Q3 2021 Selecta Biosciences Inc Earnings Call

Good morning, and welcome to the select the biosciences third quarter 2021 Financial results in corporate update conference call. Currently all participants are in a listen-only mode. This call is being webcast live on investors and media section select as website at www.ge.com, and it is being recorded for opening remark for opening remarks. I would like to introduce Kevin tan Chief Financial Officer of selecta, please go ahead. Thank you.

Morning, Welcome to our third quarter 2021 Financial results and corporate updates conference call. The press release reporting our financial results available in the investors and media section of flexes website www.hiwayfx.com and the quarterly report on Form 10-Q ended. September 30th, 2021, which was filed today with the Securities acts and Exchange Commission or sec.

Joining me today are Carson burn, president and chief executive officer. Peter traber, chief medical officer, in kqq Moto, Chief scientific officer during today's call. We will be making certain forward-looking statements including without limitation statements about the potential safety efficacy and Regulatory, and clinical progress of our product candidates and astral projections in our future expectations.

Actions plans Partnerships and Prospects.

These statements are subject to various risks that are described in the filings made with the SEC, including the most recent quarterly report on Form 10-Q.

You are cautioned not to play Sun view. Reliance on these forward-looking statements, which speak only as of today, November 9th, 2021 and selected, disclaims, any obligation to update such statements. Even if Management's views change. I would now like to turn the call over to Carson. From Carson.

Thank you, Kevin. Good morning. I appreciate everyone joining us today in the last quarter. We made significant advancements that propelled, our business and our existing pipe and forward which has the potential to overcome immunogenicity. Mitigated unwanted immune responses against enzyme or Gene therapies and restores have tolerance. In patients with autoimmune diseases were encouraged by the numerous strategic collaborations that are further validated our Intel platform.

Designed to mitigate unwanted in responses, across a range of diseases and by the opportunities to advance Next Generation Therapeutics further. These Partnerships platform.

CL 399.

Which we conducted jointly with askbio SEL 399 is a Navy 8mt. Capsid for EMC, 101 containing. No DNA combined with him tour at doses of .15 migs per cake and .3 make perfect. The randomized placebo-controlled. Double-blind dose, escalation study conducted in healthy. Volunteers was designed to determine the dose regimen of even tour to mitigate the formation of the Les.

And the bodies for naps against the Navy, a capsid used in gene Therapies.

A total of twenty three healthy volunteers were enrolled, 14, males and nine emails. All subjects had an end to a be a nap. Tighter of less than 125 at Baseline, the primary endpoint evaluated for safety and map and 288 and tires. We observed a strong immune response in humans, have ministered, a V8 empty caps, has the peak need an end to a be nap. Tighter was 126.

875 at 14 days, often teasing, which was maintained at high levels through the 90s.

The addition of in tour to administration of and the capsid was observed to reduce the formation of enter, a V8 maps in a dose-dependent manner at day. 30, mins and 8:30, titers of end to a V8 Maps where 50 fold and 254 lower in the .15 migs, take and .3. Mix cake into a cohorts respectively compared to the meeting tighter of control subject, those with a V8, empty, capsules alone.

At 30 days subjects who received .3 make perfect score 6 of 6 or hundred percent and exhibited an end to a V8 nap, tighter 1 to 25 or less and 4 of 6 or 6 to 7% had a tighter 125 or less at 30 days after that received .15 migs per Peak event or six of nine for 67% exhibit. An end to 88 map, tighter of 125 or less.

Two of nine. For 22% had a tighter of 125 or less at 90 days to of six. Subjects in 2.3 make perky cohort were observed to have sustained control of maps with titers of 125, 25 or less consistent with critical data. We observe that the single dose into cohorts. So the late formation of maps eventually, reaching semen, emitted levels of maps to the control group that day 90,

Based on prior animal studies. We believe that if naps are inhibited at day 30 Administration or two additional monthly dose of mtor, has the potential to maintain control of naps Beyond day 90.

A safety perspective. There are no unexpected, the he's related to endure the most common a with mild to moderate stomatitis, which was ameliorated. We stare at mouthwash treatment. We believe the state at demonstrate in towards potential to address one of the biggest current of mutations in genes therapy, the inability to read those life-saving Gene therapies due to the formation of maps against a decaf service.

We look forward to leveraging these findings.

Cross a wholly-owned gene therapy Pipeline and alongside our world-class gene therapy Partners to achieve. Our goal of improving the lives of those living with monogenic diseases.

The press release and webcast with additional detail can be assessed excess in investors and media sections of our website. Next. I would like to highlight our recent business development activity and provide an overview of the key collaborations that have expanded our pipeline of Novel Therapeutics in combination with our intro platform. We entered a strategic license agreement with Takeda, a global pharmaceutical leader, whose expertise and rare diseases to develop

Next Generation Gene therapies for two indications within the field of lysosomal storage disorders together. We look forward to overcoming barriers to current efforts in AV driven gene therapy as well as striving to address energy. Mystic constraints to a neighbor reducing of potentially life-saving Gene Therapies.

Under the terms of the agreement, select that is entitled to receive an undisclosed upfront, payment and up to one point 124 billion in future additional payments. Over the course of the partnership that are contingent on the achievement of development or commercial Milestones selectors. Also eligible for tiered royalties on future commercial sales. We are encouraged by the strong endorsement from large Pharma and from other major players in the gene therapy.

Ace the further address key hurdles in gene therapy. We announced an exclusivity July's. The agreement that, you know, there's truth, band's Hiatus orc for York and next-generation, IG protease to enable the dosing of transformative gene therapy in patients, with pre-existing aav, immunity and treat certain ige mediated autoimmune diseases.

But most icg property is derived from Human pathogens and have a high prevalence of precessing. Antibodies Zork is derived from a streptococcal bacteria strains that does not infect humans. The combination of Zork and in tour has the potential to both mitigate freaks asking antibodies to AV expanding access to gene therapy to a wider range of patients and prevents the Nova municipality, keeping patients algebra for retriever.

Additionally, the killed your eyes. I see G protein by themselves, even the genic currently, IGG. Proteases can only be administered once due to the formation of high titer antibodies against the protease itself, the combination of Zork and in tour is further differentiated by the potential of in tour to mitigate the immunogenicity of Zork and enable re dosing of the enzyme an important benefit for the application of eight.

IGG, pretty is a sin or immunities.

This immediate High pathogenic Auto antibodies.

In relation to our enzyme Therapy Program. We announced a partnership with un Caballo works for Ginkgo to design, novel enzymes, with transformative, therapeutic potential to Advanced treatments for Orphan. And we're diseases. This Partnerships built on our compare trial of SEL 212 in chronic Factory gout which provides proof of concept data related to interest. Expect when combined with immunogenic enzymatic Therapies.

Under this agreement with gingko select like games, right to develop and commercialize select. They're putting enzymes from their Advanced organism. Engineering platform to treat autoimmune diseases. We expect that our in technology in combination with Kinkos high-throughput enzyme, Discovery design, and screening capabilities will bring us one step closer to improving the sustained. Ethicacy of Novel biologics Therapeutics. Finally. We stabbed

A protein engineering collaboration Bucyrus to radically redesign protein Therapeutics. The lead program in the collaboration, is the proprietor interleukin-2 or il-2 14. Agonists designed to selectively promote expansion of regulatory, T cells or T, rex for the treatment of patients with autoimmune diseases and other, the serious, immune conditions, preclinically data investigating the effect of inter in combination, with an i.

I'll chew mu team, demonstrate, substantial, synergistic activity, in increasing the percentage and durability of T-Rex expansion. In this plane. This supports the potential of in tour in combination with our two proteins to restore immune tolerance to order, antigens and forms the basis. For this partnership, collectively, these strategic Partnerships provide additional validation and further demonstrate the robust value of our

Last one, this is truly an exciting time for selector and with very unique approach and strong cash position. We're well equipped to maintain our leadership positions in the Target and intolerance Fields. I'll Now take us through some of her key pipe and updates and upcoming Milestones. First, a few key points. When our enzyme Therapy Program, which has established an important framework for our clinical development path.

SEL 212 was licensed to. So be and is comprised of in tour who administered with our proprietary uricase pegadricase, but a treatment of chronic refectory couch, as a reminder of a phase 3, dissolve clinical program, kicked off in the third quarter of 2020 and consists of two double-blind placebo-controlled, trials of SEL 212 in both trials, SEL 212 will be evaluated at 2 doses of in tour.

Find one milligrams per kilogram.

And point one, five milligrams per kilogram. And one dose of the capital case. Point 2 milligrams, per kilogram. Each trial is to enroll. Hundred five patients with 35 at each dose. And 35 on Placebo enrollment is progressing on schedule and top line data from dissolve is expected in the second half of 2022.

We intend to leverage the success of SEL 2124. Second enzyme program, indication in IGA nephropathy or Igan, which is a kidney disease that occurs when immune complexes of an antibody called immunoglobulin. A one or IGA, one accumulate in the kidneys, current treatments fail to address the root cause of the disease. And we believe our novel approach, which combines in tour with. IGA one protease has

Potential to remove injures, IGA on the kidneys and improve markers of renal dysfunction. We remain encouraged by the strong preclinically data in IGA, and expect to find an ID for Igan in 2022.

Returning to our gene therapy program, as noted immune responses to a beach in therapy have historically fortuitous, the ability to safely be those a BT Gene therapies and are a major consideration related to safety and efficacy. In the space, the ability to inhibit. The development of a be specific. Antibodies has the potential to be transformational and shifts the treatment landscape.

We continue to advance our proprietary gene therapy programs and files, and R&D for our lead gene therapy candidate, SEL 302, which is a combination of MMA 101. Plus in tour, MMA 101 is a Navy gene therapy, Vector. For the treatment of medieval only Cassidy Mia for MMA. A rare metabolic disease in which the body break down, certain proteins and fats as of the filing of the skew.

The FDA says 30-day review period, for R&D to conduct the face, one to clinical trial off our SEL 3 or 2 product candidate in pediatric patients with methylmalonic. Acidemia has expired. However, we have been informed earlier by FDA that they're still considering certain aspects of a filing related to chemistry manufacturing and control or cmcm. We intend to wait for formal clearance from FDA before initiating.

Close the face one to clinical trial our second wholly-owned proprietor gene therapy, Canada. SEL 313 is being developed to treat. Only thing, transcarbamoylase or otcd, efficiency. Otcd efficiency is an x-linked genetic disorder caused by genetic mutations in the otcd gene, which is critical for proper function of the year of cycle.

We expect to file extended control application for CTA and or an ID in 2022. We submitted a pediatric investigation plan or pip for SEL 3132, the European medicines agency, Pediatrics Committee in February, 20, 21. Overall. We're seeing excellent progress across our teams have been program and we look forward to providing further updates. Later this year as we continue to address the immunogenicity cogs.

Strains in a beat Rhythm changed.

PS3 strive to overcome repeat dosing limitations by preventing the formation of maps. And as we enable more durable and robust expression of the transgene after the first dose. Now, moving on to our autoimmune program program is advancing through ind-enabling studies and we expect to file an IND in primary biliary, cirrhosis or PBC in the second half of 2022.

He BC is a chronic progressive autoimmune liver disorder, that leads to inflammation damage and scarring of the small bile ducts. BBC has a well-defined Target antigen significant unmet medical need and is well suited to the application of our intro. Platform autoimmune disease, affects more than 24 million people in the US alone, and we look forward to expanding our pipeline as we continue to explore additional applications of our entire platform.

Before we turn to the financial results. We have one final update to share as we execute on our clinical and corporate initiatives. We continue to add talent and depth to our leadership team and are excited to welcome. Kevin tan, as Chief Financial Officer, Kevin brings steep Financial expertise and experience in the gene therapy and rare disease landscape. His impressive track record in Capital Management and financing in both the biotech and investment sector will be invaluable.

Yes, Alexa continues to pursue new partnership opportunities and advanced multiple assets to the clinic as mentioned earlier. We're extremely excited about the continued, growth of our company and we remain confident, our platform. Now, I'll turn the call over to Kevin to run through our financial results. For the third quarter ended, September 30th 2021.

Thank you, Carson.

We remain well capitalized with 140 million in liquidity as of September 30th, 2021 which compares to 140 Point 1 million in liquidity as of December, 31st, 2020.

We believe our liquidity will be sufficient to meet our operating at the requirements into the second quarter of 2023.

Three net cash used in operating activities was twenty. Eight point nine million for the nine months. Ended September 30th 2021 as compared to forty two point. 1 million of cash provided by operating activities for the same period in 2020.

Revenue recognized for the third quarter of 2021 with 20 4.4 million compared to 4.6 million for the same period in 2020.

Revenue of twenty four point, three million was recognized under the license agreement with so be resulting from the shipment of clinical Supply, and a reimbursement of costs. Incurred for the phase 3, dissolve clinical programs.

The significant Revenue increases result of the continued enrollment, the phase 3, dissolve clinical program, that was initiated in the third quarter of 2020.

Definitely during the third quarter. Select a recognized zero point two million for the shipment of under the license agreement with threw up to--.

Research and development expenses for the third quarter 2021 were 21 million which Compares with 14 million for the same period in 2020.

During the quarter ended, September 30th 2021. There was an increase in expenses, incurred for preclinically programs, calories headcount and askbio collaboration costs.

General and administrative expenses for the third quarter 2021 or 5.4 million which Compares with 4.4 million for the same period in 2020.

The increase in costs was primarily the result of salaries, professional fees, and stock compensation expenses.

For the third quarter 2021. We reported a net loss of Seventeen point. Nine million or a net loss per share, 16 cents compared to a net loss of 9.7 million, or net loss of nine cents, per share for the same period in 2020. I will now turn the call back to Carson for closing remarks.

Thank you. Kevin in summary, the promising results from the pioneering face. One SEL 399, clinical trials, suggest that in tour in combination, with a widely, use a V8. Capsid has the potential to overcome the significant challenge of the formation of enter a V8 Maps. Production of Captain immunity could be transformational for the field of gene therapy. That makes me gene therapy safer. And possibly enabling repeat dosing.

Reflecting on this past quarter. We've made significant steps to progress, our existing pipeline candidates and establish collaborations to maximize the potential of our intern platform. We look forward to providing additional updates on near-term Catalyst as we continue to drive our business forward, unlock the power of biologics and address on medication needs. I would also like to thank the entire selected team our investors and the many people who have been

It's along the way, including our patients and their families with that. We're happy to take questions.

We will now begin the question and answer session to ask a question. You may press star then 1 on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time, your question has been addressed and you would like to withdraw your question, please press star. Then 2 at this time. We will pause momentarily to assemble a roster.

Our first question will come from Kristen kluska with Cantor. Fitzgerald, please go ahead. Hi. Good morning everybody. Thanks for taking my questions. The first one is that yesterday's data answered a very important question related to your platform potential in gene therapy. So big picture, looking ahead into next year, what questions, or areas in the pipeline. Do you expect to receive even more clarity on the potential of mtor? Whether it's for

To to your preclinically, programs, as well as some, as well, as some of the clinical work that's being conducted by both yourself and partners.

Hours and data around biomarkers of the disease and antibody titers. And that's going to be a key. Read out. We have a major readout or enzyme program in.

Space results in the second half of next year and obviously we're moving forward a number of the programs that are currently in the pipeline. Such as, for example, the otcd fission C program already, file plan to file an IND. Next year. We're also moving forward, some of the exciting programs that we just struck Partnerships with specifically, Zork and IGG, protease, which addresses another large unmet medical need in gene therapy.

As you know, Kristin up to 30% of patient patients have been exposed to an infection and have pre-existing antibodies, and we're going to move that forward.

Okay. Thanks a now that you have clinical evidence for both the enzymes and Gene therapies. And, you know yesterday, you made it a point that the extensive preclinically work really helped with the design and understanding these results. So, looking ahead into autoimmune. Now, as those candidates near going into the clinic, how have you thought about the synergies from a preclinically standpoint, in order to best design a future clinical study?

What's the greatest probability of success?

Yes. Yeah, that's a great question. And obviously, with now, over 300 patients, tophus with him tour. We have very good safety database, which is always very important that we have seen that yesterday, translates very nicely to gene therapy. And I think will be extremely helpful as well for autoimmune problems as well. We'll provide more guidance about our partnership.

Where are we?

Release some initial data. A couple of weeks ago, where we saw very strong synergies between an aisle to your team. And in tour where we saw a higher percentage of overall T-Rex. When combining those two approaches, will provide more data next year. And I think that would be really transformational for the autoimmune Fields by really enhancing the color. Jenica effects of

him tour.

Thank you.

Our next question will come from Raju Prasad with William. Blair, please go ahead. Thanks again a question. I was hoping you could provide a little bit of clarity on the the assay used to measure neutralizing antibodies here. And when we might anticipate seeing kind of total antibody concentration and IGG levels from the study from the 399. Sorry. Thanks.

Yeah, thanks, Raj. I let the KRT signs officer address that question. Okay.

Hi, good morning. Yeah, so it's pretty standard within the field. Basically, you're measuring the activity of of zero samples to neutralize AV from transducing Seitz, cell line, with respect to the other data. We have

Guided on that that we are planning to release additional data from the study in conjunction with our partner house, file at a upcoming gene therapy meeting.

Great, and then, and then, you know, the dose here was, was in the 10 to the 12 range. Can you maybe just comment a little bit on, you know, how you would think about Doses and like a tennis 13 or even, you know, one time some of the 14th range. Do you think that, you know, the point three dose might be necessary and some larger cats, the doses or do you think that, you know, data point one five with?

Multiple doses could potentially work for any therapeutic range of a v. That's being utilized right now. In clinical trials. Thanks.

Yesterday, we have data in mice, where we use focis off to e-13 of the the aav vector. Our partner Sarepta has those even higher on which we can disclose that data. But in the mouse study, we saw good results as well. We haven't guided, you know, which goes through plan to take into the clinic, but it's in yesterday's data is a is a good indication.

So I which was very important.

A good dose response curve starting at you know .15 make the cakes, you know, very strong ethicacy at point three but also I want to remind you that we actually even tested higher dose of in tour in the face one to study of SEL 212 as well. So there is you know still some elasticity if you really wanted to push the dose. But I think you know, the point one five is a good starting point in our view and death.

Me, you know, the learning from the non-human primates and yesterday.

Great, and maybe we just one last one. You know, I think we got some questions on kind of the The Rebound in neutralizing antibodies, you know, post days, 30. Can you, maybe just address a little bit of that, you know, how from preclinically studies, how you know that three doses will be in? Is it on like half that half life or something like that to kind of enable re dosing and kind of Tamp down antibody levels over the long?

Thanks. Yeah, that's an excellent question. And obviously we saw yesterday. Very good comparability between the data from the north.

Leave, you know, past day 90. There's no more caps, it no more antigen present actually.

My next question will come from Gil. Blum with meat, ham and Company, please go ahead. Good morning. And thanks for taking our questions. So it looks like you guys have quite a lot of strategic collaborations. Is there any particular guidelines as to who you partner was of particularly for your gene therapy side of programs?

Yeah, get lipstick. That's a great. Great question. Yeah, we've been busy. We've struck for Partnerships that we've been highly selective. As you know, we struck a partnership last year with Sarepta SPC them as a leader in neuromuscular disorders, and we're making good progress in that partnership, which is, you know, last quarter received a three million Milestone payments or replaced with that. We're all so excited to be working with Takeda.

Specifically were exclusively life.

Thing in tour, 242 lysosomal storage Disorder. So this is our base diseases and to Kata is clearly a leader in the space, you know, having a couple of er T's and the replacement therapies and reinvesting in their gene therapy business. So we're very excited that they're committed to their long-term player. That's the reason we we partner with them. So that's if you like and select it out license deal of a mentor, but we've also in

license in the gene therapy space and IGG protease from Genova. As which we think is highly differentiated. We really want to use Zork to address patients, with pre-existing immunity, which really expands the patient pool algebra will to, to gene therapy. So you can see we've been fairly selective and we're trying to strike a balance here between selected license in tour in into indications that we don't pursue ourselves, but also licensing acids in

That's The Vig. Proteus from Genova.

Maybe a related question fire. How do you prioritize your own internal pipeline?

That's a great question. Obviously, we're in a strong financial position. And we want to have as many shots on gold. If you look at our pipeline, we have, you know, all the way from late phase late stage stage 3 to about to enter the clinic to more Discovery stage. So, obviously there's different cost associated with that. And so, I think, right now we do have the means and the resources.

To move all those programs forward. But obviously some are more cost intensive and more resource intensive. Once they move into the clinic. But our goal is to take advantage of the cash position and half as many shots and gold as possible.

All right, and maybe a last one on your IGG and let the days, like compound you mentioned that. There's an issue with three dosing of these kind of enzymes. And I know, I think I'm listed as is a commercial product. How much of an issue is this?

Yeah, so it is a big issue. It's a bacterial enzyme. So highly immunogenic, the really to use, and we think it's a great fit for our platform. I'll primary focus is to use the icg protease to pre treat patients with pre-existing antibodies. So, had an actual a B infection to expand the patient pool, but there is, you know, a second application or immune disease.

As you rightly said, there is a commercial product and I could you protease in Europe that is limited to a single goes due to the immunity and I think we have the potential to read those as work and you open up to more indications and specifically. There are a number of ige mediated autoimmune diseases where we can apply sword.

Right now.

That's very helpful. Thank you for taking our questions.

Thank you.

Our next question will come from June's on with btig, please go ahead. Hi. This is Shaun for being Joan. Thank you for taking our questions. So I have a couple questions regarding your MMA program. So first is about the CMC review by the FDA. Okay, give me some more colors because FDA needs more time to review or you kind of foresee FDA my request more data.

And and also on. When do you think you were gave us an update on the clinical design or MMA? I know your face. Once started. We'll explore in March 31st those back, please. So do you think on your face one study you may like included reducing strategies in those patients if needed? Yeah. Thanks for the questions you so we can push we can't provide a lot more color. We don't have more color. We as you can read and reply leans the the FDA.

30-day review, period expired, we're orally communicated by the FDA that they're still considering certain aspects office of mission around CMC and it will get a formal decision by by the end of November. So unfortunately also don't have more more color around. When do we have guidance on the clinical design? Obviously, once we have IMD approval will share the clinical trial design in detail and also some

Endpoints, we're going to look at in the state's one trial.

I'll going. Thank you. I may I ask one more question here. So just some competitive landscape in MMA or just for very few women, real indication the space seem to be quite crowded, just name a few, like the large piles, aav gene therapy and Madonna, has Mr. A program and a few other or Solutions in Trials. So, I mean, it's great for the patient Community but from a business perspective. Just want to know your thoughts on this. Is that because the disease may be like skillet.

The under-diagnosed there may be more patience than estimated or it's just cute good indication for proof of concept. And also do participate, anticipate some like patient enrollment challenge.

Yeah, that's that's good question. We obviously think that we do have a highly differentiated approach here with the potential to be dose. No other approach can offer that. So we think we're quite differentiate from that perspective. It is still it's not an ultra-rare indication. It's a rare indication. So you looking, you know, in the thousands of patients and we've been very strategic about who we work with. So we have a partnership.

With the NIH with Chuck and Didi who is one of the prominent researchers in the field and they maintain the largest patient registry in the US. So we'll have access to those patients. So we've been, you know, mindful around partnering with someone who has access to MMA patients.

How much?

Thank you, sir.

Again, if you have a question, please press star. Then 1 our next question will come from ROM selvaraju with HC. Rent Wainwright, please go ahead. Good morning, from New York. This is Amazon for Ram. Thanks for taking our questions and thanks to the comprehensive update. So three from us, if I may so enzyme replacement therapy in the context of lysosomal storage diseases is kind of like a foundational treatment from your

We were wondering, what are some of the drawbacks of the RT in this context and how are you proposing to replace the existing treatment, paradigms through in tour?

Yeah, I let Peter more detail, but obviously he Ortiz are limited in their use. They're usually highly immunogenic enzymes. And if you look at the overall response rates are not as high, as well as obviously gene therapy or dressing on the line Mona genic, you know, issue pathology, but I left, Peter provided more color here.

Yeah, Carson, I think that you hit the key issue with enzyme replacement therapy. You have to give it repeatedly and they are immunogenic compound. So you develop anti-drug antibodies which then reduces the efficacy of course, adding mtor to e, Artis could potentially improve that. But with our Partnerships.

Take the lead with Takeda. We have taken a different approach, and that is to, to team up with gene therapy because gene therapy will likely reduce the, the long-term nature of the ERT and give you more long-term treatment. And furthermore, if we add in towards that, if it does Wayne an expression we can,

Tension Ali, do repeat. Those thing of the of the gene therapy. Additionally, mtor with the gene therapy, could also prevent antibodies to the express transgene. So, there are a couple of ways that the tent or combined the gene therapy is the approach that were pursuing rather than ERT.

Thanks for the color, shifting onto the partnership with gingko. Are you able to expand on the logistics of bringing him to all together with their Foundry platform? For example, will limit or capability, be installed at The Foundry or will the platform's operate, you know, independently in their current locations.

So they will operate independently and we're really excited about the partnership with Ginkgo, and we're basically using their Foundry to develop novel and next-generation enzymes which we then plan to combine with him. Torso. What's important is that we will have exclusive therapeutic use for those enzymes. So in a sense, it's a, it's a strategic partnership that it's really an inbound deal where we get.

Access to some of their novel enzymes that we plan to combine with him tour to enable re dosing.

Fantastic, and then just finally are you able to reveal specific design capabilities of Kinkos Foundry platform that you think will enhance the sustained efficacy of biologics within tour technology. And you know, in addition if you're able to reveal some initial disease, indications that you're pursuing with gingko, that would be great too. Yeah, so we have to disclose details that we just gave kind of broad brush. We're pursuing

Autoimmune diseases ends with an enzymatic therapy and maybe I'll let K talk a little bit about their technical capabilities. But what really struck me is the quality and the speed, they can identify enzymes and modify enzymes, you know, really, really convinced me that there in quite a unique position in the landscape of protein design. Put engineering companies, but maybe Kate were a little more color.

Yes, yeah, obviously impact in the protein engineering world. I think they're Foundry technology. Really industrialize has protein design and testing. So, I think this cars to mention, we're really excited to be working with them and I think at a future date will be able to provide you more information on.

Partnership.

Okay, excellent. That's all from us. All the best. Thank you.

This concludes our question and answer portion of the call. I will now turn the call back over the selected CEO, Carson broom for any closing, remarks carsten. Yeah. Thank you.

Thank you for attending today's presentation. You may now disconnect.