Q3 2022 Ventyx Biosciences Inc Earnings Call
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Good afternoon, ladies and gentlemen, and welcome to the <unk> Biosciences third quarter 2022 earnings conference call at.
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I'd now like to turn the call over to Dr. Marty Auster, Syntaxes Chief Financial Officer, you may begin.
Thank you and good afternoon, everyone welcome to <unk> conference call and webcast, where we will be discussing our third quarter 2022 financial results and providing a business update.
As a reminder, the company's most recent investor presentation can be found on our website at www Dot <unk> dot com in the investors tab on the news and events section.
Before we begin today I would like to remind everyone. This conference call and webcast will contain forward looking statements about the company, including without limitation statements about the anticipated timing of commencement enrollment and completion of clinical trials for our product candidates.
The anticipated timing of release of clinical trial data the market opportunity for our product candidates in the expected timeframe for funding operations with current cash equivalents in marketable securities.
Statements are subject to risks and uncertainties that could cause actual results to differ factors that could cause actual results or outcomes to differ materially from those expressed in or implied by such forward looking statements are discussed in greater detail in our most recent periodic reports filed with the SEC.
Please note that these forward looking statements reflect our opinions only as of the date of this call and we undertake no obligation to revise or publicly release the results with your revisions to these forward looking statements in light of new information or future events.
With that I'll hand, the call over to Dr. Rajiv Mohan Centex is founder and CEO . Richard Please go ahead.
Yeah, Thanks, Marty and thanks, everyone for joining our call. This afternoon.
So as the stock let me briefly run through the agenda for this afternoon.
I'll provide a high level business update and review recent highlights and then I'll hand, the call over to our President and Chief Medical Officer, Bill Sandborne and be able to provide updates across our pipeline programs and more detailed update update.
Ross various programs.
And then I will turn the call back to Martin for a brief overview of our third quarter financial results.
Before we open the call up for Q&A.
So it's been just over a year since our IPO last October October of 2021.
I couldnt be prouder of what <unk> has accomplished over the last year.
And there is a lot more to come so.
So let me first start with this quarter.
So we presented positive top line our top line results from our allosteric <unk> inhibitor <unk> 95, eight phase one results and as we've disclosed we believe these data demonstrate a potential best in class safety profile and this may drive clinical differentiation.
Or so addictive.
For indications were.
Greater levels of cytokinin ambitions are required such as for Crohn's disease, We believe <unk> 958 am and demonstrate greater efficacy than less selective T. Two inhibitors and bill would provide additional details and commentary and during his remarks.
During the third quarter. We were also pleased to see the FDA grant approval of <unk>.
Bristol Myers.
<unk> as.
As the first approved.
Two inhibitor.
Notably the drug label is quite different from other oral anti inflammatory classes, such as Jack inhibitors and contained no black box warning.
This week. This we believe this lack of black box warning, we believe would support long term physician and patient uptake of this important new therapeutic class.
We believe that.
The $20 billion plus global psoriasis market.
Is it ripe for disruption.
As new competitive agents from arch and.
And we believe that the tick two inhibitor class is well positioned to be accrete a key driver of this change.
Ken, but <unk> 958 positioned as a potentially best in class drug.
Finally in mid September we completed the successful private placement of common stock that yielded gross proceeds to <unk>.
$176 $6 million, extending our capital drawn way to dwell over two years into 2000 2005.
This strong cash position is expected to provide us with resources to generate meaningful phase two proof of concept data across our portfolio of oral immunology drug candidates and allow us to seamlessly prepare for future phase three trials.
Before I turn it over to bill to highlight.
More detail progress across our portfolio.
Do want to remind the audience today that <unk> at its core is much more than <unk> 958.
Or any other single drug candidate in our portfolio.
At our core we are driven by a passion to discover and develop innovative medicines.
That would have a meaningful impact on the lives of patients.
So did that and.
I'm very happy to announce we are planning a science focused R&D day on January 26th of next year in New York City.
And at this event, we will provide additional details on I internally discovered wholly owned pipeline.
Candidates along with updates on our development plans for what is shaping up to be a very busy 2023.
So with that I'm going to hand, you over to bill.
Thank you <unk> and good afternoon, everyone.
While BT X 958 remains a central part of the Ventech story, there's so much opportunity within our pipeline to improve therapeutic options for patients and I'm excited to be providing an update on our clinical progress with you. This afternoon.
Let's start with VT X 958, we are very enthusiastic about the potential of this compound. Following are successful phase one results. We have been working to rapidly advance this program and product into phase two and we remain on track to initiate phase two clinical trials and psoriasis crohn's disease and sore.
Arthritis. During this quarter, we expect the first phase two trial to be in moderate to severe plaques psoriasis patients. We intend to explore the dose response of VTS 95, eight is tech pathway. In addition has increased we will dose VTS 9582, chief exposures and our.
Phase two trial across the range that includes I'll 12 in Iowa twenty-three target coverage that approximates so <unk> exposure levels that we at the approved dose of six milligrams, QD, which would provide icy 50 coverage for approximately nine hours as <unk>.
Well as doses that would achieve exposure <unk>.
Levels that we anticipate would provide trough coverage uptick two around the icy 90 level and.
And Psoriatic arthritis, Crohn's disease trials, we will emphasize robust target coverage.
That's right you mentioned, we will be hosting and R&D day in January and we look forward to sharing more specific details on trial designed for all three of these phase two trials at that time.
I should also add that launching three phase two trials with CTX 95, eight this quarter is a substantial undertaking in the last several quarters, we have assembled a truly talented and dedicated group of individuals who have come together to form an amazing team.
While we're gearing up for the three planned phase two trials, we have been conducting preclinical evaluations of an extended release formulations VCX 958 can approximate the duration of tech to coverage that we demonstrated in our phase one trial with convenient <unk>.
Daily oral dosing, we expect to evaluate our extended release formulations inhuman relative bioavailability studies in early 2023 and to be in a position to provide an update in the first half of 2023.
Our goal is to have an extended release formulation of BT X 95, eight ready for use in phase III trials.
Which we expect could begin in 2024.
Now, let's turn our attention to <unk> 002, or select the best one P modulator, which isn't an ongoing phase two induction trial for the treatment of moderate to severe ulcerative colitis. This trial is designed to enroll approximately 180 patients across three cohorts low dose on high.
[noise] dose arms, a <unk> and a placebo group.
The trials primary efficacy and point is clinical remission at 13 weeks using the three component modified Mayo score, we believe that <unk> too has the potential to improve upon other <unk> one receptor modulators.
<unk> and a trap some odd in patients with ulcerative colitis through rapid and greater lymphocyte reduction.
Which if achieved may correlate with higher rates of clinical remission and improvement in other clinical response measures.
We have been guiding for top line data and in 2023, and we remain comfortable with that.
Guidance recent enrollment trends have been strong and based on the current trajectory, we estimate phase II enrollment to be complete by mid 2023.
Next let's look at V T X 2735.
Or peripheral and <unk> three inhibitor compound.
<unk> remains a very exciting target with potential to impact a broad range of dermatologic remit to logic and cardiovascular diseases.
We released phase one data for <unk> 2735 in the second quarter, which demonstrated a safe and well tolerated profile. In addition to strong evidence of target engagement and pharmacodynamic effect, including substantial impact on key markers of inflammation Sanchez hi, such as high.
Sensitivity C reactive protein.
We plan to initiate a trial in an ultra rare.
Disease, resulting from gain a function mutations and the NLRB three gene known as caps in the fourth quarter. We believe that this small study will confirm clinical proof of mechanism.
While providing incremental safety data and evidence of target engagement and a patient disease setting. Meanwhile.
Meanwhile, we have been actively narrowing down.
Large list of potential indications and the disease areas that I mentioned earlier and we intend to provide an update on the selection of an additional phase two indication doing during our R&D event in January this indication, we'll be focused on a larger commercial opportunity.
Our fourth pipeline candidate is our CNS penetrant and <unk> inhibitor.
Compound VTS 32, 32, we remain on track to initiate a phase one trial in the first quarter of 2023. We are very excited about this novel drug candidate, which we believe has the potential to be a first mover among truly CNS penetrant NLRB three inhibitors and may have the.
Therapeutic.
Utility and a number of neuro inflammatory diseases with high unmet need, including Parkinson's Parkinson's disease, and Alzheimer's disease. Among others. We believe that it also has potent peripheral and <unk> and ambition.
This concludes our pipeline update for now and summary, we continue to make great progress across are wholly owned internally discovered portfolio of drug candidates I'm. So proud of the team's efforts and we look forward to sharing more with you during our R&D day in January but.
Before we moved to Q&A I'd like to hand, the call back to Marty for a brief discussion of our financial results.
<unk> I'll briefly summarize our financial results from the third quarter now R&D expenses were 25, and a half million dollars in the third quarter of 2022 compared to $10.5 million in the third quarter of 2021, reflecting advancement of our pipeline in the later stages of clinical testing. We continued to expect from our R&D expenses will try and upwards over the balance of the.
<unk> 2023, as we launch the three phase two trials for <unk> find it and continue to build on our clinical pipeline, it's been alluded to earlier.
G&A expenses in the quarter, where $6 million compared to $2.2 million for the third quarter of 2021 and net loss in the third quarter was $30.5 million compared to $12.8 million in the third quarter of 2021, approximately $4.2 million net loss in the third quarter of 2022 represents non-cash stock compensation expense.
Cash cash equivalents of marketable securities were $412.4 million as of September 30th 2022, and we believe our current cash equivalent to marketable securities are sufficient to fund plant operations into 2025.
Concludes the prepared remarks from this afternoon to call and I'll now turn the call back to the operator to commence security section, where I'll be rejoined buying our CEO Doctor withdrew Mohan and President CMO Doctor Bill Sandborne operator.
Thank you the floor is now open for questions.
At this time, if you have a question or comment please press star one on your telephone keypad.
If at any point. Your question is answered you may remove yourself from the queue by pressing star too.
Again, we ask that you pick up your handset when posing your question to provide optimal sound quality. Thank you.
Our first question comes from Michael E of Jefferies.
Hi, good afternoon, this discharge away float Michael E on the line.
Two questions for me.
We're aware of that.
A competitor will be recording phase two helpline data for the Arctic to pro was pretty soon.
So could you comment on first off our yard differentiation for your Bill.
And then then maybe comment on how you would integrate the read through out the results and how should market view it for <unk>.
And second for the.
The S. One P program.
I understand your guiding data in 2023, so could you comment on.
Well, what do you want to see in the study and your expectations. Thank you.
Yeah, and thank you so.
Let me think the first question and then I have been addressed echelon Pier one question.
So in terms of how we differentiate from competitive compounds and we've shown the differentiation on a molecular basis with go grab a sickness that we've shown extremely high selectivity of 4000 fold more selective for the ticket to allosteric domain.
We've shown how this translates into selectivity 42 pathway. So we hit all pathways robustly 12, 23, and if you are an alpha we have no interaction with Jack one pathway. So we have no interaction with.
No inhibition of Iowa 10.
10, 20, 246 interferon gamma so we've shown the molecular differentiation with <unk>.
<unk> <unk> <unk> <unk>.
More importantly, we've shown clinical differentiation in terms of target coverage as well as a safety, which is the key to achieve meaningful coverage of 515, 1990, and and bill during the phase one data dissemination actually compared with the crowd and the competitor compound in terms of what is being seen.
Across head.
Hector at trials in phase one in terms of significant effects on dermatological effects as well as other hematological effects as well. So we believe with our profile that we've demonstrated again on a molecular basis against so take two and more importantly on a clinical basis from what data is publicly available to remember for.
<unk> sitting in the competitive compound that you just mentioned.
We have shown meaningful differentiation targets coverage, but more importantly, the ability to covenant targets Pricey 50, an icy 90 or 22 to 24 hours without any significant impacts on being able to dose escalate given the profile of CTX 95 eight.
Now in terms of how we position ourselves with respect to this competitive data I think it all depends.
What the data are.
And how the data are in terms of efficacy versus safety of discount bound, but what we can position ourselves as what we've seen thus far which is again the safety manifestations of safety events are shown up for these compounds the product and the competitor versus what we have seen which is a.
Very well tolerated program or a molecule all the way up to the highest dose and it may be our ability to cover the target ice hundred 90, 422 to 24 hours and.
Phew too mild events that bill had shown.
Compared to what competitors have shown and head to head trials.
I think.
More follow up question a follow up question on that otherwise on hand, it over to bill.
Alright.
Alright, so with regard to the R.
<unk> P modulator VTS 002.
This is a relative.
Relatively short half life drug with a 20 hour half life.
That compares to.
About 30 hours for <unk> and many days for the dominant long acting metabolite with.
Hosanna modern <unk>. So the short half life allows the drug to act quickly.
Quickly the design of our trial as a one week dose titration period too.
<unk> the first dose heart rate reduction effects that you see with this class and we very carefully work that out in phase one and then a full 12 weeks of target dosing.
With the two active doses the primary endpoint is remission and some of the key secondary endpoints include things.
Things like endoscopic improvements so pretty.
Typical if you look at other S. One P. Modulators there are four approved in the multiple sclerosis arena, others and goal of moderate or Gilenya, and <unk>, <unk> and <unk> or <unk>.
<unk> in addition to.
Hosanna modern as opposed to the other three drugs. Besides supposedly in the multiple sclerosis, setting are dosed to have lymphocyte reductions and the sort of 65 up to high 70, 70, 879% range from baseline by contrast, you see about 40.
5% to 50% reduction with supposedly and you saw a reduction in the forties.
With <unk> in phase two and phase three.
Three trials so it it's really considerably lower lymphocyte reduction and there is there are hence.
Hence that is you'd get up to that greater lymphocyte reduction in multiple sclerosis that you see greater degrees of efficacy SAR clinical trials or or trial is really designed.
To have the top dose be up in that higher range of lymphocyte reduction, which has not yet been tested and all sorts of colitis and we believe based on the multiple sclerosis experience that that could lead to incremental efficacy over the efficacy that's been observed with.
Both of <unk>.
Alright, Thank you won't take our next.
Sir we will take our next question from Jazmine Rahimi of Piper Sandler.
Hey, this is shopping around for Ya. Thank you for taking my questions on just to <unk> and can you provide a little bit of more color on how long are you thinking about the different in doses for crohn's or Super psoriasis <unk>.
And then the second part is like water from all the steps that the remaining in order to initiate the fees to Australia in this corner.
So let me let me high Bill.
Address both of those.
Why don't you think.
I think from the dosing what what we had on our earlier prepared remarks remarks is that we.
We'll look across the range of doses that <unk>.
Really for all of the drugs that.
At at.
The top and allow for exposures that would.
Cover.
94 much of.
A majority of the day and we think that that is very different from the doses that have been achieved with other competitor products or the target coverage that is.
Then achieved with other competitor products.
And particularly in the context of Dermatologic adverse event off target Tolerability.
For Crohn's disease, we sort of think of but it but it is equally true actually for psoriasis you have.
Cassie 75, and 90 and 100.
Rates with psoriasis that are considerably higher with anti I'll twenty-three antibodies, where we believe the icy 90 coverage trial twenty-three wood.
The 24 hours.
And so there's already that.
And there's a delta between what you see with the approved <unk> inhibitor.
For those outcome measures and what you can see with Monica Atlanta bodies. So it's that difference in target coverage that we think will give differentiated depth can see and psoriasis, but that's also what makes it possible to see efficacy and crohn's disease. So we think that it's essential to have I'll <unk>.
<unk> 2003.
Three icy 90 coverage for most or all of the day to see robust efficacy and crohn's disease and are dose range in the Crohn's trial will encompass.
Exposures up to that level.
Supplement in terms of.
What remains to be done.
Publicly stated we will start all three phase two this year it's November .
And a lot of work because <unk> trial, it's just.
All the work that goes into to prep.
But everything's on track and and we're planning to initiate all three trials then.
Less than two months stay tuned.
Okay. Thank you.
Thank you again, if you would like to ask a question. Please press star one if it's time. Our next question comes from Sam Slutsky of lifestyle capital.
Hey, Thanks for the update and thanks for taking my questions kind a few questions from land.
The first is given that there's proof of concept with <unk> at this point curious on how you were thinking about that indication or <unk> and then one might be the right time to expand development. There. If you want to go that route.
Yeah again.
Salmon, obviously, you've talked a lot about this since a <unk> data came out at.
<unk>.
But let me have bill give you some color on our talks and obviously, we'll talk more about this on our R&D day, but for now let me have an address this.
I think we saw the <unk>.
<unk> data presented at U Lar is robust evidence of efficacy and lupus and.
So.
There is every reason to believe that that.
Phase II data with two kravets sit and read through to other.
<unk> inhibitors, who would have similar or greater.
Fair on Alpha target coverage in the icy 50%.
90 <unk>.
Levels.
So we certainly will have.
Coverage that meets and exceeds the coverage that that demonstrated efficacy with <unk> been lupus we're still.
Considering the options about.
Whether we would trigger.
Trigger a program and lupus or not so we haven't made a decision about that but.
We believe that the all the translational medicine data.
Indicate strongly that that the effort the efficacy that was seen with upadacitinib reads through to our compound.
Got it Okay. Alright next one I have is just there are some interesting data recently or <unk> or they combined in Iowa twenty-three inhibitor with ATF inhibitor for you see and they saw higher emission rate compared to either therapy alone. So I guess given your pipeline curious on how you were thinking about the potential for <unk>.
A nation of purchases overall, and then what it makes sense to do it too at pier one combo at some point in the future or some other kind of combination approach.
Let me just say that.
At a high level.
I think and I think our our company thinks that combination therapy is very interesting and will play a role in the future therapy of inflammatory bowel disease and potentially other autoimmune diseases.
<unk> data in ulcerative colitis with the combination of an anti TNF and an anti all 23 is very interesting essentially doubled.
Remission rates.
Really with the way that we plan to dose.
BT X 958 at the higher end.
We think we have very close to antheil twenty-three antibody target coverage for the target and so you could even imagine something more simple and straightforward than what you were posing which is to to mix.
<unk> 958, with the TNF Walker, we need to sort out the safety and efficacy and dose response.
First with the clinical trial so.
As mono therapy, and that's our focus right now, but the app.
The potential is there for the future I think mixing.
<unk> inhibitor with SMP modulator is interesting it would require a lot of thoughts and.
Diligence around what you anticipate the benefit to be on one hand, and a risk on the other so it's a great question something we will.
Through in the months to come in years to come but.
It is not the focus of our current development plan.
Alright, Okay and just the last one for me just on the new formulation of the checks 958 Q D. One.
<unk> <unk> anything more you are able to stay on kind of the animal data you have to date and Ah.
Translatability historically that.
Yeah. So the beauty of the approach we have is that if you build and test.
R.
ER formulations prototypes in.
And a human setting right from gecko and so really.
Really optimizing the prototype and sort of build and test model from human data right and so we lay out we lay out a plan with.
With a clear target product profile.
Which is to achieve the acuity dose.
Unmatched coverage received which is icy 90, 422 24 hours.
[laughter].
And then we we have a number of.
Metrics, where we validate.
This ER tablets and its exposure profile for Cutie dosing to have this target coverage, which is part of the TPP.
And then we were taken into.
Ah human PK studying.
And then rapid rapid iterations and once we get the first read to the target profile. So early optimizing from a from a <unk>.
Base camp, all the way to our target peak.
And as Bill said.
We hope to wrap that up in the first half of the year in and we will.
Happy to show and share that data.
On the Qt tablets, so all on track all good.
Stay tuned.
Okay. Thanks.
Thank you we will take our next question from Emily Butner of H C. Wainwright.
Hi, Thanks for taking the question two from me first do you anticipate that you would have any data from either the faith to study is that you're planning to initiate for 958 and 2023 here on just kind of the earliest that we should be looking for results and for a recheck, Sir Oh too do you expect to initiate any.
Study, it's for other indications besides alternative collider, like crohn's disease, or a topic different Titus.
Yeah. So.
On on data from Phase two saw first trial to kick off as are trialling moderate to severe plaques psoriasis.
All three will start this year.
But we expect the psoriasis data to read out in.
In 2023, so you will see phase two data for.
For the phase two trial moderate to severe patients with 958 and 2023 on.
On the second question, but why don't you just address that about other other indications for O two that we might consider.
Yes.
Other.
Products in that field.
That are being evaluated.
Have indications that include Crohn's disease.
There is a trial and eosinophil at <unk> at Us in a trial in <unk> Titus.
So those are all.
Possibilities.
I think we're watching the landscape play out we're a little busy at the moment for all the reasons we've been discussing this.
Half hour, but we do see the interesting potential in some of these other indications and.
We are.
Other possibilities are certainly in our mind.
Got it thank you.
Thank you.
As a reminder, management ask that you. Please limit yourself to one question, we'll take our next question from Alex Thompson of Stifel.
Hey, Thanks for taking my question.
I guess I wanted to follow up again on upcoming data from Nimbus I guess.
In in the phase III for <unk> at.
At 12 weeks they showed about a placebo Justin poppy 75 around 40% I do wonder.
If assuming there is no safety issues in the Nimbus trial.
Don't succeed in getting a better at 75 race and that how much confidence can we have in this better exposure efficacy hypothesis for a tech to inhibition. Thanks.
So.
We are positioned.
Position to have the best in class coverage, we have the best in class coverage for <unk>.
90.
And there is limited data on coverage, but there is data from the phase two trial in particular for <unk>, where they had higher coverage for 54 <unk>.
16 to 18 hours at the 12 milligram dose in about nine hours for the.
For the.
Six milligram dose. So there is data out there to suggest you can get meaningful incremental.
Difference is in passing 75, and even passing 90.
As you get higher coverage and.
And so while I seen 90 that doesn't exist right now for efficacy for for oral <unk>. We have we have and are precedents from biologics biologic.
Biologic like efficacy unique biologics like coverage and so.
Obviously, we'll wait and see what nimbus data looked like right. So in terms of but.
But there's clearly a.
Data set out there from biologics on coverage and also from the crowd across not just the psoriasis travel but that.
Dose dose efficacy response available for Psoriatic arthritis, as well you want to add.
Yeah, just to reframe, what you said slightly if you think about dos finding.
<unk> said that.
With.
<unk> <unk> <unk>.
In various trials, we've seen three milligrams V I D and six milligrams once a day and then six milligrams V I D and.
12 milligrams once a day.
And the difference between six three B I D or <unk> once a day and then stuffing up to 60 idea of 12 once a day you improve.
By as much as 70, 80% the icy 50 coverage going from eight or nine hours to maybe 15 hours, but the <unk>.
90 coverage is not.
Not hit at all in any of those doses and recall in case, one with <unk> went up to 12 D. I D. You had 78% of patients having skin adverse events. So.
That product is really locked in by the off target adverse a dent in the skin manifestations. So.
Yes, there is dose binding with <unk>, but the whole range of doses are not really leading to the exposure range that is is an interesting experiment because it's limited by the therapeutic window. So as other competitive data reads out and you see different doses and whether there is dose response and what the <unk>.
Maximum.
Passey, 75% to $90 100 responses are you want to ask yourself, whether the the real exposure.
Response for icy 90 coverage of aisle 12, 23 was done and if the if the doses, resulting exposures are not getting to most of the day coverage of icy 90.
You haven't really at the question hasn't really been addressed.
Great. Thank you. Thank you for the call I appreciate it.
Thanks, Alex.
Thank you and we'll take our next question from Jeff Jones of Oppenheimer.
Thanks, guys and I. Appreciate you taking my question on the <unk> front, Pfizer talked a little bit more about the <unk> on their earnings call in I guess.
In that context, they talked about the no complex dose titration.
So interested in your thoughts on the dose titration versus not an adoption and use as well as the population based study then.
Being the the bio naive Jack naive population.
And how.
Population, you're using for your ongoing face too. Thank you.
Yeah, Let me, let me have the <unk>.
Expert addresses well I think.
Defining a dose titration regimen as complex as an as an overstatement of the facts.
It's a blister pack and.
You have pills that you pushed out of the bluster everyday it's not a big deal.
So I don't think that.
That is an important.
Limitation.
The.
In terms of patient populations attract some odd recruited patients with.
Moderate to severe ulcerative colitis.
And there was a mixture of biologic or advanced therapy, naive and advanced therapy failure patients as I recall it was something like a 60 40.
Split of naive to failure.
And the.
The.
It's R trials still running different countries coming on at different times. So you you don't know what the final mix will be until the trial is fully recruited but we are recruiting a mixture of.
Advanced therapy naive and failure patients similar to other drugs some of the class.
Okay. Thank you.
Thanks, Jeff.
Thank you we will take our next question from Tiago thoughts of credit Suisse.
Hey, guys John for Tiago, Thanks for taking my question.
<unk> can you just talk about the significance of external activity for <unk> receptor one specifically in the.
The implications of avoiding receptors 225, what are the potential tradeoffs, if any in terms of efficacy or safety.
For having more selective approach thanks.
Yeah, Great question, so but there's.
Plethora of data for for efficacy or excellent, let's not just limit ourselves to you see there is.
Data across multiple m's trials in the biology of excellent Pier one class the biology of how fast one P. One class of drugs mediates efficacy primarily to lymphocytes illustration.
It's really S. One P. One.
Receptor restaurant Q1 modulation that drives that efficacy.
So as a class you seek compounds that are selected for excellent pier one.
Most of these drugs crossed over to some extent into <unk> five.
Even though they are highly selective S&P one running on a consequence to us <unk> is primarily expressing the CNS and was eventually I've talked to be of consequence for M's are drug. Let me remind you is a non CNS been entered compounds. So that P. Five activities really inconsequential and driving Efficacies driven.
<unk> one.
Now we've seen reference to <unk> P. Four with one particular compound.
With the started with with <unk> in particular.
And.
From our point of view S won the first of all there is not enough data on excellent for class of drugs, but just as a biology S. One P. Four is primarily involved in Denver excel trafficking. So again, no real relevance to <unk> and its role in in Ibiza.
Or you see or the mechanism, so not having S&P for us again.
Highly selective drug north side.
No non selective.
Non.
Relevant crossly.
Crossover.
So again, a highly selective compound.
And unlike in terms of the modern doesn't even hit.
Before and there's only positive consequences to being selective for a drug.
Got it thank you so much.
Welcome.
Thank you I would now like to turn the call back to Doctor rescue Mohan for some closing remarks.
Yeah, well. Thank you all thanks for the team here.
Really pleased to present.
Complishments for for this quarter to highlight attributes of 95, eight or two in our in our.
<unk> to your portfolio.
And so it really.
I'd like to welcome you all to our R&D day in.
In New York January 26th Mark the date.
And we will be sending out more details on that event.
In the near term so look forward to seeing you all there in answering questions in person. So thank you all again.
This concludes today's Fintechs Biosciences third quarter of 2022 earnings conference call.
Please just disconnect. Your line at this time and have a wonderful day.
[music].