Q3 2021 Forma Therapeutics Holdings Inc Earnings Call
Good morning, welcome to the form of Therapeutics third quarter 2021 financial results and business update conference call. All participants are currently in a listen only mode.
Following managements prepared remarks, we will hold a Q&A session to ask a question at that time. Please press the star key followed by one on your Touchtone telephone.
If anyone has difficulty hearing the conference. Please press star zero for operator assistance.
As a reminder, this call is being recorded today November 12 2021.
I would now like to turn the conference over to Mario Corso. Please go ahead Sir.
Thank you operator this is Mario Corso senior director of Investor Relations at four months.
Good morning to our listeners and welcome to today's call to review third quarter 2021 financial results and business update.
On this call Im joined by Frank Lee, Our President and Chief Executive Officer, Patrick Kelly, Our Chief Medical Officer, Dave.
Dave Cooke, our Chief Scientific Officer, and Todd <unk>, our Chief Financial Officer.
Before we begin I would like to caution listeners that comments made and financial information provided during this conference call includes certain statements that are estimates beliefs forward looking and are subject to various risks and uncertainties.
Any statements made during this call that are not statements of historical or current facts are intended to be forward looking statements pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1095.
Want to emphasize that such forward looking statements reflect our current expectations and assumptions regarding timing.
Enrollment success in data announcements of our current and ongoing clinical trials therapy.
<unk> therapeutic potential in clinical benefits and safety of our product candidates planned regulatory submissions, our financial condition and capital requirements, our business operation development plans the potential impact of COVID-19 on our business and political developments in relationships with third parties and.
Readers and are neither predictions, nor guarantees of future events or performance.
Actual results could differ materially from those stated or implied by these forward looking statements due to risks and uncertainties associated with our business, including those under the heading entitled risk factors in our quarterly report on Form 10-Q for the quarter ended September 32021 that will be filed with the SEC.
Today and in subsequent reports, including our current reports on form 8-K, the company disclaims any obligation to update or revise any forward looking statements, except as required by applicable law.
Before turning the call over to Frank I'd like to mention two upcoming activities as outlined in today's release, we will be participating virtually in the Jefferies London Conference next week.
And we will also be holding an investor briefing on December 13 to discuss clinical trial results being presented at the Ash annual meeting.
Further information on these events will be made available on our website former therapeutics dot com.
With that I will now turn the call over to Frank our President and Chief Executive Officer.
Thank you Mario.
Good morning, everyone pharma continues to make good progress on our purpose to transform the lives of patients with rare hematologic disorders.
Answers.
Our portfolio includes potentially transform the molecules for patients with sickle cell disease in other hemolytic anemias prostate cancer and acute myeloid leukemia.
Our clinical programs have important upcoming catalysts for growth and positions <unk> well for long term success.
Along with the progress in advancing our science.
Pleased with the progress, we're making in establishing format as a trusted partner in the sickle cell community.
In October we collaborated with the sickle cell disease Association of America to launch the sickle cell clinical trial finder.
It can be daunting and complex for sickle cell patients to learn more about clinical trials enrolling in a specific geographic area and this resource allows users to easily find information about all of the sickle cell clinical trials and about the clinical trials process itself.
We're honored to be a part of this important effort that benefits the entire sickle cell community.
Now I'd like to turn to the quarter third quarter.
First is that with <unk>, our once daily PK R activator with the potential to be a foundational therapy for sickle cell disease is by not only addressing the anemia, but improving red blood cell health.
Its multimodal mechanism of action.
We've completed enrollment in our open label extension of the phase one sickle cell disease trial and plan to present, the updated results along with the Mad completed Mad data at Ash in December.
We continue to open sites and enroll patients in our phase II III Hibiscus study and as a reminder, this study includes two co primary endpoints hemoglobin and boc.
That support the traditional approval pathway.
In addition, the study design also provides for the potential to pursue accelerated approval and.
And based on recent discussions with the FDA, we plan to provide additional information on hemoglobin as a surrogate endpoint by the time of accelerated approval submission given the unique mechanism of action of the test feedback.
We've had productive discussions and plan to closely collaborate with the FDA moving forward in support of our overall development program, which is designed to ensure timely approval and to provide clinically meaningful and differentiated data package.
Based on the emerging data.
We believe <unk> has the potential to be a pipeline in a product and have made progress in planning for a comprehensive development program, which includes the Hibiscus study, which includes patients sickle cell patients age 12 and above.
<unk> pediatrics down to age six months.
Cell patients that are transfusion dependent.
Fallas samia, both transfusion dependent and non transfusion dependent.
In addition planning for additional studies is underway.
Turning to our CVT 300 inhibitor ft 751, we reached an important milestone in October with the Triple meeting presentation of the first inhuman results from our ongoing phase one trial in metastatic castration resistant prostate cancer.
We're encouraged by the early data and the potential for ft, $7 51 to target the novel pathway.
CBP P 300 inhibition.
With respect to our third development compound the <unk> inhibitor <unk> for relapsed refractory AML, we plan to present, new data from the Asia Society, a decidedly in combination cohort at ash.
These data further support the potential for Luna side too.
To offer a differentiated profile, particularly given the impressive duration of response.
We also continue to make good progress in preparation for a new drug application submission.
Looking forward I am pleased to share some key events over the coming months.
In December at Ash, we plan to present four presentations on a tablet P that in <unk> in.
In addition by year end, we plan to start the phase II study, which includes transfusion dependent sickle cell patients in thalassemia patients, both transfusion dependent and independent.
Going into the first half of next year, we plan to start the sickle cell pediatric study and to host our first R&D day.
Mid 2022, we plan to have additional data from our Ft 751 phase I encourage study in prostate cancer.
And later in 'twenty, two we plan to have a tablet fever Hibiscus study interim analysis one.
We're now guiding to the latter part of 2022.
As we discussed before the COVID-19 pandemic has created substantial challenges for both the clinical trial sites and for sickle cell patients many of whom reside in areas disproportionately impacted by the pandemic.
We're observing we are observing conditions improving over time and are working very closely with the clinical sites and the sickle cell community.
With that I'd like to acknowledge those who have help navigate the ongoing challenges posed by the COVID-19 pandemic, including patients investigators health care workers and our employees as we pursue our purpose to transform the lives of patients living with rare hematologic disorders cancers.
I'll now turn over the call to Pat.
Thank you Frank and good morning, everyone I will provide a brief overview of our development programs for <unk> and <unk> and then an outline of our presentations scheduled for the Ash meeting in December.
The total <unk> as a once daily selective PK R activator with a distinct multimodal mechanism of action.
This multimodal mechanism is important and that it decreases to three TPG, improving oxygen binding to hemoglobin Hess, which decreases polymerization.
Thereby reducing the cyclic and hemolysis of rbcs caused by the rigid structures from formed by the oxygenated hemoglobin S.
The increase in ATP allows us sell to repair member and damage incurred through multiple cycles of cell signaling.
Together the effects of decreased $2, three TPG and increased ATP, we believe will improve the <unk>.
RBC health and lifespan, thus modifying the course of sickle cell disease.
The goal of the <unk> clinical program has been to generate data that would support an improvement in both the anemia and the Vasal occlusive event, the characterized sickle cell disease.
We believe <unk> has the potential to reduce the analysis and anemia sickle cell disease by improving RBC health and lifespan.
<unk> direct effect on the sickle RBC may reduce the inflammation and hyper <unk> ability risk associated with sickle cell disease, and then ultimately through chronic dosing daily a total P that may significantly reduce the debilitating basal occlusive event that characterize sickle cell disease.
We have also stopped to elucidate the effects of <unk> on the sickle RBC as measured by numerous markers of Red blood cell health, we have designed a rigorous and comprehensive phase one program and we were pleased with the clinical data presented at the <unk> meeting in June and recently and the updated updated data in our apps.
<unk> accepted for oral presentations at the Ash meeting in Atlanta next month.
The following key clinical data have been observed in patients who have completed the <unk> two week dosing cohorts and patients who have completed the <unk> 12 week dosing cohort.
We have previously demonstrated that two weeks of tableau that daily can increase hemoglobin levels and 73% of patients with sickle cell disease.
And the open label treatment cohort. This hemoglobin response has been sustained with 83% or five out of six patients completing 12 weeks at the top of Pea that dosing, maintaining a greater than one gram per deciliter hemoglobin improvement.
We have shown the two weeks at the top of peanut dosing also significantly improves the sickle rbc's oxygen affinity with a delay in the point of cyclic to lower oxygen levels and this improves.
The deformability of the RBC compared to pre treatment levels.
This reduction in RBC sickly, along with the improved RBC deformability has translated into a significant reduction in markers of hemolysis and a significant reduction in the absolute reticulocyte counts, indicating that the sickle rbcs and patients receiving a tahoe key that are healthier and living longer leading.
To an improved hemoglobin response.
Improvements are seen as early as two weeks of <unk> dosing and are sustained in patients receiving 12 weeks of daily dosing.
In addition to the improved hemoglobin and a reduction in hemolysis. We have reported our initial observations that are top of pea that treatment can reduce systemic markers of inflammation and coagulation and patients receiving up to 12 weeks at the top of that daily.
This is encouraging data that supports our hypothesis that by improving the health of the sickle RBC with chronic daily dosing of the <unk> that we may produce the debilitating basal occlusive events characterized sickle cell disease.
Finally, as previously reported <unk> daily is well tolerated at doses up to 600 milligrams daily which is a 150% of the maximum dose being evaluated in the Hibiscus study with a safety profile that is consistent with the underlying sickle cell disease.
As noted at our <unk> presentation, the safety profile of the Tahoe key that in the 12 week dosing cohort has been notable notable for a low rate of basal occlusive adverse events of any grade with no hospitalizations for boc observed in patients while on a cabo that treatment.
Looking forward next month updated open label extension results will be presented at the Ash annual meeting. This will include the results from 15 patients dosed for up to 12 weeks evaluated the effects of 400 milligrams <unk> on hemoglobin markers of hemolysis.
Including particular sites bilirubin, and LDH markers of systemic inflammation and coagulation.
With approximately three patient years of <unk> exposure in the 15 patients treated for up to 12 weeks, we will provide an analysis on the patients sickle cell related adverse event profile relative to their prior boc history requiring hospitalization.
Now turning to allude decided nib are mutant <unk> inhibitor being evaluated in patients with relapsed refractory acute myeloid leukemia or AML.
Earlier this year results represented from the positive Registrational Registrational phase III interim analysis.
In the relapsed refractory AML patients receiving 150 milligrams of <unk> twice daily.
At the upcoming Ash meeting in Atlanta, We will provide an analysis of the molecular characteristics of response to <unk>. In these patients. In addition at the Ash meeting results from cohorts, receiving a leukocyte nib in combination with <unk> will also be presented showing benefits of the combination and various subpopulation.
Including treatment naive AML patients.
With that I'm going to now turn the call over to Dave who will provide an update on ft 705, one for prostate cancer.
Thanks, Pat Im going to spend the next few minutes discussing our clinical stage GBP 300 inhibitor ft $7 51.
Ft, $7 51 target the androgen receptor pathway by a novel mechanism that has the potential to address many of the resistance mechanisms scene for standard of care <unk>.
Our signaling inhibitors.
We believe the mechanism of action of Ft, 751 is applicable to a broad range of resistance mechanisms because CBP P 300, modulates via the end terminal domain.
This means the tumors expressing the AB seven Spice variant for example, which lacks the C terminal hormone binding domain and for which there are no approved treatments are a potential therapeutic target for $7 51.
In addition, the Tolerability profile of up to 751 may support its potential for use in earlier lines of prostate cancer therapy and in combination with standard of care.
We began enrolling a phase one in the first quarter of this year.
The study is designed to enroll up to 45 men with metastatic castrate resistant prostate cancer.
These men who have failed at least one line of therapy and are typically heavily pretreated receding, one or both of abiraterone and <unk>.
In many instances also chemotherapy prior to entering our study.
The trial utilizes an AUM.
<unk>.
Adaptive design, starting with a dose of 25 milligrams with titration to as many as 700 doses on a three week on one week off cycle based upon predefined safety and Tolerability criteria.
Initial results presented at the Triple meeting in October showed an encouraging safety profile as well as biologic effects consistent with inhibition of the CVP 300 pathway.
Data as of September <unk> were presented in the initial eight men enrolled in the trial.
The pharmacodynamic measures looked encouraging for $7 51.
150 milligram dose achieved achieved drug concentrations that approached the predicted efficacious dose based on modeling of preclinical data.
In addition, skin biopsies demonstrated a reduction in histone acetylation, a key marker of inhibition of the CVP 300 pathway.
All but one of the treatment emergent adverse events were grade two or lower with no expense leading to treatment discontinuation.
One one patient experienced a treatment emergent grade III hyperglycemia, which was medically managed following a dose reduction this patients remained on treatment and experienced a PSA decline of greater than 50% of 12 weeks and greater than 80% at 16 weeks.
His nodal tumor which was progressing prior to enrollment was classified as stable disease and confirmed by radiography.
Notably this response represents the first evaluable patients in this trial.
We plan to share more comprehensive results at a scientific conference towards the middle of next year.
I'll now turn the call over to our Chief Financial Officer Todd.
Thank you, Dave and thank you to everyone for joining us on today's call I will.
I'll first spend a few minutes discussing our financial results for the third quarter of 2021, and then discuss our cash position and outlook.
Our net loss for the quarter ended September 32021 was $43 3 million, which compares to a net loss of $27 6 million for the quarter ending September 32020.
The increased net loss was driven by an increased by increased spending in support of our preclinical and clinical development programs as well as employee hiring to support our operations.
Research and development expenses were $30 7 million for the quarter ended September 32021, compared to $24 8 million for the quarter ended September 32020.
This increase was primarily attributable to R&D staffing equity based compensation and costs for our clinical and preclinical development programs.
General and administrative expenses were $12 7 million for the quarter ended September 32021, compared to $7 5 million for the quarter ended September 32020.
The increase was primarily attributable to equity based compensation.
<unk> costs and professional fees.
Our cash cash equivalents and marketable securities balance as of September 32021 was $531 8 million compared to $645 6 million at year end 2012 money.
Cash used in the quarter reflects operating expenses and working capital requirements to support operations.
Overall, we continue to be in a strong financial position with funding through the third quarter of 2020 for.
Operator, we can now take questions.
Yeah.
Thank you ladies and gentlemen.
Please.
Ask a question at this time. Please press the Star then the one key on your Touchtone telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.
Now first question coming from the line of Mark Breidenbach with.
Oppenheimer Your line is open.
Hey, good morning, and thanks, so much for taking the questions just a couple from me.
I guess I have to ask with regard to the additional information that the FDA would want to see before making a decision on allowing accelerated approval based on hemoglobin response.
Give us an indication of what type of information this would be a little bit more color on that would definitely be appreciated.
Second question is on the prostate cancer program.
Early data that was presented at the.
The Triple meeting.
I was hoping Dave maybe you could comment on on the observation that the PSA responding patients we actually saw the PSA level spontaneously start to decline after discontinuing.
<unk>, but before starting to have another one.
Maybe some thoughts around that observation would be appreciate it. Thanks so much.
Thanks for the question Mark is frankly here, let me address the first part of the first question and then hand, it over to Pat to provide additional color.
First as we've talked about before our strategy is to pursue the most differentiated label possible to help as many patients as possible.
And and get there as quickly as possible for patients and so with that said I want to make a few things clear first we have no changes our plan for the Hibiscus study at this current time.
And as I've mentioned, a quick reminder, the current study design includes two co primary endpoints hemoglobin and boc.
That support the traditional approval path.
In addition, now as we've talked about before.
It provides also the potential to pursue an accelerated approval.
Which is going to be dependent on the data that we're able to generate on hemoglobin as a surrogate endpoint.
So as I mentioned in my opening remarks based on recent discussions with the FDA. We believe both the traditional and accelerated approval paths are viable and we plan on providing some additional information on hemoglobin as a surrogate endpoint for clinical benefit.
Which is very specific to <unk>.
<unk> unique mechanism of action and we also believe that a <unk>.
Similar approach will be required for other molecules with unique mechanisms of action pursuing the accelerated path and again that said I think it's worthwhile to speed drug development.
For patients and try and get there as quickly as possible. So that said, let me turn it over to Pat.
To provide some additional color on the type of data that we could potentially provide so pat.
Yes, Thanks Frank.
I think just echo what Frank said.
The broad potential differentiating profile of Tahoe P that we've always considered a number of opportunities to explore clinically meaningful endpoints that as part of our lifecycle.
Efforts in these studies could include <unk>.
Looking at sickle cell disease related complications in cardiopulmonary CNS renal disease and others.
And many of these are already in progress right. We're initiating the transfusion dependent sickle cell study with the <unk> as well as our pediatric trials. So.
Through our broad effort from the <unk> trial as well as these additional studies, we feel we'll be able to have a very complete package.
From the top of payback experience and its unique mechanism of action, but you can also imagine that there is a lot of data are epidemiological information that helps support.
The.
The potential benefits of a hemoglobin response in sickle cell disease, and so it'll be.
A package that includes.
We believe a very broad.
Set of information derived from our own studies as well as information out in the <unk>.
Yes.
I'll turn it over to Dave for the.
Yes, good morning, Mark Hi.
Thanks for your thanks for your question on 751, and just to clarify for everyone else on the line.
There is a phenomenon known based on androgen deprivation, and which patients can have a transient.
Spontaneous response with upon withdrawal of androgen happens in a very small number about 1% of patients and we look carefully at this with our investigators to establish whether or not that was the case here and there were multiple reasons why that was excluded.
Really has to do with the time duration. The last patient was withdrawn from entered signaling inhibitors and <unk> about three five months prior to being treated with ft, $7 51, and that duration is kind of you would've seen a an androgen deprivation response before coming on to study.
The second it's very clear there was a market change in the rate of PSA decline in fact that was sort of a level of PSA is followed by a very sharp decline upon establish.
Establishment of treatment with 751 in the third and perhaps most important thing is during that interval between stopping and dilutive mine and starting 751. The patients nodal tumor was evaluated radio graphically and was shown to be increasing in size. It was only upon treatment with ft $7 51.
But that that rate of growth stabilized. So we think that based on those multiple lines of evidence and of course with a lot of discussion, but this is clearly a response to $7 51 and not some other phenomenon.
Alright, perfect. Thanks, so much.
Thanks Mark.
And our next question coming from the line of Maury Raycroft with Jefferies. Your line is open.
Hi, everyone. Good morning, and thanks for taking my questions.
Just clarifying and following up on a prior question after the additional information.
That you would be showing to FDA for Tahoe is there a precedent for this or is this.
A novel potential endpoint based on <unk> specifically.
Well.
Broadly this is based on our discussion in recent discussions with the FDA and as Pat mentioned this could certainly include mechanistic.
Mechanistic or epidemiologic and also clinical data on <unk>.
And certainly we have a number of clinical trials as Pat articulated to collect those kinds of information so that's kind of background and context.
Pat I don't know if you have additional thoughts here.
Yes, I think with any new.
Mechanism there is always opportunities to push push the field forward and we're we feel that this is an opportunity with this remarkable I guess I should be careful.
What we believe is a very important mechanism, that's going to benefit sickle cell patients.
Rod base that.
Some.
New or evolved to endpoints will be part of that discussion with the FDA and it's part of the ongoing discussions with the FDA.
Got it Okay. That's helpful and then even though there is no plan to adjust the design is it possible to maybe and formally collect POC data earlier than planned and include that to support an accelerated approval path.
I don't think.
Okay.
Go ahead go ahead.
Okay.
Have that.
The level of detail I think as Frank said the current design.
Study is intended to support these efforts and that'll be part of our discussion with the FDA.
Alright.
The totality of the data is certainly as we mentioned we're going to be starting the pediatric study early next year. We will also start the transfusion dependent sickle cells study end of this year early next year as well as about the two different patient populations. So the totality of the data will be.
It will be important in the discussions overall in addition, as Pat mentioned.
At the Ash presentation will have an analysis.
Among other things a patient's baseline history.
Versus what we've observed on treatment as well.
Got it okay. Thank you for taking my questions.
Thanks Mark.
Our next question coming from the line of Alicia Young with Canaccord. Your line is open.
Hey, guys. Thanks for taking my question a couple one I just wanted to talk a little bit about you haven't really seen that.
But the thing or would it take for like some other people have and then some of our class I wanted to get your perspective on why that might be the case.
And then on.
74001.
I just wanted to talk a little bit about kind of the path forward.
Is there possibility for maybe faster pathway.
Based on the specific mutational profile. Thank you.
So Pat you want to maybe take the first question.
Yes, I think.
As we highlighted at our presentation in June.
It's a very well tolerated.
Our molecule patients on treatment.
Low rates of any sickle cell related pain events in.
And the washout period, which is an extended we follow them for four weeks, we did have vasal occlusive events there that.
We are taught by the investigators to be related to the disease under under study I think when you take away a disease modifying therapy.
You will see recurrence of that disease.
The role of a taper.
It has many different.
Connotations to it I think.
Our position has been that.
In the setting of taking away.
Medication that makes patients feel better and have and has more energy that part of part of that.
Discontinuation.
The caution should be with the patient and the investigator to make sure the patient.
Isn't over exert themselves because they are the capacity too.
Two function may be reduced because now they're no longer protected.
And so that's what.
What we've been seeing and we'll provide a further update on that at ash.
Meeting as well.
Okay.
Sure.
The.
So regarding 751, obviously, we're always looking for ways to accelerate development and so one of the things we've got in the phase one is a full genetics analysis as well.
Analysis of our splicing for every patient in the study and that May lead to identification of particularly susceptible patient groups.
Note that I think are one responder had a mutation in the C term a point mutation in the C terminal maintenance was associated with <unk> resistance.
That being said I think the other thing to note about the drug thus far and it's still very early of course is its safety and tolerability profile because both the largest opportunity is to move upstream, particularly in combination with standard of care.
And then last thing I'll point out and this was pointed out at the Triple meeting, but maybe isn't fully.
You have to pay attention to.
See it but the one patient who had a great three hyperglycemia that was identified and we then.
Hemoglobin <unk> C analysis in the ANZ was high it won't see of course is an integrated measure over the previous 90 days or 100 days. So it's pretty clear to us that this was a patient who had on diagnosis.
Either.
Insulin resistance or potentially type two diabetes and truly was not emergent on treatment. However, it hasn't since it hadn't been seen previously was classified as a treatment.
Emergent aes.
Really happy with the safety profile and that May lead to an expanded opportunity set for 751.
Great. Thank you.
And as a reminder to ask a question. Please press star one.
Next question coming from the line of Robin Garner with Craig Hallum. Your line is open.
Okay.
Thank you I wanted to ask about the upcoming studies in transfusion dependent sickle cell patients thalassemia is there any.
Are there any changes to the design of the studies and.
What else might you hope to show from that.
So Pat perhaps you can provide a quick overview there.
Sure.
A phase II with three cohorts, including anticipated quickly the <unk> patient population non transfusion dependent and transfusion dependent as well as sickle cell patients who are on chronic transfusions for either primary or secondary stroke prevention.
Theres been no changes to that design, it's a pilot to understand.
<unk>.
The biology of <unk> in the setting of a patient's on.
Specifically for the sickle cell disease patient population the effect on maintaining a hemoglobin level and reducing debt.
The frequency or the need for chronic trends of transfused blood transfusion. So it's it's a study to ask that question can we affect.
The need for.
Iron.
Confusion blood transfusions, a patient population of our controlling their hemoglobin <unk> levels.
And I'll just add.
Approximately 20% of sickle cell patients are transfusion dependent so it's a significant need.
Okay. Thank you for.
For the patient.
Is it the responder in that.
Hi, One study do you have any update on that patient that might pass.
Yes.
Pass the data that's already been presented for example, helping us to understand the durability of that response to today.
Yes, we don't we don't have any update and in fact, we've guided to not expect regular updates we don't want to be.
A friend of ours who've said salami slicing, we're going to try to provide comeback with robust datasets as opposed to individual patient vignette, So that's where kind of where we will be in the future.
And as we've discussed before we are broadly guiding to mid next year to provide a more substantial update.
On 751, so we look forward to that.
Okay. Thank you and my last question is just one step.
In addition, the type curve before you could submit the NDA for our lead us to take them.
Yes.
We've been working on the NDA package and we've made very good progress so I'll say that so.
I think that.
We've always said that we are pursuing a partnering strategy with <unk> and certainly.
To make sure that.
We have line of sight to the partner and we can collaboratively file the NDA would be very important because obviously the partner will be carrying forward the NDAA and eventually.
Marketing the product and so.
We've made very good progress overall on <unk> side Nib, and our strategy is still partnering strategy. So.
Stay tuned.
Yeah.
Great. Thank you so much.
And Im showing no further questions at this time I would now like to turn the call back over to Mr. Frankly for any closing remarks.
Well, we thank everyone for taking the time to participate in today's call. We made good progress during the third quarter of 2021 on three compounds focused on rare hematologic diseases and cancers, and certainly look forward to sharing more progress on our development programs.
And this.
This concludes today's call and have a great day. Thank you all.
Ladies and gentlemen that does conclude our conference for today. Thank you for your participation you may now disconnect.
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