Q1 2022 Dyadic International Inc Earnings Call
[music].
Good evening and welcome to IDEXX International first quarter difficult 2022 financial results Conference call. Currently all participants are in listen only mode. Following management's prepared remarks, there will be a brief question and answer session. As a reminder, this conference call is being recorded today may 12.
2022 I would now like to turn the conference over to MS painter, often die next Chief Financial Officer. Please go ahead.
Thank you good evening and welcome everyone should either think National's first quarter 2022 conference call.
I Hope you have had the chance to review Biotics press release announcing financial results for the quarter ended March 31st 2022, and the recent company highlights.
You may access our release and Form 10-Q, and our investors section of the company's website at <unk> Dot com.
On today's call are president and CEO Mark M. A bar will be bought review of our first quarter business and corporate highlights.
Clothing, a brief summary of our research and business development efforts.
Our Chief business Officer, Joe Hazelton, well don't Mark for the business update I will follow with a review of our financial results in more detail.
We'll then hold a brief Q&A session.
Senior management team will join for the Q&A session.
At this time I would like to inform you that certain commentary made in this conference call maybe considered forward looking statements, which involve risks and uncertainties and other factors that could cause <unk> actual results performance scientific or otherwise.
Our achievements to be materially different from those expressed or implied by these forward looking statements.
<unk> expressly disclaims any duty to provide updates to its forward looking statements, whether as a result of new information future events or otherwise.
The polls are directed to the risk factors set forth in that its reports filed with the SEC.
It is now my pleasure to pass the call to our CEO Mark <unk> Mark.
Thank you Ping.
Hello, everyone and thank you once again for joining dyadic her purse a big call of the new fiscal year.
2022 will be important for the development of Diana and our technologies.
The foundation of dyadic as our science and advancement of that kinds of yield a broad spectrum of business segments. We can apply our technology and experience to create revenue profits and long term shareholder value.
That value will be realized to the ability of Diana to help our customers develop more robust and efficient bio manufacturing processes.
Dyadic remains laser focused on our core life science business, where.
Well, we are starting with infectious diseases.
We continually to globally leverage the adoption of our C. One protein production platform tell the speed of development and lower the cost of vaccines and antibodies.
In our efforts to enhance our capability to drive shareholder value. We are also pursuing potential applications for our technologies and adjacent markets, where we have a competitive differentiation.
This effort has demonstrated by yesterday's announcement of our new collaboration agreement with a global food ingredients company.
On the manufacturer of animal free protein products.
Over the past five years, we have successfully engineered human cell to where they are now being used to develop potential vaccines and treatments for growing a growing number of diseases to advance our life Sciences applications.
The adoption of <unk> in infectious disease is growing.
Eric has multiple global research projects, which continue to generate positive preclinical and animal data in several b, one produce antigen and antibody her house of infectious diseases, including influenza rabies Sars Covid, two zika and others.
The primary objective of these projects is to validate the applications. He won is a differentiator bio manufacturing platform for developing and producing vaccines antibodies and other therapeutics more rapidly at higher yields and lower costs for the prevention and treatment of infectious.
In other diseases, such as oncology arthritis arthritis and diabetes.
Earlier this week, we announced successful toxicology data published in toxicology, Pantology, which demonstrate excellent safety profile and last thing Immunogenic response.
Diana D. One Hawaii 100, recombinant protein receptor binding domain, our BD COVID-19 vaccine candidate.
Since the beginning since the beginning of this year three manuscripts have been published in leading peer reviewed scientific journals.
It's included scientist and author's Honey, you, Israel and the United States piece.
These publications support at the scientific community is also recognizing the important role our C. One protein production platform, maybe play in preventing and treating animal and human diseases.
In furthering the validation efforts for our <unk> platform, we intend to file our first in human clinical trial application Cta with the South African health products regulatory authority Safra to support the clinical safety of C. One produced proteins, including our D Y 100 go over now.
<unk> vaccine candidate.
Now I'll turn the call over to our Chief business Officer, Joe Hazelton to provide a brief update on the progress of our phase one program.
Thank you Mark I'm pleased with the progress achieved this quarter in the phase one clinical program for <unk> 100, COVID-19 vaccine candidates.
Cgmp production and the fill and finish activities of <unk> 100 has been completed this allows us to prepare the final documentation for the regulatory submission of the Cta, which we're targeting for late June .
Pending a favorable regulatory review, we anticipate first dosing of patients in the fall of this year.
We are hopeful for a successful outcome to the phase one trials for D Y E 100 in terms of bringing another weapon closer to approval in the battle against COVID-19, while also demonstrating first in human safety for our C. One C GMP manufactured product as well.
Any new technology for human use safety is the first hurdle to commercialization.
The demonstration of safety in humans for a C. One produce therapeutic will accelerate <unk> business development efforts in vaccines, obviously, but also other therapeutic proteins as the results are the platform validation that increases value for our partners and reduces their developmental risk analysis and now I'll turn the discussion back.
To your market.
Thanks, Joe to expand on Joe's point regarding business development and our vaccine segment last month, we announced epogen biotech statics nonexclusive licensee.
Funding from the Indian government to further the development manufacturing conduct phase one and two clinical trials of their COVID-19 vaccine candidate produced from the C. One cells.
In South Africa, our collaboration with Aruba Consortium is intended to develop end to end solutions for vaccine discovery development and manufacturer for the African market.
Tech transfer of the C. One protein production platform is advancing on target and has been substantially completed and rubik has already begun engineering and growing C ones health.
Dyadic was the recipient of one of 32 project grants ordered by nimble the National Institute for manufacturing of Biologics funded to the White House is American rescue plan.
Under the nimble grant dyadic well received and has already started to receive up to $690000 in funding to engineer. Our C. One protein production platform to produce two different antibodies, one being a COVID-19 antibody.
We have successfully completed the expression phase or the first phase of the project and are currently moving into a second phase to further increase productivity.
Dyadic NRC one protein platform is gaining exposure credibility interaction globally within the animal and human biopharmaceutical industry.
In addition to our anticipated phase one human clinical trial with our D Y AI 100, COVID-19 vaccine candidate.
Further efforts are starting to pay off resulting in several global preclinical and animal trials for vaccines and therapeutic proteins.
Note is it C. One produce COVID-19, monoclonal antibody, which has demonstrated broad neutralization of protection against Omicron P. A one and b, a two and other variance of concern paced.
Based on recent hamster trial conducted by one of our European collaborators.
Since 2016, we have been focusing our research and development efforts to reengineer, our industrially proven C. One protein production platform for used in biopharmaceutical manufacturing and we are now able to generate sealants airlines. They can rapidly produce stable proteins with desirable properties that can be manufactured.
Efficiently and affordably with a potential to be used to prevent and treat animal and human diseases.
On the industrial scale manufacturing perspective, our filamentous fungal human cell continue to show the potential for raising the bar on production output yield and cost and much less time in mammalian cell lines.
We continue to demonstrate that our C. One protein production platform can serve as an accelerator to drug and vaccine development and commercialization by shortening the timeline from preclinical to phase one trials.
Creating productivity and improving cost efficiencies.
The expected first in human safety data for C. One produced product is expected to provide further validation of the Siem one platform, which will enable dyadic to usher in a new era of lower manufacturing costs and technological achievement into the drug and vaccine manufacturing industry as well.
All of that bolster our existing human and animal health biopharmaceutical partnerships, which our next highlight.
Our major near term accomplishment include proceeding with the first steps in a kind of a collaboration with Janssen biotech J&J and leveraging their financial and other resources to develop C. One cell lines to produce targeted therapeutic protein candidates.
While still in the early stages, we can say that the progress in our relationship with J&J is ongoing and on time and we look forward to advancing our <unk> platform. According to meet janssens needs.
Similar to Janssen and human health Phibro is a significant industry player in the animal health space.
And our ongoing animal health collaborations with phibro, we're working to produce specified targeted antigen for development and commercialization of our poultry vaccine.
Each of these deals begin to highlight the attention and traction we're gunning for further advancing the validation.
And value of the <unk> protein expression platform.
With Joe Hazelton onboard as our Chief business Officer, we're now able to expand and accelerate new business development opportunities to speed the adoption and use of our technology across the life Sciences and other emerging areas, where we can offer potential differentiating advantages over other technology platforms to our.
Partners.
Again ask Joe to say, a few words regarding our business development strategy.
Mark having spent my entire career in pharmaceutical development and commercialization I'm honestly amazed at the relatively brief period of time over which dyadic has built its biopharmaceutical value proposition of accelerated and adaptable development higher yields and cost efficient bio manufacturing.
We have the potential to help our human and animal health partners develop vaccines and therapeutics faster rapidly adapt to market events and improve the efficiency of their portfolio capabilities in terms of yield and cost.
In addition to the further validation of the C. One platform were currently undertaking an internal management project to further refine our corporate strategy business development targets licensing and other monetization opportunities within our core verticals.
This will enable us to better focus our efforts and resources on both internal and external business development and licensing opportunities with the highest potential to drive value for dyadic, our partners and our shareholders.
An example of this revised strategy is our intent to run process for a bio better candidate and Avila Mab Bristol Myers 8 billion dollar oncology drug Opdivo November babble of static strategic monoclonal antibody product target as the model protein for manufacturing proteins with human glad constellation from sea.
<unk> sells.
Through our developmental efforts for Nobel about we've established the foundation of the potential for developing and manufacturing molecule and other antibodies with mammalian like constellation.
With no bill a mab, we've demonstrated and optimize our ability to create stable human like and functional bio betters, our new bio therapeutics with improved yields and cost efficiencies from our C. One protein production platform.
The preliminary data we've obtained so far supports further clinical development of <unk>, which we anticipate by running a process that may lead into a phase one human trial together with a partner.
As we complete our internal management review, you'll hear more about our refocused corporate strategy and associated reorganization plans in the second half of this year Mark I turn the floor back to you.
And as Joe alluded to in a five short years of developing C. One for the life Sciences, we can say that through leveraging learnings of the prior use cases for C. One in commercial scale industrial manufacturing. So you want as much further along in its lifecycle development for life Sciences, and where industrial Cho cell cell lines.
Development was within the same timeframe.
Just on the continued advances in our science and a corresponding data. We believe that there is significantly more room to optimize the siem one platform.
As seen in 2021 our results to date have really stood out as we have been highly effective in gaining industry adoption to further develop the platform for human and animal health with organizations not just in the U S but worldwide we've.
We've also focused our efforts in messaging around our core verticals and response to outside inquiries to.
To further refine and refocus our resources and efforts Joe shared the internal reorganization planning underway, which we expect will.
N a streamlined strategic approach improve values, who enhanced efforts in business development licensing and corporate organization.
At the same time as a result of the increase in adoption of <unk>, we are evaluating new opportunities aligned with our verticals in targeted markets of high potential return.
We announced earlier in the week the initiation of a partnership to develop C. One for used in industrial food manufacturing was one of the largest dairy product manufacturers in the world.
This is with the aim to exploit T. One for the manufacturing of animal free products.
These opportunities underscore the diverse nature of our platform technologies and the potential benefits and commercial opportunities that we look to exploit to 2022 fiscal year and beyond.
I want to summarize the opportunity before dyadic and our shareholders, but we have now is an elegant.
Find solution, which is simple to deploy and a protein expression system that is highly scalable and can be used for manufacturing across many use cases in the drug and vaccine space.
Which we have only just started to scratch the surface to date.
We believe that our Cmos protein platform truly possesses the potential to transform the scalability and speed.
<unk> seen in drugs can be produced in human and animal health and larger quantities more affordably piece.
These global partnering programs and the other is not mentioned on today's call exemplify the partnering successes that we've achieved is a small industry disruptor.
The R&D spend the last few years has paid off and we're now exploring commercial avenues for the use of <unk>.
The demand and interest that we are beginning to see is a culmination of our investment in science I.
I also wanted to take the opportunity to highlight the core vision that has driven us to undertake the challenge of transforming bio manufacturing.
I truly believe the diet can help address the function of a breakdown in flight failure, and a global vaccine and biologic supply and distribution chain that is evident in health care and equity as seen across the globe and even here in the U S.
The COVID-19 pandemic highlighted the in equity and vulnerability of developed and emerging nations alike. This is still a significant global need for a viable solution to address COVID-19, as it evolved to an endemic phase as well as future potential pandemics.
Hopefully what you take from this call.
We're not only committed and focused on improving the value for the life science industry, which will in turn improve value and not just for shareholders, but populations around the globe, but you're also taking definitive action by bolstering our executive team the reorganization of our infrastructure and strategy in order to prepare dyadic for commercialization of opera.
Attunity to enable us to fulfill our mission as a global biotech company focused on further improving and leveraging our patented and proprietary platform technologies in order to improve the way, we feed fuel and heal the world.
Now I would like to transition to discuss our finances.
We entered the year in a strong cash position to support our working capital and operational needs for the next couple of years.
This quarter, we generated new revenue streams, including Janssen in February a license agreements and we expect additional license opportunities to generate additional cash through our ongoing business development efforts.
The majority of our cash expenditure to support our phase one D Y a 100, COVID-19 vaccine booster trial nearly all behind us.
Making our 'twenty to 2022 cash burn substantially front end loaded therefore, we expect less spending and the internal R&D for the second half of the year.
We had previously forecasted cash burn of $10 million to $11 million for this year and now expect it to be at the lower end of this range is.
It is important to note we will not be funding their COVID-19 booster trial beyond phase one we.
We anticipate that rubik and our epogen will continue to carry on phase two and three clinical trials.
Additionally, upon successful human data from our DIY. It 100 trial in South Africa, we attempt to license anyway, and 102 larger third parties for further development in.
In addition to the refocused corporate strategy, Joe mentioned earlier, we are taking several additional steps to reduce costs and preserve cash to Paris in a market downturn and potential recession in front of us.
I would like to remind you that during every step of transforming the company from industrial biotech and pharmaceuticals, we are focused on flexibility keeping our fixed cost low and conserving cash.
By outsourcing our research and development of World class laboratories, rather than building our own facilities. We have kept our employee base very low while maintaining the ability to scale development activities up or down as opportunities of business needs require overtime.
With that I would like to turn the call over to our CFO to run through our financials. Thank you Mark.
In addition to the financial results I will be discussing now you can find additional information in our form.
Q, which we filed earlier today.
Our cash cash equivalents and the carrying value of investment grade Securities as of March 31, 2022, including the accrued interest were approximately 17 5 million.
As compared to $24 million on December 31st 2021.
R&D revenue for the quarter increased to approximately $534000 compared to $461000 for the same period a year ago.
The license revenue recorded in the first quarter 2022 of $115000 in connection with that still grow EBIT and Janssen.
Cost of that R&D revenue for the quarter increased to approximately four $405000 compared to $391000 put a thank you yes.
The inquiry.
Revenue and cost of R&D revenues for the quarter was due to higher amount, but individual project comparing to the same period a year ago.
R&D expenses for the quarter decreased to approximately one $343000 compared to one eight.
Oh $8000, but at the same period a year ago.
The decrease primarily reflected the winding down of activity of <unk>, and the pharmaceutical quality and regulatory consultants to manage and support the preclinical and clinical development as well as a decrease cgmp manufacturing cost as the company moves towards is anticipated phase.
One clinical trial of our <unk> 100, COVID-19 vaccine candidate in the amount of approximately $165000 and our other internal research project of $300000.
G&A expenses for the quarter increased by six 6% to approximately $1 million $656000 compared to $1.554 million for the same period a year ago.
The increase principally reflected increases in insurance expenses, and the business development and Investor Relations expenses.
Other income for the quarter was $250000 compared to zero for the same period a year ago.
Other income recognized in the first quarter of 2022 was related to a settlement payment. We received from the termination of a proposed the license and collaboration.
Net loss for the three months ended March 31, 2022 was approximately $2.492 million, a nice <unk> per share compared to $3.295 million or 12 cents per share for the same period.
Got it.
With that.
I will now ask the operator to begin our Q&A session starts a wellness Atlanta and gel Hazelton, John Mark and I to answer your question. Each caller will be allowed one question and one follow up question to provide all callers an opportunity to participate.
The operator will allow additional questions some dose who have already consultants operator.
Thank you if you wanted to ask a question. Please signal by pressing star one on your telephone keypad, if you're using a speaker phone. Please make sure your mute function.
Off to allow your signal to reach our equipment.
Again press Star one to ask a question.
We'll take our first question is from the line of Jon Vander Muslim but Zacks. Please go ahead.
Your line is now open.
Thank you very much and good evening, Mark and thing how are you guys doing.
Good how are you John .
We also have Joe here with us tooth and Ronan Oh, great. Yes, that's right Joe I'm, sorry, I forgot you.
So.
Epogen.
They received the grant funds yet for that trial from the Indian government and are they enrolling patients I wasn't quite sure.
Where they are in that.
Yes.
Yeah, they've received the first tranche.
The money and theirs.
They are starting to move things forward.
Okay.
And will you, let us know when they enroll those patients, but that's a pretty big.
No achievement I think.
Yes.
You know what.
Yeah, once they get to that point.
We'll be happy to do that.
Okay.
When you look at your portfolio and I think I've got about 30 different active collaborations in there.
I guess, you know multiply I guess the profitability yet.
Their success and.
The size that they could be what are the top three in your mind when you think of it that way.
Investors should be thinking about.
Well I think number one of course, where we are in the life science industry for vaccines and antibodies other therapeutic proteins. So.
Janssen J&J is obviously a key player one of the top five companies in the world in that space.
We're just starting the.
Let's say the second go around with Janssen. The first go around with this new project and a collaboration and license agreement.
So so far so good it's on time, so that would be one certainly that very important for us because it comes along with it potential milestones of significant numbers.
Seven figures and ultimately in the end.
Youre looking at potentially nine figure payments up to nine vacant payments per product.
It can bring us a lot of cash a lot of recognition and a lot of science because not just the money, they're putting in which is is finding projects that went up to $1 6 million euros.
They're putting in resources on their own internally.
Refining the product technologies purification potentially trials and then obviously in the clinical human trials. So that's a major opportunity for us and by the way that's opened up the doors and open up the eyes of a variety of other big players who now recognize that this technology may be here today, but it might not be here tomorrow.
And then on the animal health <unk> got federal frivolous.
<unk> was one of the top 10 animal health companies.
So they've already run to chicken trials successfully with the product that we developed with them for poultry and they're working on other products in the pipeline as well.
And then of course, if you talk about the most recent deal.
Can you about a company that's involved in animal ingredient products, it's one of the largest in their space.
So we think that the.
Technology of those three.
And many others that are going on that we haven't shared because of their names and confidentiality.
I think are going to lead us along golden path to not only providing the world with a better solution to speed the development of all of that caused the drugs because it create value for our shareholders and increase our shareholder value and bring cash upfront.
And milestone payments and also on new discussions, we're having with other companies.
Thank you we'll take our next question from the line of Robert Smith with the center for performing investing. Please go ahead. Your line is now open.
Uh huh.
Hi, good afternoon, everyone and thanks for taking my question.
Uh huh.
So the Janssen collaboration.
Setback in.
To them in the marketplace and the limitations of their vaccine does that do anything to the movement of your work with them as far as a timeline.
No we're not doing anything with him in the vaccine space anyway, it's about antibodies and therapeutic proteins.
But I will tell you I would just say the vaccine research conference in Washington D. C. A couple of weeks ago.
And if anything they're setback is is that unfortunately.
Because we have a platform technology that can help them attain it'll expand what we're doing but.
Possibly that is greater now than it was before.
Yeah that was my point.
That was my point that I was trying to look at that's a possibility.
Yeah, Robert it's not just a setback that they might have had its also the understanding of the power of our platform and the data of the platform and in D Y 100 vaccine candidate.
The fact that we can rapidly produce which we've showed wuhan, but alpha beta gamma Delta in Army ground. We have I think we've noticed in today's press release, we've done a trivalent and a multivalent animal study with one of our collaborators already.
So what we're on that path to really make a difference. So we're just hoping that one of the big pharma companies stepped up to the plate. After a phase one clinical trial and we finally demonstrated in human beings, where we all know it is likely that the product producers. He wanted the proteins are gonna be safe and effective.
Yeah.
Mark I'm thinking along the lines also as my follow up that the.
The.
The variant because they come with such speed and.
That would be.
A positive for you in the way I'm thinking because you also have a oh.
<unk>.
Or more rapid a profitability of development so is that accurate as well.
Yeah, So I think that actually.
If you take politics out of the equation, we're in the driver's seat to do a lot of wonderful things to help combat the pandemic today and future vaccines and drugs tomorrow, and possibly even future pandemics.
Yes, we can reprogram the cell lines very quickly, but more importantly than that not only do we reprogram them quickly we do it in a way that regulatory friendly.
And then we can pump out a lot of product very quickly at flexible commercial scale. So to give you. An example, and I think if you look at my World Vaccine Conference presentation, I don't know the slide number.
Got.
At two grams per liter.
Of this very example, the Wuhan is where we're at in terms of R&D.
We can produce 2 billion doses of that.
And Ah 60000 liter fermenter and five days.
So you know that covers all of North America very quickly.
If you're in Australia, and New Zealand, and you've got 30 million people or Canada, you can do it in a 600 leader from a mentor and a few weeks or a month.
Pending on where you are in the country. We can send you a fedex.
A few day delivery and we've done this for you know with Tianjin with real Big with Epogen, We just felt actually a frozen vial and you can then start running at anywhere from vendors.
If you have a cgmp.
Microbial standard for manner, we fit in that environment. So after that's what makes epogen very interesting they've got a very modern plant that I think they finished in 2019. Unlike a lot of plants in India. This plant is very modern with just built.
They can pump out a lot of product very quickly, but just fedex in the cell line that we've stabilized and produce and <unk> in Finland and in a couple of days you've got it and you also had a races.
Thank you we'll take our next question is from the line of Tony Butler with <unk>. Please go ahead. Your line is now open.
Hey, Mark congratulations on the progress and Joe welcome to the team.
I'm thinking that disrupt disrupting markets is always a tough thing to do.
Youre going to find a greater open mindedness, perhaps overseas.
Have you broadened your collaborations.
India South Africa.
Finding that that is indeed, the case that you can.
Places short circuit regulations and avoid the <unk>.
Did here mentality of a U S industry.
I have enjoyed the way they've done things for many years.
Yeah and by the way I think there Tony very good comments. The answer is yes, we're finding obviously an abundance of people overseas that are interested in.
We have a lot of people we can provide the technology to for example in India. There's a lot more people than just epogen in Tianjin.
Don't know if you know what <unk> is owned by bio kind of largest biopharmaceutical company in India.
And singing themselves as a multibillion dollar company. So these guys are very large very big.
In their own right, but yeah overseas, we're doing that but I'll tell you.
Big Pharma is waking up to some degree I think not only for Janssen.
I think they recognize that there's a new sheriff coming in town and it's going to take some time, but it may not be here long enough. If you think about our industrial biotech space.
We had havent go all bioenergy.
Non exclusive license.
Shell oil nonexclusive license Psf nonexclusive license combined over $30 million in upfront fees, and then potential milestones and royalties down the road and then Dupont recognized we were going to enable the world with a platform technology that they didn't want to have happened and they came up with 75.
$2 million of cash.
So the pharmaceutical industry, hopefully a little wiser in a little quicker to the game, but as you know the more conservative, but yes, we're finding more interest overseas, but we are finding in terms of interest domestically not just from big pharma, but from governmental agencies from the NIH and I D.
From BARDA.
There's a possibility to expand this even in America and ways that big pharma may not like but may have to deal with.
Yeah terrific look forward to hearing.
Hearing more about your strategic.
Re prioritization with Joe.
Great. Thanks, Good luck.
We'll take our next question from the line of Louis.
Ken Private Investor. Please go ahead. Your line is now open.
Hi, Marc Congratulations on all the good work you're doing.
My question is obviously about cash we talked about that before.
It'll be at the low end of the range, which I guess it would be around $10 million, but of course, if that happens at the end of the year, you'll probably have about 10 million left little over 10 million left so I guess the question is you're frontloading cost at this point in time.
By the end of the year do you expect that you will probably close some of these things I know youre going to get to $5 billion payments from Janssen.
To your protein.
Do you think of it by the end of the year, you'll be positive cash flow.
On an operating ongoing basis.
That's the goal and the objective so we're in discussions with a variety of people in.
And you have other discussions on how to get upfront cash to do exactly to your point so that at the end of the year.
Not having a slow things down but as I mentioned you know we have this flexible burn rate because we don't have our own infrastructure of research and development people, who used to have 40.
What I call a gene jockeys in our own lab in Holland, which we sold off with Dupont, we worked with PTT in a flexible way, where we can turn on and off those researchers and all the projects that we have either their own or internal are all fully funded and part of the fully funding actually asked in revenue to us.
We can reduce the things we are.
We're doing if we need to do but our goal and expectation that we won't have to.
Okay. Let me follow up I guess I've got one follow up I guess my question is about Janssen itself you say, we're on track with the work we're doing on Johnson do you think that will be during the next what eight months, we'll be in a situation of worldwide rewards.
They like what they say they'll have accepted the proteins.
Two 5 million dollar payments.
I honestly I can't really tell you what chance is it going to do at this point.
But that's the goal and objective then if janssen doesn't do it.
We're working on other people that hopefully will they may four chance into decided they wanted to do it or that May go away.
Okay.
Thank you very much.
Commenting on this.
Thank you.
Yeah.
Once again, if you'd like to ask a question. Please press star one.
There are no further questions I'll now turn the call back over to <unk> CEO Mr. <unk>.
A few remarks.
We are.
Citing prospects for 2022 and beyond as we continue advancing our first in human clinical trial application Cta to South African health products regulatory authority or safra to support clinical safety of C. One produced proteins.
The areas in which we can apply our platform technologies has accelerated even in the past 12 months.
We brought in Joe Hazelton, as Chief Business Officer, who has experience and leadership capability to manage and advance the inventory of existing potential deals and collaborations to develop and execute internal pipeline opportunities and the further expansion of life science partnerships as such our optimism.
<unk> remains high as well.
Now seeing the fruits of our labor pay off.
We continue to draw interest from large industry players within biopharmaceuticals and otherwise as well as from growing number of other markets.
Thank you once again for joining us on today's Q1 2022 conference call and we look forward to keeping you updated as we advance our commercial and scientific initiatives across our companies and our collaborators programs.
We also look forward to seeing you on the next call and I Hope you keep an eye out for our periodic updates.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Your line at this time.
Yeah.
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