
Over the next 12 months to 18 months, we anticipate multiple milestones in early stage development catalysts for our programs as.
As we move towards 2020 to creating shareholder value remains front and center for our company and we look forward to providing further updates on our progress.
This concludes our prepared remarks, I will now turn the call back to the operator and open the call for questions. Thanks.
Thank you we will now begin the question and answer session.
Join the question queue, you May Press Star then one on your telephone keypad.
You hear a tone acknowledging your request.
We are using a speakerphone please pick up your handset before pressing any keys.
Your question. Please press star two.
We'll pause for a moment as colleagues join the queue.
The first question comes from David <unk> with Piper Sandler.
Please go ahead.
Hey, Thanks, So just had a few.
Starting with 201 and two and this is kind of a high level question, but.
I saw that it's important to ask I mean, just given the underlying mechanism.
Of these.
These compounds. So you have a sense for what specific indications you think it would be.
Most appropriate.
For both.
<unk> 201.
And 202.
I know thats early but wanted to just.
Hearing your thoughts on the sort of white space area.
And to the extent that.
To move forward with with both should we think about sort of the topical.
Being used in sort of a more mild to moderate disease setting in the oil being used in a more modest over the years moderate to severe disease setting as we see with other classes like for instance, the JAK inhibitors.
US understand your thought process there.
And then for 114.
Just understanding.
Knowing what we know about the JAK inhibitors I guess the question here is from.
Safety Tolerability perspective, not just that but also from an efficacy perspective, given the nature of the market.
What do you have to really see.
To make a go no go decision and after you get your data.
Next year.
Thanks.
Hey, David It's David <unk>.
You were breaking up a bit.
So if I can summarize it just tell me. If this is what youre looking for I think.
For 201, and 202 for our <unk> platform, where the initial indications with could potentially be it's obviously early.
We have some thoughts on that.
Sure.
The second question I believe was whether or not we would take the topical into.
More mild to moderate disease states versus March severe and the third question I believe you were looking for clarity on.
<unk> hundred 14 relative to what's going on in the JAK class, but.
And if you could confirm or.
Let me know if there was something else, yes, yes, that's exactly right, yeah, sorry, sorry for the bad connection.
I will start with the Jack.
Program and how we view our products. So I don't know if you want to provide some color on.
How we see the benefits and the advantages.
That's an excellent <unk> sure.
Hey, how are you David.
And it relates to $1 14, and how we see it obviously differentiating relative to others in this space and obviously the recently approved topical JAK inhibitor from insight.
So they've kind of cover all said in the prepared remarks, we do see this as the key benefits here being a multimodal impact on the disease state itself.
The tough said another JAK inhibitor itself, we know obviously can have exquisite.
Impact on down regulating key cytokines that drive inflammation in the skin and atopic dermatitis.
But also we see great utility in actually preventing some of these authorizes lymphocytes see key immune cells for moving into the skin in the first place where they honestly unloads. The majority of these pro inflammatory cytokines that drive the disease. So this is where <unk> comes in.
<unk> itself.
Has the potential to inhibit and retain these autoreactive lymphocytes in the lymph nodes and therefore prevent was slowed sales moving into the skin in the first place. So this is the extra cellular mechanism that Dave talked about in the prepared remarks, but what we've also found and others have found as a singular mud itself has the potential to up regulate a key.
Skin structure protein called <unk>.
That actually is really important in maintaining the epithelium the skin the epidermis that we know that atopic dermatitis is really.
Skin disease state, where the epidermis is effectively missing.
So the ability to prospectively support recovery of the epidermis as the <unk> effects of the treatments are working as a key component and that's how we see it being quite differentiated away from any of the other topical products, whether it be our JAK inhibitor or others, who certainly don't have that potential.
That answers your question on on that Yeah, I'll, just add too obviously.
We're in the middle of our one big component of this phase <unk> study for 114 to one be component will provide meaningful PK data, which obviously would be helpful, especially in light of.
The recent classified labeling around JAK inhibitors.
Yes.
It certainly appears that even though its class label for the for all Jacks that this is really focusing on the or the view from the up David's focusing primarily on systemic jacks.
Dermatologists, who are prescribing these products, they're used to seeing these types of labels.
And we feel obviously very good about the prospects of its product.
All way through the clinic.
And we hope to have opposite the topline results in the early part of the first quarter of next year. The PK data, we should have before it before the end of the year. So.
We're quite bullish on the prospects of this program I think on that.
The 201 202 bet inhibitor programs.
As we outlined we're very early.
And in development of both of these.
<unk> programs the preclinical data we've seen so far for 201.
We're quite enthusiastic quite pleased with.
We're going to continue to take the smartphone battery of additional animal models of biomarker studies that are ongoing we're doing the prerequisite tox work for <unk> hundred one now.
There seems to be a significant level of enthusiasm from.
Our scientific outboard and the general scientific community. We think that this program gives us a lot of a lot of utility to a lot of flexibility for where this product can go we've talked about some of the more rare skin disease arena as we mentioned some pyoderma <unk> and others, we're going to hold off on putting up.
A line of stand on where we're not going to take it we're really excited about where it could go I think there's there's several different arenas ultimately we want to develop products that address unmet needs for patients and we think that this platform could do that.
So.
You can anticipate that I don't I wouldnt characterize the David as being mild to moderate versus marches to severe I'd say ultimately the data is going to drive where we go but I think as we've shown as Ian showed today.
There is a potent anti inflammatory effect from this at this.
Okay inhibitor platform and we think that gives us a lot of flexibility on where we can take take this particular product I think when it comes to 202 as we mentioned last.
Last quarter.
I would envision will you be looking at some of the more broader indications again without.
Specific and locking in on a particular disease.
We've talked about.
<unk> saw that could have potential in <unk> could have potential for IBD crohn's.
Obviously theres been worked on and virus oncology settings myeloproliferative diseases is one.
We're not we would go there ourselves is yet to be determined but again I think that the utility of this platform is quite significant.
So we are eager to advance both of these programs and as it gets further down the line, we'll obviously be able to lock in on specifically, where we take these.
These programs for its first indication both from a topical body as well as the oral Betty once we.
Upon completion of final candidate selection.
That helps David.
Yes, yes that does thank you.
Got it.
The next question comes from Louise Chen with Cantor Fitzgerald. Please.
Please go ahead.
Hi, Good morning, everyone. This is Patrick Harvey and <unk>, we have a few questions here.
What is the breakdown.
Product sales, how much of that was coming from and.
And how much was it.
Interesting tracking the progress of these products.
Second I had.
Thanks Lynn.
The two eight.
Data for 114 can you remind us how we should interpret the data once they come out.
Lastly on <unk> on the presentation.
A lot of promising images.
<unk> model.
Third to vehicles.
Alcohol gel.
And you're also including ex vivo analysis against a JAK inhibitor.
I just wanted to see if you have done the same mouse model.
I guess, Jack and see the comparison, if so what are the takeaways there. Thank you so much.
Yes sure. Good morning, <unk>. This is Tyler I'll take the first question on the breakdown of sales.
For the quarter, we had $4 million of product sales for <unk>.
We have not historically disclosed the breakdown and haven't provided guidance on what the split between products is.
What I can point you to is if you take a look at the script data just from a relative proportion that can give you a general direction, but at this point in time, we're not going to break the products down.
And you want to talk about the.
Want me to share 114, and Hey, Garvey.
So.
The primary endpoint will be change at atopic dermatitis severity index. So maybe just back up to the design itself. So the phase <unk> patients will be six patients will be treated for two weeks as.
As Dave said earlier, we are primarily evaluating offices.
Safety on pharmacokinetic information.
The phase III.
A portion of the study is four weeks with an additional two weeks open label.
Study <unk> same endpoints there so.
We're looking to the Florida data kind of on early part of Q1.
And next year.
And then I think cover your question was on a competitor information in the animal models for the bet inhibitor topical <unk> inhibitor.
Haven't done that yet although that is certainly something we will be focusing on we traditionally use quicker corticosteroids is a control, but it certainly is something that will be we'll start to grow as we start to hone in on indications later.
Got it makes sense, okay, great. Thank you so much.
Thanks Mark.
Once again, if you have a question. Please press Star then one.
The next question comes from Patrick <unk> with lifestyle capital.
Please go ahead.
Hi, Thanks for taking the questions. So for the bet inhibitors as a class just curious what safety effects have emerged clinically and what.
What gives you confidence that these may be inverted.
Typical approach in the case of tier one and the selected <unk> approach in the case of 202, and then just perhaps if you could detail the items outstanding.
<unk> IND submission for each of those that would be helpful. Thanks.
Okay.
Hey, Patrick.
So.
The majority of bad habits is in development, our pawn BD. So they are buying to BD, one on BD to their orally available.
Primarily for oncology indications, although there's one in the cardiovascular space.
So why do we think ours are differentiated from from there I think we'll start with what the types of adverse events. You can typically see for an orally available <unk> inhibitor, they tend to be things like thrombocytopenia as gastrointestinal toxicities.
Emesis vomiting back that kind of thing Flushing.
Moving to 201, so topical by inherently we have assumed we will have a reduced systemic exposure there, but I think primarily we actually are factored in.
A metabolic liability into the molecule itself is part of the design principles for medicinal chemistry.
So with that effectively means is that any tool one of systemically exposed by the topical route will be rapidly cleared by the lever and an activated so.
So that's a way where it's like a one two punch there one good topical on one and just a soft drug approach, where we're specifically and consciously introducing a metabolic liability.
Until to the way we are addressing that the PON BD toxicity question is.
Is that the sadly evolving information from from others and with our own data that if you selectively buying to BD too.
We tend to have an improved safety profile in general terms second Donnelley appears the majority of port inflammatory signaling our genes are activated.
Pro inflammatory genes are activated tend to be driven mostly through BD to rather than BD one.
<unk> has been implicated in driving the activation of genes and a lot of housekeeping genes.
The work that <unk> done today I covered off in the prepared remarks, we have.
Exquisitely potent and highly highly selective BD to selected components already of course, we are developing additional work that goes on there. So I think that we are really addressing that from two components through the two projects. One is about metabolic liability ongoing topical with tier one tier two going from a very selective.
<unk> two inhibitor.
That's helpful and just one follow up.
Clinical data.
All the information severity.
Mouse inflammation model.
Very comparable to steroids, just curious should we be thinking about the magnitude of effect observed here or more so just that it's directionally favorable and then as it relates to the biomarker data are there any biomarkers in particular that.
Are known to be pathogenic in a given disease state or giving your excitement about future clinical development.
Yeah. So.
On your last point there.
The fact that we have significant impact in pretty much all cytokines that drive key 17, immunology is particularly exciting.
You saw from the slide there.
We have significantly directly an IL 17, IL six and others.
Again this speaks to the broad applicability as an anti inflammatory agent secondarily.
We were effectively X reporting to a class one super important steroids.
Which is quite rare.
Secondly, the newer generation of anti inflammatory agents. So I think to your earlier question you should think about the potential.
Having that super potent anti inflammatory effect.
Without the specific liabilities you would tend to see with long term use of glucocorticoid steroids.
Yes, just about piggyback on this Patrick.
Clobetasol and outlines the super potent steroid.
That's a far cry from the <unk>.
The counter hydrocortisone and steroids that are out there.
That's it.
It's deemed a class one and there is a reason why it's called a superpotent steroids because it is just that.
The fact that we again obviously this is early data preclinical data, but the fact that we saw that level of response.
In line with what you would see from Covid, It's all super potent steroid.
Yet initial.
Tolerant tolerability data being very positive and encouraging just gives us a lot of enthusiasm about the prospects.
Obviously this molecule.
And its program, but for the entire platform.
Great. Thanks, so much.
Thanks.
This concludes the question answer session.
I would now like to turn the conference back over to management for any closing remarks.
Well, thank you operator, and thanks to everyone that took time out of your schedules to join this call.
Look forward to continuing to provide an update on our progress of our business and we wish everyone. An enjoyable holiday season, that's coming up over the course of the next few weeks, we look forward to speaking with everyone. Soon thanks and have a great rest of the week.
Yes.
This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.
Okay.
Okay.
[music].
Yes.