Q4 2021 Arbutus Biopharma Corp Earnings Call
Yeah.
Good day and thank you for standing by welcome to the Arbutus Biopharma Corporation fourth quarter and year end 2021 financial results and corporate update call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question during the session you need depressed.
Star one on your telephone please be advised that today's conference is being recorded.
Now I'd like to hand, the conference over to your Speaker today, Lisa kept Ferrelli Vice President of Investor Relations. Please go ahead.
Thank you Catherine.
To everyone and thank you for joining our beautiful <unk> fourth quarter and year end financial and business update call. Joining me today from the are viewed as executive team are Bill Collier, President and Chief Executive Officer, David Hastings, Chief Financial Officer, Dr. Gustavo P T O Chief Development Officer.
And Dr. Mike Sofia, Chief Scientific Officer.
Bill will begin with a review of recent accomplishments and clinical development, followed by Dave Hastings, who will provide a review of the company's fourth quarter and year end financial results.
After opening remarks, we will open the call up for Q&A.
On P T L and Mike Sofia will be available to address clinical and scientific related question.
Before we begin we'd like to remind you that some of the statements made during the call. Today are forward looking statements, which are subject to a number of risks and uncertainties that may cause our actual results to differ materially including those described in our annual report on 10-K being filed later today.
With that I'll turn the call over to Bill Bill.
Thank you Lisa and good morning, everyone. Thank you for joining US we appreciate your interest and your support of Arbutus Biopharma.
Morning, we issued our fourth quarter and year end financial and business update press release, which provides updates on our clinical and preclinical programs directed at finding a functional cure for patients with hepatitis b and the treatment for coronavirus infections, including saw kv too.
If I had to sum up.
Pasture, and one would it would be trends formative.
And I'll explain why in 2021, the abuses team did a fantastic job of advancing all proprietary early research compounds into Oi and DNA studies.
Specifically, our oral RNA destabilizer, we now refer to as a b 161.
And also all oral PDL, one inhibitor, which we're calling a b one O one.
The potential addition of the PD L. One inhibitor a b one O one in a proprietary combination with al RNA therapeutics seven to nine.
Our capsid inhibitor 836 would allow us to explore all three pronged strategy to provide a functional cure.
Sonic HBV infection.
As you know this three pronged approach consists of suppressing surface antigen, reducing HBV DNA and boosting the immune system.
Now the potential role for the RNA destabilize that 161, and our approach is the opportunity to provide a proprietary oral treatment regimen for HBV.
We're excited about this progress and look forward to completing the IND, enabling studies for both of these compounds in the second half of this year.
Now in addition, we secured both strategic and clinical partnerships that in line with our strategic initiatives allowed US festival to initiate multiple combination clinical trials to evaluate seven to nine.
Cornerstone therapy with other compounds.
In patients with HPV.
Secondly, we expanded the geographic reach of seven to nine to China to address the largest HBV patient population.
Thirdly.
We've been able to broaden our pipeline to include development programs against Corona virus infections.
And I'd like to elaborate on the strategic accomplishments, starting with our combination trials with our lead HBV compounds seven to nine.
With the compelling safety and efficacy data from our phase one a one b clinical trial in 2021, we moved seven to nine into three phase two clinical trials to evaluate seven to nine as a cornerstone therapy in combination with one or more.
<unk> investigational compounds.
As enrollment continues or is near completion in these trials.
Data is expected in the second half of this year from a clinical trial evaluating seven to nine and nucleotide analog and interferon.
As well as data from our partner trial evaluating seventy-nine with Assembly's core inhibitor.
Now with respect to our partner program with and TLC is liver targeted nuc as.
As we mentioned in our press release today enrollment is complete in this cohort.
However, the majority of patients were enrolled in Ukraine, which obviously is currently in a state of war and.
And these patients may be lost to follow up before completing the study.
Therefore, arbutus and onto your May report limited data on a reduced number of patients from this clinical trial.
Also as a reminder, we do have a full phase two a combination trial that we expect to initiate in the first half of this year to evaluate 729 combined with V. T. P 300, that's the bank's detect therapeutic vaccine and a nuc.
Well our goal is to utilize the learnings from all of these trials to provide insights with the potential to derisk. The use of our proprietary compounds in combination with some two nine to develop a functional cure for HBV.
As well as to support our go forward clinical and regulatory strategy for phase two B development.
Now, let's move on to expanding the geographic reach of a B 729 at the end of last year, we executed an important strategic partnership with Chile pharmaceutical one of the leading pharmaceutical companies in China.
For us to reach the largest HBV patient population in need of a functional cure for chronic HBV infection.
It was a central to find a strategic partner with significant experience in developing manufacturing and commercializing products in mainland, China, Hong Kong, Macau and Taiwan.
As part of our discussions Chyulu conducted extensive diligence before completion of the agreement.
Based on their belief in the potential of seven to nine to be a safe and effective treatment option for HBV, Chile paid us $40 million upfront.
Made a $15 million equity investment in Arbutus.
Along with potential additional payments of up to 245 million consisting of certain development regulatory and sales milestones.
Finally, as part of this transaction were also entitled to receive double digit tiered royalties up to the low 20% on annual net sales of 729 in the territories.
This is one of the largest early clinical deals conducted with a Chinese company.
As important this partnership also allows us and Chile to maximize the potential clinical value.
700, <unk> can bring to the millions of underserved patients in China.
As we collaborate with Chile on our clinical development strategy for seven to nine in China, We plan to provide updates on our progress.
Now finding a functional cure for patients with H B B remains a key initiative for our beautiful.
But we also recognize the urgent need to identify new antivirals small molecules to treat COVID-19, and future coronavirus outbreaks.
We've expanded our pipeline to include preclinical programs targeting Corona viruses.
We're focusing our research efforts on two central targets critical for replication across all Corona viruses.
Those being the N S P five protease.
N S P 12 telomerase.
In December through a partnership with ex Cameron for terrorists bias structures, we identified unique and differentiated Pan Corona virus assets, then that inhibits the solid Kobe two N S. P. Five main protease or improve.
Which is a validated target for the treatment of COVID-19, and potential future coronavirus outbreaks.
We recognize the importance of rapidly developing oral small molecules.
In addition to vaccines to address this pandemic as it transitioned to an endemic phase.
To that end, we intend to advance and improve clinical candidate into IND, enabling studies this year.
We are also continuing lead up to make <unk> lead optimization activities for an N. S. P 12 viral polymerase Canada.
Now aside from our progress in our research efforts and partnerships to achieve our strategic initiatives. In 2021, we continue to build convincing safety and efficacy data with a b seven to nine and a b 836.
Both of these compounds are undergoing rigorous evaluation at various dose levels and dosing intervals and cohorts of patients with various baseline characteristics.
This comprehensive body of evidence that we're building gives us the confidence that the dose and dosing interval, we intend to advance into later stage clinical trials.
We will be best suited to be safe and effective.
This year, we anticipate reporting key data for a b seven to nine that will include new one treatment data on multiple cohorts of patients included in the phase one a one big clinical trial.
As well as long term follow up data for patients who completed treatment and.
We have discontinued a b seven to nine and nuc therapy.
We also expect to report additional a P 836 data from part three of the phase one a one big clinical trial.
That will inform potential future clinical trial development.
I'm proud of the enormous progress the Arbutus team has made this last year to position the company for multiple key clinical milestones and.
Significant growth in 2022, and I look forward to keeping all of our shareholders informed of our progress on planned continued success.
Now lastly, as you saw in our press release on Monday.
Along with Jennifer <unk> Sciences, we filed a lawsuit in the United States District Court for the district of Delaware against Madonna and an affiliate of Medina seeking damages for infringement of certain U S patents and the manufacture and sale of mrna 1273, that's Madonna's vaccine for Covid.
19.
So the patents relate to nucleic acid lipid policy, Kohl's and lipid vested coles as well as compositions of matter, that's what led us.
As you May recall in December 2021, the United States Court of Appeals for the Federal Circuit rejected medallion has appeal of a prior decision of the U S patent trial and Appeals Board holding all claims of the associates 069 pattern to be patentable and.
Mist, Madonna's appeal challenging a similar finding a patent ability with respect to certain claims of the asserted full three five patent.
Madonna had initiated into Palletize review IPR challenges against these patents in 2019 and 2019.
Now I'll beaches, and all license he gentiva do not seek an injunction or otherwise seek to impede the sale manufacturing or distribution of mrna 1273.
We do seek fair compensation for the full modern as use of our patented technology.
It was developed with great effort and at Great expense without which Madame as COVID-19 vaccine would not have been successful.
Now I do recognize that this litigation is of great interest to Austria holders and many of you will have questions.
We believe that the law suit, we have filed is the appropriate way to resolve all claims.
I ask that you'd be patient with us as we will not be able to provide any additional commentary on all allegations or our litigation strategy.
Right from what is in the publicly filed complaints.
Other than to say, we intend to pursue all appropriate avenues to defend our intellectual property rights.
With that I'll now turn the call over to Dave Hastings for a brief financial update.
Thanks, Bill and good morning, everybody.
I had mentioned in the past our key financial metric is cash and financial runway.
Our cash cash equivalents and investments was approximately $191 million.
As of December 31, 2021.
As compared to approximately $123 million as of December 31, 2020.
The ending cash cash equivalents and investments balance as of December 31, 2021.
It does not include the $40 million upfront payment.
That $15 million equity investment received in January 2022 from.
From Chi loop pharmaceutical as part of the exclusive licensing agreement and strategic partnership.
To develop and commercialize <unk> 79 in China.
Our cash used from operations for the year ended December 31, 2021 .
Was $67 5 million.
Which was offset by approximately $135 million and the net proceeds from the issue.
A common shares under our <unk> ATM program.
For 2022 we expect our aggregate cash use.
<unk> from $90 million to $95 million.
And therefore, we expect our current cash runway to be sufficient to fund operations into the second quarter of 2024.
I would like to now discuss our relationship with John event, especially as it relates to the modern a patent infringement lawsuit that was filed on Monday.
Back in 2018, along with <unk> Sciences, we launched John event.
As a company the focus on RNA based therapeutics.
We licensed agenda event rights to our LNP technology for Orange.
Based applications outside of HBV.
And we currently have a 16% equity interest in Genesis.
Now under this license agreement.
Chinanet received proceeds from an action firms fragrant by any third parties of <unk> intellectual property license agenda that.
We would be entitled to receive after deduction of litigation costs.
Either 20% of the proceeds received by June event or.
With less tiered low single digit royalties on net sales of infringing product.
Inclusive of the proceeds from litigation or settlement.
Which in that case would be treated as net sales.
So with that and in closing we have established a strong financial foundation to advance the Companys mission to develop a functional cure for HBV.
And a treatment for COVID-19.
And potential future Corona virus outbreaks.
Ill.
Alright, thanks, very much Dave and operator, why don't we open up the lines now for Q&A.
Thank him as a reminder, task a question you'll meant to press star one on your telephone to withdraw your question press the pound key.
First question comes from Roy Buchanan with JMP Securities. Your line is open.
Hey, great. Thanks for taking the questions I appreciate the details on the litigation stuff first question on <unk>.
836 anything you can say about what to expect from the the data later this half you've shown good reductions in viral DNA at 100 milligrams already.
Any early thoughts about how that program might take shape in the second half and then looking at the slides just.
Just to verify cohorts I NJ have not started correct.
It's a gas stones on the call. This morning gasoline do you want to take that question.
Sure.
Alright, So let me start with the.
Last part of your question I N J have not started yet.
The right now we have.
We are conducting the three first cohorts of 50, the one hundreds and the 200 milligram cohorts.
And the data will be reported in the first half of this year.
Once we have the date that they will decide on next steps.
We have already some plans in mind, but we need to see the final data before making those final.
Okay, Great and then you guys had a case of rash in L. T elevation earlier I'm not sure. If you can say, but any additional observations of either of those events.
We cannot comment on that I think debate that will be reported.
The time, when it's reported in the first half of the year.
Okay, Great just thought I'd try.
And then what's the what's gating for starting the phase Iia with the V.
T. P 300, and then you mentioned in the slides starting a phase II b assuming positive results.
Do you think that would be a larger triple combo trial or do you think you might be able to work and then additional core inhibitor or some other agents have a quadruple combinations.
So the <unk> 300.
Already approved in some of the countries, where we are going to be executing the study. So it's just a question of.
Activation of clinical sites and so forth so it will.
Hopefully, we'll be starting very soon I think we indicated in the first half, but already has been finding a number of countries and we just got some approvals.
Secondly in terms of the phase II B study, yes. So.
We.
Obviously from a three six.
Make those final decisions as to whether <unk> hundred six.
<unk> will be part of the mix, where a larger phase <unk> study. We also want to see some of our preliminary data.
Combination with interferon as well and also we want to see other data that's emerging in the field now for example, checkpoint inhibition, so theres a number of them.
Pieces of data that we're looking forward to see in the in the course of this year that will help us shape, our final phase to be throughout the week, we cannot really defined what that will be at this point in time.
Okay, Great and then one just.
Check the box for Dave and then I'll jump back into the queue. They then that cash burn.
95. This year just wanted to double check does that include.
Both components of that she loop payments in January thanks.
Well yeah no. So so so that the cash burn is it's a net cash burn the only thing that really reduces that is the on petro with all of them would be royalties right and.
In terms of revenue recognition for that she Lou agreement.
$40 million was received in January so the county really starts in Q1.
We would expect to defer that revenue recognition over a period of time as we transfer the technology to manufacture a 79, but she lou and that might take a couple of years.
Okay. Thank you.
Thank you. Our next question comes from Dennis thing with Jefferies. Your line is open.
Hi, good morning, and thanks for taking the question two for me if I may.
First question is on your hepatitis B can you just.
Talk about what you'd like to see from the various triple combo studies reading out in the second half and what do you want to see to give you confidence that there'll be a higher probability of success for functional cure, which which I would think is coming in 2023 2024.
And then my second question is around your protease inhibitor, you know I don't really think.
People are really appreciating that you guys have this asset. So can you just comment on when that will go into the clinic and can you just talk about your ideal drug.
Profile there specifically.
How has preclinical studies panned out in terms of potency and Youre protected human PK. Thank you very much.
Thank you Dennis guests don't do you want to take the first one and then we will have Mike Sofia talk about the Proteus.
Yeah sure can you repeat because.
You were breaking up a little bit when you were asking the HBV part of the question.
The question, Yes, yes, yes sure.
Can you just talk about the data that's coming in the second half for your Triple combo studies, and where you'd like to see that to give you more confidence that there'll be a higher probability of success for functional cure.
Sure. So so when it comes to the specifically when it comes to for example, the interferon study, where we would like to see hopefully is a deeper S antigen decline and hopefully.
Some of the participants in the study getting to one detectable levels on treatment.
Something that you know.
As we've reported we have not seen with seven to nine on a nuke and pretty much nobody has seen within this iron man.
So the addition of interferon we believe it's going to contribute to a deeper maybe faster.
This antigen suppression.
Obviously, then that's when it comes to that particular study with additional of interferon then.
We have another interest in.
Piece of data, that's coming out which is what happens after stopping nuc therapy in patients with <unk> being on seventh of mindful as a milk for 48 weeks when they stopped 7% to nine for an additional six months and now they are eventually stop in the notes there I think we would like to see two things one is whether the.
S antigen either.
As sustainable.
Reviews.
The lower levels.
We are required to be able to stop the nook, which is below a 100 per ml and secondly, we would like to see what happens to HBV DNA, whether HBV DNA.
Let's see.
A relapse like pretty much everyone sees us as something new or is HBV DNA hold back as a result of the addition of 87 to nine.
Which also.
Could lead to a different.
Concept not necessarily functionally cure would just complete loss of S antigen, but could lead to one.
Sustained biological response, which is the HBV DNA does not come back after stopping all therapies, which potentially could be beneficial for patients as well.
Okay question on the <unk> inhibitor.
Yeah, Hi, this is Mike Sofia, so so to answer a couple of your comments.
Look.
As far as our profile for the molecule. We are certainly clearly aware of the developments in the field and so you know our molecule. We're trying we're definitely trying to target.
Have a profile that differentiates it from what else is out there for example, I could say that we want a molecule that we don't need retitled here boosting like Pax limited requires we'd be well, we've got a disadvantage for general pension population, we clearly want an oral once a day dosing regimen to be.
To be competitive in the space.
And clearly a molecule with.
With very competitive if not exceptional potency overhaul.
So I think those are the general characteristics that we're looking for now as far as the you know where we are you know we have we're in sort of lead optimization here, we expect fully expect to nominate a compound.
The second quarter of the shear.
The latter part of the second quarter of this year and then obviously rapidly.
Move into R&D, enabling studies and move as quickly as possible to get that molecule into the clinic.
So that's sort of a general overall profile and plan that we have realizing that there is a sense of urgency for Austin our program, but also for patients.
And.
<unk> to identify ways to accelerate the R&D, enabling studies aspects of this program.
Thank you that's helpful.
Thank you. Our next question comes from Ed Arce with H C. Wain Wainwright Your line is open.
Hi, everyone. Thanks for taking my questions.
Congrats on a very productive year.
First question is on.
<unk> hundred six as I'm looking across the many data readouts that you plan to have this coming this year.
It would appear this is the only one in the first half.
Part three.
You mentioned earlier cohorts I NJ have not.
Started yet.
So just wondering.
The additional.
Data.
Could you give us a little more detail on what you expect anymore.
Either additional data from our previously enrolled cohorts.
Or the initial take from cohorts iron Jay.
So hi, Ed.
On here so.
I mean, as we said I mean, the data will be reported in the first in the first half so really I can't comment on any additional risk.
Salt from those that were reported in December of 2021 on the 100 milligram. The preliminary data on the 100 milligram cohort, which looks very promising the $3 one law.
Drop in HBV DNA in places 86.
Among the most competitive.
Inhibitors of <unk>.
With a very good safety profile so.
I think we have to wait until we'll report.
That is the of the data for that 50 to 102 hundred.
If.
As I mentioned, we haven't started day, but if we have any particular data I am by the time, we are ready to report.
That is what but that depends on recruitment speed.
I think given what we've seen.
So far.
Now with it.
I think it's fair to say that we are very confident that <unk> hundred six is going to emerge as a.
Brooklyn, Capsid inhibitor and again I mean.
The rate what I said before we need to see that data and analyze it critically by the weather.
<unk> hundred six.
Move forward.
In combination with a seven to nine another agents given what we've seen so far.
I think I would lean to say yes.
But I think we have to see the totality of the data, we're making a final decision, but given what we've seen so far based on the $3. One lakh VK in HBV DNA looks like a very strong concerns around that can contribute significantly to our combination regimen.
Right.
Okay.
And then turning to seven to nine.
Because you mentioned three three readouts.
It looks like all in the second half with Peg interferon.
That'd be good.
The corvair.
Aspen compound all combination trials.
Yeah.
Maybe.
You could give us a little more clarity on sort of the order of these if it's possible.
<unk>, which is first it would appear perhaps that aspen.
Aspen trial.
<unk>.
Completed perhaps that ones first and then I have a follow up.
Yeah. So let me just.
The comment on the low end of it against them as well so as we mentioned this morning, the the study with N T S.
That's the the one study you know in our lineup with the majority of the patients were.
Richard in Ukraine.
And although you know that was a study that I think was close to completion.
We're just really not sure right now we can follow up those patients.
And Ah inefficient or typical manner.
So that's why we have.
<unk> tweaked our guidance today.
And just indicated that for that study.
We may be able to report some limited data on a on a fewer number of patients, but that's that's one study with lately. The Ukraine situation has had an impact now.
Now our other studies I should point out.
<unk> got a fairly well distributed set of sites in different areas.
And that's why we're maintaining all got on the interference study and the assembly applicable study.
Just wanted to kind of cover that off and then hand over to Gaston.
So I think as we indicated the.
Three studies and collaborations I think will be reported in the second half when it comes to the eight 7% to nine days.
And I think will expand both the the first half of the second half.
As everyone knows I mean, obviously there is there is a need.
Gordon Lieber.
Labour meeting.
But it still is within the first half so.
That's always a good opportunity to present our data.
Scientific Forum.
And.
Yes.
Oh.
And then the second half always either board meeting, where they could be presented.
We would prefer.
Oh to share that data with assigned to it.
To get scrutinized.
More scientific way.
So those are the two options that we have.
The seven to nine day does tend to be more.
Distributed along the year then.
Right.
Okay. That's helpful.
Your audio was cutting in and out a little bit, but I think I got the gist of what you were saying.
Couple more quick follow ups, if I may just on the data Readouts are wanted to get your take if possible.
And this is either for Mike or Stan.
On the efficacy Readouts from these combo trials, obviously looking at.
Right.
B.
S antigen declines.
And looking at certain things like.
The proportion that is below lower limit of quantification.
Or the HBV DNA or RNA that is not detectable just wondering as you collect that data and analyze it from these trials later this year are there in your mind any sort of.
Minimum proportion of patients or any sort of specific thresholds that you're looking for.
Just be helpful.
No no I'll start.
We don't have a pre defined.
Chris skull.
A portion of patients that need them.
There are certain criteria like at least I'll just say this.
All right.
The first half of patients have undetectable HBV RNA.
We will just.
Look at the data.
Its value as it comes in that we will determine what those portfolios are but we don't have any any predefined when it comes to S. Antigen, obviously aspira.
Aspirational.
You can see as many patients as opposed to losing.
It sounded Jim either brickman or after.
Treatment is continued.
But.
Hi.
Pretzels proportion of patients.
Okay fair enough.
And one just one quick last question.
Around the use of the ATM is this something that the company intends to continue as it did.
Pretty extensively last year.
Yeah, I think we.
Obviously as a life science company and have to use all the tools in the toolbox to ensure that the company is appropriately capitalize and while we don't play out specific plans that certainly.
One element of it.
Of our ability to fund the company.
Let's leave it at that.
Great.
Thanks, so much for answering my questions.
Thank you Ed.
Thank you. Our next question comes from Brian <unk> with Baird. Your line is open.
Hey, good morning, everyone. Thanks for taking my question, Mike I was hoping you could give us a little bit of a background on the discovery process of a b one O. One I know developing small molecules to disrupt protein protein interactions has been tougher when successful has been pretty successful so.
Can you kind of walk us through how one O one interacts with PDL, one and sort of is it a PD one memetic and maybe you could give us details on what the molecular weight is and how have you shown any data on oral bioavailability from the preclinical work so far.
Yes.
Yeah sure sure we did present, a little bit of data at Hep Dart arc 2021 so so Duke we.
The molecule the molecules are in the slightly larger molecular weight range. Okay.
I would say around 700 or so however.
We've had good oral bioavailability for these agents now.
The process that we've gone through.
There had been some historical.
Data published on some small molecules that bind to two PD L. One that we sort of jumped off one.
And sort of introduce some very novel.
Aspects to it ourselves and then began to investigate how these molecules work.
And the way these molecule work is not like a typical antibody, which basically binds a blocks.
What they do they bind to a specific site on PD L. One.
Cause dimerization of PDL ones on the surface of the cell.
This results in an internalization of the protein and ultimate degradation of that protein.
So this happens actually really quite quickly.
And and so you then sort of have a have a no.
The significant depletion of PD L ones when the cell surface.
This then translates clearly into a very similar phenotype that you would see.
And in an antibody in fact, we showed that that these PD L. One small molecules are due resolved in immune reactivation in HBV specific T cells.
By looking at interferon gamma interferon increases we see in fact and in vivo animal model given an oral once a day dose of this agent and this isn't a M. C 38 tumor model.
That we see reductions in tumor size that are comparable to use of antibodies. So that will be using a teaser loser mab as the comparator. So so these molecules do work by different mechanism, but ultimately provide the same.
Biological outcome that one sees we're using an antibody.
So you know the process that we've gone through as clearly to identify molecules that bind to the receptor.
That had dysfunctional effect of internalization and then then obviously doing typical PK assessments that to optimize the PK profile that we're interested in.
And then evaluate them in an in vivo model to see if that translates to in vivo efficacy and obviously move forward from there.
I hope that answers your question.
Yes, Thank you very much Mike.
Thank you and we have a follow up from Roy Buchanan with JMP Securities.
Hey, Thanks for taking the follow up just a really quick on the seven to nine.
Phase one you mentioned that patients coming off of seven to nine and the new just wondering if you could give us a sense.
So the data that we'll see how long they'll be off the nuc maybe thanks.
Kessel.
Yeah.
It's difficult to say.
Let me just point out the following.
In that in that study that we've amended you'll give the option to investigators and participants.
They obviously stop seven to nine then they being a 7% to nine for six months.
At that point after being up seven to nine they have the option to.
To discontinue the milk and again this is not.
It's a mandated by the protocol this was an option.
The investigators and the patients have basal certain criteria, we have not disclosed.
The.
The moment that they choose to do that.
They are being follow up obviously very carefully.
Two.
For safety reasons, and also to monitor whether its Amazon continues to decline goes back up or HBV, DNA and other biomarkers <unk> HBV RNA and so forth.
The duration.
After that of that follow up is going to be very variable because some patients.
Chosen to stop a while ago others are doing that as we speak so it's going to be a wide range of follow ups I cannot really pinpoint what the exact follow up time will be by the time, we do the data cut two 2% of that data.
Okay. Thank you.
Thank you and I'm showing no further questions in the queue I'd like to turn the call back to management for any closing remarks.
Oh, Thank you very much indeed, and thanks, everyone for joining us this morning and for your questions and we look forward to keeping you up.
Dated as we move forward with many of the clinical milestones we've mentioned today, including the announcement of additional data from our combination trials evaluating seven to nine the.
Cornerstone therapy, and also while phase one a one b clinical trials with seven to nine and 836, so with that thank you all again and operator that concludes our call.
This concludes today's conference call. Thank you for participating you may now disconnect.
Yes.
Great.
Sure.
Yeah.
Okay.
Uh huh.
Right.
Yeah.
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