Q3 2022 TFF Pharmaceuticals Inc Earnings Call
Greetings and welcome to the T. It's a pharmaceuticals, Inc. Third quarter 2022 earnings conference call.
At this time, all participants are in listen only mode.
A brief question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference. Please press Star then zero on your telephone keypad.
As a reminder, this conference is being recorded.
It is now my pleasure to introduce Corey Davis. Thank you you May proceed.
Thank you operator, Hello, everyone and welcome to <unk> Pharmaceuticals, third quarter financial and business results Conference call with me on the line today is Glenn Maddox, President and CEO of TFS, Kirk Coleman, Chief Financial Officer, Dr. Dale Christiansen, TFS head of preclinical and clinical development.
Dr. Bill Williams of the University of Texas at Austin, and Chris can know TFS, Chief operating officer, our press release announcing our third quarter results is available on our recently updated <unk> Pharmaceuticals website, and we hope you all have an opportunity to visit the site. Soon please take a moment to read the disclaimer about forward looking statements in the press release the <unk>.
Earnings release, and this teleconference. Both include forward looking statements and these forward looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the statements made factors that could cause actual results to differ are described in the disclaimer and in our filings with the U S Securities and Exchange Commission, including the risk factors section of our 2012.
One annual report on Form 10-K filed with the SEC and now it's my pleasure to turn the call over to Mr. Glenn matters go ahead Glen.
Good afternoon, and thank you for joining us today to review <unk> third quarter operations and recent highlights.
During this call.
An update on our overall progress and then ask our Chief Financial Officer, Dr. Kogan will review, our third quarter financials.
So can I will provide the formal commentary then open up the call for questions to the entire team.
Please note that we are joined by Dr. Billions, Dr. Christensen and Chris can know where also available to help answer your question.
On our last quarters conference call. We spent a considerable amount of time highlighting the unique attributes of thin film freezing and why we believe this.
Allergy can be broadly applied.
Internal portfolio and partnership opportunities.
This quarter I would like to discuss how we are actively fight NGL freezing.
Real World clinical practice and in my view will create significant value for patients.
Internal pipeline you have.
Partner program and for our shareholders.
First let's focus on the positive clinical proof of concept data recently generated from our compassionate use program with inhaled <unk> powder for <unk>.
Yes, Christopher and ahead of our preclinical and clinical development.
With me today and will now discuss the outcome of.
You ever for kind of evolve and capacity that use patient.
Yeah.
Back in September we announced the successful treatment of a lung transplant patient with TFS boring.
Gardner and infectious disease physician with the Albert Hospital in Melbourne, Australia presented this case say at the 15th International Congress on lung transplantation.
This case Mark the first time, we demonstrated in patients the significant therapeutic value of delivering lifesaving medicine, using our proprietary thin film <unk> technology.
In this case the patient was unable to take oral border cortisol to help fight the serious lung infection. He developed in the years after transplant due to post transplant immuno suppression medications that are required to prevent rejection of the transplanted lung.
Get your prior toxicity when he previously received oral where carnival and due to prior skin cancers that can be exacerbated by consol. The patient had a poor prognosis with very few available treatment options.
February 2022 patients began treatment with <unk> and has remained on therapy at 80 milligrams twice daily for the past six months.
After receiving <unk> patient's lung function stabilized and he did not require any further hospitalization.
Due to the limited systemic absorption compared to the oral administration route. The patient was also able to tolerate inhaled for cortisol without having to lower the dose of his day columnist immuno suppressant, which can have a severe drug drug interaction with oral boiler chromosome.
Following this news earlier this month, we announced that our second lung transplant patient was successfully treated with <unk> under the same compassionate use program in.
In this particular case, the patient who had received a lung transplant approximately 20 years ago had a history of skin cancers and multiple fungal infection.
Turning to prior treatment for the fungal infections with oral work on assault and how's the cortisol.
The patient experienced several side effects associated with this therapy, including hair loss fatigue, and an increased GTC interval that required discontinuation of two of their cardiovascular medications.
After discontinuing a recent course oppose the carnival the patient experienced increased coffee and shortness of breath and did not respond to oral antibiotics.
The patient was subsequently diagnosed with pulmonary aspergillus infection and experienced declining lung function.
Because of the accumulated toxicities from prior azole anti fungal therapy in the pre existing skin cancers.
All other azole Antifungals, we're no longer tolerable for this patient.
After administration of <unk>, the patient's lung function has stabilized and there was no need to modify the patients current dose of Tacoma.
An outcome also consistent with the results seen in the first patients receiving TSA FRE.
This is important clinically due to the well known severe drug drug interactions between <unk> and <unk> and reiterate the treatment a hypothesis that we can deliver inhaled <unk> with efficacy and reduced drug drug interactions.
Safety and efficacy continue to look quite promising in this case is the patient has been on <unk> therapy for six weeks and has returned negative cultures for aspergillus in recent specimens obtained from Bronchoscopic evaluation.
These results support the potential safety and efficacy advantages of <unk>, which we expect to further demonstrate in our phase III study.
The treatment outcomes from these two compassionate use patients clearly has significant positive implications for the therapeutic and commercial potential of our unique and proprietary technology.
Positive outcomes from these two patients.
Who have very different cases would suggest that <unk> may have broad utility across pulmonary funko infections.
Further underscore the significant market potential of PFS, Laurie we point to the first ever report from the World Health organization on fungal priority pathogens, which identified 19 fungi, which they identified a significant public health threat, particularly their ability to cause severe invasive infection.
With high fatality rates.
Lack of assessed vaccines and treatments and growing resistance to anti fungal drugs.
More specifically as it relates to TFS invasive aspergillosis and candidiasis with lifted as critical pathogens and leads to invasive fungal infections account for 90% of uncles infections, among immunocompromised patients while the mortality rate for invasive candidiasis was not as high as invasive pulmonary aspergillosis.
Which is the targeted by our TFS, where a product both have unacceptably high mortality.
Port noted the need for effective new treatments in the manager of immunocompromised patients.
Which would comprise.
Comprise patients with infectious disease, such as glue cystic fibrosis cancer, HIV AIDS lung disease in transplant surgery, including solid organ transplant and stem cell transplant. These patients are highly susceptible to fungal and bacterial infections due to their immunocompromised condition now I'd like to turn it back to Glenn.
Thank you Danielle.
I'll discuss the timing of the CSF gory TFS Tac program.
Earlier in the month, we reported that several external factors impacting clinical trial operations.
Logistics for both Phase II study.
Which led us to reassess timeline surrounding when we would be in a position to discuss preliminary data.
These are challenges that many companies in drug development continue to fade.
I want to emphasize that we have been keenly aware of the mounting execution challenges.
<unk> has been working diligently to overcome these issues.
We could meet the timeline as described in our most recent guidance.
Here are some examples.
We continue to work closely with our CRO to assure that our programs are staff optimally.
<unk> has been experiencing transition issue.
Post merger period.
Our sites are also experiencing staffing issues.
The <unk> team is working directly with the site.
To provide support and help increase the focus on managing the patient recruitment process.
With the regulatory process has caused the way we are.
Also working locally.
Ralph expedite reviews and clear any paperwork hurdles.
This is important as we are opening more sites to accelerate completion of the trial.
I needed TFS, we will add people to get the trial fully enrolled specifically.
<unk> is committed to hiring a chief medical officer.
I'll be working closely with Dr. Harlan Weisman on this search based on these efforts we are guiding that we anticipate reporting preliminary patient data in the phase III study of <unk> in the first quarter of 2023.
<unk> TFS tag.
Back to announce preliminary patient data in the second quarter of <unk>.
'twenty three.
As we accumulate data our clinical program.
Applications of the thin film frequent platform continued to grow.
Last quarter, we noted the progress being made with vaccine as Dr. Billions of my colleagues from the University of Texas at Austin published an important new research showing how thin film freezing can be used to improve vaccine formulations.
<unk> already particle aggregation.
This quarter, Dr. <unk> and colleagues preventative additional new research at this year's AAP at $3 60 meetings.
Alright.
Joe for using applications across several commercial and development stage monoclonal antibody.
Including assay Srs.
Antibodies and anti PD one antibody.
Each of which represent multibillion dollar market.
Based upon this growing body of research, we believe thin film freezing could provide an ideal formulation solution for companies seeking to develop next generation delivery modalities for these high value commercial assets.
Also affording additional patient protection.
Wi Fi co manager.
With respect to the close of either powder program, we and our partner <unk> Therapeutics have not further progressed PFS by close to having the parties further review of the Phase one result, animal data and anti viral market opportunities.
We remain confident in the data generated from our thin film frees me might close provide formulation.
Look forward to providing an update for this program after union PFS agree on how best to move forward with this program for the treatment of severe viral infection.
So last week, we announced a joint effort between <unk> and PFS test drug formulation.
We think our thin film frequent technology without towards proprietary unit dose nasal powder system.
A growing body of scientific research suggests.
Developing a shelf stable dry powder vaccine formulation.
Livered inter nasally could dramatically change the existing vaccine landscape.
Potential advantages of intranasal delivery over conventional subcutaneous or intramuscular delivery include potentially better efficacy.
Asus passage way is the likely first point of entry for respiratory pathogen.
So direct treatment to these exposed tissue.
Help prevent the spread of infection.
By improving overall prognosis.
In the coming months, we expect the results from our testing will be published by <unk> pharma.
History of Texas at Austin.
<unk> pharmaceutical.
The publication, describing the positive results of our internal feasibility work.
Additional studies are ongoing.
To demonstrate our colleagues with specific product opportunity.
On the business development front, we continue to make progress with our partners. We measure the progress of these partner programs by tracking where we stand on fulfilling the work the fine and the material transfer agreement and statement of work.
That progress should begins with formulation development and feasibility followed by an in vitro testing.
Once the partner agrees that we have met their stated parameters, we next to in vivo Cassie.
Many of these partnerships were given multiple compounds to test.
The partner ultimately the size, which target or target.
Our desirable for additional work.
Once successful these formulations are put on stability.
Flexibility is also determined by the partner.
Finally, some partners asked us to actually produce test batches.
Can be used in preclinical testing.
If if measured progress by how many of our partnerships are maturing through the different steps ultimately.
That answered to term sheet discussion with the partner.
Another update on the TFS cannabinoid opportunity.
We continue to get positive feedback about our product.
An increasing number of consumers.
Based on the feedback we are working to put together a national consortium of companies.
We will invest in an impactful launch of the product.
That work continues and we will provide updates as those plans evolve.
The key message is that the PFS and how it can have noise.
Emulation are very well received in our test markets and.
It is a clear market opportunity provide an alternative.
<unk> CBD.
We are encouraged by the outcome of the collaboration with Cadillac.
<unk> has been referring their clients with Tfl, increasing the number of our overall partnership.
The government arena.
DARPA or department of Defense program is moving ahead, well and we continue the evaluation of PFF formulated countermeasures thus.
Thus far the results have been positive and our work with the U S Army under the two <unk> have resulted in positive animal data, which will enable us to seek further government funding.
While the data generated at the University of Georgia, Georgia Tech.
Thank Hauser medicine at the University of Pennsylvania, which is Dr. Drew license lab as demonstrated the advantages of the thin film freezing technology with a myriad of different large and small molecule at in vitro and in vivo stages of development.
All of these partnerships continue to enhance the total portfolio of data.
So freely.
These data <unk> and expanding our partnership portfolio.
The board.
I'd like to now turn the call over to our Chief Financial Officer Coleman.
Our third quarter financial results.
Thanks, Glenn for the three months ended September 32020 to research and development expenses for the company were $4 million compared to $6 3 million for the same period in 2021.
General and administrative expenses for the three months ended September 32022 for the company were $3 3 million compared to $2 4 million for the same period in 2021 the.
The company reported a net loss for the three months ended September 32022 of $7 3 million compared to a net loss of $8 7 million for the same period in 2021.
Weighted average common shares outstanding basic and diluted for the three months ended September 32022, or $25 million 451691, compared with $25 million 371781 for the same period in 2021.
As of September 32022, we had total assets of approximately $20 2 million and working capital of approximately $14 9 million.
At the end of the third quarter, our liquidity included approximately $13 1 million of cash and cash equivalents and with that I'd like to turn the call back over to Glenn.
Thank you Kirk.
The compassionate use data from our <unk> program clearly highlights.
The opportunity that lies ahead.
Our technology, our company and of course, our investors when.
When we think about positive data from this program coupled with the recent <unk> report on the critical need to address aspergillosis infection.
A considerable market opportunity.
We're developing an improved version of this life saving antifungal treatment.
A treatment that cannot only address lung.
Lung transplant recipients, but also the broader global population.
Operating from these dangerous infection.
Investors should also bear in mind that data from the CFO Board program.
Only our first step along this value creation pathway.
As we continue to generate clinical data from our pipeline and partnered programs.
We believe the value of often freezing platform, while we continue to grow.
Through our external partnership activity.
Now reached a critical mass of internal and external programs.
Demonstrate the feasibility of freezing formulations across an incredibly diverse set of molecular structures and treatment modalities to support this growth.
We will continue to make targeted and prudent investment decisions across our organization to maximize the opportunity of bringing this unique and potentially groundbreaking technology.
As many drug development programs and partners as possible.
To all of the PFS team for their hard work and positive outcomes.
Thanks, as always to all of our investors.
I'll turn the call back to the operator and open it up to questions.
Operator.
Thank you very much Sir we will now be conducting a question and answer session.
If you would like to ask a question Keith.
And then one on your telephone keypad.
A confirmation turn will indicate your line is in the question queue.
You mean, Chris Scott and then two if you would like to and really your question from the queue.
For participants using speaker equipment, it may be necessary for you to pick up your handset before pressing the star keys.
One moment, please while we poll for questions.
The first question comes from Jonathan Aschoff from Roth Capital. Please proceed with your question Jonathan.
Thank you good evening guys.
Three questions here.
Given the compassionate use patient results does that allow for using inhaled <unk> is all in a prophylactic setting.
And you know what long term benefits you think this would compare to those patients.
Hi, Jonathan this is Glenn.
Thanks for the question Gail could you answer that please.
Yes, Thanks, Glenn and thanks, Jonathan for the question.
On the data that we've gotten out of the air out of the compassionate use program really suggests that there is great opportunities as prophylaxis.
<unk> and other asos or not favored for prophylaxis because of the severe drug drug interactions and so far in both patients we have seen absolutely no effect on <unk>.
Carla Ms levels that are that is typically subject to.
<unk> drug drug interaction with <unk> and so this suggests that our route of administration will reduce.
Drug drug interactions.
And it also presents the opportunity to start these patients on prophylactic treatment right. After they get their lung transplant, but also potentially in cancer patients.
That can can also avoid getting them <unk> in the first place one of the best ways to prevent deaths from infectious diseases to prevent them from getting to the infection in the first place. So I think thats really opens the door for prophylaxis in these patients.
Thanks Dale.
My next question Glenn in your statements you mentioned publication by Dr. Williams.
My question is regarding the paper by DAU.
At all on the effects of air Microbubbles by ice crystals doing freezing that leads to freeze induced denaturing of proteins.
What's the significance of that paper to you guys.
Yeah.
Thanks, again, Jonathan Bill.
Bill could you answer that please.
Yes, Thank you Glen and thanks, Jonathan for the question.
So these scientific papers that come out of our group they come out we're addressing problems that we observed and we are highly focused on differentiation.
Thin film pleasing from other technologies and so this this paper is critical to educating scientists across the pharma industry about all the applications of them film freezing.
And this Dow paper for the first time, we showed debt conditions of the freezing process significantly affected protein integrity, particularly when that protein is surface active and most proteins from my experience our surface active and here, we confirm that the intermediate freezing right.
Thin film freezing and the lack of significant sheer that's in part from the term film freezing process.
Protected that protein and protected it from denaturation. So this is the significance to the TSS business. Thank you for the question.
Thanks, Jonathan.
If I can just add one.
Many of the papers that those published lately I just wanted to point this out are coming from the partners materials.
And we have to redact, specifically, which partner.
Typically where compound, but it's significant to note that these results are coming from the partnered programs and I think that shows progress and the work we're doing with the partners.
Thank you.
Okay. Lastly, you guys commented on the new avatar relationship in that nasal device for administering dry powder.
Yes.
<unk>.
Why is that noteworthy for Ya.
Yeah. So.
If you go back a couple of months later three months.
Lot of.
Information and belief that the ultimately the best way to deliver vaccines and in this case it was really started by.
Dr. <unk>, you talking about the best way to deliver Covid vaccine is intra nasally less exposure to the nasal mucosa.
We believe that using thin film freezing to create inhalable powders is really the best I don't know almost the only way to do that.
And we think certainly the work that we're doing with avatar, they recognize that as well.
<unk> is the world's leading provider of such devices and the work that we're doing together systematically looking at the partnership of TFS.
Technology, along with the <unk> devices to go across the board and look at different.
Modalities and see how the device works to produce data so in the coming weeks and months you should see a succession of dish.
<unk> releases of data that show how to have a device and the technology are working together and we think thats a real springboard for a lot of opportunities of working together with apcar and showing the real advantages of central freezing inhalation.
Through Intranasal administration.
Thank you guys.
Thank you Jonathan.
Yes.
Thank you. The next question comes from Vernon Bernardino from H C. Wainwright. Please proceed with your question Vernon.
Hi, Glenn Thanks for taking my question.
Just wanted to follow up on the competitive comparison.
Compassionate use how predictive do you think the two compassionate use patients you disclosed data for.
Sure.
The larger population for the variety of problems that you're exploring in phase two.
Thanks for the question.
Can I ask you to answer that question. Please.
Yes. Thanks.
Glen.
This is a very good question and ultimately I think it is.
Especially with the second patient the first patient would not have qualified for our trial.
Because of the organisms growing in that patient's lung.
Not being Ashford jealous, but the second patient is in aspergillus patient.
And what was seen lung function decline doing worse.
And with six weeks of treatment.
The patient has returned and negative culture.
Bronchoscopy and so that is highly indicative of success.
And so and the patient is also.
Has been very easily administering the drug every day.
And so the tolerability the ease of use.
Certainly has been proven out so I think long term this bodes well for the inhaled <unk> and will be this patient will be similar to the patients in this study.
So I think I think the results so far.
Lead me to believe that there will be similar results coming out of the phase III study.
Exciting and then regarding the partnerships.
What are potential partners looking for in terms of the outcomes and the scope of the trials before they would choose to sign a licensing deal and how far into development would you be willing to take both programs. If the deal terms that youre looking for don't materialize.
Yes, Thanks again Vernon so.
I'll comment that we do we have the successful.
Gaining a lot of interest in the program a number of these company.
Our R&D on your.
C D E and they're in the data rooms.
As data is made available to the partners Thats, what theyre looking for individual.
Individual patient data.
We're expecting them to finish.
<unk> finished their assessments and potentially make offered.
And we believe that the depth.
We received those offers will take a look and see if they are creating significant value for what we've invested in what we believe these assets are ultimately worth in the marketplace and both cases are and then the more we learn about the performance of our comments all intact for Louis.
These are life saving drugs and we believe we have tremendous potential and the company will take a look at the offers as they come in and assess our next steps.
And then.
Which may include taking them further into development so.
It's really about value creation and meeting, but we think are significant should be significant expectations around what they're worth and a partnership or in the marketplace.
Okay.
Great that's very exciting.
Glenn you.
You mentioned the homeless.
So switching onto that subject does that open up any government grant opportunities.
Yes, let me.
Let me turn that over to you and I'll, probably listen to your answers I make a comment.
As well.
Yes, so the information that we've gotten to date is that with the W. H O less being released.
That there is likely to be an upcoming BARDA.
Amendment to the beat broad agency announcement the DAA.
And we are certainly.
Getting ready to apply for funding from that.
If in fact, they are expanding.
We're working on that actively.
And what is.
If that is the progress with the DARPA contracts.
That was one of the Pis on.
That program so.
Yes, it's both.
It's appropriate for you to answer that as well.
Yes.
Thank you. So so the DARPA contract that was awarded originally back in.
2021.
Early in that year.
There was some news.
Initial phase one period of two years, and then a second phase III portion that is years.
Three four and five.
We're rapidly coming up on that the the way the program works is that DARPA awarded.
Two contracts and with the.
Planned down selection and so that only one group would get the.
Phase II portion right now.
I think there's a high likelihood that.
A year or two we will go to our program and that we have.
Very successfully been formulating the countermeasures in the program and so I'm very confident that that our program will be the one that's selected.
To move forward and that will get phase two.
Okay.
It'll be.
In early 2023 that will no doubt.
Okay early 2020, thank you.
Apologize if I missed this.
Glenn you want to say something.
Yeah.
The I will say.
This is also very exciting to see how well the technology is performing.
And these different types of.
Programs.
Again this is.
Intra ocular diseases.
Topical as well as inhaled so.
Again, we continue to see success.
We use the technology and.
Whether on our programs and our partnerships technology performs very well.
Okay, I apologize for hogging up at a time, but and then sorry also if I missed this can you. Please elaborate on the type of data.
Your final Unrevealing for both the Tech envoy phase II trials in 2023, and approximately how many patients in each trial.
Yes, so we as we said we're going to announce preliminary data. These are open label trials.
And how.
As we have.
Accumulated enough of these patients data as we've said in the first quarter, we shouldnt be able to we will see.
Our current guidance.
Laurie patients and in the second quarter tack patients.
We haven't disclosed publicly yet.
Yes, the number of patients in each trial.
So.
I'll refrain from actually giving those numbers for how many patients we're targeting in each trial.
First quarter for <unk>.
Got it.
Quarter for Pac or levels.
And a follow up on that how large historically have these such trials then.
Bill can probably answer some historical.
Questions I think.
Yes.
So.
Historically, our phase III trial in IPA for approval.
If you go back to the most recent drugs.
<unk> that was approved based on a 500 patient study.
And thats, the phase III aspect and so.
The phase two that we're running is designed to gain data to allow us to fully.
Fully figure out exactly how much power, we're going to need to get to the non inferiority margin.
That would be and negotiate that with the FDA. So.
Phase III trials for registration.
Our approximately 500 patients.
Rockdale in this case this is.
505.
Two type filing we would expect that would be lower right.
We may have to have a similar number of patients, but we only have to have a single phase III study.
New new age entities do not require that.
Thank you.
Looking forward to that.
Start thanks for taking my question and congrats again on all the exciting progress.
Thank you Brian .
Thank you. The next question comes from Michael can you reach from Maxim Group. Please proceed with your question Michael.
Hey, guys. Thank you for taking my question.
So obviously, there's been a lot of challenges across biotech with trial delays related to the supply chain staffing issues within health care. So I'd like to see if you could give a bit more clarity on your confidence in being able to achieve the updated guidance for tax and Laurie.
That's a fair question Michael.
Yes.
Notwithstanding what other companies have experienced I can tell you what we've seen and have been seeing and working to improve.
First and foremost.
And certainly doing work in patients who are have all with respiratory disease, we're going to a lot of the same investigators who are doing work.
<unk> space, so staffing in particular.
At the site.
This has been a major issue sites of loss.
Very talented people to doing more nationalized work on Covid trials.
So I'll tell you what we're up against I'll tell what we're doing to fix it I think I tried to address most of this is a textbook recall the regulatory authorities.
Specifically again, they're quite understaffed in.
At the time that it would take to get necessary necessary approvals.
At a country level or at a site level and so it's been taking longer or people are just not there.
We also uniquely experienced.
Issues with our CRO.
Yes.
Transition with a lot of turnover in staff that prolong our ability to move the trials along as quickly as we would hope.
And even down to.
Global supply chain issues for example, getting comparative trials for Commvault for the fight has taken a lot longer so the fixes and what we've been.
Implementing the fixes all along and hope that we would not have to take this slight delay really come down to how the <unk> team is working directly to overcome means.
These obstacles Dale and his team have been on site and the countries.
We've been working and trying to manage to see arrow.
I've been involved in talking directly to the CIO.
We're going to open more sites.
In the countries that we're working perhaps even more sites.
We're helping the individual sites with recruitment.
We're wherever we can.
We've been putting.
All of this extremely experienced in doing these types of trials along with the power of the team to help to overcome it so, albeit we have a delay and a thought on that.
Wanted it's a slight delay.
That's probably right now we think based upon what we're doing where we're at individual sites, we feel confidence confidence in.
The guidance that we'd be okay.
Alright, Thank you for that and then.
I'd also like to follow up and see if you could give an update on the partnering activity for tacking, Laura I know you discussed this a bit.
A bit earlier, but is there a certain data threshold that you need that you think you need to meet to be confident that you'll be able to have those conversations or do you think you have enough data that you can actually start progressing needs and do you have any thoughts on your intent to prioritize.
Near term non dilutive funding versus longer term royalties.
So can we have the partners that are looking at that the compounds that they want to see data.
Quantity quantify.
As soon as they see Directionally some positives.
Later they will.
They will act and hopefully we'll be able to see what types of offers they're willing to make at this point. So I don't think we have to I don't know exactly how many patients of each partner as a potential potential different point of view.
Who wants to be a first mover.
In terms of the deal structure.
We will look at total value.
We're not wedded to one specifically.
Specifically any one type of.
Transaction over another.
<unk>.
We definitely want to it's going to be a cash driven deal.
So and how those how we reached total value net present values were actually anxious.
Excellent to see exactly what the structure of those offers will be.
Alright. Thank you very much and then just one last one for me and I'll hop back into queue.
More of a housekeeping question I'd, just like to see it.
You gave an update on your on your ATM and how much you have on that.
Sure Kirk could you answer that question.
Absolutely, yes based upon the 10-Q that we just filed we have approximately $34 million still remaining on the ATM.
Alright, thank you for that.
Okay. Thank you Michael.
Thanks Todd.
No.
Oh.
Okay Claudia thank you.
Clearly I'd like to thank you and all of our presenters.
So I want to thank all of you to different listening either online or will listen to this later on the webcast.
And I wish you all a very happy.
Thanks, giving and holiday season, we look forward to sharing with you our progress.
In the coming days weeks and months. Thank you very much.
Thank you very much Sir this concludes today's teleconference. You may disconnect. Your lines at this time and thank you very much for your participation.
Yeah.
Yes.
Okay.
[music].
Uh huh.