Q3 2022 Jaguar Health Inc Earnings Call
Before I turn the call over to management I'd like to remind you that management may make forward looking statements relationship mushers as contained growth prospects for the company uncertainties regarding market acceptance of products, the impact of competitive products and pricing industry trends and product initiatives, including.
Product and development stage, which may not achieve scientific objectives army stringent regulatory requirements fast forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements.
These statements are based on currently available information and management's current assumptions expectations and projections about future events.
A lot of managements beliefs assumptions expectations and projections are reasonable in view of currently available information you are cautioned not to place undue reliance on these forward looking statements.
The company actual results may differ materially from those discussed during this webcast for a variety of reasons, including those described in the forward looking statements and the risk factors sections of the company's Form 10-K for the year 2021, which would fires March 11th 2022.
And its other filings with the SEC, which are available on the Investor Relations section of Jaguar I pace.
Expect as required by law <unk> undertakes no obligation to update or revise any forward looking statements contained in this presentation to reflect new information further events or otherwise.
Additionally, please note that the companys supplements its condensed consolidated financial statements presented on the GAAP basis by providing non-GAAP EBITDA and non-GAAP recurring EBITA Jaguar believes that the disclosure items of these non-GAAP measures provide investors with additional information that reflects option.
Basis upon the company management.
Assesses and operates the business.
non-GAAP financial measures should not be viewed in isolation or a substitute for GAAP net sales and GAAP net loss and are not substitutes for or superior to measures of financial performance in conformity with GAAP.
Today's conference is being recorded and at this time, it's my pleasure to turn the call over to Lisa Conte Jaguar health.
<unk>, President and Chief Executive Officer, Lisa the floor is yours.
Thank you very much and thank you for those comprehensive forward looking statements welcome all.
As you just heard my name is Lisa Conte and I am the founder President and CEO of Jaguar Health and our wholly owned subsidiary in the United States Nappo Pharmaceuticals, and for those of you who can only participate for a short time here are the key takeaway messages from this webcast regarding upcoming potential momentum drivers.
Combined net revenue per prescription products increased in the third quarter of 2022 for the fifth quarter in a row growing eight 2% in Q3 versus Q2 of 2022 and increasing approximately 412% over Q3 2000.
'twenty one.
Next we expect the successful completion of our ongoing phase III on target clinical trial of <unk> for cancer therapy related diarrhea to potentially expand the indication of my Tennessee with enrollment in the trial targeted for completion in the second quarter of 2023.
With an analogous market opportunity in chemotherapy induced nausea, and vomiting of approximately $3 billion for comparison purposes.
As we recently announced the full results of the investigator initiated hold D trial named haul D evaluating co selling there for preventing chemotherapy induced diarrhea in breast cancer patients was published last month in the peer reviewed journal breast cancer research and treatment the principal investigator.
And author of that was Dr. Sandy Swain who's the former president of ESCO.
Next point, Dr. Mohammed Mcdaris Division Chiefs of the pediatric Gastroenterology Division at the Sheikh Khalifa Medical City in Abu Dhabi in the UAE is leading an investigator initiated proof of concept trial of cross selling or for short bowel syndrome, which you may hear us referred to in this.
Discussion as SBS and also congenital diarrheal disorders, which we may refer to as the deep deep.
Publication of proof of concept data from this and other expected investigator initiated trials could support early patient access to cross sell them or for Sps and or C. D D with intestinal failure within 2023 through programs in Europe .
These early patient access programs, which do not exist in the United States are revenue generating and reimbursable for participation participating patients and focused on rare diseases, where there are no good alternative treatments.
Next we expect that a business development deal will be executed in the next couple of months that will bring in non dilutive funding in support of our mental health in the agenda Therapeutics initiative program and our extensive proprietary library of plants and plant extracts, which is an asset we're looking to.
To mobilize.
And finally, our second conditional approval for <unk> for exercise induced diarrhea, which we referred to as <unk> in dogs is targeted for the first quarter of 2023 complimenting cannot leave you, which is currently conditionally approved for chemotherapy induced diarrhea in dogs.
And now I'll go into greater detail on these bullet point items I'm going to begin today with the key topline results for the third quarter the financial results for the third quarter 2022.
Prescription product net revenue totaled approximately $3 $1 million. This is in the third quarter of 2022 and as I mentioned this represents an 8.2% increase over the second quarter of 2022, and an increase of approximately 412 person.
Over the third quarter of last year 2021, and this is the fifth consecutive quarter of growth in my Tessie net revenue. We are quite pleased with the growth trajectory of our current prescription drug business and as you'll hear quite excited about the late stage pipeline opportunities that we.
We feel will be transformative and value recognition value creation for all our stakeholders, including of course patients and our shareholders.
I'll continue with a few other updates and then Carol <unk>, our Chief Financial Officer will provide a recap of the key financial results for the third quarter of 2022 and after careful speaks we'll hear from Ian Wendt Jaguars, Chief Commercial officer, Ian will speak to updates on my test related commercial initiatives to.
New to educate and serve the HIV community and about ongoing commercial efforts underway for Cana, We've you see a one or a prescription product for the treatment of chemotherapy induced diarrhea in dogs, we called that sometimes in the study.
It has been conditionally approved by the FDA and became commercially available just this year to veterinarians in April of 2022 and for dog owners to provide comfort and relief to their family members into the canine patients.
As a reminder, our commercialized drug product is named my testing the generic name is <unk>.
It is a first in class anti secrets Lori agent approved initially in the United States for the specialty indication of symptomatic relief of non infectious diarrhea in adult patients with HIV AIDS on anti retroviral therapy and also as the term specialty implies this is a relatively small.
Market, an important market, but the HIV market is relatively small the indication was fast tracked by the FDA and that's why it's the first approved indication for cross selling there.
As I frequently state what is really powerful about profound or is that it is a pipeline within a product and what I'm going to focus on today are the two late stage clinical milestones. What we believe are potentially transformative events in the next approximately six to nine months in.
Supported the company, taking cross sell them or from pipeline opportunities too with the potential of important insignificant clinical trial results tangible revenue generating patients benefiting product indications.
The core human follow on indications in which we have focused our cancer therapy related diarrhea, CTD in the United States.
And through Napa Therapeutics rare disease business model, a company that we established in Italy.
Orphan indications of Sps or Dallas engine and C. D D. Congenital diarrheal disorders initially for commercialization in Europe , However, with clinical data both generated in the U S and available for U S filings as well.
Yeah.
So first what exactly are these indications each year. According to the CDC, there's more than a million cancer patients in the United States, receiving chemotherapy or radiation in an outpatient oncology clinic in the United States and as many as 50% to 100% of these.
Patients experienced diarrhea, depending on the treatment regimen.
Most of US have had the lives of our close community touched by cancer in some way there has been amazing advances to treat survivors to make survivors not managing diarrhea negatively impacts patient outcomes of their cancer therapy as approximately 40% of.
Cancer treatment patients, who experienced diarrhea, either discontinue their life saving cancer therapy or move to or even start with a sub therapeutic dose of their cancer treatment regimen.
This is our best highly distressing and impacts the comfort and dignity of the patient and that it's worth it impacts the outcome of the patient's chemotherapy and drives cost to the health care system from immense dehydration potential infections compromised.
Outcomes for the treat cancer treatment.
Enrollment is continuing for the on target study that is the name of our pivotal phase III trial of cross selling or for cancer therapeutics diarrhea in humans.
We're aiming to complete this enrollment with a total of 256 patients by the second quarter of 2023, just around the corner.
This is a prophylaxis study, which tells you a lot about how important it is to get in front of the impact of diarrhea during cancer treatment.
T D.
Not the mild loss of control that we've all invariably experience with perhaps a minor flu or bad meal.
This is diarrhea that can put patients in the hospital can cause Oregon shut down.
It has even contributed to that in some patients who have been in targeted cancer, Egypt manufacturers clinical trials.
With the new targeted therapies.
Cancer therapies that are used chronically.
In metastatic ending curative, Kansas situation therapies are used for months or years the.
The incidents of diarrhea, sometimes as high as 100%.
To project the potential market opportunity for CTD since Chris Selinger would be the first drug to be approved for this indication. We're looking at an analogous market chemotherapy induced nausea, and vomiting C. I N V is how it's often referred to which is projected to be close to a $3 billion glow.
Market. This year. According to a report published by Allied market research and see I envy agents are typically only used for about the first three to five days in traditional cytotoxic chemotherapy and there are many generic entries in this market.
<unk> CTD cancer therapy related diarrhea, when you're talking about diarrhea that can persist on a chronic basis for months or years.
Roland criteria for our phase III trial includes all patients with solid tumors, so a basket approval a broad approval, including.
Our label for prophylaxis for patients on targeted therapy with or without cytotoxic chemotherapy in all solid tumors is the label expansion. We are seeking for my Tessie and let me point out. This trial is being done with the exact formulation of my Tessie, which is already approved which.
Obviously has a full GMP compliance supply chain in place and is approved for chronic indication. So as chronic safety completed as well. The two most common reasons safety manufacturing line, new drug applications fail are already taken care of with my testing.
We're very excited about this program.
Chris elements strong safety profile, we expect cancer patients to be able to tolerate and benefit from cross selling the chronically.
The successful completion of enrollment and are on target pivotal trial again, just around the corner targeted for the second quarter of 2023 will we expect lead to a supplemental new drug application filing.
Sure My taxi as I mentioned, the same formulation of profiling there that is currently approved.
We spent much care and engaged in extensive communication with the FDA in the design and the execution of this final clinical and regulatory steps to support bringing fulfilling her to cancer patients suffering from diarrhea, and or the risk of diarrhea from their prescribed therapy.
I'll now discuss our prioritized short bowel syndrome pipeline indications for cross selling there.
I am chairman of the board of Napa Therapeutics. The Corporation, we established in Milan, Italy last year, too, which we granted an exclusive license to cross sell them or in Europe .
Specifically nappo Sarah is initially pursuing our rare disease business model based on the orphan drug designation of Caerphilly Mer for Sps and C. D. D. C. D D with intestinal failure Jaguar is the majority shareholder of Napa therapeutics as well as the license.
Or is the technology, which therefore provides equity interest value to Jaguar as well as typical license terms.
Let me describe the catastrophic medical situations for people with SBS Rubella syndrome.
<unk> got is 20 to 25 feet in length and Sps the patients got could be less than five feet for congenital reasons or as a result of surgery due to cancer inflammation or an accident.
As you can imagine with a very short got it's like a sieve what goes and comes right out the.
The Bottomline is that theres not enough intestinal real estate surface area for the S. P. S patient to absorb the nutrients of life carbohydrates proteins fats vitamins and minerals. So what happens is that these patients often end up on parenteral nutrition, the intravenous feeding of liquid nutrients for up to <unk>.
20 hours a day seven days a week.
Obviously.
A significant negative impact on the patients quality of life and there are multiple negative health impacts infections complications associated with parental nutrition.
It's expensive because hundreds of thousands to millions to a million dollars a year to manage an individual patient, including not only the price of nutrition, but also the myriad of complication with very high morbidity and mortality.
The global market for SBS is projected by third parties to reach $5 billion by 2027. This is a report from vision research reports.
Although parental nutrition is considered the standard of care there.
There is a drug product approved for Sps code to <unk> tried very hard to pronounce the Google cloud, which is a G. O P. Two analog it's essentially a growth hormone intended to grow the surface area of the real estate of the gut slightly so that there was a little bit more time for absorption, it's administered as an injection and it's estimated.
Get it to be utilized in less than 10% of the Sps patient population is not considered standard of care.
N G O P. Two analogs of a range of side effects, including cardiovascular risk.
Endocrine risk and its not used chronically.
The primary endpoint in the trial for the approval of to do got to tutor died was the reduction in the time required to be on parental nutrition by about 20%.
What we're looking to do with cross selling there for.
Primary endpoint is to reduce the time on parental nutrition as well.
And provide better stool formation.
And a quality of life measurement, which the reimbursement organizations have indicated is important to them.
As I mentioned SBS development okra founders being pursued through Napa therapeutics in Europe .
Which holds an exclusive license to cross sell them or for the European marketplace from Jaguar Jaguar is the license or Napa therapeutic as a licensee and it's a classic license ingredient in agreement incorporating upfront payments milestones and royalties.
We based the new company in Europe , because key countries in the European Union and Europe U K, which is not in your opinion have early access programs for orphan indications with unmet medical needs like SBS because of the impact on patients.
Early patient access programs of this type do not exist currently in the United States Hence.
Hence with published proof of concept data patient and specific major markets in Europe and get access to our products through these early access programs will the full approval trials are still being pursued.
Early access programs are revenue generating.
We're participating patients the product is reimbursed.
We have a proved an investigator initiated proof of concept trial fulfilling from her for Sps and CBD.
The third party investigator is targeting a presentation of this trial at next month's December 2022 next month's World Congress of Gastroenterology. This is a global Gi conference in Dubai.
Additional investigator initiated requests and trials and clinical data are expected to come throughout 2023 from key opinion leaders with whom we've been in touch and in accordance with the guidelines of specific EU countries as I mentioned publications of such data could support early patient access to <unk>.
Or for Sps or C D D with intestinal failure within 2023.
As Jaguar and Napo Therapeutics, we're pleased to announce last month, the European Medicines agency, which is the equivalent of the FDA in United States <unk> in Europe .
Granted orphan drug designation for cross selling them or for the indication of micro Vegas inclusion disease N V I D.
Is a rare congenital disorders. So it's a it's a form of C. D D.
It was granted.
In the European Union.
This is a very welcome development for <unk> because now it is a new molecular entity that has been granted to orphan designation by the EMA in less than one year.
The orphan designation for Sps was received from the U N a.
In December 2021.
This regulatory.
Progress for the molecule is absolutely remarkable copolymer already holds orphan drug designation in the United States for Sps.
And this is a classic rare disease estimated about 40000 people around the World again remember third party market research put the market opportunity at $5 billion.
For rare diseases about 40000, given the way <unk>.
<unk> works for rare disease business models N V I D.
Which as I said is a component of CTD is ultra rare with maybe only a couple of hundred of infants around the world.
The orphan drug designation application for polymer for N V. I D was also submitted to the FDA in the United States and we're standing by waiting for that designation.
Ah financially.
<unk> key advantage of Napa therapeutics effort to Jaguar is that now both terra is well over majority owned by Jaguar, providing potential equity value accretion to Jaguar shareholders and stakeholders.
All you that we believe is unrecognized at this time.
<unk> also receives the value of any clinical data generated by Napa era, and we typically now but there are receives the value and the ability to utilize for example, the C. T D. The cancer Phase III data Jaguar is developing for their license territory in Europe .
Hence the parallel complementary and geographically focused development efforts of <unk> for these three core indications CTD SBS and CTV are progressing simultaneously and collaboratively with two dedicated focus an extremely experienced and talented teams for the relevant.
Pursuits on each side of the ocean.
So to recap in approximately six to nine months, we expect to have completion of enrollment in our phase III trial of cancer therapy related diarrhea called the on target trial.
And published proof of concept data in support of potential early access program participation in mid 2023 in Europe for SBS and or C. D D, which could bring in meaningful revenues well cross selling or continues to go through the process for full approval in Europe .
Two expected transformative events.
On the near term horizon supporting value recognition potentially moving initiatives from a pipeline opportunity to ultimately tangible revenues further tangible revenues in hand for fulfillment.
An additional key milestone for 2022, and the human front for which we completed in the third quarter of this year was the filing of an investigational new drug application with the FDA for our N. P 300 drug candidate for the symptomatic relief of diarrhea from cholera.
We were very pleased to hear from the FDA in September that they completed their review of our IMT and concluded that Jaguar May proceed with its proposed phase one clinical trial for the drug.
And we are grateful for the partial financial support we received from the National Institute of allergy and infectious diseases to support the N. P 300 preclinical program.
Knowing the completion of phase one trial, we are positioned to initiate the next stage of clinical development program for Colorado.
When Jaguar has the requisite resources and bandwidth to initiate these additional trials.
We intend to pursue a tropical disease priority review voucher to develop M. P 300 for the cholera indication under the Fda's financial incentive program priority review vouchers are transferable and.
And in past transactions by other companies have sold for values ranging from $67 million to $315 million, which provides for a potential immediate return on investment upon approval of M. P 300 for the Colorado related diarrhea indication and receipt of a priority.
Review voucher.
And now let me move on to our animal health side of the business, which is relatively small side of our business, but very important and in meaningful cross selling there is also the active ingredient in candidly V. S. C. A one our product for chemotherapy induced diarrhea in dogs.
For which commercial launch activities have already been initiated an ongoing throughout 2022.
The entire Kansas cancer situation dogs is remarkably analogous to the human situation and as with humans. It's estimated that dogs discontinue their disease modifying chemotherapy or moved to a sub therapeutic dose nearly 40% of the times due to diarrhea, meaning.
These dogs cannot complete their therapeutic dose of chemotherapy because of diarrhea.
The comfort of the dog is one of the most important if not the most important considerations of dog owners, when they decide whether or not to put their dog through cancer treatment as you can imagine.
You can't speak to the dog and also the entire household when is compromise when the dog is loss control.
There are a couple of really important factors in the dog market.
Incidence of cancer in dogs is reported to be five times, what we see in humans and the total number of dogs in the U S is.
About 108 post pandemic 108 million hundreds of millions.
And unfortunately, and Heartbreakingly about 50% of the dogs over the age of 10 are going to be diagnosed with cancer at some point.
So in addition to this really important.
Conditionally approved indication of C O D chemotherapy chemotherapy induced diarrhea in dogs.
Soma is expected to be conditionally approved for the treatment of exercise induced diarrhea dogs in the first quarter of 2023.
Jaguar also is proud to say that we launched the first ever canine cancer registry in the United States in the in May of this year at an event in New York.
We couldnt believe it a registry did not exist in the United States.
Project is called the Jaguar health take charge, that's an acronym initiative.
The goal in establishing take charge is to assess the prevalence and influence incidence of cancer in dogs and most importantly, how you can keep the dog and the entire family situations comfortable during what is often a very siloed and tragic event for family and help create a community.
Support and education with the information that comes from the registry.
The take charge campaign was developed by Toga run, which is Jaguars amazing PR firm and one of the financial co sponsors of the take charge and turbos efforts have led to more than 80 million media impressions generated for the take or take charge with more to come of course and I'm happy.
To report that just this month, the Mark on rewards program, which celebrates excellence in marketing with communication honored take charge with two platinum more awards in one Gold award, which drives awareness and therefore the value of the registry and we're quite proud of <unk>, who runs it capabilities and effort.
It's there.
In the next 12 months there is the potential for a lot of other news and in particular on the business development front.
We have global rights to <unk> for all indications for him.
What I'm going to focus on those beyond our GI efforts is Jaguars mental health focused development efforts, which is called Inthe adjourn therapeutics initiatives E Ti.
And this initiative aims to discover and develop groundbreaking novel natural medicines derived from the psychedelic in cycle active plants.
For the potential treatment and potentially cure of mental health disorders.
This effort has been designed to mobilize a key Jaguar asset our proprietary library of 'twenty 300 plants in 3500 plant extracts that was generated over three decades.
In June of this year, Jaguar and filament health signed a letter of intent to enter collaboration agreement to develop botanical prescription drugs for specific psychoactive targeted indications in the United States filament has the laboratories manufacturing manufacturing IP capability for natural implants.
<unk> products that Jaguar as a company now focused on later stage clinical development no longer has we bring to the table. The ethnobotany expertise the expertise of how to do drug development under F. D. A botanical guidance, which is the approval that we have for my tessie and are to come.
These together are seeking partnerships with well funded entities to pursue regulatory approval and ultimately commercialization for novel pharmaceutical prescription grade play.
<unk> bye based standardized drug candidates in the mental health space.
Jaguar and filament together are far along in discussions and within the next several months I believe you can expect to see a formalized business development collaborations that involves bringing in non dilutive funding to help mobilize and leverage Jaguars plant library for the very important initial targets we're thinking of.
H D and social anxiety disorder to markets that have understandably expanded because of the pandemic.
I believe you can also expect to see other business development deals on the horizon. Because we are committed it is our mission to bring fulfillment all patient populations in need in all geographies around the world.
Finally, I'd like to let all of you participating today know that we will have a brief Q&A segment at the end of the webcast to address any questions. If they are submitted in writing questions can be submitted via the webcast link for today's event that appears on the events and presentations page of the Investor Relations section of Jaguar's website.
Site in the U R. L U R. L for Jaguar's website is Jaguar Dot health.
We'll now move along to the key financial results for the third quarter of 2022, Carroll, our CFO I'll turn it over to you.
Thank you Lisa and thank you all for joining our webcast today.
I'll begin my review of our financials for the third quarter of 2022.
Prescription product net revenue during the third quarter of 2022 was approximately $3 1 million.
The $2 9 million in the second quarter of 2022.
An increase.
200000, or eight 2% quarter over quarter.
And then increase of approximately 412% over prescription product set revenue.
In the third quarter of 2021.
My taxi prescription volume increased approximately 3% in the third quarter of 2022.
Over the third quarter of 2022.
Prescription volume differs from Invoiced sales volume, which reflects among other factors varying product buying patterns of all specialty pharmacy in a closed network.
Their inventory levels.
For the third quarter of 2022, the loss from operations increased by 400000 from $9 5 million in the third quarter ended September 32021.
Two $9.9 million during the same period in 2022.
non-GAAP EBITDA for the third quarter of 2022, and the third quarter of 2021.
Our net loss of eight and a half million each respectively.
For the third quarter of 2022.
Net loss attributable to common shareholders.
Kris by approximately 300000 from $12 2 million in the quarter ended September 32021.
The 12 and a half million dollars in the same period in 2022.
In addition to the loss from operations.
Interest expense increased by 600000.
Bob $2 1 million.
In the quarter ended September 32021 to $2 7 million for the same period in 2022.
Primarily due to interest from the royalty or no.
And the other one is the change in fair value of financial instruments and hybrid instrument designated at fair value option.
Oh.
Increase.
By 700000 from a loss of approximately 600000.
In the three months ended September 32021.
Two a gain of about $200000 with same period in 2022.
Primarily due to fair value adjustments and liability classified warrants and notes payable designated F. B O.
Other expenses also increased by about 100000 from $20000 in the quarter ended September 32021.
So approximately $200000 for the same period in 2022, and that's largely due to foreign currency transaction.
That concludes my recap of high level financials for the third quarter of 2022.
I'll now hand, the discussion over to Ian when.
Thiago as Chief commercial officer.
Thank you Carol and good morning to all.
Carol stated the total prescription volume metric, we believe to be the best indicator of patient demand.
Creased approximately 3% in the third quarter of 2022 over the second quarter of 2022.
Obviously, you know we transition we completed throughout the end of 2021 and into the beginning of 2022 to a limited distribution network of specialty pharmacies resulted in a meaningful reduction in my chest distribution costs as well as the higher average net price I'm very pleased to report that we significantly outperformed the industry.
Gross to net average in the third quarter of 2022.
In the previous in the three previous quarters as well.
Where sales of our human prescription product.
This improvement in our gross to net was largely a result of the efficiencies realized by the transition to a closed network of specialty pharmacies.
Transition assistance in the preparation of the company's U S commercial distribution network to potential future indication expansion with Cook Omer to other populations of patients with complex medical needs such as CTV.
Inventory bowel disease, that's B and C.
As Lisa mentioned Q3 2022.
Fifth consecutive quarter of growth makes us the net revenue, which we're also very pleased about.
I'm also pleased to report that our innovative recently launched programs that further support patients connecting to care and medication access services are continuing as planned the first programs or telehealth initiative.
Which went live in our lives and May this enables patients seeking help with their HIV related diarrhea.
Mediate lead to a provider for assistance with their medical needs. This new capability prevents patients from having to wait until their next scheduled doctor visit.
If you could help with what is a really urgent pool.
Second recently launched program delivers my digital mics and disease State education directly into providers you draw that's the electronic health record system.
The provider can learn about my test at the moment they are seeing their HIV patients. This technology allows us to intelligently deliver ads to a provider based on the profile of the patients they're seeing in their exam room. This is strictly a one way communication do not receive any protected health information.
Turning to the animal health side of our business generally the FCA warm or FDA conditionally approved for the treatment of chemotherapy induced diarrhea.
And dogs became commercially available to veterinarians across the United States.
The April 2020 twos imagery.
Since that time, we have succeeded in pushing cannot leave you one into broad distribution with the leading veterinary distribution centers approximately 40% of the 280 veterinary specialty clinics in the U S have already ordered at least one bottle with Jim Lucas you want this is a great indicator of the veterinarians are seeing the clinical benefit.
So our product among their patients.
Commercial launch activities for the drug remain underway in reception generally you see one among general practice medicine, and veterinary oncologist continues to be extremely bullish.
For example, under our Jaguar Elmo whole trade name for the veterinary market. We sponsored the October 26, 2022 episodes of <unk> 360 live as a web based magazine style talk show veterinary professionals.
Hosted by the veterinarian Dr. Adam Krishnan.
Which drives awareness it can lead to see one and encourages veterinary clinics to contribute Cana in cancer records to Jaguar to charge.
The registry initiative.
Very oncologist, Dr. Sue Ettinger.
Who is also known as doctors, who can answer that appeared on the <unk> hundred 60 live episodes or discussed here, maybe you said it well.
He was joined on the show I Wonder for canine patients the Labrador mixed undergoing chemotherapy for certain sarcoma and the dogs over who discuss their pets.
His experience with <unk>.
Additionally, Jaguar animal health launched an on demand webinar for veterinarians.
27, 2022, entitled chemotherapy induced diarrhea dogs effectively treating this therapy eliminates items.
U S veterinarians, who participate in with open arms associated Vibratory oncologists are critical.
You will receive one hour of American Association of state or waste, which stands for registry of approved continuing education. This gives them an approved education credits.
This effort represents another way that you are actively engaging with providers one on one and I'm excited to report that attendance light version of the web.
Yes, both.
For 2022 record coalitions please.
D C dream.
The continuation.
Excuse me provided a host to do that we had.
And there were a lot of excellent questions all of which shows a great level of interest among veterinarians about managing and treating chemotherapy induced diarrhea in dogs.
As Lisa mentioned, we expect candidly just anyone could conditional Additionally, recede.
Conditional approval under the name can you speak to the treatment of exercise induced diarrhea or E D and dogs in the first quarter of 2023.
That concludes my comments. Thank you all for your time today and I'll pass the conversation back to Lisa.
Oh.
Okay.
Great.
Right.
Apologies booking.
Hopefully I did go off mute here, Thank you Ian and Carol.
And we are all energized about all of these important initiatives underway proud of what we achieved in 2022 very excited about what's coming up and really just around the corner and pharmaceutical industry turns six to nine months in 2023.
A few questions have come in and I will take a look at those.
Okay. One question is the current ATM at the market that is in use how much is left to sell.
So let me tell you something about a company like ours, having the gift of qualifying and having an ATM in place.
We have about a $10.7 million down approximately $11 million in cash reported at the end of this Q.
And to be sure that we have sufficient funds to get to the end of it for example, our cancer trial, there may be a need to bring in more funds and right. Now if you look at the financings for companies that are in our range and in line with market cap there, they're terrible they're structured their warrants.
We really are.
Hi, Lee Cox.
Toxic to current investors and so with the ATM gives us the opportunity to do is bring in cash at the market no warrants no bells and whistles down the wheel road when necessary. So where we're pleased that would qualify for one and we do have about $50 million capacity on the ATM that doesn't mean.
We're using $50 million of the ATM, but we do have capacity for $50 million on our ATM.
What are the key catalysts you were focused on in the upcoming year, which of these catalyst do you think are most underappreciated by the street.
The macro environment may affect your business.
Okay I think.
So much is underappreciated by the Street I think just about everything is underappreciated by the street when we have a market cap. It is hovering around $20 million or so right. This is a company that just reported the fifth street growth in.
Net revenue.
For and is in late stage clinical development for this very same product. This very same formulation, that's already approved and on the market for a blockbuster opportunity in terms of unmet medical need for the patients the impact move from them.
Simply supportive care, which is very important the comfort of the patient but to also potentially have an impact on cost of treatment and outcome of the cancer patient when.
When we moved to Napa there I think that is way under recognized and valued not only is it an opportunity for meaningful revenue generation in 2023 from meaningful patient impact with short bowel syndrome, but there's also the equity piece of that we own.
Well over the majority of them that both therapeutics.
Which has its own valuation, which can be recognized at the end of the year from the Italian filings.
We have another product approval coming up can alleviate CA to her exercise induced diarrhea that would be our third prescription product approved.
Because business development deals that could pop at any time, we did the mid east license in February of 2022, we obviously have the license in two key element in the euro.
Europe , but we have other Asian countries available other rest of world territories.
And our commitment to bring this product to all these different patient populations.
So I'm not sure, which one is under I'm not sure, which one is value there seems to be nothing valued so I think we're all underappreciated by the street.
I think part of it is the macro environment and in particular, the macro environment for biotech and healthcare so.
Looking forward to it.
Events in all companies in our space to help bring greater recognition to this important industry.
Okay.
When do you expect the trial to be completed.
You can pursue the vouchers.
Is for Colorado.
So.
We have as I've mentioned, the next clinical trials in that for that indication are going to be timed for when we have resource resources to do so without <unk>.
Unnecessary or.
Very expensive dilution to our shareholders. So as we get some more events under our belt that are recognized by our shareholders I think that would be the time to put some resources to the call of a program because it will be a couple of years before the completion and approval of that program.
Then what allows you to have the voucher.
We're very focused on near term momentum drivers near term six to nine months or less to really bring value recognition to the undervalued situations at Jaguar now.
Hum.
Are there plans for mergers and acquisitions in the not too distant future. There are no specific plans for mergers or acquisitions. However, there are no terms in any deals that we have cut or anticipate too because that would prevent.
Merger or acquisition and certainly we wouldn't want that to occur. This is proventus valuation at the moment.
Hum.
Thank you a nice compliment. Thank you for the compliment them what was the third quarter revenue and dog related therapy.
The third quarter revenue, specifically for the dog related therapy.
I don't think we broke that out did we break that out in the in the queue.
And then on the.
Yeah, it's all in the 10-Q, yet the Cavalier.
Because we have human health.
Animal health.
And do you know what that number 11 two.
Yeah.
Well go mobile.
Okay.
And remember this product was launched in the end of the second quarter and that's when the loading occurs to the distributors.
About 150.
<unk> thousand dollars or <unk>.
Yeah.
Great. Thank you.
And that is all the questions. So thank you all very much for listening, we'll look forward to 2023, and we will look forward to speaking to you again, when our K results come out and that will be in 2023 as well.
Bye bye and happy Thanksgiving.
Thank you that will conclude today's conference call. Thank you for your participation ladies and gentlemen, you may now.
Yeah.
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