Q2 2022 Alaunos Therapeutics Inc Earnings Call

So Dan Thank you for standing by welcome to the Atlanta Therapeutics second quarter 2022 financial results Conference call.

At this time all participants are in a listen only mode.

After the speaker's presentation, there will be a question and answer session to ask a question. During the session you will need to press star one on your telephone. Please be advised that today's conference maybe recorded I would like to hand, the conference over to your speaker today, Daniele Dudgeon with Stern Investor Relations. Please go ahead.

Good morning, and welcome to the <unk> Therapeutics second quarter 2022 financial results conference call and audio webcast.

With me today are Kevin Boyle, Senior Chief Executive Officer.

<unk>, Vice President of research and development.

So you asked about vice President of technical operations, and like Wong Vice President of Finance.

Earlier this morning, <unk> issued a press release announcing financial results. The three months ended June 30th 2022.

We encourage everyone to read today's press release as well as <unk> quarterly report on Form 10-Q for the quarter ended June 30th 2022 which was filed this morning with the SEC.

The company's press release and quarterly report will also be available on the Alon us what they are.

Dot com.

In addition, the conference call is being webcast through the Investor Relations section of the company's website and will be archived there for future reference.

Please note that certain information discussed on today's call is covered under the safe Harbor provision.

Securities Litigation Reform Act of 1995.

Participants are cautioned that this conference call contains time sensitive information that is accurate only as of the date of this live broadcast August 15th 2022.

Actual results could differ materially from those stated or implied by the forward looking statements made today due to risks and uncertainties associated with the company's Thursday.

Information on potential risks and uncertainties are set forth in our most recent public filings with the SEC at SEC Gov.

The company undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances. After the date of this battle.

That may be required by applicable securities law.

But that said I would like to turn the call over to Kevin Boyle.

Thanks Danielle.

Good morning, everyone and welcome to the Alliance second quarter of 2022 earnings call apologies for the frog in my voice here.

Think back to MS Rossi, My seventh and eighth grade Latin teacher, and I remember the phrase Tempus Fujitsu.

Time flies and time flies when you're having fun.

Perhaps the one year anniversary of joining the company just so proud of the progress that's been made by our dedicated team.

Rebuilt team has formed a strong operational manufacturing and clinical foundation over the past year.

Our TCR T Library phase one two trial is continuing to actively enroll and I'm pleased to say that we're moving ahead at the second dose level after consulting with our investigators and safety review Board.

At the same time, we're working to expand our manufacturing capacity to support future clinical expansion. We are very pleased to welcome Bobby.

President of technical operations to lead this effort.

You will hear from albeit just a couple of minutes, but I wanted to say that we're very excited to have him on the team as we seek to expand and optimize our manufacturing capabilities.

Small world that drew and I will be worked together at the NCI and both are beneficiaries of the world class training. It offers.

This quarter, we are very privileged to extend our credo into 2025, working with Dr. Rosenberg and NCI to develop personalized cancer therapies, using our novel TCR T cell platform.

In partnership with Dr. Rosenberg's team, we look forward to continuing our collaboration generating proof of concept in this personalized approach.

When combined with the lineup TCR T Library phase one two trial and our R&D efforts, we believe that we have the right approach the right expertise.

My mind, most importantly, the right team for allowed us to be successful in the long term and improve the lives of cancer patients with solid tumors.

We'll provide an update on our TCR T Library trial as a reminder, it's a phase <unk> basket trial targeting hotspot mutations across six different solid tumor indications.

Non small cell lung colorectal endometrium pancreas and.

And bile duct cancers.

We are currently enrolling patients down the street at MD Anderson Cancer Center with one of these six cancers based on matching mutation HLA parents that are available in our TCR T Library.

Which consists of 10 <unk>.

<unk> five <unk> 53, and one egfr.

As you May recall, we announced that we dosed the first patient in the trial in may at a dose level one.

Or approximately $5 billion TCR T cells.

This patient has non small cell lung cancer and the <unk> mutation.

The patient was treated with TCR T cells targeting this driver mutation manufactured in our very own in house Cgmp facility.

Following discussion with our investigators as well as review of safety data at MD Anderson.

We're pleased to be moving ahead at the second dose level of approximately $40 billion TCR T cells.

We remain encouraged by the progress in the trial and look forward to providing an early look at data at a medical meeting in the third quarter of this year.

We believe we're on the right track, but in Sterling, even greater confidence in our approach using TCR T cells to target hotspot mutations were two recent papers published by leading academic institutions.

One was published in the New England Journal of Medicine, and the other in cancer Immunology research.

I'll, let drew go into more detail about the clinical findings of these papers, but I'd like to highlight that these case studies of patients with <unk> and <unk> 53 mutations treated with TCR T cells resulted in durable responses using TCR is that we have in our library.

We believe that we have a better more cost effective and commercially scalable approach using our proprietary sleeping beauty technology.

And we're actively testing these tcr's in our clinical trials.

Yeah.

Much like the old Scott motto to be prepared we're working diligently execute on our multi pronged strategy to expand our manufacturing capabilities.

Now, while we believe we have sufficient capacity to support our phase <unk> study for at least the next year.

This expansion will serve us well in the long term as we continue our R&D effort with membrane bound IL 15, and expand our future clinical pipeline.

First we are implementing new sops that will allow for simultaneous production of multiple products in our cgmp suite.

This also includes work to further optimize our manufacturing process by introducing cryo preserved cell products.

Secondly, we are continuing to hire additional staff to support increased manufacturing capability.

And lastly, <unk>.

<unk> already successfully built one cgmp suite, we will investigate physically expanding our GMP footprint as the need arises.

Now before I turn the call over to drew to touch upon our R&D efforts.

I wanted to briefly highlight our collaboration agreement that we have with Malaysia farmer.

This collaboration was initially formed way back in 2011.

Granted <unk>, an exclusive worldwide license to develop and commercialize <unk>.

<unk> also known as <unk>.

As part of this license agreement, we are eligible for sales based cash milestones and a percentage of any sublicense revenue generated by Solutia.

So Asia will continue to be responsible for all costs related to manufacturing and commercialization.

In June of 2022, So Asia announced that <unk> has been approved for relapsed or refractory peripheral T cell lymphoma by the Ministry of Health Labor and welfare in Japan.

So we're excited for their team escalation as this represents a significant milestone for them.

No we do not expect to receive significant capital for royalties on the sales.

But the additional non dilutive capital will certainly help to further support our own internal development programs.

Let me now hand, the call over to drew to highlight our continued partnership with Dr. Rosenberg and NCI and also expand on those supportive academic papers that were recently published drew.

Thank you Kevin.

I'd like to Echo Kevin's sentiment.

Team has worked to transform our innovative research into meaningful clinical progress with great potential there.

The recent cancer Immunology research in New England Journal Medicine articles have further contributed to that confidence and help validate our approach targeting shared hotspot mutations.

The cancer Immunology research article highlighted the power of TCR targeting T. P 53, mutations and there are clear benefits compared to til therapy.

This paper showed that TCR T cell specific for one of the most common <unk> 53 mutations and actually to one of the most frequent HLA is in the United States led to an objective clinical regression of advanced breast cancer, including 55% tumor reduction and resolution of significant skin.

Tumors by 60 days post infusion.

The New England Journal article was a case study of pancreatic cancer, who was treated with TCR T cells targeting <unk> mutation. This publication showed that the patient achieved a partial response of greater than 70%, which is ongoing at six months of follow up.

<unk> is the only company with these tcr's and its library in the clinic.

Both publications validate our approach to target K, Ras and <unk> three hotspot mutations with TCR T.

I am also thrilled that we have.

Extended our cooperative research and development agreement with the National Cancer Institute to 2025.

We are honored to continue our work with Dr. Rosenberg a pioneer in the development of effective immunotherapies for patients with advanced cancers.

Under the amended crater the NCI will work to generate proof of concept data for fully at August personalized TCR T cell therapies, using our proprietary non viral sleeping beauty technology.

We strongly believe that sleeping beauty is ideal for this application and is clear fundamental advantages to competing gene transfer technologies.

I was lucky enough to have the privilege to work under the Mentorship of Dr. Rosenberg for many years and I believe that we will be successful in developing personalized TCR T cell therapies together.

Both parties bring significant non overlapping expertise of the creator and we believe our work together will help bring the vision of personalized TCR T cell therapy to the commercial setting.

I would also like to briefly touch on our follow on asset the membrane bound IL 15 program in.

In May we presented new data at Aes GCG that highlighted the potential ability of membrane bound IL 15, TCR T cells to specifically target and kill tumors. While also establishing long lived tumor specific TCR T cells.

You can find these data on our website.

We believe that this program has the potential to increase the persistence of TCR T cells and deepen clinical responses.

We're continuing to advance this program towards an IND filing in the second half of 2023.

Lastly, we continue to make significant progress using our hunter platform to discover Tcr's and we're further building out our infrastructure to increase throughput and decrease the cost of screening.

We aim to increase the addressable market for our <unk> Library TCR T program using these proprietary tcr's.

Our team has already demonstrated the ability to add TCR. So the clinical trial in parallel to the existing tcr's with the amendment that occurred last year. Furthermore, Hunter has the potential to create licensing opportunities generating non dilutive capital.

We anticipate sharing a more detailed update on the Hunter program in the fourth quarter.

I would like now like to turn the call over to Mike long to review the financial results for the second quarter Mike.

Thank you drew let me review our financials for the three months ended June 32022.

For the second quarter of 2022.

We recorded a net loss of approximately $9 9 million or five net loss per share compared.

Compared to a net loss of approximately $22 7 million or 11 net loss per share for the second quarter of 2021.

Research and development expenses were approximately $5 9 million for the.

Quarter of 2022.

Compared to approximately $13 6 million for the second quarter of 2021 a.

A decrease of 56%.

The decrease was primarily due to lower program related costs of $2 million as they focus on the TCR T platform.

$5 $2 million decrease in employee related expenses due to our reduced head count following our restructuring in the third quarter of 2021.

And a <unk> $3 million decrease in consulting expenses.

General and administrative expenses were approximately $3 4 million for the second quarter of 2022.

Compared to approximately $9 1 million for the same period in 2021, a decrease of 62%.

Decrease was primarily due to a lower employee related expenses of $5 $4 million due.

Due to our reduced head count following our structuring in the third quarter of 2021.

<unk> 2 million decrease in consulting and professional services expenses.

As of June 32020 to Alon us had approximately $60 million in cash and cash equivalents.

We anticipate our cash runway to be sufficient to fund operations into the second quarter of 2023.

Our operating cash burn for the second quarter of 2022 was $8 2 million compared to 21 5 million in the.

<unk> quarter of 2021.

A decrease of $13 $3 million or 62%.

That concludes our financial update I would now like to turn the call to Kevin.

Thanks, Mike.

Net financial update you heard that we remain good stewards of capital on behalf of our shareholders. We have made substantial progress advancing our <unk> platform and this past year, despite reducing our cash burn by over 60%.

We were trimming expenses before it was the <unk> thing to do we were trimming expenses because it was the right thing to do.

And we are focused on the activities that advance our programs through and into the clinic with the singular goal of improving lives of cancer patients with solid tumors.

Before we turn the call over to questions I'd like to introduce our newest member of the team.

<unk> Srivastava, our vice president of technical operations.

<unk> was most recently vice president of cell therapy development out of Phoenix and.

And previously was assistant professor at the University of Pittsburgh, where he led the process development and manufacturing of tails.

Would you like to say a few words.

Thanks, Kevin.

And.

I'm very excited to join Atlantis.

It's really the minds me my old days at NCI, when I was working as a fellow and was associated with this technology. So I truly believe in the science and truly believe in this technology.

And.

I'm so excited to really be part of this team who is really bringing this.

Advanced technology to <unk>.

The patient who are really in need with my manufacturing and product development background, I'm really ready to support the team and daily provide that manufacturing capability enhancement.

To drive this technology.

Technology with this I would hand.

Over to Kevin.

It'd be great to have you here, we're excited to have you as part of the team.

So with the appointment of Avi were working diligently to execute against our multi pronged manufacturing strategy to expand capacity. So I'll be walked in day, one and he is.

Plenty to do and we have great confidence that it will be successful.

So I appreciate all of our dedicated <unk> employees, our MD Anderson investigators.

Patients and shareholders for their support as we continue to make great strides across our entire business.

As we prepare for the second half of the year, we are working to consent and enroll additional patients in our phase one two trial and plan to present early data from the trial in the third quarter at a scientific conference.

On the R&D front, we're excited to advance a personalized TCR T cell therapy approach with the NCI.

As well as continued to move our membrane bound IL 15 program towards an IND filing in the second half of 2023.

We look forward to updating you again soon as we continue our mission to improve the lives of patients suffering from solid tumor cancers.

We will now open the call to questions Michelle.

Thank you to ask a question you will need to press star one on your telephone.

Please standby, while we compile the Q&A roster.

Our first question comes from the line of Greg <unk> with Cantor Fitzgerald. Your line is open. Please go ahead.

Hi, Good morning, everyone. Thanks for taking my questions and congrats on all the progress.

Maybe first question.

I can clarify has the second patient being dosed are identified.

And maybe Kevin and team if you can comment on.

Set expectations on how many patients will be presented in Q3, what data should we expect at this update what's the bar for you. Thank you.

Good morning, and glad to hear you are as excited as we are to share some information about our trial. We hope it has been received with welcome news that.

Not just in the second half of this year that we'll be presenting.

Look at early data, but indeed, we will be presenting in the third quarter and that will be doing so.

Scientific or medical meeting as well, so nice validation there too.

Because of some of the restrictions.

The conferences are not able to share much in the way of what data will be presented but stay tuned.

Only what six more weeks left in the in the quarter here. So we promise you will we will get that information out.

With regards to.

Whether or not we've treated the second patient again, please stay tuned on that front, we do not want to be in a situation, where we're kind of giving patient by patient updates we want to be more considerate about that but what I will say is we're very excited.

And encouraged by the number of patients that we are seeing interested in our trial. We're very encouraged that the safety review board and the investigators have put forth and allowed us to progress after the second dose level.

So again, we look forward to sharing the information as much as you look forward to receiving it.

But we will do so at some point in the next six weeks time, and we'll answer the questions that you have there. Thank you.

Thanks, Kevin.

And our next question comes from the line of Thomas Flaten with Lake Street Capital Markets. Your line is open. Please go ahead.

Good morning, and thanks for taking the questions. Kevin I was wondering if you could give us an update on the total number of patients that have been screened and then what the match rate has been to the to the TCR in the library.

Sure Good morning Thomas.

We have screened to get over 500 lung and colorectal patients alone. So between those two indications we screened over 500 patients.

Our perspective patients.

And the match rate is over 5%. So we continue to be very pleased with the number of patients that we're screening the pipeline and the funnel that we are seeing it.

It is a very efficient.

Cost effective means by identifying patients add.

We continue to increase the number of patients that were following on their treatment journey.

Sure.

That's progressing as well.

And the other thing to highlight here Tom.

With our Hunter platform moving forward, we fully anticipate that we will be adding <unk> to our library.

That will be able to increase the addressable market increase the since we have all the information that we're gathering of these over 500 patients in colorectal and lung will be able to pick up new patients as we add <unk> as we expand tcr's to our library and in certain new TCR is to have either new mutations.

Our new HLA <unk>.

So we're very encouraged that we're going to be able to continue a nice pace of enrolment on this trial.

Fantastic and then just I was wondering if you might be able to characterize the types of patients that are coming that are being screened by the folks at MD Anderson as it typically salvage patients or have you started seeing maybe some second line third line patients. So I'm just curious if you have some qualitative information around that.

It's a great question, we see it all sometimes these are patients walking in MD Anderson for the first time that Unfortunately may have just noticed a health scare or maybe came from out of state and were just recently diagnosed and are going to one of the best cancer treatment centers in the world and as a result, we see patients of all.

Size, sometimes and that's why sometimes this patient journey.

Ken last awhile, because these might be patients that have been recently diagnosed.

And let's be honest, we're all in this to make sure that the patients get the care. They need. So there is really the the human side of me says I Hope I never see these patients on our trial because that means frontline therapies are working for them.

But if that's not the case and if unfortunately, there is a failure in the frontline therapies that they're taking.

Then very much we are encouraged about our science and technology and the ability to make a difference in their treatment plan and to extend their life and improve their quality of life.

So we see all patients at all stages, some might be ready immediately to join our trial. Some may take a little longer some might never end up getting our trial because other therapies are working.

The other thing worthy of noting is it depends on the indication as well so some indications we might be.

Earlier in line.

Other indications there might be more approved therapies or treatments for them.

So again, it's very much indication specific as well hopefully that's I appreciate that.

Yeah, that's great. Thanks, so much for taking the questions.

My pleasure. Thank you.

And our next question comes from the line of Yale Jen with Laidlaw <unk> Company. Your line is open. Please go ahead.

Good morning, and thank.

For taking the questions.

My first question just followed the previous one.

Based on the numbers screened.

Matched you might have roughly maybe 25 patients.

If my math is correct.

Curious whether.

One of the gating factor or limiting factor will be the manufacturer.

<unk> capacity or other things.

Yes.

Dictates how much how many patients you can stock.

For process for treatments.

Yes, good morning, and thanks for the question.

The limiting rate limiting factor in the near term is not manufacturing and Thats why again, we're getting ahead of the curve.

As I said, we're following the old scout motto, a be prepared and Thats. Indeed, why we are investing and so excited to have Avi come on board look forward to having him start to meet the broader investment community.

But his background is about planning ahead for future manufacturing expansion planning ahead for working on optimization.

As we know right now we have a manufacturing process.

Little shy of 30 days.

It's fine for this early stage, but we certainly look forward to continuing to reduce that time working on process development to find ways to optimize that and reduce the manufacturing time.

By nature in and of itself will increase the throughput of our GMP suite.

But at this point it is not manufacturing that is.

The rate limiting step and we are also working on cryopreservation. So I do want to highlight that too that will help as well with where being able to produce.

Sales for when the patient perhaps does progress.

And is ready for our treatment in our clinical trial.

Okay, Great. That's very helpful. Maybe one more question follow up question here.

While giving you can move to the second dose.

Rapidly.

One of the.

Factors or could you give us a little bit more color.

The metrics dictates that you could move to the second.

Doses and lastly.

Lastly is the what's the anticipated total patients to be dosed for the phase <unk> study and thanks.

Thanks, Joe.

So let me touch on a few things we are encouraged but not surprised that we are moving to the second dose level. That's why we designed the trial as we did with his vision design. So as a reminder.

Our approach targeting these hotspot mutations we believe is superior to other TCR companies.

These.

Mutations only appear in the tumor cells nowhere unhealthy and Thats, an important reminder, and thats what allowed us in part to start at a higher dose level. So at dose level one already based on.

Three broad literature review that was done by the team.

Efficacious dose levels begin at 1 billion TCR T cells and so the fact that we're starting at $5 billion TCR T cells.

We're not starting at a throw away dose level, absolutely and a phase one trial safety is first and foremost.

Most important thing and then we want to identify the recommended phase two dose, but again, we're very encouraged because we are targeting things that is new antigens. These hotspot mutations only appear in the tumor.

What's causing the tumor to survive, what's causing the tumor to thrive and so the fact that our <unk> can identify them and kill what is driving the cancer, we're going after the right target and we're doing so in a very safe manner, because it's not owning to any kind of healthy tissue and so I just can't stress that enough.

So.

It is looking at safety data.

Of the patients or patients that were treated and we did indicate on our prior call that the safety profile from the first patient.

Looked very good and that was going to be reviewed and assessed by the safety review board and by our investigators after the first patient. So we did talk about that before and say that again that we are very pleased with the safety profile.

That we saw in the first patient and it is safety and the responses in the first 30 days after infusion that is valued each and every time by our safety review board and the investigators as we determine the appropriate dose for the next patient to be treated.

Okay.

And what will be the total numbers of patients you expect adult planned it for the phase one two study.

We're going to let the science tell us Sheila so we need to.

Continually evaluate the patients as they get dosed and treated.

In part as well it will depend because we have the ability with the various indications in the various tcr's.

Two to move different things to a phase II, while still having the phase one trial opened since this is a phase <unk> trial design and because of the beige in design as well, we're not locked into a pre described formula were going to again, let the science and statistics help.

Decide what the appropriate number of patients are to treat so we're very much scientifically guided and not artificially constrained by a poor trial design. We're very pleased with the forward looking trial design that we have.

The fact that the FDA has worked very closely with US and is supportive and approved of this design is also very encouraging.

Okay, Great that's very very helpful and thanks a lot.

For the details.

Thanks, Jeff.

Our next question comes from the line of Slam <unk> cost with H C. W. Your line is open. Please go ahead.

Thank you this is RK from H C Wainwright.

Morning, Kevin.

Okay.

And.

<unk>.

For the manufacturing of these doses.

Long does it take.

At this point from bench to bed.

And.

As you progress and as you get more experience.

Are you seeing the possibility of reducing the manufacturing time.

Thanks, RK. Indeed, there is there is positively.

Path forward in our process development activities to reduce the vein to vein time bad at that time as you called it.

Now it sits approximately 30 days that manufacturing timeframe.

But.

Our goal towards commercial efforts, if you will as we see a path to be able to reduce that by about half and so that's.

Avi knows that his task in this challenge he is up for it.

We'll be working closely with drew and the team.

But we have a number of different process development initiatives that will facilitate that there'll be incremental so we'll continue to provide updates as we refine our manufacturing process optimize it if you will and reduced the number of days.

Again that will naturally be beneficial for many reasons, one we get the treatment to the patient more quickly.

Secondly, it will naturally increase the throughput in our manufacturing suite.

So for us it's.

<unk>.

It's something that we'll have updates here I imagine, obviously not going to let much grass grow under his feet in the next quarter or two we'll probably have further updates about the optimization of the processing and how were doing at that time.

Thanks for that and the mix in the second and the last question from me is.

On the <unk> relationship.

Do you have an idea of Glenn.

It could start commercialization and could you remind us what the royalty terms are between you and the collaborator.

So, we'll let <unk> speak to there.

Our program for us to speak about I think what's important that I wanted to guide is that we're talking about.

Low single digits. So this is not something thats going to.

B.

Transformational from a capital perspective on the balance sheet is certainly helpful. In a kind of dollars that we received thats mailbox money and we will put it to good and smart use in our R&D efforts and our clinical efforts, but I just wanted the message I wanted to share is always great to put assets that we were not developing to work.

<unk> and to receive money for them.

But the guidance that we've been given is that this will be.

There is a ramp up anytime that a new product is released and with regards of our royalty.

Terms being in the.

Low single digits, if not something that will dramatically.

Alleviate the capital needs of the company forever.

Okay perfect. Thank you very much and good luck.

Thank you.

Thank you and again if you have a question at this time. Please press star one on your telephone.

And we have a follow up question from the line of Pat <unk> with Cantor Fitzgerald. Your line is open. Please go ahead.

Hi, Thanks for thanks for taking the follow up is maybe Kevin just a quick clarification.

So the safety review by MD Anderson and the decision to move to a second dose is it done at the 28 day follow up.

Accretion on at a later time point.

I had one more question.

Sure.

As a cook I always appreciate when somebody one seconds. So that's a good sign to me per car.

<unk>.

So.

<unk> you have to wait for at least the first 28 day safety window for the safety Review Board together clearly our investigators are.

Following the patient on a.

Daily basis and.

Very much gathering the information, but there are not any artificial constraints if thats, what you mean or a structural constraints that we would have to wait X number of days to review the information so perhaps that's that's helpful.

Yes, that's very helpful. Kevin and maybe a question for drew.

You can comment on some of the recent publications of case reports and any GM.

Cancer Immunology research, which showed TCR therapy add activity in <unk> patients. So maybe it would be helpful. If you can highlight the similarities and differences between your approach versus those mentioned in these communications.

Thanks again.

Love to.

We're really excited about these two validating.

Validating case reports that have come out of academic institutions are really showing the power of TCR T cells targeting hotspot mutations and really showing some preliminary evidence of what we're trying to do in the clinic and our library TCR T trial at MD Anderson.

Both of these case reports are using retrovirus transduce TCR T cells, we are using our sleeping beauty system, which is non viral we think theres a number of advantages we think that it's very well suited for what we're trying to do.

Very commercially appealing for the long term. So we're really excited about testing that in our clinical trial.

And then.

There are some other minor differences in the lipid depletion regimens with the patients, especially the pancreatic patient didn't receive one of the drugs because they didn't have.

They had previous til therapy and didn't respond well to it that may be a minor difference and then both patients received the pancreatic patient received high dose IL two and as a reminder, we do not use high dose IL two in our library trial. So I would say that those are the two main differences looking in but the <unk>.

Producer.

In depth and would also highlight again that the cancer Immunology research paper highlights the benefit of TCR T over till wed encourage you guys to read that so.

Thank you Andrew.

Drew maybe modest but he is one of the authors on that paper and again, we benefit greatly here at Alon us from his expertise in many years working with TCR with sleeping beauty and that's.

Thats I think just a really important differentiator is the value of that sleeping beauty brings.

Two the ability to manufacture these TCR as quickly.

Cost effectively and in a library approach.

Thanks, again and looking forward to the next update.

Thanks Waqar.

Yes.

Thank you and I am showing no further questions. So ladies and gentlemen. This does conclude today's question and answer session and it also does conclude today's conference call. Thank you for participating you may now disconnect everyone have a great day.

The conference will begin shortly to raise your hand during Q&A you can dial star one one.

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