Zymeworks Inc. Q1 2023 Earnings Call
Okay.
Good day and thank you for standing by welcome design works first quarter 2023 results conference call. At this time, all participants are in a listen only mode.
After the speaker's presentation, there will be a question and answer session to ask a question. During this session you will need to press star one one on your telephone you wouldn't hear an automated message advisory Qantas raised to withdraw your question. Please press star. One again, please be advised that today's conference is being recorded I would now like to hand the conference.
Over to your speaker today, Jack Spinks director of Investor Relations. Please go ahead.
Good afternoon, and welcome everyone. My name is Jack Spinks head of Investor Relations here at design works today, we will discuss our first quarter financial results as well as provide an update to our ongoing business.
Before we begin I'd like to remind you that we will be making a number of forward looking statements. During this call, including without limitation. Those forward looking statements identified in our presentation slides and the accompanying oral commentary.
Forward looking statements are based upon our current expectations and various assumptions and are subject to the usual risks and uncertainties associated with companies in our industry and at our stage of development.
For a discussion of these risks and uncertainties. We refer you to our latest SEC filings is found on our website and as filed with the SEC.
Later in this call Chris asked all our senior Vice President and Chief Financial Officer will be discussing our financial results, including certain non-GAAP measures.
A description of our non-GAAP measures and a reconciliation to the most directly comparable financial measures determined in accordance with GAAP are described in detail in our press release, which is available on our website at www Dot <unk> dot com under the Investor Relations tab.
As a reminder, the audio and slides from this call. We will also be available on the <unk> website later today.
Now I will turn the call over to Chris Our senior Vice President and CFO Chris.
Thanks, Jack and thank you everyone for joining us today for our first quarter 2023 earnings call.
As a reminder, I'd like to note that while I'll be presenting the prepared remarks and participating in Q&A today, Kenneth Galbraith, our chairman and CEO Neil campus, our president and COO and Paul Moore CSI will also be available for Q&A. Following this portion of the call.
With that I'd like to begin today's call with an overview of our financial results followed by a few recent developments are noteworthy updates across our business before we open the lines for Q&A.
This afternoon <unk> reported financial results for the first quarter ended March 31st 2023.
<unk> net loss for the quarter ended March 31, 2023 was $24 4 million or <unk> 37 per diluted share compared to a net loss of $72 6 million for.
For quarter ended March 31, 2022.
This decrease in net loss of approximately 66% year over year was driven largely by revenue from the Reimbursable amounts received due to our collaboration agreement with jazz and a decrease in R&D expenses.
As reported revenue for the first quarter of 2023 with $35 6 million compared to $1 9 million for the same period in 2022.
The increase in revenues were largely due to reimbursable amounts received for <unk> clinical development and manufacturing pursuant to our collaboration and licensing agreement with jazz and research support and other payments from partners.
Research and development expense for the quarter ended March 31, 2023 decreased by $16 6 million to $45 9 million as compared to $62 5 million for the quarter ended March 31 2022.
This decrease of 27% from the prior year related primarily to lower Cri and manufacturing expenses related to <unk> development and lower head count related expenses due to a decrease in head count as compared to the same period in 2022.
These were offset partially by an increase in clinical investigator cost for <unk> and an increase in preclinical expenses for the continued development of our preclinical pipeline programs.
Okay.
As a reminder to those listening today as announced on April 26, <unk> and John's entered into a transaction, which when closed will transfer certain assets contracts and employees associated with the development is on the debt amount from sandbox to jazz.
This transaction was contemplated in order to simplify focus and potentially expedite the clinical development and commercialization of down at that time up.
The financial times as previously disclosed under the original licensing and collaboration agreement remain unchanged.
<unk> will continue to be eligible for reimbursement of certain costs of activities, where we maintain responsibility and <unk> is also eligible for reimbursement of certain prepayments to third parties for services or other expenses under contracts to be transferred to Janssen pursuant to the agreement.
In connection with our entry into these agreements, we anticipate our future research and development expenses and corresponding reimbursement revenue relating Susanna debts under the license agreement with jazz to decrease significantly.
This reflects the transfer of responsibility as contemplated under the agreement with jazz will directly by the ongoing <unk> related costs incurred following the closing as opposed to the previously contemplated reimbursement mechanism.
In connection with our amended agreement with jazz certain costs that we expect to incur we will not be recovered buyers and the reimbursements to us from jobs for the first quarter 2023 expenses will be reduced by the final agreed cost in connection with the transfer of the contracts and responsibilities to jazz.
We expect to begin recording the effects of these non recoverable costs in future periods.
We expect our working capital requirements relating to our agreements with jazz.
Will be significantly reduced in Q2 due to the transfer of prepaid expenses to jazz and the reduction in the receivables from jazz under the reimbursement mechanism.
For the quarter ended March 31, 2023 general and administrative expenses were $16 9 million compared to $12 1 million for the same period in 2022.
Excluding the significant noncash recovery of $5 1 million in stock based compensation, but including the impacts of restructuring is recorded in the first quarter of 2022.
Administrative expenses decreased by approximately $2 million year over year on a non-GAAP basis in line with our expectations.
Our cash resources, consisting of cash cash equivalents and marketable securities.
$412 4 million as of March 31, 2023.
As of May eight 2023, we had approximately $66 7 million fully diluted shares outstanding with.
With the continued focus on the balance sheet and significant transformative impacts of the non diluted inflows from our licensing and collaboration agreement. We continue to expect our cash resources to fund our planned operations through at least 2026 and potentially beyond.
In addition, we are reiterating our net cash operating burn guidance of between 90 and $120 million for the full year 2023.
Neither of these guidance figures have changed from previous expectations. As a result of the transfer of diseases entity to jazz and the amendment to the licensing and collaboration agreement with jazz.
For additional details on our quarterly results and for a description of our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures.
Cause you to review our earnings so as I said.
<unk> filings as available on our website at Www Dot Xilinx Dot com.
Now I'd like to spend a few minutes talking about our early R&D portfolio, which we recently highlighted at ACR as well as some brief updates to our clinical program.
Last year was an important year for our early R&D programs as we unveiled for new preclinical candidates in multiple platform technologies that enable us to continue developing novel Therapeutics.
This year, we have continued that momentum with a significant presence at ACR, where we presented 11 posters showcasing the focused development program. We have in the antibody drug conjugate or ADC, a multi specific antibody therapeutics or <unk> space.
While I will encourage you to listen to our AAC or webcast that discusses these product candidates and technology platforms in detail I would like to highlight that we expect to nominate this year, an additional IND candidates slated for 2025 submission.
We also continue to remain focused on utilizing partnerships as a means to both fund and expedite development of additional programs, while leveraging additional non diluted funding mechanisms.
Our partnership strategy is purposeful with the 505 strategy, we laid out in October of last year, which outlines our plan to have five new <unk> by 2027.
And we believe we will have the opportunity and funding to bring five candidates through the clinic.
Our robust technology platforms and World class early R&D team provide us with the tools to continue growing our pipeline of early stage preclinical product candidates beyond just these five enhanced programs.
These potential preclinical product candidates represent both a potential source of non dilutive funding and also connect because the source of screening for opportunities that we believe will help create a portfolio of both in house and partnered candidates.
We anticipate that for the in house candidates developed five five 505 strategy, we would progress candidates through phase II clinical studies, where we then pursue an ex U S partnering strategy.
With that I'll briefly touch on is on the desktop Mab clinical candidate recently partnered with Janssen Pharmaceuticals in the fourth quarter of last year.
As you may have seen our partners Janssen and Beijing recently announced two exciting upcoming presentations at <unk> in June of this year.
The first I will speak to you today represents the first zander abstract to receive an oral presentation at a major medical meeting.
While we intend to discuss the full findings from our phase III pivotal study of <unk> as monotherapy in previously treated her to amplify biliary tract cancer or BTC.
Second line BTC has no FDA approved <unk> targeted treatment options.
Topline data, which showed a confirmed.
<unk> of 41, 3% and a median duration of response of $12 nine months and previously treated patients with her two amplified in expressing disease as presented in December of 2022.
Wood represents a potentially significant step forward in the treatment of patients with previously treated two amplified BTC.
We look forward to the presentation of the full data set by our partner jazz in June at the 2023 <unk> annual meeting in Chicago.
The second abstract accepted for a poster presentation at <unk> to be presented by our partner Beijing will be an update to the previously presented results from the phase <unk> two study of <unk> in combination with Docetaxel.
First line therapy for patients with advanced her two positive breast cancer.
<unk> 2022, this study provided a promising.
90% in the study population.
The future potential milestone and royalty payments for months on a desktop licensing and collaboration agreement with jazz, which will remain unchanged. Following our entry into the amended collaboration agreement and a similar agreement with Beijing I expect it to continue to be a significant source of non dilutive capital for <unk> as <unk> progresses towards.
<unk> approval, which would come with regulatory and commercial milestones.
Along with our global partner <unk> and Asia Pacific partner Beijing, We look forward to the continued global development of Xander, That's Bob while we believe <unk> has the potential to treat a broad range of her two expressing cancers, including potential to address unmet need outside of our two pivotal studies in BTC and GE.
We continue to have an exciting calendar ahead of us over the coming two years.
As I mentioned earlier with the upcoming presentations at <unk> and additional potential publications over the coming months. Our partners will continue to present on that that's enough data that we believe can help position it.
If approved as the head of <unk> targeted antibody of choice for patients with her two expressing cancers.
Later this year, we also plan to present additional data from our weekly cohort Zander, that's <unk> or <unk>.
<unk> targeted ADC and expect to launch our two phase III studies in non small cell lung cancer in combination with PD, one and in breast cancer after progression on TD XD and in patients with lower levels of her two expression.
We continue to pursue a combination strategy.
Expect to partner this asset prior to any Registrational studies.
While we need to gather more clinical data and the target indications. We believe that <unk> has the potential to be a preferred to targeted ADC after patients progress on TD equity or a combination approach with the use of an ADC may makes sense. We look forward to the continued development of this asset and reporting.
The continued progress.
Moving on to our portfolio of preclinical assets, we expect to nominate the next preclinical product candidate this year with an IND filing planned for 2025.
We also continue to expect 2020 for IND filings for GW 191, our folate receptor alpha targeting <unk> summarize ADC.
And for Zew 171 billion.
Sealy and targeting two plus one format T cell engaging bi specific antibody.
Further we anticipate nominating a 2026 IND candidate in calendar year 2024 as well.
Timeline highlights our commitment to a $5 five strategy targeting five new IND for 2027, which underpins the potential future development of our next generation antibody based therapeutics.
On the partnering front, we expect to continue pursuing preclinical partnerships to progress our preclinical development programs.
This includes our expectation this year of partnering some of our early stage assets as we continue progressing our ADC and MSR portfolio in the coming years.
As we leverage our focused R&D engine, we intend to continue our work to generate candidates, where a partner may be the ideal choice to move them forward.
For these assets, we will continue to seek attractive economics with upfront payments that help fund development of our in house candidates.
With that I'd like to thank everyone for listening to our prepared remarks, and I'll turn the call over to the operator to begin the question and answer session operator.
As a reminder to ask a question. Please press star one one on your telephone and wait for your name to be announced.
Your question. Please press star one again, please standby will be compile the Q&A roster.
And our first question is from Stephen Willey with Stifel. Your line is open.
Yes, good afternoon. Thanks for.
Taking the question so I guess just sorry.
We understand.
The jazz Amendment I guess, if I look.
Revenue this quarter.
Think about.
About $34 million of that was.
Other research support payments, our drug supply payments from jazz.
And I think about 80% of R&D or sandy related clinical development costs. So.
Should we just assume then that once the amendment closes at some point in <unk> those two things will no longer offset each other in the P&L.
Yes, because I'll, let Chris answer that go.
Go ahead Sir.
Yes. Thanks.
Thanks for the question.
That's right.
The question is this transaction with jazz the revenues from Josh.
Fence reimbursement will go away and also the direct expenses were encountering and then being reimbursed from Josh will also go away.
19, it will be a partial quarter in Q2.
From the beginning of quarter three to close so there will still be some revenue and expenses relating to that but that will go away.
It's just worth noting that the revenue is recognized within the quarter, but then the.
The expenses on the P&L, but then we keep at it.
Accounts receivable on the balance sheet until let's reinvest the following quarter.
Okay I got it.
And then I know you've talked before about being able to potentially monetize some of the agreements from the portfolio that you have of legacy licensing agreements.
I guess.
How do you structurally go about this I guess do you propose some kind of flat repurchasing costs to the original licensing party or.
Can you try to.
Prices like an option and sell to some third party would just be curious as to how you go about.
Potentially realizing that strategy.
Yes. So good question and again, we did look at a proposal last year to monetize a portion of.
The future milestones and royalties from all of those legacy deals as a basket.
So not entirely but.
A portion.
And we did that to have an additional.
Potential financing vehicle to the extent that we were.
Later closing a partnership a collaboration with any of them. We were we didn't need to do that.
So we didn't execute that proposal.
Obviously at a higher cost of capital than we were able to get from the jazz collaborations those don't need.
To do it I think this year in 2023, we expect.
Hope that a number of those programs will progress.
And once they do we think that will throw off some of this all milestone cash imposed to us.
As well as.
Progressing on those programs to make the future milestones and royalties more viable because there'll be closer in time.
So it's something that after this year, if we can progress that pipeline, we may look at.
Similar structure or something Thats, a little bit different but it is an ability for us to tap into.
<unk> should be Tuesday, we're just way the amount of capital we can get the cost of capital and what we would do those.
On the far right now obviously with the with our cash runway.
At least until 2020, that's unlikely beyond.
We don't see the need to draw an additional cost of capital right now, but it is always available to us.
Okay. That's helpful.
Thanks for taking questions Youre welcome. Thank you.
One moment for our next question.
Our next question comes from Charles <unk> with Guggenheim Partners. Your line is open.
Hey, good afternoon, everyone. Thanks for taking the questions and congrats on the progress My first one regarding <unk> clinical update in the second half any additional color around how we should be sitting our expectations around that data set, particularly around distribution of histology as well for <unk>.
Example, have additional line of sight for single agent data and your priority phase two indications such as non small cell lung cancer or post in her two breast cancer on the similarly related note. It sounds like the data will be from weekly dose cohorts, how much read through will these data have to your other schedules that.
You may be evaluating with zanesville. Thank you.
Yes, thanks for the question.
Obviously, we have.
Jonathan out of additional data that we've been able to accumulate since.
The cutoff for ethanol that was presented last year and there is still following patients longer we've got the QE.
Dosing cohort finished.
We've also.
Enrolled additional patients on monotherapy at the $2 five mix per kg, including more pieces of non small cell lung cancer.
More patients who are posted her two in breast cancer.
Writing the abstract write down Charles So I can't say exactly what will be.
What will be in it but we're looking forward to provide.
As much context as we can for.
Danny though.
And in addition will be.
Clothing that monotherapy arm.
And focusing on the combo studies that were the other cohorts in non small cell lung cancer and breast. So we're looking.
Forward to going ahead with.
And we're continuing to do some preclinical work around.
Combinations not just PD, one, but teekay is another another checkpoint inhibitor combinations beyond PD, one because I think there is some interest in looking at.
It might be possible by looking at <unk>, four and even like three and others. So there still is a tremendous preclinical work going on this year.
Sure.
What will be in the abstract that we submit.
At first but I don't expect it to be our last disclosure on on value.
Got it sounds great and thanks for that color and maybe one follow up regarding some of those combinations, especially with respect to combining <unk> with PD, one maybe something a bit more forward looking how are you thinking about enrollment criteria by PDL, one and or her two status with.
With patients maybe positive I presume for both and do you also intend on stratified by level of positivity. Thanks.
I mean those are great questions.
Youll see once the protocols around controls you're able to get some more information around that obviously, there's still a tremendous interest as you can see from from recent dealmaking in other options and the her two ADC space beyond <unk> and <unk> and we've been pretty clear our strategy with that Enzo has been to try to be the herd.
Two ADC of choice post DSD and try to give physicians.
<unk> mechanism on the antibody because it is the <unk> topic Danny.
Backbone, we've tried to give kols a different payload, which is something that they've been requesting and we'd like to give them. The optionality of using <unk> in combination with other agents that standard of care.
And indications where it's applicable.
And that's how we arrived at that right now the <unk> space is defined in breast cancer and non small cell lung cancer and Thats why we let ourselves to look at studying at least two cohorts in non small cell lung cancer at least two cohorts in breast cancer.
Get some clinical data to support.
What we think Kols are asking for is another agent of choice in the Hercules ADC space and so I think once you see the protocols around controls Docker, then you'll have a lot more information about the.
The nature and the structure of those studies.
Great. Thanks for taking the questions Youre.
You're welcome thank you.
One moment for our next question.
Our next question comes from Derek <unk> with Wells Fargo. Your line is open.
Hey, guys. Thanks for taking the questions and congrats on the progress just a quick question just wanted to see if you any thoughts or any or see any key learnings from <unk> recent mirasol data and how that might inform GW 191 feature development either in ovarian or other potential tumor types. Thanks.
No great question, I guess from our perspective being in the biotech community, we always celebrate advances.
Through innovation, and obviously <unk> is a step forward for our patient population.
Definitely needs a better standard of care. So we're really excited for patients.
With the data we thought a marathon MRI guided for for.
The focus of the management they are really stuck with us for <unk>.
<unk>, probably 5% or more difficult years in trying to bring this therapy.
The market so were we.
Feel happy for them they've been dedicated with.
Their desire to continue to move this forward when a number of years ago. It may not have been the thing to look at doing so that's great from that perspective.
But also about the community. We also then try and do better than our peers.
What our goal is right now so I think from our perspective, there's a lot to learn from at least the initial patient population that's treatable with Merck.
I think looking at the low grade <unk> toxicity and how that's been received by regulators and also Kols is kind of interesting cross for at least from <unk> perspective, I think going beyond that and looking at our own folate receptor Alpha program. We obviously have a very different strategy than Merck or the backup camera, which is being developed or some of the other agents.
We're hoping to pursue the folate receptor alpha the target regardless of tumor type and regardless of expression levels in patients, which we think is really the next step beyond beyond.
Beyond murmur.
Has taken has taken us so we're looking at a pretty broad patient population and seeing if we can find.
Particular types of ADC that we designed specifically with a broad patient population in mind, regardless of tumor type and regardless of expression level looking to see if we can find efficacy with it that was the nature of our engineering.
For our ADC.
Looking forward to putting out in the clinic next year, and we can prove that out with clinical studies.
And prove out what we hope we designed from our protein engineering standpoint, So I think we want to go well beyond <unk>.
And others and the folate receptor alpha targeted therapy space.
Excellent. Thanks.
Youre welcome and just to add that sorry.
And from our perspective, what we keep hearing from Kols is that.
Yes.
We have significant interest at least in the ovarian cancer space and somewhat beyond that we're really excited about.
Our proprietary payload that were testing on that ADC as well as the breadth of the population that we might be able to.
To provide a benefit.
One moment for our next question.
Our next question comes from Brian Chin with Jpmorgan. Your line is open.
Hey, Ken.
To hear from you. So maybe just one quick question on PTC.
Any updates on where you are in terms of the preparation for filing for PTC.
To the extent that you can can you just give us some guidance on what could be the next update.
On our side that we could hear about the next potential steps in your P. T SEC filing.
No great question and obviously.
We're working very carefully with both jazz and Beijing.
Since our topline data was announced in December last year, because it was quite.
Exciting data and really what we think might be transformative hurt to targeted therapies based on BTC. So we've been working obviously with jazz in Beijing.
And discussing with regulators the pathway both in the U S and potential markets outside the U S, where we may be able to get an approval with this dataset.
Haven't given guidance yet on timing of first filings, but we will leave that to jazz in Beijing to discuss their filing strategies and timelines in their own jurisdictions, obviously, we've been working on supporting their potential regulatory filings, especially.
On the CMC module. So our work in PMT is is complete and we will ensure that that is not a rate limiting factor to filing and will ensure that we are.
Preapproval inspection ready both in the U S and in foreign markets when necessary. So I think we're ahead of the curve in that perspective, which is our main our main role right now with both Jonathan and Beijing, and obviously, what's coming up is that <unk>, we have an oral presentation with Dr. Pat which we're really looking forward to sharing the full dataset beyond the top line data.
On Saturday the maps.
Mono therapy in this patient population, we think it's.
Essentially clinically meaningful improvement for this patient population, which does not currently have an approved therapy and we're looking forward to sharing that information with with Kols and have been and will continue to share that information with the regulators and so I think we'll leave the guidance on specifics.
Our filing date or pretty excited we also continuing to enroll our phase two.
BTC study with first line patients using validated mab in combination with <unk> and that continues to.
To recruit and we're hoping that one form the.
The potential presented data mab in combination with Genesis.
An earlier patient population.
As we've seen data come along from the.
The use of PD, one and Jim says in this patient population.
There is certainly a thought that I heard through targeted therapy.
For a patient with her two application is really the way to address the poor prognosis that goes along with that with that.
Actual biomarker so.
That continues to go on we haven't given guidance about.
That might be fully recruited or what we might do beyond that.
And we will let paging and jazz.
We'll provide that guidance as well.
Thanks, Ken.
Thank you for the question.
One moment for our next question.
Our next question comes from Yigal <unk> with Citi. Your line is open.
I think this is currently on for Yigal, Thanks for taking our question.
Following up on a prior question related to that phase III strategy for Danny is now I guess for one you disclosed that the PD one combo.
Greg can you just talk about what combination partners Youre considering.
He also vanco monotherapy.
Therapy, and post and hurts your pizza.
Feedback you've gotten from.
From Kols on that.
Then if you can also just clarify if you expect the phase III can be can be randomized studies.
That would be great. Thank you.
Yes. Thanks, the second piece of that you'll have to wait until you see the clinical protocols up encore trials doctors, but obviously, we've been in discussions with kols on the breast cancer cohorts, where we're really interested in studying.
Patients in a post <unk> environment.
And so after progression and we're also studying.
Patients in breast cancer, who have lower levels of her two expression and we've been discussing with kols, whether that should be done in a monotherapy setting under spend that instead of zalviso or whether there are combination studies that we can we can look at and obviously won't come.
Confirm that until you see the clinical protocols I think in non small cell lung cancer. It was easier with the prevalence of <unk> being used.
As a standard of care it was easier and the over expressing population.
And the Hercules amplified populations will look at that as a natural combination to evaluate.
Beyond that in both of those settings. There are other combinations, which I don't think we'll be able to study within the current confines of our capital allocation for the phase twos, but we've looked at and we will take a look at pre clinically combination with teekay is which might be of interest and also additional checkpoint inhibitor mechanism beyond PD, one, which we think is.
Something that might be interesting as well I, just don't think our capital allocation methods to allow us to do that initially.
But it is something that will study pre clinically and eventually with a partnership might allow us to study some additional combinations beyond the ones that we're currently going to study in phase II.
Okay got it that's very helpful. Thanks for taking the question. So thanks for the question.
One moment. Please for our next question and we have our last question from <unk> <unk> with Jefferies. Your line is open.
Hi, This is Steven on for Kash, just regarding TWD 49 can you comment on what ballpark you plan to spend in the program and what do you think is the competitive landscape for that.
Thank.
Thank you.
Yeah on the first question, we won't talk about that ahead of time, but obviously on a quarterly basis and when we file our financial statements, including Q1, which youll see.
Youll see how spending is allocated between.
Is there any though and Danny and the early stage pipeline. So I think as we go through the year on a quarterly basis, and you'll be able to see how the actual spending.
Has been made.
I'll answer that in a retrospective manner.
I think on the Hercules. These space I think we've seen some additional business development interest in other folks nobody kind of an investment and I think thats because they are probably hearing the same message that.
That we are from Kols is that they're looking for additional options as ADC format.
In the hernia targeted therapy space.
And I think thats pushing a lot of folks to look at how they would.
Compete straw.
Strategically in that segment, we've been very clear about our strategy of trying to find a way to fit into the post to the SSD space.
It's very attractive from an economic perspective, and we think it's an area that we can with Enzo provide some optionality for our physicians to follow to the XD with.
An antibody that's not trials.
With a payload thats not DXP.
With a mechanism that's quite different because of the <unk> topic nature of binding with with any though.
And also the optionality of using it in combination with other standards of care because of the Tolerability profile is from what we've seen clinically the best of any Hercules ADC. That's been studied clinically to date released data.
And so we've been very clear about where we would like to take.
To compete in that space and we've been clear about the phase II studies that we've designed that we expect to initiate this year will provide data to show that we can compete in that space.
And then we hope that data is overwhelming enough too.
Allow us to invest further and defined a partner ex U S basis, who wants to join us in that.
Final regulatory pathway for <unk> to be.
The next choice ADC to DSD environment.
So I think we are quite excited that there's room in that space.
To compete provide physicians with something more than they can currently get from TXT in Tdm one.
So it might be well positioned in combination to play a major role in that and Thats why we are strategically allocating some capital along with a substantial amount of capital on our five plus five.
The strategy in our early stage portfolio.
Okay. Thank you Youre welcome. Thank you.
And Im showing no further questions at this time I would like to turn it back over to Ken Galbraith for any closing remarks great.
Great. Thank you operator.
So thank you for attending our Q1.
Earnings and business update call. We are as you can hopefully tell we're pretty excited about 2023.
And the progress we expect to make in the entire pipeline. We're excited about where we are with that and data map with our partner is Jasmine Beijing, We think we have a clear.
Path for some of their small phase two clinical studies in <unk>, though I think are two next agents that's going into clinic are on track in 2024 to be indeed.
The forward receptor Alpha Mesothelin, two plus one <unk>, we're thinking now about what what's going to be next into the clinic beyond those two and hope to have some updates for you as soon on that.
In addition, we're hopefully making some progress with some of the legacy licensing platform deals, we have which will provide some cash flows and also some additional value.
That we can potentially monetize in the future.
We have some additional need for some capital and so we're excited about that the team is working very hard and we look forward to presenting some additional progress for you.
Up at <unk>, and we hope you have the ability to attend or listen to the oral presentation from Dr path in the for BTC data as well as the update from Beijing on looking at these discounted at a map and Dr. Tactful in first line breast cancer patients, which we think is going to be really encouraging for future indications with elevated amount. So thank you very much for your attention.
And I look forward to updating you again over the course of the quarter and at the end of Q2 as well.
This concludes today's conference call. Thank you for participating you may now disconnect.
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