Q2 2022 PolyPid Ltd Earnings Call
The conference will begin shortly. To raise your hand during Q&A, you can dial star 11. The conference will begin shortly. To raise your hand during Q&A, you can dial star 11.
Greetings and welcome to the Polybead 2nd Quarter 2022 Conference Call. At this time, participants are in a listen-only mode. As a reminder, this call is recorded. And I would now like to introduce your host for today's conference, Bob Yeddid from LifeSci Advisors. Mr Yeddid, you may begin.
Thank you all for participating in PolyPEDE's second quarter 2022 earnings conference call. Joining me on the call today will be Dikla Chashkis-Aqsabrad, Chief Executive Officer of PolyPEDE and Ora Washefsky, Chief Operating Officer for PolyPEDE's U.S. operations.
Earlier today, Polypied released financial results for the 3 and 6 months ended June 30, 2022.
A copy of the press release is available in the investors section on the company's website.
I'd like to remind you that on this call, management will make forward-looking statements within the meaning of the federal securities laws. For example, management is making forward-looking statements when it discusses our ongoing clinical trials, our expectations regarding the timing of top-line results from the Shield 1 study and potential NDA submission and MAA filing, potential milestone payments under the licensed agreement with Advanced Pharma.
potential future additional commercial partners and our ability to maximize the value of D-Plex 100, the commercial potential for D-Plex 100, market opportunity in Europe , the strength of our financial position and our expectations and our cash balance together with the upfront payment from Advanced Pharma and the proceeds from the Krios loan will be sufficient to fund operations through the end of the second quarter of 2023.
Four of the statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks described from time to time in our SEC filings. Our results may differ materially from those projections. These statements involve material risks and uncertainties that can cause actual results or events to differ materially.
Accordingly, you should not place undue reliance on these events.
I encourage you to review the company's filings with the FCC, including without limitation, the company's Form 20-F, which identifies specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
polypied disclaims any intention or obligation, except as required by law, to update or revise any financial projections or for-looking statements, whether because of new information, future events or otherwise.
The conference call contains time-sensitive information and speaks only as of the live broadcast today, August 10, 2022.
With the completion of those prepared remarks, it's my pleasure to turn the call over to Diklek, CEO of Polyp. Diklek? Diklek?
Thank you Bob. On behalf of our team at PolyPEDE, I would like to welcome everyone to our second quarter 2022 earning call.
I'm thrilled to have the opportunity to provide you with a corporate update today during such a truly exciting time for polypies.
I will begin with the recent exclusive license agreement we signed with Advanced Pharma for the commercialization of D-plex 100 for the prevention of surgical site infections or SSI in abdominal and cardiac surgeries in Europe , which provide further validation for the significant cells potential of D-plex 100 and represent substantial value for polypid.
Under the terms of the agreement, PolyPED is entitled to receive an upfront payment immediately upon signing of the agreement and additional potential development related milestones for a total of up to $23.5 million and up to $89 million in sales related milestones.
We will also supply Deplex 100 to Advanced Pharma for a negotiated transfer price and receive royalties on net sales in double digit percentages of up to the mid-20s.
Advanced Pharma is backed by Nordic Capital, one of the most active and experienced private equity investors in healthcare.
Advanced pharma expertise in marketing hospital-based therapies, mainly after the recent acquisition of Intercept, that more than doubled their commercial and medical teams across major EU countries and the UK, will prove invaluable in expanding access to the DIPLEX 100 and delivering this much needed therapy, if approved to patients.
To understand our excitement for this licensing agreement, it is important to put in perspective the opportunity of D-Plex 100 in Europe . Surgical site infections represent a major unmet medical need in Europe .
SSIs are one of the most common hospital-acquired infections and occur in up to 15 to 20% of major surgical procedures such as open colorectal resection.
We are also talking about a very significant market opportunity.
According to Iqvia, the addressable market opportunity in selected abdominal surgeries in the Big Five European countries represent approximately 3 million annual surgeries.
Moreover, there are an additional estimated 450,000 open heart surgeries in the big five EU countries every year. As a result, it is not surprising that the World Health Organization estimates the significant economic burden SSI represents.
The WHO estimates that SSI results in up to 11 billion euros of additional hospital costs per year in Europe .
This deal is the first step in our strategic approach to commercialize DIPLEX 100.
In terms of additional potential collaborations in the US and rest of the world, we remain in dialogue with several other large and mid-sized pharmaceutical companies that we believe would be ideal commercial partners.
Like Advanced Pharma, these companies are leading in selling pharmaceutical products to hospitals, often with a current portfolio of marketed products, have strong established commercial infrastructures, exhibit a deep understanding of clinical benefits,
and health economics in the hospital channel and maintain strong relationship with the hospital, medical and administrative staff.
Importantly, there continues to be a high level of interest in DAPLEX 100 from additional potential partners. While there is currently no formal timeline related to DAPLEX 100, there is no formal timeline.
To executing any additional potential collaborations in the US or rest of the world, our most critical objective is to maximize the value of D-100 in any potential transaction.
as we believe we have done in the Advanced Farmer Agreement.
If and when we do finalize additional collaboration agreements, maximizing the value of D-PLEX100 will be the key determining factor.
With that, I will now provide a brief update on the status of our pipeline.
Let's begin with SHIELD1, our phase 3 study evaluating BIPLEX100 for the prevention of abdominal soft tissue SSI.
As we announced in May this year, the Independent Data Safety Monitoring Board, or DSMB, recommended concluding this trial subsequent to the enrollment of 950 patients.
which is the minimum number of targeted patients in the study protocol.
This recommendation was based on the unblinded interim analysis by the independent DSMB of efficacy data from the first 750 enrolled patients.
The enrollment of the last patient subsequently was announced in late May 2022.
As a reminder, the SHIELD-1 study of D-PLEX-100 in the prevention of SSI in abdominal tissue surgery is designed to demonstrate at least a 50% reduction in incisional SSI in the D-PLEX-100 treatment arm compared to the control arm, with 90% power to detect the difference between the two arms and an alpha level of less than 0.05.
Patients in the study have been enrolled across approximately 60 centers in the United States, Europe and Israel.
Importantly, Shield 1 is the largest infection prevention trial in colorectal surgery conducted in more than a decade, which we believe only enhance the importance of this data.
Full top-line results are anticipated by the end of the current quarter, followed by potential NDA submission to the FDA and European Union MAA filing.
resulting from the breakthrough therapy designation, DIPLEX 100 is eligible for rolling NDA submission targeted to start early 2023.
Before we provide an update on on-complex and polypids financial, or we will provide color on key takeaways for market research we recently completed for Deeplex 100 in the US. And how this work was further supported by the WheelWorld commentary provided by 2KOL as a recent webinar focused on managing the cost of SSI. Hurry. Thank you, Declare.
As other partnership discussions progress, we continue our launch preparation for the US market.
Last month, we concluded an in-depth market research study aiming to explore current SSI prevention practices and understand how Deeplex 100 will fit within these practices.
Our market research indicates that current treatment bundles used by surgeons to prevent SSI are primarily based on surgeons' own clinical experience and institutional protocol and not on strong body of evidence-based studies.
Moreover, all surgical specialties across various types of procedures agree that there is a significant unmet need to reduce infection rates.
regardless of how well controlled their rates are today.
since even a few infections can be, and I quote, catastrophic and devastating.
Importantly, surgeons have a fair amount of latitude to create a personal preventative bundle as they see fit for their cases, provided nothing is too outlandish or costly and their SSI rates stay within the institution or network standards.
In the independent market research, when presented with an expected product profile for D-PLEX-100, almost all surgeons who participated in the study indicated that they see room for D-PLEX-100 in their SSI prevention protocols.
When asked about the use of D-PLEX-100 at launch, the surgeons indicated that they would likely first use the product on patients with a high risk of infection, for example, patients that are smokers, have a high BMI or uncontrolled diabetes, before expanding to the broader patient population.
The surgeons indicated that approximately 40% of their patients are considered high-risk patients.
Much of this market research was further supported by two real-world experts.
Dr. Kyle Colon of USC Medical Center, and Dr. Elliot Goodman of Mount Sinai Health System.
who participated in our recent webinar on the cost of managing SSI last June .
Dr. Colon provided a surgeon's view and a general hospital perspective on the cost of managing SSI, and Dr. Goodman discussed the impact SSI had on quality measures and performance from an ideal perspective.
Dr. Colon noted that all hospitals are looking at infection rate data and comparing their performance to peers.
From a financial perspective, avoiding complications, including infections, means that the hospital can keep more of their reimbursement money received from theirs.
Dr. Colón believes that the use of D-Plex 100 will be appropriate for approximately half of surgical patients.
Dr. Goodman noted that Mount Sinai's infection control team tracks infections in real time. An infection triggers a detailed investigation because it has to be reported to the State Department of Health.
The inspection team will want to know if every aspect of the SSI prevention bundle was followed. Every three months, Dr. Goodman's institution is reviewing internal data related to compliance with prevention bundles.
This includes drilling down to individual doctors' practices and understanding why certain surgeons may not be following these bundles.
Moreover, infections and readmissions are part of the annual faculty evaluation.
As Dr. Goodman put it, surgeons are called to the principal's office if their infection rate is over the department's break time.
Importantly, infections are being increasingly reported and rates are rising due to the strict monitoring process currently in place.
Collectively, we believe these trends and insights indicate strong commercial potential in the US for the Eclipse 100.
And with that, I will hand the call back over to the club.
Thank you, Ori. As we prepare for the targeted NDA submission and potential commercialization of BIPLEX 100, we also continue to make progress with NCOPLEX.
Our lead intratumoral product candidate in oncology applied as a paste on a tumor resection area during surgery.
Most recently, animal studies demonstrating that locally-administrated oncoplex potentially decreases the likelihood of tumor reoccurrence, which reduces side effects.
compared to systemically-administrated chemotherapy agents were published in an abstract in the ASCO 2022 meeting abstract book.
Switching gears, I would like to discuss changes to our board and management team. I'm pleased to announce today that I have joined PolyPED boards of directors. Additionally, Jonny Misalawin has been promoted to Senior Vice President of Finance. He has been with PolyPED for eight years in roles of increasing responsibility in the finance group, most recently as Director of Finance.
Prior to joining PolyPEDE, he was Senior Editor at Ernst & Young. Johnny earned an MBA from Tel Aviv University in Financial Management, BA.
in accounting and economics from Bar-Ilan University and is a certified public accountant in Israel.
With that, I will now review our financials.
From the perspective of our balance sheet, you will recall that in the first quarter, we obtain an up to $15 million non-dilutive secured term loan facility that broadens our financing options and provides us with access on a non-dilutive basis to significant additional capital, which blusters our financing options and provides us with access to the
our ability to invest in our commercial capabilities for Deeplex 100, as well as fund further advancement of our unique Flex Technology platform.
As a reminder, the loan facility is comprised of three tranches in the amount of $10 million, $2.5 million and $2.5 million, respectively.
The first tranche of $10 million was drawn in April 2022. The second tranche of $2.5 million was available once we obtained results from the interim analysis of shield one.
drone down of the third and final tranche of $2.5 million will be available subject to obtaining positive top line results from the Shield 1 trial or if other conditions are met.
As of June 30, 2022, the company had cash, cash equivalents and short-term deposit of $23.8 million, excluding the second tranche of $2.5 million from the loan which was drawn in July 2022. Also, as it relates to our balance sheet, during the second quarter of 2022, we sold approximately $300,000 worth of ordinary shares from our existing at the market facility.
including a potential payment of up to $12.5 million.
contingent upon positive stop line results of the SHIELD 1 Phase 3 study and additional development related milestones of up to $8.4 million. Now let's turn to our income statement. Research and development expenses for the three months ended June 30, 2022, with $8.4 million compared to $7.4 million in the same two months period 2021.
The increase in R&D expenses resulted finally from the increased costs and activities related to the expedited recruitment of the final patients in the Shield One Phase III clinical account. Marketing and business development expenses for the second quarter of 2022 were $923,000 up modestly as compared to $739,000 for the same period of 2021.
General and administrative expense for the second quarter of 2022 were $2.2 million compared to $2.4 million recorded in the prior year period.
For the second quarter of 2022, the company had a loss of $11.1 million as compared to $10.5 million in the prior year period. This was primarily driven by a strong rate of patient recruitment in the Sjöld 1 Phase Theater in the amplification of thedomnslav.
We will now open the call to your question. Operator.
Thank you. If you wish to ask a question, you will need to slowly press star 1 and 1 on your telephone and wait for your name to be announced.
Please stand by while we compile the Q&A roster.
Your first question comes from the line of Gary Nashman from MBMO Capital Markets. Please ask your question.
Okay, great. Thanks. Good morning, and congrats on all the progress. So, the license agreement with advance in Europe , just talk more about their capabilities in the hospital space in Europe . What countries will they focus on initially and the market opportunities in those countries? And when are you expecting to file in Europe ? Will it be the same exact time as the US? What are the criteria there?
So first of all, good morning, Gary. Thank you for joining us. Advanced Pharma in general is a Nordic fund backed company. They were bought about a year ago by Nordic Fund for $850 million.
focused on the hospital space, on specialty products. They also have two
anti-infective specialty products and that's where this is their sweet spot, this is where they are strategically targeting and they have built very nice sales force and medical access force in Europe , only in Europe . They quite dramatically increased their capability, doubled their sales force
the last just in the last few weeks buying all of the out of US business of intercept so now they are with
few hundreds of sales rep and market access personnel in Europe . Of course more so in the big five countries and in the...
Thank you. Thank you.
Western Europe versus Eastern Europe , but very much from our perspective and from what we've learned and worked together in the last few months as part of the negotiation, very much focused on where we want to be and open the doors for a product like D-Plex to the right patient and to the right physician.
Okay, and then the filing, the timing of that? Is that going to be the same time as the US? The process in Europe is a bit different in time. The filing is expected to be more or less the same time, maybe slightly after, but generally we're looking at the same time of filing and the way the review time is distributed differently.
But again, both approval and filing should be more or less at the same time.
We're talking about.
more than a quarter difference in terms of the filing and probably then the review.
Okay. And then for the rolling submission in the U.S., if it's initiated in early next year, when will it be completed? And are there any gating factors on the CMC side? Is that all buttoned up? And is there going to be any additional data, clinical data, outside of Shield 1 that you're going to supplement in that package? Okay.
So I'll start with the later part. So yes, we will be submitting Shield 1 and also our Phase 2 trial.
Which is part of our clinical development agreement with the FDA that the supporting data will be the phase two that they've already seen and the phase three. So this will be one. The rolling submission is expected to start early in the year. And our assumption is that not more than six months from the first model, we should be submitting the last model. Everything is in process. All those models are in process.
and are getting ready to be submitted. There are some CMC, as you mentioned, aspects that are required in terms of having six months stability. I'm sure everyone on the call remembers that last year we have increased our capability.
manufacturing capacity and more than double the capacity in the last few months we
validated the facility and got to the stage where we can start get prepared for again for GMP manufacturing and have stability processing places. So this is again on track.
But you're right that this will probably be the last model to be submitted.
Okay, that's helpful. And then the last question probably for Ori, just, you know, when you think about potentially launching in the US and how you're preparing for that, it sounds like there are partnership discussions ongoing. Do you think it's, is it more or less likely that you'll have some sort of commercial presence in the US? And you know, how big of a commercial presence would you be willing to have?
And, you know, what are some of the different scenarios that you're thinking of in terms of co-promote or just completely licensing out the opportunity in the US? Thanks. Yeah, thank you, Gary. Good morning. I think we see…
We believe that it's important for us to keep some level of control on the product in the US market. It's the biggest market for us. That's where our focus and our attention is.
The strategy is to find a partner for co-promote, not the not licensing. So the structure of the deal will not look like the deal with advance.
how this would look like.
A lot of it will depend on the partner, but we do see, first of all, we bring the manufacturing into this discussion since we're backward integrated and manufacture our own product.
We bring the knowledge of the product, we bring some of the medical knowledge around the product and the need. We are developing a lot of the capabilities and a lot of the...
the pre-launch.
activities that are needed to launch. As time progresses, we build more and more around this. I think strategically, it's important to us to...
control or to have some level of control on pricing. Definitely on the brand strategy, how the product is positioned, who we call on, how we expand the label and so on.
But at the end of the day, it will be dependent on the partner. We are looking for partners that know the way around the hospital, around the PNT committees, around the surgery suite.
And then, but and depend, depending on what the partner comes in, I think this is how the structure will will end up.
Okay, great. Thank you guys.
Thank you.
Thank you. We will take our next question.
And the question comes from the line of Brandon Fulkz from Cantor Fitzgerald. Please ask your question.
Hi, thanks for taking my questions and congratulations on all the progress. Maybe just following on from the question on the EU opportunity, can you just talk about how infection rates make difference in country by country in Europe and how this compares to the US? And similarly, in terms of standards of care in the EU, how does that compare to the US in between countries?
Yeah, sure. So in general, you would see in Europe , in major surgery, 15 to 20%, especially in such as open colorectal procedure, you'll see 15 to 20%. Generally, our understanding, looking at historical data, the infection rate in Europe might be slightly higher.
Then in the US again in an average on a very broad basis when you look at specific countries you could see difference.
We don't experience it so much yet but we'll need also to see in our Phase 3 that there is a...
What's the difference between the different countries within Europe ? I can tell you that what we saw and also this was seen in market research that was done as part of this deal.
you see the level of infection everywhere. It's not that you will say well in the UK they don't have surgical site infection it's all it is all only in Eastern Europe . So this average and the numbers of the 15 to 20 percent that occur in major surgical procedures this is in all Europe . Obviously there are some slight differences between countries and as you will see in the US also between hospitals to hospitals.
Shield 2, do you think there's any potential at that pre-NDA meeting for the FDA to say submit the exposures you have in Shield 2 and we could potentially explore a broader label at approval or is that very much put to the side and we should think about it as an SNDA. Thank you.
So thank you and thank you. This is a very good question and we are putting a lot of effort into preparing for that. We are aiming for a broad abdominal indication both in the with the FDA and the AMMA.
And this is what we are aiming to. We believe that with some indication that we have received the data that we have gathered, this is reasonable.
target, but we are also preparing a backup. And there are some slight differences between Europe and the US on that in terms of what was already
agree with us and what we expect will be the path forward. But two of you mentioned this is very much a backup that is needed, could be submitted.
in a few months time post NDA approval to expand to a broad label. So we're aiming for a broad label. There is a possibility that we will get that based on what the data that will be submitted at the NDA submission, but we already have two hundred patients in the shield too, and we could add additional.
a few hundred, one or two, to get this broad labeling for broad abdominal indication. This is very much something that we see as feasible within the short term.
And later on there is a plan also for expanding behind just broad abdominal on sternal and other orthopedic indications. But again I think it's a bit too early to discuss it. We'll wait until the end of this quarter for the top line and then we can wrap it with the peels, bring it
and give a more reasonable plan going forward.
Great, thank you very much for taking my questions.
Thank you.
Thank you. We will take our next question.
The question comes from the line of Elliot Wilber from Raymond James. Please ask your question.
Hi guys, this is actually Michael Parr-Allari out for Elliott. Thanks for taking my questions.
So to start off, I know you guys detailed a little bit of the background about your commercial partner in Europe , but is there any key different perspectives that ADVANCE is bringing to the table in terms of pricing reimbursement or targeting that's impacting the way that you review in the EU opportunity and how you might view the US opportunity?
Hi Michael, maybe I can take this one. When you look at pricing, just to remind everyone, when we tested pricing in the U.S., we looked at the range of somewhere between $200 to $600 per vial, and further tested, we looked
$400 per vial with proxy to some of the other local administered products like Expirillaz and Relif.
And we saw that at $400 what came out from research is kind of broad, no restriction use. We heard in the research from surgeons.
assumption is and I'm assuming, I'm sure you see this in your research as well, that the prices in Europe will be slightly lower. That's our going assumption but you know this as we work on our pre-launch activities and advanced does the same, we'll be able to kind of sharpen this number more but I think as an assumption for now
slightly lower than 400 is probably a good assumption.
In terms of the access point, so first just from a deal structure, ADVANCE is responsible for doing all the commercial activities including the access and reimbursement.
of the access point. So first just from a, let's call it, deal structure, advance is responsible for doing all the commercial activities including the access and reimbursement. That said, we are...
working together, we will work together on generating some of the health economics piece which you know as we know is a bigger driver in European countries than in the US.
We're collecting the data as part of the trial. There's a planning place for the pharma economics piece, which will be developed and executed together with advance.
Got it. Thank you. That's helpful. And then looking towards the expected top line readout on Shield 1, obviously expecting a readout on the primary endpoint, but should we also be anticipating any updates on any of the key secondary endpoints along with that readout?
Yes, we are expecting to have both the top line and the first secondary endpoint.
So we will be able to update on both.
both the first key secondary endpoint and probably within a few months time we'll also have the full CSR. The primary endpoint, just as a reminder, is both infection and mortality. And the key secondary is just infection.
Got it, thanks. And then last one from me is
I know you guys provided an update on the OncoFlex program in your prepared remarks.
But just wondering if we should expect to see any further progress points before the year end and how you guys are thinking of evolving that program as you get closer to commercialization of the plex and being able to shift some attention there.
So we were very much both in terms of resources and attention, very much focused as a company and as a relatively small company on of course, DAPLIX 100 and this large trial. And also now people here are really...
very much concentrated on cleaning the data and meeting the timeline as well as the day after the top line which will just trigger a very robust plan that will be required for approval and manufacturing and all of this is happening here in the last two years.
And obviously for those reasons OncoPlex has progressed very nicely, but I must say on a personal level that I hope we will be able to progress it much more aggressively.
And this is what we are hoping to be able to do, that having the top-line results
Again, very soon, as you said, will enable us to have more effort and more time on COPLEX.
It's hard for me to say at this stage if we will have
substantial update before the end of the year but I'm sure that we will be able to share more on the plan and the next steps before the end of the year.
Got it. Thank you very much. That's all from me. Thank you.
Thank you. We will take our next question.
And the question comes from the line of Balaji Prasad from Barclays. Please ask your question.
Hi, thanks for taking my question. This is actually Michaela on for Balaji. Just two for me. I guess just on the competitive side of things, how has there been any new developments with similar use case to de-plex or I guess any updates on potential timing of new entrants? And then just circling back to the ongoing partnership conversations, I guess just when can we expect an update on this?
So you want us to take the, or you'll take the competition part and I will relate to additional dialogues and discussions on commercial.
Yeah, so hi, Michaela. So, on competition.
First, maybe let me make the point that what we see in the market today, even the existing players
don't have that level of evidence, the size of the trial, the significant data that we expect to get from Shield1. So really, when you compare the type of tools of a trial, the type of data that we expect to get from Shield1,
prevention measures that exist today, really they don't compare to what we have from a level of evidence. That said, just to remind, the trial is a is duplex on top of standard of care. So, at least the first as a first goal, none of the prevention measures that exist today are direct competitors. We're not changing a doctor's doctor's behavior or taking any anything away from from the.
the tools or the procedures in their bundles that they are used for.
for preventing suicide.
Looking into pipelines, as far as we can tell, we don't see anything in the FDA databases or in literature, everything that's in clinical trials. There are small.
Preclinical attempts in SSI prevention, but but nothing that is really in the in the near term horizon, even in the mid term horizon.
and with regards to
the aspect of timing on
future collaboration, commercialization, I think that we have the track record on
giving the sense of the actual presence of them. Those obviously being less than two months from top line obviously we do not expect to be able to announce additional partnership this summer but what I can say and again this doesn't apply on the actual timing we do think that and we sense it already that this
partnership that is already established will accelerate some of the dialogues and the discussions that we are in. I think that's the only thing I can say at this stage on timing.
Thanks so much....
Thank you. We will take our next question.
Please stand by.
And this question comes from the line of Roy Buchanan from JMP Securities. Please ask your question.
Hi, great. Thanks for taking the questions. First one, Dikla, you mentioned the powering and the alpha less than 0.05. So I was just wondering if you could tell us what the minimum threshold is needed for the primary endpoint to be statistically significant. Okay. Thanks for sharing that kinds of stuff with us.
The actual one? You mean below the 0.5? The 0.4.
788048 yes, you know so very much The penalty that we had to pay for the interim as you can see is very minimal 0.048 below 0.48 Sorry
Okay, great. Thanks. And then, sorry to kind of stretch beyond the discussion you just had on OncoPlex, but last call, I think you mentioned potentially partnering with OncoPlex as well as the platform. I know you've had partnerships with other companies looking at their molecules before, so I just wondered if you could.
Maybe look out in the future a little bit and any thoughts on partnering the platform more broadly, maybe something like what HaloZyme does partnering with proprietary molecules. Thanks.
Right, so I think that's really when we look at our vision and the vision that we all here in polypede believe is.
is feasible and possible for the Plex platform and the approach, this is where we are aiming to have not just our own proprietary pipeline but also collaborating with the
novel molecules, peptides, antibodies could be also additional things and this is really part of our vision and the way we would like to explore or to extract the most value from the platform and from the approach.
I think that this is something that will take additional time. I will, if I.
need to kind of give new investors a road map to that. I think first we'll have the top line and we'll have some additional progress and some additional preclinical data from our oncology program from the OncoPlex and this will open the door for those kind of collaboration and licensing of the platform.
But as opposed to what we had probably six, seven years ago, which was purely research, they will be much more mature in terms of the stage and the commercial aspect of those collaborations. I look forward to ah…a—a more Marcus
Okay, perfect. Thank you.
Thank you.
There are no further questions, so I'd like to hand the conference back to the speakers for closing remarks.
Thank you for joining our second quarter earning conference call. I would like to emphasize how excited we are about the progress we have achieved to date.
As we transform from a research and development company to a commercial organization, as well as potentially earning milestone payments and royalties from DIPLEX sales by our European partner, we remain grateful to our team members and all of our external partners for their commitment to our mission and their support in continuing to advance toward achieving our goal of bringing DIPLEX 100 to healthcare providers and patients as quickly as possible.
We look forward to speaking with you again shortly on our next score.
This concludes today's conference call. Thank you for participating. You may now disconnect.
Speakers, please stand by.
The conference will begin shortly. To raise your hand during Q&A, you can dial star 11. The conference will begin shortly. To raise your hand during Q&A, you can dial star 11.