Q1 2023 Rain Oncology Inc Earnings Call

Greetings and welcome to the rain Oncology, Inc. First quarter 2023 earnings call.

At this time all participants are in a listen only mode.

A brief question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference. Please press Star then Kevin and telephone keypad.

As a reminder, this conference is being recorded.

It is not my pleasure to introduce your host density I think Dan you may begin.

Thank you operator, and good afternoon, everyone with me today on the phone or other niche Milwaukee, Chief Executive Officer of rain oncology, Dr. Robert Doble.

She scientific officer.

Dr. Richard Bryce, Chief Medical Officer, and Nelson Cabotage SVP of finance.

During today's call of a niche will provide an update on the broader strategic vision for.

For the Mila Dermatology franchise, Bob will review, the biology, and rationale of P 53 reactivation and.

And discuss possibilities for future clinical development of Mila Demeton based on non clinical research.

Richard will provide an update on <unk> clinical strategy and Nelson will review the financials.

Before we begin I would like to remind you that statements made during this conference call that are not historical facts are forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

These forward looking statements are based upon <unk> current expectations and involve assumptions that may never materialize or may prove to be incorrect.

Actual results could differ materially from those anticipated in such forward looking statements.

As a result of various risks and uncertainties as described in <unk>. Most recent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission and other SEC filings.

All forward looking statements made during this conference call are based on management's assumptions and estimates as of today may 11th 2023.

Crane undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after today.

Except as required by law.

With that I'd.

I'd like to turn the call over to often these schlocky CEO arena ecology.

A niche.

Thank you Dan and thanks to everyone for joining us for our first quarter 2023 earnings highlights and corporate update is ranked continues to drive forward with our late stage clinical program Mila Dermatome, our mila our oral small molecule inhibitor of the MDM to P. 53 complex. We know this is a very important quarter for the company.

I'm happy to report that we have achieved the required number of events to trigger the analysis of the primary endpoint and the global Phase III Registrational study for melanoma 10, where the mantra study and therefore, we continue to expect the release of top line data. This quarter. We are very proud of the team at range. We showed a small company you could take a face.

One program jump into a robust global Registrational phase III trial.

Resolutely and rule ahead of schedules and building a capital efficient business. These capabilities are prerequisite. We hope we get the results. We're looking for to enable a potential solution for cancer patients with an unmet medical need for me to Somebody's Division, we had being a biotech that exudes the urgency and the financial.

Prudence to innovate in this very challenging business, bringing forth new drugs to market.

We hope the mantra study provides a new solution for patients with Dedifferentiate Lymphosarcoma or D. D. L. P. S. But further we hope Mila Demeton demonstrates how P 53, reactivation could be impactful in treating a broad range of cancer patients.

The mantra topline data are favorable we believe it will signify that reactivation of P. 53 matters in cancer. This will be an important validation as we begin to think about our initiatives beyond D. D. L. P. S. We've already begun this work with ongoing and imminent planned studies to evaluate mila across.

Several tumor types and the mantra to an upcoming mantra for trials Mechanistically P 53 supposed to protect us from developing cancer today.

There are no approved therapies in the treatment of cancers that are aimed at restoring of reactivating. This inmate anti cancer agent.

There are multitude of potential indications to be considered with an effective strategy to restore P 53, especially if the tolerability profile of Mila enables a wide ranging set of combination partners Bobbin, Richard who will review some of our recent progress and plan next steps with the mill Demeton franchise.

Our cash position at the end of the first quarter provides ample runway to complete all current ongoing and planned clinical trials of Mila dermatology. This includes the completion of the ongoing phase two mantra two basket trial, which continues to enroll across tumor types and the planned phase one two mantra for basket trial, which is on track to start by mid year.

Are all on top of the pivotal mantra study.

With that I'd like to turn it over to our President and Chief Scientific Officer, Dr. Bob Doble Bob.

Thanks combination no downtime that's been demonstrated to reactivate P 53 in both non clinical models and importantly in D. D. L. P. F patients treated in the phase one trial that was recently published in the journal of clinical oncology or J C. L.

Furthermore, we have seen meaningful tumor reductions in several solid tumor types and the early data from the mantra two basket study, we eagerly anticipate top line data from the mantra Phase III study, which we believe will solidify the wall for melody I'm Italian cancer by formally demonstrating that this targeted approach of restoring P 53 activity by disrupting the M.

M. Two P 53 complex is meaningful in cancer.

Based on its mechanism of action knowing that attention not be limited to LIFO sarcoma as it may become part of a broader strategy to reactivate P 53, and numerous tumor types that harbor, a wild type T. P 53.

Ultimately up to 50% of all cancers may be addressable by disrupting the M. D. M. Two P 53 interaction.

Given the critical importance of P 53, and the large number of patients potentially affected by M. D. M. Two mediated P 53 law, there's a great interest in targeting an M. D. M. Two P 53 complex to restore P 53 activity.

We continue to believe that invest a large market opportunity for novel therapies, such as no without matane in cancer patients, particularly as part of combination therapies in patients, whose tumors harbor, a wild type P 53.

Combination therapies could prolonged time on targeted or immune therapy by targeting this critical pathway in cancer cells.

Okay.

And our recent collaboration with Memorial Sloan Kettering Cancer Center, we thought to determine efficacy of combination therapy and patient derived lung adenocarcinoma modeled harboring an oncogenic driver an M. D M. Two amplification.

The data showed that MTM to inhibition with no of Amazon and mechanization is synergistic in vitro as evidenced by increased apoptotic death compared to either agent alone.

<unk> demonstrated monotherapy in vivo activity on all models tested including those with Egfr met al rats, and K Ras oncogene.

But the addition of a Mac inhibitor substantially enhanced anti tumor activity in a majority of models.

We view these data as compelling given the broad activity across different oncogene, driven model and highlight the potential for combination strategies and oncogene, driven non small cell lung cancer with M. D. M. Two amplification. These results also strengthen the argument for broader Mila that Manhattan, plus the <unk> inhibitor combinations across solid tumors with wild type P 53.

Our non clinical data previously presented at the 2020 two E. R. A T C N V I a C or a median.

We continue to evaluate additional avenues to innovate with biomarker driven precision therapeutics strategies and the additional potential for mila downtown across new indications.

At this point I'll hand, it over to our Chief Medical Officer, Richard Bryce to discuss additional updates around rains clinical trial pipeline Richard.

Thank you Bob and good afternoon, everyone.

As stated earlier, we recently published in the J C are the results of the U N O. One phase one first in human study of military time.

Those states have demonstrated encouraging single agent activity in D. D. L. P S, which prompted a randomized phase III mantra trial from which we expect top line data as previously advised by the end of this quarter.

To recap.

<unk> III mantra study rapidly accrued 175 patients and we believe the accelerated enrollment speaks to the tremendous unmet need in this patient population.

As a reminder, this is an event driven trial, requiring at least 105 progression events to trigger the primary PFS analysis.

And does that have a niche noted we have crossed the threshold of the required number of events, giving us confidence we will have the topline results this quarter.

We anticipate that should demand today to be supportive we will submit an NDA familiar with Amazon in D. D. L. P. S in the United States with similar submissions in Europe , and possibly other regions as well.

Moving onto the mantra two basket study. This is designed to observe the effects of Mila Demeton monotherapy.

That's a range of solid tumors exhibiting a certain degree it's M. D M. Two amplification.

Currently with the Central Lab confirmed M. D M. Two gene copy number of eight or greater.

And as per our initial protocol, we are continuing to enroll up to 65 patients and this study is being opened an additional sites throughout the U S Europe and the Asia Pacific region.

If the data from this study support meaningful confirmed and durable responses across a range of cancers, we intend to pursue that discussion with the FDA to better understand their requirements for a tumor agnostic registrational filing.

Alternative strategies for previously discussed in the event that our expectations do not hold up to the initial protocol specified assumptions.

Now onto the mantra for a second tumor agnostic basket study, which is a combination study with roche's says, let's see about.

And to reiterate this is a phase one two trial designed to enroll 30 patients with wild type P 53 advanced solid tumor.

It also exhibit less a function of the CDK into AG.

This strategy targeting two minutes that CDK into a loss could potentially target over 40000 patients a year in the United States.

We remain on track to stop the mantra for trial in mid 'twenty two 'twenty three.

And we hope to rapidly progress the initial dose escalation portion of this trial into the efficacy signal seeking plays supporting our strategy to expand the potential use of mila them a time beyond D. D. L. P S.

So with the imminent mantra trial Readouts and additionally, the opportunities that may arise from the two basket studies in patients with tumors that are either N. P. M. Two gene amplified.

With CDK into a loss together with our first combination data with a checkpoint inhibitor in the latter.

We are excited by the potential benefits to patients.

And the future commercial opportunities across a wide range of cancers and patient populations.

With that let me now turn it over to Nelson to review our financial results.

So.

Thank you Richard I am.

Please provide an update for our financial results for the first quarter ended March 31 2023.

I would also like to invite you to review our quarterly report on Form 10-Q filed today for more details.

For the three months ended March 31, 2023 re reported a net loss of $25 million as compared to a net loss of $17 4 million for the same period in 2022.

Net loss per share for the three months ended March 31, 'twenty, two 'twenty, three but 56 cents as compared to a net loss per share of six to six <unk> for the same period in 2022.

Research and development expenses were $16 7 million for the three months ended March 31, 2023, as compared to $13 6 million for the same period in 2022.

The increase was primarily related to clinical trial costs for of Mila higher payroll related costs for R&D personnel and various other R&D costs for of Mila.

General and administrative expenses were $5 1 million for the three months ended March 31, 2023, as compared to $3 9 million for the same period in 2022.

The increase was primarily due to higher professional services and legal cost as well as higher payroll related cost.

Total noncash stock based compensation expenses were approximately $1 6 million for the three months ended March 31, 2023, as compared to $1 2 million for the same period in 2022.

So the first quarter ended March 31, 2023 reign had $109 8 million in cash cash equivalents and short term investments consistent with it probably earnings call range will not provide guidance on cash runway at this time.

At quarter ended March 31, 2023, our cash position provides us runway to complete all ongoing and planned clinical trials of Mila dermatome, including the phase three mantra trial in sarcoma faced a mantra to a basket trial and the planned phase one two mantra for basket trial.

We will continue to assess our cash runway and provides part of guidance if appropriate I'll start to at least of our mantra topline results this quarter.

So the first quarter ended March 31, 'twenty to 'twenty three rating had approximately $36 4 million shares of common stock outstanding.

With that I was trying to call back over tonnage.

Thanks, Nelson with that we'll be happy to answer any questions operator.

Thank you we will now be conducting a question and answer session.

If you would like to ask a question. Please press Star then one on your telephone keypad.

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One moment, please while we poll for questions.

My first question is from Yigal.

Murphy of Citigroup. Please go ahead.

Yeah, Hi, thanks for taking the questions.

Bob You mentioned that you saw some early signs of tumor reductions in several solid tumors and if I heard you correctly in the MTN Dew Amp a basket trial could you just spend a little bit on that what solid tumors and did you see a correlation with M. D M keep copy number and where these all the wild type <unk> 53.

Patients. Thanks.

Thanks for the question Bob Yeah.

We have nothing new to report from from what we reported in our 2022, but you'll recall that we saw tumor reductions and.

Patients with lung cancer, pancreatic cancer breast cancer and ovarian cancer.

At that time, there was no correlation with copy number of other than the fact that they were all amplify then you have all the patients were P 53 wild type.

The next question is from Michael Schmidt of Guggenheim. Please go ahead.

Hey, guys. Thanks for taking my question on the mantra trial.

To see that you've reached a number of events now for the primary endpoint.

And you know well the study have enough follow up to us to have a view on mature Oh S. At this point or is it too early and then you know assuming success.

What are the pricing analogs asking sort of model this out anything that comes to mind.

Okay.

Thanks for the question, Michael and I'll turn it over to Richard for the first part of that and I'll take the second pricing question Richard.

Sure. Thanks, Michael So regarding O S.

There will be an interim look at the OS data will be immature.

At as.

Written into the S P.

And so I think it will be.

This is the primary the primary analysis is based on PFS.

And Michael to answer the second question regarding pricing analogs I think the comps that we use broadly speaking four four.

Pricing assumptions potential pricing assumptions, if if we were to go to the next step we look at our programs in the Justice space.

We're pressing if theres one analog we would look to we don't call them. We could also look at other subpopulations in the sarcoma space.

And more.

More rare indications like pick Homer.

<unk> is another company, we'd look to see those represent some pretty good comps for potential pricing.

The next question is from Joe Catanzaro of Piper Sandler. Please go ahead.

Hey, guys. Thanks, so much for taking my questions here, maybe first one I know you guys have spoken on this a little bit in the past, but wondering if you have any sort of updated thoughts on the level of disclosure that we should expect and a topline release as it relates to the PFS and medians hazard ratio P values and then Bob on the met inhibitor.

Or a combination in preclinical I'm wondering if we understand sort of the mechanism of cooperativity, there and whether it can be extrapolated to other <unk>.

Targeted kinase inhibitors.

Thanks for the question Joe Let me take the first one in terms of the level of disclosure then I'll hand, it over to Bob.

The Commonwealth sure. There is we don't know yet.

That'll be a there'll be a decision not only win when we see the data. So we can't we can't comment on what that level of disclosure will currently be.

Oh.

Yeah. Thanks for the question.

In terms of the Mec inhibitor combination, there's multiple mechanisms and prepaid why there may be synergy I think well I'll highlight two recent publications.

That are of great interest one that phosphate.

Our risk downstream.

Mediator of map kinase signaling specifically earth.

Ken but for wave and stabilize MTM to increase in its activities so inhibition of that pathway.

May further help reduce M.

On P 53, the other one is that <unk>.

Two four.

Formulated our two so active erg two can.

Inhibit P 53 directly and so both of those I think provide additional reasons why we're interested enough in the second part of your question was about extrapolate into Teekay eyes, and I or other targeted therapies and my answer would likely be yes.

For example, a.

Drugs that target upstream receptor tyrosine kinases, but also inhibit the downstream map kinase pathway and therefore, we would suspect that that same mechanism might be at play.

The next question is from Shimmy, Kuwait of Jones trading. Please go ahead.

Hello, everyone and congratulations on all the progress.

Are you planning to publish any scientific publication of a mantra trials concurrent with the detail or it's going to be something later in the year.

I assume that Oh, I'll take that one which is.

We think that ultimately a publication does make sense, we can't comment on the timing of when that would be but if there is compelling evidence certainly that could be.

Treatment changing regimen.

Paradigm shifting regimen, we would ultimately hope to publish that.

Alright, thank give any more color on timing.

Got it so should we expect a fair amount of detail when you present.

The mantra of data it's beyond just the top line like sarcoma subtype of copy number or stratification by lines of therapy, those kind of details will be there.

So again, we cant comment too much on what the level of disclosure will be but what we have said in the past is.

If the results are favorable we certainly would hope to.

Garner the support of a future medical conference for our presentation. So we have to be somewhat thoughtful in terms of the extent of the data that we presented topline, but again the extent of the topline level of disclosure.

What will be determined at the time of a review of the data.

The next question is from Sam Slutsky of livestock capital. Please go ahead.

Hey, everyone. Good afternoon, and thanks for the questions. Two from me just on the mantra study assuming a positive readout can you remind us what the status and timelines look like post topline data to filing the NDA as well as just ex U S filings.

Hi, Sam So I'm, sorry did you ask for.

The stats assumptions are as you ask for the timeline for the NDA I am sorry, I didn't hear that correctly, yes. It was the steps so kind of what goes into place post topline data to get the NDA filing ready for both U S submission as long as ex U S and what are the timelines kind of look like typically.

Sure. So we're not going to comment on an NDA time on this just yet let's let's cross the first bridge I think before we can get to that next step.

But I'll pass it over to Richard to review the stats assumptions for the mantra study is either they were initially designed Richard sure. So very simply I think we disclosed this several times before and the status of assumptions in the study was powered on the asbestos airplanes five and.

94% powered to achieve that and the 105 events that we were looking for.

To answer your question Tim.

Yeah.

Second one just on mantra to anything you're able to say in terms of enrollment rates post the copy number changes in 12 to eight and kind of what that looks like.

Now I'll turn it over to Bob to talk a little bit about it.

I think all we can say at this point as enrollment has picked up substantially due.

Due to a number of factors we think.

Lower in the copy number maybe one of them but.

We're very pleased with the enrollment rates right now.

Yeah.

Okay.

The next question is from Jeff Giants of Oppenheimer. Please go ahead.

Thanks, guys and congratulations on reaching the required number of events.

I.

I think what I've got left.

How should we be thinking about timelines for mantra for given the dose escalation design before moving into that phase two yeah. Obviously, it goes to burn rate as well, but just ballpark how should we be thinking about timing there.

Sure and thanks for the question, Jeff, Let me turn that one over to Richard Richard Sure tests. So we're absolutely on track to start the mantra for trial in the midyear time frame.

And in terms of the timeline for enrolling the first part of the safety part before the second part.

And the other part of Jeff's question. So we had I'm sorry, yes. So on so that's kind of a little bit difficult to say how long is a piece of string in a way the based on on whether we need to de escalate or not so the study will open at a small number of sites. So the safety portion.

And it's really hard to speculate Jeff.

If we don't have to de escalate then you know three patients and we kind of move on and it really depends on what we see with that initial cohort.

And just to.

I remind everyone in terms of what we previously said publicly.

This is a very large patient population in the U S. And this overall is planned to be a 30 patient study so.

We do expect that.

These patients is readily achievable and so as Richard just mentioned the first three patients may all be all it takes before we move onto the second phase for the signal finding part of the study so it could be rather rapid but we can't really put a timeline on it just yet.

Okay I appreciate that guys. Thanks.

Thank you.

The next question is from Pedro cause sheet of ACP Securities. Please go ahead.

Hey, guys. Thanks for taking the question two for me one on mantra can you discuss what evidence supports that three month assumption for the control arm, especially if there's any evidence beyond that time I'm excited J&J phase three study and then our mantra to could you discuss what gives you confidence in that copy number cut off.

That you're using and why you think it shouldn't be any higher any lower.

Yeah.

Sure sure. Thanks for the question. So let me turn both those questions over to Barb on both the the mantra assumptions for the control arm as well as the copy number.

Yeah. So in terms of the first question. The mantra study of course was based on primarily the observational.

Data from the Registrational trial of <unk>.

So that median PFS was two two months of course, we do.

Built in some additional cushion or almost a 50% improvement in that $2 two months to three months.

And that remains the only perspective.

Quality data set that we're aware of most other publications are either retrospective which are subject to enormous by us as well as inter main way in Ah patients that may have either well death or an on a world. After your death right both sarcoma subtypes.

In terms of the second question competence around the copy number.

Early on we saw activity.

Below copy number 12 in patients who are still amplified.

So were relatively confident that our copy number is.

A reasonable cut off for inclusion in the trial you will remember also that we've done a mutual exclusivity analysis in that patients at this copy number and very unlikely to have Inactivating P 53 mutations.

Several lines of evidence suggesting that.

We're at a very reasonable.

Biomarker cutoff for this population of patients.

To answer the question first of all.

Yep, great. Thank you.

Thank you.

The next question is from Mitchell Kapoor of H C. Wainwright. Please go ahead.

Hey, everyone. Thanks for taking the questions just wanted to ask a little bit on the solid tumor plans. You've mentioned previously that you have three different plans you could pursue with mantra to the.

But your work Gnostic strategy the expansion strategy and then combination.

As a last resort.

I'm just wondering even if you're showing good data as a mono therapy would you still have plans to follow up with a combination strategy in these M. D. M. Two amplified patients beyond the combinations that you would be pursuing with mantra for us.

Sure. So let me start that and I'll ask Richard to follow up in case I missed anything you'd have to do right. So we did articulate previously three potential avenues to achieve success in the mantra to indium QM basket study.

If we.

We see monotherapy activity with durable confirmed responses across a variety of tumor types and as we mentioned, we're continuing to enroll across across all tumor types than the expectation would be to have a conversation with the agency and pursue that strategy again that is the the responses are durable.

Confirmed across tumor types, obviously theres quite a few permutations as to how this could proceed.

And to look at the potential range of options, we could see potentially responses without your annuity and some tumors durable and some tumors, maybe we don't see durability across the across the board I think we were one of them one is truly sure that.

And that we pick the route that has the the best regulatory shot of success.

And we will need to review the totality of the data before we make that decision so.

Certainly some things that we could see some monotherapy activity, but perhaps we might need to go down an additional avenue in order to to achieve a level of efficacy that we would get registration support.

I think that's all we can say today.

With with the information that's currently available Richard anything to add there.

No.

Thank you come at it from a strategic level I think the only thing to sort of add into the mix here is that and there is a lot of interest in an academic centers and elsewhere in <unk>.

Potential combination partners in this specific.

Population with patients who as we know because I think we shared the data at the time at the interim analysis to have multiple of those sort of commutations.

That makes sense to explore all possibilities to look at to look at those whether they'd be in the context of company sponsored trials or our Isps. So there's a there's many opportunities to look at this that moving forward and we just need to figure out.

What makes sense and what the priorities are for addressing these.

Okay, great. Thanks, and then just on the LIBOR sarcoma launch strategy could you just kind of remind us what that would look at it look like for a rollout potentially how many reps you would need in the U S for a launch.

Yeah.

Sure So I'll address that.

We're not going to say too much here I apologize for that because we do on across the.

The key inflection point for this year for the company of the data.

But in terms of previously made public comments around what the sizing could look like we've said in the range of 25% to 35 domestic sales reps to launch for this market size.

Also said that we would raise would pursue any commercial effort.

Uh huh with our internal capabilities.

You would look to partner ex U S.

That's the extent of the prior public comments, we've made are made so far.

Yeah.

The next question is from Craig C. One of H of music Securities. Please go ahead.

Yeah.

Hi goes into Banca.

I just have a quick question about a mantra cute am I know you had previously said that you were.

We're planning on opening clinical sites outside of Eval.

Shopping yet and then the second question is are you thinking about providing any more timeline guidelines for another.

Another read out from on chicken.

I want to go thanks for the question.

So I will talk to the second part of that in terms of guidance for the democracy study, we are not providing any additional guidance for additional presentations at this current time. So there's nothing new we can sure sure there with regards to the first part of your question I'll turn it over to Richard with regards to the ex U S site expansion plan Richard.

Yes, So forgive me if I don't answer the question that right because I wasn't sure if when it picks it up try entirely there are.

Our challenge here is finding sites that have a molecular genomic screening program in place already in place assets.

It drives the.

The countries an androgen individual centers that we are we will move to enterprise. So we do have those who haven't I don't think we're in a position to disclose exactly which countries and obviously, which sites are going to go to but we are on track to introduce those.

Additional up to 20 sites.

And the next two to three months.

Got it. Thank you and then just one question. This is more of a scenario question, but hopefully this doesn't happen, but I'm, assuming mantra doesn't readout positively can you share if you've thought about it your any implications for continuing or even discontinuing mantra.

I'm not sure for.

No I'll take that question a month ago. So it's a great question and of course internally we have gone through.

Certainly scenario planning efforts.

I don't think we're in a position yet to talk about the scenarios and today I think we want to lead with the data the quality of the data, we'll certainly dictate what those scenarios will look like.

And therefore, I think it would be premature and probably inappropriate to comment on those scenarios today I apologize for that.

The next question is from Tony Baxter Husky is Hudson. Please go ahead.

Yeah.

And you shouldn't Bob maybe this question probably pretty simple.

I recall in calendar, I think and Jay CEO .

The phrase growth arrest from obviously the phrases.

It is obvious.

To what maybe going on at the tumor site, but one of the things that I wanted to explore is that I.

Don't know.

Is that.

Thank you Walt has evaluated a tumor growth kinetics before.

And so the question is indeed, a L. P. S is tumor header genuity sufficiently high.

The tumor growth kinetics can actually vary by individual cells within that overall tumor per patient and the reason I ask is because the again the notion of growth. The rest is really important, especially and maybe part of the timber maybe another part of the tumor where.

Got.

It may not have an effect because the kinetics change is that true or false thanks for the time.

Thanks for the question, so I will turn it over to Bob.

Yeah, So I'll try and tackle that a lot in there but.

In terms of growth the rest so remember P 53 reactivation.

Induce growth arrest or a pop ptosis.

When we're dealing with LIFO sarcoma specifically.

Youll recall that tumors don't shrink.

And in most cases with any therapies, even even current standard of care are aggressive chemotherapies.

That may not necessarily be to lack of a cancer cell death remember that these cells are higher than these tumors contain a very large amount of fatty tissue stromal tissue and other things that may not go away with Kansas, Sally pop ptosis or death, that's part of it we do know that no downtime.

Can induce tumor shrinkage and even in some cases very rapidly.

Back to our mantra to data for evidence of that in other tumor types in terms of that heterogeneity. We know that there are both in Dedifferentiated lipo sarcoma patients there are often well death components and they may respond differently, but there is not a good handle on that nor validated measure.

For us to measure that of course within any cancer patients, there's heterogeneity from patient to patient even with our best therapies that have a remarkable response rates are always non responders.

And so theres always heterogeneity, but I don't know if that completely answers your question or an answer happy to elaborate further if necessary.

Okay.

I think you've got I appreciate the color around the exact tumor heterogeneity and especially in the sort of that'd be the component of a D D patient and how that might actually be affected.

By gross the rest thank you.

Thank you Tony.

Yes.

There are no further questions at this time I would like to turn the floor back over to other niche lung can you for closing comments. Please go ahead Sir.

Thank you operator, and as a reminder for everyone. We do expect top line phase II data from the Registrational Mantra study this quarter and we look forward to reporting that data soon and providing a full company update on our next second quarter earnings call. Thank you.

Ladies and gentlemen that concludes today's conference. Thank you for joining US you may now disconnect your lines.

Goodbye.

Yeah.

Yeah.

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Yes.

Yeah.

Yeah.