Q4 2022 Y-mAbs Therapeutics Inc Earnings Call
Good morning, and welcome to the <unk> Therapeutics, Inc earnings earnings call for the fourth quarter 2022.
At this time all participants are in a listen only mode.
Later, we will conduct a question and answer session and instructions will follow at that time.
As a reminder, today's conference will be recorded.
Let me quickly remind you that the following discussion contains certain statements that are considered forward looking statements as defined in the private Securities Litigation Reform Act of 1995.
Such statements include but are not limited to statements about our business model and development commercial commercialization and product distribution plans.
Current and future clinical and preclinical studies in our research and development programs.
Expectations related to the timing of the initiation and completion of regulatory submissions.
Regulatory marketing and reimbursement approvals, including statements with respect to future development or other development programs potential for Daniels at territory expansion and advancement of Sada.
Collaborations or strategic partnerships and the potential benefits thereof.
Expectations related to our anticipated cash runway and the sufficiency of our cash resources.
Daniels, our revenue guidance and other guidance for 2023.
In our financial performance.
Revenue guidance.
All other guidance I'm, sorry in our financial performance, including our estimates regarding revenues expenses and capital expenditure requirements.
And other statements that are not historical facts.
Because forward looking statements involve risks and uncertainties. They are not guarantees of future performance and actual results may differ materially from those expressed or implied by these forward looking statements due to a variety of factors, including those risk factors discussed in the company's annual report on Form 10-K for the year ended December 31.
2022 as filed with the SEC on March 30th 2023.
At this time I would like to turn the conference over to Thomas Gad, The company's founder interim CEO and President. Please go ahead Sir.
Thank you good morning, everybody and thank you for joining us today.
With me today are the company's CFO Boo cruiser, our Chief commercial Officer, Sue Smith, and our Chief Medical Officer.
Yes Roger.
Let me begin by briefly reviewing with you the highlights of our fourth quarter first and foremost Danielle so sales picked up noticeably and we are proud to report record net product revenues in Q4 of $16 4 million.
Up 31% compared to Q3 'twenty to 'twenty two.
Further we received a 15 million dollar approval milestone from cyclone pharmaceuticals.
Yes, It was approved in China in the fourth quarter, resulting in a net profitable quarter for the company.
Earlier this quarter, we announced the restructuring plan, which focused on expanding commercialization of Danielle so and developing all sada technology.
Planning to say, 35% reduction in force.
And then anticipated at 28% reduction of annual operating expenses for 'twenty to 'twenty three.
After the implementation of this plan, we expect that our.
$105 8 million in cash and cash equivalents as of December 31, 2022.
When combined with anticipated Danielle so revenues will be sufficient to support our business operations as currently planned into the first quarter of 'twenty 'twenty six.
This estimate excludes further development of embarrassment as well as any potential business development, which bill will talk more about later in the call.
I'm turning to the knee also.
All of US at why Am I was I'm truly proud of our launch to date and the opportunity to offer children Daniels of falling to accelerated approval for treatment of relapsed and refractory high risk neuroblastoma, and the bone and bone marrow for patients who have demonstrated a partial response minor response or stable disease.
Io therapies.
After a modest start we are clearly gaining momentum.
And we are making considerable efforts to expand access to daniels or outside of the U S.
In December 2022 'twenty also received conditional approval in China, and we look forward to the planned launch of the product in China. During the first half of 'twenty to 'twenty three.
Under our collaboration agreement with cyclone.
As you recall Daniels, who was recently approved in Israel for relapsed and refractory high risk neuroblastoma.
It needs to be commercialized by our partner Takeda.
So regulatory submission in Brazil was also completed by AGM in September 'twenty to 'twenty two.
On the tail of submissions in Mexico and Colombia.
We look forward to continuing Daniels this expansion efforts and the last time region.
In December 'twenty to 'twenty, two we announced a distribution agreement with W. E T clinical and.
In connection with early access program, but then you also in Europe , we continue to seek partners to provide access to Danielle so on a global scale.
As I mentioned, all Daniels of net revenues for the fourth quarter increased 31% sequentially from the third quarter 'twenty two.
Primarily driven by an increase in new U S patients as we are starting to see the positive results from our successful execution on our 'twenty to 'twenty two strategic development plan.
We are confident that we are gaining momentum.
Having reported net revenues of $49 3 million for the full year 'twenty 'twenty. Two we are pleased to note that we landed nicely at.
And I'm very pleased to have true on the call today and I'll turn it over to you know soon thank you.
Thank you Thomas and good morning, everyone I'm pleased to be with you all today and happy to have the opportunity to talk about the progress we've made.
We believe the Q4 2022 revenue growth demonstrates that our strategic commercialization plan positions us well for further organic growth in the marketplace for us the patient is at the center of everything as we pursue a transformational shift in patient outcomes, our team understands the urgent need to educate.
Kate the market about the safe and effective use of Danielle.
Treatment option that potentially transforms their experience in terms of disease control and in administration schedule that allows them to go home at night we.
We are full steam ahead right now on expansion in three key areas caregiver engagement, new patient identification and are very aligned field and marketing team focused on key customers.
First our caregiver education and support programs are a meaningful way to provide education and support we can.
Continue to provide new resources and support.
Support meaningful parent and physician dialogue.
Initiation of treatment.
Secondly, in an orphan indication and therefore, the very targeted patient population identification and tracking strategy is playing a central role in the success of the commercialization of our rare disease therapeutic.
This has also been a focus of the team to track and assess the patient's journey by way of their physician and cultivating that relationship with the physician to implement the Daniels of intervention once the patient becomes relapsed or refractory <unk>.
And third the marketing and sales team are aligned with plans focused on a target an opportunity in accounts, where these patients are treated.
As a result Daniels the adoption and market share is trending upward in the U S. Anti G D to market exiting the fourth quarter of 2022.
We gained five new customer accounts in Q4, 22, and including several notable centers of excellence.
By the end of 2022, we had 48 accounts with 18 of those are 38%, who have had two or more patients on Daniels huh.
I'm proud of the team and we are excited to continue building on the solid foundation, we have in place for Danielle.
Thank you for your time back to you Thomas.
Thank you Sue.
We believe the Rhino is well positioned to unlock the further potential of our platform to provide benefits to more patients while creating value for shareholders.
In the clinic, we are actually recruiting into a new investigator sponsored study.
P. C. C 018 study, which is sponsored by <unk> childhood cancer Research consortium. This multi center phase two trial.
Clause in our system.
With standard induction therapy for patients with newly diagnosed high risk neuroblastoma.
This study has now initiated five sites more on the way and those three patients. So far we believe that the addition of anti duty to therapy to the induction chemotherapy early in the treatment process.
We shouldnt improve.
And I think duction responses and improve survival.
D. C. C aims to have a total of 40 to 50 sites in the U S and Canada and.
Target enrollment is 76 patients.
Although we continue to work on our pivotal multi center osteosarcoma trials, but then you also to potentially expand our label to new indications as.
As you can hear we are very excited about the various possibilities.
Going forward to address additional pediatric unmet medical needs.
And augment the commercial opportunity often unhelpful.
Our strategy to provide drug fly assessed studies to potentially create proof of concept and lots of adult indications is also taking shape.
We look forward to a poster presentations on <unk> activity in triple negative breast cancer and a preclinical study by M. D. Anderson at ACR in April this year.
We also we are also providing no set them up for an investigator led phase one B study at Ohio State University.
Adding this isn't about to Gemcitabine and NK cells.
This study is awaiting IRB approval and is aiming to recruit patients in Q3 of this year and we plan to follow up at our annual R&D day in December of this year.
Turning now to our self assembly disassembly Sada.
Two step pre targeted radio immunotherapy technology platform.
That is a key.
Platform in our portfolio and we believe that continues to show great promise and targeted delivery of Radiopharmaceuticals.
Most sites with minimal off target effects, creating potential opportunities to significantly increase therapeutic indexes.
As we continually work to optimize the technology, we become even more encouraged.
The potential scientific advancement and represents for the company and the medical community.
I N D for Judy to Sada, which you saw first sada construct.
Clear during the third quarter 2022, and the first site opened in November 2022 a total of four sites, including Memorial Sloan Kettering Cancer Center in New York.
That open up a few weeks ago opened at this point.
And we have started actively screening patients with TD to pass it felt positive solid tumors in small cell lung cancer sarcoma and melanoma.
We intend to share a pharmacokinetic data by imaging later this year from our first in human Phase one trial.
At our R&D day in December 'twenty, two we also announced a second sada construct C. D 38, sada against non Hodgkin's lymphoma.
As our second potential A&D, which we plan to submit to the FDA within the next three to four months.
We aim to address the unmet need in third line radiation sensitive multiple myeloma patients.
Who have failed antibody treatments.
And I'm excited about C. D 38, as a target in the context of the Sada technology.
We believe that we're well positioned to explore potential partnership options.
Leveraged off reported but.
Priority Sada platform, our team's expertise and then our streamlined process validation.
Dara differentiation stems from our two step infusion.
And our ability to collect pharmacokinetic data by imaging.
There's potentially enables us to access programs early.
Moreover, the two step technology makes it possible for potential partners to use existing lots of infusion centers.
As our drug candidate is infused as approaching only injection followed by an isotope injection.
This unique two step method.
Let's say, it's the involvement of the met on Cogs.
And removes the need to send patients directly to nuclear medicine departments among other advantages.
We also plan to weeks ballpark potential partners previously failed late stage clinical construct.
That have already been studied in humans by optimizing them into a sada construct to potentially overcome those limitations.
The rapid there its profile of Sada.
And potentially significantly improving the therapeutic window.
Yeah.
We continue to work efficiently.
To support Daniels or with a global commercial footprint through regional partnerships across the globe.
As you know we established a partnership with cyclical pharmaceuticals with Daniels expansion in greater China.
We're especially excited about the regulatory approval for marketing in China that took place in December 2022.
Which triggered a 15 million dollar regulatory milestones with why might.
We believe that this market could potentially be unimportant revenue drive up with any else with sales in Asia.
The fourth quarter of 2022 demonstrated the continued progress.
Among our other partners in covering Latam.
Central Eastern Europe , and Israel to support the nielsen's potential and gaining access to global markets subject to regulatory approval and the relevant areas.
Moving to our recent restructuring plan.
In January of 2023, we initiated a strategic repurchase authorization.
Focused on Daniels and Sada platform.
It includes the prioritizing of in person map and other early stage programs, including the CD 33 by specific and P. D to C. G D three vaccine programs.
We held a type a meeting in January 20th 23 during which.
The F D. A made recommendations for us to consider it.
In terms of from Birdsmouth trial designed to demonstrate substantial evidence of effectiveness.
And a favorable benefit risk profile.
At this point the program has been T prototypes.
Though we continue to consider the future for our Birdsmouth development program. We are focused on terms Yeltsin growing on label revenue and label expansion opportunities and the development of Sada construct.
I'm, making us a commercial stage biotech company with a sharp focus on value creation.
We have implemented a reduction in our workforce of approximately 35% and we anticipate our revised business plan will result in a reduction in annual operating expenses of 28% for 2020 three.
Which we expect when combined with the anticipated Danielle so revenues to extend our cash runway into Q1 2026.
At this point I want to extend my sincere appreciation and gratitude to all our colleagues for the work that has been that has brought us this far and for their dedication and service to why maps.
Whilst driving to develop new treatments for pediatric patients with cancer.
We ended the fourth quarter of 2022 with $105 8 million in cash.
With a strong cash runway on our robust pipeline. We believe we are well positioned to continue to deliver for our clinical and commercial milestones.
Support the continued commercialization of <unk> and advance our earlier stage programs.
With the Revolutionary Sada technology construct.
We are comfortable with our current clients of positions and Bo will now give us his financial update. Thank you Hello to you both.
Thank you Thomas and good morning, everyone.
Our net revenues of $31 5 million.
And $65 3 million for the fourth quarter 22 for the year ended December 31st 22 represented increases of 228% and 87% respectively over $9 6 million and 39, $34 9 million in the comparable periods.
It was not in 'twenty one.
Net revenues in the quarter and year ended December 31st 2022 included license revenue of $15 million and 16 million respectively compared to no license revenue in the quarter ended December 31, 2021 and license with the new $2 million for the year ended December 31st two questions.
One.
During the three months and year ended December 31st 2022.
License revenue for regulatory approval milestone.
$10 million from cyclone pharmaceuticals for the conditional approval.
Chad.
In this case one.
Million dollar share of the approval milestone was capitalized.
Accordingly, not impact the P&L.
Then the other product revenues for the quarter and year ended December 31st 22 was $16 4 million and $49 3 million, respectively, which represented increases of 71% and 50% what was the corresponding periods in 'twenty one.
Then you have some net product revenues of $16 4 million in the fourth quarter of 'twenty, two increased by 31% sequentially compared to the third quarter of 22.
Uh huh.
The increase was primarily driven by increased new U S patients in the fourth quarter of 'twenty, two that's worth building momentum.
Moving to operating expenses.
Our R&D expenses decreased by $8 9 million to 19 8 million for the quarter ended December 31st 22 decrease reflects decreased spending.
Nickel trials outsourced research and supplies and outsource manufacturing services.
Our R&D expenses decreased by $1 6 million to $91 6 million during the year ended December 31st 22 compared to the prior year.
The decrease reflects decreased clinical trial activity in 'twenty two.
SG&A expenses decreased by $4 3 million to $10 8 million for the three months ended December 30.
<unk> 22, compared to $15 1 million for the three months ended December 31 21.
The decrease in SG&A was primarily the result of a $1 8 million dollar decrease in costs related to the commercialization of that primarily related to increased launch costs in the fourth quarter of 'twenty one.
Our SG&A expenses increased by $6 3 million to $16 9 million for the year ended December 31st twenty-two.
Increase in SG&A was primarily attributable to a $7 8 million increase in severance and share based compensation expense related to the termination qual former CEO .
2022.
We reported net income for the fourth quarter ended December 31st 20, 212 million <unk> per share basic and diluted.
So a net loss of $36 9 million.
85 cents per share basic and diluted for the quarter ended December 31st 2021.
The favorable change from a net loss in 'twenty, one to net income and 22 was primarily to visit.
The 2022 license revenue impact of $15 million and the gross profit impact of increased sales and.
Decreased R&D expenses. Additionally, we recorded a net loss for the year ended.
December 31st 2022 19.
$95 6 million or $2 19 per share basic and diluted compared to a net loss 50.
$5 3 million or $1.28 per share basic and diluted for the year ended December 31st 2021.
Net loss in the year ended December 31st 2021.
$62 million net gain from the sale of all of that he has a priority review voucher. The decrease in earnings from the year ended December 31st 20 true also reflects the onetime impact of contractual severance related benefits 12, former CEO and as noted above partially off.
The favorable impact of growing revenues.
As Thomas mentioned, we ended the fourth quarter of 2022 with cash cash equivalents.
$105 8 million of fourth quarter 'twenty to cash burn of $8 8 million includes $50 million license fee received in the quarter.
Our cash burn in the fourth quarter of 2022, when excluding the license fee.
With the 2022 average also given all the recent concerns about banks I'm pleased to note that total dollar cash deposits and securities.
National Bank.
We believe that our current cash position is sufficient to fund our current operations into the first quarter was 2026 and provides a solid financial runway to support our commercial initiatives and prioritized.
Pipeline programs as currently planned.
We noted in previous quarters, the underlying assumptions for this guidance are important to understand no new problems or the new BD, Inc.
Income.
Included in the assumptions that then you have some product revenues assumed to increase by 10% each year in 'twenty four 'twenty five for the purpose of this analysis formally.
Hope to see a higher close rate for 10 years and years to come.
Execute our refined commercial strategy and work to deliver clinical data that could potentially lead to expanded indications greater physician adoption.
In terms of development activities, we have assumed that our prioritized programs would be advanced at our own expense and no new programs I assume at this point.
This financial one way forecast benefits from the fact that most of the expenses related to pivotal trials post marketing commitments and our regulatory activities with respect to 10 years.
Kind of at this point for the purpose guides.
Guidance, we have not assumed any equity debt offerings borrowings.
Also as previously disclosed we expect operating expenses of $115 million to $120 million and a total cash burn of 50 to 55 million.
For the full year 2023.
We believe remains in a healthy financial position to execute our strategic mission our priorities.
Co-workers delivery of multiple milestones.
This concludes the financial update.
I'll turn the call back to Thomas.
Okay. Okay. Thank you about this.
Marks the end of today's prepared remarks.
At this time, we can open up the line for questions.
But he operator, thank you.
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One moment, please while we poll for questions.
Thank you. Our first question comes from the line of Alec Stranahan with Bank of America. Please proceed with your question.
Hey, guys. Thanks for taking our questions just a couple from us.
First maybe on Daniels.
First to I appreciate that.
The commentary on the launch dynamics.
Around the activated treatment centers could you maybe give us a sense for how many.
How much of that growth was from sort of a bit.
Ah patients already on therapy at the start of the quarter.
We're dose through the quarter versus nearly.
<unk> patients just trying to get a sense of sort of the dynamic.
Dynamics patients on D&S.
Currently.
And as a follow up just on site.
How much.
You know is China expected to add too.
Danielle so revenue opportunity and maybe any comments around.
What psychologists doing.
Co ops.
<unk>.
Sure. Thanks, Alex for the question I think a good rule of thumb is is we're adding about roughly five new customers a quarter.
And in terms of the patient base, we are seeing the growth there occurring.
Both in the existing accounts.
And there's sort of a breadth of the growth as you're asking about but then also adapt.
And the depth is really coming from about 30% of our patients have received five or more cycles and we're seeing a trend of an increased number of cycles per patient as well quarter over quarter.
Obviously M S. K remains our largest most significant customer, but we are seeing the growth substantially.
Increasing outside of Sloan Kettering by the team's focus on these high opportunity accounts.
And you know about 50% of those have dosed at least one patient outside of some catering but overall the I think the rule of thumb that you were specifically asking for about five new customers a quarter and then in terms of China.
The the team there is a very good plan in place. They have a 15 person team targeting about 40 hospitals key centers of excellence and they have a strong key opinion leader engagement plan and in terms of the revenue guidance I think I would defer to tebo autonomous on that.
Yeah, well, thanks, Sue I don't think.
We can talk about that we can talk about 40 hospitals hope to launch.
First half of 'twenty to 'twenty three.
<unk>, a clear advantage drove an outpatient drug in China.
Due to the current setup of the hospitals in pediatrics over there and.
In a very.
Positive experience and the pilots so in the last year of treating patients in China. So we are very excited about it.
Hoping people will have a significant impact on ex U S sales.
Okay, great. Thanks, Thomas and just one more if I may on the cash burn guidance I appreciate the color.
So what goes into that but.
In terms of the Daniels gross assumptions any other color there.
That feeds into your revenue.
Expectations and the cash flow guidance.
Yes, so as you probably noted we have applied some rather conservative assumptions for the 20.
'twenty three 'twenty four and 'twenty 510 years of growth I'm, just should be under the safe side given that what the company has been going through recently.
So the.
Our current guidance of $60 million to $65 million as expected.
Reflected in the cash burn numbers as well and of course, if we end up selling a whole lot more than that we would be.
We expect to also spend less money.
Got it thank you.
Our next question comes from the line of Ed surgery with BMO capital markets. Please proceed with your question.
Great. Thanks for taking the question first one on Sada I'm, just wondering sort of how youre thinking about scope selection for the platform. When you consider some of the comp.
Conversations around the pros and cons of Alpha and beta emitters, and also how youre thinking about partnership opportunities for the hydro platform moving forward. Thank you.
Yeah. Thank you that's all.
Well first of all our current I was told that she knows lutetium.
It's come from the initial construct that the platform most of all of them, which is the TD to sada.
With the like go to Dota case Lutetium 177.
Hum.
Tom is a module that we can we can attach different isotopes and we are doing work on alpha meadows as well.
At this point, we are very happy to stick with lutetium.
Also considering the supply chain of X gene you're among other alpha us, but we are definitely are doing research and we will be looking at outside mirrors going forward.
<unk> as well.
Different alpha emitters, not necessarily axiom.
And on the partnership strategy, we have we have communicated that our strategy is to out license larger indications.
And also taken third party targets optimizing those a sada construct and then keep in house any pediatric Uh huh.
Okay.
Great. Thank you for that.
Yeah.
Okay. Thank you guys.
Okay.
Our next question comes from the line of Bill mine with Canaccord Genuity. Please proceed with your question.
Hey, good morning, and thank you. So I have two questions first is looking at the current run rate, which is above the high end of guidance for the year can you.
It seems to us conservative so can you describe a scenario in which guidance.
And which full year results don't beat guidance, and then returned to growth long term.
And then the second question is on the Sada platform.
Defense has been for the past couple of months. The first patient dosed was was kind of imminent.
And it seems that it's taken a little longer to get that first patient in can you just describe it.
What has happened in the past couple of months its been different from expectations. Thank you.
Yeah.
I don't know Sue if you want to.
Bill So you are asking.
Your first question was asking if we felt if we don't we call guidance Oh no.
At $16 4 million and for Q Youre already at a run rate to exceed so I.
I think the expectation is probably that you will exceed but just trying to paint the picture of how it hit guidance looks like.
So so I think.
Based on the fourth quarter our guidance conservative.
And we will continue to monitor the quarter on a core basis and come out and.
And and firm up our guidance as necessary, but we wanted to be conservative.
I don't think we can clearly say we are very conservative at this point in time.
Yes.
And Uh huh.
Okay. That's helpful.
Yeah, just just that I think the main.
The main constraint if you will in a in a super rare market. Like this is that there are currently 22 pediatric neuroblastoma trials ongoing and 13 of those are within Hitachi <unk> Smart beta. So when you have such a small number of patients and there are so many different options.
I think that's the that's our number one competition if you will so well I think that.
Penang some parents want a different option in our humanized option is an excellent one.
And we're engaged with the right people you know I think that's just the variable that we don't want to overstate it because I'm just a small numbers and the number of different trials I'm doing is probably the biggest unknown.
Got it thank you and on the Sada patient dose yeah.
Yeah. So are we.
We look forward to update the market once we have dosed the first patient.
We've opened four sites are it takes time to open an activate does this a first in class a drug that's never been in humans before.
And I think we also then selective of what kind of first patient into the trial, but.
Internally I think we are happy with the with the.
With the progress we've made and we.
We really look forward to come out and give you some good news.
Thank you.
Thanks.
As a reminder, if you would like to ask a question press star one on your telephone keypad.
Our next question comes from the line of Tessa Romero with Jpmorgan. Please proceed with your question.
Hi, Thanks for taking my question. This is Taylor on for Paul.
I have some follow ups.
Got it.
And I was wondering.
You know given that.
Okay.
And the expectation that the first patient with detail.
And that seemed to have been some challenges there would you be able to give any more color on like what.
I Ah patient.
Yet and how many patients do you think.
In order to get a clinical update and.
And then my question would be I guess, what gives you confidence that you can tell I'm sure.
So data.
Got it.
Thank you.
Yes. Thank you tell us so I I I I don't think we have any.
Unusual challenges I think when you open up a first in class drugs has never been in humans. It.
It takes some time also due to the fact that we are limiting.
Patients are and and.
And screening for patients. These are third line patients who have been through a lot of treatments when they pump for this option.
And I do think we are confident that our timelines still holds.
And we will come out and update you on the good news once we actually dosed to two doses on the first patient regarding.
But what we're looking for is validating the mechanism of action so tumor uptake of the protein and then a weird and then showing on spec scans that we can actually light up approaching and don't see any off target normal tissue noise.
We do believe that we will be through our <unk>.
Two cohorts by summer.
And then we do believe that we will be into the third cohort, but on D day, and hope to share some more exciting update from this phase one that at that time.
If that gives you some color.
Okay, great. Thank you.
Thanks.
Our next question comes from the line of Charles Xu with Guggenheim. Please proceed with your question.
Charles you with Guggenheim Your line is live.
Okay.
This is Edward on for Charles that can you hear me.
Yes, yes, Oh, yeah, Okay, sorry, yeah, just another question on Sada, maybe just.
Some color on you said you've been more selective about the patients that you're you're you're you're screening maybe if you could just any color on the screening failures or kind of how you are the types of patients that you're aiming Amy.
Aiming for and then as a follow up just on the for the dosimetry data sort of what what dose levels are for a patient or how many patients do you think you'll need in order to be able to present that later at R&D day.
Tough questions.
Yeah. So.
Uh huh.
I set myself.
Third or fourth line patients you know they've been <unk>.
Both to a lot of chemotherapy Ah.
With that comes a ton of side effects as you know so we need to get through at COSE and all kinds of pre screening.
And I think.
That's always the challenge with first in class drugs I don't necessarily think we have any unusual challenges and I think you'll see will be.
Successful in recruiting patients and dosing them in time.
What kind of approaching those we have to reach in order to see.
See something that's speculation.
You know, it's a classic three plus three we're starting at <unk> three milligrams.
And the second quarters, one milligram.
You know, we hope to see something as soon as possible on what we initially looking forward as I said before is.
Whom uptake.
The 30 military lutetium imaging dose paints the tumor and we don't see any off target noise on the scans, which would validate the mechanism and then you know.
Each patient moves onto a therapeutic dose 200 milligram, if the protein lights up.
So it's hard to.
Make a qualified guests on the protein dose at this point.
Does that complete your question.
Yes. Thank you.
At this point it seems there are no further questions I would now turn the conference over to Thomas Gad for closing remarks.
Alright, Thank you and thank you everyone for joining us today.
Q4 has.
Undoubtedly been a busy quarter for all of us Daniels or revenues were higher than ever and international operations are going very well.
But we believe <unk> remains well positioned financially as well as operationally.
So thank you for spending time with us today.
Right right.
Okay.
Yeah.
Ladies and gentlemen, this does conclude today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation and have a wonderful day.