Q3 2022 Agenus Inc Earnings Call
Thank you for holding and welcome everyone to the genus.
Third quarter 2022 financial results call all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you'd like to ask a question. During this time simply press star followed by the number one on your telephone keypad, if you'd like to withdraw your question again press Star one.
Thank you I'll now turn the call over to Niko freely from Investor Relations. Mr. <unk>. Please go ahead.
Thank you John and thank you all for joining us today.
Today's call is being webcast and will be available on our web site for replay.
I'd like to remind you that this call will include forward looking statements, including statements regarding our clinical development regulatory and commercial plans and timelines as well as timelines for data release and partnership opportunities.
These statements are subject to risks and uncertainties and we refer you to our SEC filings for more details on these risks.
Joining me today are Dr. Garo, Armen, Chairman and Chief Executive Officer.
Christine <unk> Vice President of finance.
Our Chief Medical Officer, Dr. Steven O'day will be joining us for Q&A.
Now I'd like to turn the call over to Garo to highlight our progress and speak to our outlook for the remainder of the year Sarah.
Thank you Nicole.
Once again, good morning, and thank you for joining us today.
For our third quarter update.
And our numbers discussion.
It is an exciting time for jazz.
And we believe also for the field of immuno oncology.
The society for immunotherapy of cancer, otherwise known as CFC contracts starts today in Boston.
Okay.
During which we expect will highlight the significant unrealized potential.
For a new generation of I O Rachel.
Oh being he made in oncology.
That potentially would transform the way we shouldn't change.
We anticipate that one of our most promising clinical assets.
Sure Matt.
Novel adaptive.
Late in Europe actually major in addition to being a <unk> or binder.
Can provide important future therapeutic options for patients with tumors that are particularly resistant to current therapies.
<unk> very importantly, immunotherapies.
On today's call.
We will provide an update on both haynesville development programs, including our participation at <unk> as well as recent initiation.
Two.
Phase two activate trials in advanced colorectal cancer for one.
And in melanoma.
To be followed by a trial in pancreatic cancer.
Before the end of the year, it's important to point out that all of these trials are randomized trials.
We will also highlight progress on several of our earlier stage clinical programs.
Including our <unk> antagonist.
Hey, Jamie <unk> 71.
And our CD 137 agonist.
Hey, Jen <unk> III 73.
And provide also a financial update.
Let me start with safety.
We will be sharing expanded clinical data from our phase one study of bookings.
Across multiple tumor specific expansion cohorts.
Heavily and this is very important heavily pre treated <unk> chips.
When we presented the data.
And colorectal cancers several months ago.
And as more Gi in Barcelona.
Experts at that time scrutinize.
Heavily treated nature of these patients.
And it was the consensus.
The data presented.
What is unique in that it was both in heavily pretreated patients.
Well as a hold.
Bold colorectal tumors both of them by the way.
The increase the odds of non responsive.
That we've seen responses in that population is the impetus for enthusiasm.
Experts on.
Yes.
So.
Now these data will be presented at an oral plenary session.
And then the expanded patient population, whereas we presented the data.
Colorectal patients and Theres more Gi.
Since the presentation will encompass expanded cancers.
And it will be on November 12.
At 10 50 a M.
The presentation is by Dr. <unk>, the director of sarcoma medical oncology and Deputy Associate director of clinical research at the University of Colorado.
And it is a plenary session.
Genesis will also presented translational data from the phase one study and by the way again. This is a very large phase one study not a comment phase one studies, having already enrolled.
250, plus patients although the data are presented will be about half of that number given the fact that we're presenting data on patients that have had.
At least one scan.
Collect data.
And so again this will present translational data from the phase one study and pre clinical studies highlighting the mechanism.
Underpinning what excellent maps differentiator enhanced anti tumor immunity as well as new preclinical data demonstrating superior activity than first generation <unk> four agents across multiple cold and poorly immunogenic tumor.
Models.
And as we have communicated later on November 12.
Hey, Janice will host the road take care.
Comprehensive Jana.
Janice sponsored.
This R&D Brent futures presentations from key opinion leaders at the forefront of immunotherapy development.
Including Dr. Michael Atkins.
Alexander Dr.
We will keep the presenter of the plenary session. This morning.
And Doctor Larry Norman.
As well as multiple presentations from our own leadership team.
The agenda will center under the current and future state of Iowa treatments.
As well as the unprecedented data generated to date.
In the potential of that program.
The event will take place from two PM to five PM Eastern standard on November 12 at the offices of Rob Kain Gray in Boston.
Wildly in personal agenda has not closed due to space restrictions.
Institutional investors analysts and members of the medical community.
And to attend the live webcast of the events that can be accessed on the investors section of our Genesis website, although I might indicate that there's a limit in the participation of that as well.
<unk> made several important clinical advancement as well thanks to the map program in the third quarter.
Building upon the robust responses observed in our phase one trial.
We have already initiated two randomized worldwide phase to activate trials in advanced.
MSA.
That is microsatellite stable or it can be also described as non MFS high CRC patients as.
As well as melanoma.
Yeah.
Activate colorectal trial will evaluate potential monotherapy.
And in combination with <unk>, our PD one antibody.
It is randomized to current standards of care.
In patients that have received at least one prior chemotherapy regimen.
So again these are pre treated patients.
<unk>.
Standard of care and the prior study.
Activates melanoma.
Valuation for <unk> monotherapy in patients refractory to either PD one.
Our combined <unk> or PD one therapy.
And this is also very important trial design because it may change.
The approval or potential and map as monotherapy.
In a continuing approvable trial okay.
And of course, there are benefits to going after more than a similar math monotherapy indications.
Okay.
The primary endpoints of both studies will be overall response rates.
With duration of response.
Operational free survival.
And overall survival.
As primary and secondary endpoints.
It is also important because all of these endpoints are considered the gold standard in clinical trial conduct.
As Jennifer X rays to launch as I said earlier, a third phase three trial in advanced pancreatic cancer by year end.
This too will be a randomized trial.
And it will look at potentially lap.
In combination with chemo versus chemo alone.
Beyond these trials and Janus continues to enroll patients in its phase one bookend solar match study to evaluate expansion cohorts in additional indications.
These expansion cohorts will evaluate efficacy signals as well as support dose optimization.
And contribution of performance for the PD one combinations.
These larger and richer data sets that will be obtained from the expansion of our phase one trial can be used to accelerate our phase two programs as well as support.
Additional indications for development.
And while we have not.
Made disclosures on what additional indications we will be going after we have a clear vision of what they are and they include some very difficult cancers as well as some very large cancer opportunities.
The three indications that we have mentioned for the subject of clinical trials. This year complementing the progress we've made on the potential impact this quarter, we're advancing additional clinical programs developed from our antibody engineering innovation platforms.
And very important also to mention that evergreen products other than our first generation <unk> four and our PD one <unk>.
Has been specifically engineered with attributes in mind and of course within Silicon Labs is a clear example of that attribute which has been designed into the molecule, which has been proven to be validated in preclinical models and now.
Seeing that to be validated in clinical trials.
So getting back to our other agents, we dosed our very first patient in our phase one study evaluating AGN 16 71. This is Ed.
I L G two antagonist antibody.
And we are doing the phase one trial jurist as monotherapy.
And then it will be in combination with Sutent mass and box of the map in patients with advanced solid tumors. We continued enrollment of our combination study evaluating age and $23 73, which is our CD 137 agonist.
This is with potential in lab in melanoma patients, who are relapsed or refractory to PD one therapy.
We anticipate enrollment to be completed in the first half of 2023 or sooner.
<unk> has a robust track record of value creation.
Through strategic partnerships.
And this quarter multiple partnered assets advanced into new phase II studies. So they are advancing very nicely.
For example, BMS launched a phase one two study of BMS now 90, $864 42, which is our old pigeon by specific license to them, which was discovered by US also known as Asia and one Triple Center.
Vms 90, $864 42 is being evaluated in combination with Nivola map their own PD one.
And chemotherapy in patients with advanced solid tumors.
And in non small cell lung cancer.
Second <unk>.
<unk> initiated a randomized phase II study evaluating NK 40, Terry.
A candidate <unk> four antagonist also discovered by.
Hey, Josh.
And this is in combination with <unk> in that.
On PD one.
And chemotherapy in <unk>.
Various cancers.
Additional phase II studies of MK 48, 30 are also ongoing in non small cell lung cancer.
Small cell lung cancer in addition.
As for Geo cancer.
MSI high colorectal cancer.
Renal cell carcinoma.
In melanoma.
We're very heartened by the fact that.
Hi.
Iot forward.
Thank goodness antibody.
Has indications of activity in all of these very tumors.
And lastly inside initiated a randomized phase II study evaluating lag three and Tim three antibodies discovered by <unk> in combination with PD one.
In first line squamous cell carcinoma.
Of the head and neck.
Additional phase two studies of these programs are ongoing in melanoma.
<unk> metrial cancer and <unk> carcinoma.
Finally, our ability to recruit top talent is critical to the development of our pipeline.
Near term more specifically more so than that.
Into a transformative treatment for patients in need.
The risks and we made some important recent additions to further bolster our clinical and regulatory leadership team.
They include Dr. David had the Enc was named senior Global clinical development Medical Affairs and commercial adviser.
He comes to us with over 40 years of combined clinical and industry experience.
Most recently from Beijing.
We also hired.
Patricia cartilage as our chief regulatory quality and safety officer.
<unk> has over 20 years of regulatory affairs experience, leading programs from investigational NDA to commercialization.
He was most recently Ed.
Artists.
With that I will now turn the call over to Christine to cover our financial reporting Christine.
Thank you Garo.
And in our third quarter 2022, with a cash cash equivalent and short term investment balance of $218 2 million as compared to $238 $3 million and $306 9 million on June 32022, and December 31 2021.
Expectedly.
Cash used in operations was $32 2 million for the quarter ended September 32022, and $128 million for the nine months ended we recognized revenue of $22 8 million and incurred a net loss of $56 $7 million or <unk> 19 per share.
For the third quarter ended September 32022.
For the nine months ended September 32022, we recognized revenue of $69 6 million and incurred a net loss of $156 6 million or <unk> 54 per share.
Noncash operating expenses for the third quarter and nine months ended September 32022 were $22 $2 million and $62 $8 million respectively.
I'll now turn the call back to Garo.
Thank you very much Christine in closing I, just want to reiterate three things.
One is the fact that we have any pie.
Pipelines of agents.
A very important pipeline of agents.
Ed.
Allows us to be able to assemble the right combinations.
At our own.
And this is very important lab, because only the fact that these pipeline or agents.
Very unique attributes.
That allow us to expand our horizons beyond just let's say.
Segment on cold chain.
Potentially so.
Earlier stage disease.
As well as hot tumors. So it's a very exciting pipeline and we're very very heartened by some of the data that we will be disclosing.
In the first half of next year that highlights the important attributes of our pipeline.
Now.
Secondly.
I should also say.
That there are questions for example.
About our.
The ability and our efforts to finance our pipeline because as you know we have available bus pipeline and it takes resources to advance this pipeline.
Let me make a couple of comments and some historical.
Reflections on how we have done this in the past and how we will continue to do it.
For example, if you look at the past 10 years, we have funded our operations largely from two sources.
One the larger shareholders cash received from partners and royalty financing transactions in combination partnerships and royalty financing transactions.
Thus over $900 million over these last 10 years.
In addition to that we are also.
Equity offerings, primarily through our ATM.
And as I reported in Sherman.
Because they allow us to manage our cash balances quarter to quarter year to year to make sure that cash balances did not drop below a certain level based on our anticipated uses of cash is very important and this flexibility is.
Allowed us to be able to finance our needs until the next large infusion of cash, which typically is through anticipated partnerships.
So with that I think I will conclude my remarks, and we will of course disclose much more data is that hopefully will shed light into our excitement during our weekend activities both at the assistant plenary session.
The poster sessions as well as our road patient events on Saturday from two to five thank you very much for your time and now.
We open to questions from the audience.
At this time, if you'd like to ask a question. Please press star one on your telephone keypad will pause for a moment to compile the Q&A roster.
Yes.
David <unk> with <unk> Your line is open.
Great. Thanks for taking my questions and congrats on the progress, especially on people until an update at <unk>. So first question just around the.
Since the update for on a film that we saw at the <unk> abstract early this morning that the cutoff is.
So I'm wondering if you can share any kind of.
Color on the increment updates will be expecting from from the update that city.
So a couple of comments on this and I will turn it over to Dr. All day to answer the rest of it.
As you know we provided.
Results from our colon cancer trials.
With potentially map plus Mascola Matt.
Gi angle.
End of June .
Now since then we have additional patients from CRC that will be presented also at <unk> I cannot disclose exactly how many patients but there'll be a meaningful addition to the denominator that was disclosed.
As Mark.
At the end of June .
In addition to that we will be presenting several other indications with data that is mature and data that has been cleaned up both are very important requirement. It is premature and cleaned up.
And.
We are reserving of course.
<unk> of patient data.
To be presented at major conferences in the very early part of next year as well.
So.
Stephen would you like to add to that.
Yes, good morning, Dr. Steven today, the Chief Medical Officer Janice, Yes.
Yes.
<unk> summarized it well obviously these since the abstract went in months ago with a cut off of April as you can imagine. This is a large phase one trial, that's rapidly accruing expansion cohorts and we look forward to updating.
The data with the oral plenary session on Saturday, which will be a more mature update.
Data cut and expansion of these cohorts so looking forward to sharing that.
This week.
Got it that's really helpful and then just want to.
Follow up on the <unk>.
The abstract we saw.
Some data from the ovarian cancer, especially for from the platinum resistant ovarian cancer, where it was up 28% or are this to me seems to be quite impressive because historical response for.
PD one in platinum resistant ovarian cancer is around 10%.
So I was wondering can you share with us your thoughts around architectural moving into the platinum resistant ovarian cancer as another indication any thoughts around that would be helpful.
Sure.
Then the fact that we have to be careful about disclosing specifics before the actual final recession as Stephen can you provide additional color on specifically ovarian cancer in the comment.
10%.
Typical response rates for the PD ones.
Yeah, I think all of the subgroups of patients that we're expanding and getting.
Data on are in very difficult to treat.
Settings in which they are what we call cold tumors or already exposed to PD, one base therapy and refractory. So certainly a refractory platinum resistant to exposed ovarian population has been.
A week.
Sort of immune.
<unk> in terms of PD one monotherapy.
You've indicated so we are obviously excited about this as well as other diseases that are showing this kind of promise with response rates.
That appear higher than substantially higher than what you might expect with PD one monotherapy.
And we look forward again to updating this cohort and others.
On the plenary session on Saturday.
Got it that's really helpful. And then just one last question on the $2 71 the key.
<unk> antagonist program.
Maybe I missed it earlier alghero when you mentioned the.
Incremental updates from that program can you share with us when should we be expecting to hear from you on the data front.
From that program.
So let me ask then Chen who is also here to give you a very brief rationale based on extensive preclinical data as well as.
The data from a similar family of compounds that we.
Sure.
License deferred and that clinical data and perhaps you can draw some interest expense.
If Stephen is there anything else to it.
Yes. Thank you Dara so agent kicking 71, which is our <unk> antagonist antibody designed to alleviate the suppressive myeloid suppressive function two microenvironment in addition to enhancing.
Lymphoid activity as well, we discovered that patients that do not respond to PD, one our CTO before.
Only have an enrichment of myeloid cells, but also these myeloid cells express high levels of Iot too and as such we developed an antibody to block <unk> inhibitory function in the tumor micro environment, you would have seen from our disclosures earlier this year that <unk> 71 demonstrates not only monotherapy potential but also best in class activity.
Compared to competing Iot to antibodies.
More importantly, we showed synergy with both the cylinder.
In preclinical models, highlighting the importance of combining agency 71 with other agents in our portfolio.
With respect to other family members you would've seen data from Merck on our <unk> four antagonist that we license to them demonstrating compelling activity in patients that did not respond or progress on Pembroke again consistent with discover.
February is that we made that this families.
And extending therapy to patients that don't respond to conventional <unk>.
<unk> therapy.
This molecule is progressing to 271 is progressing in the clinic quite breath, let Steven provide.
Provide us an update on when you can expect data readouts.
Yes.
As Garo said and as Dan said, the myeloid compartment is becoming more and more.
Important from an immuno biology point of view and our Iot for that Merck has is obviously moving forward success.
Successfully in a phase II program, we're particularly excited about the IL two for the reasons Dan described.
First in human studies, which are going well, obviously, we can't predict when data might be available, but certainly the studies are accruing and moving forward and we could have as early as the end of <unk>.
Next year data.
Sure.
The world, but certainly we will have to just monitor the data.
Continue to progress these trials.
Alright, thank you so much.
Yes.
Okay.
Chi Wen with Jefferies. Your line is open.
Hi, This is shuang Jefferies for Kelly Congrats on the about cinema data I just have two quick questions. So number one for the response rates disclosed illustrates the abstract so may I ask how many are confirmed and unconfirmed responses for each tumor type and also.
There are different doses of both the cinematic using this phase one trial. So did you notice any a dose dependent response from the phase one data are thank you.
So the first question about concern versus on confirm we only present confirmed responses accomplishes, we do not we have additional unconfirmed data.
That is suggesting all for example, very strong disease control rates over a long period of time, but we don't registers dose responses.
They may in fact in a number of situations. These.
Trending response has translated to actual responses.
Sure Scott.
But in terms of the.
Dose.
Variances.
<unk> would you like to address the fact that in the trial.
Early on we had to use.
Lower doses.
<unk> at lower doses, we had seen some responses as well.
Most of the data that you will be seeing at cincy.
The equivalent to one <unk>.
And to make sure.
Alright, thank you.
Yeah.
Yes, I mean.
As Garo said the data is rapidly evolving.
In terms of confirmed and unconfirmed responses unconfirmed responses have in a rapidly evolving trial may just mean that they haven't had their subsequent follow up scan so I.
I would be mindful of that and we will obviously update data.
On Saturday with with our with our responses in terms of of confirmed responses.
In terms of doses. Obviously this trial is looking at a large.
The number of doses initially bolt mono therapy in combination we are certainly concentrating in the combination expanded cohorts one and two milligrams every six weeks in combination with <unk> and we've certainly also.
Centered on a dose range for Bolton filling up also.
As model therapy. So we're rapidly building databases with what we think are effective and safe doses, both for monotherapy and combinations and I think the data speaks for itself in terms of the remarkable clinical activity in these.
Very hard to treat colder io resistant solid tumors.
Alright, Thank you very helpful.
Matt Phipps with William Blair. Your line is open.
Hello, everybody and thanks for taking my questions and look forward to the event this weekend.
So.
And the CRC trial I noticed the posting on Clinicaltrials Gov came up and maybe you can just remind us what percentage of patients you expect to be free of liver Mets.
Post chemo and then I know liver Mets are historically more difficult to treat with Immunotherapies broadly and I think in your pipeline that you guys think could target this patient population.
Dr <unk> other than the fact that.
I just wanted to highlight.
We are seeing responses in both liver Mets and lung liver Mets, although the frequency of responses in lung liver is higher.
Sure.
So I'd like to draw your attention.
Treated liver mix in other words tumors.
We're in the liver.
And it related either with chemotherapy or other surgical needs also respond to either well narrow trial Steven please.
Yes, Matt it's a great question obviously.
Liver Mets are.
Dominic feature of colorectal cancer, but theres, a significant number of patients that have either never had liver Mets because of the patterns of metastasis or have limited disease that is treated and certainly we've shown clinical benefit across all comers, including tumor reductions and active.
Liver Mets.
Mark to reductions in tumor markers like CA and prolonged stable disease. So we think we have clinical benefit across metastatic colorectal cancer certainly the active.
Non active liver Mets, meaning never had liver Mets or had limited treating liver Mets aren't enriched population that's going to be the focus of our phase II trial as we further look at dose and contribution but we have every intention of looking at the all comers in terms of.
Our pipeline, how do we address well number one.
Clinicians both surgeons radiation therapists and medical oncologists are can be much more active at treating the liver Mets in conjunction with systemic therapies that are very active outside the liver and this has been a limitation of the field. So that opens up considerably and in terms of our pipeline the myeloid compartment is it.
Particular challenge to liver metastasis and in fact myeloid cells defend the tumors.
Very well so our IL two program as Dan just said, that's both a myeloid and lymphoid checkpoint, we're particularly interested in combining that with our portfolio and we do have plans in our phase one two trial to do add bolt I'll still a mab and Bolton filling out two our IL two so more to come.
But we have every intention of going after a difficult to treat cancers in both liver and non actor liver Mets with our portfolio.
Thanks, Doug.
Another question on that melanoma trial can you give us any sense of kind of what it's designed to show any thresholds or bars, especially between the dosage arms.
Since some data for <unk> in a post PD, one setting, but I guess, what would you even expect post <unk>.
PD, one plus <unk> four setting just I don't know what you can provide there Dr. Matt.
What diseases are we talking about.
And the melanoma trial that you guys opened the activate yes. That's a great question. So we're obviously we've talked a lot about.
Cold tumors are PD, one resistant tumors melanoma is a good example of a hot tumor where we're going to be exploring a PD one resistant setting second line bolt in PD, one resistant, but see tailored for naive obviously and then.
PD, one and <unk> four resistant setting and we have reported responses in our mono therapy to both cohorts of patients.
Previously so we're looking forward to that.
In terms of what we'd expect.
Nice thing about our second line melanoma trial with monotherapy of boat and sell them at.
We have clear large databases of historic response rates and <unk> is essentially a 10% to 15% response rate drug in the second line of PD, one resistant but seasonally for naive. So we have a very clear metric of showing differentiation bulk fill the mab in that setting.
And in it being Evo failures second line, obviously, you would expect a zero percent response rate.
Sure.
Like for agents and obviously so the bar is very low there to show differentiation, but as Gerald said early on we think of this as much detail a four blocker, but as really a novel innate adaptive.
Activator on the back end through FC enhancement, what we're really doing is bringing these apc's to the T cell to do.
Develop a more forceful potent priming and memory response, and so we think this will be very active both in melanoma hotline tumors, but also obviously in week Neo antigens, where a more potent priming response is essential.
Alright, thanks, Dr <unk>.
My.
<unk> <unk> with B Riley Securities. Your line is open.
Good morning, Thanks for taking our questions and congrats on the progress so Dr. Rodin digging into the city abstracted and also.
Fortunate to compare it against the next generation <unk> from one of your peer consolidated format.
Can you can you talk to the importance of duration of response that youre seeing in your overall.
Overall cohort and the fact that youre seeing complete responses, including with monotherapy could you could you just touch on why that's important and then I have a couple of follow ups.
Thank you Myra.
It's a critical question we're in the business of trying to cure patients with cancer and <unk> for obviously I was.
Part of the really the revolution with Cta for its primary sort of contribution in my mind, we're deep responses, particularly evidence of Crs that are durable that lead to curative therapy and so we're.
We're very excited that our molecule both single agent and in combination is demonstrating single agent activity I think the field is sub Friday suffering tremendously from the lack of single agent activity as we look at other targets lag three.
And others and so.
I think.
Of course, we are another example of that in melanoma that Phil. So we are excited to see single agent activity, but not just activity, but deep responses that are durable they really do drive overall survival curves and most importantly for patients meaningful clinical responses, obviously when we combine.
And active novel <unk> four with PD, one not only are you driving priming in memory, but you're preventing exhaustion and our combination studies in cold tumors are particularly reassuring in that regard that we're continuing to see evolving deepening responses. So it's critical to the field to.
Straight single agent activity, that's meaningful and then use it as a combination of foundation.
Great. Thank you and also would love to hear how might you be making the decision to Brazil, pancreatic cancer, but maybe not yet.
The factory in lung cancer and <unk>.
You do have these two responses.
Just given is what.
The profile of these patients was that two out of three response rate that we have did they have.
CPI exposure then.
If it was broad CBL in for <unk>.
81, and then I have one last question.
Yes Meyer.
What diseases are you speaking of.
I mean.
You did say that you are moving forward with <unk>, but we don't see that data in this abstract but I only see what we do see in the lung cancer refractory.
Got it.
Yes.
So I think to <unk> earlier points, we are framing and very focus.
On three very important foundational experiments with our phase III programs. One is obviously single agent activity in melanoma with a reference second line that will be differentiated and powerful we are seeing.
Obviously this tremendous response.
And durability.
Mammoth stable colorectal and we have a phase II program pancreas, we haven't shared all of our data yet in the expanded phase one, but we have preclinical models showing really very powerful com.
Chemo bolten filling out data and we have preliminary data in the clinic. That's also supportive so that phase two trial will be looking at bolt and fill them up.
In a randomized phase II trial with chemotherapy. So three separate experiments, but having said that our development program is very thoughtful it's going much deeper than those three programs and so you will see more.
The data as we go forward in the next year and develop these plans and we will certainly reveal those but we clearly have a lot of opportunity in big markets.
That the data is showing us so more to come on further development plans, but we do anticipate starting these trials this year and being very focused.
Great.
Final question was on.
Remind us what the competitor is in the activate colorectal based and steady in <unk>.
Any thoughts on how that may.
Compared against the law.
<unk> lag three PD one combination study also.
Running an MSS colorectal so I'm just curious.
If there are any design differences can be aware of.
So im not going to court.
Comment on differences between trials our trial is in the second third line setting obviously in patients who have failed chemotherapy and antibodies and it will be compared there will be a standard of care arm, which in this case has long served for regular app.
Options.
As a standard.
Third line therapy.
Okay. Thanks for taking our questions.
Yeah.
Again, if you'd like to ask a question. Please press star one on your telephone keypad.
There are no further questions at this time.
We do have a follow up question from Chi Wen with Jefferies. Your line is open.
Yes, sorry, just one additional question thinks you are seeing a strong response in CRC patients could you comment on how many.
Lung cancer patients have enrolled so far besides the three that you have disclosed thank you.
So.
We're not commenting.
Commenting on any specific numbers of patients until the actual presentation.
Understand thank you.
I would now like to turn the call back over to our presenters for closing comments.
Yes.
Thank you very much everybody. Thanks again for joining us we look forward to.
Writing you with some more information in a few days.
Please feel free to participate through our webcast.
As I said earlier.
In person attendance is closed at this time because of space constraints and the number of inquiries we've had.
But we look forward to our future interactions. Thanks again.
This concludes today's conference we thank you for your participation you may now disconnect.
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