Q2 2022 Lantern Pharma Inc. Earnings Call
Parma and welcome to our second quarter 2022 earnings call. I will be your host for today's call. As a reminder, this call is being recorded and all attendees are in a listen-only mode.
We will open the call for questions and answers after management's presentation. A webcast replay of today's conference call will be available on our website at lanternparma.com shortly after the call.
We issued a press release after market closed today, summarizing our financial results and progress across the company for the second quarter of 2022. Copy of this release is available through our website at lanternpharma.com, where you will also find a link to the slides that management will be referencing on today's call.
I would like to remind everyone that remarks about future expectations, performance estimates, and perspectives constitute forward-looking statements for purpose of safe harbor provisions under the Private Security's Litigation Reform Act of 1995. Lantern farm accostions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated by forward-looking statements, including the impact of the COVID-19 pandemic, results of clinical trials.
and the impact of competition. Additional information concerning factors that would cause actual results to different material from those in the Ford Leaking statements can be found in our annual report on form 10K for the year ended December 31, 2021, which is on file with the SEC and available on our website. Ford Leaking statements made on this conference call are as of today, Monday, August 8, 2022, and lanterns.
That does not intend to update any of these forward looking statements to reflect from circumstances that occur after today unless required by law. The webcast replay the conference call and webinar will be available on lanterns with type?
Today's webcast, we have the Interim Parma CBO, Pana Sharma and CSO, David Margrave. Pana will start things off in a minute with an overview of Lantern's operational highlights and business activity after which David will discuss their financial results. This will be followed by some concluding comments from Pana, and then we'll open up the call for Q&A. I'd now like to turn the call over to Pana Sharma, President and CEO of Lantern Parma. Pana, please go ahead.
Thank you, Nicole. Good afternoon, everyone, and welcome to our second quarter 2022 earnings call.
Thank you for joining us this afternoon to hear about our second-foot results and corporate progress.
For those of you that are new to Lantern, Lantern Farma is at the leading edge of leveraging artificial intelligence, machine learning algorithms, biomarker, genomic, and drug response data to better understand.
where drugs work and where they don't work. And also how to model how drugs can be effectively combined to create new therapeutic options, specifically for cancer.
This was something that was simply not possible at a commercial scale even just a few years ago. The
We're actively using this transformative approach through our proprietary radar AI platform.umbs
Reusing this platform to uncover significant opportunities and cancer opportunities that are either underserved, unmet or often overlooked.
Unlike a lot of companies that are using AI to create diagnostics to provide data for matching services, we're focused on the ultimate goal improving and potentially saving the lives of patients by creating more precision therapies.
We're doing this while generating potential oncology drugs at a fraction of a cost of traditional drug development.
This is of high value in a highly needed business.
Our unique AI platform is powered today by more than 21 billion data points and nearly 200 algorithms and computational models that can help us understand, predict and model questions that are fundamental to oncology drug development.
Corduore Business is our IP, not only on our drug products and the insights in how to best manufacture, utilize and direct them, but also relating to our AI platform and the methods and automation that drive the precision and growing power of radar. The drive the precision and growing power of radar.
Lantern Parma has entered into a major period of transformation. As we evolve and mature many of our initial AI-driven insights and advanced drug candidates into human clinical trials. And advanced drug candidates into human clinical trials.
We're continuing to make significant and meaningful progress in turning the observations and correlations generated by our AI platform radar, and then validated in the lab, oftentimes labs of top tier academic and research partners into actual advancements for cancer patients and potentially breakthrough were first in healing clinical programs. We're first in healing clinical programs. We're first in healing clinical programs. We're first in healing clinical programs.
When we went public, we had three drug programs. Today we have nine named programs in our pipeline and several additional programs in consideration and undergoing assessment.
This level of early discovery and productivity with our cash utilization and headcount is largely unheard of in biopharma companies.
Today we have several notable advancements to share with you.
including updates about the launch of our phase 2 trial.
For LP300 in lung cancer, the harmonic trial.
The pathway towards Phase 1 first in human clinical trials for LP 184 and LP 284, updates on the expansion of RADAR, as well as several operational and financial highlights.
In July , we announced FDA authorization for the initiation of our harmonic trial, a phase two clinical trial evaluating our drug candidate, LP300, in combination with chemotherapy for never smoker patients with advanced non-small cell lung cancer.
The CDC defines Never Smoker as an adult who has never smoked or has smoked less than 100 cigarettes in his or her lifetime.
Non-small cell lung cancer presents differently in Nefrasmokers compared to smokers due to at least two key features. One, a higher percentage of genetic mutations and a family of cancer promoting genes called tyrosine kinases. And two, the presence of a very different and quieter mutational profile in Nefrasmokers versus smokers.
Changes in these genes and the tumor mutation burden can contribute to the development of healthy cells into cancer cells leading to tumor growth and spread.
These genomic and biomarker changes are significant since we believe they can drive the lack of response to PD-L1 and other iO therapies while also driving greater sensitivity to our drug, LP300, especially when combined with chemotherapy. We expect to begin enrollment for this 90-patient, two-arm study this quarter. Today, we are actively reviewing potential patients for inclusion and also enrolling additional sites.
The trial's ultimate endpoints are progression-free survival and overall survival.
We're also engaging in global partnering discussions for regions of the world where there's a higher prevalence of never-smokers in non-small cell lung cancer. These include parts of Asia, South America, and Europe .
Based on the present timeline, we anticipate initial interim analysis of trial results in late 2023 or early 2024 with trial completion by late 2024.
It's important to note that in a previous three phase three multi-center clinical trial, a subset of never smoker patients with non-small cell lung cancer receiving LP300 with a chemo doublet showed increased overall and two-year survival. It was 91% overall survival and 125% for two-year survival.
This was compared to patients who just received the chemo doublet alone.
Neversmoker patients with non-small cell lung cancer represent a potential market size of 1.5 to 2 billion, as nearly 200,000 patients worldwide are diagnosed with this cancer annually, and 20,000 to 30,000 of those patients are in the US alone.
novel and very exciting aspect of harmonic.
that we'll be collecting and analyzing liquid biopsies from patients at four points
during the trial.
initially at enrollment prior to treatment.
then during treatment, after three treatments, and six treatments, and at completion of treatment.
This is a very unique study since the liquid biopsies will be analyzed for both genomic and transcriptomic data, and we believe this will represent one of the largest and most comprehensive biomarker studies done on the never-smoker non-small cell lung cancer population.
Importantly, data from these biopsies will also provide key biomarker data for radar to help generate insights for a potential pivotal phase 3 trial and to further understand the response biology of never smokers with non-small cell lung cancer.
In addition to the phase two trial for LP300, we continue to advance multiple preclinical programs, and we also expect to launch three first in human phase one trials over the next.
12 months for our drug candidates, LP 184 and LP 284.
Let me go into some details. For LP 184, it's a unique asset that we believe can have a multi-billion dollar potential for lanterns and our shareholders.
We are working on the preliminary trial design for a Phase 1 trial of LP184 targeted for Q2 of 2023 in genomically defined pancreatic, bladder cancers, and other solid tumors in collaboration with Boxchase Cancer Center and several other prestigious centers.
We have also established a pathway towards a second phase 1 trial for LP184 in CNS cancers, including high-grade gliomas and GBN in collaboration with Johns Hopkins, which is targeted for Q2 of 2023. Conducting two phase 1 trials with LP184 will allow us to maximize the potential of the compound for these different cancer types and, very importantly, generate sufficient data for partnering or licensing interests in these clinically distinct cancers.
We're also planning to advance LP 184 for the treatment of CNS tumors in at least two disclosed indications GBM and brain mince. Historically these CNS indications have very low survival rates and have few or no approved therapies.
For brain mets in particular, our indications in lung and breast cancer have shown superior sensitivity even in brain mets from HER2 positive breast cancer and also from triple negative breast cancers.
Our preclinical studies have also revealed several molecular and bioavailability properties of LP 184 that make it an exciting and uniquely promising agent for CNS cancers.
Let me give you an example. LP184 is shown to have excellent blood-brain barrier permeability that's comparable to that of timzolomide. We've shown this both in silico studies and also in vivo studies. And that's an improved standard of care agent for GBM.
Additionally, we've done studies in mice that have revealed that LP-184 has a higher concentration in the brain tumor compared to areas surrounding the brain tumor, roughly two to one in the tumor cells versus the adjacent areas.
This indicates that once LP184 passes the blood-brain barrier, it is favorably taken up by the cancer cells.
This is in opposition to the existing standard of care, temzolomide, which has a 1 to 2 concentration in the brain tumor versus the surrounding cells and area.
This is an important element. Finally, preclinical in vitro into the study show that LP184 continues to have nanomolar potency in several genetic models and that we can actually modulate the potency through another element drug called spironol lactone.
This nanomolar potency is also independent of MGMT status.
Today, independent of MGMT status is important because that's a significant unmet clinical need where over 50% of patients on TMZ lack a positive response to that standard of care drop.
Our CNS indications for LP184, including GBM, ATRT, and other pediatric CNS indications
represent a market potential we believe in excess of over 4 billion dollars annually. This is something we're really excited about and investors should also be as we advance this drug candidate into phase one trials with the potential to make a significant difference in a range of CNS cancers.
Moving on to LP 284.
Due to the chemical and manufacturing similarities between LP 284 and 184, we have been able to accelerate the development of LP 284.
We initiated the IND and A studies for LP 284 in the first half of 2022, which are targeted to be completed by Q1 of 2023 with a phase 1 clinical
Lantern is developing LP-284 for non-Hodgkin's B-cell lymphomas, where LP-284 has shown nanomolar potency in cell lines and also in vivo studies, specifically in mantle cell and double-hit lymphomas.
In addition to our exciting clinical developments, the radar team has been focused on making substantial improvements to our radar infrastructure, increased automation capabilities, and further refinement and improvement of the algorithms.
These advances will not only streamline radar insights for Lanturn, but will also facilitate future commercial partnering opportunities.
When we went public in the summer of 2020, radar consisted of 275 million data points, all in solid tumors. Today, we are more than 21 billion and remain on track to reach our 2022 year-end target of 25 billion.
And this is across CNS cancers, pediatric cancer, solid tumors, and also hematologic cancers.
As we mentioned in our press release earlier this afternoon, Lanterne entered into a collaboration with Actuate Therapeutics.
This collaboration was panned in Q2 of 2021. That collaboration leverages radar to accelerate the identification and development of actionable clinical biomarkers for Accu8's drug candidate, L-Riblucin, also known as 99G41.
Using advanced machine learning ensemble-based algorithms and other radar-aided computational approaches, we have been successful in identifying candidate predictive biomarkers.
Additionally, we've been able to model clinical response to L-re
These insights are being used to inform the development of L-regulusive and the design of phase two randomized trials.
These methods will be further applied to future biomarker validation.
and will be expanded to incorporate modeling with additional forms of patient data in the future, including RNA, ctDNA, soluble biomarkers, and other key genomic features.
Lantern has received equity in actuate therapeutics and has the potential to receive additional equity upon meeting development milestones and the application of computational models to L-Rigalucid based on future development efforts.
And to the Actuate team, if I've mispronounced L-reclusive, I'm sorry.
It's the best word.
In September , which is Childhood Cancer Awareness Month, we'll be hosting a key opinion leader webinar on LP 184 in the treatment of pediatric cancer. This will feature Dr. Peter Houghton, the renowned professor and PI at Greer Children's Cancer Center at UT Health Science Center.
Additional details about the KOL webinar and pediatric cancer, which is currently being planned for September 22 next month, and how to participate in it will be announced in the coming weeks.
I'll now turn the call over to our CFO , David Margrethe, who will provide an overview of our second quarter financial results.
David. Thank you, Pana, and good afternoon, everyone.
I will now share some of the financial highlights from the second quarter.
Our R&D expenses for the quarter ended June 30, 2022, were approximately $3 million, up from approximately $1.2 million for the second quarter of 2021.
This increase was primarily attributable to increases in product candidate manufacturing related expenses.
and increases in research studies.
general and administrative expenses.
were approximately $1.4 million for the second quarter of 2022, up from $1.3 million in the prior year period.
We recorded a net loss of approximately $4.5 million for the quarter ended June 30, 2022, or 41 cents a share.
This compares to a net loss of approximately $2.3 million for the quarter into June 30, 2021, or 21 cents per share.
As of June 30, 2022,
We had approximately 10.8 million shares of common stock outstanding.
outstanding warrants to purchase 177,998 shares and outstanding options to purchase 939,940 shares.
These warrants and options, combined with our outstanding shares of common stock,
Give us a total fully diluted shares outstanding for approximately 11.9 million shares as of June 30, 2022.
Our cash position, which includes cash equivalents and marketable securities as of June 30, 2022, was approximately $62.2 million.
This balance is expected to carry us into 2025.
Importantly,
We believe our solid financial position will fuel continued growth and evolution of our radar AI platform.
accelerate the development of our portfolio of targeted oncology drug candidates.
and allow us to introduce additional targeted products and collaboration opportunities in a capital efficient manner.
As mentioned on prior calls,
We have migrated to a hybrid work environment.
And I'm proud to say our team continues to be very productive under this operating model.
This hybrid model removes geographic restrictions to our hiring initiatives.
which gives us the ability to recruit extremely high caliber team members that otherwise might not be available in a smaller local talent pool.
We currently have 18 employees who are primarily focused on leading and advancing our research and drug development efforts.
We see this number expanding slightly in coming quarters as we add additional experienced and talented individuals to help advance our mission.
I'll now turn the call back over to Pana for some final comments. Thank you, David.
We're well positioned today and we're executing on our mission to leverage AI and data.
and also in a highly cost-effective manner to generate clinically needed programs in cancer therapy. We continue to have very strong fiscal discipline with a casualization rate mostly focused externally on research, manufacturing, and clinical trials, and not on internal infrastructure development...
Our focus remains on leveraging our intellectual knowledge capabilities around our scientific and AI strategy and then working with world-class partners in research and in clinical trials and also with
experienced CROs to execute on our needs.
This is important because it enables us to dial up or dial down the work and cash burn as needed and rapidly adjust it as our data or the markets dictate.
Later this quarter and this year, Lanturn will be presenting new preclinical data at several scientific conferences that are coming up, including at the American Association for Cancer Research. They're having a special conference in pancreatic cancer in September . We'll be presenting data that we've done in conjunction with our collaborators there, which as you know is one of our cornerstone indications for 184.
We'll also be presenting at the Society for Hemototologic Oncology, the 10th annual meeting in Houston that will be focused on LP 284.
We have several others also that are developing.
We will announce more conference details in the coming weeks.
We'll also be attending the Microcap Rodeo Investor Conference in Chicago on October 12th and 13th and at the ThinkEquity Conference in New York on October 26th. I will also be hosting a panel on how established emerging biopharma companies are using AI specifically in drug discovery and development at the ThinkEquity Conference on the morning of October 26th.
Ultimately, we believe many of our programs, as they further develop, can be partnered out for several hundred million, or potentially even billions, of dollars.
In addition to providing multiple shots on the goal, our maturing pipeline with two phase two assets, the upcoming launch of multiple phase one trials, and several preclinical studies underway should provide a steady flow of news, catalysts, and the ability to attract increasing levels of interest from the investment community.
Last year, we launched a major initiative internally to generate totally new molecules.
We forecasted launching one to two programs in the first 12 months of this initiative. To date, about 18 months later, we launched six programs.
Much of this was made possible by our radar platform and its rapidly growing data points and algorithms pointing to specific types of correlations.
We've also added significantly to the precision development of our collaboration partner in Actuate for their cancer drug candidate, L-Raglucid, and we believe that we can partner and collaborate with many additional cancer-focused biopharma companies.
We believe that the entire industry is just beginning to scratch the surface of how to use data and AI tools to accelerate drug development in cancer.
As I mentioned in our last call, it's not just data we're adding, we're also adding algorithms.
Looking back at the history of the company, we began with about three or four algorithms focused on very specific problems around differential gene expression.
Algorithms, as many of you know, are generated to solve a workflow or to create an answer or a solution to a question that we may or may not fully understand or have today.
Currently, we have nearly 200 different algorithms, many of which are now actually training themselves on data as it's ingested into our system. This allows us to improve and automate our ability to generate potentially actionable insights. These are things that weren't even done 10 or even 5 years ago in cancer drug development.
By using our AI platform and the billions of data points we have, we can efficiently increase the number of shots that we have on goal. With the extraordinary potential ahead of us in our existing programs as well as programs that we're assessing today, we continue to believe that our market cap does not accurately reflect the true value of our development programs and the technology platform.
We're actively pursuing activities to increase the visibility of Lantern Pharma with investors and also to engage with larger global biopharma companies to explore partnering one or several of our programs. Um, not veryseller.
I believe we have crossed an important inflection point in our business with our platform and now have repeatedly proven its capability of delivering important insights to drive the ongoing expansion of our pipeline. We believe we're ushered in a new era for our company focused increasingly on changing patient outcomes in cancer clinical trials. We are now leveraging our AI driven insights not only to develop compounds but actually improve the lives of cancer patients.
I want to thank everyone for their time today and their interest in lantern pharma as we continue to our focus to transform cancer drug development for the betterment of patients and to change the cost and timeline involved in developing new cancer therapies.
With that, I'd like to now open up the call to any questions.
Great, thank you Prana. If you would like to ask a question, you can do so in one of two ways. You can either use the raise hand tool if you wish to speak directly to management and I will enable you to speak or you can also just type in your question using the Q&A tool.
So we have one coming in here from John VanderMosten. What is your sense of the capacity of CROs in trial sites to take on clinical trials?
That's a great question, John .
It kind of sounds like you're doing some additional homework for your CRO coverage.
As you know, I ran a pretty large year on the past, but I think
I have an investor on me directly now. That's crazy. Okay.
Thank you.
All right, the capacity, I think the capacity is fairly limited. I think the CROs are taking on a lot of work and projects.
and really delaying the launch.
Part of that is driven because of the lack of available.
health care workers and staff at the sites to take on new trials.
So it really becomes a lot of pushing and a lot of, unfortunately, personality that will drive.
trial sites to engage.
But I think CROs are hungry for revenue.
So they, I think, are overestimating their capacity.
I think there are a lot of under, sorry, overutilized teams across too many projects in CROs.
And I think that's going to be quite challenging for certain trials, especially later stage trials, unless the, what's also beginning to happen is that you're seeing increasing usage of other geographies, so that's also positive. But I do think that CROs have kind of over promised or slow to deliver, not delivery, but slow to deliver.
And so that focuses on pharmas like us and sponsors like us becoming more involved in what I call greater patient awareness. And we're doing that with the harmonic trial.
So if we can drive greater patient engagement and patient awareness, especially in these unique populations, that allows us to then drive the clinical sites to want to participate more actively.
So that's definitely an issue.
We have a couple of other questions coming in here, one from Michael King. With the increase in data points, does your processing power not have to increase commensurately so as to not create a knowledge bottleneck? That's a great question, Michael. Wonderful question. This is what we've... You'll notice we've got the 20 billion data points in Q1, late Q1.
which is a big increase.
but we only got to a little over 21 in Q2. That's because our attention quickly focused to this very issue. So we've done things to increase the speed of our pipeline, increase parallelization. So right now we've solved some of those challenges by going massively parallel with simultaneous pipeline management and also tweaking the algorithms to perform faster using certain languages, switching them from R to Python or switching them even.
from Python to parallel Python and other things. So that's something we're acutely aware of, so we've been able to address that head on. We continue to address that through greater automation so that our focus is on the actual runtime. The runtimes are going highly parallel and they're going through more nodes. So we haven't... We've seen the bottleneck, we've addressed the bottleneck, and actually in some cases we've improved the output by 70 plus percent.
I think we're ahead of the curve again and we're going to go back to sucking in more data. Another question coming in here from John VanderMosen. I noticed that you highlighted combination therapy using PARP inhibitors with LP100. Do you have any additional detail here? Yes, John , we do have additional detail and we'll be sharing that I think in the coming weeks and months that we have great synergy data with PARP inhibitors and LP100.
The key thing that it allows us to do is two things. We think it allows us to go from later stage, kind of fourth line where LP100 was being used in metastatic castration resistant prostate cancer to earlier where PARPs are currently used, which is second line, gives us a much larger available market size. And second, the synergy with PARP because PARP is given in fairly high doses and eventually there's some response issues over time and toxicity issues.
more adverse reaction than toxicity. And so we can give a smaller dose of PARP with 100. So that's our thesis. And that's what we're most likely going to re-engage with for that drug. But we'll be sharing additional details on our studies and the impact as a result of that. But we're pretty excited by that.
Okay, I have another question here. Can you tell us when you expect the clinical trial for LP300 to increase the burn rate?
Yes, I expected this quarter. So, yeah, so as you know, we just made some major payments to manufacturers and to clinical trial sites to get them up and running. And so the logistics definitely took, we'll take a big chunk out this quarter or next quarter, but anything you want to add to that, David? No, I think it's consistent with the progress we're making towards advancing the clinical trials. And we will see it increase, not dramatically, but we will see it increase.
As we move move into clinical trials and ramp those up. Another question here is what is the next outcome if the harmonic trial is successful?
call with analysts probably. Now if the harmonic trial is successful that's very likely that we would use the data to then refine the pivotal trial or partner it out in a pivotal trial with a big pharma. It's very interesting to note that pharma companies have wonderful programs in PD-L1 where tumor mutation burden is high. We talked about that earlier. In Never Smokers, tumor mutation burden is low and so if the harmonic trial is successful I think would be a great complement to many of these.
non-small cell lung cancer programs that big biopharma companies have today.
So that's most likely the outcome is that we'd use the data, refine and design a pivotal phase three in collaboration with a much larger partner. And again, it's a 1.5 to 2 billion dollar plus opportunity. So I think it would attract a lot of attention from the better commercially equipped biopharmaceutical companies. It's a very interesting indication.
Another question coming in here from Don, will R
Yes, the radar will be applied.
the key will be to make sure that we have the anonymized data, and that we've gathered the data. But we will probably, in fact, one of the initiatives that we have internally is to make liquid biopsy is a central part of all of our trials because you can potentially get access in a non-invasive way to both genomic and transcriptomic data and do it in parallel. Sorry, do it over time of the trials, you can actually see some of the evolution of the therapy.
So yeah, that's something that would be a center of excellence at Lantern, would be the use of liquid biopsies to monitor and to design further refinement approaches, because it'll tell us how to refine the future trial, but also it might give us new insights into where the drug can be used.
So I think we'll have two areas of value and liquid biopsies are becoming cheaper and cheaper and cheaper and also much more sensitive. So at the same time the state of the art is increasing and I think that's going to enter into the benefits of companies that are using how to powerfully utilize liquid biopsy.
Another question coming in here, I've been noticing that the FDA is requiring more development companies to perform dose finding studies. Have you observed this and will it impact your program design?
Yeah, so most of our phase one is for dose finding, find that MaxInK already dose.
So that's definitely true with some of these more potent agents.
And we're reviewing those kind of considerations as part of our trial design.
Some others coming in here. You have several CNS indications now. Can you give us highlights of why you're excited in that area?
Sure, and the CNS indications have...
you know, there historically had been, there's a huge unmet clinical need, there's some of the most aggressive cancers, both in children as well as in adults. As a percentage, they cause massive amounts of, you know, heartache and grief, and there's a lot of spend in that area. You know, the last drug was approved 17 years ago, TMZ. It was a more recent drug, but it was only approved in Japan by Daiichi Sankeyo, and it was an oncolytic virus, and it's only, you know, not used very much.
Tumor treating fields have somewhat mixed results, although positive for patients. So it's an area where there's huge need.
No drugs have been approved. We have two great drugs, both 184 and we believe 284, that has similar dynamics and bioavailability across the CNS and a whole number of indications that we can go after.
So yeah, I think we're really excited. It's a huge clinical need. The data support's going after it, and the early data, preclinical data, is been unlike that I've seen in many others, CNS small molecule. So for those reasons, I'm particularly excited about it.
And sort of on that topic, what's the next pediatric milestone?
We plan on having a KOL webinar with Dr. Peter Houghton later this quarter, I believe in September , and then we'll have some additional data to talk about from our pediatric program, and also some of the other work that we've done in RADAR, but we expect that we'll open up some new pediatric indications potentially as a result of that work. That's why we're engaged in it. Thank you.
The next question is, sorry, Pana, the next question is, have you started to speak with larger farming companies and where are we with that?
That's a great question. Jagarti Gopinath and Cheryl
hired someone specifically to help us with corporate development activities with larger biopharma companies. We've started having active discussions with a few of them. We've had debriefings, we've signed NDAs and so yeah I think that's a big part of our strategy over the next six and twelve months is to get in front of the pharma, let them know about our programs, let them know which ones we'd like to partner, share all the details of the initial data under
CDA or NDAs as needed, and then have them probably watch and wait and look at our great data and partner. I mean, it takes a while to do these deals and they want to see progress. So I think phase one, get the attention, get our programs into their mindset, show them how we're uniquely positioned versus all the other programs that are out there, demonstrate those results in ongoing studies, publications, and clinical trials, and then partner those assets out. Thank you.
Great question. That is all the questions I see coming in here today. And with that, we'll end the call. So thank you everyone for attending and have a great rest of your day. Thanks, everybody. Thank you.